Universal Technical Institute Investor Presentation May 4, 2022 2022 Universal Technical Institute, Inc. All rights reserved. For additional financial information please see Company public filings and the Financials section of our investor website Forward-Looking Statements This presentation contains 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 27A of the Securi ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Q1 FY2022 unaudited financials show significant growth in assets, revenue, and net income, primarily due to the MIAT acquisition [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) | Balance Sheet Item | Dec 31, 2021 (in thousands) | Sep 30, 2021 (in thousands) | | :--- | :--- | :--- | | **Total Current Assets** | $147,284 | $183,392 | | Cash and cash equivalents | $99,513 | $133,721 | | **Goodwill** | $18,026 | $8,222 | | **Intangible Assets** | $16,302 | $124 | | **Total Assets** | $533,538 | $512,570 | | **Total Current Liabilities** | $123,197 | $132,718 | | **Total Liabilities** | $330,931 | $324,040 | | **Total Shareholders' Equity** | $202,607 | $188,530 | - Goodwill and Intangible Assets increased significantly from September 30, 2021, to December 31, 2021, primarily due to the acquisition of MIAT College of Technology[16](index=16&type=chunk) [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) | Income Statement Item | Three Months Ended Dec 31, 2021 (in thousands) | Three Months Ended Dec 31, 2020 (in thousands) | | :--- | :--- | :--- | | **Revenues** | $105,075 | $76,125 | | **Income from operations** | $13,578 | $775 | | **Net income** | $14,822 | $1,083 | | **Net income (loss) available for distribution** | $13,499 | $(230) | | **Net income (loss) per share - basic** | $0.25 | $(0.01) | | **Net income (loss) per share - diluted** | $0.25 | $(0.01) | - Revenues for the three months ended December 31, 2021, increased by **38.0%** year-over-year, leading to a substantial improvement in operating income and net income[18](index=18&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) | Cash Flow Item | Three Months Ended Dec 31, 2021 (in thousands) | Three Months Ended Dec 31, 2020 (in thousands) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $2,456 | $7,783 | | **Net cash used in investing activities** | $(36,859) | $(37,249) | | **Net cash used in financing activities** | $(517) | $(210) | | **Change in cash, cash equivalents and restricted cash** | $(34,920) | $(29,676) | | **Cash, cash equivalents and restricted cash, end of period** | $111,057 | $59,243 | - Investing activities in Q1 FY2022 were dominated by **$26.1 million** in cash paid for the acquisition of MIAT, net of cash acquired[25](index=25&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - On November 1, 2021, the company acquired MIAT College of Technology for a total cash consideration of **$28.4 million**, as part of its growth and diversification strategy[44](index=44&type=chunk)[46](index=46&type=chunk) - The MIAT acquisition resulted in the recognition of **$9.8 million** in goodwill and **$16.2 million** in intangible assets, primarily related to accreditations, trademarks, and curriculum[49](index=49&type=chunk)[65](index=65&type=chunk) - The company recorded an income tax benefit of **$1.3 million** for the quarter, primarily due to the valuation allowance impact from the MIAT acquisition's deferred tax liability on indefinite-lived intangibles[92](index=92&type=chunk) - During the quarter, the company awarded approximately **$2.9 million** in HEERF II and HEERF III grants to over **2,900 students**, with about **$4.0 million** remaining available for future grants as of December 31, 2021[124](index=124&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong Q1 FY2022 performance to student demand and MIAT acquisition, driving **38.0%** revenue growth and improved operating income [Overview and Business Strategy](index=33&type=section&id=Overview%20and%20Business%20Strategy) | Student Metrics | Dec 31, 2021 | Dec 31, 2020 | % Change | | :--- | :--- | :--- | :--- | | Total new student starts | 1,972 | 1,927 | 2.3% | | Average undergraduate full-time active students | 13,729 | 11,813 | 16.2% | | End of period undergraduate full-time active students | 13,129 | 10,763 | 22.0% | - The company's growth and diversification strategy includes acquisitions, new campus openings, and program expansions, with key actions in the quarter including the MIAT acquisition and launching electric vehicle (EV) technician training coursework[138](index=138&type=chunk)[139](index=139&type=chunk) [Results of Operations](index=34&type=section&id=Results%20of%20Operations) - Revenues increased by **$29.0 million** (**38.0%**) to **$105.1 million**, driven by a **16.2%** increase in average active students, higher revenue per student, and the MIAT acquisition[144](index=144&type=chunk) - Educational services and facilities expenses rose by **$8.6 million**, primarily due to a **$3.6 million** increase in compensation costs (including **$1.4 million** from MIAT) and higher costs for supplies, maintenance, and occupancy for new campuses[146](index=146&type=chunk)[147](index=147&type=chunk) - Selling, general and administrative (SG&A) expenses increased by **$7.6 million**, driven by higher compensation costs (**$2.4 million**), increased advertising spend (**$2.3 million**), and professional services fees related to growth initiatives and the MIAT acquisition[152](index=152&type=chunk)[153](index=153&type=chunk) | EBITDA Reconciliation | Three Months Ended Dec 31, 2021 (in thousands) | Three Months Ended Dec 31, 2020 (in thousands) | | :--- | :--- | :--- | | Net income | $14,822 | $1,083 | | Interest income | $(12) | $(54) | | Interest expense | $233 | $2 | | Income tax (benefit) expense | $(1,347) | $26 | | Depreciation and amortization | $3,679 | $3,282 | | **EBITDA** | **$17,375** | **$4,339** | [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) - As of December 31, 2021, the company had **$99.5 million** in cash and cash equivalents, a decrease of **$34.2 million** from September 30, 2021, primarily due to the **$28.4 million** cash payment for the MIAT acquisition[164](index=164&type=chunk) - Net cash provided by operating activities was **$2.5 million**, a decrease from **$7.8 million** in the prior-year period, mainly due to the timing of payments for vendor, payroll, and bonus accruals, and changes in deferred revenue[169](index=169&type=chunk)[171](index=171&type=chunk) - Cash used in investing activities was **$36.9 million**, consisting of **$26.1 million** (net) for the MIAT acquisition and **$10.8 million** for property and equipment, including investments in new campuses in Austin, TX and Miramar, FL[173](index=173&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk exposure is to interest rate changes, affecting interest income from cash and interest expense on variable-rate debt, partially mitigated by an interest rate swap - The company holds **$99.5 million** in cash and cash equivalents, primarily in money market funds, with low exposure to interest rate fluctuations[183](index=183&type=chunk) - The company has a **$31.2 million** term loan with a variable interest rate of LIBOR plus **2.0%**, mitigated by an interest rate swap fixing the rate at **3.5%** on **50%** of the principal[184](index=184&type=chunk) - A hypothetical **1.0%** change in the one-month LIBOR would result in a **$0.1 million** change to the company's annual interest expense on the unhedged portion of its long-term debt[185](index=185&type=chunk) [Item 4. Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of December 31, 2021, with no material changes in internal control over financial reporting during the quarter - Based on an evaluation as of the end of the period, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[186](index=186&type=chunk) - There were no changes in internal control over financial reporting during the three months ended December 31, 2021, that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[187](index=187&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various legal proceedings in the ordinary course of business, with potential losses accrued if probable and estimable, though ultimate outcomes remain uncertain - The company is periodically subject to lawsuits, investigations, and other claims in the ordinary course of business, accruing for probable and estimable losses but unable to predict ultimate resolution or estimate the range of possible losses for pending legal proceedings[190](index=190&type=chunk) [Item 1A. Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) No new risk factors were reported for the period - No new risk factors were disclosed in this quarterly report[191](index=191&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds during the period - There were no unregistered sales of equity securities during the quarter[192](index=192&type=chunk) [Item 6. Exhibits](index=43&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications pursuant to the Sarbanes-Oxley Act and XBRL data files - The report includes required exhibits such as CEO/CFO certifications (Sections 302 and 906 of Sarbanes-Oxley) and XBRL interactive data files[197](index=197&type=chunk)

Universal Technical Institute, Inc. (NYSE:UTI) Q4 2021 Earnings Conference Call November 17, 2021 4:30 PM ET Company Participants Matt Kempton - Vice President of Corporate Finance Jerome Grant - Chief Executive Officer Troy Anderson - Executive Vice President and Chief Financial Officer Conference Call Participants Steven Frankel - Colliers Securities Alex Paris - Barrington Research Austin Moldow - Canaccord Genuity Raj Sharma - B. Riley & Co Eric Martinuzzi - Lake Street Capital Markets Operator Good d ...

Universal Technical Institute G.research Microcap Symposium Investor Presentation May 18, 2021 2021 Universal Technical Institute, Inc. All rights reserved. Forward-Looking Statements This presentation contains 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 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as am ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2020 ☐ 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 jurisdictio ...

Universal Technical Institute, Inc. (NYSE:UTI) Q4 2020 Results Earnings Conference Call November 18, 2020 4:30 PM ET Company Participants Jody Kent - Vice President, Communications and Public Affairs Jerome Grant - Chief Executive Officer Troy Anderson - Chief Financial Officer Conference Call Participants Steven Frankel - Colliers Eric Martinuzzi - Lake Street Alex Paris - Barrington Research Austin Moldow - Canaccord Operator Good afternoon. And welcome to Universal Technical Institute Fiscal Fourth Quart ...

Financial Data and Key Metrics Changes - Total revenues decreased by 31.3% year-over-year to $54.5 million, primarily due to a higher number of students on leave of absence (LOA) and lower revenue per student [32][55] - Net loss for the quarter was $13.3 million, translating to a basic and diluted EPS loss of $0.45, compared to a net loss of $0.4 million in the prior year quarter [63][64] - Adjusted EBITDA loss was $8.8 million, compared to an adjusted EBITDA of $4.5 million in the prior year quarter [65] Business Line Data and Key Metrics Changes - New student starts increased by 8.4% year-over-year, totaling 1,824 in the third quarter, driven by military and high school channels [50][51] - Job placement rates for graduates remained above 80%, with the 2019 graduate cohort at 82% [14] Market Data and Key Metrics Changes - Scheduled enrollments in Q3 were 20.2% higher than the previous year, although the show rate declined by 400 basis points [52] - Active students increased to approximately 9,900 by the end of July, reflecting a positive trend in LOA returns [54] Company Strategy and Development Direction - The company continues to invest in its students, facilities, and partnerships, focusing on supporting students through economic uncertainty [19][23] - Strategic initiatives include program expansions, new campus locations, and selective acquisitions to drive growth [37][38] - The company is adapting its marketing and admissions strategies to a more digital approach, resulting in increased media inquiries and engagement [26][27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the unique challenges posed by the pandemic-induced recession but also highlighted opportunities for growth in technical training demand [29][76] - The company is optimistic about future student demand, with enrollments for Q4 running above pre-pandemic targets [28][49] - Management emphasized the importance of flexibility and support for students during this period [35][40] Other Important Information - The company has distributed over $13.6 million in CARES Act funding to more than 8,700 students to provide financial aid during the pandemic [21] - Operating expenses decreased by 14.1% year-over-year to $68.3 million, reflecting significant reductions in labor costs and variable campus expenses [59][60] Q&A Session Summary Question: Revenue decrease in June quarter - Management attributed the revenue decrease to higher LOAs and timing of student progression through lab makeup processes [82][83] Question: Revenue projection for the year - Management indicated that while Q4 should look better than Q3, they cannot provide specific guidance [86][87] Question: Impact of COVID-19 on campus operations - Management confirmed that campuses have remained open as essential services, with no reversals on social distancing rules [99] Question: Student engagement and reticence - Management noted that the majority of delays in student engagement are due to reticence related to COVID-19 concerns [132]

PART I. FINANCIAL INFORMATION [Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) Unaudited financial statements for the six months ended March 31, 2019, show slight revenue growth, widened net loss, decreased assets, and improved operating cash flow Condensed Consolidated Balance Sheet Highlights (Unaudited) | Account | March 31, 2019 (In thousands) | September 30, 2018 (In thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $52,925 | $58,104 | | Total current assets | $101,133 | $116,795 | | Total assets | $260,337 | $282,278 | | Total current liabilities | $88,153 | $92,462 | | Total liabilities | $148,103 | $155,633 | | Total shareholders' equity | $112,234 | $126,645 | Condensed Consolidated Statements of Loss Highlights (Unaudited) | Metric | Three Months Ended Mar 31, 2019 (In thousands) | Three Months Ended Mar 31, 2018 (In thousands) | Six Months Ended Mar 31, 2019 (In thousands) | Six Months Ended Mar 31, 2018 (In thousands) | | :--- | :--- | :--- | :--- | :--- | | Revenues | $81,746 | $80,663 | $164,796 | $161,819 | | Loss from operations | $(5,580) | $(8,820) | $(12,785) | $(12,424) | | Net loss | $(5,263) | $(8,833) | $(12,980) | $(9,968) | | Net loss per share - basic | $(0.26) | $(0.40) | $(0.61) | $(0.50) | Condensed Consolidated Statements of Cash Flows Highlights (Unaudited) | Cash Flow Activity | Six Months Ended Mar 31, 2019 (In thousands) | Six Months Ended Mar 31, 2018 (In thousands) | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $2,808 | $(6,073) | | Net cash provided by (used in) investing activities | $(4,641) | $39,604 | | Net cash used in financing activities | $(3,382) | $(3,165) | | Net (decrease) increase in cash | $(5,215) | $30,366 | - The company is the leading provider of postsecondary education for students seeking careers as professional automotive, diesel, collision repair, motorcycle, and marine technicians, as well as welders and CNC machining technicians[23](index=23&type=chunk) - The company announced the planned closure of its Norwood, Massachusetts campus in the fall of 2020, with postemployment benefits expected to total approximately **$0.9 million**[46](index=46&type=chunk) - The company continues to be subject to special reporting to the Department of Education (ED), including monthly cash flow projection reports and student rosters, following the 2016 issuance of Series A Preferred Stock[92](index=92&type=chunk)[131](index=131&type=chunk) [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) Management discusses revenue growth and new student start increases driven by transformation initiatives and campus strategy shifts, with sufficient liquidity Key Operating Metrics (Six Months Ended March 31, 2019 vs 2018) | Metric | Change | Reason | | :--- | :--- | :--- | | New Student Starts | +12.7% | Result of transformation plan initiatives and metro campus strategy | | Average Undergraduate Full-Time Enrollment | +0.7% | Higher student population levels | - The company is implementing a multi-year transformation plan focused on growth through investments in marketing, admissions, and student services, including expanding into new geographic markets and shifting to smaller campuses[110](index=110&type=chunk)[113](index=113&type=chunk) - The decision to close the Norwood, MA campus in fall 2020 is expected to improve annual pre-tax net income, EBITDA, and cash flows after the exit is complete[110](index=110&type=chunk)[111](index=111&type=chunk) Financial Performance Summary (in millions) | Period | Revenues | % Change | Operating Loss | Net Loss | | :--- | :--- | :--- | :--- | :--- | | **Q2 2019** | $81.7 | 1.3% | $(5.6) | $(5.3) | | **Q2 2018** | $80.7 | - | $(8.8) | $(8.8) | | **6M 2019** | $164.8 | 1.8% | $(12.8) | $(13.0) | | **6M 2018** | $161.8 | - | $(12.4) | $(10.0) | EBITDA Reconciliation (Non-GAAP, in thousands) | Period | EBITDA | Net Loss | | :--- | :--- | :--- | | **Q2 2019** | $(319) | $(5,263) | | **Q2 2018** | $(4,015) | $(8,833) | | **6M 2019** | $(3,234) | $(12,980) | | **6M 2018** | $(3,172) | $(9,968) | - The company believes cash flows from operations, cash on hand (**$52.9 million** as of March 31, 2019), and investments will satisfy working capital needs and capital expenditures for the next 12 months[163](index=163&type=chunk)[166](index=166&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section reports no material changes to the company's market risk exposure since September 30, 2018 - There have been no material changes to the company's market risk since September 30, 2018[181](index=181&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of March 31, 2019, and designed new internal controls for ASU 2016-02 lease accounting - Based on an evaluation, the President and CEO and the Interim CFO concluded that disclosure controls and procedures were effective as of March 31, 2019[183](index=183&type=chunk) - During the quarter, the company began designing new internal controls related to the adoption of the new lease accounting standard, ASU 2016-02, including implementing a new IT system[184](index=184&type=chunk)[186](index=186&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal matters, accruing for probable losses, but cannot estimate potential losses for pending proceedings - The company is subject to lawsuits, investigations, and other claims in the ordinary course of business[187](index=187&type=chunk) - The ultimate outcome of pending legal proceedings is uncertain, and it is not currently possible to provide an estimate of the amount or range of potential losses[187](index=187&type=chunk) [Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) This section directs investors to the 2018 Annual Report on Form 10-K for detailed risk factors that could materially affect the company - Investors are advised to carefully consider the risk factors discussed in the company's 2018 Annual Report on Form 10-K, as they could materially affect business, financial condition, or operating results[188](index=188&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase shares under its **$25.0 million** program during Q1 2019, but repurchased 1,832 shares for employee tax liabilities - No shares were purchased under the company's **$25.0 million** stock repurchase program during the quarter ended March 31, 2019[190](index=190&type=chunk) Issuer Purchases of Equity Securities (Q2 2019) | Purpose | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Tax Withholdings | 1,832 | $3.56 | [Exhibits](index=45&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and financial statements in XBRL format - The report includes required exhibits such as CEO and CFO certifications under Sections 302 and 906 of the Sarbanes-Oxley Act, and financial data in XBRL format[193](index=193&type=chunk)