Universal Technical Institute : Presentation (Q2 FY2026 INVESTOR PRESENTATION)

Published: 2026-05-06 16:25:24 ET UTI

Published on 05/06/2026 at 04:25 pm EDT

Q2 FY2026 INVESTOR PRESENTATION

Addressing Skills Gaps Through In-Demand Industry Segments

Transportation, Energy, and Skilled Trades

Healthcare

Campuses Nationwide

+5 announced1

1 New campus openings are subject to appropriate regulatory approvals.

Program Offerings

Grads Employed Within 1 Year2

Average Active Students

LEADING WORKFORCE SOLUTIONS EDUCATION PROVIDER

STRONG FINANCIAL

FY2026

OUTLOOK*

$G05-G15M $40-45M $114-11GM

Revenue Guidance Net Income Guidance Adj. EBITDA Guidance

"By fiscal 2029, we expect to surpass $1.2 billion in annual revenue and approach $220 million in adjusted EBITDA as we build out a more diversified, efficient, and durable growth engine for the long term."

[Per Company Earnings Release 11/1S/2025]

Compelling Investment Thesis

Universal Technical Institute, Inc.

Proven strategy driving further growth1

built on the repeatable building blocks that have served as the foundation to the Company's successful evolution

Consistently meeting or exceeding expectations

with proactive management and strong business visibility

Leading educational platforms

serving critical, in-demand markets with favorable long-term trends

Strong student outcomes2 and positive

regulatory metrics

driven by enterprise-wide emphasis on our students

Successful and ongoing transformation efforts

supporting optimized operating model and margin expansion

Healthy balance sheet and disciplined capital allocation plan

driving continued growth and shareholder value creation

Diversified Platform of In-Demand Programs

Example Programs

Auto/Diesel/Motorcycle/ Marine Technician

Welding

Energy Technology and Wind Power

Aviation Maintenance, Airframe and Powerplant

Robotics and Automation

Example Programs

Dental Hygienist/Assistant

Medical Assistant

Practical/Vocational/ Registered Nursing

Healthcare Administration

Physical Therapy and Occupational Therapy Assistants

$542M Revenue in FY2025

15k Average Students in FY2025 15+ programs across Transportation, Energy, and Skilled Trades

16 Campuses in G States, plus

2 additional Campuses announced1 In-person and Hybrid/Blended formats

$2G4M Revenue in FY2025

10k Average Students in FY2025 20+ programs in Dental, Allied Health, Nursing, Patient Care and Diagnostics

18 Campuses in 8 States, plus

3 additional Campuses announced1 In-person, Hybrid/Blended, and

fully Online formats

Offerings Across Transportation, Skilled Trades, and Healthcare Address Labor Market Needs

Example UTI Transportation, Energy, G Skilled Trade Programs

Auto/Diesel/Motorcycle/ Marine Technician

Welding

Energy Technology and Wind Power

Aviation Maintenance, Airframe and Powerplant

Auto Body Repairers

Example Concorde Healthcare Programs

Dental Hygienist/Assistant Medical Assistant

Practical/Vocational/ Registered Nursing

Healthcare Administration

Physical and Occupational Therapy Assistants

50%

30%

JOB GROWTH 2024-2034

25%

20%

15%

10%

ANNUAL JOB OPENINGS 2024-2034

High-Quality,

State-of-the-Industry Technical and Healthcare Training Facilities Supporting Successful Student Outcomes

Increasing Momentum in a Multi-Year Transformation Journey

New Campuses

One in FY2018, Two in FY 2022, Three in FY2026, Four announced for FY2027, with more in FY2028 and beyond

Acquisitions and Program Expansions

MIAT (closed FY2022), Concorde (closed FY2023)

Program and Curricula Additions

Programs launched at existing campuses, New MSATs, On-Base Military Programs, EV Curriculum

Marketing and Admissions Optimization

Revised model to encompass expanded offering set, improvements in lead conversion

Real Estate Rationalization

Run-rate EBITDA improvements realized; continued emphasis on capacity utilization

Blended Learning

Improving student experience and space and instructor efficiencies

$607

$733

$836

$G05-$G15

Net Income

$40-$45

Adj EBITDA

$114-$11G

$317 $332

Net Income ($33) Adj EBITDA ($6)

$301

$335

$41G

2018 201G 2020 2021 2022 2023 2024 2025 2026E

Revenue ($ in Millions)

FY202CE based on midpoints of Company guidance

Delivering on Expectations and Creating Shareholder Value

Note: Analyst Consensus, Share Price, and Market Capitalization figures updated as of Market close 5/5/2026

Share Price:

~$38.60

Market Cap:

$2.1B

Share Price: ~$7.00

Market Cap: $0.2B

$45

$40

$35

$30

$25

$20

$15

$10

Revenue ($ in Millions)

FY'23

FY'24

FY'25

FY'26E

Adj. EBITDA* ($ in Millions)

FY'23

FY'24

FY'25

FY'26E

Early Estimate

$700+

~$800

Early Estimate

~$100

~$120

Initial Guidance

$595-$610

$705-$715

$800-$815

$905-$915

Initial Guidance

$58-$62

$98-$102

$120-$124

$114-$119

Revised Guidance

$602-$605

$720-$730

$830-$835

Revised Guidance

$62-$64

$102-$104

$124-$128

Analyst Consensus

$603

$728

$829

$911.4

Analyst Consensus

$63

$103

$126

$116.6

Actual

$607

$733

$836

Actual

$64

$103

$126

Executing Multifaceted Approach in Ongoing Expansion1 Efforts

Program Expansions

New Campuses

Optimize

Increase the capacity of current programs in current locations

Add

Continue to add programs from our current portfolio to more existing campus locations

New

Launch new, in-demand program areas we do not currently offer

Optimized

Improved model for new campuses with more offerings for students and stronger financial profile for the company

Tailored

Geography-specific sites with a customized set of programs, for example skilled-trades-only2 locations for the UTI division in new markets, requiring less space and start-up costs

Co-branded

Leverage deep industry relationships to partner in launching locations that will address the significant demand for our students in the workforce3

1 All initiatives contingent on requisite regulatory approvals.

2 Skilled-trades-only UTI campuses may include programs such as HVACR, Welding, Energy C Robotics but exclude Auto C Diesel, resulting in significant reductions to square footage and CapEx requirements.

3 See, for example, the November 2025 launch of the first co-branded campus with Heartland Dental-a first-of-its-kind partnership.

Robust Incremental New Campus and Program Opportunities

Atlanta, GA (UTI)

Atlanta, GA (Concorde) Houston, TX (Concorde) Phoenix, AZ (Concorde) Salt Lake City, UT (UTI)

Proprietary Framework for Sustainable Growth

Our exclusive data-driven model integrates demographic, regulatory, and financial inputs to prioritize campus and program expansions that align with market demand and our mission to serve career-ready students.

Disciplined approach ensures we scale strategically, not just rapidly, G that each growth initiative delivers long-term value.

Population G Geo-Market Analysis

Competition G Saturation Mapping

Partnership Potential

Site Selection G Feasibility

Program Fit G Institutional Strengths

Regulatory G

Accreditation Review

Student Acquisition

Cost G Yield Modeling

Return on Education

Forecast

Capital Allocation Considerations

G Return Thresholds

A robust set of criteria is evaluated in selecting future locations and programs

Phase II of North Star Strategy Driving Continued Growth

($ in Millions)

North Star Phase I

North Star Phase II

Leverage new, optimized models and refined program mix formats to expand geographic footprint

New Campuses

Continue to optimize and find efficiencies in our current offerings to drive ongoing same store improvements

Organic Growth

Concorde Acquisition + Organic Growth + 2 New Campuses C over 30 New Programs

Organic Growth + 12-16 New Campuses

+ 50-70 New Programs C Expansions1

Approaching

$126

Programs

$33

Concorde

Acquisition

Organic Growth

New Campuses

Organic Growth

New Campuses

Programs

$220

Continue additions of current programs to existing campuses C increasing capacity of current programs offered

New Programs G Expansions

FY21 FY25 FY2GE

Disciplined Capital Allocation Strategy Creating Long-Term Value

Adjusted EBITDA ($ in Millions)

FY2025

FY2026E

Approaching

FY202GE

$270 Approaching

$220

$132.8

($6.3)

$126.5

~$156.5

~($40.0)

~$116.5

~($50)

Baseline Adj. EBITDA

Growth Investments*

Reported Adj. EBITDA

Baseline Adj. EBITDA

Growth Investments*

Reported Adj. EBITDA

Baseline Adj. EBITDA

Growth Investments*

Reported Adj. EBITDA

Adjusted Free Cash Flow ($ in Millions)

FY2025

FY2026E

Approaching

~($30) Maint

~($70) Growth

~($100)

Approaching

$120

$220

FY202GE

$G7.3

($22.0) Maint.

($20.0) Growth

($42.0)

($54.0) Executed G Accrued

$0.6 $56.0

~$116.0

($26.0)

Maintenance

($74.0)

Growth

~($100.0)

~$6.5 ~$22.5

Operating Cash Flow

CapEx Adjustments Adjusted

Free Cash Flow

Operating Cash Flow

CapEx Adjustments Adjusted

Free Cash Flow

Operating Cash Flow

CapEx Adjusted Free Cash Flow

Notes: "Baseline Adj EBITDA" refers to Reported Adj EBITDA excluding growth investments; FY26 projections align with mid-points of Company's stated guidance

Repeatable Building Blocks Delivering Additional Scale

Leverage new, optimized models and refined program mix formats to expand geographic footprint

New Campuses

Continue to optimize and find efficiencies in our current offerings to drive ongoing same store improvements

Organic Growth

($ in Millions)

Adjusted EBITDA

$1,200+

$G05-G15

$836

Net Income

$63

Adj EBITDA

$126

Net Income

$40-$45

Adj EBITDA

$114-$11G

Adj EBITDA

Approaching

$220

Organic Growth

New Campuses

Programs

Continue additions of current programs to existing campuses C increasing capacity of current programs offered

New Programs G Expansions

Additional Acquisitions

Strategic and disciplined approach for evaluating new opportunities; would be accretive to long-term outlook presented

FY25 FY26E FY27E FY28E FY2GE

* ~3% Same Store Volume + 2-3% Tuition Increases + ~5% Growth Initiatives

FY26E based on midpoints of Company guidance

Business Outlook

Fiscal 2026 Guidance

($ in Millions, except EPS)

Revenue

$905-$915

Net Income

$63.0

EPS - Diluted

$1.13

$835.6

$732.7

$607.4

$42.0

$40-$45

$12.3

$0.75

$0.71-$0.80

$0.13

2023 2024 2025 2026E

New Student Starts

31.5k-33.0k

Adjusted EBITDA1

26,885

29,793

22,613

$126.5

$114-$119

Adjusted Free Cash Flow1

$73.5

$102.9

$64.2

$56.0

$49.1

$20-$25

2023 2024 2025 2026E

1 Beginning in FY2025, growth investments for program expansion and new campus initiatives are no longer included as add-backs in Adj EBITDA and Adj FCF calculations, affecting year-over-year comparability.

Further, FY2026 guidance reflects significant growth investments in both capital and operating expenditures, impacting year-over-year comparability and affecting both profitability and cash flows for the year Note: For detailed reconciliations of Non-GAAP measures see the Appendix.

Appendix

Universal Technical Institute Division Overview

A leading provider of transportation, energy and skilled trades technical training, driven to change the world one life at a time by helping people achieve their dreams.

Summary Statistics

Key Metrics

Founded

1965

Avg. Enrollment1

~15k Students

Revenue1

$542M

Cohort Default Rate3

Operating Inc.1 (Margin)

$82M (15.2%)

90/10 Ratio3

~81%

Adj. EBITDA1 (Margin)

$108M (20.0%)

Graduation Rate4

~74%

Locations2

16 Campuses in 9 States, with 2 more announced

Employment Rate4

~79%

Business Overview

15+ programs for in-demand fields across transportation and skilled trades

Program Mix (FY2025 Revenue):

Auto/Diesel 63%, Other Transportation 12%, Welding 10%, Other Skilled Trades 8%, and

Industry Training 6%

Program additions and new campus launches remain part of the division's growth roadmap

Composite Score: Calculated and reported only at an enterprise level. Reported score for FYE 9/30/25 was 2.3

Mission Statement

To serve our students, partners, and communities by providing quality education and support services for in-demand careers.

Fiscal 2025

Current active campuses - Additional campuses announced in Atlanta, GA and Salt Lake City, UT; New Campus openings subject to appropriate regulatory approvals

Based on most recent reporting periods. Ratios represent averages across UTI's 4 OPEIDs, though individual program results may vary significantly from the mean. Note that due to the COVID-19 pandemic, ED paused all loan payments from March 13, 2020 through September 30, 2023, significantly decreasing default rates.

Aggregated rates based on reporting in the ACCSC 2025 annual reports. Each of the ACCSC program outcomes is evaluated individually. The ACCSC reports exclude graduates from the employment rate calculation who were not available for employment because of continuing education, military service, health, incarceration, death or international student status. See UTI.edu/disclosures for further information.

Note: For detailed reconciliations of Non-GAAP measures see the Appendix.

UTI Division Programs by Location

Austin, Avondale, Bloomfield, Canton, Dallas, Exton, Houston, Lisle, Long Miramar, Mooresville, Orlando, Rancho San Sacramento, TX AZ1 NJ MI TX PA TX IL Beach, FL NC FL Cucamonga, Antonio, CA

CA CA TX

Transportation

Airframe C Powerplant

Automotive

Collision

Diesel

Marine

Motorcycle

MSAT

NASCAR Tech

Energy

Energy Technology

Wind Power

Skilled Trades

CNC Machining

HVACR

Industrial Maintenance

Non-Destructive Testing

Robotics C Automation

Welding

Electrical, Electronics G Industrial Technology (EEIT)

Electrical, Electronics C Industrial Technology

Electrical, Wind Turbine Technology

Electrical C Industrial Maintenance Technology

Electrical, Robotics C Automation Technology

MSAT = Manufacturer-Specific Advanced Training (offerings vary by location)

Note some programs above have been announced but are not yet open at all locations shown.

1UTI Avondale and UTI Phoenix

Concorde Career Colleges Division Overview

Healthcare education provider focused on preparing America's next generation of healthcare professionals for rewarding careers in areas such as dental, patient care, nursing and allied health.

Summary Statistics

Key Metrics

Founded

1968

Avg. Enrollment1

~10k Students

Revenue1

$294M

Cohort Default Rate3

Operating Inc.1 (Margin)

$17M (5.7%)

90/10 Ratio3

~76%

Adj. EBITDA1 (Margin)

$25M (8.5%)

Graduation Rate4

~73%

Locations2

18 Campuses in 8 States, with 3 more announced

Employment Rate4

~82%

Business Overview

20+ programs for in-demand healthcare professional degrees and certifications

Program Mix (FY2025 Revenue):

Dental 26%, Medical Assisting 22%, Other Allied Health 25%, Nursing 16%, Diagnostic 8%, and Health Services Management 3%

Program additions and new campus launches remain part of the division's growth roadmap

Composite Score: Calculated and reported only at an enterprise level. Reported score for FYE 9/30/25 was 2.3.

Mission Statement

To prepare committed students for successful employment in a rewarding health care profession through high-caliber training, real world experience and student-centered support.

Fiscal 2025

Current active campuses - Additional campuses announced in, Houston, TX, Atlanta, GA, and Phoenix, AZ; New Campus openings subject to appropriate regulatory approvals

Based on most recent reporting periods and represent approximate averages across Concorde's 11 OPEIDs, though individual program results may vary significantly from the mean. Note that due to the COVID-19 pandemic, ED paused all loan payments from March 13, 2020 through September 30, 2023, significantly decreasing default rates.

Aggregated rates for the 14 campuses accredited by ACCSC based on reporting in the ACCSC 2025 annual reports and excludes the three campuses not accredited by ACCSC. Each of the ACCSC program outcomes is evaluated individually. The ACCSC reports exclude graduates from the employment rate calculation who were not available for employment because of continuing education, military service, health, incarceration, death or international student status. See disclosures on the individual campus pages on Concorde.edu for additional information. Note: For detailed reconciliations of Non-GAAP measures see the Appendix.

Concorde Programs by Location

Nursing

MO1

CO TX

Aurora, Dallas, Fort Myers, Garden Grove, Grand Prairie, Jacksonville, Kansas City, Memphis, Miramar, North Hollywood, Orlando, Portland, San Antonio, San Bernadino, San Diego, Southaven, Tampa, Online

Nursing (BS)

Nursing Practice (AS/AAS)

Practical / Vocational Nursing (Diploma)

RN to BSN

Dental

Dental Assisting (AS/AAS)

Dental Assisting (Diploma)

Dental Hygiene (AS/AAS)

Diagnostic

Cardiovascular Sonography (AS/AAS)

Diagnostic Medical Sonography (AS/AAS)

Polysomnographic Technology (Diploma)

Neurodiagnostic Technology (AS/AAS)

Radiologic Technology (AS/AAS)

Patient Care

Massage Therapy (Diploma)

Occupational Therapy Assistant (AS/AAS)

Physical Therapist Assistant (AS/AAS)

Respiratory Therapy (AS/AAS)

Surgical Technology (AS/AAS)

Allied Health

Dental Hygiene (BS)

Healthcare Administration (BS)

Medical Assistant (Diploma)

Medical Assisting (AS/AAS)

Medical Office Administration (Diploma)

Medical Office Professional (AS/AAS)

Medical Office Professional (Diploma)

Pharmacy Technician (AS/AAS)

Pharmacy Technician (Diploma)

Phlebotomy Technician (Diploma)

Sterile Processing Technician (Diploma)

Continuing Education

Radiography

Illustrative Organic Growth Opportunities

Growth strategy expected to include additional program expansions and new campuses. Below examples are for directional guidance on financial impact.

New Campus

UTI Division

HVACR Program

UTI Division

New Campus

Concorde Division

Digital Medical Sonography

Concorde Division

CapEx Requirement

$15M-$30M

~$0.8M

$12M

~$0.5M

IRR (10-year)

25%-35%

70%+

~25%

30%+

Sq Footage Requirement

50,000-115,000

4,600

45,000

1,300

Average Students

700-1,500

~110

~850

~35

Return on Invested Capital (Year 10)1

30%+

95%+

35%+

65%+

$55

$45

$35

$25

$15

$5 ($5)

($15)

New Campus UTI Division

Year 0/1 Year 2 Year 3 Year 4 Year 5

$3.5

$2.5

$1.5

$0.5 ($0.5)

HVACR

Year 0/1 Year 2 Year 3 Year 4 Year 5

$40

$30

$20

$10

$0 ($10)

New Campus Concorde Division

Year 0/1 Year 2 Year 3 Year 4 Year 5

Digital Medical Sonography

$1.5

$1.0

$0.5

$0.0 ($0.5)

Year 0/1 Year 2 Year 3 Year 4 Year 5

: in Millions

Proforma projections shown. Actual financial profiles will vary by location, individual program performance, and program mix.

Note: Financial projections based on management's current beliefs, expectations and assumptions about future events, conditions and results. Representative figures include startup expenses

Differentiated Industry Partnerships

UTI's relationships with more than 30 leading brands, and other industry and employer partners for both UTI and Concorde, provide unique value propositions and competitive differentiation for our schools and students.

Non-GAAP Information

Use of Non-GAAP Financial Information

In addition to disclosing financial results that are determined in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company also discloses certain non-GAAP financial information. These financial measures are not recognized measures under GAAP and are not intended to be and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company discloses these non-GAAP financial measures because it believes that they provide investors an additional analytical tool to clarify its results of operations and identify underlying trends. Additionally, the Company believes that these measures may also help investors compare its performance on a consistent basis across time periods. The Company defines adjusted EBITDA as net income (loss) before interest expense, interest income, income taxes, depreciation and amortization, adjusted for stock-based compensation expense and items not considered normal recurring operations. The Company defines adjusted free cash flow as net cash provided by (used in) operating activities less capital expenditures, adjusted for items not considered normal recurring operations.

Management utilizes adjusted figures as performance measures internally for operating decisions, strategic planning, annual budgeting and forecasting. For the periods presented, our adjustments for items that management does not consider to be normal recurring operations include:

Acquisition-related costs: We have excluded costs associated with both potential and announced acquisitions to allow for comparable financial results to historical operations and forward-looking guidance.

Integration-related costs for completed acquisitions: We have excluded integration costs related to business structure realignment and new programs for recent acquisitions to allow for comparable financial results to historical operations and forward-looking guidance. In addition, the nature and amount of such charges vary significantly based on the size and timing of the programs. By excluding the referenced expenses from our non-GAAP financial measures, our management is able to further evaluate our ability to utilize existing assets and estimate their longterm value. Furthermore, our management believes that

Restructuring costs: In December 2023, we announced plans to consolidate the two Houston, Texas campus locations to align the curriculum, student facing systems, and support services to better serve students seeking careers in in-demand fields. As part of the transition, the MIAT-Houston campus, acquired in November 2021, began a phased teach-out in May 2024, and such campus began operating under the UTI brand. Both facilities will remain in use, operated by UTI-Houston post-consolidation. As of March 31, 2025, the only remaining cost related to this restructuring is the potential for federal loan discharges.

Facility lease accounting adjustments: During 2024, we recorded a lease accounting adjustment for a lease termination payment for the previous Concorde corporate offices. These adjustments are not considered part of normal recurring operations.

To obtain a complete understanding of our performance, these measures should be examined in connection with net income (loss) and net cash provided by (used in) operating activities, determined in accordance with GAAP, as presented in the financial statements and notes thereto included in the annual and quarterly filings with the SEC. Because the items excluded from these non-GAAP measures are significant components in understanding and assessing our financial performance under GAAP, these measures should not be considered to be an alternative to net income (loss) or net cash provided by (used in) operating activities as a measure of our operating performance or liquidity. Exclusion of items in the non-GAAP presentation should not be construed as an inference that these items are unusual, infrequent or non-recurring. Other companies, including other companies in the education industry, may define and calculate non-GAAP financial measures differently than we do, limiting their usefulness as a comparative measure across similarly titled performance measures presented by other companies. A reconciliation of the historical non-GAAP financial measures to the most directly comparable GAAP measures is included in the following slides and investors are encouraged to review the reconciliations.

Information reconciling forward-looking adjusted EBITDA and adjusted free cash flow to the most directly comparable GAAP financial measure is unavailable to the company without unreasonable effort. The company is not able to provide a quantitative reconciliation of forward-looking adjusted EBITDA or adjusted free cash flow to the most directly comparable GAAP financial measure because certain items required for such reconciliation are uncertain, outside of the company's control and/or cannot be reasonably predicted, including but not limited to the provision for (benefit from) income taxes. Preparation of such reconciliation would require a forward-looking statement of income and statement of cash flows prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to the company without unreasonable effort.

Adjusted EBITDA Reconciliation

($ in Thousands)

Guidance Midpoint Fiscal 2026

Actual Fiscal 2025

Actual Fiscal 2024

Net income, as reported

~$42,500

$63,018

$42,001

Interest expense, net

~1,000

(540)

3,157

Income tax expense

~15,500

21,256

14,229

Depreciation and amortization

~39,000

32,958

29,324

EBITDA

~$98,000

$116,692

$88,711

Stock-based compensation expense

~12,500

9,151

8,560

Acquisition-related costs(1)

~3,000

873

Integration-related costs for completed acquisitions(2)

~3,000

(304)

6,049

Restructuring costs(3)

185

Facility lease accounting adjustments(4)

(650)

Adjusted EBITDA, non-GAAP

~$116,500

$126,455

$102,855

FY2026 Guidance Range

$114,000-$11G,000

Costs related to both announced and potential acquisition targets; FY2026 projected spend is an estimate and is fully contingent on acquisition-related expenses this year, if any.

In fiscal 2025, the Company received $0.7 million in funds in final settlement of the outstanding escrow accounts affiliated with the purchase of Concorde on December 1, 2022. This is offset by additional integration costs incurred during the year.

In December 2023, the Company announced plans to consolidate its MIAT-Houston and UTI-Houston operations beginning in fiscal 2024 which was completed in Ǫ1 fiscal 2025. As of March 31, 2025, the only remaining cost related to this restructuring is the potential for federal loan discharges.

During 2024, we recorded a lease accounting adjustment for a lease termination payment for the previous Concorde corporate offices. These adjustments are not considered part of normal recurring operations.

Adjusted Free Cash Flow Reconciliation

($ in Thousands)

Guidance

Midpoint Fiscal 2026

Actual Fiscal 2025

Actual Fiscal 2024

Cash flow provided by operating activities, as reported

~$116,500

$97,330

$85,895

Purchase of property and equipment

~(100,000)

(41,978)

(24,298)

Free cash flow, non-GAAP

~16,500

$55,352

$61,597

Adjustments

Cash outflow for acquisition-related costs(1)

~3,000

873

Cash outflow for integration-related costs for completed acquisitions(2)

~3,000

(304)

6,196

Cash outflow for integration-related PPCE(2)

4,330

Cash outflow for restructuring costs and PPCE(3)

632

Cash outflow for facility lease accounting adjustments(4)

700

Adjusted Free Cash Flow, non-GAAP

~$22,500

$55,G80

$73,455

FY2026 Guidance Range

$20,000-$25,000

Costs related to both announced and potential acquisition targets; FY2026 projected spend is an estimate and is fully contingent on acquisition-related spend this year, if any.

During 2024, we recorded a lease accounting adjustment for a lease termination payment for the previous Concorde corporate offices. These adjustments are not considered part of

normal recurring operations. 29

Disclaimer

Universal Technical Institute Inc. published this content on May 06, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 06, 2026 at 20:24 UTC.