Core Insights - The Summer Ignite program by Universal Technical Institute (UTI) aims to address the skilled technician shortage in the automotive and motorcycle repair sectors through a three-week introductory course at no cost [1][3][5] - The U.S. Bureau of Labor Statistics projects an average of 67,700 job openings annually for automotive service technicians and mechanics through 2032, highlighting the critical need for skilled workers in this field [2][9] - The program has shown success, with nearly 50% of participants in 2023 choosing to pursue careers in automotive or motorcycle repair after high school [4] Company Overview - Universal Technical Institute, Inc. is a leading workforce solutions provider founded in 1965, offering education programs in transportation, skilled trades, energy, and healthcare [7] - UTI operates 16 campuses across 9 states, providing a range of technical training programs under various brands, including UTI, MIAT College of Technology, and NASCAR Technical Institute [7] Program Details - The Summer Ignite program was established in 2018 to allow high school juniors to explore careers in automotive or motorcycle repair [2] - Students who pass the end-of-course exams can earn credit toward future programs at UTI, helping to offset education costs [3] - Applications for the Summer Ignite program are currently open, with sessions scheduled at various UTI campuses [6]

Scholarships part of a growing workforce solutions relationship between Heartland and Concorde KANSAS CITY, May 30, 2024 /PRNewswire/ -- Concorde Career Colleges and Heartland Dental today announced the national recipients of the 2024 Heartland Dental Hygiene Scholarships, a $2,500 awards package to 18 students who demonstrate exceptional dedication, passion, and potential in the field of dental hygiene. Heartland Dental is one of the largest dental support organizations in the nation and a longtime partner ...

Investors interested in Schools stocks are likely familiar with Universal Technical Institute (UTI) and Bright Horizons Family Solutions (BFAM) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look. There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The proven Zacks Rank emph ...

Selected diesel students at 10 campuses in six states can gain work experience while in school PHOENIX, May 28, 2024 /PRNewswire/ -- Universal Technical Institute (UTI), the transportation, skilled trades and energy education division of Universal Technical Institute, Inc., today announced that Rush Enterprises has joined the early employment program at the following campuses: UTI-Austin (Texas), UTIAvondale (Ariz.), UTI-Dallas, UTI-Houston, UTI-Lisle (Ill.), UTI-Long Beach (Calif.), UTI-Miramar (Fla.), UTI ...

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(Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to ______ Commission File Number: 1-31923 UNIVERSAL TECHNICAL INSTITUTE, INC. (Exact name of registrant as specified in its charter) (State or other jurisd ...

Universal Technical Institute, Inc. (NYSE:UTI) Q2 2024 Earnings Conference Call May 8, 2024 4:30 PM ET Company Participants Matt Kempton - VP, Corporate Finance Jerome Grant - CEO Troy Anderson - CFO Conference Call Participants Alex Paris - Barrington Research Eric Martinuzzi - Lake Street Raj Sharma - B. Riley Steve Frankel - Colliers Mike Grondahl - Northland Securities Operator Good day, and welcome to the Universal Technical Institute Second Quarter 2024 Earnings Conference Call. All participants will ...

Exhibit 99.1 Universal Technical Institute Reports Fiscal Year 2024 Second Quarter Results Raised Fiscal 2024 Guidance for New Student Starts, Revenue and Profitability Introducing Initial Revenue and Profitability Projections for Fiscal 2025 PHOENIX, ARIZ. - May 8, 2024 - Universal Technical Institute, Inc. (NYSE: UTI), a leading workforce solutions provider of transportation, skilled trades and healthcare education programs, reported financial results for the fiscal 2024 second quarter ended March 31, 202 ...

Part I. Financial Information [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) For Q1 FY2024, revenues grew 45.6% to $174.7 million, net income rose to $10.4 million, driven by the Concorde acquisition, with strong operating cash flow of $10.8 million Condensed Consolidated Statements of Operations (Unaudited) | Metric | Three Months Ended Dec 31, 2023 | Three Months Ended Dec 31, 2022 | | :--- | :--- | :--- | | **Revenues** | $174,695 thousand | $120,004 thousand | | **Income from operations** | $14,231 thousand | $4,448 thousand | | **Net income** | $10,389 thousand | $2,648 thousand | | **Net income per share - diluted** | $0.17 | $0.02 | Condensed Consolidated Balance Sheets (Unaudited) | Metric | December 31, 2023 | September 30, 2023 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $143,590 thousand | $151,547 thousand | | **Total current assets** | $197,442 thousand | $204,985 thousand | | **Total assets** | $732,413 thousand | $740,685 thousand | | **Total current liabilities** | $181,935 thousand | $184,700 thousand | | **Long-term debt** | $158,962 thousand | $159,600 thousand | | **Total liabilities** | $510,228 thousand | $514,718 thousand | | **Total shareholders' equity** | $222,185 thousand | $225,967 thousand | Condensed Consolidated Statements of Cash Flows (Unaudited) | Metric | Three Months Ended Dec 31, 2023 | Three Months Ended Dec 31, 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $10,836 thousand | $2,812 thousand | | **Net cash (used in) provided by investing activities** | ($3,848) thousand | $5,245 thousand | | **Net cash (used in) provided by financing activities** | ($15,089) thousand | $88,718 thousand | | **Change in cash, cash equivalents and restricted cash** | ($8,101) thousand | $96,775 thousand | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail two segments, UTI and Concorde, highlight the elimination of Series A Preferred Stock, and show total net debt of $161.5 million - The company operates through two reportable segments: Universal Technical Institute (UTI) for transportation and skilled trades, and Concorde Career Colleges (Concorde) for healthcare education[30](index=30&type=chunk)[31](index=31&type=chunk) - On December 18, 2023, the company repurchased 33,300 shares of Series A Preferred Stock for **$11.3 million** and converted all remaining shares, eliminating future preferred dividend obligations[103](index=103&type=chunk)[104](index=104&type=chunk) Segment Performance (Three Months Ended Dec 31, 2023) | Segment | Revenues | Income from Operations | | :--- | :--- | :--- | | **UTI** | $115,373 thousand | $15,090 thousand | | **Concorde** | $59,322 thousand | $7,128 thousand | | **Corporate** | $0 | ($7,987) thousand | | **Consolidated** | $174,695 thousand | $14,231 thousand | Debt Summary (As of Dec 31, 2023) | Debt Component | Carrying Value | | :--- | :--- | | Revolving Credit Facility | $90,000 thousand | | Avondale Term Loan | $29,039 thousand | | Lisle Term Loan | $37,536 thousand | | Finance lease | $5,400 thousand | | **Total Debt, Net** | **$161,522 thousand** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q1 FY2024 revenue increased 45.6% to $174.7 million, driven by Concorde and UTI growth, with consolidated new student starts up 89.4% and strong liquidity Student Metrics (Three Months Ended Dec 31) | Metric | 2023 | 2022 | % Change | | :--- | :--- | :--- | :--- | | **Consolidated New Student Starts** | 4,346 | 2,295 | 89.4% | | UTI New Student Starts | 2,314 | 1,974 | 17.2% | | **Consolidated Avg. Active Students** | 22,565 | 21,248 | 6.2% | - Revenue for Q1 2024 was **$174.7 million**, a **45.6% increase** from the prior year, primarily due to the full-quarter contribution of Concorde (**$59.3 million**) and a **9.2% increase** in UTI revenues[128](index=128&type=chunk)[135](index=135&type=chunk) - The company's business strategy focuses on growth, diversification, and optimization, including new program launches and campus expansions[130](index=130&type=chunk)[131](index=131&type=chunk)[134](index=134&type=chunk) EBITDA Reconciliation (Non-GAAP) | Metric (in thousands) | Three Months Ended Dec 31, 2023 | Three Months Ended Dec 31, 2022 | | :--- | :--- | :--- | | **Net income** | $10,389 | $2,648 | | Interest income | ($1,975) | ($823) | | Interest expense | $2,871 | $1,423 | | Income tax expense | $3,160 | $1,525 | | Depreciation and amortization | $6,984 | $5,248 | | **EBITDA** | **$21,429** | **$10,021** | [Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in market risk exposure were reported for Q1 FY2024 compared to the prior fiscal year's annual report - No material changes in the company's market risk exposure occurred during the three months ended December 31, 2023[175](index=175&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of December 31, 2023, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of December 31, 2023[176](index=176&type=chunk) - No changes occurred during the quarter that materially affected or are reasonably likely to materially affect the company's internal control over financial reporting[177](index=177&type=chunk) Part II. Other Information [Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings, though it faces routine lawsuits and regulatory matters - The company is not currently a party to any material legal proceedings, though it is periodically subject to lawsuits and regulatory matters in the ordinary course of business[100](index=100&type=chunk)[180](index=180&type=chunk) [Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the 2023 Annual Report on Form 10-K were reported for the quarter - The report refers investors to the risk factors discussed in the 2023 Annual Report on Form 10-K, indicating no material changes during the quarter[181](index=181&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In December 2023, the company repurchased 33,300 Series A Preferred Stock shares for $11.3 million, leading to the conversion of all remaining preferred stock into common stock - In December 2023, the company repurchased 33,300 shares of Series A Preferred Stock for an aggregate price of **$11.3 million** in a privately negotiated transaction[182](index=182&type=chunk)[185](index=185&type=chunk) - Following the repurchase, all remaining outstanding shares of Series A Preferred Stock were converted into common stock[185](index=185&type=chunk) [Defaults upon Senior Securities](index=41&type=section&id=Item%203.%20Defaults%20upon%20Senior%20Securities) The company reported no defaults upon its senior securities during the period - None[187](index=187&type=chunk) [Other Information](index=41&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 or non-rule 10b5-1 trading arrangement during the quarter - During the quarter, no director or officer adopted or terminated a Rule 10b5-1 or non-rule 10b5-1 trading arrangement[190](index=190&type=chunk) [Exhibits](index=41&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL data files