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- **Phase 2 Success**: 2025 revenue of $836 million (+14% YoY) and adjusted EBITDA of $126.5 million exceeded expectations, driven by 10.8% growth in new student starts.
- **2026 Growth Plan**: $905-915 million revenue target (+9% YoY) with 3 new campuses and 20+ programs, despite $40 million in growth investments.
- **Long-Term Vision**: $1.2 billion revenue and $220 million EBITDA by 2029, fueled by campus replication and program expansion.
- **Operational Discipline**: 2026 free cash flow of $20-25 million and 2-3% tuition increases balanced against student funding trends.

**【Management Opening Remarks】**
- CEO Jerome Grant highlighted the success of the "North Star" strategy Phase 2, with revenue exceeding twice-raised guidance to $836 million (14% YoY growth) and adjusted EBITDA of $126.5 million.
- CFO Bruce Schuman emphasized disciplined execution, with average full-time active students up 10.5% to 24,688 and new student starts increasing 10.8% to 29,793.
- The company raised 2026 revenue guidance to $905-915 million (9% YoY growth) and expects to open 3 new campuses in 2026, launching 20+ new programs across UTI and Concorde.

**【CEO Commentary】**
- Fiscal 2025 marked the first year of Phase 2, with strategic investments of $6 million in growth initiatives, netting $126.5 million in adjusted EBITDA.
- 2026 priorities include opening 3 new campuses (Fort Myers, Atlanta, San Antonio) and launching 20+ programs, with revenue growth of 9% YoY and new student starts of 31,500-33,000.
- Long-term vision targets $1.2 billion in revenue and $220 million in adjusted EBITDA by 2029, driven by campus replication and program expansion.

**【CFO Financial Commentary】**
- Q4 2025 revenue was $222.4 million (13.3% YoY growth), with full-year net income of $63 million ($1.13 EPS) and adjusted EBITDA of $126.5 million.
- 2026 guidance includes $905-915 million in revenue, $40 million in growth investments, and adjusted EBITDA of $114-119 million.
- Free cash flow for 2026 is projected at $20-25 million, with $100 million in CapEx for campus expansion and modernization.

**【Q&A Highlights】**
- **Student Growth Distribution**: 2026 new student starts will be evenly split between UTI and Concorde, with 8-9% YoY growth.
- **Campus Expansion**: 2-5 new campuses annually starting 2026, with Salt Lake City UTI campus expected to generate $40-45 million in revenue at scale.
- **DOE Impact**: No front-end delays in student admissions, with cash collection delays resolved by Q1 2026.
- **Tuition Pricing**: 2-3% YoY increases, balanced against student funding availability.
- **Employment Trends**: Graduation placement rates remain strong, with demand for skilled trades and healthcare programs outpacing supply.

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