Universal Technical Institute Files Annual Report

Ticker: UTI · Form: 10-K · Filed: Dec 5, 2024 · CIK: 1261654

Universal Technical Institute Inc 10-K Filing Summary
FieldDetail
CompanyUniversal Technical Institute Inc (UTI)
Form Type10-K
Filed DateDec 5, 2024
Risk Levellow
Pages14
Reading Time17 min
Sentimentneutral

Sentiment: neutral

Topics: annual-report, sec-filing, education

Related Tickers: UTI

TL;DR

UTI filed its 2024 10-K, showing they've met all reporting requirements. Check financials for details.

AI Summary

Universal Technical Institute, Inc. (UTI) filed its annual report for the fiscal year ended September 30, 2024. The company, incorporated in Delaware, is headquartered in Phoenix, Arizona, and its common stock trades on the New York Stock Exchange under the symbol UTI. This filing indicates UTI has met its reporting requirements for the past 12 months and 90 days.

Why It Matters

This 10-K filing provides a comprehensive overview of Universal Technical Institute's financial performance and operational status for the fiscal year 2024, crucial for investors assessing the company's health.

Risk Assessment

Risk Level: low — This filing is a standard annual report and does not contain immediate red flags or significant new risks.

Key Numbers

  • 2024 — Fiscal Year End (The report covers the annual period ending September 30, 2024.)

Key Players & Entities

  • UNIVERSAL TECHNICAL INSTITUTE, INC. (company) — Registrant
  • September 30, 2024 (date) — Fiscal year end
  • Delaware (jurisdiction) — State of incorporation
  • Phoenix, Arizona (location) — Principal executive offices
  • UTI (stock_symbol) — Common stock trading symbol
  • New York Stock Exchange (exchange) — Exchange where common stock is registered

FAQ

What is the primary purpose of this Form 10-K filing for Universal Technical Institute, Inc.?

The primary purpose is to provide an annual report on the company's financial performance and operations for the fiscal year ended September 30, 2024.

On which stock exchange is Universal Technical Institute's common stock traded?

Universal Technical Institute's common stock is traded on the New York Stock Exchange.

What is the trading symbol for Universal Technical Institute's common stock?

The trading symbol for Universal Technical Institute's common stock is UTI.

In which state was Universal Technical Institute, Inc. incorporated?

Universal Technical Institute, Inc. was incorporated in Delaware.

What is the address of Universal Technical Institute's principal executive offices?

The principal executive offices are located at 4225 East Windrose Drive, Suite 200, Phoenix, Arizona 85032.

Filing Stats: 4,302 words · 17 min read · ~14 pages · Grade level 16.8 · Accepted 2024-12-05 16:34:43

Filing Documents

RISK FACTORS

ITEM 1A. RISK FACTORS 24

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 37

CYBERSECURITY

ITEM 1C. CYBERSECURITY 37

PROPERTIES

ITEM 2. PROPERTIES 38

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 39

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 39 PART II

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 40

[RESERVED]

ITEM 6. [RESERVED] 41

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 41

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 56

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 56

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 56

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 57

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 58

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 58 PART III

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 59

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 59

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 59

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 59

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 59 PART IV

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 60

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 61 i Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K and the documents incorporated by reference herein contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"), Section 27A of the Securities Act of 1933, as amended ("Securities Act") and the Private Securities Litigation Reform Act of 1995, which include information relating to future events, future financial performance, strategies, expectations, competitive environment, regulation and availability of resources and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. From time to time, we also provide forward-looking statements in other materials we release to the public as well as verbal forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "could," "would," "expects," "plans," "anticipates," "believes," "estimates," "projects," "predicts," "potential" and similar expressions (including the negative form of such expressions) intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based on our current expectations and assumptions, do not strictly relate to historical or current facts, any of which may not prove to be accurate. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Important factors that could cause actual results to differ from those in our forward-looking statements include, without limitation: failure of our schools to comply with the extensive regulatory requirements for school operati

BUSINESS

ITEM 1. BUSINESS Overview Universal Technical Institute, Inc., which together with its subsidiaries is referred to as the "Company," "we," "us" or "our," was founded in 1965 and is a leading workforce solutions provider of transportation, skilled trades and healthcare education programs, whose mission is to serve students, partners, and communities by providing quality education and support services for in-demand careers across a number of highly-skilled fields. We offer the majority of our programs in a blended learning model that combines instructor-facilitated online teaching and demonstrations with hands-on labs. Our reporting structure has two reportable segments (also referred to as "divisions") as follows: Universal Technical Institute ("UTI"): UTI operates 16 campuses located in nine states and offers a wide range of degree and non-degree transportation and skilled trades technical training programs under brands such as Universal Technical Institute, Motorcycle Mechanics Institute and Marine Mechanics Institute (collectively, "MMI"), NASCAR Technical Institute ("NASCAR Tech"), and MIAT College of Technology ("MIAT"). UTI also offers manufacturer specific advanced training programs, which include student-paid electives at our campuses and manufacturer or dealer sponsored training at certain campuses and dedicated training centers. Lastly, UTI provides dealer technician training or instructor staffing services to manufacturers. Concorde Career Colleges ("Concorde"): Concorde operates 17 campuses located in eight states and online, offering degree, non-degree, certificate and continuing education programs in the allied health, dental, nursing, patient care and diagnostic fields. The Company has designated campuses that offer degree granting programs "Concorde Career College;" where allowed by State regulation. The remaining campuses are designated as "Concorde Career Institute." Concorde believes in preparing students for their healthcare careers with prac

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