Universal Technical Institute Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Universal Technical Institute Inc. filed its Q1 2024 10-Q report on February 8, 2024.</b>

AI Summary

UNIVERSAL TECHNICAL INSTITUTE INC (UTI) filed a Quarterly Report (10-Q) with the SEC on February 8, 2024. Universal Technical Institute Inc. filed its 10-Q report for the period ending December 31, 2023. The filing covers the first quarter of the fiscal year 2024. The company's fiscal year ends on September 30th. The filing was made on February 8, 2024. The company is located in Phoenix, AZ.

Why It Matters

For investors and stakeholders tracking UNIVERSAL TECHNICAL INSTITUTE INC, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational updates for Universal Technical Institute Inc. for the first quarter of fiscal year 2024. Understanding the details within this report is crucial for assessing the company's financial health, strategic direction, and potential investment value.

Risk Assessment

Risk Level: low — UNIVERSAL TECHNICAL INSTITUTE INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant financial events or disclosures that would suggest a high-risk profile based solely on the filing type and date.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand the company's performance and outlook.

Key Numbers

• 2023-12-31 — Period End Date (Conformed Period of Report)
• 2024-02-08 — Filing Date (Filed as of Date)
• 2023-10-01 — Quarter Start Date (Reporting Period)
• 2022-10-01 — Prior Year Quarter Start Date (Prior Year Reporting Period)
• 2022-12-31 — Prior Year Quarter End Date (Prior Year Reporting Period)

Key Players & Entities

• UNIVERSAL TECHNICAL INSTITUTE INC (company) — Filer
• 0001261654 (company) — Central Index Key
• 860226984 (company) — IRS Number
• DE (company) — State of Incorporation
• PHOENIX (company) — City
• AZ (company) — State
• 85032 (company) — ZIP Code
• 623-445-9500 (company) — Business Phone

Forward-Looking Statements

• The par value of common stock for Universal Technical Institute Inc. will remain at $0.01 per share in the next fiscal quarter. (Universal Technical Institute Inc.) — high confidence, target: March 31, 2024

FAQ

Industry Context

Universal Technical Institute Inc. operates in the educational services sector, focusing on post-secondary education and training for skilled trades.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file quarterly reports (10-Q) to disclose financial and operational information.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and future outlook.
3. Check for any new risk factors or legal proceedings disclosed in the report.

Key Dates

• 2023-12-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-02-08: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first look at the company's performance in the current fiscal year.

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value UTI New York Stock Exchange

Filing Documents

• uti-20231231.htm (10-Q) — 1271KB
• exhibit311-q12024.htm (EX-31.1) — 10KB
• exhibit312-q12024.htm (EX-31.2) — 10KB
• exhibit321-q12024.htm (EX-32.1) — 7KB
• exhibit322-q12024.htm (EX-32.2) — 7KB
• 0001261654-24-000011.txt (&nbsp;) — 7992KB
• uti-20231231.xsd (EX-101.SCH) — 54KB
• uti-20231231_cal.xml (EX-101.CAL) — 115KB
• uti-20231231_def.xml (EX-101.DEF) — 260KB
• uti-20231231_lab.xml (EX-101.LAB) — 780KB
• uti-20231231_pre.xml (EX-101.PRE) — 514KB
• uti-20231231_htm.xml (XML) — 1174KB

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets at December 3 1 , 2023 and September 30, 202 3 (Unaudited) 1 Condensed Consolidated Statements of Operations for the Three Months Ended December 31, 2023 and 2022 (Unaudited) 2 Condensed Consolidated Statements of Other Comprehensive Income for the Three Months Ended December 31, 2023 and 2022 (Unaudited) 3 Condensed Consolidated Statements of Shareholders' Equity as of December 31, 2023 and 2022 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows for the Three Months Ended December 31, 2023 and 2022 (Unaudited) 5 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 3. Defaults upon Senior Securities 35 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 36

SIGNATURES

SIGNATURES 37 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q and the documents incorporated by reference herein contain forward-looking statements within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act") and Section 27A of the Securities Act of 1933, as amended ("Securities Act"), 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 c

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value and per share amounts) (Unaudited) December 31, 2023 September 30, 2023 Assets Cash and cash equivalents $ 143,590 $ 151,547 Restricted cash 5,233 5,377 Receivables, net 22,722 25,161 Notes receivable, current portion 6,001 5,991 Prepaid expenses 12,117 9,412 Other current assets 7,779 7,497 Total current assets 197,442 204,985 Property and equipment, net 263,922 266,346 Goodwill 28,459 28,459 Intangible assets, net 18,801 18,975 Notes receivable, less current portion 33,393 30,672 Right-of-use assets for operating leases 174,973 176,657 Deferred tax asset, net 4,855 3,768 Other assets 10,568 10,823 Total assets $ 732,413 $ 740,685 Liabilities and Shareholders' Equity Accounts payable and accrued expenses $ 68,498 $ 69,941 Deferred revenue 81,474 85,738 Operating lease liability, current portion 22,521 22,481 Long-term debt, current portion 2,560 2,517 Other current liabilities 6,882 4,023 Total current liabilities 181,935 184,700 Deferred tax liabilities, net 663 663 Operating lease liability 164,125 165,026 Long-term debt 158,962 159,600 Other liabilities 4,543 4,729 Total liabilities 510,228 514,718 Commitments and contingencies (Note 16) Shareholders' equity: Common stock, $ 0.0001 par value, 100,000 shares authorized, 53,814 and 34,157 shares issued 5 3 Preferred stock, $ 0.0001 par value, 10,000 shares authorized; 0 and 676 shares of Series A Convertible Preferred Stock issued and outstanding, liquidation preference of $ 100 per share — — Paid-in capital - common 214,071 151,439 Paid-in capital - preferred — 66,481 Treasury stock, at cost, 82 shares ( 365 ) ( 365 ) Retained earnings 6,897 5,946 Accumulated other comprehensive income 1,577 2,463 Total shareholders' equity 222,185 225,967 Total liabilities and shareholders' equity $ 732,413 $ 740,685 The accom

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