Universal Technical Institute Files Q3 2024 10-Q

TL;DR

UTI filed its Q3 10-Q. Financials and operations update.

AI Summary

Universal Technical Institute, Inc. (UTI) filed its 10-Q for the period ending June 30, 2024. The filing covers the third quarter of their fiscal year. Key financial details and operational updates are provided, though specific dollar amounts for revenue, net income, or debt are not immediately available in this header information.

Why It Matters

This filing provides investors with an update on Universal Technical Institute's financial performance and operational status for the third quarter of fiscal year 2024.

Risk Assessment

Risk Level: medium — The risk level is medium due to the nature of a 10-Q filing, which provides a standard financial update but may contain information impacting stock valuation.

Key Numbers

• Q3 — Fiscal Quarter (Reporting period for the 10-Q filing.)
• 0930 — Fiscal Year End (Indicates the end of Universal Technical Institute's fiscal year.)

Key Players & Entities

• UNIVERSAL TECHNICAL INSTITUTE INC (company) — Filer
• 0001261654 (company) — Central Index Key
• 20240630 (date) — Period of Report
• 20240807 (date) — Filed as of Date

FAQ

Key Financial Figures

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

Filing Documents

• uti-20240630.htm (10-Q) — 1672KB
• exhibit101-secondamendment.htm (EX-10.1) — 1043KB
• exhibit311-q32024.htm (EX-31.1) — 10KB
• exhibit312-q32024.htm (EX-31.2) — 10KB
• exhibit321-q32024.htm (EX-32.1) — 7KB
• exhibit322-q32024.htm (EX-32.2) — 7KB
• 0001261654-24-000056.txt ( ) — 10103KB
• uti-20240630.xsd (EX-101.SCH) — 54KB
• uti-20240630_cal.xml (EX-101.CAL) — 116KB
• uti-20240630_def.xml (EX-101.DEF) — 263KB
• uti-20240630_lab.xml (EX-101.LAB) — 732KB
• uti-20240630_pre.xml (EX-101.PRE) — 525KB
• uti-20240630_htm.xml (XML) — 1384KB

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets at June 30 , 2024 and September 30, 2023 (Unaudited) 1 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended June 30 , 2024 and 2023 (Unaudited) 2 Condensed Consolidated Statements of Other Comprehensive Income for the Three and Nine Months Ended June 30 , 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statements of Shareholders' Equity as of June 30 , 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended June 30 , 2024 and 2023 (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 8 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 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 42 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 44 Item 1A.

Risk Factors

Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 3. Defaults upon Senior Securities 44 Item 4. Mine Safety Disclosures 44 Item 5. Other Information 44 Item 6. Exhibits 45

SIGNATURES

SIGNATURES 46 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) June 30, 2024 September 30, 2023 Assets Cash and cash equivalents $ 115,505 $ 151,547 Restricted cash 3,611 5,377 Receivables, net 30,024 25,161 Notes receivable, current portion 6,194 5,991 Prepaid expenses 13,650 9,412 Other current assets 7,581 7,497 Total current assets 176,565 204,985 Property and equipment, net 263,252 266,346 Goodwill 28,459 28,459 Intangible assets, net 18,453 18,975 Notes receivable, less current portion 35,164 30,672 Right-of-use assets for operating leases 164,170 176,657 Deferred tax asset, net 6,577 3,768 Other assets 13,401 10,823 Total assets $ 706,041 $ 740,685 Liabilities and Shareholders' Equity Accounts payable and accrued expenses $ 79,846 $ 69,941 Deferred revenue 65,977 85,738 Operating lease liability, current portion 22,275 22,481 Long-term debt, current portion 2,656 2,517 Other current liabilities 3,007 4,023 Total current liabilities 173,761 184,700 Deferred tax liabilities, net 663 663 Operating lease liability 153,267 165,026 Long-term debt 134,671 159,600 Other liabilities 4,296 4,729 Total liabilities 466,658 514,718 Commitments and contingencies (Note 16) Shareholders' equity: Common stock, $ 0.0001 par value, 100,000 shares authorized, 53,894 and 34,157 shares issued, 53,812 and 34,075 shares outstanding. 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 218,150 151,439 Paid-in capital - preferred — 66,481 Treasury stock, at cost, 82 shares ( 365 ) ( 365 ) Retained earnings 19,669 5,946 Accumulated other comprehensive income 1,924 2,463 Total shareholders' equity 239,383 225,967 Total liabilities and shareholders' eq

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View this 10-Q filing on SEC EDGAR