UTI delivered a strong fiscal 2024 with balanced growth across its Concorde and UTI divisions, underscoring the efficacy of its North Star strategy and the early-stage benefits of Phase Two initiatives. For the fourth quarter, revenue rose 15.3% year over year to $196.36 million, and full-year revenue climbed 20.6% to $732.7 million, driven by higher average full-time active students (+10% YoY) and an 18.9% increase in total new student starts for the year. Net income for the year reached $42.0 million with diluted EPS of $0.75, while Adjusted EBITDA expanded 60% year over year to $102.9 million, placement near the middle of the guided range. The company ended the year with solid liquidity of $230.9 million, including $161.9 million of cash and cash equivalents and an undrawn revolver of $69 million, and modest net debt of $132.8 million. In 2025, UTI guiding revenue of $800–$815 million (midpoint +~10%), Adjusted EBITDA of $120–$124 million, and new student starts of 28,000–29,000 signals continued operating leverage as the portfolio expands with new programs and campuses. Management emphasized three expansion pillars: (1) capacity expansion of existing programs, (2) adding programs to more campuses, and (3) launching new, in-demand programs, backed by aggressive investment and selective partnerships (notably Heartland Dental). The leadership anticipates ongoing growth investments starting in fiscal 2025 as Phase Two of the North Star strategy unfolds, with approximately $8 million earmarked for growth investments and CapEx around $55 million in 2025. Overall, the outturn reflects a disciplined expansion plan aimed at delivering a multi-year growth trajectory toward a target of ~10% revenue CAGR through fiscal 2029, and an EBITDA margin approaching 20% by 2029 as optimization gains mature.