Universal Technical Institute (UTI) Q1 FY2024 earnings: revenue $175 million, up 45.6% on the year

Universal Technical Institute Inc. (UTI) reported revenue of $175 million for Q1 FY2024, the quarter ended 31 December 2023, up 45.6% on the same quarter a year earlier. Net income was $10 million, up 292.3% on the year, and diluted earnings per share $0.17. The figures are the company's own, from the 10-Q it filed with the SEC on 8 February 2024.

Revenue$175 millionup 45.6%

Net income$10 millionup 292.3%

Diluted EPS$0.17

QuarterQ1 FY2024ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	175	170	n/a	n/a
Selling, general and administrative	68.1	66.8	n/a	n/a
Operating income	14.2	10.3	n/a	n/a
Operating margin	8.1%	6.1%	n/a
Interest expense	2.9	2.6	n/a	n/a
Pre-tax income	13.5	9.2	n/a	n/a
Income tax	3.2	2.5	n/a	n/a
Effective tax rate	23.3%	27.5%	n/a
Net income	10.4	6.7	n/a	n/a
Net margin	5.9%	3.9%	n/a
Diluted EPS	$0.17	$0.10	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	10.8	53.9	n/a	n/a
Capital expenditure	3.8	7.8	n/a	n/a
Free cash flow	7.0	46.0	n/a	n/a
Free cash flow margin	4.0%	27.0%	n/a
Cash from investing	-3.8	-7.8	n/a	n/a
Cash from financing	-15.1	-3.2	n/a	n/a
Depreciation and amortisation	7.0	6.6	n/a	n/a
Share-based compensation	1.5	0.0	n/a	n/a
Diluted shares, weighted	37m	n/a	n/a	n/a
Shares outstanding at period end	54m	34m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	222	226	n/a	n/a
Debt	162	162	n/a	n/a
Operating lease liabilities	164	165	n/a	n/a
Finance lease liabilities	4.5	4.8	n/a	n/a
Other liabilities	180	183	n/a	n/a
Total liabilities and equity	732	741	n/a	n/a
Goodwill	28.5	28.5	n/a	n/a
Intangible assets	18.8	19.0	n/a	n/a
Cash and equivalents	144	152	n/a	n/a
Receivables	22.7	25.2	n/a	n/a
Other assets	519	517	n/a	n/a
Total assets	732	741	n/a	n/a

Questions

What was Universal Technical Institute's revenue in Q1 FY2024?

Universal Technical Institute (UTI) reported revenue of $175 million for Q1 FY2024, the quarter ended 31 December 2023, up 45.6% on the same quarter a year earlier.

How much did Universal Technical Institute earn in Q1 FY2024?

Net income for Q1 FY2024 was $10 million, up 292.3% on the year, and diluted earnings per share $0.17.

When did Universal Technical Institute report Q1 FY2024 results?

Universal Technical Institute filed its 10-Q for the quarter ended 31 December 2023 with the SEC on 8 February 2024.

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	170	175	184	177	196	201	207	204	222	221	221	219
SG&A	66.8	68.1	75.5	74.7	71.0	73.8	88.1	84.5	85.2	94.7	104	97.3
Operating income	10.3	14.2	11.2	7.4	26.0	27.5	16.9	14.2	25.0	15.7	0.3	3.2
Operating margin	6%	8%	6%	4%	13%	14%	8%	7%	11%	7%	0%	1%
Interest expense	2.6	2.9	2.2	2.1	2.3	1.7	1.7	1.4	0.9	1.0	1.0	1.0
Pre-tax income	9.2	13.5	10.6	6.8	25.4	27.5	16.8	14.4	25.6	16.2	0.4	3.1
Tax rate	27%	23%	26%	26%	26%	20%	32%	26%	27%	21%	-13%	26%
Net income	6.7	10.4	7.8	5.0	18.8	22.2	11.4	10.7	18.8	12.8	0.4	2.3
Net margin	4%	6%	4%	3%	10%	11%	6%	5%	8%	6%	0%	1%
Diluted EPS	$0.10	$0.17	$0.14	$0.09	$0.34	$0.40	$0.21	$0.19	$0.34	$0.23	$0.01	$0.04
Operating cash flow	53.9	10.8	-2.5	10.0	67.5	23.0	-0.8	18.1	57.1	3.1	4.0	10.3
Capital expenditure	7.8	3.8	5.9	7.0	7.5	3.3	10.9	11.2	16.5	22.2	30.4	28.2
Free cash flow	46.0	7.0	-8.4	3.0	60.0	19.6	-11.7	6.8	40.6	-19.2	-26.4	-17.9
Shares outstanding	34m	54m	54m	54m	54m	54m	54m	54m	54m	55m	55m	55m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 December 2023, filed 8 February 2024, accession 0001261654-24-000011: the filing on EDGAR. All of Universal Technical Institute Inc.'s filings: EDGAR company page.

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