Universal Technical Institute Inc (UTI) 2025 Q2 法說會逐字稿

Good day, and welcome to the Universal Technical Institute's second-quarter 2025 earnings call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加環球技術學院 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Matt Kempton, Vice President, Corporate Finance and Investor Relations. Please go ahead.

現在，我想將會議交給公司財務和投資者關係副總裁 Matt Kempton。請繼續。

Hello, and welcome to Universal Technical Institute's Fiscal second-quarter 2025 earnings call. Joining me today are our CEO, Jerome Grant; and CFO, Bruce Schuman. Following our prepared remarks, we will open the call for your questions. A replay of this call is 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，歡迎參加環球技術學院 2025 財年第二季財報電話會議。今天與我一起出席的還有我們的執行長 Jerome Grant 和財務長布魯斯舒曼 (Bruce Schuman)。在我們準備好發言之後，我們將開始回答您的問題。本次電話會議的重播記錄和我們的投資者簡報將存檔在我們網站 investor.uti.edu 的投資者關係部分，同時存檔的還有我們今天早些時候發布並提交給美國證券交易委員會的收益報告。

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 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》所定義的前瞻性陳述的評論，這些評論本質上涉及未來的、不確定的問題。這些聲明反映了管理層當前的信念和期望，並受到多種可能導致實際結果與這些聲明有重大差異的因素的影響。這些因素包括但不限於我們在收益報告和美國證券交易委員會文件中討論的因素。這些聲明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，否則我們不會根據新資訊或未來發展來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 2024.

請注意，除非另有說明，本次電話會議中的所有比較都將針對我們 2024 財年可比期間的業績。

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 US 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, financial supplement and investor presentation.

今天提供的資訊還包括非公認會計準則財務指標。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 GAAP 財務指標均在我們的收益新聞稿中與最直接可比較的 GAAP 指標進行了協調。有關我們的非公認會計準則 (Non-GAAP) 指標定義的更多信息，請參閱我們的收益報告、財務補充和投資者介紹。

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，請他發表準備好的演講。傑羅姆？

Thank you, Matt. Good afternoon, everyone, and thank you for joining us to discuss our results for the second quarter of 2025. Over the past few months, I've heard from many of you, which is great as we pride ourselves on keeping the lines of communication open with the investment community. With everything going on in Washington, many of you were interested in how we're responding to the changes already made and potential changes in the regulatory environment. So before I get into our strong Q2 results, I'd like to start today's call by briefly sharing my views on recent regulatory developments and the broader macro environment we're operating in.

謝謝你，馬特。大家下午好，感謝大家加入我們討論 2025 年第二季的業績。在過去的幾個月裡，我聽到了你們許多人的聲音，這很好，因為我們為與投資界保持溝通管道暢通而感到自豪。隨著華盛頓發生的一切，你們中的許多人都對我們如何應對監管環境已經發生的變化和潛在的變化感興趣。因此，在介紹我們強勁的第二季業績之前，我想先在今天的電話會議上簡要分享我對近期監管發展以及我們所處的更廣泛的宏觀環境的看法。

Despite our initial cautious outlook for both the 2025 top and bottom line heading into the presidential election and recent developments across the higher education regulatory landscape that may suggest otherwise, I'm pleased to share that we have not experienced any disruptions to our operations or growth trajectory. As a matter of fact, the lines of communication with the new leadership team within the Department of Education have only strengthened since the inauguration. Our expansion plans remain firmly on track and depending on how circumstances evolve, we may actually be positioned to accelerate the growth of our conquered and UTI divisions. We certainly will share specific news on that front as plans take shape. With respect to tariffs, we expect impact, if any, to be minimal for us, but we'll keep monitoring for changes.

儘管我們最初對總統大選前 2025 年的營收和利潤前景持謹慎態度，而且高等教育監管領域的最新發展可能表明情況並非如此，但我很高興地告訴大家，我們的營運或成長軌跡並未受到任何干擾。事實上，自就職以來，與教育部新領導團隊的溝通管道不斷加強。我們的擴張計劃仍在穩步推進，根據情況的發展，我們實際上可能會加速我們已征服的部門和 UTI 部門的成長。隨著計劃的成形，我們肯定會分享有關這方面的具體消息。關於關稅，我們預計其影響（如果有的話）將是微乎其微的，但我們將持續關注變化。

From a macro environment perspective, demand for skilled labor, particularly across the trades and healthcare also continue to strengthen in this environment. The ongoing supply and demand imbalance in these critical sectors and improving dialogue in favor of trade schools over traditional four-year degrees is generating additional tailwind for our business. Employers continue to voice their urgent need for well-trained professionals and our campus network and program offerings are increasingly aligned with that demand.

從宏觀環境來看，在這種環境下，對熟練勞動力的需求，特別是各行業和醫療保健行業的需求也持續增強。這些關鍵領域持續存在的供需失衡，以及有利於職業學校而非傳統四年制學位的對話的不斷改善，為我們的業務帶來了額外的順風。雇主們不斷表達對訓練有素的專業人員的迫切需求，我們的校園網路和課程也越來越符合這項需求。

With that, let's move to the results for the quarter. We maintained strong operational momentum throughout the second fiscal quarter of 2025, continuing to deliver results that exceeded our expectations. We executed with discipline and consistency, staying focused on our growth, diversification, and optimization strategy while navigating dynamic macro environment and prioritizing outcomes for our students.

接下來，讓我們來看看本季的業績。我們在整個 2025 財年第二季度保持了強勁的營運勢頭，繼續取得超出我們預期的業績。我們嚴格遵守紀律，始終如一地執行，在應對動態宏觀環境和優先考慮學生成果的同時，始終專注於我們的成長、多樣化和優化策略。

Given the broader uncertainty in the market, we were conservative with our estimates and deliberate with our spending throughout the quarter. As a result, and in conjunction with the favorable environment for our graduates, both revenue and adjusted EBITDA significantly outperformed forecast. Revenue for the second quarter increased nearly 13% year over year to $207.4 million. Average full-time active students grew over 10% year over year to 24,604 students with the new student starts growing more than 21% year over year.

鑑於市場普遍存在的不確定性，我們對整個季度的估計持保守態度，並慎重考慮支出。因此，加上我們為畢業生提供的有利環境，收入和調整後的 EBITDA 均大大超出預期。第二季營收年增近 13% 至 2.074 億美元。平均全職在校學生人數較去年同期成長超過 10%，達到 24,604 名，新生人數較去年同期成長超過 21%。

Net income increased 47% to $11.4 million with diluted earnings per share of $0.21. Adjusted EBITDA grew approximately 28% year over year to $28.9 million. We are pleased with the strong results we are sharing today. They serve as a powerful proof point of our business model strength and resilience, reinforcing our confidence in achieving our long-term goals. We remain firmly committed to delivering both year-over-year top- and bottom-line growth throughout the second half of 2025.

淨收入成長47%，達到1,140萬美元，每股攤薄收益0.21美元。調整後EBITDA年增約28%，達2,890萬美元。我們對今天分享的強勁成果感到非常高興。它們有力地證明了我們的商業模式實力和韌性，增強了我們實現長期目標的信心。我們將繼續堅定地致力於在 2025 年下半年實現營收和利潤的同比增長。

Now to our division specific highlights for the quarter. Starting with Concorde, the division continued to deliver robust year-over-year growth, driven by sustained marketing investments and the effectiveness of our admissions team as well as strong program demand. Our marketing and admissions investments in Concorde continue to generate very strong conversion rates, driving new student starts. We're continuing to test the elasticity of the Concorde model, and we've yet to find the ceiling on how far we can push ROI.

現在來看看本季我們各部門的具體亮點。從協和式飛機開始，該部門繼續實現強勁的同比增長，這得益於持續的營銷投資、招生團隊的高效以及強勁的項目需求。我們對康科德大學的營銷和招生投資繼續產生非常強勁的轉換率，推動新生入學。我們正在繼續測試協和式飛機模型的彈性，但我們尚未找到推動投資報酬率的上限。

Regarding Concorde program expansion strategies, our previously announced initiatives remain on track, including the launch of a brand-new nursing program in Jacksonville, Florida in mid-fiscal 2025, our Dallas nursing program capacity expansions, which is set to add 60 additional students later this year and the 10 non-Title IV short course programs rolling out across the Concorde campuses in 2025.

關於康科德計畫擴展策略，我們先前宣布的計畫仍在進行中，包括於 2025 財年中期在佛羅裡達州傑克遜維爾推出一個全新的護理計畫、擴大達拉斯護理計畫的容量（預計今年稍後將增加 60 名學生）以及於 2025 年在康科德校園推出 10 個非 Title IV 短期課程計畫。

With optimization in mind, we're relocating our Aurora, Colorado campus to Denver. This is part of our ongoing plan to enhance operations, expand programs and improve margin. The new campus will occupy 60,000 square feet and will open in February of 2026. This reimagined space will include new simulation lab for students to gain hands-on experience with real-life medical scenarios as well as additional space earmarked for other high-demand programs as well as a larger dental hygiene clinic. Shifting to our partnerships.

出於優化考慮，我們將把科羅拉多州奧羅拉的園區遷至丹佛。這是我們持續加強營運、擴大專案和提高利潤率計劃的一部分。新校區佔地 60,000 平方英尺，將於 2026 年 2 月開放。這個重新設計的空間將包括新的模擬實驗室，供學生獲得真實醫療場景的實踐經驗，以及為其他高需求項目和更大的牙科衛生診所預留的額外空間。轉向我們的合作關係。

I'm pleased to announce that we broke ground on our new co-branded Heartland Dental campus in Fort Myers, Florida last month. This first of its kind campus set to open in early fiscal 2026 will train up to 190 dental hygienists and assistance annually. As previously mentioned, this campus will begin as a non-Title IV campus with plans to apply for Title IV funding once Concorde's growth restrictions are lifted. We expect this location to contribute more than $4 million in annual revenue as the campus scales. Turning to our UTI division.

我很高興地宣布，我們上個月在佛羅裡達州邁爾斯堡破土動工建設新的聯合品牌 Heartland Dental 園區。該首個校區將於 2026 財年初開放，每年將培訓多達 190 名牙科保健員和護理人員。如前所述，該校區將作為非 Title IV 校區開始建設，並計劃在 Concorde 的增長限制解除後申請 Title IV 資金。隨著園區規模的擴大，我們預計該地點每年將貢獻超過 400 萬美元的收入。轉向我們的 UTI 部門。

The UTI division maintained strong year-over-year improvements, largely as a result of program expansions, the immense market demand for skilled collared workers and our strong lead conversions. Building the foundation for UTI's continued success are our ongoing expansion efforts. This quarter, we made exciting progress on our program expansion initiatives. As we previously announced, we have eight full length programs launching across UTI campuses this year. In March, we added our HVACR program to our UTI Orlando campus and most recently launched our Electrical Electronics and Industrial Technology, or EEIT program at UTI's Exton and Mooresville campuses.

UTI 部門保持了強勁的同比增長，這主要得益於專案擴展、市場對熟練領導者的巨大需求以及我們強勁的潛在客戶轉換。我們不斷的擴張努力為 UTI 的持續成功奠定了基礎。本季度，我們的專案擴展計畫取得了令人興奮的進展。正如我們之前宣布的那樣，今年我們將在 UTI 各校區推出八個完整的項目。今年 3 月，我們在 UTI 奧蘭多校區增加了 HVACR 項目，最近在 UTI 的埃克斯頓和摩爾斯維爾校區推出了電氣電子和工業技術（EEIT）項目。

This new 12-month EEIT program will train students for entry-level careers in low-voltage electronics and high-voltage electrical systems for certain residential and commercial construction applications. This program also includes the maintenance of industrial technology, including industrial robotics, hydraulics and mechanicals. By handing our portfolio with in-demand programs, we're continuing to reach even more students in high-demand employment areas.

這個新的為期 12 個月的 EEIT 課程將培訓學生從事某些住宅和商業建築應用的低壓電子和高壓電氣系統的入門級職業。該計劃還包括工業技術的維護，包括工業機器人、液壓技術和機械技術。透過將我們的投資組合與熱門項目結合，我們將繼續在高需求就業領域吸引更多的學生。

Additionally, as part of our North Star Strategy, Phase 2, we plan to open three campuses in 2026, subject to regulatory approval. These are the Heartland-Concorde co-branded campus, a fully optimized UTI campus with a comprehensive set of program offerings in Atlanta.

此外，作為北極星策略第二階段的一部分，我們計劃在 2026 年開設三個校區，但需獲得監管部門的批准。這些是 Heartland-Concorde 聯合品牌校園，是一個完全優化的 UTI 校園，在亞特蘭大提供全面的課程。

And most recently, we announced the last of the three campuses in 2026, our inaugural skilled trades focused UTI campus in San Antonio, Texas. The San Antonio campus will offer programs in high-demand skilled trades, including HVACR, welding and electrical technologies, aligning with our strategy to diversify our educational offerings and meet the evolving needs of the workforce. This expansion marks a significant step in broadening our program offerings beyond our traditional transportation-focused training. We anticipate that this campus will open in the first half of fiscal 2026. When fully ramped, this campus should contribute upwards of $23 million in revenue with significant margin contribution.

最近，我們宣布了 2026 年將開設三個校區中的最後一所，即位於德克薩斯州聖安東尼奧的首個專注於技術工種的 UTI 校區。聖安東尼奧校區將提供高需求技術工種的課程，包括暖通空調冷凍、焊接和電氣技術，這符合我們多樣化教育課程和滿足勞動力不斷變化的需求的策略。此次擴展標誌著我們在拓展傳統交通運輸培訓計畫範圍方面邁出了重要一步。我們預計校區將於 2026 財年上半年開放。全面投入營運後，該園區的收入將超過 2,300 萬美元，利潤貢獻也將十分可觀。

Our optimization efforts are also progressing well. We expect our MIAT Canton campus along with the Motorcycle Mechanics Institute, Marine Mechanics Institute, and NASCAR Technical Institute campuses to efficiently operate under the Universal Technical Institute brand in the coming months. With the sustained robust performance across both divisions, our conservative spending and a favorable macro environment, I'm pleased to announce that we are raising our fiscal 2025 guidance ranges once again. We now anticipate generating consolidated revenue between $825 million and $835 million, reflecting approximately 13% year-over-year growth. We now expect adjusted EBITDA between $124 million and $128 million, and we now expect new student starts to be between 29,000 and 30,000.

我們的優化工作也進展順利。我們預計，我們的 MIAT Canton 校區以及摩托車機械學院、船舶機械學院和 NASCAR 技術學院校區將在未來幾個月內在 Universal Technical Institute 品牌下有效運作。由於兩個部門持續強勁的表現、我們的保守支出以及有利的宏觀環境，我很高興地宣布，我們將再次提高 2025 財年的指導範圍。我們現在預計綜合收入將在 8.25 億美元至 8.35 億美元之間，年增約 13%。我們現在預計調整後的 EBITDA 在 1.24 億美元至 1.28 億美元之間，我們目前預計新生人數將在 29,000 至 30,000 人之間。

Bruce Schuman, our new Chief Financial Officer, will walk through our updated fiscal 2025 guidance in depth in just a moment. Bruce recently joined as CFO, bringing deep experience from high-growth multisite organizations, and a proven track record for leading financial operations through transformative period. His leadership will be critical as we pursue significant growth and profitable opportunities, driven by rising demand for skilled trades and healthcare professionals across the US.

我們新任財務長 Bruce Schuman 稍後將深入介紹我們更新的 2025 財年指導方針。布魯斯最近加入該公司擔任首席財務官，帶來了高成長多站點組織的豐富經驗，以及在轉型時期領導財務運營的良好記錄。隨著美國對技術工種和醫療保健專業人員的需求不斷增長，我們追求顯著的成長和獲利機會，他的領導至關重要。

We're excited to have Bruce on board and on the call with me today and look forward to his partnership in advancing our strategy. We also promoted Todd Hitchcock, to Chief Operating Officer, Todd has been instrumental in every phase of our transformation, including developing and driving the North Star Strategy, focus on growth, diversification and optimization.

我們很高興布魯斯今天能加入我們並與我通話，並期待他的合作推進我們的策略。我們也將 Todd Hitchcock 提升為營運官，托德在我們轉型的每個階段都發揮了重要作用，包括制定和推動北極星策略、專注於成長、多樣化和優化。

His leadership and operational alignment, shared services and campus performance has been key to our success. In his expanded role, Todd will strengthen our market position as we scale to meet the growing workforce demands. Supporting these efforts, Adrienne DeTray recently joined as Chief Information Officer to lead the build-out of a modern technology and data platform, further enhancing our operational visibility and the student experience. I'm thrilled that our team is now fully in place to execute on Phase 2 of our North Star Strategy with great focus and precision.

他的領導能力和營運協調、共享服務和校園表現是我們成功的關鍵。在其擴大的職責範圍內，托德將加強我們的市場地位，同時擴大規模以滿足日益增長的勞動力需求。為了支持這些努力，Adrienne DeTray 最近加入並擔任資訊長，領導現代技術和數據平台的建設，進一步增強我們的營運可見性和學生體驗。我很高興我們的團隊現在已經完全到位，可以高度專注和精確地執行北極星策略的第二階段。

With that in mind, I'd like to take a few moments to reiterate what Phase 2 of our North Star strategy entails both operationally and financially. Operationally, we remain committed to launching at least six new programs each year across Concorde and/or UTI campuses, pending regulatory approval. In addition, we plan to open at least two new campuses annually beginning in fiscal 2026.

考慮到這一點，我想花點時間重申我們的北極星策略第二階段在營運和財務方面的意義。在營運方面，我們仍致力於每年在 Concorde 和/或 UTI 校區推出至少六個新項目，等待監管部門的批准。此外，我們計劃從 2026 財政年度開始每年至少開設兩個新校區。

We've already announced nine new programs for fiscal 2025 and three campuses for fiscal 2026 demonstrating that we're not only on track to meet our objectives, but positioned to exceed them. Financially, this organic strategy should result in revenue exceeding $1 billion by the end of 2029 and adjusted EBITDA margins approaching 20%. As we mentioned on our last call, it's important to note that our EBITDA margins will reflect increased investment in fiscal years 2026 and 2027.

我們已經宣布了 2025 財年的 9 個新項目和 2026 財年的 3 個新校區，這表明我們不僅有望實現目標，而且還能超越目標。從財務角度來看，這項有機策略將使公司到 2029 年底的營收超過 10 億美元，調整後的 EBITDA 利潤率接近 20%。正如我們在上次電話會議上提到的那樣，值得注意的是，我們的 EBITDA 利潤率將反映出 2026 和 2027 財年的投資增加。

These strategic investments are expected to temporarily moderate margin growth before new campuses and programs begin to scale, ramping margin expansion significantly in fiscal 2028 and 2029.

預計這些策略投資將在新的校區和專案開始擴大規模之前暫時減緩利潤率的成長，並在 2028 財年和 2029 財年大幅提高利潤率。

With that, I'll turn the call over to Bruce, our CFO, to review our second quarter financial results. Bruce?

說完這些，我將把電話轉給我們的財務長布魯斯，回顧我們第二季的財務表現。布魯斯？

Thank you, Jerome. It's a pleasure to be here with you all on my inaugural earnings call with UTI. I am thrilled to be part of a company that plays such an important role in providing the US economy with the skilled workforce solutions that are critical for growth. I look forward to partnering with Jerome and the leadership team to help drive the next phase of our North Star Strategy.

謝謝你，傑羅姆。我很高興能與大家一起參加 UTI 的首次收益電話會議。我很高興能成為一家在為美國經濟提供對成長至關重要的熟練勞動力解決方案方面發揮如此重要作用的公司的一員。我期待與傑羅姆和領導團隊合作，幫助推動我們的北極星策略的下一階段。

With that, let's dive into our second quarter results. Q2 marks another quarter of consistent execution as we outperformed our expectations and delivered strong growth. For the second quarter, average full-time active students increased 10.3% year over year to 24,604 students. New student starts increased 21.4% year over year to 6,650 starts, exceeding our expectations. The Concorde division drove a 15.5% increase in average full-time active students compared to Q2 '24, while new student starts rose 15.9% year over year in the second quarter.

接下來，讓我們深入了解第二季的業績。第二季度標誌著我們又一個持續執行的季度，因為我們超越了預期並實現了強勁成長。第二季度，全職在校學生平均人數較去年同期成長 10.3%，達到 24,604 名。新生入學人數年增 21.4%，達到 6,650 人，超出了我們的預期。與 2024 年第二季相比，康科德分校的平均全職在校學生人數增加了 15.5%，而第二季新生入學人數則年增了 15.9%。

These increases were driven by further investments in Concorde's marketing and admissions and the effectiveness of those teams. The UTI division generated a 7% increase year over year in average full-time active students for the quarter. New student starts grew 26.4% year over year in the second quarter. The year-over-year increase is largely due to robust demand for skilled collar workers and strong lead conversion rates. Turning to our financial performance.

這些成長得益於對協和式飛機行銷和門票的進一步投資以及這些團隊的效率。UTI 部門本季全職在校學生平均人數較去年同期成長 7%。第二季新生入學人數較去年同期成長26.4%。同比成長主要歸因於對熟練領工人的強勁需求和強勁的潛在客戶轉換率。談到我們的財務表現。

Second quarter revenue on a consolidated basis increased 12.6% year over year to $207.4 million. Concorde contributed $73.2 million, an increase of 20.3% over the prior year quarter, while the UTI division contributed $134.2 million, an increase of 8.8% over the prior year quarter. From a profitability standpoint, consolidated net income for the second quarter was $11.4 million or $0.21 per diluted share. Adjusted EBITDA for the second quarter was $28.9 million, a year-over-year increase of 27.8%. As Jerome mentioned earlier, we were deliberate in our spending throughout the quarter.

第二季綜合營收年增 12.6% 至 2.074 億美元。協和飛機貢獻了 7,320 萬美元，比去年同期成長了 20.3%，而 UTI 部門貢獻了 1,342 億美元，比去年同期成長了 8.8%。從獲利能力的角度來看，第二季綜合淨收入為 1,140 萬美元，即每股 0.21 美元。第二季調整後EBITDA為2,890萬美元，年增27.8%。正如傑羅姆之前提到的，我們在整個季度中都慎重考慮支出。

which helps drive outperformances in all key financial metrics. Included in these results is $400,000 of growth investment spend, primarily on our program expansions. At the end of the quarter, we had 54.4 million shares outstanding and total available liquidity at the end of the quarter was $235 million, including $40 million of short-term investments and $99 million of remaining capacity on our revolving credit facility. During the second quarter, we paid down an additional $25 million on our revolver ending with positive net working capital of $13.4 million. Year-to-date, operating cash flow was $22.2 million and adjusted free cash flow was $8 million.

這有助於推動所有關鍵財務指標的優異表現。這些結果包括 40 萬美元的成長投資支出，主要用於我們的專案擴展。截至本季末，我們有 5,440 萬股流通股，本季末的總可用流動資金為 2.35 億美元，其中包括 4,000 萬美元的短期投資和 9,900 萬美元的循環信貸額度剩餘容量。在第二季度，我們又償還了 2,500 萬美元的循環信貸，最終淨營運資本為 1,340 萬美元。年初至今，營運現金流為 2,220 萬美元，調整後自由現金流為 800 萬美元。

Year to date, capital expenditures were $14.3 million as we continue to progress our program expansion and new campus initiatives across both divisions. Fueled by our strong second-quarter performance and ongoing execution on our strategic priorities, we are raising our fiscal 2025 guidance ranges across all key metrics. Starting with revenue. We now expect to generate between $825 million and $835 million of revenue for fiscal 2025 or approximately 13% year-over-year growth at the midpoint. This reflects the strong growth in average full-time active students from program expansions and deliberate investments we've made this year.

年初至今，資本支出為 1,430 萬美元，我們將繼續推進兩個部門的專案擴展和新園區計畫。受第二季強勁業績和持續執行策略重點的推動，我們正在提高 2025 財年所有關鍵指標的指導範圍。從收入開始。我們現在預計 2025 財年的營收將在 8.25 億美元至 8.35 億美元之間，或以中點計算年增約 13%。這反映了我們今年的計畫擴展和有意投資帶來的全日制在校學生平均數量的強勁增長。

Total new student starts in fiscal 2025 are expected to range between 29,000 and 30,000. Regarding the balance of the year, we anticipate both Q3 and Q4 revenue growth rates to be in line with our full year guidance of about 13%. For starts, due to increasingly tougher comparable periods, we expect Q3 growth in the mid- to upper single digits and Q4 likely closer to low-single-digit growth. Adjusted EBITDA margins by quarter should follow a similar pattern as last year due to the seasonality in our business. For fiscal 2025, we are raising our net income expectations to a range of $56 million to $60 million with diluted earnings per share projected between $1 and $1.08.

預計 2025 財年新生總數將在 29,000 至 30,000 人之間。至於今年的剩餘時間，我們預計第三季和第四季的營收成長率都將與我們全年約 13% 的預期一致。首先，由於可比時期越來越艱難，我們預期第三季的成長率將達到中高個位數，而第四季的成長率可能接近低個位數。由於我們業務的季節性，按季度調整後的 EBITDA 利潤率應遵循與去年類似的模式。對於 2025 財年，我們將淨收入預期上調至 5,600 萬美元至 6,000 萬美元之間，每股攤薄收益預計在 1 美元至 1.08 美元之間。

We anticipate full-year adjusted EBITDA to now range between $124 million and $128 million or around a 23% year-over-year increase at the midpoint. We now expect 2025 full-year adjusted free cash flow to range between $62 million and $68 million, which continues to assume approximately $55 million in CapEx spend. Consistent with our historical cadence, we still anticipate the bulk of our cash generation and year-over-year growth to occur in the fourth quarter. Looking ahead, we are entering an exciting phase of investment to fuel our next chapter of growth.

我們預計全年調整後的 EBITDA 將在 1.24 億美元至 1.28 億美元之間，或以中間值計算年增約 23%。我們現在預計 2025 年全年調整後自由現金流將在 6,200 萬美元至 6,800 萬美元之間，這繼續假設資本支出約為 5,500 萬美元。與我們的歷史節奏一致，我們仍然預計大部分現金產生和年增長將發生在第四季度。展望未來，我們正進入一個令人興奮的投資階段，以推動我們下一章的成長。

As Jerome mentioned, I want to reiterate that while our investments for Phase 2 of the North Star strategy are expected to generate significant returns over the next five years, our margin expansion over that timeframe will not be linear.

正如傑羅姆所提到的，我想重申，雖然我們對北極星戰略第二階段的投資預計將在未來五年內產生可觀的回報，但我們在這段時間內的利潤率擴張不會是線性的。

As new campuses ramp and program expansions are built out, we anticipate EBITDA growth in fiscal 2026 and into 2027 will slow as a result of the associated growth investments. As these initiatives scale, we expect to build meaningful momentum, setting the stage for significant EBITDA growth acceleration into fiscal 2028 and 2029. We are confident these strategic investments will unlock even greater growth opportunities and further strengthen the scalability of the broader UTI model.

隨著新校區的建設和項目擴展，我們預計 2026 財年和 2027 年的 EBITDA 成長將因相關成長投資而放緩。隨著這些舉措的擴大，我們預計將形成有意義的勢頭，為 2028 財年和 2029 財年的 EBITDA 大幅加速成長奠定基礎。我們相信，這些策略投資將釋放更大的成長機會，並進一步加強更廣泛的 UTI 模式的可擴展性。

In addition to today's earnings call transcript, we encourage everyone to review our press release, financial supplement, investor presentation and the upcoming 10-Q filing. These materials provide the latest updates on our consolidated and segment results, strategic initiatives and guidance.

除了今天的收益電話會議記錄外，我們還鼓勵大家查看我們的新聞稿、財務補充、投資者介紹和即將提交的 10-Q 文件。這些資料提供了我們合併和分部績效、策略舉措和指導的最新更新。

Thank you to our team members, partners, students, and investors for your continued support. I'll now turn the call back over to Jerome for closing remarks. Jerome?

感謝我們的團隊成員、合作夥伴、學生和投資者的持續支持。現在我將把電話轉回給傑羅姆，請他做最後發言。傑羅姆？

Thank you, Bruce. Our team continues to execute on growth, diversification and optimization as part of our North Star Strategy. While favorable macro trends, particularly the ever-rising demand for skilled trades and healthcare professionals provide a solid foundation to build upon, it's our execution, operational rigor and commitment to student outcomes that are driving our success. Looking ahead, our growth initiatives remain sharply focused. Organically, we are: one, growing our campus footprint into greenfield locations; two, expanding the reach of our existing programs and adding new in-demand offerings; and three, deepening industry relationships and broadening our partner network.

謝謝你，布魯斯。作為北極星策略的一部分，我們的團隊將繼續致力於成長、多樣化和優化。雖然有利的宏觀趨勢，特別是對技術工種和醫療保健專業人員不斷增長的需求為我們提供了堅實的基礎，但推動我們成功的是我們的執行力、營運嚴謹性和對學生成果的承諾。展望未來，我們的成長計畫依然高度集中。從有機方面來說，我們正在：第一，將我們的校園擴展到綠地；第二，擴大我們現有項目的覆蓋範圍，並增加新的熱門項目；第三，深化行業關係，拓寬我們的合作夥伴網絡。

Inorganically, we continue to pursue strategic acquisitions that will enhance our educational reach geographically and complement our portfolio with a particular focus on healthcare. With strong momentum, a fully aligned leadership team and a clear prudent strategy, UTI is exceptionally well positioned to continue to drive sustainable growth and long-term value creation. Our healthy financial profile, extraordinary outcomes and consistent execution give us confidence in our ability to continue delivering meaningful stakeholder returns into the years ahead.

另一方面，我們將繼續進行策略性收購，以擴大我們的教育地域影響力，並補充我們的投資組合，特別關注醫療保健。憑藉強勁的發展勢頭、高度一致的領導團隊和清晰審慎的策略，UTI 已做好充分準備，繼續推動永續成長和長期價值創造。我們健康的財務狀況、非凡的業績和始終如一的執行力使我們相信，我們有能力在未來幾年繼續為利害關係人帶來有意義的回報。

We appreciate your continued support and look forward to keeping you updated on our progress. As always, we encourage you to visit our campuses to see firsthand the impactful initiatives we're driving. Please don't hesitate to reach out if you'd like to schedule a tour.

我們感謝您的持續支持，並期待向您通報我們的進展。像往常一樣，我們鼓勵您參觀我們的校園，親眼目睹我們正在推動的有影響力的舉措。如果您想安排旅遊，請隨時與我們聯繫。

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

現在，我想將電話轉給接線員進行問答。操作員？

(Operator Instructions) Mike Grondahl, Northland Securities.

（操作員指示）Northland Securities 的 Mike Grondahl。

Congrats on a really nice quarter. Two kind of quick questions. One, very strong new starts. Any campuses or programs to really call out in there because of that performance?

恭喜您度過了一個非常愉快的季度。兩種簡單的問題。一、非常強勁的新開端。有沒有哪些校園或計畫因為那場演出值得關注？

And then secondly, you mentioned in the press release taking advantage of favorable tailwinds. I can think of trades over four-year colleges, job demand, the administration maybe just highlighting what you see as those tailwinds, just to make sure I understand them.

其次，您在新聞稿中提到要利用有利的順風。我可以想到四年制大學的行業、工作需求，政府也許只是強調你所看到的順風，只是為了確保我理解它們。

Well, thanks, Mike. Jerome here. Thanks for joining. Why don't we take those questions in reverse. First of all, the things that are fueling what we're seeing some pretty impressive lead generation.

好吧，謝謝，麥克。我是傑羅姆。感謝您的加入。我們為什麼不反過來問這些問題呢？首先，我們看到一些推動因素帶來了相當令人印象深刻的潛在客戶生成。

You actually pretty much answered the question with the points you made for what's driving it is that there's significantly more energy being focused right now on the notion that four-year colleges aren't necessarily for everyone. And that message is resonating with parents, and we're hearing it when we're talking to parents, if you understand that for just about everything we do in both divisions, the parents are involved in this decision because most of our students are still dependent staff and most parents are brought in the decision. So that message is beginning to get through quite strong. I think some of the messages around the political environment of onshoring and we want to build more here. We want to be a stronger infrastructure here is actually making people say, okay, what kind of jobs are those?

實際上，您提出的觀點已經基本回答了這個問題，推動這一問題的原因是，現在人們更加關注「四年制大學並不一定適合所有人」這一觀念。這個訊息引起了家長們的共鳴，我們在與家長交談時也聽到了這一點，如果你明白我們在兩個部門所做的幾乎所有事情，家長都會參與這一決定，因為我們的大多數學生仍然是依賴員工的，大多數家長都會參與決策。因此，這個訊息開始得到越來越強烈的傳播。我認為一些資訊與在岸外包的政治環境有關，我們希望在這裡建立更多資訊。我們希望這裡的基礎設施更加強大，這實際上會讓人們問，好吧，這些都是什麼樣的工作？

Those are jobs where you're a welder or you're an electrician or the American auto industry, and things along those lines. And so that's, again, what we believe and what we're hearing is fueling heightened interest in the skilled collared areas.

這些工作需要你是焊工、電工或美國汽車工業，以及類似的工作。所以，再次重申一下，我們相信，我們所聽到的正在激發人們對熟練領口領域濃厚興趣。

And then finally, your first question, which was are there any particular areas? Well, we've continued to put increased marketing investment in the healthcare side pretty much across the board. There's particular strength in our clinical courses.

最後，您的第一個問題是，是否存在任何特定的領域？嗯，我們幾乎全面地繼續增加對醫療保健的行銷投資。我們的臨床課程特別有優勢。

That tends to be the front door where people come in and say, I want to be a nurse or a physical therapist or something along those lines. And so as we continue to work on the project we talked about and put in place to really get the biggest potential out of our clinical courses, we're seeing a lot of strength in our clinical courses. That's one thing to highlight.

這往往是人們進來並說「我想成為護士或物理治療師或類似的職業」的前門。因此，隨著我們繼續進行我們所討論並實施的項目，以真正發揮臨床課程的最大潛力，我們看到臨床課程的巨大優勢。這是值得強調的一點。

And then on the UTI side, I think highlighting the skilled trades. The cornerstone of UTI has always been the auto diesel curriculum and it's still holding strong and moving along nicely. But our program expansions tend to specifically be around proliferating much more in the way of skilled trades on the legacy UTI campuses. And what we're seeing is those are filling faster than our models. We are seeing that the interest is higher, more local and more adult, which is actually good for mature decision-making and the ability to start faster. And those would be the things I'd highlight for what we're seeing.

然後在 UTI 方面，我認為要強調技術產業。UTI 的基石一直是汽車柴油課程，並且它仍然保持強勁並且進展順利。但我們的計畫擴展往往特別著重於在傳統的 UTI 校園內大力推廣技能型工種。我們看到的是，它們的填充速度比我們的模型快。我們看到人們的興趣越來越高，越來越本地化，越來越成人化，這實際上有利於成熟的決策和更快的啟動能力。這些就是我想強調的我們所看到的。

Jasper Bibb, Truist.

賈斯柏·比布（Jasper Bibb），Truist。

I heard the enrollment in revenue comments for the second half, just I guess curious how that enrollment growth breaks out for UTI and Concorde at the segment level in the third and fourth quarter? And I guess, was the increase in new start guidance driven by one segment or you ended up outperforming the plan at both schools?

我聽到了有關下半年收入的評論，我只是好奇在第三季度和第四季度，UTI 和 Concorde 的入學人數在細分市場上的增長情況如何？我想，新生入學指導的增加是由某個部分推動的，還是最終你們在兩所學校都超越了計劃？

Well, I mean, the nature of looking at the third and fourth quarter has something to do with the mix and then also something to do with what we've been saying quarter-by-quarter with Concorde, which is we'll continue to -- on the Concorde side, we'll continue to invest in looking for the upside. But we can see as we're approaching our capacities on the clinical courses that continuing to be able to generate that higher double-digit growth, as you saw in this is something that will likely become challenging.

嗯，我的意思是，觀察第三季度和第四季度的性質與組合有關，也與我們逐季度對協和式飛機的評價有關，也就是說，我們將繼續 - 在協和式飛機方面，我們將繼續投資以尋找上行空間。但我們可以看到，隨著我們在臨床課程上的能力不斷接近，繼續實現更高的兩位數成長，正如您所看到的，這可能會變得具有挑戰性。

It's also because we started this project in the second half of last year, and therefore, we're kind of lapping ourselves on some of those investments. And so not that we wouldn't be thrilled to be able to take advantage of that and that we're not ready to take advantage of it, but it's just not something that is probably prudent for us to project.

這也是因為我們在去年下半年啟動了這個項目，因此，我們對其中的一些投資有點不知所措。因此，並不是說我們不高興能夠利用這一點，也不是說我們還沒準備好利用這一點，而是這對我們來說可能不是一件謹慎的事情。

And then on the UTI side, in terms of the cadence of the rest of the year, a lot of the rest of the year has to do with high school. And high school is by and large pretty much over now. And therefore, right now, what we're working on is, in a sense, shepherding the high school population that have always already committed into their seats in June, July, August, and September.

然後在 UTI 方面，就一年剩餘時間的節奏而言，一年剩餘時間的大部分時間都與高中有關。現在高中生活基本上已經結束了。因此，從某種意義上說，我們現在正在努力引導那些已經在六月、七月、八月和九月入學的高中生。

And the last question I had was about where we're seeing the biggest bright spots and maybe the upside surprises that we're seeing on the UTI side, and it tends to be around the skilled trades. Welding, et cetera, HVAC. And the skilled trades tend to lend themselves to more of our adult population or those that have already left high school a year, two, three years ago, usually engage in the skilled trades area, whereas a lot of kids coming out of high school are very much I'm a car person. I want to fix cars. And that's not to say that auto diesel isn't doing well. it's just not seeing as big of those increases as we see in the skilled trades.

我的最後一個問題是，我們在 UTI 方面看到的最大亮點和上行驚喜在哪裡，而這往往與科技產業有關。焊接等等，暖通空調。科技業往往更適合我們的成年人口或那些一、二、三年前已經高中畢業的人，他們通常從事科技業領域，而許多剛從高中畢業的孩子則非常喜歡汽車。我想修車。這並不是說車用柴油的銷售狀況不好，只是它的增幅沒有科技業那麼大。

And so the combination of it being very much about high school and the work we've done over the last now year, and we're lapping ourselves in high school is why we believe that the trajectory is, as we outlined, high single digits and mid-single digits in the fourth quarter. Does that get to your question?

因此，由於這與高中教育以及我們過去一年來所做的工作密切相關，而且我們在高中教育方面也取得了長足進步，因此我們相信，正如我們所概述的，第四季度的增長軌跡將達到高個位數和中等個位數。這回答了你的問題嗎？

Yeah. No, that's helpful. And then on the comments around higher growth investments in '26 and '27, maybe driving for our EBITDA growth versus '28, '29. I think the EBITDA or CAGR in your five-year plan is about 15%. So I imagine you're saying '26 is much lower than that. But is there any way to kind of, I guess, more specifically frame a range for what EBITDA growth looks like in '26?

是的。不，這很有幫助。然後關於 26 年和 27 年更高成長投資的評論，也許會推動我們的 EBITDA 相對於 28 年、29 年的成長。我認為您五年計劃中的 EBITDA 或 CAGR 約為 15%。所以我想你會說『26 比這低得多。但是，我想，有沒有什麼方法可以更具體地確定 26 年 EBITDA 成長的範圍呢？

Well, we actually introduced that concept last quarter, which was that we took two years off from building campuses while we were, in a sense, digesting the two acquisitions that we had with only launching two years ago almost now launching Austin and Miramar. And so that sort of creates a gulf of strategic investment in '24 and '25.

嗯，我們實際上在上個季度引入了這個概念，也就是說，我們花了兩年時間沒有建造校園，同時，從某種意義上說，我們正在消化兩年前剛剛啟動的兩次收購，即奧斯汀和米拉瑪。因此，這在某種程度上造成了 24 年和 25 年策略投資的差距。

But with opening three new campuses in '26, we haven't even announced the program expansions in '26 and then beginning the investment in the campuses that we will be announcing for '27, you see a significantly more strategic investment than you saw in '24 and '25. And we want to make sure people are -- and the other point on that is we are no longer adjusting that strategic investment out of our non-GAAP measures because of how we're working with the SEC and rule making, et cetera, that we will note in our messages, what the strategic investment want, but it won't be piled into our adjusted EBITDA as it was in the past. And so we still are confident that over that the period of 2025 through 2029, you'll see an average growth rate in double digits, as we've said before and that we believe we still will be approaching a 20% margin at the end of that period of time.

但是，隨著 1926 年開設三個新校區，我們甚至還沒有宣布 1926 年的專案擴展，然後開始對 1927 年將宣布的校區進行投資，你會看到比 1924 年和 1925 年更具策略性的投資。我們希望確保人們——另一點是，我們不再根據非公認會計準則指標調整戰略投資，因為我們正在與美國證券交易委員會和規則制定部門合作，等等，我們會在信息中註明戰略投資想要什麼，但它不會像過去那樣被堆積到我們的調整後 EBITDA 中。因此，我們仍然有信心，在 2025 年至 2029 年期間，您會看到兩位數的平均成長率，正如我們之前所說的那樣，我們相信在這段時間結束時我們仍將接近 20% 的利潤率。

But as we did in the last quarter, what we're signaling is you'll see higher strategic investment in '26 and '27, which will limit the percentage growth rates of our adjusted EBITDA number until those campuses built in 2026 and '27 come to scale in '28 and '29, and then the trajectory moves forward.

但正如我們在上個季度所做的那樣，我們發出的信號是，您將在 2026 年和 2027 年看到更高的戰略投資，這將限制我們調整後的 EBITDA 數字的百分比增長率，直到 2026 年和 2027 年建造的校園在 2028 年和 2029 年達到規模，然後向前移動。

And Jasper, this is Bruce. The other quick thing I would add to that is if you look at the revenue component of kind of that five-year CAGR, we do expect the revenue piece to be roughly linear. It's really the EBITDA side -- you're going to kind of see that bend in the curve, if you will, kind of slower growth rate, '26, '27, you'll see kind of accelerated EBITDA growth 2029. We still feel confident in that ultimate kind of 20% marker by '29.

賈斯珀，這是布魯斯。我要補充的另一點是，如果你看一下五年複合年增長率的收入部分，我們確實預期收入部分大致呈線性。這實際上是 EBITDA 方面——你會看到曲線的彎曲，如果你願意的話，26 年、27 年的增長率會比較慢，但 2029 年 EBITDA 的增長會加速。我們仍然對 1929 年實現 20% 的最終目標充滿信心。

Bruce Goldfarb, Lake Street Capital Markets.

布魯斯‧戈德法布 (Bruce Goldfarb)，Lake Street Capital Markets。

Jerome, Bruce, congratulations on the great results. Could you comment on trends and employer demand for both transportation and skilled trades graduates and healthcare graduates?

傑羅姆、布魯斯，恭喜你們取得優異的成績。您能否評論一下運輸和技術行業畢業生以及醫療保健畢業生的趨勢和雇主需求？

Sure. First of all, transportation is something that's been a known quantity to UTI for 60 years. And so generally speaking, if you think about sort of the accuracy of reading trends moving forward, that will be the place where we probably have the most dependability over the years because of our ingrained position in the transportation trades area. And therefore, what we're seeing is steady, consistent and growing, but not explosive growing demand in the transportation area. We -- as we've said before, there still are three or four jobs wherever UTI transportation graduate on the job board.

當然。首先，60 年來，交通運輸一直是 UTI 所熟知的領域。所以一般來說，如果你考慮未來趨勢的準確性，那麼由於我們在運輸貿易領域的根深蒂固的地位，這可能是我們多年來最可靠的地方。因此，我們看到的是運輸領域需求的穩定、持續成長，但不是爆炸性成長。正如我們之前所說，UTI 運輸專業畢業生在招聘網站上仍然有三到四個工作。

And we project that will continue to be. So if not grow because of the graying population of the workforce over the next 10 years. Skilled trades is actually something that's somewhat new to UTI. Remember, we bought MIAT, which got us into HVAC and the electrical areas and wind energy and aviation and some of the other areas that we hadn't in before.

我們預計這種情況將會持續下去。因此，如果未來 10 年內勞動力人口老化，經濟成長將不會加速。科技產業對於 UTI 來說其實還是一個比較新的東西。記住，我們收購了 MIAT，這讓我們進入了 HVAC 和電氣領域、風能和航空以及一些我們以前沒有涉足的其他領域。

And we're just now proliferating them into the legacy UTI campuses along with the two MIAT campuses where we have already merged Houston, and we plan on bringing auto diesel into the Canton campus anyway. So our projections and estimates as we're moving in are always what we believe to be rational, what we can see in the data that we're putting out over it.

我們現在將它們擴展到傳統的 UTI 校區以及我們已經合併到休士頓的兩個 MIAT 校區，並且我們計劃將汽車柴油引入坎頓校區。因此，我們所做的預測和估計始終是我們認為合理的，是我們可以從所提供的數據中看到的。

And what I'm signaling here is that they are every bit of what we saw, if not better. And what we're hearing people say is we're getting a lot more demand if we're -- for welders if we're going to be building ships and planes, et cetera, in the US. We can't get enough electrical workers to keep up with data centers that are being built and things along those lines and that HVAC techs are in very, very high demand. So we're happy with what we're seeing in the trajectory of the demand in skilled trades, it's somewhat outpacing our initial estimates of what we expected to see. And we've got room for them, and we're building our facilities to have room for them as we move forward, and we're happy to see that demand is robust.

我在這裡要表明的是，它們和我們看到的完全一樣，甚至更好。我們聽到人們說，如果我們要在美國建造船舶和飛機等，對焊工的需求就會大大增加。我們無法找到足夠的電工來滿足正在建造的資料中心和類似設施的需要，而且 HVAC 技術人員的需求量非常大。因此，我們對技術工種需求的變化軌跡感到滿意，它在某種程度上超出了我們最初預期的水平。我們為他們提供了空間，我們正在建造我們的設施，以便在前進的過程中為他們提供空間，我們很高興看到需求強勁。

On the healthcare side, it isn't so much are getting to know what the demand side of healthcare is actually getting to know what this great engine that Concorde can do to meet that demand. We've always known that the supply and demand curve in healthcare is significantly out of whack and that it's even stronger than it is in the transportation skill trades and energy division. Our upside has been our ability to continue to work closely with the marketing and emissions organizations on the Concorde campuses to find more people to help fill some of that demand. And so no surprises in terms of -- on healthcare of how big the demand is but we're thrilled with what we're seeing in our ability to go out and capture more of it with bringing more people into our campuses.

在醫療保健方面，我們並不是想要了解醫療保健的需求，而是要了解協和式飛機這強大的引擎如何滿足這項需求。我們一直都知道，醫療保健領域的供需曲線明顯失衡，甚至比運輸技能產業和能源部門的供需曲線還要強勁。我們的優勢在於我們能夠繼續與協和校園的營銷和排放組織密切合作，以找到更多的人才來幫助滿足部分需求。因此，醫療保健方面的需求有多大並不令人意外，但我們對自己的能力感到興奮，我們有能力走出去，透過吸引更多的人進入我們的校園來滿足更多的需求。

Did I get your question? Awesome.

我明白你的問題了嗎？驚人的。

I have a couple more, quick. Could you comment on the level of activity in your corporate development efforts and also seller attitudes versus what was versus six months ago?

我還有另外幾個，快點。您能否評論一下貴公司在企業發展方面的活動水平以及與六個月前相比賣家的態度如何？

Probably comparable to maybe a little less activity out there. If you think about it, people are seeing what we're seeing, which is demand becoming robust, more focused on the skilled trades, more focused on healthcare, more focus on four-year colleges aren't necessarily what you'd want doesn't mean that there aren't opportunities that are out there. But the number of for-sale signs probably is a little smaller than what we would have expected.

可能相當於外面的活動稍微少一點。如果你仔細想想，人們看到的和我們看到的一樣，那就是需求越來越強勁，更加註重技術行業，更加註重醫療保健，更加註重四年制大學，這並不一定是你想要的，並不意味著沒有機會。但待售標誌的數量可能比我們預期的要少一些。

It makes sense. And then in terms of marketing spend, what is the plan for marketing spend is? Is it going to be more level or targeted for certain quarters? For the next several quarter.

這是有道理的。那麼就行銷支出而言，行銷支出計畫是什麼？它會更加均衡或針對特定方面？在接下來的幾個季度裡。

We're going to continue to invest. We've seen some really nice kind of ROI, especially on our Concorde marketing spend, very good return, very good lead conversion. We'll continue that. It's a little bit the program dependent but you will see us ramp marketing as we feel like there's a good ROI to do so.

我們將繼續投資。我們看到了一些非常好的投資報酬率，特別是在協和式飛機的營銷支出上，回報率非常好，潛在客戶轉換率也非常好。我們會繼續這樣做。這有點依賴程序，但你會看到我們加大行銷力度，因為我們認為這樣做可以獲得良好的投資報酬率。

Griffin Boss, B. Riley.

格里芬·博斯，B.萊利。

I appreciate the level of detail you provided in the prepared remarks and the Q&A. So just one for me, if I could just drill down into this EBITDA trajectory. I guess what I'm hearing with regard to that in the next couple of years, it comes down to the magnitude between OpEx investment and CapEx investment. So I guess what I'm hearing is there's going to be significantly higher OpEx investment in '26 and '27, I guess, on that education services expense line. Is there any way you can handicap that for us?

我很欣賞您在準備好的評論和問答中提供的詳細程度。所以對我來說只有一個，如果我可以深入研究這個 EBITDA 軌跡。我想，我聽到的關於未來幾年的情況將取決於營運支出投資和資本支出投資之間的規模。所以我想我聽到的是，我猜在 26 年和 27 年，教育服務費用的營運支出投資將會大幅增加。您有什麼辦法可以幫我們解決這個問題嗎？

Like what that OpEx investment is looking like this year? And then what it would look like going forward in more of an investment-heavy year like '26 to '27?

今年的營運支出投資如何？那麼，在 2026 年至 2027 年這樣投資較為密集的年份，未來情況會如何呢？

Yes. Thanks, Griffin, this is Bruce. I don't really have a guide for you on '26. Yes, we're still working on that. I'll put it maybe in perspective for you.

是的。謝謝，格里芬，我是布魯斯。我確實沒有關於 '26 的指南可以給你。是的，我們仍在努力。我也許會為你提供一個正確的看法。

Second half of this year, we put this in our supplement too. We have about $6 million of growth very focused on campus build-out, some early hiring we have to do, very focused on that kind of North Star Phase 2 strategy. We do have some pretty significant CapEx as well. We were public about we have a $55 million CapEx spend for this year. We still have about $40 million of that to spend.

今年下半年，我們也將其納入了補充內容中。我們有大約 600 萬美元的成長，主要集中在校園建設、一些我們必須進行的早期招募以及北極星第二階段策略。我們確實也有一些相當重要的資本支出。我們公開表示，今年我們的資本支出為 5500 萬美元。我們仍有約 4,000 萬美元可供支出。

And 70% of that is fully focused on growth investments, new campus buildouts, program expansions that are mission-critical to make sure our '26 growth stays on track, and we look forward to sharing that with you as soon as we can. So hopefully, that puts it in perspective for you.

其中 70% 完全集中在成長投資、新園區建設和專案擴展上，這些對於確保我們的 26 年成長保持正軌至關重要，我們期待盡快與您分享。希望這能讓你正確看待這個問題。

Appreciate it. Congrats on a great quarter.

非常感謝。恭喜本季取得優異成績。

Raj Sharma, Texas Capital Bank.

德克薩斯資本銀行的 Raj Sharma。

Great quarter, great continued results. My question -- my first question, Pete, is on starts -- are the gains in starts purely from better marketing, great lead gens like you commented? Or would you attribute any to higher uncertainty or beginning to see any increased uncertainty in an impacted economy?

本季表現優異，業績持續出色。我的問題——我的第一個問題，皮特，是關於開始的——開始的收益是否純粹來自更好的營銷，像您評論的那樣，偉大的領先優勢？或者您會將其歸因於更高的不確定性，或者開始看到受影響的經濟中不確定性的增加？

I don't -- I can't put my button on an impacted economy right now. I think we've called recession how many times over the last number of years without any employment shifts to it whatsoever. And so I don't believe that what we've seen is any negative or positive economic factors affecting it.

我不知道——我現在無法對受影響的經濟發表任何評論。我認為，過去幾年我們已經多次提到經濟衰退，但就業卻沒有任何轉變。因此，我認為我們所看到的並沒有對其產生影響的任何消極或積極的經濟因素。

I think that the lion's share of what you're seeing in the upside of the starts, which we're thrilled to see, and we've got room for more is the increased investment that we're making in Concorde to help them reach their fullest potential and get up to those full caps in terms of their clinical courses and then as that sort of migrates its way down to their core courses like medical assisting, et cetera, that's one place where you're really seeing it.

我認為，你們所看到的開局上漲的最大部分，我們很高興看到這一點，而且我們還有更大的發展空間，那就是我們對協和式飛機的投資增加，以幫助他們充分發揮潛力，在臨床課程方面達到最高水平，然後隨著這種趨勢逐漸轉移到他們的核心課程，如醫療輔助等，這就是你真正看到它的地方。

And then on the UTI side, really around the skilled trades, right, is that you go into the skilled trades market, you put all these programs on to the UTI campuses. You project a trajectory in the markets based on the best information and intelligence that you have and the outperformance on those is really what's driving the upside that we're seeing in the earlier part of the year here for UTI in terms of more HVAC, filling welding all the welding parts.

然後在 UTI 方面，真正圍繞科技產業，對吧，就是你進入科技產業市場，把所有這些項目放到 UTI 校園裡。您可以根據所掌握的最佳資訊和情報來預測市場的發展軌跡，而這些資訊和情報的優異表現才是真正推動 UTI 上漲的因素，正如我們在今年早些時候所看到的，UTI 在 HVAC、填充焊接所有焊接部件方面的表現都很好。

You noticed that one of our new tenants to expansions is capacity expansions. We're increasing the capacity in several of our campuses right now by adding more welding boots, et cetera, because we're seeing more driving demand in the trades.

您注意到，我們擴張的新目標之一就是產能擴張。我們目前正在透過增加焊接靴等來增加我們幾個校區的容量，因為我們看到行業中越來越多的驅動需求。

Right. So largely from the demand supply, the gap and your great execution on the marketing side, you still haven't seen any from sort of the potential rise in unemployment or a weakening economy. That's fantastic. The young adult starts were really high, military up a lot. Anything in particular going on there? On the military side?

正確的。因此，從需求供應、差距以及您在行銷方面的出色執行來看，您仍然沒有看到任何潛在的失業率上升或經濟疲軟的跡象。太棒了。年輕人的起點確實很高，軍事水準提高了很多。那裡發生了什麼特別的事嗎？在軍事方面？

Well, I mean, we've ramped our presence on the military from 16 to I think, 26 recruiters. And we're in the second full year of that ramping. And that's, as we said before, when you -- when that really takes shape, right, you have the ability to really ramp that.

嗯，我的意思是，我們已經將軍隊中的招募人員從 16 人增加到了 26 人。我們正處於這一成長趨勢的第二年。正如我們之前所說的那樣，當它真正成形時，你就有能力真正地提升它。

We've had an increased effort on the veteran population, meaning people have been out of the military for more than a year, but are accessing their GI Bill. I would tell you that it's somewhat shocking and extraordinary how many of our veterans don't know that they have the GI Bill.

我們加強了對退伍軍人群體的幫助力度，這意味著退伍一年多的退伍軍人仍在享受退伍軍人權利法案。我想告訴你，我們的許多退伍軍人不知道他們有《退伍軍人權利法案》，這真是令人震驚和難以置信。

And so we've had some conservative effort of getting more information out about what those benefits really are and how they and their families can take advantage of it. And we're seeing the upside along that. Our group is doing a great job on that front. And we're continuing to add adult reps on the Concorde side as the lead flow continues to outstrip our expectations through the investment that we're putting in there.

因此，我們做出了一些保守的努力，以獲取更多信息，了解這些福利到底是什麼，以及他們和他們的家人如何利用這些福利。我們看到了其中的好處。我們的團隊在這方面做得很好。隨著我們投入的資金不斷增加，Concorde 航班的客流量也超出了我們的預期，因此我們將繼續在 Concorde 航班上增加成人代表。

Great. And then just on the Concorde restrictions they end in 2026, any plans there, what you are teeing up to? And you also commented that you could possibly be speeding those growth plans of bringing them forward a little bit more. Could you comment on that? What could those be?

偉大的。那麼，關於協和式飛機的限制將於 2026 年結束，您有什麼計劃嗎？您準備怎麼做？您還表示，您可能會加快這些成長計劃，將其提前一些。您能對此發表評論嗎？這些會是什麼？

We're ready to go. We've -- our real estate team and our program and campus launch teams have been formed and are on the starting line ready to go. And so one thing we want to do is we want to leverage the stronger relationships we have with the Department of Education to get those conversations going so that we're ready when the growth restrictions are lifted. And if it's possible for them to be earlier, we'll continue to press on that. And as I said in the call, we think that the new Department of Education, although smaller, is working in a significantly more efficient and communicative fashion and that we're generally happy with what we're seeing and the communication we're having with them.

我們準備出發了。我們的房地產團隊、專案和校園啟動團隊已經組建完畢，準備出發。因此，我們想要做的一件事就是利用我們與教育部之間更牢固的關係來進行這些對話，以便在成長限制解除時我們做好準備。如果有可能的話，我們會繼續努力。正如我在電話中所說，我們認為，新的教育部雖然規模較小，但工作效率更高，溝通更順暢，我們對所看到的以及與他們的溝通總體上感到滿意。

Great. And just one last question, I promise. The guidance rate -- the raise in guidance appears conservative in the results with -- given that you have a full-time active students across all programs, they're already in their seats. The second half starts won't affect the fiscal '25 year results much. And my sense is that the greater -- any greater costs in new programs, campuses won't either.

偉大的。我保證，只剩下最後一個問題了。指導率——指導率的提高在結果上顯得比較保守——考慮到所有課程都有全日制活躍學生，他們已經在自己的座位上了。下半年的開始不會對 25 年財年的業績造成太大影響。我的感覺是，新專案的成本越高，校園也不會越少。

I guess my question is, what could go wrong here or keep you from achieving the low end of your guidance here, given that you have the business model that you know all the seeds are in place and giving you results recently?

我想我的問題是，假設您擁有這樣的商業模式，並且您知道所有的種子都已到位並且最近給您帶來了成果，那麼這裡可能出現什麼問題或阻止您實現指導的低端目標？

We feel very comfortable and confident in our new guidance ranges that we put out there. You've hit a lot of the points yourself there, meaning you've kind of answered some of your own questions. as you laid that out. Again, I think what we tried to explain was that we've also been working very, very hard to get more of our high school population into the third quarter from the fourth quarter, which slams them towards auto diesel. It also monetizes them more throughout the year, which is good to see.

我們對我們提出的新指導範圍感到非常滿意和有信心。你自己已經觸及了很多要點，這意味著你已經回答了你自己的一些問題。正如你所說的。再次，我認為我們試圖解釋的是，我們也一直在非常努力地讓更多的高中生從第四季度進入第三季度，這讓他們更傾向於使用汽車柴油。它還在全年為他們帶來更多利潤，這是令人欣喜的。

But we're just signaling that we likely won't see those same robust double-digit growth rates in that period because it does slant significantly to the high school population.

但我們只是表示，我們可能不會在那個時期看到同樣強勁的兩位數成長率，因為它確實明顯傾向於高中人口。

Again, great results. Congratulations.

再次，取得了很好的成果。恭喜。

This concludes our question-and-answer session. I would like to turn the conference back over to Jerome Grant, CEO, for any closing remarks.

我們的問答環節到此結束。我想將會議交還給執行長 Jerome Grant 來做閉幕發言。

Thank you very much, operator. And I'd like to thank everyone for attending today. As always, Bruce, Matt, and I are available for follow-up questions over the next few days. And we look forward to speaking with our investors and analysts as we report our third-quarter 2025 results in August. Have a great evening, and thank you for your time in joining us.

非常感謝，接線生。我還要感謝大家今天的出席。像往常一樣，布魯斯、馬特和我將在接下來的幾天內回答後續問題。我們期待在 8 月報告 2025 年第三季業績時與我們的投資者和分析師進行交談。祝您有個愉快的夜晚，感謝您抽出時間參加我們的活動。

Bye-bye.

再見。

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。