PHOENIX, Nov. 15,
2023 /PRNewswire/ -- 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 2023 full year
and fourth quarter ended September 30,
2023(2). Universal Technical
Institute, Inc. operates in two reportable segments,
Universal Technical Institute (UTI) and
Concorde Career Colleges (Concorde), and together with its segments
and subsidiaries is referred to as the "Company," "we," "us" or
"our."
- Surpassed fiscal year 2023 guidance ranges for all key
financial metrics.
- Full year revenue of $607.4
million in 2023 with UTI contributing $429.3 million and Concorde contributing
$178.1 million.
- Full year net income was $12.3
million while full year adjusted net income(1)
was $22.3 million.
- Full year adjusted EBITDA(1) was $64.2 million.
- Full year total new student starts of 22,613, with UTI
contributing 14,181 representing 6.0% year-over-year growth, and
Concorde contributing 8,432.
- Established fiscal 2024 full year guidance ranges including
revenue of $705 to $715 million, and adjusted EBITDA of $98 to $102
million.
"Our fiscal 2023 results are a testament to our continued
execution on our growth and diversification strategy," said
Jerome Grant, CEO of Universal Technical Institute. "We met or exceeded
our full year guidance across all key metrics, which includes the
benefit of three full quarters of contribution from Concorde.
During the year, we completed key public company requirements
within Concorde's integration process, launched 13 new programs
across eight UTI division campuses and two new programs at Concorde
campuses. Demand for our programs has remained strong across both
divisions, and we are carrying this momentum into the first quarter
of fiscal year 2024.
"The foundation we laid in 2023 forms much of the groundwork
needed to achieve our growth expectations in the year ahead. Our
revenue guidance for fiscal 2024, which exceeds $700 million, is consistent with the expectations
we set last year, while our adjusted EBITDA guidance of
approximately $100 million reflects
the improvements we carry forward from 2023. As we move further
into 2024, we expect to see the ramp from our new and forthcoming
programs across both divisions, continue scaling the two newest UTI
division campuses, and drive additional operating efficiencies
across our business model. We are entering fiscal 2024 in a
position of strength, and we expect to continue deepening and
expanding our diversified platform."
Financial Results for the Three-Month Period Ended
September 30, 2023 Compared to
2022
- Revenues increased 53.9% to $170.3
million, compared to $110.6
million primarily due to the acquired Concorde segment
contributing $55.0 million.
- Operating expenses increased 49.3% to $160.0 million, compared to $107.2 million primarily due to the acquired
Concorde segment contributing $51.8
million.
- Operating income was $10.3
million compared to $3.5
million.
- Net income was $6.7 million
compared to $2.8 million. Adjusted
net income(1) was $8.4
million compared to $8.0
million.
- Basic and diluted earnings per share (EPS) were $0.10 compared to $0.03.
- Adjusted EBITDA(1) was $19.2
million compared to $15.1
million.
- New student starts of 10,392.
UTI
- UTI had revenues of $115.3
million, a 4.2% increase from the prior year quarter
revenues of $110.6 million.
- Operating expenses for UTI were $97.4
million, compared to $96.4
million. Expenses remained nearly flat despite expenses
incurred during the current year for the new program launches.
- Adjusted EBITDA(1) was $24.9
million compared to $24.2
million, reflecting a year-over-year increase of 3.2%.
- New student starts of 6,500 increased from prior year by 9.0%,
while average undergraduate full-time active students increased
1.4%.
Concorde
- Revenues of $55.0 million.
- Operating expenses were $51.8
million.
- Adjusted EBITDA(1) was $4.0
million.
- New student starts of 3,892 and 8,008 average undergraduate
full-time active students.
Balance Sheet and Liquidity
At September 30, 2023, our total
available liquidity was $159.7
million, which includes $8.2
million available from the revolving credit facility. Total
debt at September 30, 2023 was
$162.1 million, while net debt was
$10.6 million. For fiscal 2023, the
Company incurred $56.7 million of
cash capital expenditures (capex) including the $26.2 million paid for the purchase of the three
primary buildings and associated land at the Orlando, FL campus in March 2023. The primary drivers of the remaining
capex for the year were the completion of the UTI Austin and
Miramar campus buildouts and the
UTI and Concorde program expansions, along with maintenance capex
associated with equipment, facilities, curriculum and other
items.
Financial Results for the Year Ended September 30, 2023 Compared to 2022
- Revenues increased 45.0% to $607.4
million, which exceeded the full year guidance range of
$602-605 million, compared to
$418.8 million primarily due to
$178.1 million from the acquired
Concorde segment.
- Operating expenses increased 47.8% to $586.0 million, compared to $396.4 million. The acquired Concorde segment
contributed $167.6 million. The
remainder of the increase was primarily driven by the incremental
cost of delivery associated with UTI new campus and program
rollouts in the prior year, and both one-time and ongoing
investments in support of our growth and diversification
strategy.
- Operating income was $21.4
million compared to $22.4
million.
- Net income was $12.3 million
compared to $25.8 million. Adjusted
net income(1) was $22.3
million, exceeding the high-end of the full year guidance
range of $17 - 20 million, compared
to $35.5 million.
- Basic and diluted EPS were $0.13
compared to $0.39 and $0.38, respectively.
- Adjusted EBITDA(1) was $64.2
million, exceeding the high-end of the full year guidance
range of $62 - 64 million, compared
to $60.2 million.
- Cash flow provided by operating activities was $49.1 million compared to $46.0 million.
- Adjusted free cash flow(1) was $49.1 million, exceeding the full year guidance
range of $44 - 46 million.
- New student starts of 22,613, which was within the full year
guidance range of 22,000 - 23,500.
UTI
- UTI had revenues of $429.3
million, a 2.5% increase from the prior year revenues of
$418.8 million driven primarily by
the new campuses opened in the prior year, new programs launched in
both the current and prior year, and overall higher revenue per
student, partially offset by lower average undergraduate full-time
active students.
- Operating expenses for UTI were $373.6
million, compared to $354.4
million. The increase was primarily due to higher
compensation related and other expenses incurred during the current
year for the new program launches during the current and prior year
and the new campuses launched in the prior year.
- Adjusted EBITDA(1) was $84.5
million compared to $95.0
million, reflecting a year-over-year decrease of 11.0%.
- New student starts of 14,181 increased 6.0% compared to the
prior year, while average undergraduate full-time active students
decreased 1.7%.
Concorde (for the ten-month period beginning December 2022 and ended September 2023)
- Revenues of $178.1 million.
- Operating expenses were $167.6
million.
- Adjusted EBITDA(1) was $16.3
million.
- New student starts of 8,432 and 7,654 average undergraduate
full-time active students.
Fiscal 2024 Financial Outlook
"Our revenue and profitability performance, which exceeded
expectations for the fourth quarter and fiscal year, was
underpinned by continued strong performance from Concorde and the
momentum that has been building within the UTI division throughout
the year, and overall reflects the strength of our diversified
business model," said Troy Anderson,
CFO of Universal Technical Institute.
"The fourth quarter seasonal strength across the business, new
program launches in both divisions, and continued benefits from our
enhanced efforts to support incoming students that we implemented
throughout the year all contributed to our success in the
quarter.
"Based on our current visibility and the strategic progress we
have made over the past year we are confidently announcing our
formal guidance ranges for fiscal 2024 which are consistent overall
with our prior projections and demonstrate strong growth in
revenue, profitability, and cash flow. For fiscal 2024 we have
replaced adjusted net income with net income and fully diluted
earnings per share, as we believe these metrics are a better
reflection of our expanding profitability. Our confidence
stems from the foundation we have built with our growth and
diversification strategy over the past several years and reflects
the yield from our new program launches and investments in
marketing and admissions, along with continued efficiencies in our
operational infrastructure. We have established an ongoing cycle of
driving growth and optimization across our business, which we
believe will further solidify our position as a leading workforce
solutions provider."
|
FY
2023
|
|
FY
2024
|
|
Year-Over-Year
|
($ in millions
excluding new student starts and EPS)
|
Actuals(2)
|
|
Guidance(3)
|
|
Growth(4)
|
New student
starts
|
22,613
|
|
24,500 -
25,500
|
|
11 %
|
Revenue
|
$607.4
|
|
$705 - 715
|
|
17 %
|
Net Income
|
$12.3
|
|
$34 - 38
|
|
193 %
|
Diluted EPS
|
$0.13
|
|
$0.53 - 0.58
|
|
323 %
|
Adjusted
EBITDA(1)
|
$64.2
|
|
$98 - 102
|
|
56 %
|
Adjusted free cash
flow(1)(3)
|
$49.1
|
|
$62 - 66
|
|
30 %
|
|
|
(1)
|
See the "Use of
Non-GAAP Financial Information" below. For a detailed
reconciliation of the non-GAAP measures, see the tables following
the earnings release.
|
(2)
|
Fiscal 2023
reflects UTI results for the full year and Concorde results
beginning December 1, 2022. Total company year-over-year
comparisons are shown on an "as-reported basis."
|
(3)
|
Includes $56.7 million
of total capex for FY2023, including the purchase of three
buildings and land at the Orlando, FL campus, incremental
investments for the Austin, TX and Miramar, FL campuses, program
expansions, and a consistent level of annual maintenance capex. For
FY 2024, assumes $28 million to $31 million of total capex,
including incremental investments for program expansions and
maintenance capex equal to approximately 2% of
revenue.
|
(4)
|
Year-over-year growth
percentages are calculated using the fiscal 2024 guidance
midpoint.
|
For the Company's most recent investor presentation and
quarterly financial supplement, please see its investor relations
website at https://investor.uti.edu.
Conference Call
Management will hold a conference call to discuss the financial
results for the fiscal 2023 fourth quarter ended September 30, 2023, on Wednesday, November 15, 2023 at 4:30 pm EST.
To participate in the live call, investors are invited to dial
(844) 881-0138 (domestic) or (412) 317-6790 (international). A live
webcast of the call will be available via the Universal Technical Institute investor relations
website at https://investor.uti.edu. Please go to the website at
least 10 minutes early to register, download and install any
necessary audio software. The conference call webcast will be
archived for fourteen days at https://investor.uti.edu or the
telephone replay can be accessed through November 29, 2023, by dialing (877) 344-7529
(domestic) or (412) 317-0088 (international) and entering passcode
7467464.
Use of Non-GAAP Financial Information
In addition to disclosing financial results that are determined
in accordance with U.S. generally accepted accounting principles
("GAAP"), the Company also discloses certain non-GAAP financial
information in this press release and may similarly disclose
non-GAAP financial information on the related conference call.
These financial measures are not recognized measures under GAAP and
are not intended to be and should not be considered in isolation or
as a substitute for, or superior to, the financial information
prepared and presented in accordance with GAAP. The Company
discloses these non-GAAP financial measures because it believes
that they provide investors an additional analytical tool to
clarify its results of operations and identify underlying trends.
Additionally, the Company believes that these measures may also
help investors compare its performance on a consistent basis across
time periods. Additional details on our non-GAAP measures and the
tables reconciling these measures to the most directly comparable
GAAP measure are provided below.
Adjusted EBITDA
For fiscal 2022, the Company defined adjusted EBITDA as net
income (loss) before interest expense, interest income, income
taxes, depreciation and amortization, adjusted for items not
considered as part of the Company's normal recurring operations.
Starting in fiscal 2023, the Company defines adjusted EBITDA as net
income (loss) before interest expense, interest income, income
taxes, depreciation and amortization, adjusted for stock-based
compensation expense and items not considered normal recurring
operations. Prior year amounts have been restated to include
an adjustment for stock-based compensation expense.
Adjusted Free Cash Flow
The Company defines adjusted free cash flow as net cash provided
by (used in) operating activities less capital expenditures,
adjusted for items not considered normal recurring operations.
Adjusted Net Income (Loss)
The Company defines adjusted net income (loss) as net income
(loss), adjusted for items that affect trends in underlying
performance from year to year and are not considered normal
recurring operations, including the income tax effect on the
adjustments utilizing the effective tax
rate.
We disclose any campus adjustments as direct costs (net of any
corporate allocations). Management utilizes adjusted figures as
performance measures internally for operating decisions, strategic
planning, annual budgeting and forecasting. For the periods
presented, this includes, without limitation, acquisition-related
costs for both announced and potential acquisitions, integration
costs for completed acquisitions, start-up costs associated with
new campus openings and other program expansion, stock-based
compensation expense, costs related to the purchase of our
campuses, lease accounting adjustments resulting from the purchase
of our campuses and our campus consolidation efforts, intangible
asset impairment charges, and payments of severance expense for the
CEO transition. To obtain a complete understanding of our
performance, these measures should be examined in connection with
net income (loss) and net cash provided by (used in) operating
activities, determined in accordance with GAAP, as presented in the
financial statements and notes thereto included in the annual and
quarterly filings with the Securities and Exchange Commission
("SEC"). Because the items excluded from these non-GAAP
measures are significant components in understanding and assessing
our financial performance under GAAP, these measures should not be
considered to be an alternative to net income (loss) or net cash
provided by (used in) operating activities as a measure of our
operating performance or liquidity. Exclusion of items in the
non-GAAP presentation should not be construed as an inference that
these items are unusual, infrequent or non-recurring. Other
companies, including other companies in the education industry, may
define and calculate non-GAAP financial measures differently than
we do, limiting their usefulness as a comparative measure across
similarly titled performance measures presented by other companies.
A reconciliation of the historical non-GAAP financial measures to
the most directly comparable GAAP measures is provided below and
investors are encouraged to review the reconciliations.
Forward Looking Statements
All statements contained in this press release and the related
conference call, other than statements of historical fact, are
"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 amended). These forward-looking
statements which address our expected future business and financial
performance, may contain words such as "goal," "target," "future,"
"estimate," "expect," "anticipate," "intend," "plan," "believe,"
"seek," "project," "may," "should," "will," the negative form of
these expressions or similar expressions. Examples of
forward-looking statements include, among others, statements
regarding (1) the Company's expectation that it will meet its
fiscal year 2024 guidance for new student start growth (decline),
revenue growth, net income, diluted earnings per share, Adjusted
EBITDA and Adjusted Free Cash Flow; (2) the Company's expectation
that it will continue to expand its value proposition and build a
business that can grow in low-to-mid single digits with potential
upside, regardless of the economic environment; and (3) the
Company's expectation that it will succeed in new program launches
next year. Forward-looking statements are neither historical facts
nor assurances of future performance. Instead, they are based only
on the Company's current beliefs, expectations and assumptions
regarding the future of its business, future plans and strategies,
projections, anticipated events and trends, the economy and other
future conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of our control. Our actual results and financial
condition may differ materially from those indicated in the
forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements. Important factors that could
affect our actual results include, among other things, failure of
our schools to comply with the extensive regulatory requirements
for school operations; our failure to maintain eligibility for
federal student financial assistance funds; the effect of current
and future Title IV Program regulations arising out of negotiated
rulemakings, including any potential reductions in funding or
restrictions on the use of funds received through Title IV
Programs; the effect of future legislative or regulatory
initiatives related to veterans' benefit programs; continued
Congressional examination of the for-profit education sector; our
failure to maintain eligibility for or the ability to process
federal student financial assistance; regulatory investigations of,
or actions commenced against, us or other companies in our
industry; changes in the state regulatory environment or budgetary
constraints; our failure to execute on our growth and
diversification strategy; our failure to realize the expected
benefits of our acquisitions, or our failure to successfully
integrate our acquisitions, including, without limitation, Concorde
Career Colleges, Inc.; our failure to improve underutilized
capacity at certain of our campuses; enrollment declines or
challenges in our students' ability to find employment as a result
of macroeconomic conditions; our failure to maintain and expand
existing industry relationships and develop new industry
relationships; our ability to update and expand the content of
existing programs and develop and integrate new programs in a
timely and cost-effective manner while maintaining positive student
outcomes; a loss of our senior management or other key employees;
failure to comply with the restrictive covenants and our ability to
pay the amounts when due under the Credit Agreement; the effect of
our principal stockholder owning a significant percentage of our
capital stock, and thus being able to influence certain corporate
matters and the potential in the future to gain substantial control
over our company; the impact of certain holders of our Series A
Preferred Stock owning a significant percentage of our capital
stock, their ability to influence and control certain corporate
matters and the potential for future dilution to holders of our
common stock; the effect of public health pandemics, epidemics or
outbreak, including COVID-19, and other risks that are described
from time to time in our public filings. Further information on
these and other potential factors that could affect the financial
results or condition may be found in the company's filings with the
SEC. Any forward-looking statements made by us in this press
release and the related conference call are based only on
information currently available to us and speak only as of the date
on which it is made. We expressly disclaim any obligation to
publicly update any forward-looking statements, whether written or
oral, that may be made from time to time, whether as a result of
new information, future developments, changes in expectations, any
changes in events, conditions or circumstances, or otherwise.
Social Media Disclosure
Universal Technical Institute (UTI) uses its websites
(https://www.uti.edu/ and https://investor.uti.edu/) and LinkedIn
page
(https://www.linkedin.com/school/universal-technical-institute/) as
channels of distribution of information about its programs, its
planned financial and other announcements, its attendance at
upcoming investor and industry conferences, and other matters. Such
information may be deemed material information, and UTI may use
these channels to comply with its disclosure obligations under
Regulation FD. Therefore, investors should monitor the company's
website and its social media accounts in addition to following the
company's press releases, SEC filings, public conference calls, and
webcasts.
About Universal Technical
Institute, Inc.
Universal Technical Institute, Inc.
(NYSE: UTI) 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. The
Company is comprised of two divisions: Universal Technical Institute ("UTI") and Concorde
Career Colleges ("Concorde"). UTI operates 16 campuses located in 9
states and offers a wide range of transportation and skilled trades
technical training programs under brands such as UTI, MIAT College
of Technology, Motorcycle Mechanics Institute, Marine Mechanics
Institute and NASCAR Technical Institute. Concorde operates across
17 campuses in 8 states, offering programs in the Allied Health,
Dental, Nursing, Patient Care and Diagnostic fields. For more
information, visit www.uti.edu or www.concorde.edu, or visit us on
LinkedIn at @UniversalTechnicalInstitute and @Concorde Career
Colleges or on Twitter @news_UTI or @ConcordeCareer.
Company Contact:
Troy R.
Anderson
Executive Vice President & Chief Financial Officer
Universal Technical Institute, Inc.
(623) 445-9365
Media Contact:
Susan
Aspey
Vice President, Corporate Affairs & External Communications
Universal Technical Institute, Inc.
(202) 549-0534
Investor Relations Contact:
Matt Glover or Jackie
Keshner
Gateway Group, Inc.
(949) 574-3860
UTI@gatewayir.com
(Tables Follow)
UNIVERSAL TECHNICAL
INSTITUTE, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except
per share amounts)
(Unaudited)
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenues
|
$
170,298
|
|
$
110,638
|
|
$
607,408
|
|
$
418,765
|
Operating
expenses:
|
|
|
|
|
|
|
|
Educational services
and facilities
|
93,155
|
|
56,907
|
|
329,870
|
|
207,233
|
Selling, general and
administrative
|
66,804
|
|
50,266
|
|
256,139
|
|
189,158
|
Total operating
expenses
|
159,959
|
|
107,173
|
|
586,009
|
|
396,391
|
Income from
operations
|
10,339
|
|
3,465
|
|
21,399
|
|
22,374
|
Other (expense)
income:
|
|
|
|
|
|
|
|
Interest
income
|
1,601
|
|
419
|
|
5,861
|
|
507
|
Interest
expense
|
(2,639)
|
|
(751)
|
|
(9,656)
|
|
(2,002)
|
Other
income
|
(57)
|
|
(102)
|
|
483
|
|
(438)
|
Total other
(expense) income, net
|
(1,095)
|
|
(434)
|
|
(3,312)
|
|
(1,933)
|
Income before income
taxes
|
9,244
|
|
3,031
|
|
18,087
|
|
20,441
|
Income tax (expense)
benefit
|
(2,541)
|
|
(202)
|
|
(5,765)
|
|
5,407
|
Net
income
|
6,703
|
|
2,829
|
|
12,322
|
|
25,848
|
Preferred stock
dividends
|
(1,278)
|
|
(1,246)
|
|
(5,069)
|
|
(5,159)
|
Income available for
distribution
|
5,425
|
|
1,583
|
|
7,253
|
|
20,689
|
Income allocated to
participating securities
|
(2,025)
|
|
(594)
|
|
(2,712)
|
|
(7,847)
|
Net income available
to common shareholders
|
$
3,400
|
|
$
989
|
|
$
4,541
|
|
$
12,842
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
Net income per share -
basic
|
$
0.10
|
|
$
0.03
|
|
$
0.13
|
|
$
0.39
|
Net income per share -
diluted
|
$
0.10
|
|
$
0.03
|
|
$
0.13
|
|
$
0.38
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
34,070
|
|
33,769
|
|
33,985
|
|
33,218
|
Diluted
|
34,824
|
|
34,279
|
|
34,479
|
|
33,743
|
UNIVERSAL TECHNICAL
INSTITUTE, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(In thousands, except
par value and per share amounts)
(Unaudited)
|
|
|
September 30,
2023
|
|
September 30,
2022
|
Assets
|
|
Cash and cash
equivalents
|
$
151,547
|
|
$
66,452
|
Restricted
cash
|
5,377
|
|
3,544
|
Held-to-maturity
investments
|
—
|
|
28,918
|
Receivables,
net
|
25,161
|
|
16,450
|
Notes receivable,
current portion
|
5,991
|
|
5,641
|
Prepaid
expenses
|
9,412
|
|
6,139
|
Other current
assets
|
7,497
|
|
8,809
|
Total current
assets
|
204,985
|
|
135,953
|
Property and equipment,
net
|
266,346
|
|
214,292
|
Goodwill
|
28,459
|
|
16,859
|
Intangible assets,
net
|
18,975
|
|
14,215
|
Right-of-use assets for
operating leases
|
176,657
|
|
132,038
|
Notes receivable, less
current portion
|
30,672
|
|
30,231
|
Deferred tax
assets
|
3,768
|
|
3,365
|
Other assets
|
10,823
|
|
5,958
|
Total
assets
|
$
740,685
|
|
$
552,911
|
Liabilities and
Shareholders' Equity
|
|
|
|
Accounts payable and
accrued expenses
|
$
69,941
|
|
$
66,680
|
Deferred
revenue
|
85,738
|
|
54,223
|
Operating lease
liability, current portion
|
22,481
|
|
12,959
|
Long-term debt, current
portion
|
2,517
|
|
1,115
|
Other current
liabilities
|
4,023
|
|
2,745
|
Total current
liabilities
|
184,700
|
|
137,722
|
Operating lease
liability
|
165,026
|
|
129,302
|
Long-term
debt
|
159,600
|
|
66,423
|
Deferred tax
liabilities
|
663
|
|
—
|
Other
liabilities
|
4,729
|
|
4,067
|
Total
liabilities
|
514,718
|
|
337,514
|
Commitments and
contingencies
|
|
|
|
Shareholders'
equity:
|
|
|
|
Common stock, $0.0001
par value, 100,000 shares authorized, 34,157 and 33,857 shares
issued,
and 34,075 and 33,775 shares outstanding as of September 30, 2023
and 2022, respectively
|
3
|
|
3
|
Preferred stock,
$0.0001 par value, 10,000 shares authorized; 676 shares of Series A
Convertible
Preferred Stock issued and outstanding as of September 30, 2023 and
2022, liquidation preference
of $100 per share
|
—
|
|
—
|
Paid-in capital -
common
|
151,439
|
|
148,372
|
Paid-in capital -
preferred
|
66,481
|
|
66,481
|
Treasury stock, at
cost, 82 shares as of September 30, 2023 and 2022,
respectively
|
(365)
|
|
(365)
|
Retained earnings
(deficit)
|
5,946
|
|
(1,307)
|
Accumulated other
comprehensive income
|
2,463
|
|
2,213
|
Total shareholders'
equity
|
225,967
|
|
215,397
|
Total liabilities and
shareholders' equity
|
$
740,685
|
|
$
552,911
|
UNIVERSAL TECHNICAL
INSTITUTE, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
|
|
|
|
Year Ended September
30,
|
|
|
2023
|
|
2022
|
Cash flows from
operating activities:
|
|
|
|
|
Net income
|
|
$
12,322
|
|
$
25,848
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
|
25,215
|
|
16,884
|
Amortization of
right-of-use assets for operating leases
|
|
20,604
|
|
15,893
|
Intangible asset
impairment expense
|
|
—
|
|
2,000
|
Bad debt
expense
|
|
3,319
|
|
2,510
|
Stock-based
compensation
|
|
3,848
|
|
4,337
|
Deferred income
taxes
|
|
4,636
|
|
(6,014)
|
Unrealized gain (loss)
on interest rate swap, net of taxes
|
|
250
|
|
2,492
|
Other, net
|
|
1,651
|
|
843
|
Changes in assets and
liabilities:
|
|
|
|
|
Accounts and notes
receivables
|
|
(5,726)
|
|
816
|
Prepaid expenses and
other current assets
|
|
(2,013)
|
|
(1,737)
|
Accounts payable,
accrued expenses and other current liabilities
|
|
(5,885)
|
|
7,337
|
Deferred
revenue
|
|
11,370
|
|
(5,268)
|
Operating lease
liability
|
|
(20,474)
|
|
(13,952)
|
All other assets and
liabilities
|
|
31
|
|
(5,958)
|
Net cash provided by
operating activities
|
|
49,148
|
|
46,031
|
Cash flows from
investing activities:
|
|
|
|
|
Purchase of property
and equipment
|
|
(56,685)
|
|
(79,450)
|
Purchase of
held-to-maturity investments
|
|
—
|
|
(28,821)
|
Proceeds received upon
maturity of investments
|
|
29,000
|
|
—
|
Cash paid for
acquisitions, net of cash acquired
|
|
(16,381)
|
|
(26,514)
|
Return of capital
contribution from unconsolidated affiliate
|
|
—
|
|
188
|
Net cash used in
investing activities
|
|
(44,066)
|
|
(134,597)
|
Cash flows from
financing activities:
|
|
|
|
|
Proceeds from
long-term debt, net of issuance costs
|
|
89,484
|
|
37,622
|
Payment of preferred
stock cash dividend
|
|
(5,069)
|
|
(5,159)
|
Payment of term loans
and finance leases
|
|
(1,788)
|
|
(19,227)
|
Payment of payroll
taxes on stock-based compensation through shares
withheld
|
|
(781)
|
|
(651)
|
Net cash provided by
financing activities
|
|
81,846
|
|
12,585
|
Change in cash, cash
equivalents and restricted cash
|
|
$
86,928
|
|
$
(75,981)
|
Cash and cash
equivalents, beginning of period
|
|
$
66,452
|
|
$
133,721
|
Restricted cash,
beginning of period
|
|
3,544
|
|
12,256
|
Cash, cash equivalents
and restricted cash, beginning of period
|
|
$
69,996
|
|
$
145,977
|
Cash and cash
equivalents, end of period
|
|
$
151,547
|
|
$
66,452
|
Restricted cash, end of
period
|
|
5,377
|
|
3,544
|
Cash, cash equivalents
and restricted cash, end of period
|
|
$
156,924
|
|
$
69,996
|
UNIVERSAL
TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES
SELECTED
SUPPLEMENTAL NON-FINANCIAL AND FINANCIAL INFORMATION BY
SEGMENT
(In thousands, except
for Student Metrics)
(Unaudited)
|
|
Student
Metrics
|
|
|
Three Months Ended
September 30, 2023
|
|
|
Three Months Ended
September 30, 2022
|
|
UTI
|
|
Concorde
|
|
Total
|
|
|
UTI
|
|
Concorde
|
|
Total
|
Total new student
starts
|
6,500
|
|
3,892
|
|
10,392
|
|
|
5,965
|
|
—
|
|
5,965
|
Year-over-year
growth (decline)
|
9.0 %
|
|
— %
|
|
74.2 %
|
|
|
(3.2) %
|
|
|
|
(3.2) %
|
Average undergraduate
full-time active students
|
12,883
|
|
8,008
|
|
20,891
|
|
|
12,709
|
|
—
|
|
12,709
|
Year-over-year
growth (decline)
|
1.4 %
|
|
— %
|
|
64.4 %
|
|
|
4.5 %
|
|
|
|
4.5 %
|
End of period
undergraduate full-time active students
|
14,833
|
|
8,369
|
|
23,202
|
|
|
14,380
|
|
—
|
|
14,380
|
Year-over-year
growth (decline)
|
3.2 %
|
|
— %
|
|
61.3 %
|
|
|
5.1 %
|
|
|
|
5.1 %
|
|
Year Ended September
30, 2023
|
|
|
Year Ended September
30, 2022
|
|
UTI
|
|
Concorde
|
|
Total
|
|
|
UTI
|
|
Concorde
|
|
Total
|
Total new student
starts
|
14,181
|
|
8,432
|
|
22,613
|
|
|
13,374
|
|
—
|
|
13,374
|
Year-over-year
growth (decline)
|
6.0 %
|
|
— %
|
|
69.1 %
|
|
|
2.7 %
|
|
|
|
2.7 %
|
Average undergraduate
full-time active students
|
12,614
|
|
7,654
|
|
20,268
|
|
|
12,838
|
|
—
|
|
12,838
|
Year-over-year
growth (decline)
|
(1.7) %
|
|
— %
|
|
57.9 %
|
|
|
11.7 %
|
|
|
|
11.7 %
|
End of period
undergraduate full-time active students
|
14,833
|
|
8,369
|
|
23,202
|
|
|
14,380
|
|
—
|
|
14,380
|
Year-over-year
growth (decline)
|
3.2 %
|
|
— %
|
|
61.3 %
|
|
|
5.1 %
|
|
|
|
5.1 %
|
Financial Summary by
Segment and Consolidated
|
|
|
|
Three Months Ended
September 30, 2023
|
|
|
Three Months Ended
September 30, 2022
|
|
|
UTI
|
|
Concorde
|
|
Corporate
|
|
Consolidated
|
|
|
UTI
|
|
Concorde
|
|
Corporate
|
|
Consolidated
|
Revenue
|
|
$ 115,332
|
|
$ 54,966
|
|
$
—
|
|
$
170,298
|
|
|
$ 110,638
|
|
$
—
|
|
$
—
|
|
$
110,638
|
Total operating
expenses
|
|
97,405
|
|
51,837
|
|
10,717
|
|
159,959
|
|
|
96,397
|
|
—
|
|
10,776
|
|
107,173
|
Net income
(loss)
|
|
16,486
|
|
3,169
|
|
(12,952)
|
|
6,703
|
|
|
13,511
|
|
—
|
|
(10,682)
|
|
2,829
|
|
|
Twelve Months Ended
September 30, 2023
|
|
|
Twelve Months Ended
September 30, 2022
|
|
|
UTI
|
|
Concorde
|
|
Corporate
|
|
Consolidated
|
|
|
UTI
|
|
Concorde
|
|
Corporate
|
|
Consolidated
|
Revenue
|
|
$ 429,317
|
|
$
178,091
|
|
$
—
|
|
$
607,408
|
|
|
$ 418,765
|
|
$
—
|
|
$
—
|
|
$
418,765
|
Total operating
expenses
|
|
373,638
|
|
167,558
|
|
44,813
|
|
586,009
|
|
|
354,394
|
|
—
|
|
41,997
|
|
396,391
|
Net income
(loss)
|
|
51,241
|
|
10,700
|
|
(49,619)
|
|
12,322
|
|
|
62,460
|
|
—
|
|
(36,612)
|
|
25,848
|
UNIVERSAL
TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES
SELECTED
SUPPLEMENTAL NON-FINANCIAL AND FINANCIAL INFORMATION BY
SEGMENT
(In thousands, except
for Student Metrics)
(Unaudited)
|
|
Major Expense
Categories by Segment and Consolidated
|
|
|
Three Months Ended
September 30, 2023
|
|
UTI
|
|
Concorde
|
|
Corporate
|
|
Consolidated
|
Salaries, benefits and
tax expense
|
$
44,375
|
|
$
27,507
|
|
$
4,162
|
|
$
76,044
|
Bonus
expense
|
4,430
|
|
742
|
|
2,333
|
|
7,505
|
Stock-based
compensation
|
(107)
|
|
—
|
|
140
|
|
33
|
Total compensation and
related costs
|
$
48,698
|
|
$
28,249
|
|
$
6,635
|
|
$
83,582
|
|
|
|
|
|
|
|
|
Advertising and
marketing expense
|
$
11,935
|
|
$
5,786
|
|
$
—
|
|
$
17,721
|
Occupancy expense, net
of subleases
|
8,090
|
|
5,982
|
|
157
|
|
14,229
|
Depreciation and
amortization
|
6,124
|
|
439
|
|
3
|
|
6,566
|
Professional and
contract services expense
|
2,922
|
|
399
|
|
2,030
|
|
5,351
|
|
Three Months Ended
September 30, 2022
|
|
UTI
|
|
Concorde
|
|
Corporate
|
|
Consolidated
|
Salaries, benefits and
tax expense
|
$
43,178
|
|
$
—
|
|
$
4,915
|
|
$
48,093
|
Bonus
expense
|
2,988
|
|
—
|
|
693
|
|
3,681
|
Stock-based
compensation
|
261
|
|
—
|
|
803
|
|
1,064
|
Total compensation and
related costs
|
$
46,427
|
|
$
—
|
|
$
6,411
|
|
$
52,838
|
|
|
|
|
|
|
|
|
Advertising and
marketing expense
|
$
14,148
|
|
$
—
|
|
$
—
|
|
$
14,148
|
Occupancy expense, net
of subleases
|
8,340
|
|
—
|
|
152
|
|
8,492
|
Depreciation and
amortization
|
4,743
|
|
—
|
|
16
|
|
4,759
|
Professional and
contract services expense
|
2,502
|
|
—
|
|
2,222
|
|
4,724
|
UNIVERSAL TECHNICAL
INSTITUTE, INC. AND SUBSIDIARIES
SELECTED
SUPPLEMENTAL NON-FINANCIAL AND FINANCIAL INFORMATION BY
SEGMENT
(In thousands, except
for Student Metrics)
(Unaudited)
|
|
Major Expense
Categories by Segment and Consolidated
|
|
|
Twelve Months Ended
September 30, 2023
|
|
UTI
|
|
Concorde
|
|
Corporate
|
|
Consolidated
|
Salaries, benefits and
tax expense
|
$
178,515
|
|
$
89,639
|
|
$
18,869
|
|
$
287,023
|
Bonus
expense
|
13,284
|
|
2,594
|
|
5,141
|
|
21,019
|
Stock-based
compensation
|
1,069
|
|
—
|
|
2,779
|
|
3,848
|
Total compensation and
related costs
|
$
192,868
|
|
$
92,233
|
|
$
26,789
|
|
$
311,890
|
|
|
|
|
|
|
|
|
Advertising and
marketing expense
|
$
52,809
|
|
$
19,358
|
|
$
—
|
|
$
72,167
|
Occupancy expense, net
of subleases
|
31,442
|
|
19,626
|
|
593
|
|
51,661
|
Depreciation and
amortization
|
21,113
|
|
4,077
|
|
25
|
|
25,215
|
Professional and
contract services expense
|
11,856
|
|
1,039
|
|
9,110
|
|
22,005
|
|
Twelve Months Ended
September 30, 2022
|
|
UTI
|
|
Concorde
|
|
Corporate
|
|
Consolidated
|
Salaries, benefits and
tax expense
|
$
162,537
|
|
$
—
|
|
$
18,532
|
|
$
181,069
|
Bonus
expense
|
13,020
|
|
—
|
|
3,644
|
|
16,664
|
Stock-based
compensation
|
888
|
|
—
|
|
3,524
|
|
4,412
|
Total compensation and
related costs
|
$
176,445
|
|
$
—
|
|
$
25,700
|
|
$
202,145
|
|
|
|
|
|
|
|
|
Advertising and
marketing expense
|
$
54,501
|
|
$
—
|
|
$
—
|
|
$
54,501
|
Occupancy expense, net
of subleases
|
36,059
|
|
—
|
|
663
|
|
36,722
|
Depreciation and
amortization
|
16,822
|
|
—
|
|
62
|
|
16,884
|
Professional and
contract services expense
|
9,176
|
|
—
|
|
10,157
|
|
19,333
|
UNIVERSAL TECHNICAL
INSTITUTE, INC. AND SUBSIDIARIES
RECONCILIATION OF
GAAP FINANCIAL INFORMATION TO NON-GAAP FINANCIAL
INFORMATION
(In
thousands)
(Unaudited)
|
|
Reconciliation of
Net Income to EBITDA and Adjusted EBITDA
|
|
|
Three Months Ended
September 30, 2023
|
|
UTI
|
|
Concorde
|
|
Corporate
|
|
Consolidated
|
Net income
(loss)
|
$
16,486
|
|
$
3,169
|
|
$
(12,952)
|
|
$
6,703
|
Interest expense
(income), net
|
1,468
|
|
(40)
|
|
(390)
|
|
1,038
|
Income tax
expense
|
—
|
|
—
|
|
2,541
|
|
2,541
|
Depreciation and
amortization
|
6,124
|
|
439
|
|
3
|
|
6,566
|
EBITDA
|
24,078
|
|
3,568
|
|
(10,798)
|
|
16,848
|
Acquisition related
costs
|
—
|
|
—
|
|
56
|
|
56
|
Integration related
costs for acquisitions
|
110
|
|
241
|
|
858
|
|
1,209
|
Stock-based
compensation expense
|
(107)
|
|
—
|
|
140
|
|
33
|
Start-up costs for new
campuses and program expansion
|
845
|
|
178
|
|
—
|
|
1,023
|
Adjusted EBITDA,
non-GAAP
|
$
24,926
|
|
$
3,987
|
|
$
(9,744)
|
|
$
19,169
|
|
Three Months Ended
September 30, 2022
|
|
UTI
|
|
Concorde
|
|
Corporate
|
|
Consolidated
|
Net income
(loss)
|
$
13,511
|
|
$
—
|
|
$
(10,682)
|
|
$
2,829
|
Interest expense
(income), net
|
749
|
|
—
|
|
(418)
|
|
331
|
Income tax
expense
|
—
|
|
—
|
|
202
|
|
202
|
Depreciation and
amortization
|
4,743
|
|
—
|
|
16
|
|
4,759
|
EBITDA
|
19,003
|
|
—
|
|
(10,882)
|
|
8,121
|
Acquisition related
costs
|
—
|
|
—
|
|
1,016
|
|
1,016
|
Integration related
costs for acquisitions
|
788
|
|
—
|
|
—
|
|
788
|
Stock-based
compensation expense
|
261
|
|
—
|
|
803
|
|
1,064
|
Start-up costs for new
campuses and program expansion
|
1,711
|
|
—
|
|
—
|
|
1,711
|
Facility lease
accounting adjustments
|
397
|
|
—
|
|
—
|
|
397
|
Intangible asset
impairment
|
2,000
|
|
—
|
|
—
|
|
2,000
|
Adjusted EBITDA,
non-GAAP
|
$
24,160
|
|
$
—
|
|
$
(9,063)
|
|
$
15,097
|
UNIVERSAL TECHNICAL
INSTITUTE, INC. AND SUBSIDIARIES
RECONCILIATION OF
GAAP FINANCIAL INFORMATION TO NON-GAAP FINANCIAL
INFORMATION
(In
thousands)
(Unaudited)
|
|
Reconciliation of
Net Income to EBITDA and Adjusted EBITDA
|
|
|
Twelve Months Ended
September 30, 2023
|
|
UTI
|
|
Concorde
|
|
Corporate
|
|
Consolidated
|
Net income
(loss)
|
$
51,241
|
|
$
10,700
|
|
$
(49,619)
|
|
$
12,322
|
Interest expense
(income), net
|
4,682
|
|
(167)
|
|
(720)
|
|
3,795
|
Income tax
expense
|
—
|
|
—
|
|
5,765
|
|
5,765
|
Depreciation and
amortization
|
21,113
|
|
4,077
|
|
25
|
|
25,215
|
EBITDA
|
77,036
|
|
14,610
|
|
(44,549)
|
|
47,097
|
Acquisition related
costs
|
—
|
|
—
|
|
2,374
|
|
2,374
|
Integration related
costs for acquisitions
|
592
|
|
1,084
|
|
2,838
|
|
4,514
|
Stock-based
compensation expense
|
1,069
|
|
—
|
|
2,779
|
|
3,848
|
Start-up costs for new
campuses and program expansion
|
5,810
|
|
602
|
|
—
|
|
6,412
|
Adjusted EBITDA,
non-GAAP
|
$
84,507
|
|
$
16,296
|
|
$
(36,558)
|
|
$
64,245
|
|
Twelve Months Ended
September 30, 2022
|
|
UTI
|
|
Concorde
|
|
Corporate
|
|
Consolidated
|
Net income
(loss)
|
$
62,460
|
|
$
—
|
|
$
(36,612)
|
|
$
25,848
|
Interest expense
(income), net
|
1,995
|
|
—
|
|
(500)
|
|
1,495
|
Income tax
benefit
|
—
|
|
—
|
|
(5,407)
|
|
(5,407)
|
Depreciation and
amortization
|
16,822
|
|
—
|
|
62
|
|
16,884
|
EBITDA
|
81,277
|
|
—
|
|
(42,457)
|
|
38,820
|
Acquisition related
costs
|
—
|
|
—
|
|
4,239
|
|
4,239
|
Integration related
costs for acquisitions
|
1,691
|
|
—
|
|
—
|
|
1,691
|
Stock-based
compensation expense
|
888
|
|
—
|
|
3,449
|
|
4,337
|
Start-up costs for new
campuses and program expansion
|
9,177
|
|
—
|
|
—
|
|
9,177
|
Facility lease
accounting adjustments
|
(64)
|
|
—
|
|
—
|
|
(64)
|
Intangible asset
impairment
|
2,000
|
|
—
|
|
—
|
|
2,000
|
Adjusted EBITDA,
non-GAAP
|
$
94,969
|
|
$
—
|
|
$
(34,769)
|
|
$
60,200
|
UNIVERSAL TECHNICAL
INSTITUTE, INC. AND SUBSIDIARIES
RECONCILIATION OF
GAAP FINANCIAL INFORMATION TO NON-GAAP FINANCIAL
INFORMATION
(In
thousands)
(Unaudited)
|
|
Reconciliation of
Net Income to Adjusted Net Income
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net income
|
$
6,703
|
|
$
2,829
|
|
$
12,322
|
|
$
25,848
|
Add back: Income tax
expense (benefit)
|
2,541
|
|
202
|
|
5,765
|
|
(5,407)
|
Income before income
taxes
|
9,244
|
|
3,031
|
|
18,087
|
|
20,441
|
Adjustments:
|
|
|
|
|
|
|
|
Acquisition related costs
|
56
|
|
1,016
|
|
2,374
|
|
4,239
|
Integration
costs
|
1,209
|
|
788
|
|
4,514
|
|
1,691
|
Intangible asset
impairment
|
—
|
|
2,000
|
|
—
|
|
2,000
|
Facility lease
accounting adjustments
|
—
|
|
397
|
|
—
|
|
(64)
|
Start-up costs for new
campus and program expansion
|
1,023
|
|
1,711
|
|
6,412
|
|
9,177
|
Adjusted income before
income taxes
|
11,532
|
|
8,943
|
|
31,387
|
|
37,484
|
Income tax effect:
(expense)(1)
|
(3,125)
|
|
(935)
|
|
(9,102)
|
|
(1,983)
|
Adjusted net income,
non-GAAP
|
$
8,407
|
|
$
8,008
|
|
$
22,285
|
|
$
35,501
|
|
|
|
|
|
|
|
|
GAAP effective income
tax rate(1)
|
27.1 %
|
|
10.5 %
|
|
29.0 %
|
|
5.3 %
|
(1)
|
The GAAP effective tax
rate for the twelve months ended September 30, 2022 has been
adjusted to remove the impact from the MIAT purchase accounting
adjustments for deferred tax liabilities and the reversal of the
valuation allowance, both of which created a net tax benefit for
the period. The GAAP effective tax rate for the three months ended
September 30, 2022 has been adjusted to reflect the normalized
annual rate excluding the items noted in the twelve month
rate.
|
Reconciliation of
Net Cash Provided by Operating Activities to Adjusted Free Cash
Flow
|
|
|
|
Twelve Months Ended
September 30,
|
|
|
2023
|
|
2022
|
Net cash provided by
operating activities, as reported
|
|
$
49,148
|
|
$
46,031
|
Purchase of property
and equipment
|
|
(56,685)
|
|
(79,450)
|
Free cash flow,
non-GAAP
|
|
(7,537)
|
|
(33,419)
|
Adjustments:
|
|
|
|
|
Purchase of Orlando, FL
campus buildings
|
|
26,156
|
|
—
|
Purchase of Lisle, IL
campus
|
|
—
|
|
28,680
|
Acquisition related
costs paid
|
|
2,347
|
|
3,923
|
Integration costs
paid
|
|
3,697
|
|
1,436
|
Cash outflow for
acquisition integration property and equipment
|
|
831
|
|
—
|
Cash outflow for
start-up costs for new campuses and program expansion
|
|
6,412
|
|
5,136
|
Cash outflow for
property and equipment for new campuses and program
expansion
|
|
17,183
|
|
28,579
|
Facility lease
accounting adjustments
|
|
—
|
|
575
|
Severance payment due
to CEO transition
|
|
—
|
|
32
|
Adjusted free cash
flow, non-GAAP
|
|
$
49,089
|
|
$
34,942
|
UNIVERSAL TECHNICAL
INSTITUTE, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP FINANCIAL INFORMATION TO NON-GAAP
FINANCIAL
INFORMATION FOR FISCAL 2024 GUIDANCE
(In thousands)
(Unaudited)
|
|
For each of the
non-GAAP reconciliations provided for fiscal 2024 guidance, we are
reconciling to the
midpoint of the guidance range. The adjustments reflected below for
fiscal 2024 are illustrative only and
may change throughout the year, both in amount or the adjustments
themselves.
|
|
Reconciliation of
Net Income to EBITDA and Adjusted EBITDA for Fiscal 2024
Guidance
|
|
|
Twelve Months
Ended
|
|
September
30,
|
|
2024
|
Net income
|
~$36,000
|
Interest (income)
expense, net
|
~4,600
|
Income tax
expense
|
~15,400
|
Depreciation and
amortization
|
~30,000
|
EBITDA
|
~86,000
|
Integration related
costs for acquisitions
|
~5,500
|
New campus &
program expansion start-up costs
|
~1,500
|
Stock-based
compensation
|
~7,000
|
Adjusted EBITDA,
non-GAAP
|
~$100,000
|
FY 2024 Guidance
Range
|
$98,000 -
102,000
|
Reconciliation of
Net Cash Provided by Operating Activities to Adjusted Free Cash
Flow for Fiscal 2024 Guidance
|
|
|
Twelve Months
Ended
|
|
September
30,
|
|
2024
|
Net cash provided by
operating activities
|
~$84,500
|
Purchase of property
and equipment
|
~(30,000)
|
Free cash flow,
non-GAAP
|
~54,500
|
Adjustments:
|
|
Integration related
costs for acquisitions
|
~5,500
|
Cash outflow for
acquisition integration property and equipment
|
~200
|
New campus &
program expansion start-up costs
|
~1,500
|
Cash outflow for new
campus & program expansion property and equipment
|
~2,300
|
Adjusted free cash
flow, non-GAAP
|
~$64,000
|
FY 2024 Guidance
Range
|
$62,000 -
66,000
|
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SOURCE Universal Technical
Institute, Inc.