Universal Technical Institute Inc (UTI) 2023 Q4 法說會逐字稿

Good day, and welcome to the Universal Technical Institute Q4 and Full Year 2023 Earnings Call. (Operator Instructions). Please note this event is being recorded. I would now like to turn the conference over to Matt Kempton, Vice President of Corporate Finance. Please go ahead.

美好的一天，歡迎來到環球技術學院第四季和 2023 年全年財報電話會議。 （操作員說明）。請注意此事件正在被記錄。我現在想將會議交給公司財務副總裁馬特肯普頓 (Matt Kempton)。請繼續。

Hello, and welcome to Universal Technical Institute's Fiscal Fourth Quarter and Full Year 2023 Earnings Call. Joining me today are our CEO, Jerome Grant; and CFO, Troy Anderson. Following our prepared remarks, we will open the call for your questions. A replay of this call, its transcript and our investor presentation will be archived on the Investor Relations section of our website at investor.uti.edu, along with our earnings release issued earlier today and furnished to the SEC.

您好，歡迎參加 Universal Technical Institute 的 2023 財年第四季和全年財報電話會議。今天加入我的是我們的執行長 Jerome Grant；首席財務長特洛伊·安德森。在我們準備好的發言之後，我們將開始電話詢問您的問題。本次電話會議的重播、會議記錄和我們的投資者介紹將存檔在我們網站 Investor.uti.edu 的投資者關係部分，以及我們今天早些時候發布並提供給 SEC 的收益報告。

During this call, we may make comments that contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, which by their nature, address matters that are in the future and are uncertain. These statements reflect management's current beliefs and expectations and are subject to a number of factors that may cause actual results to differ materially from those statements. These factors include, but are not limited to, those discussed in our earnings release and the SEC filings. These statements do not guarantee future performance, and therefore, undue reliance should not be placed upon them. We do not intend to update these forward-looking statements as a result of new information or future developments, except as required by law.

在本次電話會議中，我們可能會發表包含 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述的評論，這些陳述本質上解決的是未來且不確定的問題。這些陳述反映了管理層目前的信念和期望，並受到許多因素的影響，這些因素可能導致實際結果與這些陳述有重大差異。這些因素包括但不限於我們的收益報告和 SEC 文件中討論的因素。這些陳述並不保證未來的表現，因此，不應過度依賴它們。除非法律要求，否則我們不打算因新資訊或未來發展而更新這些前瞻性聲明。

Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of fiscal 2022. The information presented today also includes non-GAAP financial measures. These should be viewed in addition to and not as a substitute for the company's reported results prepared in accordance with U.S. GAAP. All non-GAAP financial measures referenced in today's call are reconciled in our earnings press release to the most directly comparable GAAP measure. For more information regarding definitions of our non-GAAP measures, please see our earnings release and investor presentation.

請注意，除非另有說明，本次電話會議中的所有比較都將與我們 2022 財年可比期間的結果進行比較。今天提供的資訊還包括非 GAAP 財務指標。這些應被視為對公司根據美國公認會計準則編制的報告結果的補充，而不是替代品。今天電話會議中引用的所有非公認會計原則財務指標均在我們的收益新聞稿中與最直接可比較的公認會計原則指標進行了調整。有關我們的非公認會計原則衡量標準定義的更多信息，請參閱我們的收益發布和投資者介紹。

With that, I will turn the call over to Jerome Grant, CEO of Universal Technical Institute for his prepared remarks. Jerome?

接下來，我將把電話轉給環球技術學院執行長傑羅姆·格蘭特（Jerome Grant），聽他準備好的演講。傑羅姆？

Thank you, Matt. Good afternoon, everyone. Fiscal 2023 was a very strong year for the company. We're grateful that you are able to take the time out of your afternoon so that we can share several highlights with you.

謝謝你，馬特。大家下午好。 2023 財年對該公司來說是非常強勁的一年。我們很高興您能抽出寶貴的時間與您分享一些亮點。

First, I'll briefly go over our results for the year and comment on the progress of our multiyear growth and diversification strategy. Following that, I'll share highlights of our Concorde and UTI divisional performance and focus in 2023. Next, since superior student and employment outcomes are central to everything we do, I'll spend a few moments sharing some of the accomplishments and recognitions we achieved this past year. From there, we'll look ahead to 2024. I will both share our formal guidance for the year and outline our areas of focus. At the conclusion of my comments, I'll turn the call over to Troy Anderson, our CFO, to dig in a bit deeper on both numbers and metrics.

首先，我將簡要回顧我們今年的業績，並評論我們多年成長和多元化策略的進展。接下來，我將分享我們的Concorde 和UTI 部門的業績亮點以及2023 年的重點。接下來，由於優秀的學生和就業成果是我們所做的一切的核心，我將花一些時間分享我們的一些成就和認可過去一年所取得的成就。從那時起，我們將展望 2024 年。我將分享我們對這一年的正式指導，並概述我們的重點領域。在我的評論結束時，我會將電話轉給我們的財務長 Troy Anderson，以更深入地了解數字和指標。

With that, let's begin with the 2023 results. We outperformed expectations throughout the fiscal year, demonstrating the strength of our ongoing growth and diversification strategy, the effectiveness of our operating model our team's ability to execute and the flexibility we now have as a multidivisional company. I'd like to thank our faculties, staff and students for their ongoing dedication and hard work and for delivering this fine performance in fiscal 2023.

接下來，讓我們從 2023 年的結果開始。我們在整個財年的表現超出了預期，展示了我們持續成長和多元化策略的實力、我們營運模式的有效性、我們團隊的執行能力以及我們作為一家多部門公司現在擁有的靈活性。我要感謝我們的教職員工和學生的持續奉獻和辛勤工作，並在 2023 財年取得如此出色的業績。

For the full year, we exceeded the high end of our guidance across all key financial metrics delivering $607.4 million in revenue and $64.2 million in adjusted EBITDA, and we performed in line with our ambitious expectations as far as new student starts reaching 22,613 for the year.

全年，我們在所有關鍵財務指標上都超出了指導上限，實現了 6.074 億美元的收入和 6,420 萬美元的調整後 EBITDA，並且我們的表現符合我們雄心勃勃的預期，今年新生人數達到 22,613 人。

Over the past several years, we've consistently delivered on the financial goals we established for our diversified workforce solutions platform. As we emerge from the pandemic in 2021, we hit the accelerator on our multiyear growth and diversification goals. As outlined, when we first announced our acquisition of MIAT 2 years ago and then again when we shared the news about the Concorde acquisition last May, broadening our transportation and skilled trades offering and entering the health care space will significantly propel our growth and diversification efforts forward as well as our overall financial trajectory, all while maintaining our core focus on supporting strong student and employment outcomes in high demand areas.

在過去的幾年裡，我們始終如一地實現了為多元化勞動力解決方案平台設定的財務目標。 2021 年，隨著我們擺脫疫情影響，我們加快了多年成長和多元化目標的步伐。如前所述，當我們兩年前首次宣布收購MIAT 時，以及去年5 月我們再次分享有關收購協和飛機的消息時，擴大我們的運輸和技術貿易產品並進入醫療保健領域將顯著推動我們的成長和多元化努力以及我們的整體財務軌跡，同時保持我們的核心重點是支持高需求領域的強勁學生和就業成果。

With our performance this year and with the initiatives already underway, we believe we are well positioned to maintain our momentum into fiscal year 2024.

憑藉我們今年的業績以及已經開始的舉措，我們相信我們已做好準備，能夠在 2024 財年保持我們的勢頭。

I'd like to commend both our Concorde and UTI divisional leadership teams for their execution and collaboration over the past year in achieving the results and in building a robust and efficient foundation for future growth. Let's now turn to a few highlights from each of the divisions in 2023. Starting with Concorde, we've seamlessly integrated all critical supporting functions and those related to key public company requirements with the majority of this process behind us, we'll continue to optimize the organizational model and execute on additional integration and synergy opportunities in the years ahead. It's important to underscore that all of this fine work occurred while ensuring the business continues to grow.

我要讚揚我們的 Concorde 和 UTI 部門領導團隊在過去一年中的執行力和協作，取得了成果，並為未來的成長奠定了堅實而高效的基礎。現在讓我們來看看2023 年每個部門的一些亮點。從協和式飛機開始，我們已經無縫整合了所有關鍵支援功能以及與關鍵上市公司要求相關的功能，這個流程的大部分已經完成，我們將繼續優化組織模式，並在未來幾年抓住更多整合和協同機會。需要強調的是，所有這些出色的工作都是在確保業務持續成長的同時進行的。

Demand for Concorde's programs has remained strong throughout the year. And in September, we began starting students in one of Concorde's new programs, a cardiovascular sonography program in Florida. We also recently launched an online respiratory therapy program as we continue to look at further opportunities to rapidly expand the division's online programming. Concorde's other planned new program launches are on track for the fiscal year 2024 with 3 new programs launching in November.

全年對協和飛機計畫的需求依然強勁。九月份，我們開始讓學生參加協和飛機的一個新項目，佛羅裡達州的心血管超音波檢查項目。我們最近也推出了線上呼吸治療計劃，我們繼續尋找進一步的機會來快速擴大該部門的線上計劃。協和飛機計劃在 2024 財年推出的其他新項目預計將在 11 月推出 3 個新項目。

These include diagnostic medical sonography program and another cardiovascular synography program as well as the first of 3 planned dental hygiene programs. We're working diligently to launch the remaining dental hygiene programs during the fiscal year and are making very good progress towards completing the respective regulatory approvals.

其中包括診斷醫學超音波檢查計劃和另一個心血管輪廓檢查計劃以及 3 個計劃中的牙齒衛生計劃中的第一個。我們正在努力工作，在本財年啟動剩餘的牙齒衛生計劃，並在完成各自的監管批准方面取得了良好進展。

As a quick update, entering fiscal year 2024, we had a change in Concorde's leadership. I've appointed Concorde's Chief Operating Officer, Kevin Prehn, to the Interim Divisional President role. I'd like to thank Concorde's former CEO, Jamie Fraser, for her efforts and support in leading the Concorde team through the closing of the acquisition and the initial integration efforts. We sincerely wish her well.

快速更新一下，進入 2024 財年，協和飛機的領導層發生了變化。我已任命協和飛機首席營運長 Kevin Prehn 擔任臨時部門總裁。我要感謝 Concorde 前執行長 Jamie Fraser 在領導 Concorde 團隊完成收購和初始整合工作方面所做的努力和支持。我們衷心祝福她一切順利。

We have tremendous confidence in Kevin and the Concorde leadership team, their ability to capitalize on the momentum they have established and their ability to achieve the divisional's financial and operational goals for fiscal 2024 and beyond.

我們對 Kevin 和協和飛機領導團隊充滿信心，相信他們有能力利用已經建立的勢頭，也有能力實現該部門 2024 財年及以後的財務和營運目標。

Moving to the UTI division. We experienced accelerating year-over-year start growth throughout the year, culminating in 9% growth in the fourth quarter. We expect that trend to continue for at least the first half of 2024, if not beyond. This performance reflects the fact that we delivered on our 2 main growth drivers for the year: our planned new program launches and scaling our 2 newest campus in Austin, Texas and Miramar, Florida.

轉到尿路感染部門。我們全年的開工率逐年加速成長，最終在第四季度實現了 9% 的成長。我們預計這種趨勢至少會持續到 2024 年上半年（甚至更長）。這項業績反映出我們實現了今年的 2 個主要成長動力：我們計劃推出的新項目以及擴建位於德克薩斯州奧斯汀和佛羅裡達州米拉瑪的 2 個最新園區。

We launched 13 of the 14 planned new UTI programs across 8 campuses in 2023. We expect to launch the remaining aviation, airframe and power plant technician program at the UTI Miramar campus very soon. Following the completion of the Federal Aviation Administration certification process. which unfortunately has been delayed beyond our control. We have seen strong demand for these programs as well as continued high demand overall across the program portfolio. We started approximately 230 students across these programs in the fourth quarter and believe we will see 1,000 or more new student starts in fiscal 2024.

我們計劃於 2023 年在 8 個校區啟動 14 個新 UTI 專案中的 13 個。我們預計很快就會在 UTI Miramar 校區啟動剩餘的航空、機身和發電廠技術人員專案。完成美國聯邦航空管理局認證流程後。不幸的是，這已經超出了我們的控制範圍。我們看到對這些計劃的強勁需求以及整個計劃組合的整體持續高需求。我們在第四季度開始了大約 230 名學生參與這些項目，相信我們將在 2024 財年看到 1,000 名或更多的新生。

As we have outlined during past calls, these initial program launches are merely the first wave of bringing these in-demand aviation, skilled trades and energy programs that came to us through the MIAT acquisition to the UTI footprint. We have initiated efforts to launch 3 more heating, ventilation and air conditioning programs in fiscal 2024 and a fourth new HVAC program early in fiscal 2025.

正如我們在過去的電話會議中所概述的那樣，這些最初的計劃啟動只是將透過收購 MIAT 來到我們的需求航空、技術貿易和能源計劃引入 UTI 足跡的第一波浪潮。我們已開始努力在 2024 財年啟動另外 3 個暖氣、通風和空調項目，並在 2025 財年初啟動第四個新的 HVAC 計劃。

Turning to the Austin and Miramar campuses, which launched in 2022, the 2 campuses now have nearly 1,100 students combined, and they are continuing to ramp nicely. Based on this trajectory, we remain highly confident that both campuses will continue to perform in line or above our long-term view with respect to their markets. As an example of this, at our most recent Career Day Open House in Miramar, we recorded extremely strong attendance from both students and employers alike. This signals that the local job market is quite robust and values our graduates. We will continue scaling these campuses and identify future expansion opportunities, leveraging capacity available in each location as well as considering new locations to offer our in-demand programs.

至於 2022 年啟用的奧斯汀和米拉馬爾校區，這兩個校區目前共有近 1,100 名學生，而且學生數量仍在持續良好成長。基於這一軌跡，我們仍然非常有信心，兩個校區的表現將繼續符合或高於我們對其市場的長期看法。舉個例子，在我們最近在米拉馬爾舉辦的職業日開放日中，我們記錄了學生和雇主的出席人數非常多。這顯示當地就業市場相當強勁並且重視我們的畢業生。我們將繼續擴大這些校區的規模，並確定未來的擴張機會，利用每個地點的可用容量，並考慮新的地點來提供我們按需的課程。

Now superior outcomes are at the center of our schools missions. As a great example of the quality of our programs and partnerships, Concorde schools and employment partners recently received top industry distinction in 2 states. First, Concorde was named School of the Year by the California Association of Private Postsecondary schools in early October. And in Texas, Concorde's Dallas campus received the same distinction from the 200 member Career Colleges & Schools of Texas Association, or CCST. Further, the CCST also awarded the Innovator of the Year award to one of Concorde's Dallas online success coaches, Connie Tipado. Congratulations Connie. We're very proud of these awards, and they recognized Concorde's commitment to excellence in student training and outcomes.

現在，卓越的成果是我們學校使命的中心。作為我們計畫和合作夥伴品質的一個很好的例子，協和學校和就業合作夥伴最近在兩個州獲得了最高的行業榮譽。首先，Concorde 於 10 月初被加州私立專上學校協會評為年度最佳學校。在德州，Concorde 達拉斯校區也獲得了德州職業學院和學校協會 (CCST) 200 名成員的同樣殊榮。此外，CCST 還將年度創新者獎授予了協和飛機達拉斯線上成功教練之一康妮·蒂帕多 (Connie Tipado)。恭喜康妮。我們對這些獎項感到非常自豪，他們認可了協和飛機對卓越學生培訓和成果的承諾。

Now alongside these recognitions, 2 of Concorde's long-time dental employment partners, Pacific Dental Services and Heartland Dental, received Employer of the Year awards from the same California and Texas associations, respectively. Both Pacific Dental Services and Heartland Dental as part of their ongoing partnerships with Concorde have worked closely with us to offer scholarships and various on-the-job opportunities designed to help students achieve careers as dental professionals.

現在，除了這些認可之外，Concorde 的兩家長期牙科就業合作夥伴 Pacific Dental Services 和 Heartland Dental 還分別獲得了加州和德克薩斯州協會頒發的年度雇主獎。 Pacific Dental Services 和 Heartland Dental 作為與 Concorde 持續合作的一部分，與我們密切合作，提供獎學金和各種在職機會，旨在幫助學生實現牙科專業人士的職業生涯。

These innovative collaborations mirror the partnerships we have historically leveraged in our UTI division, and we will continue expanding these relationships and our network of health care industry partners over time.

這些創新合作反映了我們在 UTI 部門歷來利用的合作夥伴關係，隨著時間的推移，我們將繼續擴大這些關係以及我們的醫療保健產業合作夥伴網絡。

Moving to 2024. Our strong execution throughout the fiscal year 2023 has allowed us to enter 2024 on confident footing. As we look to the fiscal year ahead, we're pleased to share with you today our formal full year guidance targets. Revenue will be between $705 million and $715 million. We expect adjusted EBITDA to be between $98 million and $102 million, and new student starts will be between 24,500 and 25,500, which represents an impressive growth rate of between 8% and 13%.

邁向 2024 年。我們在 2023 財年的強勁執行力使我們能夠充滿信心地進入 2024 年。當我們展望未來的財年時，我們很高興今天與您分享我們正式的全年指導目標。營收將在 7.05 億美元至 7.15 億美元之間。我們預計調整後的 EBITDA 將在 9,800 萬美元至 1.02 億美元之間，新生入學人數將在 24,500 人至 25,500 人之間，這意味著 8% 至 13% 的成長率令人印象深刻。

As we introduce these ranges, I'd like to reemphasize that much of the foundation required to achieve these targets has been laid over the past 2 years. Our work in the year ahead of us involves continued execution, delivering against these objectives and building upon the sustainable strategic progress we've made.

當我們介紹這些範圍時，我想再次強調，實現這些目標所需的大部分基礎都是在過去兩年中奠定的。我們未來一年的工作包括持續執行、實現這些目標並在我們已取得的永續策略進展的基礎上再接再厲。

Our key focus areas for 2024 all support our broader revenue, profitability and cash generation objectives, while also continuing to support strong student outcomes. These include further ramping our newest UTI campuses to help them reach their fullest potential, driving greater enrollment, revenue and profit growth from both our 2023 and 2024 new program launches in both divisions, enhancing the yield of our marketing and admissions investment to continue optimizing lead generation and inquiry conversion and continuing to optimize our workforce strategies, hiring practices and facilities utilization to maximize operating costs and capital efficiencies, which in turn will drive continued program and margin expansion. I'm proud of our execution over the past year and our positioning for greater growth in the year ahead.

我們 2024 年的重點領域都支持我們更廣泛的收入、獲利能力和現金產生目標，同時也持續支持強勁的學生成果。其中包括進一步擴大我們最新的UTI 校區，幫助它們充分發揮潛力，透過2023 年和2024 年在兩個部門推出的新計畫推動更大的入學率、收入和利潤成長，提高我們的行銷和招生投資的收益，以繼續優化領先優勢生成和查詢轉換，並繼續優化我們的勞動力戰略、招聘實踐和設施利用率，以最大限度地提高運營成本和資本效率，這反過來將推動持續的計劃和利潤擴張。我對我們過去一年的執行力以及未來一年更大增長的定位感到自豪。

I'd now like to turn the call over to Troy to review our fourth quarter and full year 2023 financial results as well as provide additional detail on our 2024 expectations. Troy?

我現在想將電話轉給 Troy，讓他回顧我們 2023 年第四季和全年的財務業績，並提供有關 2024 年預期的更多詳細資訊。特洛伊？

Thank you, Jerome. I'm happy to report that our revenue, profitability and cash flow performance exceeded expectations for both the fourth quarter and full year. We saw positive contributions from a number of areas that drove the upside versus our expectations, including another strong performance in the quarter from the Concorde team. As a reminder, our reported results include both consolidated and segment views as well as corporate unallocated costs. Please also note that unless stated otherwise, the year-over-year comparisons are on an as-reported basis, as contributions from Concorde are only reflected from the acquisition date of December 1, 2022 and forward.

謝謝你，傑羅姆。我很高興地向大家報告，我們第四季和全年的收入、獲利能力和現金流表現都超出了預期。我們看到了許多領域的積極貢獻，這些貢獻超出了我們的預期，包括協和飛機團隊在本季度的另一個強勁表現。提醒一下，我們報告的結果包括合併和分部視圖以及公司未分配成本。另請注意，除非另有說明，否則同比比較均按報告數據進行，因為協和飛機的貢獻僅反映自 2022 年 12 月 1 日及以後的收購日期起。

To summarize our operational performance, we recorded 10,368 total new student starts during the quarter and 22,613 total new student starts for the full year, solidly in the middle of our guidance range. As we previously shared, Q4 is a seasonally high start quarter for both of our divisions. Concorde has 2 large starts for their clinical programs versus 1 in the other quarters, and the number of students starting in core programs is also higher.

總結我們的營運業績，本季新生入學總數為 10,368 人，全年新生入學總數為 22,613 人，穩定在我們指導範圍的中間。正如我們之前分享的，第四季是我們兩個部門的季節性高開局季度。協和大學的臨床項目有 2 個大型開學項目，而其他季度只有 1 個項目，而且核心項目的學生數量也較多。

On the UTI side, the majority of the high school channel starts occur in the fourth quarter and high school overall contributed approximately 45% of the total UTI division starts for the year. UTI starts were up year-over-year 9% in the fourth quarter and 6% for the full year. Within the UTI division's overall year-over-year start growth, we are pleased to have driven growth in every quarter during the year. In the second consecutive quarter of same campus same program, (inaudible). For both divisions, we see this momentum continuing into fiscal year 2024, supported by our proactive grant programs new program offerings and other initiatives designed to better support and engage with prospective students.

在 UTI 方面，大部分高中管道的開工發生在第四季度，高中總體貢獻了全年 UTI 部門開工總數的約 45%。第四季 UTI 開工率年增 9%，全年成長 6%。在 UTI 部門的整體年比開局成長中，我們很高興能夠推動今年每季的成長。在同一校園的同一專案中連續第二季（聽不清楚）。對於這兩個部門，我們認為這種勢頭將持續到 2024 財年，這得益於我們積極主動的資助計劃、新計劃以及其他旨在更好地支持和吸引潛在學生的舉措的支持。

Moving to our financial performance. Fourth quarter revenue on a consolidated basis increased 53.9% to $170.3 million, driven by the $55 million contribution from Concorde and 4.2% year-over-year growth for the UTI division. For the full year, consolidated revenue increased 45% to $607.4 million, which was above the high end of our previously revised guidance range. The UTI division contributed $429.3 million and 2.5% year-over-year growth, while Concorde contributed $178.1 million for the 10 months following the closing of the acquisition.

轉向我們的財務表現。第四季綜合收入成長 53.9%，達到 1.703 億美元，這得益於協和飛機 5500 萬美元的貢獻以及 UTI 部門同比增長 4.2% 的推動。全年綜合收入成長 45%，達到 6.074 億美元，高於我們先前修訂的指導範圍的上限。 UTI 部門貢獻了 4.293 億美元，年增 2.5%，而協和飛機在收購完成後的 10 個月內貢獻了 1.781 億美元。

From a profitability standpoint, consolidated net income for the fourth quarter was $6.7 million or $0.10 per diluted share, and for the year was $12.3 million or $0.13 per diluted share. At the end of the quarter, we had 34.1 million shares outstanding. Adjusted net income for the fourth quarter was $8.4 million and for the year was $22.3 million, which was above the high end of our previously raised guidance range. Our 2023 net income performance reflects the higher effective tax rate that resulted from last year's valuation allowance reversal. Along with the impact of certain discrete items during the year, we expect to see a similar effective tax rate in fiscal 2024.

從獲利能力的角度來看，第四季合併淨利潤為 670 萬美元，即稀釋後每股收益 0.10 美元，全年淨利潤為 1230 萬美元，即稀釋後每股收益 0.13 美元。截至本季末，我們有 3,410 萬股流通股。第四季調整後淨利潤為 840 萬美元，全年調整後淨利潤為 2,230 萬美元，高於我們先前提高的指導範圍的上限。我們 2023 年的淨利表現反映了去年估值備抵逆轉帶來的更高的有效稅率。除了年內某些離散項目的影響外，我們預計 2024 財政年度將出現類似的有效稅率。

Adjusted EBITDA for the fourth quarter was $19.2 million and were $64.2 million for the full year, which exceeded the top end of our previously raised guidance range. On both the divisional and corporate levels, our focus on expense management and driving continuous operating efficiencies is reflected in our overall profitability performance. Total available liquidity at the end of the quarter was $159.7 million, including $8.2 million of remaining revolver capacity. Total debt was approximately $162 million while net debt was approximately $11 million. Our full year operating cash flow and adjusted free cash flow were both $49.1 million. representing a year-over-year improvement of $3.1 million and $14.2 million, respectively.

第四季調整後 EBITDA 為 1,920 萬美元，全年調整後 EBITDA 為 6,420 萬美元，超出了我們先前上調的指導範圍的上限。在部門和公司層面，我們對費用管理和推動持續營運效率的關注反映在我們的整體獲利表現中。本季末可用流動資金總額為 1.597 億美元，其中包括 820 萬美元的剩餘左輪手槍產能。總債務約 1.62 億美元，淨債務約 1,100 萬美元。我們全年的營運現金流和調整後的自由現金流均為 4,910 萬美元。年比分別增加 310 萬美元和 1,420 萬美元。

The fourth quarter is a seasonally strong quarter for cash generation, and we overachieved our expectations which helped us exceed the high end of our previously raised adjusted free cash flow guidance for the year.

第四季度是現金產生的季節性強勁季度，我們超越了預期，這幫助我們超過了先前提出的今年調整後自由現金流指引的上限。

Total capital expenditures for the year were $56.7 million, a 29% decrease relative to fiscal 2022. The primary drivers of our CapEx for the year include the $26 million purchase of the 3 primary buildings and associated land at the UTI Orlando campus, the completion of the UTI Austin and the Miramar campus build outs. The UTI and Concorde program expansion and maintenance CapEx associated with equipment, facilities, curriculum and other items. It is important to note we consistently manage our maintenance CapEx to approximately 2% of revenue. which is a relatively modest amount.

本年度資本支出總額為 5,670 萬美元，較 2022 財年下降 29%。本年度資本支出的主要驅動因素包括以 2,600 萬美元購買 UTI 奧蘭多校區的 3 棟主要建築和相關土地、完成UTI 奧斯汀分校和Miramar 校區擴建。 UTI 和協和式飛機項目的擴展和維護資本支出與設備、設施、課程和其他項目相關。值得注意的是，我們始終將維護資本支出控制在收入的 2% 左右。這是一個相對適中的金額。

Given the strength of our execution throughout fiscal 2023 as well as the current visibility and momentum we are carrying forward, we have a high degree of confidence in the formal guidance ranges we are providing for fiscal 2024. I'll highlight that the revenue and adjusted EBITDA ranges are consistent with, if not on the upside of the 2024 projections we have previously communicated, underscoring the visibility and predictability we have been building into our business model over the past several years.

鑑於我們整個 2023 財年的執行力度以及當前的可見性和我們正在推進的勢頭，我們對我們為 2024 財年提供的正式指導範圍充滿信心。我要強調的是，收入和調整後的收入EBITDA 範圍與我們之前傳達的2024 年預測一致（即使不是上行），強調了我們在過去幾年中一直在業務模式中構建的可見性和可預測性。

For revenue, we expect to generate between $705 million and $715 million for the fiscal year or 16% to 18% year-over-year growth. The growth is driven by the full year of contribution from Concorde along with greater contributions from recent and forthcoming program expansions, the strong new student start performance this past year and organic new student start growth during the year from both divisions. While we expect to generate strong revenue growth each quarter, we are anticipating particular year-over-year strength in the first quarter as we record a full quarter of contribution from Concorde.

對於收入，我們預計本財年將產生 7.05 億至 7.15 億美元的收入，年增 16% 至 18%。這一增長的推動因素包括協和飛機全年的貢獻、最近和即將到來的項目擴展的更大貢獻、去年強勁的新生開學表現以及兩個部門年內新生入學的有機增長。雖然我們預計每個季度都會產生強勁的收入成長，但我們預計第一季的年成長將特別強勁，因為我們記錄了協和式飛機的整個季度的貢獻。

For the remaining quarters, we expect revenue growth in the upper single digits to low double digits driven by the ramping program expansion and the momentum in student start growth across both divisions throughout 2023 and continuing into 2024.

在剩下的幾個季度中，我們預計在 2023 年並持續到 2024 年，兩個部門的計劃擴張和學生開學成長勢頭的推動下，收入將從高個位數增長到低兩位數。

We expect full year adjusted EBITDA to range between $98 million and $102 million, which is more than 50% year-over-year growth. The growth reflects the significant revenue increase including the full year Concorde contribution, increased yields from our new campus and program expansion investments and overall improved operating leverage from our fixed and selling, general and administrative costs. With our current visibility, we anticipate generating solid growth each quarter, with the strongest growth in profitability overall in the second half of the year.

我們預計全年調整後 EBITDA 將在 9,800 萬美元至 1.02 億美元之間，年增超過 50%。這一增長反映了收入的顯著增長，包括協和式飛機全年的貢獻、新園區和項目擴展投資的收益增加以及固定和銷售、一般和管理成本的整體運營槓桿的提高。以我們目前的知名度，我們預計每季都會穩健成長，下半年整體獲利能力成長最為強勁。

Note that since we first announced our acquisition of Concorde we have outlined the intent to expand their adjusted EBITDA margins ultimately into the mid-teens. Following our initial focus and investment related to integration and public company readiness, we expect to approach double-digit margins for the division in fiscal 2024 and drive additional margin expansion from there.

請注意，自從我們首次宣布收購協和飛機以來，我們已經概述了將其調整後的 EBITDA 利潤率最終擴大到十幾歲左右的意圖。在我們最初關注與整合和上市公司準備相關的投資之後，我們預計該部門在 2024 財年的利潤率將達到兩位數，並從此推動利潤率的進一步擴張。

For fiscal 2024, we are replacing adjusted net income as a guidance metric and are introducing GAAP net income and GAAP earnings per share guidance as we believe these metrics are better suited to our sustained and expanding profitability profile.

對於 2024 財年，我們將取代調整後淨利潤作為指導指標，並引入 GAAP 淨利潤和 GAAP 每股收益指導，因為我們相信這些指標更適合我們持續和不斷擴大的盈利狀況。

For net income, we expect a range of $34 million to $38 million, tripling our fiscal 2023 GAAP net income and for diluted earnings per share, we expect a range of $0.53 to $0.58 per share. From a quarterly phasing perspective, we currently anticipate measurable year-over-year growth for both metrics every quarter and overall in the back half of the year, particularly in the fourth quarter, driven by the seasonal strength in both divisions. We expect full year adjusted free cash flow to range between $62 million to $66 million. Consistent with our historical cadence, we expect the bulk of the cash generation and year-over-year growth to come in the fourth quarter. Note, we expect fewer adjustments this year given the lower growth investment activity currently planned for the year, thus unadjusted free cash flow will also be very strong.

對於淨利潤，我們預計在 3,400 萬美元至 3,800 萬美元之間，是 2023 財年 GAAP 淨利潤的三倍；對於稀釋後每股收益，我們預計在每股 0.53 美元至 0.58 美元之間。從季度階段的角度來看，我們目前預計，在兩個部門季節性強勁的推動下，每個季度和下半年的總體指標都將出現可衡量的同比增長，特別是第四季度。我們預計全年調整後自由現金流將在 6,200 萬美元至 6,600 萬美元之間。與我們的歷史節奏一致，我們預計大部分現金產生和年增長將出現在第四季度。請注意，鑑於目前計劃的投資活動成長較低，我們預計今年的調整較少，因此未經調整的自由現金流也將非常強勁。

Finally, alongside these financial expectations, we expect total new student starts to range between 24,500 to 25,500 or total year-over-year growth of approximately 8% to 13%. We expect robust start performance in Q1 as we benefit from Concorde's full quarter contribution, complemented by continued strong start growth in UTI from both the program expansions and same-campus same program growth.

最後，除了這些財務預期之外，我們預計新生總數將在 24,500 至 25,500 人之間，或同比增長率約為 8% 至 13%。我們預計第一季將出現強勁的開工表現，因為我們受益於協和飛機的整個季度貢獻，再加上項目擴展和同校區相同項目增長帶來的 UTI 持續強勁的開工增長。

Thereafter, we expect continued double-digit growth in the second quarter and then stabilization in the low to mid-single digits in the third and fourth quarters as we complete the initial ramping of our prior program and campus growth investments, as well as mature the grants and other enhancements we have been implementing and refining over the past year or so. Included in these expectations is annual seasonality within the Concorde clinical programs or certain programs have fewer start opportunities in fiscal 2024 than they did in fiscal 2023.

此後，我們預計第二季將繼續實現兩位數成長，然後隨著我們完成先前計劃和校園成長投資的初步提升，以及成熟的在過去一年左右的時間裡，我們一直在實施和完善贈款和其他增強措施。這些預期包括 Concorde 臨床計畫的年度季節性或某些計畫在 2024 財政年度的啟動機會比 2023 財年少。

To expand on Jerome's earlier comments, our performance on each of these fronts over the next year is largely built upon continuing our solid operational execution and ramping initiatives we already have in place. We expect to continue scaling the newest UTI division campuses and the newly launched programs in both divisions, driving greater growth as they reach maturity.

為了擴展傑羅姆先前的評論，我們明年在這些方面的表現很大程度上取決於繼續我們紮實的營運執行和加強我們已經採取的舉措。我們預計將繼續擴大最新的 UTI 部門園區以及兩個部門新推出的項目，在它們成熟時推動更大的成長。

Further, we aim to launch additional programs, rolling out expanded offerings within both divisions during the year. We are also targeting margin expansion through increasing our operating leverage with specific focus on optimizing our labor force and facilities utilization across both divisions.

此外，我們的目標是推出更多計劃，在年內在兩個部門內推出更多產品。我們也致力於透過提高營運槓桿來擴大利潤率，特別關注優化兩個部門的勞動力和設施利用率。

With the current strength of our balance sheet and the implementation of various growth investments over the past few years, we remain focused on ramping the yield of these investments and staying flexible in identifying further strategic areas to deploy capital to support growth in 2024 and beyond.

鑑於我們目前的資產負債表實力以及過去幾年各種成長投資的實施，我們仍然專注於提高這些投資的收益率，並在確定進一步的戰略領域保持靈活性，以部署資本以支持2024 年及以後的增長。

We encourage everyone to review our press release, financial supplement and investor presentation as these materials include the most current information on our consolidated and segment actual results our strategic road map and our guidance, including our non-GAAP reconciliation tables and bridges between our 2023 performance and the 2024 guidance ranges we announced today. We very much appreciate the ongoing commitment and support from our team, students and partners as we continue executing on our growth and diversification strategy.

我們鼓勵大家閱讀我們的新聞稿、財務補充資料和投資者演示文稿，因為這些材料包括有關我們的合併和分部實際業績、我們的戰略路線圖和我們的指導的最新信息，包括我們的非GAAP調節表和2023 年業績之間的橋樑以及我們今天宣布的 2024 年指導範圍。在我們繼續執行成長和多元化策略的過程中，我們非常感謝我們的團隊、學生和合作夥伴的持續承諾和支持。

I'll now turn the call back over to Jerome for closing remarks.

現在我將把電話轉回給傑羅姆做總結發言。

Thank you, Troy. As we close today's call, I want to briefly review our progress against our growth and diversification strategy. But first, I'd be remiss if I didn't highlight that by achieving our fiscal 2024 guidance, we yield more than double the revenue from fiscal 2021 and nearly tripled adjusted EBITDA. The 4 pillars of this successful strategy have included new campuses, program expansions, inorganic growth and business model extensions. In the past fiscal year alone, we swiftly ramped our 2 newest UTI division campuses, launched 13 new UTI division programs and 2 new health care programs and acquired and integrated Concorde Career Colleges, which will serve as a cornerstone for our newly formed Healthcare division.

謝謝你，特洛伊。在我們結束今天的電話會議時，我想簡要回顧一下我們的成長和多元化策略的進展。但首先，如果我沒有強調，透過實現 2024 財年指導，我們的營收將比 2021 財年增加一倍以上，調整後的 EBITDA 幾乎增加兩倍，那就是我的失職。這項成功策略的四大支柱包括新校區、專案擴展、無機成長和商業模式擴展。僅在上一財年，我們就迅速擴大了2 個最新的UTI 部門校區，啟動了13 個新的UTI 部門項目和2 個新的醫療保健項目，並收購並整合了協和職業學院，這將成為我們新成立的醫療保健部門的基石。

Our outperformance throughout 2023 demonstrates the consistency of our execution on our foundational strategy as well as delivery against the objectives we set for the company over the past several years. By exceeding our financial targets, launching key program expansions and propelling new student growth across both divisions, we will have generated robust and strong momentum for 2024. In 2024, we will continue to execute on our strategy of growth and diversification, along with a key focus on optimization by both UTI and Concorde divisions. To drive greater margin expansion, we aim to optimize our workforce and facilities utilization to improve overall operating leverage. Our growth expectations will take full advantage of the platform we strengthened in 2023. We will continue ramping our 2 newest UTI division, campuses in Austin and Miramar as well as the start growth for our newly launched and forthcoming programs across the UTI and Concorde divisions.

我們在 2023 年全年的優異表現證明了我們在執行基本策略以及實現過去幾年為公司設定的目標方面的一致性。透過超越我們的財務目標、啟動關鍵專案擴展並推動兩個部門的新學生成長，我們將為 2024 年創造強勁動力。2024 年，我們將繼續執行我們的成長和多元化策略，以及關鍵的策略重點關注UTI 和Concorde 部門的優化。為了推動利潤率的更大成長，我們的目標是優化勞動力和設施利用率，以提高整體營運槓桿。我們的成長預期將充分利用我們在2023 年加強的平台。我們將繼續擴大我們的2 個最新的UTI 部門，即奧斯汀和米拉馬爾的校區，以及我們在UTI 和協和飛機部門新推出和即將推出的項目的開始增長。

I'd like to conclude by emphasizing that our current position is not the endpoint of our company's growth strategy. As we've demonstrated through acquiring Concorde, our entry into the health care space, expanded our ability to deliver new workforce solution opportunities in high-growth sectors.

最後我想強調，我們目前的處境並不是我們公司成長策略的終點。正如我們透過收購 Concorde 所證明的那樣，我們進入醫療保健領域擴大了我們在高成長產業提供新的勞動力解決方案機會的能力。

Our extensive program and corporate partnership network and our commitment to positive student outcomes gives us the flexibility to deepen our footprint and pursue further diversification pathways for growth. We'd like to thank our team and shareholders for their support and we look forward to executing on the next phases of our growth plans in fiscal 2024 and beyond.

我們廣泛的專案和企業合作夥伴網絡以及對學生積極成果的承諾使我們能夠靈活地深化我們的足跡並尋求進一步多元化的成長途徑。我們要感謝我們的團隊和股東的支持，我們期待在 2024 財年及以後執行下一階段的成長計畫。

I'd now like to turn the call over to the operator for Q&A. Operator?

我現在想將電話轉給接線員進行問答。操作員？

(Operator Instructions). Our first question comes from Eric Martinuzzi with Lake Street.

（操作員說明）。我們的第一個問題來自 Lake Street 的 Eric Martinuzzi。

I wanted to ask about the outlook for 2024 and just get a better understanding of the growth drivers there. It looks like in the slide deck, you outlined 4 different drivers, a full year of Concorde kind of the program expansions, UTI organic and then Concorde organic. Just is it kind of parsing that $103 million delta. What are the bigger drivers, if you could kind of stack rank them for me?

我想詢問 2024 年的前景，並更了解那裡的成長動力。看起來在幻燈片中，您概述了 4 個不同的驅動程式、協和式專案擴展的一整年、UTI 有機和協和式有機。這只是解析 1.03 億美元的增量。如果您可以幫我對它們進行排序，那麼更大的驅動因素是什麼？

Yes. Sure, Eric. This is Troy. We've tried to make those proportional. Obviously, there's no numbers on the page. They're bridging to the midpoint. You said they're approximate from a contribution perspective, but you nailed the 4 categories on the start slide, certainly, the full year of Concorde, we only had the December month last year. So we did a -- get a clinical start, which we didn't get last year in November, plus we get 2 more core starts. So that's a pretty good sized contributor there.

是的。當然，埃里克。這是特洛伊。我們試圖使這些成比例。顯然，頁面上沒有數字。他們正在過渡到中點。你說從貢獻的角度來看它們是近似的，但是你在開始幻燈片上確定了 4 個類別，當然，協和式飛機的全年，我們去年只有 12 月份。所以我們做了一個——獲得臨床啟動，這是我們去年 11 月沒有得到的，另外我們還獲得了 2 個核心啟動。所以這是一個相當不錯的貢獻者。

And then the program expansion, the UTI organic are roughly equivalent in their contribution in the year. Jerome actually commented on that in his in his prepared remarks, we did approximately 230 starts on the UTI program expansions, a much smaller number on the Concorde program expansions in '23, and then we'll get -- we're expecting maybe around 1,000 or so plus or minus out of the UTI side. And again, the Concorde programs have much more extended start dates between them in their smaller cohorts. So 50 to 100 probably in those. And then the organic is, frankly, pretty modest low-ish, low to mid-single-digit type growth out of both UTI and Concorde.

然後是計劃擴展，尿路感染有機物在當年的貢獻大致相當。傑羅姆實際上在他準備好的演講中評論道，我們在UTI 項目擴展中進行了大約230 次啟動，而在23 年的協和飛機項目擴展中啟動的次數要少得多，然後我們會得到——我們預計可能大約UTI 一側加減 1,000 左右。再說一次，協和飛機計畫在較小的群體中的開始日期要長得多。所以可能有 50 到 100 個。坦白說，UTI 和協和式飛機的有機成長是相當溫和的低至中個位數類型的成長。

On start side, the revenue kind of flows with that fairly consistently. And then the EBITDA, you see some differentiation there mainly because of the operating leverage that both Jerome and I commented on, as you know, coming out of '22 into '23, we had some pressure on our operating leverage given the '22 start performance, and we get a bit of the opposite impact, plus we've been driving efficiencies in our operations this year. So we see much more leverage on the upside from the growth profile.

從一開始，收入就與此相當一致地流動。然後是 EBITDA，你會看到一些差異，主要是因為傑羅姆和我都評論過的營運槓桿，正如你所知，從 22 年到 23 年，考慮到 22 年初，我們的營運槓桿面臨一些壓力性能，我們得到了一些相反的影響，而且今年我們一直在提高營運效率。因此，我們從成長狀況中看到了更多的上行槓桿。

Got it. Okay. And then on the macro environment, Jerome, we're still not talking about I guess, a supportive employment picture, it's still less than 4% on the unemployment numbers here. You guys are kind of -- not kind of, you are outperforming, so do you consider the macro kind of returning to supportive? Or is there still neutral and you guys are kind of powering through despite inflation and interest rates?

知道了。好的。然後，關於宏觀環境，傑羅姆，我想我們仍然沒有談論有利的就業前景，這裡的失業率仍然低於 4%。你們的表現有點——不是，你們表現出色，所以你們認為宏觀經濟會恢復支持性嗎？還是仍然保持中立，儘管通貨膨脹和利率上升，你們仍然在努力度過難關？

Well, the numbers that Troy just outlined for you, the organic growth numbers, et cetera, are really point to a posture of saying we're not looking for any big tailwinds yet from a macroeconomic standpoint. It's too soon to predict anything along those lines. But I think as we've said in some of our last quarterly updates, we're not seeing as strong a headwind as we've seen in the past, a combination of, I think, people settling into the new normal as I've said it before, and really starting to think about what's a durable career path that may be in a recession or inflation proof as they move forward. And so as we've also said, neither Troy or I are economists, don't claim to be. But -- and the numbers that we put out, we think are rational, but not overly exuberant about any big repair in the economy throughout the throughout the year.

好吧，特洛伊剛剛為您概述的數字，有機增長數字等等，實際上表明我們從宏觀經濟的角度來看還沒有尋求任何大的推動力。現在預測這些事情還為時過早。但我認為，正如我們在最近的一些季度更新中所說，我們沒有看到像過去那樣強勁的逆風，我認為，人們像我一樣適應了新常態。我之前已經說過了，並且真正開始思考什麼是一條持久的職業道路，可以在經濟衰退或通貨膨脹的情況下繼續前進。正如我們也說過的，特洛伊和我都不是經濟學家，也不要自稱是經濟學家。但是，我們認為我們公佈的數字是合理的，但對全年經濟的大幅修復並不過分樂觀。

The next question comes from Raj Sharma with B. Riley.

下一個問題來自 Raj Sharma 和 B. Riley。

Some of my questions were already answered. If you could give me -- give us a little bit more color on I know you've broken down the student starts in terms of young adults, but do you expect the same sort of performance to continue in fiscal '24 high-schoolers versus young adults that are (inaudible) geographic programs.

我的一些問題已經得到解答。如果您能給我 - 給我們更多的色彩，我知道您已經按照年輕人的角度細分了學生的開學情況，但是您是否期望在 24 財年的高中生與年輕人是（聽不清）地理項目。

Yes. I think -- Yes. Troy can give you a little more color on some of the numbers. But I think sort of thematically as we came into the second half of 2023, the tide turn on growth in the UTI side of the business, we've seen pretty steady growth on the Concorde side. the demographic there being a 25- to 30-year-old person who's been out in the world, has made some decisions, is making a rational decision following through on those and also that the health care opportunities are extraordinary.

是的。我想是的。特洛伊可以為您提供一些數字的更多資訊。但我認為，隨著我們進入 2023 年下半年，UTI 業務成長的趨勢發生轉變，我們看到協和式飛機方面相當穩定的成長。那裡的人口年齡在 25 歲到 30 歲之間，他們已經在外面的世界上生活過，已經做出了一些決定，正在根據這些決定做出理性的決定，而且醫療保健機會是非凡的。

So we saw a turn in the second half of 2023. we're into November on the first quarter, and we're feeling very, very good about what we're seeing in the first quarter in terms of continued steady growth. I think as I said to Eric on the last call, I don't see any exponential tailwind that's behind us that would give us something beyond what we put in the numbers right now, but we're very comfortable with what we're seeing in the numbers based on what we saw in the third quarter, the fourth quarter and now as we're projecting through the first quarter of '24.

因此，我們在 2023 年下半年看到了轉變。第一季已進入 11 月，我們對第一季持續穩定成長的情況感覺非常非常好。我認為，正如我在上次電話會議中對埃里克所說的那樣，我沒有看到任何指數級的順風車在我們身後會給我們帶來超出我們現在所輸入的數字的東西，但我們對我們所看到的感到非常滿意這些數字是基於我們在第三季、第四季以及現在我們預測的 24 年第一季的情況。

Yes. Raj, this is Troy. The mix, I did comment on high school specifically, 45% of the total. This is for UTI. Military is always in that 15-ish, 13% to 15-ish range and adult makes up the difference. In any given year, we might have a plus/minus a few points of swing, frankly, mainly between high school and adult, but we don't expect anything dramatic there. We talked throughout the year and coming out of last year about investments we made in high school from a field rep resource perspective. We have some new leadership there as well. And so we are expecting an even stronger performance in high school in '24 than we had in '23, and we've been transforming the adult side as well.

是的。拉傑，這是特洛伊。其中，我對高中進行了具體評論，佔總數的 45%。這是針對尿路感染的。軍事總是在 15 左右，13% 到 15 左右的範圍內，成人彌補了差異。坦白說，在任何一年中，我們可能會有正負幾個點的波動，主要是在高中和成人之間，但我們預計不會出現任何戲劇性的情況。我們從現場代表資源的角度全年和去年討論了我們在高中所做的投資。我們也有一些新的領導階層。因此，我們預計 24 年高中的表現會比 23 年更強，而且我們也一直在改變成人方面。

We've talked about leveraging call center capabilities more. We talked about the local versus [relo] and the shorter start times. And so again, I think we have different things going on in the different channels, net-net, not a material change probably in the overall mix, but some good tailwinds from a capability and performance perspective coming out of '23 into '24.

我們已經更多地討論了利用呼叫中心功能。我們討論了本地與 [relo] 以及更短的開始時間。再說一次，我認為我們在不同的管道、網路中發生了不同的事情，整體組合可能不會發生重大變化，但從23 年到24 年的能力和性能角度來看，出現了一些良好的推動力。

Got it. Great. And then just moving on, could you comment on the regulatory impact in and maybe the 90-10, what numbers you're exiting with and also any impact there would be on UTI or Concorde of gainful employment updates.

知道了。偉大的。然後繼續，您能否評論一下 90-10 中的監管影響、您退出的數字以及有酬就業更新對 UTI 或協和飛機的任何影響。

Sure. Yes. This is Troy. The 90-10 again, we're in the high 60s on an aggregate basis, and it's measured at the OPEID or the school level. But when you aggregate it all up, in the high 60s. We -- some of the Concorde campuses are in the 80s but they don't have a very high military percentage. So again, it's switching from the new rule goes into effect for us for fiscal '24, where the military contribution will now count in the '90s, but we don't expect any of our schools to touch the wire on 90% and only 1 or 2, again, on the Concorde side, even being in the upper 80s. So we're very comfortable in the 90/10 profile.

當然。是的。這是特洛伊。再次是 90-10，我們的總體水平處於 60 左右，這是按照 OPEID 或學校水平來衡量的。但當你把所有這些加起來時，會發現有 60 多歲。我們——協和飛機的一些園區是 80 年代的，但他們的軍事比例不是很高。因此，我們再次重申，新規則將於 24 財年生效，軍事貢獻現在將計入 90 年代，但我們不希望我們的任何學校能夠達到 90%，而且只會達到 90%。1 或 2，再一次，在協和式飛機一側，即使在80 年代。所以我們對 90/10 的配置感到非常滿意。

The gainful, we've done -- those rules have just been finalized the first reporting period will be next summer or we don't see any material risk or, frankly, really any risk at all. If there is, it's a very small niche program, probably mainly on the Concorde side, but we're not concerned about anything we're seeing on the gainful side. And again, we continue to focus on graduation rates, employment rates and we just kind of start ACCSC reporting cycle, which is the primary creditor across both Concorde and UTI and once again, we have consistently strong performance there, never always 100% perfect, but we're consistently strong, and we think that record stands against anybody in the industry.

我們已經完成了有益的工作——這些規則剛剛敲定，第一個報告期將是明年夏天，或者我們沒有看到任何重大風險，或者坦白說，實際上根本沒有任何風險。如果有的話，那也是一個非常小的利基計劃，可能主要在協和式飛機方面，但我們並不關心我們在盈利方面看到的任何東西。再說一次，我們繼續關注畢業率、就業率，我們剛開始 ACCSC 報告週期，它是協和飛機和 UTI 的主要債權人，我們在那裡始終保持強勁的表現，但從來都不是 100% 完美，但我們一直都很強大，而且我們認為這個記錄是業內任何人都無法比擬的。

The next question comes from Alex Paris with Barrington Research.

下一個問題來自 Barrington Research 的 Alex Paris。

Congrats on the strong finish to the fiscal year. So a lot of my questions have been asked and answered, but I have a couple of follow-ups from previous questions. So with regard to starts enrollment revenue, you said that you're not getting much of a tailwind at this point from rising unemployment because it hasn't really risen to significantly yet at this point. But it's less of a headwind. It's good to hear. I'm wondering to what extent do you attribute your strong growth to prospective students evaluating alternatives to 4-year colleges. This has been a trend that's been noted in the press. Are you seeing some lift from that?

恭喜本財年圓滿成功。我的許多問題都已被提出並得到解答，但我對先前的問題有一些後續行動。因此，關於入學收入，您說目前失業率上升並沒有為您帶來太大的推動力，因為目前失業率還沒有真正大幅上升。但這並不是什麼逆風。很高興聽到。我想知道您在多大程度上將自己的強勁增長歸因於未來學生評估四年制大學的替代方案。這是媒體注意到的趨勢。您是否看到了一些提升？

Well, I mean, we're thrilled to see the press engage on the notion that college isn't for everyone. It's something that we try to get the message out as strongly as we can to, in a sense, give people permission to choose something other than a traditional 4-year degree if they're not so inclined to move down that path.

嗯，我的意思是，我們很高興看到媒體報道大學並不適合所有人。我們試圖盡可能強烈地傳達這一訊息，從某種意義上說，如果人們不太願意沿著這條路走下去，就允許他們選擇傳統的四年制學位之外的其他學位。

Anecdotally, we don't have hard evidence because it's really tough to track when you're talking to a prospect or you're trying to decide between us and going to a 4-year school. But we are seeing anecdotally more students that from a profile standpoint, traditionally may not have chosen a 2-year school or a tech school, talking about socioeconomic backgrounds, faster qualification backgrounds, et cetera. So there's starting to be a little bit of a hint out there that people are seeing these high demand skills areas for what they are, which is really solid long-term career. So it's good to see that the message is starting to flow through.

有趣的是，我們沒有確鑿的證據，因為當你與潛在客戶交談或你試圖在我們和去四年制學校之間做出決定時，真的很難追蹤。但有趣的是，我們看到更多的學生從個人資料的角度來看，傳統上可能不會選擇兩年制學校或技術學校，談論社會經濟背景、更快的資格背景等等。因此，開始有一些跡象表明，人們正在看到這些高需求技能領域的本來面目，這確實是一個可靠的長期職業生涯。所以很高興看到消息開始流傳。

The other thing I would add, Alex, is that we brought in -- and again, on the UTI -- Concorde has a very broad offering portfolio. And now as we brought in the UTI portfolio that we've always said, we're talking to hundreds of thousands of prospective students lead generation every year, but historically, UTI only had a handful of programs to offer them. Now as we broaden that portfolio, there's more for us to talk to prospective students about and supports a growth trajectory.

Alex，我要補充的另一件事是，我們在 UTI 上引入了 Concorde 擁有非常廣泛的產品組合。現在，正如我們一直所說的，我們引入了 UTI 產品組合，我們每年都會與數十萬潛在的學生領導一代進行交談，但從歷史上看，UTI 只為他們提供了少數項目。現在，隨著我們擴大投資組合，我們可以與未來的學生談論更多內容並支持成長軌跡。

Are the enrollment counselors brought together? Or are they separate between UTI and Concorde and does an enrollment counselor at one or the other institution have the ability to cross-sell the other?

招生顧問是否聚集在一起？或者 UTI 和 Concorde 之間是分開的嗎？一個或另一個機構的招生顧問是否有能力交叉銷售另一個機構？

That's a great question. We have not brought them together. I think one of the things you've heard from us over the last few quarters is that our collaboration or operational integration strategies that are being explored for Concorde and UTI were not something we engaged on last year. .

這是一個很好的問題。我們還沒有把他們聚集在一起。我認為過去幾季您從我們這裡聽到的一件事是，我們正在為協和飛機和 UTI 探索的合作或營運整合策略並不是我們去年所參與的。 。

Last year, we engaged on regulatory issues, controls, back-end, HR, benefits, things along those lines that would not disrupt the trajectory of the business in 2023. As we've turned the page into 2024, we're spending significantly more time talking about collaboration ideas. There's a large population of the admissions enrollments that enrollment counselors that we wouldn't look at that collaboration because you know that many of them are very local on the campus, taking people who are touring specific campuses for specific reasons. And of course, that would keep them separate.

去年，我們致力於解決監管問題、控制、後端、人力資源、福利等不會擾亂 2023 年業務發展軌蹟的問題。當我們將這一頁翻到 2024 年時，我們投入了大量資金更多時間討論合作想法。招生顧問認為，我們不會考慮這種合作的招生人數很多，因為你知道他們中的許多人都是校園本地人，帶著因特定原因參觀特定校園的人。當然，這會讓他們分開。

But as you take a look at how we may want to represent health care in the high schools or in the military. That's something we're taking a very serious look at right now, specifically the military, which has got a I think, a great opportunity for us to be significantly more aggressive in the way we represent health care professions as people rotate out of the military.

但當你看看我們可能希望如何在高中或軍隊中代表醫療保健。這是我們現在正在非常認真地考慮的事情，特別是軍隊，我認為，隨著人們從軍隊中輪換出來，這對我們來說是一個很好的機會，可以在我們代表醫療保健行業的方式上更加積極主動。 。

That makes sense. That's helpful. I appreciate that color. And then a question on inflation and its impact on fiscal 2023, looks like in inflation has peaked, and it is receding. What's your experience within UTI and Concorde with inflationary pressures, salaries, the ability to bind instructors, et cetera?

這就說得通了。這很有幫助。我很欣賞那種顏色。然後是關於通貨膨脹及其對 2023 財年影響的問題，通貨膨脹似乎已經見頂，並且正在消退。您在 UTI 和 Concorde 的經驗中，在通貨膨脹壓力、薪資、約束教練的能力等方面有何經驗？

Well, two things. One, I think one of the things we've commented on and continue to comment on is, I think the sort of peaking and beginning to subside of the inflationary pressures has created sort of a posture of the new normal out here. I was watching the news this morning, and they were talking about how gas has gone down to $3.39 a gallon here in Phoenix, and they were high-fiving each other about it, where just a few years ago, that would have been something you didn't do. So the new normal, I think, is really out there. And we're really seeing that in our prospects where people are like listen, being an Amazon driver isn't a career, and I really want to look at something that's durable, good pay, great demand.

嗯，有兩件事。第一，我認為我們已經評論過並將繼續評論的一件事是，我認為通膨壓力的見頂和開始消退已經創造了一種新常態的態勢。今天早上我正在看新聞，他們正在談論鳳凰城的汽油價格如何跌至每加侖 3.39 美元，他們為此擊掌，而就在幾年前，這還是你能想到的事情。沒有做。所以我認為，新常態確實已經存在。我們確實看到，在我們的前景中，人們都在聽，成為亞馬遜司機並不是一個職業，我真的想看看一些耐用、薪水高、需求大的東西。

And so I understand that I'm paying more for all of these things, but this is something I want to get on with in my life. And so what we've really seen is more people who, in the past, meaning '22 and '23 were saying to us, I'd love to do this, but I just can't afford it, now saying it's time to get on, right? And so have we seen a huge rush? No, no, we haven't. But the conversations certainly have changed with the prospects.

所以我知道我為所有這些事情付出了更多，但這是我想要在生活中繼續下去的事情。因此，我們真正看到的是，更多的人過去對我們說，“22 和 23”，我很樂意這樣做，但我負擔不起，現在說是時候了上吧，對吧？那我們看到了巨大的熱潮嗎？不，不，我們沒有。但談話內容肯定會隨著前景而改變。

Yes. And Alex I don't know, I think maybe you were also asking about our cost structure. But just a quick comment there. I mean, again, we commented on it in prior calls. The -- on the healthcare side, it's more a dynamic of just the supply and demand of health care workers and many of the Concorde instructors in particular, are active health care workers, and they're adjuncts from a teaching perspective. So that does put a little bit of extra pressure on the Concorde side that's different than the UTI side.

是的。亞歷克斯，我不知道，我想也許你也在問我們的成本結構。但只是簡單評論一下。我的意思是，我們在先前的電話會議中再次對此發表了評論。在醫療保健方面，更多的是醫療保健工作者的供需動態，尤其是許多協和飛機教練，都是積極的醫療保健工作者，從教學的角度來看，他們是輔助人員。因此，這確實給協和式飛機一側帶來了一些額外的壓力，這與 UTI 一側不同。

But generally speaking, we are not having trouble staffing. We have actually seen a little bit less pressure this past year as well as in some more of the enterprise type functions, IT, finance, et cetera. definitely have seen some pullback. In fact, we're seeing a lot of resumes for some of the positions we're posting here recently. So moving in the right direction there.

但總的來說，我們在人員配備方面沒有遇到問題。實際上，去年我們看到壓力減輕，而且更多的企業類型職能、IT、財務等方面的壓力也有所減輕。肯定會出現一些回調。事實上，我們最近在這裡發布的一些職位看到了很多履歷。所以朝著正確的方向前進。

Great to hear. And then the last question is related to your Series A preferred stock. As I recall, you are able to force conversion if the VWAP equals or exceeds $8.33 a share for 20 consecutive days. It seems like we almost get there repeatedly and we don't just quite get there. Where do we stand now? When would you expect that, that would be -- this was a great earnings report, so I don't think you're going to backtrack. And then once converted, what's the dilution thought? There'll be 20 million more shares, but of course, you don't have the preferred dividend any longer.

很高興聽到。最後一個問題與您的 A 系列優先股有關。我記得，如果 VWAP 連續 20 天等於或超過每股 8.33 美元，您就可以強制轉換。似乎我們一次又一次地幾乎達到了目標，但我們並沒有完全達到目標。我們現在處於什麼位置？你預計什麼時候會出現這種情況——這是一份很棒的收益報告，所以我認為你不會改變主意。然後一旦轉換，稀釋的想法是什麼？還會有 2000 萬股，但當然，你不再有優先股股息了。

Sure. And this is Troy. I mean, certainly, given the trading we saw exiting the last window throughout the -- in between period and hopefully, momentum we're carrying here into out of this earnings release and into the next window, which opens on Monday, we're optimistic that we will achieve the company trigger. It is 20 consecutive trading days. within an open window, volume-weighted average share price above $8.33 or above. And we're -- knock on wood.

當然。這就是特洛伊。我的意思是，當然，鑑於我們在整個期間看到退出最後一個視窗的交易，希望我們在本次財報發布和周一打開的下一個窗口中保持動力，我們樂觀地認為我們將實現公司觸發。已連續20個交易日。在開放窗口內，成交量加權平均股價高於 8.33 美元或以上。我們——敲敲木頭。

We will get there in this window. The overall dynamics though, on an EPS perspective, we don't because of the way we calculate our EPS, we're doing it on the 2-class method. The converted shares are already -- we basically are portioning net income between converted shares and unconverted or the common shares and the unconverted shares already. So there's really no meaningful impact on EPS other than the preferred dividend. It will be a little over 20 million shares that would conversely go to $54 million and change in total outstanding shares, but it doesn't really -- you get to the same number different -- in a different formula from an EPS perspective.

我們將通過這個視窗到達那裡。不過，從 EPS 的角度來看，整體動態並非如此，因為我們計算 EPS 的方式，我們是用 2 類方法來計算的。轉換後的股票已經——我們基本上已經在轉換後的股票和未轉換的股票或普通股和未轉換的股票之間分配淨利潤。因此，除了優先股股息之外，對每股盈餘實際上沒有任何有意義的影響。這將是略多於2000 萬股，反過來會達到5400 萬美元，流通股總數也會發生變化，但從每股收益的角度來看，用不同的公式，你會得到相同的數字，但實際上並沒有變化。

Congratulations on the quarter.

恭喜本季。

This concludes our question-and-answer session. I would like to turn the call over to Mr. Grant for any closing remarks.

我們的問答環節到此結束。我想將電話轉交給格蘭特先生，請他發表結束語。

Well, thank you very much for joining us, everyone. This concludes our call for this quarter. I want to wish everyone a safe, healthy and happy holiday season, and we look forward to following up with many of you over the next couple of days. And if not, we will talk to you again in late February. Thank you.

嗯，非常感謝大家加入我們。我們本季的電話會議到此結束。我祝福每個人都有一個安全、健康和快樂的假期，我們期待在接下來的幾天裡與你們中的許多人進行跟進。如果沒有，我們將在二月下旬再次與您交談。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。