UTI delivered a solid QQ1 2025 performance characterized by robust top-line growth, disciplined cost control, and a strategic emphasis on growth initiatives that are expected to lift the company’s longer-term profitability. Revenue rose 15.3% YoY to $201.4 million, driven by a 11.1% increase in average full-time active students to 25,062 and a 22.3% rise in total new starts to 5,313. Net income was $22.2 million with diluted EPS of $0.40, and Adjusted EBITDA rose ~45% YoY to $35.5 million, underscoring operating leverage from higher enrollments and improved program mix. Management signaled an acceleration in investment spend into Q2 as part of the North Star Strategy, expecting these investments to normalize later in the year as newly launched programs and campuses begin to contribute to earnings. Importantly, guidance was raised for fiscal 2025: consolidated revenue of $810-$820 million, Adjusted EBITDA of $122-$126 million, and new student starts of 28,500-$29,500, with adjusted free cash flow guide of $60-$65 million. Strategic initiatives highlighted include: ongoing Concorde and UTI program expansions, a Heartland Dental co-branded campus opening in 2026, the Tesla collision repair program at Long Beach, and multiple new programs and greenfield campuses planned for 2025-2026. The narrative underscores a favorable macro backdrop for skilled trades and allied-health education, continued emphasis on improving student outcomes, and an active M&A pipeline focused on healthcare adjacencies to bolster Concorde’s portfolio. Near-term risks include timing of regulatory approvals, FAFSA-related deferrals, and the cadence of investments that may temporally compress EBITDA margins. Overall, UTI is poised to deliver continued top-line growth with meaningful long-term margin expansion as the North Star Phase 2 unfolds. This report synthesizes the QQ1 print, the earnings call commentary, and peer benchmarks to deliver an investor-focused view.