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What changed in UNIVERSAL TECHNICAL INSTITUTE INC's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of UNIVERSAL TECHNICAL INSTITUTE INC's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+359 added−351 removedSource: 10-K (2025-11-26) vs 10-K (2024-12-05)

Top changes in UNIVERSAL TECHNICAL INSTITUTE INC's 2025 10-K

359 paragraphs added · 351 removed · 273 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

126 edited+17 added−35 removed104 unchanged
Biggest changeUTI Program Year Established Program Focus Target Job Placement (1) Automotive 1965 Diagnose, service and repair automobiles Entry-level service technicians in automotive dealer service departments or automotive repair facilities 5 Table of Contents UTI Program Year Established Program Focus Target Job Placement (1) Diesel 1968 Diagnose, service and repair diesel systems and industrial equipment Entry-level service technicians in medium and heavy truck facilities, truck dealerships, or in service and repair facilities Airframe and Powerplant 1969 Aircraft troubleshooting, hydraulics and pneumatics, powerplant lubrication systems and turbine engine operation Entry-level opportunities in various areas of the aviation industry Automotive/Diesel 1970 Diagnose, service and repair automobiles and diesel systems Entry-level service technicians in automotive repair facilities, automotive dealer service departments, diesel engine repair facilities, medium and heavy truck facilities, truck dealerships, or in service and repair facilities Motorcycle 1973 Diagnose, service and repair motorcycles and all-terrain vehicles Entry-level service technicians in motorcycle dealerships and independent repair facilities Marine 1991 Diagnose, service and repair boats Entry-level service technicians for marine dealerships and independent repair shops, as well as for marinas, boat yards and yacht clubs Collision Repair and Refinishing 1999 How to repair non-structural and structural automobile damage as well as how to prepare cost estimates on all phases of repair and refinishing Entry-level technicians at OEM dealerships and independent repair facilities NASCAR 2002 Automotive training along with additional NASCAR-specific elective courses Entry-level service technicians in automotive dealer service departments or automotive repair facilities, or opportunities in racing-related industries Energy Technology 2007 Associate of Applied Science degree which focuses on power generation, wind power, compression technology and powerplant operations Entry-level positions in the wind, nuclear, gas, coal, power distribution, or solar industries Industrial Maintenance 2007 Diagnose, service, test and repair various types of machinery Entry-level industrial maintenance technician in a wide range of industries including gas, coal, nuclear and solar industries Wind Power 2007 Diagnose, service and repair wind turbine towers Entry-level service technicians for the wind power industry Aviation Maintenance Technology 2012 Perform inspections, routine maintenance and repairs to keep aircraft in operating condition Entry-level service technicians in aviation repair stations and hangers, and on airfields Heating, ventilation, air conditioning and refrigeration (HVACR) 2012 An awareness of safety procedures, knowledge of heating and cooling, familiarity with tools used in the industry, and the ability to perform a variety of manual skills Entry-level service technicians in the heating and cooling industry Welding 2017 How to weld various materials using a wide range of welding processes Entry-level welders in the construction, structural, pipe, mechanical contracting and fabrication industries.
Biggest changeUTI Program Year Established Program Focus Target Job Placement (1) Airframe and Powerplant 1969 Inspect, maintain, repair and test aircraft systems and turbine engines Entry-level opportunities in various areas of the aviation industry Automotive 1965 Diagnose, service and repair automobiles Entry-level service technicians in automotive dealer service departments or automotive repair facilities Automotive/Diesel 1970 Diagnose, service and repair automobiles and diesel systems Entry-level service technicians in automotive repair facilities, automotive dealer service departments, diesel engine repair facilities, medium and heavy truck facilities, truck dealerships, or in service and repair facilities 5 UTI Program Year Established Program Focus Target Job Placement (1) Aviation Maintenance Technology 2012 Inspect, service, repair, and test aircraft Entry-level service technicians in aviation repair stations and hangars, and on airfields Collision Repair and Refinishing 1999 Assess, repair, refinish, and restore vehicles Entry-level technicians at OEM dealerships and independent repair facilities Computer Numerical Control (CNC) Machining 2017 Program, set up, operate, and inspect CNC equipment Entry-level CNC operators in the manufacturing and mechanical fabrication industries Diesel 1968 Diagnose, service and repair diesel systems and industrial equipment Entry-level service technicians in medium and heavy truck facilities, truck dealerships, or in service and repair facilities Electrical, Electronics & Industrial Technology (EEIT) 2025 Install, maintain, troubleshoot, and repair electrical systems Entry-level electrical technicians Energy Technology 2007 Install, maintain, troubleshoot, and optimize energy systems Entry-level positions in the wind, nuclear, gas, coal, power distribution, or solar industries Heating, ventilation, air conditioning and refrigeration (HVACR) 2012 Install, maintain, troubleshoot, and repair climate systems Entry-level service technicians in the heating and cooling industry Industrial Maintenance 2007 Diagnose, service, test and repair various types of machinery Entry-level industrial maintenance technician in a wide range of industries including gas, coal, nuclear and solar industries Marine 1991 Diagnose, service and repair boats Entry-level service technicians for marine dealerships and independent repair shops, as well as for marinas, boat yards and yacht clubs Motorcycle 1973 Diagnose, service and repair motorcycles and all-terrain vehicles Entry-level service technicians in motorcycle dealerships and independent repair facilities NASCAR 2002 Automotive training along with additional NASCAR-specific elective courses Entry-level service technicians in automotive dealer service departments or automotive repair facilities, or opportunities in racing-related industries Non-Destructive Testing 2019 Examine, evaluate, verify, and document material integrity Entry-level technicians in a variety of industries, from oil and gas and manufacturing to power generation and aviation Robotics & Automation 2018 Design, program, operate, and maintain robotic systems Entry-level technician in a variety of industries Welding 2017 Cut, join, fabricate, and repair metal components Entry-level welders in the construction, structural, pipe, mechanical contracting and fabrication industries Wind Power 2007 Diagnose, service and repair wind turbine towers Entry-level service technicians for the wind power industry (1) Target job placement describes the type of employment the program is designed to prepare graduates to obtain.
For our Concorde offerings, where appropriate, we ensure that our courses are aligned with licensure requirements to ensure our students are provided the greatest opportunity for success. Where appropriate, these professionally aligned programs enable our students to gain licensure, certification, and credentials in high-demand healthcare professions.
For our Concorde offerings, where appropriate, we ensure that our courses are aligned with licensure requirements to ensure our students are provided with the greatest opportunity for success. Where appropriate, these professionally aligned programs enable our students to gain licensure, certification, and credentials in high-demand healthcare professions.
Providing high-quality instruction in engaging curriculum aligned to industry and professional standards and delivering exemplary student support services to ensure students have everything they need to be successful serves as the foundation of our model. Retaining our students through to graduation and supporting them through to employment is the key principle of our business.
Providing high-quality instruction in engaging curriculum aligned to industry and professional standards and delivering exemplary student support services to ensure students have everything they need to be successful serves as the foundation of our model. Retaining our students through graduation and supporting them to employment is the key principle of our business.
For any borrower who attended Concorde, as well as 152 other named schools, and had a BDR claim pending as of June 22, 2022, the borrower will receive “Full Settlement Relief.” Full Settlement Relief means that the federal student loan(s) associated with the borrower’s attendance at the school will be discharged, ED will refund any amounts paid to ED on those loans, and the credit tradeline for those loans will be deleted from the borrower’s credit report.
Any borrower who attended Concorde, as well as 152 other named schools, and had a BDR claim pending as of June 22, 2022, will receive “Full Settlement Relief.” Full Settlement Relief means that the federal student loan(s) associated with the borrower’s attendance at the school will be discharged, ED will refund any amounts paid to ED on those loans, and the credit tradeline for those loans will be deleted from the borrower’s credit report.
In fall 2023, ED began providing institutions with BDR claims filed in the June to November 2022 period. In doing so, ED acknowledged that it was not conducting any substantive review of the applications ( e.g ., determining whether an application asserts a valid basis for a BDR claim) before sending them to institutions.
In fall 2023, ED began providing institutions with BDR claims filed in the June-November 2022 period. In doing so, ED acknowledged that it was not conducting any substantive review of the applications ( e.g ., determining whether an application asserts a valid basis for a BDR claim) before sending them to institutions.
If ED were to discharge some amount of loans, ED will, at a later date, determine whether to engage in a separate proceeding to recoup such amount from the applicable school. This process would take place before a hearing official, and the school would have an opportunity to contest the recoupment.
If ED were to discharge some amount of loans, ED will, at a later date, determine whether to engage in a separate proceeding to recoup such amount from the applicable school. This process would take place before a hearing official, and the applicable school would have an opportunity to contest the recoupment.
Under the 90/10 rule, to remain eligible to participate in the federal student aid programs, a proprietary institution must derive at least 10% of its revenue from sources other than “Federal education assistance funds.” “Federal education assistance funds” are defined as “federal funds that are disbursed or delivered to or on behalf of a student to be used to attend such institution.” We regularly monitor compliance with the 90/10 requirement to minimize the risk that any of our institutions would derive more than the allowable maximum percentage of its revenue from Federal education assistance funds for any fiscal year.
Under the 90/10 rule, to remain eligible to participate in the federal student aid programs, a proprietary institution must derive at least 10% of their revenue from sources other than “Federal education assistance funds.” “Federal education assistance funds” are defined as “federal funds that are disbursed or delivered to or on behalf of a student to be used to attend such institution.” We regularly monitor compliance with the 90/10 requirement to minimize the risk that any of our institutions would derive more than the allowable maximum percentage of its revenue from Federal education assistance funds for any fiscal year.
We received a January 18, 2022 letter from the CFPB explaining that it was assessing whether UTI “is subject to the CFPB’s supervisory authority based on its activities related to student lending.” The CFPB’s letter then requested certain information about extensions of credit to our students; generally explained the source and scope of the CFPB’s regulatory authority; and advised that, after it reviewed the requested materials, the CFPB “anticipates providing guidance regarding whether UTI is subject to CFPB’s supervisory authority.” We have provided the requested information and are awaiting further guidance, if any, from the CFPB.
We received a January 18, 2022 letter from the CFPB explaining that it was assessing whether UTI “is subject to the CFPB’s supervisory authority based on its activities related to student lending.” The CFPB’s letter then requested certain information about extensions of credit to our students; generally explained the source and scope of the CFPB’s regulatory authority; and advised that, after it reviewed the requested materials, the CFPB “anticipates providing guidance regarding whether UTI is 23 subject to CFPB’s supervisory authority.” We have provided the requested information and are awaiting further guidance, if any, from the CFPB.
Most significantly, a GE Program, meaning Title IV non-degree programs offered by public and private non-profit institutions and all Title IV programs offered by proprietary institutions, becomes ineligible for federal financial aid if the program (1) fails the D/E rates test in two out of any three consecutive award years for which the program’s D/E rates are calculated, or (2) fails the Earnings Premium test in two out of any three consecutive award years for which the program’s Earnings Premium is calculated.
Most significantly, a GE Program, meaning Title IV non-degree programs offered by public and private non-profit institutions and all Title IV programs offered by proprietary institutions, becomes ineligible for federal financial aid if the program (1) fails the D/E rate test in two out of any three consecutive award years for which the program’s D/E rates are calculated, or (2) fails the Earnings Premium test in two out of any three consecutive award years for which the program’s Earnings Premium is calculated.
Other competitive factors that influence our ability to attract new students include the employment market, community colleges, other career-oriented and technical schools, and the military. Prospective students may choose to forego additional education and enter the workforce directly, especially during periods when the unemployment rate declines or remains stable as it has in recent years.
Other competitive factors that influence our ability to attract new students include the employment market, community colleges, other career-oriented and technical schools, and the military. 12 Prospective students may choose to forego additional education and enter the workforce directly, especially during periods when the unemployment rate declines or remains stable as it has in recent years.
An institution seeking to expand its activities in certain ways, such as opening an additional location or raising the highest academic credential it offers, must obtain approval from ED. Every participating institution is also required to periodically renew its certification by applying for continued certification before its current term of certification expires.
An institution seeking to expand its activities in certain ways, such as opening an additional location or raising the highest 18 academic credential it offers, must obtain approval from ED. Every participating institution is also required to periodically renew its certification by applying for continued certification before its current term of certification expires.
The Sweet settlement also provided that BDR claims filed between June 22, 2022 and November 15, 2022 would be adjudicated no later than January 28, 2026, or would be automatically discharged. Schools would have the opportunity to review and respond to this group of claims, and also could be subject to recoupment actions for any loan amounts discharged.
The Sweet Settlement also provided that BDR claims filed between June 22, 2022 and November 15, 2022 would be adjudicated no later than January 28, 2026, or would be automatically discharged. Schools would have the opportunity to review and respond to this group of claims, and they also could be subject to recoupment actions for any loan amounts discharged.
The composite score utilizes information provided in the institutions’ annual audited financial statements and is based on three ratios: (1) the equity ratio which measures the institution’s capital resources, ability to borrow and financial viability; (2) the primary reserve ratio which measures the institution’s ability to support current operations from expendable resources; and (3) the net income ratio which measures the institution’s ability to operate at a profit.
The composite score utilizes information provided in the institution’s annual audited financial statements and is based on three ratios: (1) the equity ratio which measures the institution’s capital resources, ability to borrow and financial viability; (2) the primary reserve ratio which measures the institution’s ability to support current operations from expendable resources; and (3) the net income ratio which measures the institution’s ability to operate at a profit.
Incentive Compensation The “incentive compensation” prohibition forbids institutions from providing any commission, bonus, or other incentive payment based in any part, directly or indirectly, on success in securing enrollments or the award of financial aid to any person or entity engaged in any student recruiting or admission activities or in making decisions regarding the awarding of Title IV Program funds.
Incentive Compensation The “incentive compensation” prohibition forbids institutions from providing any commission, bonus, or other incentive payment based in any part, directly or indirectly, on success in securing enrollments or the awarding of financial aid to any person or entity engaged in any student recruiting or admission activities or in making decisions regarding the awarding of Title IV Program funds.
This acquisition also has allowed us to expand and diversify our existing UTI campus offerings to include aviation, energy, HVACR and other skilled trade options. In December 2022, we continued to diversify by expanding into healthcare education through the acquisition of Concorde. This acquisition enabled us to expand our program offerings into the high-growth and high-demand healthcare education market.
This acquisition also has allowed us to expand and diversify our existing UTI campus offerings to include aviation, energy, wind, HVACR, and other skilled trade options. In December 2022, we continued to diversify by expanding into healthcare education through the acquisition of Concorde. This acquisition enabled us to expand our program offerings into the high-growth and high-demand healthcare education market.
Within the for-profit education sector, some of our public company competitors are Adtalem Global Education, Inc., American Public Education, Inc., Lincoln Educational Services Corporation, Perdoceo Education Corporation, and Strategic Education, Inc. We also consider other regional or single location institutions with a larger local presence near one of our campuses to be competitors.
Within the for-profit education sector, some of our public company competitors are Adtalem Global Education, Inc., American Public Education, Inc., Legacy Education, Lincoln Educational Services Corporation, Perdoceo Education Corporation, and Strategic Education, Inc. We also consider other regional or single location institutions with a larger local presence near one of our campuses to be competitors.
Reports of our executive officers, directors and any other persons required to file securities ownership reports under Section 16(a) of the Exchange Act are also available through our website. Information contained on our website is not a part of this Annual Report on Form 10-K and is not incorporated herein by reference. 24
Reports of our executive officers, directors and any other persons required to file securities ownership reports under Section 16(a) of the Exchange Act are also available through our website. Information contained on our website is not a part of this Annual Report on Form 10-K and is not incorporated herein by reference.
Business Strategy Our business strategy, internally known as our “North Star strategy,” has three core tenets: to grow the business by more deeply penetrating existing target markets and adding new markets; to diversify the business by adding new locations, programs, and offerings that maximize the lifetime value of our students; and to continually optimize the business by constantly enhancing operational efficiency.
Business Strategy Our business strategy, internally known as our “North Star strategy,” has three core tenets: to grow the business by more deeply penetrating existing target markets and adding new markets; to diversify the business by adding new locations, programs, and offerings that maximize the lifetime value of our students; and to continually optimize the business by enhancing operational efficiency.
Due to the COVID-19 pandemic, ED paused all loan payments from March 13, 2020 through October 1, 2023. This has significantly decreased the default rates starting with the 2019 Cohort, and resulted in a 0% default rate for the 2020 and 2021 Cohort Rate for all UTI institutions.
Due to the COVID-19 pandemic, ED paused all loan payments from March 13, 2020 through October 1, 2023. This has significantly decreased the default rates starting with the 2019 Cohort, and resulted in a 0% default rate for the 2020, 2021 and 2022 Cohort Rate for all UTI institutions.
Tuition rates vary by type and length of our programs and the program level, such as core or advanced training. The table below sets forth the current locations that operate under the UTI division, the year the campus opened, and the principal programs taught at each location.
Tuition rates vary by type and length of our programs and the program level, such as core or advanced training. 4 The table below sets forth the current locations that operate under the UTI division, the year the campus opened, and the principal programs taught at each location.
This rule, the 85/15 Rule, prohibits paying VA benefits to students enrolling in a program when more than 85% of the students enrolled in that program are having any portion of their tuition, fees, or other charges paid for them by the school or VA.
This rule, the 85/15 Rule, prohibits paying VA benefits to 22 students enrolling in a program when more than 85% of the students enrolled in that program are having any portion of their tuition, fees, or other charges paid for them by the school or VA.
Available Information Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act are available free of charge on our website at www.uti.edu under the “Investor Relations - Financial Information - SEC Filings” captions, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.
Available Information Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act are available free of charge on our website at www.uti.edu under the “Investor Relations - Financials - SEC Filings” captions, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.
Concorde Location Year Campus Opened Current Principal Programs California (Garden Grove) 1968 Dental Assistant; Medical Assistant; Pharmacy Technician; Vocational Nursing; Dental Hygiene; Physical Therapist Assistant; Respiratory Therapy; Sterile Processing Technician California (North Hollywood) 1968 Dental Assistant; Medical Assistant; Vocational Nursing; Physical Therapist Assistant; Respiratory Therapy; Sterile Processing Technician; Surgical Technology California (San Bernardino) 1968 Dental Assistant; Medical Assistant; Vocational Nursing; Polysomnographic Technology; Dental Hygiene; Respiratory Therapy; Surgical Technology; Neurodiagnostic Technology; Diagnostic Medical Sonography California (San Diego) 1968 Dental Assistant; Medical Assistant; Vocational Nursing; Cardiovascular Sonography; Dental Hygiene; Diagnostic Medical Sonography; Physical Therapist Assistant; Surgical Technology Colorado (Aurora) 1969 Dental Assistant; Medical Assistant; Practical Nursing; Cardiovascular Sonography; Dental Hygiene; Diagnostic Medical Sonography; Physical Therapist Assistant; Radiologic Technology; Respiratory Therapy; Surgical Technology; Bachelor of Science in Nursing Florida (Jacksonville) 1978 Dental Assistant; Medical Assistant; Phlebotomy Technician; Practical Nursing; Sterile Processing Technician; Cardiovascular Sonography; Dental Hygiene; Diagnostic Medical Sonography; Physical Therapist Assistant; Respiratory Therapy; Surgical Technology Florida (Miramar) 1987 Dental Assistant; Dental Hygiene; Medical Assistant; Pharmacy Technician; Phlebotomy Technician; Sterile Processing Technician; Occupational Therapist Assistant; Physical Therapist Assistant; Respiratory Therapy; Surgical Technology Florida (Orlando) 2010 Dental Assistant; Medical Assistant; Pharmacy Technician; Phlebotomy Technician; Sterile Processing Technician; Dental Hygiene; Surgical Technology; Diagnostic Medical Sonography Florida (Tampa) 1987 Dental Assistant; Medical Assistant; Pharmacy Technician; Phlebotomy Technician; Sterile Processing Technician; Cardiovascular Sonography; Dental Hygiene; Diagnostic Medical Sonography; Respiratory Therapy; Surgical Technology Mississippi (Southaven) 2013 Dental Assistant; Massage Therapy; Medical Assistant; Medical Office Professional; Medical Assisting; Medical Office Professional; Phlebotomy Technician; Sterile Processing Technician Missouri (Kansas City) 1986 Dental Assistant; Medical Assistant; Medical Office Administration; Phlebotomy Technician; Practical Nursing; Sterile Processing Technician; Cardiovascular Sonography; Dental Hygiene; Diagnostic Medical Sonography; Physical Therapist Assistant; Respiratory Therapy; Surgical Technology; Bachelor of Science in Nursing Oregon (Portland) 1969 Dental Assistant; Dental Hygiene; Medical Assistant; Practical Nursing; Polysomnographic Technology; Cardiovascular Sonography; Diagnostic Medical Sonography; Respiratory Therapy; Surgical Technology Tennessee (Memphis) 1981 Dental Assistant; Massage Therapy; Medical Assistant; Medical Office Professional; Pharmacy Technician; Phlebotomy Technician; Polysomnographic Technology; Cardiovascular Sonography; Dental Hygiene; Diagnostic Medical Sonography; Neurodiagnostic Technology; Nursing Practice; Occupational Therapy Assistant; Physical Therapist Assistant; Radiologic Technology; Respiratory Therapy; Sterile Processing Technician; Surgical Technology 9 Table of Contents Concorde Location Year Campus Opened Current Principal Programs Texas (Dallas) 2010 Dental Assistant; Medical Assistant; Vocational Nursing; Cardiovascular Sonography; Dental Hygiene; Diagnostic Medical Sonography; Phlebotomy Technician; Physical Therapist Assistant; Respiratory Therapy; Sterile Processing Technician; Surgical Technology Texas (Grand Prairie) 2001 Dental Assistant; Medical Assistant; Phlebotomy Technician; Polysomnographic Technology; Sterile Processing Technician; Vocational Nursing; Dental Hygiene; Surgical Technology; Neurodiagnostic Technology Texas (San Antonio) 2010 Dental Assistant; Medical Assistant; Cardiovascular Sonography; Dental Hygiene; Diagnostic Medical Sonography; Phlebotomy Technician; Physical Therapist Assistant; Respiratory Therapy; Sterile Processing Technician; Surgical Technology Online 2013 Dental Assistant; Medical Office Administration; Nursing Practice; Surgical Technology; Bachelor of Science in Nursing Description of Current Concorde Programs Offered Many of Concorde’s students receive their training in a blended training model that combines instructor-facilitated online teaching and demonstrations with hands-on labs.
Concorde Location Year Campus Opened Current Principal Programs California (Garden Grove) 1968 Dental Assistant; Dental Hygiene; Medical Assistant; Pharmacy Technician; Physical Therapist Assistant; Respiratory Therapy; Sterile Processing Technician; Vocational Nursing California (North Hollywood) 1968 Dental Assistant; Medical Assistant; Physical Therapist Assistant; Respiratory Therapy; Sterile Processing Technician; Surgical Technology; Vocational Nursing California (San Bernardino) 1968 Dental Assistant; Dental Hygiene; Medical Assistant; Neurodiagnostic Technology; Polysomnographic Technology; Respiratory Therapy; Surgical Technology; Vocational Nursing California (San Diego) 1968 Cardiovascular Sonography; Dental Assistant; Dental Hygiene; Diagnostic Medical Sonography; Medical Assistant; Physical Therapist Assistant; Surgical Technology; Vocational Nursing Colorado (Aurora) 1969 Cardiovascular Sonography; Dental Assistant; Dental Hygiene; Diagnostic Medical Sonography; Medical Assistant; Physical Therapist Assistant; Practical Nursing; Radiologic Technology; Respiratory Therapy; Sterile Processing Technician; Surgical Technology; Bachelor of Science in Nursing Florida (Jacksonville) 1978 Cardiovascular Sonography; Dental Assistant; Diagnostic Medical Sonography; Medical Assistant; Nursing Practice; Phlebotomy Technician; Physical Therapist Assistant; Practical Nursing; Respiratory Therapy; Sterile Processing Technician; Surgical Technology Florida (Miramar) 1987 Cardiovascular Sonography; Dental Assistant; Dental Hygiene; Medical Assistant; Occupational Therapist Assistant; Pharmacy Technician; Phlebotomy Technician; Physical Therapist Assistant; Respiratory Therapy; Sterile Processing Technician; Surgical Technology Florida (Orlando) 2010 Cardiovascular Sonography; Dental Assistant; Dental Hygiene; Diagnostic Medical Sonography; Medical Assistant; Pharmacy Technician; Phlebotomy Technician; Sterile Processing Technician; Surgical Technology Florida (Tampa) 1987 Cardiovascular Sonography; Dental Assistant; Dental Hygiene; Diagnostic Medical Sonography; Medical Assistant; Pharmacy Technician; Phlebotomy Technician; Respiratory Therapy; Sterile Processing Technician; Surgical Technology Mississippi (Southaven) 2013 Dental Assistant; Massage Therapy; Medical Assistant; Medical Office Professional; Phlebotomy Technician; Sterile Processing Technician Missouri (Kansas City) 1986 Cardiovascular Sonography; Dental Assistant; Dental Hygiene; Diagnostic Medical Sonography; Medical Assistant; Medical Office Administration; Phlebotomy Technician; Physical Therapist Assistant; Practical Nursing; Respiratory Therapy; Sterile Processing Technician; Surgical Technology; Bachelor of Science in Nursing Oregon (Portland) 1969 Cardiovascular Sonography; Dental Assistant; Dental Hygiene; Diagnostic Medical Sonography; Medical Assistant; Polysomnographic Technology; Practical Nursing; Respiratory Therapy; Sterile Processing Technician; Surgical Technology Tennessee (Memphis) 1981 Cardiovascular Sonography; Dental Assistant; Dental Hygiene; Diagnostic Medical Sonography; Massage Therapy; Medical Assistant; Medical Office Professional; Neurodiagnostic Technology; Nursing Practice; Occupational Therapy Assistant; Pharmacy Technician; Phlebotomy Technician; Physical Therapist Assistant; Polysomnographic Technology; Radiologic Technology; Respiratory Therapy; Sterile Processing Technician; Surgical Technology Texas (Dallas) 2010 Cardiovascular Sonography; Dental Assistant; Dental Hygiene; Diagnostic Medical Sonography; Medical Assistant; Phlebotomy Technician; Physical Therapist Assistant; Respiratory Therapy; Sterile Processing Technician; Surgical Technology; Vocational Nursing Texas (Grand Prairie) 2001 Dental Assistant; Dental Hygiene; Medical Assistant; Neurodiagnostic Technology; Phlebotomy Technician; Polysomnographic Technology; Sterile Processing Technician; Surgical Technology; Vocational Nursing 9 Concorde Location Year Campus Opened Current Principal Programs Texas (San Antonio) 2010 Cardiovascular Sonography; Dental Assistant; Dental Hygiene; Diagnostic Medical Sonography; Medical Assistant; Phlebotomy Technician; Physical Therapist Assistant; Respiratory Therapy; Sterile Processing Technician; Surgical Technology Online 2013 Dental Hygiene; Healthcare Administration; Medical Office Administration; Nursing Practice; Surgical Technology; Bachelor of Science in Nursing Description of Current Concorde Programs Offered Many of Concorde’s students receive their training in a blended training model that combines instructor-facilitated online teaching and demonstrations with hands-on labs.
We believe the UTI industry-focused educational model and national presence has enabled the UTI division to develop valuable industry relationships, which provide it with significant competitive advantages and supports its market leadership, along with enabling the division to provide highly specialized education to its students, resulting in enhanced employment opportunities and the potential for higher wages for its graduates.
We believe our industry-focused educational model and national presence has enabled the UTI division to develop valuable industry relationships, which provide it with significant competitive advantages and supports its market leadership, along with enabling the division to provide highly specialized education to its students, thus resulting in enhanced employment opportunities and the potential for higher wages for its graduates.
Gainful Employment/Financial Value Transparency The HEA requires all programs offered by proprietary institutions, and all non-degree programs offered by public and private non-profit institutions, to “prepare students for gainful employment in a recognized occupation.” On October 10, 2023, ED published its Financial Value Transparency and Gainful Employment Rule (the “GE Rule”), effective July 1, 2024.
Gainful Employment/Financial Value Transparency The HEA requires all Title IV programs offered by proprietary institutions, and all Title IV non-degree programs offered by public and private non-profit institutions, to “prepare students for gainful employment in a recognized occupation.” On October 10, 2023, ED published its Financial Value Transparency and Gainful Employment Rule (the “GE Rule”), effective July 1, 2024.
As a 13 Table of Contents result, the UTI facilities and operations are subject to a variety of environmental laws and regulations governing, among other things, the use, storage and disposal of solid and hazardous substances and waste, and the clean-up of contamination at UTI facilities or off-site locations to which UTI sends or has sent waste for disposal.
As a result, the UTI facilities and operations are subject to a variety of environmental laws and regulations governing, among other 13 things, the use, storage and disposal of solid waste and hazardous substances, and the clean-up of contamination at UTI facilities or off-site locations to which UTI sends or has sent waste for disposal.
We provide intensive instructional training and continuing education to our faculty members to maintain the quality of instruction in all fields of study. A majority of our existing instructors have a minimum of five years’ experience in the industry and an average of six years of experience teaching at UTI and four years of experience teaching at Concorde.
We provide intensive instructional training and continuing education to our faculty members to maintain the quality of instruction in all fields of study. A majority of our existing instructors have a minimum of five years’ experience in the industry and an average of seven years of experience teaching at UTI and four years of experience teaching at Concorde.
Each year, ED also evaluates institutions’ financial responsibility by calculating a “composite score,” which measures an institution’s overall financial health.
Each year, ED also evaluates institution’s financial responsibility by calculating a “composite score,” which measures an institution’s overall financial health.
Title IV grants include Federal Pell Grants (the “Pell Grants”) and Federal Supplemental Education Opportunity Grants (“FSEOG”). Pell Grants are available to eligible undergraduate students who demonstrate financial need and who have not already received a baccalaureate degree. FSEOG grants are designed to supplement Pell Grants for students with the greatest financial need.
Title IV grants include Federal Pell Grants (the “Pell Grants”) and Federal Supplemental Educational Opportunity Grants (“FSEOG”). Pell Grants are available to eligible undergraduate students who demonstrate financial need and who have not already received a baccalaureate degree. FSEOG grants are designed to supplement Pell Grants for students with the greatest financial need.
In addition, we have established processes to identify students who may be in need of assistance to succeed in and complete their chosen program. To assist these students in graduating, we employ student service professionals that provide tutoring, and academic, financial, personal, and employment advisement.
In addition, we have established processes to identify students who may need assistance to succeed in and complete their chosen program. To assist these students in graduating, we employ student service professionals that provide tutoring and academic, financial, personal, and employment advisement.
ED’s regulations permit ED to examine the financial statements of Universal Technical Institute, Inc., the financial statements of each institution and the financial statements of any related party. For our year ended September 30, 2024, we calculated our composite score to be 2.3.
ED’s regulations permit ED to examine the financial statements of Universal Technical Institute, Inc., the financial statements of each institution and the financial statements of any related party. For our year ended September 30, 2025, we calculated our composite score to be 2.3.
The remaining campuses are designated as “Concorde Career Institute.” Concorde believes in preparing students for their healthcare careers with practical, hands-on experiences including opportunities to learn while providing care to real patients. Prior to graduation, students will complete a number of hours in a clinical setting or externship, depending upon their program of study.
The remaining campuses are designated as “Concorde Career Institute.” Concorde believes in preparing students for their healthcare careers with practical, hands-on experiences including opportunities to learn while providing care for real patients. Prior to graduation, students must complete a certain number of hours in a clinical setting or externship, depending upon their program of study.
Concorde enrolls students throughout the year with core terms starting every month and clinical terms starting every ten weeks. The table below outlines our new student starts, average full-time students, and end of period full-time students for both UTI and Concorde.
Concorde enrolls students throughout the year with core terms starting every month and clinical terms starting every ten or sixteen weeks. The table below outlines our new student starts, average full-time students, and end of period full-time students for both UTI and Concorde.
UTI Schools and Programs UTI offers certificate, diploma or degree programs at campuses across the United States under the banner of several well-known brands. The majority of the UTI programs are designed to be completed in 30 to 100 weeks.
UTI Schools and Programs UTI offers certificate, diploma or degree programs at campuses across the United States under the banner of several well-known brands. The majority of the UTI programs are designed to be completed in 30 to 110 weeks.
Industry Partnerships To ensure the UTI programs provide students with the necessary hard and soft skills needed upon graduation, UTI has relationships with multiple original equipment manufacturers (“OEMs”) and industry brand partners across the country to understand their needs for qualified service professionals. Through these industry relationships, UTI is able to continuously refine and expand its programs and curricula.
Industry Partnerships To ensure the UTI programs provide students with the necessary hard and soft skills needed upon graduation, UTI has relationships with multiple original equipment manufacturers (“OEMs”) and industry brand partners across the country to understand their needs for qualified service professionals. Through these industry relationships, UTI can continuously refine and expand its programs and curricula.
Upon completion of the program, professional certifications may be required Entry-level neurodiagnostic technician in neurology-related departments of hospitals, clinics and the private offices of neurologists and neurosurgeons Nursing Practice 2016 Qualifications for licensure as a registered nurse Entry-level registered nurse positions after passing the state board licensure exam Occupational Therapy Assistant 2012 To provide quality occupational therapy services to assigned individuals under the supervision of a registered Occupational Therapist Entry-level occupational therapy assistants in hospitals, clinics, schools, client homes, and community settings Pharmacy Technician 1999 Pharmacy Technician acts as an intermediary between the doctor and the pharmacist and between the pharmacist and the patient Entry-level pharmacy technician in hospital, home healthcare, and retail environments Physical Therapist Assistant 2011 Physical Therapist Assistants provide physical therapy services under the direction and supervision of a licensed Physical Therapist Entry-level physical therapist assistant in a variety of settings, including hospitals, inpatient rehabilitation facilities, private practices, outpatient clinics, home health, skilled nursing facilities, schools, sports facilities, and more Polysomnographic Technology 2012 Perform sleep tests and work with physicians to provide information needed for the diagnosis of sleep disorders Entry-level positions as Polysomnographic Technologists Practical/Vocational Nursing 1996 Perform as entry-level nursing staff in an acute-care hospital, extended-care facility, physician’s office, or other healthcare agency Entry-level positions as a licensed practical/vocational nurse Radiologic Technology 2012 Perform diagnostic imaging examinations on patients Entry-level diagnostic radiographer positions Respiratory Therapy 2011 Assess, treat, and care for patients with breathing disorders.
Upon completion of the program, professional certifications may be required Entry-level neurodiagnostic technician in neurology-related departments of hospitals, clinics and the private offices of neurologists and neurosurgeons 10 Concorde Program Year Established Program Focus Target Job Placement (1) Nursing Practice 2016 Qualifications for licensure as a registered nurse Entry-level registered nurse positions after passing the state board licensure exam Occupational Therapy Assistant 2012 To provide quality occupational therapy services to assigned individuals under the supervision of a registered Occupational Therapist Entry-level occupational therapy assistants in hospitals, clinics, schools, client homes, and community settings Pharmacy Technician 1999 Pharmacy Technician acts as an intermediary between the doctor and the pharmacist and between the pharmacist and the patient Entry-level pharmacy technician in hospital, home healthcare, and retail environments Physical Therapist Assistant 2011 Physical Therapist Assistants provide physical therapy services under the direction and supervision of a licensed Physical Therapist Entry-level physical therapist assistant in a variety of settings, including hospitals, inpatient rehabilitation facilities, private practices, outpatient clinics, home health, skilled nursing facilities, schools, sports facilities, and more Polysomnographic Technology 2012 Perform sleep tests and work with physicians to provide information needed for the diagnosis of sleep disorders Entry-level positions as Polysomnographic Technologists Practical/Vocational Nursing 1996 Perform as entry-level nursing staff in an acute-care hospital, extended-care facility, physician’s office, or other healthcare agency Entry-level positions as a licensed practical/vocational nurse Radiologic Technology 2012 Perform diagnostic imaging examinations on patients Entry-level diagnostic radiographer positions Respiratory Therapy 2011 Assess, treat, and care for patients with breathing disorders.
Where applicable, the programs use appropriate decontamination, cleaning, and sterilizing methods and processes on all required reusable products or equipment. Concorde programs also purchase and use many different chemicals and substances for skills practice and cleaning.
Where applicable, the programs use appropriate decontamination, cleaning, and sterilization methods and processes on all required reusable products or equipment. Concorde programs also purchase and use many different chemicals and substances for skills practice and cleaning.
Some of Concorde’s programs utilize gases including, but not limited to, Oxygen and Nitrous Oxide. These gases are purchased from commercial vendors and are stored, maintained, and disposed of per the manufacturer and regulatory guidelines.
Some of Concorde’s programs use gases including, but not limited to, Oxygen and Nitrous Oxide. These gases are purchased from commercial vendors and are stored, maintained, and disposed of per the manufacturer and regulatory guidelines.
Borrower Defense to Repayment Under the HEA and its implementing regulations, students may file a claim with ED to discharge their federal Direct Loans (or Direct Consolidated Loans) if, generally, they believe their institution misled them or engaged in other misconduct related 20 Table of Contents to the making of their federal loans or the provision of their educational services.
Borrower Defense to Repayment Under the HEA and its implementing regulations, students may file a claim with ED to discharge their federal Direct Loans (or Direct Consolidated Loans) if, generally, they believe their institution misled them or engaged in other misconduct related to the making of their federal loans or the provision of their educational services.
Concorde Career Colleges (“Concorde”): Concorde operates 17 campuses located in eight states and online, offering degree, non-degree, certificate and continuing education programs in the allied health, dental, nursing, patient care and diagnostic fields. The Company has designated campuses that offer degree granting programs “Concorde Career College;” where allowed by State regulation.
Concorde Career Colleges (“Concorde”): Concorde operates 17 campuses located in eight states and online, offering degree, non-degree, certificate and continuing education programs in the allied health, dental, nursing, patient care and diagnostic fields. The Company has designated campuses that offer degree granting programs by “Concorde Career College” where allowed by State regulation.
Title IV Programs The federal government provides a substantial part of its support for postsecondary education through Title IV Programs in the form of grants and loans to students who can use those funds at any institution that has been certified as eligible to participate by ED.
Title IV Programs The federal government provides a substantial part of its support for post-secondary education through Title IV Programs in the form of grants and loans to students who can use those funds at any institution that has been certified as eligible to participate by ED.
UTI students who are high performing graduates of an automotive or diesel program may apply to be selected for these programs. The programs range from 8 to 26 weeks in duration. UTI’s manufacturer-paid MSATs are intended to offer in-depth instruction on specific manufacturers’ products, qualifying a graduate for employment with a dealer seeking highly specialized, entry-level technicians with brand-specific skills.
UTI students who are high performing graduates of an automotive or diesel program may apply to be selected for these programs. The programs range from 12 to 23 weeks in duration. UTI’s manufacturer-paid MSATs are intended to offer in-depth instruction on specific manufacturers’ products, qualifying a graduate for employment with a dealer seeking highly specialized, entry-level technicians with brand-specific skills.
Inorganically, in November 3 Table of Contents 2021, we acquired MIAT College of Technology which has served both as a growth strategy by expanding into the Canton, Michigan market and a diversification strategy by adding additional program areas in rapidly expanding skilled trades professions.
Inorganically, in November 2021, we acquired MIAT College of Technology (“MIAT”) which has served both as a growth 3 strategy by expanding into the Canton, Michigan market and a diversification strategy by adding additional program areas in rapidly expanding skilled trades professions.
And we derived less than 1% of our revenues, on a cash basis, from FSEOG. 17 Table of Contents The Title IV Program statutes and regulations are applied primarily on an institutional basis. The HEA defines an “institution” as a main campus and its additional locations.
And we derived less than 1% of our revenues, on a cash basis, from FSEOG. The Title IV Program statutes and regulations are applied primarily on an institutional basis. The HEA defines an “institution” as a main campus and its additional locations.
“Risk Factors.” Environmental Matters UTI uses hazardous materials at its training facilities and campuses and generates small quantities of regulated waste, including, but not limited to, used oil, antifreeze, transmission fluid, paint, solvents, car batteries and aircraft batteries.
Environmental Matters UTI uses hazardous materials at its training facilities and campuses and generates small quantities of regulated waste, including, but not limited to, used oil, antifreeze, transmission fluid, paint, solvents, car batteries and aircraft batteries.
In 2024, we derived approximately 11% of our revenues, on a cash basis, from veterans’ benefits programs, which include the Post-9/11 GI Bill, the Montgomery GI Bill, the Reserve Education Assistance Program (“REAP”) and VA Vocational Rehabilitation.
In fiscal 2025, we derived approximately 11% of our revenues, on a cash basis, from veterans’ benefits programs, which include the Post-9/11 GI Bill, the Montgomery GI Bill, the Reserve Education Assistance Program (“REAP”) and VA Vocational Rehabilitation.
State and Accreditor Approvals State Authorization To operate and offer postsecondary programs, and to be certified to participate in Title IV Programs, each of our institutions must obtain and maintain authorization from the state in which it is physically located (“Home State”).
State and Accreditor Approvals State Authorization To operate and offer post-secondary programs, and to be certified to participate in Title IV Programs, each of our institutions must obtain and maintain authorization from the state in which it is physically located (“Home State”).
Consumer Protections Laws and Regulations As a postsecondary educational institution, we are subject to a broad range of consumer protection and other laws, such as those that relate to recruiting, marketing, the protection of personal information, student financing and payment servicing.
Consumer Protections Laws and Regulations As a post-secondary educational institution, we are subject to a broad range of consumer protection and other laws, such as those that relate to recruiting, marketing, the protection of personal information, student financing and payment servicing.
The HEA, which authorizes Title IV Programs, has not been comprehensively reauthorized since 2008. Despite repeated attempts, Congress has not completed a full reauthorization since then. In addition to HEA reauthorization, policies directly related to Title IV Programs and funding for those programs may be impacted by the annual budget and appropriations process as well as by other legislation.
The HEA, which authorizes Title IV Programs, has not been comprehensively reauthorized since 2008, despite repeated attempts by Congress. In addition to HEA reauthorization, policies directly related to Title IV Programs and funding for those programs may be impacted by the annual budget and appropriations process as well as by other legislation.
Certain of the UTI campuses are required to obtain permits for air emissions. In the event UTI does not maintain compliance with any of these laws and regulations, or if UTI is responsible for a spill or release of hazardous materials, UTI could incur significant costs for clean-up, damages, and fines or penalties.
Certain UTI campuses are required to obtain permits for air emissions. If UTI does not maintain compliance with any of these laws, regulations, or permits, or if UTI is found responsible for a spill or release of hazardous materials, UTI could incur significant costs for clean-up, damages, and fines or penalties.
D/E rates and an Earnings Premium for each program also will be calculated and disclosed to prospective and current students and will be labeled “low-earning” or “high-debt-burden,” per ED determination.
A D/E rate and an Earnings Premium for each program also will be calculated and disclosed to prospective and current students and will be labeled “low-earning” or “high-debt-burden,” per ED determination.
Since acquiring Concorde, we have built a multi-division and corporate operating model that provides transparency, accountability, the ability to be nimble and adapt as we continue to evolve, while also serving as a platform for expansion into new areas. As we look towards the second phase of our North Star strategy, we are continuing to focus on these core tenets.
Since acquiring Concorde, we have built a multi-division and corporate operating model that provides transparency, accountability, and the ability to be nimble and adapt as we continue to evolve, while also serving as a platform for expansion into new areas. As we execute on the second phase of our North Star strategy, we continue to focus on these core tenets.
Core Programs Dental Assistant 1995 Overall operations of a dental office Entry-level dental assistant Massage Therapy 2002 Massage techniques and manipulations designed to enhance the physical health of patients Entry-level massage therapist in massage clinics, hospital rehabilitation departments, public practice, wellness centers, and chiropractic offices Medical Assistant, Medical Assisting or Medical Office Professional 1995 Basic knowledge of a medical practice and the operations of a medical office Entry-level medical assistant in a clinic or physician’s office, long-term care facility, hospital or medical insurance company Pharmacy Technician 1999 Pharmacy Technician acts as an intermediary between the doctor and the pharmacist and between the pharmacist and the patient Entry-level pharmacy technician in hospital, home healthcare, and retail environments Clinical Programs Cardiovascular Sonography 2021 Use special imaging equipment that directs sound waves into a patient’s body to assess and diagnose various medical conditions Entry-level cardiovascular sonographers Dental Hygiene 2011 Qualifications for licensure as a Registered Dental Hygienist Entry-level dental hygienist 10 Table of Contents Concorde Program Year Established Program Focus Target Job Placement (1) Diagnostic Medical Sonography 2021 Use special imaging equipment that directs sound waves into a patient’s body to assess and diagnose various medical conditions Entry-level obstetrics and gynecology sonographer or entry-level abdominal sonographer Neurodiagnostic Technology 2012 Advanced diagnostic procedures including EEGs, PSGs and others.
Core Programs Dental Assistant 1995 Overall operations of a dental office Entry-level dental assistant Massage Therapy 2002 Massage techniques and manipulations designed to enhance the physical health of patients Entry-level massage therapist in massage clinics, hospital rehabilitation departments, public practice, wellness centers, and chiropractic offices Medical Assistant, Medical Assisting or Medical Office Professional 1995 Basic knowledge of a medical practice and the operations of a medical office Entry-level medical assistant in a clinic or physician’s office, long-term care facility, hospital or medical insurance company Pharmacy Technician 1999 Pharmacy Technician acts as an intermediary between the doctor and the pharmacist and between the pharmacist and the patient Entry-level pharmacy technician in hospital, home healthcare, and retail environments Clinical Programs Cardiovascular Sonography 2021 Use special imaging equipment that directs sound waves into a patient’s body to assess and diagnose various medical conditions Entry-level cardiovascular sonographers Dental Hygiene 2011 Qualifications for licensure as a Registered Dental Hygienist Entry-level dental hygienist Diagnostic Medical Sonography 2021 Use special imaging equipment that directs sound waves into a patient’s body to assess and diagnose various medical conditions Entry-level obstetrics and gynecology sonographer or entry-level abdominal sonographer Neurodiagnostic Technology 2012 Advanced diagnostic procedures including EEGs, PSGs and others.
An institution whose cohort default rate exceeds 30% in consecutive fiscal years may be subject to conditions and restrictions and will lose eligibility if the rate remains above 30% three years in a row. An institution also will lose eligibility if its rate 19 Table of Contents exceeds 40% for any fiscal year.
An institution whose cohort default rate exceeds 30% in consecutive fiscal years may be subject to conditions and restrictions and will lose eligibility if the rate remains above 30% for three years in a row. An institution also will lose eligibility if its rate exceeds 40% for any fiscal year.
The approvals granted by ED after completing the acquisitions of both MIAT and Concorde, for example, include increased reporting and notification obligations, as well as requirements that neither school group may add new programs or locations, or change existing programs.
The approvals granted by ED after completing the acquisitions of both MIAT and Concorde, for example, included increased reporting and notification obligations, as well as requirements that neither school group could add new programs or locations, or change existing programs.
We continue to evolve our business model to provide our students with accessible, affordable training with a focus on bringing education to the students at convenient locations. Market served by UTI The market for qualified transportation or skilled trades technicians across the programs that UTI offers is large and growing.
Business Model and Industry Partnerships We continue to evolve our business model to provide students with accessible, affordable training by focusing on bringing education to students at convenient locations. Market served by UTI The market for qualified transportation or skilled trades technicians across the programs that UTI offers is large and growing.
To maximize the likelihood of student retention and graduation, our admissions process is intended to identify students who have the desire and ability to succeed in their chosen program. Prior to enrolling, many potential Concorde students complete a test which helps determine their expected success rate in a given program.
To maximize the likelihood of student retention and graduation, our admissions process is designed to identify students who have the desire and ability to succeed in their chosen program. Prior to enrolling, many potential Concorde students complete a test which helps determine the best program for them and their expected success rate in a given program.
There are nearly 7,100 employer location incentive opportunities for UTI students, which when made available make the UTI training programs more affordable for students and may provide them with valuable relationships or employment opportunities following graduation.
There are over 9,100 employer location incentive opportunities for UTI students, which when made available make the UTI training programs more affordable for students and may provide them with valuable relationships or employment opportunities following graduation.
Terms of certification are typically six years but can be three years or shorter. Each of our institutions participates in the Title IV Programs through a PPA. Those institutions that recently have been acquired (MIAT and Concorde) participate pursuant to a provisional PPA, which is standard for institutions that have recently undergone a change in ownership or control.
Terms of certification are typically six years but can be three years or shorter. Each of our institutions participates in the Title IV Programs through a PPA. Those institutions we acquired within the last five years (MIAT and Concorde) participate pursuant to provisional PPAs, which is standard for institutions that have recently undergone a change in ownership or control.
Concorde graduates may also secure positions outside of the target job placement, including various other healthcare related positions. Concorde Affordability and Accessibility During the year ended September 30, 2024, tuition for Concorde programs ranged from approximately $1,000 for the Phlebotomy program (lasting approximately 8 weeks) to $96,000 for the Dental Hygiene program in California (lasting approximately 90 weeks).
Concorde graduates may also secure positions outside of the target job placement, including various other healthcare related positions. Concorde Affordability and Accessibility During the year ended September 30, 2025, tuition for Concorde programs ranged from approximately $1,000 for the Phlebotomy program (lasting approximately 8 weeks) to approximately $99,000 for the Dental Hygiene program (lasting approximately 90 weeks).
This rule covers all Title IV-participating programs at all Title IV-participating institutions of higher education. Under the GE Rule, all institutions will be required to report to ED an extraordinary array of data for their Title IV-participating programs and students.
This rule covers all Title IV-participating programs at all Title IV-participating institutions of higher education. 21 Under the GE Rule, all institutions are required to report to ED an extraordinary array of data for their Title IV-participating programs and students.
During the year ended September 30, 2024, the average annual revenue per Concorde student was 11 Table of Contents approximately $29,000, net of scholarships or grants funded by the institution. We are focused on making the Concorde training more affordable and accessible through financing options, institutional and relocation grants, and scholarships based on need and merit.
During the year ended September 30, 2025, the average annual revenue per Concorde student was approximately $30,000, net of scholarships or grants funded by the institution. We are focused on making the Concorde training more affordable and accessible through financing options, institutional and relocation grants, and scholarships based on need and merit.
In late 2023, ED provided us with a de minimis number of BDR claims that had been filed by former UTI and MIAT students. Then, in late February 2024, ED began providing us with approximately 2,500 BDR claims from former students of our Concorde institutions.
In late 2023, ED provided us with a de minimis number of BDR claims that had been filed by former UTI and MIAT students. Then, in late February 2024, ED provided us with the first subset of approximately 2,500 BDR claims from former students of our Concorde institutions.
The United States Department of Labor Bureau of Labor Statistics (“U.S. DOL BLS”) estimates that an average of approximately 107,300 new job openings, due to growth and net replacements, will exist annually for newly trained technicians in the automotive, diesel, and collision fields through 2033. Additionally, for skilled trades and other transportation programs, the U.S.
The United States Department of Labor Bureau of Labor Statistics (“U.S. DOL BLS”) estimates an average of approximately 111,100 new job openings, due to growth and net replacements, will exist annually for newly trained technicians in the automotive, diesel, and collision fields through 2034. Additionally, for skilled trades and other transportation programs, the U.S.
Growth, Diversification and Optimization Our organization has a number of key levers to grow, diversify, and optimize the business. Organically, we have been successful by adding new locations and new programs.
Growth, Diversification and Optimization Our organization has several key levers to grow, diversify, and optimize the business. Organically, we have been successful by adding new locations and new programs.
UTI currently offers the following student-paid MSAT programs using vehicles, equipment, specialty tools and curricula provided by and/or developed in collaboration with its manufacturer brand partners: UTI Student-Paid MSAT Programs Offered Location Advanced Training BMW FastTrack Avondale, Exton, Houston, Long Beach, Orlando, Lisle, Miramar Cummins Engines Avondale, Exton, Houston Cummins Power Generation Avondale Daimler Trucks Finish First Program Avondale, Lisle, Orlando Ford Accelerated Credential Training (FACT) Avondale, Rancho Cucamonga, Sacramento, Orlando, Lisle, Mooresville, Bloomfield, Exton, Houston 7 Table of Contents UTI Student-Paid MSAT Programs Offered Location General Motors Technician Career Training Avondale Mopar TEC by Fiat Chrysler Automobiles US LLC Mooresville Toyota Professional Automotive Technician (TPAT) Lisle, Rancho Cucamonga Manufacturer Specific Training American Honda Motor Company, Inc.
UTI currently offers the following student-paid MSAT programs using vehicles, equipment, specialty tools and curricula provided by and/or developed in collaboration with its manufacturer brand partners: UTI Student-Paid MSAT Programs Offered Location Advanced Training BMW FastTrack Avondale, Arizona; Exton, Pennsylvania; Houston, Texas; Long Beach, California; Orlando, Florida; Lisle, Illinois; Miramar, Florida Cummins Engines Avondale, Arizona; Exton, Pennsylvania; Houston, Texas Cummins Power Generation Avondale, Arizona Daimler Trucks Finish First Program Avondale, Arizona; Lisle, Illinois; Orlando, Florida Ford Accelerated Credential Training (FACT) Avondale, Arizona; Rancho Cucamonga, California; Sacramento, California; Orlando, Florida; Lisle, Illinois; Mooresville, North Carolina; Bloomfield, New Jersey; Exton, Pennsylvania; Houston, Texas General Motors Technician Career Training Avondale, Arizona Mopar TEC by Fiat Chrysler Automobiles US LLC Mooresville, North Carolina Toyota Professional Automotive Technician (TPAT) Rancho Cucamonga, California 7 UTI Student-Paid MSAT Programs Offered Location Manufacturer Specific Training American Honda Motor Company, Inc.
Among other things, an institution must meet all of its financial obligations, including required refunds to students and any Title IV Program liabilities and debts, be current in its debt payments, comply with certain past performance requirements, and not receive an adverse, qualified, or disclaimed opinion by its accountants in its audited financial statements.
Among other things, an institution must meet all of its financial obligations, including making required refunds to students and any Title IV Program liabilities and debts, being current in its debt payments, complying with certain past performance requirements, and not receiving an adverse, qualified, or disclaimed opinion by its accountants in its audited financial statements.
Pending regulatory approval, we expect to launch a minimum of six programs annually at our existing campuses beginning in fiscal year 2025 and open at least two new campuses each year between fiscal years 2026 and 2029, which includes expanding both UTI’s and Concorde’s campus offerings and footprint.
Pending regulatory approval, we expect to launch a minimum of six programs annually at our existing campuses and open at least two new campuses each year between fiscal years 2026 and 2029, thus expanding both UTI’s and Concorde’s campus offerings and footprint.
Market served by Concorde The market for qualified healthcare support occupations across the programs that Concorde offers is growing even faster, with the U.S. DOL BLS estimating an annual average of 1,261,100 new jobs annually through 2033. Specifically, the U.S.
Market served by Concorde The market for qualified healthcare support occupations across the programs that Concorde offers is growing even faster, with the U.S. DOL BLS estimating an annual average of 1,286,700 new jobs annually through 2034. Specifically, the U.S.
Throughout 2024, we have expanded partnerships in the healthcare market and completed five program expansions within Concorde’s existing campuses. Continually optimizing program offerings and operations serves to further enhance overall operating margins and is a foundational element of our strategy.
Since acquisition, we have expanded partnerships in the healthcare market and completed thirteen program expansions within Concorde’s existing campuses. Continually optimizing program offerings and operations serves to further enhance overall operating margins and is a foundational element of our strategy.
During the year ended September 30, 2024, approximately 17% of Concorde’s active students received a Concorde-funded scholarship or grant and approximately 68% of Concorde active students received funding through Concorde sponsored retail installment contracts. Student Enrollment UTI enrolls students throughout the year with courses typically starting every three to eleven weeks.
During the year ended September 30, 2025, approximately 16% of Concorde’s active students received a Concorde-funded scholarship or grant and approximately 68% of Concorde active students received funding through Concorde sponsored retail installment contracts. 11 Student Enrollment UTI enrolls students throughout the year with courses typically starting every three to twelve weeks.
None of our institutions had a three-year cohort default rate of 7% or greater for 2021, 2020, or 2019, which are the three most recent FFYs with published rates. Financial Responsibility All institutions participating in Title IV Programs also must satisfy specific ED standards of financial responsibility.
All of our institutions had a three-year cohort default rate of 0% for 2022, 2021, or 2020, which are the three most recent FFYs with published rates. 19 Financial Responsibility All institutions participating in Title IV Programs also must satisfy specific ED standards of financial responsibility.
The UTI advanced training programs range from 8 to 26 weeks in duration and are completed subsequent to satisfying the core UTI program requirements. These programs culminate in a certificate, diploma, associate of occupational studies degree, or associate of 4 Table of Contents applied science degree depending on the program and campus.
The UTI advanced training programs range from 12 to 23 weeks in duration and are completed subsequent to satisfying the core UTI program requirements. These programs culminate in a certificate, diploma, associate of occupational studies degree, or associate of applied science degree depending on the program and campus.
Year Ended September 30, % 2024 2023 Change UTI Total new student starts 15,138 14,181 6.7 % Average full-time active students 13,810 12,614 9.5 % End of period full-time active students 15,873 14,833 7.0 % Concorde (1) Total new student starts 11,747 8,432 39.3 % Average full-time active students 8,475 7,654 10.7 % End of period full-time active students 9,747 8,369 16.5 % Consolidated Total new student starts 26,885 22,613 18.9 % Average full-time active students 22,285 20,268 10.0 % End of period full-time active students 25,620 23,202 10.4 % (1) Student data for Concorde presented in the year ended September 30, 2023 column represents the period of UTI’s ownership, or December 1, 2022 through September 30, 2023.
Year Ended September 30, % Change 2025 2024 2023 (1) 2025 vs 2024 2024 vs 2023 UTI Total new student starts 16,339 15,138 14,181 7.9 % 6.7 % Average full-time active students 14,913 13,810 12,614 8.0 % 9.5 % End of period full-time active students 16,841 15,873 14,833 6.1 % 7.0 % Concorde Total new student starts 13,454 11,747 8,432 14.5 % 39.3 % Average full-time active students 9,705 8,475 7,654 14.5 % 10.7 % End of period full-time active students 10,838 9,747 8,369 11.2 % 16.5 % Consolidated Total new student starts 29,793 26,885 22,613 10.8 % 18.9 % Average full-time active students 24,618 22,285 20,268 10.5 % 10.0 % End of period full-time active students 27,679 25,620 23,202 8.0 % 10.4 % (1) Student data for Concorde presented in the year ended September 30, 2023 column represents the period of UTI’s ownership, or December 1, 2022 through September 30, 2023.
Avondale, Orlando Volvo Penta of the Americas Orlando Yamaha Motor Corporation, USA Avondale, Orlando UTI Military Base Programs In addition to the MSATs noted above, in partnership with the military and select industry partners, UTI has been developing and implementing advanced training programs for transitioning veterans at select military base locations.
Phoenix, Arizona Volvo Penta of the Americas Orlando, Florida Yamaha Motor Corporation, USA Phoenix, Arizona; Orlando, Florida UTI Military Base Programs In addition to the MSATs noted above, in partnership with the military and select industry partners, UTI has advanced training programs for transitioning veterans at select military base locations.
Avondale, Orlando BMW Motorrad of North America, LLC Avondale, Orlando Harley-Davidson Motor Company Avondale, Orlando Kawasaki Motors Corporation, USA Avondale, Orlando Mercury Marine Orlando Suzuki Motor of America, Inc.
Phoenix, Arizona; Orlando, Florida BMW Motorrad of North America, LLC Phoenix, Arizona; Orlando, Florida Harley-Davidson Motor Company Phoenix, Arizona; Orlando, Florida Kawasaki Motors Corporation, USA Phoenix, Arizona; Orlando, Florida Mercury Marine Orlando, Florida Suzuki Motor of America, Inc.
These chemicals and substances are handled per the manufacturer guidelines, and the MSDS lists are maintained at the campus per regulations in the event of any adverse reaction. Concorde contracts with several vendors for approved and appropriate disposal of any chemical products or contaminated bloodborne pathogen items.
These chemicals and substances are handled per the manufacturer guidelines, and the safety data sheets are maintained at the campus per regulations in the event of any spill, release, exposure, or adverse reaction. Concorde contracts with several vendors for approved and appropriate disposal of any chemical products or contaminated bloodborne pathogen items.
Concorde Schools and Programs Concorde offers certificate, diploma or degree programs in the healthcare field at campuses across the United States under the Concorde Career Colleges or Concorde Career Institute brands. The majority of Concorde’s short and core programs are 8 to 8 Table of Contents 36 weeks in duration. Clinical programs are 60 to 90 week programs.
Concorde Schools and Programs Concorde offers certificate, diploma or degree programs in the healthcare field at campuses across the United States under the Concorde Career Colleges or Concorde Career Institute brands. The majority of Concorde’s short and core programs are 8 to 38 weeks in duration. Clinical programs are 30 to 120 week programs.
During the year ended September 30, 2024, approximately 35% of active UTI students received a UTI-funded scholarship or grant, approximately 39% of active UTI students participated in an “in school” cash payment plan, and approximately 19% of active UTI students received funding from UTI’s proprietary loan program.
During the year ended September 30, 2025, approximately 58% of active UTI students received a UTI-funded scholarship or grant, approximately 49% of active UTI students participated in an “in school” cash payment plan, and approximately 21% of active UTI students received funding from UTI’s proprietary loan program.
As of September 30, 2024, our institutions’ annual percentages of Federal education assistance funds, as calculated under the current 90/10 rule, ranged from approximately 65% to approximately 88%.
As of September 30, 2025, our institutions’ annual percentages of Federal education assistance funds, as calculated under the current 90/10 rule, ranged from approximately 67% to approximately 82%.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeCongress may change the law or reduce funding for or place restrictions on the use of funds received through Title IV Programs, which could reduce our student population, revenues and/or profit margin. Congress periodically revises the HEA and other laws, and enacts new laws, governing Title IV Programs and determining the funding level for each Title IV Program.
Biggest changeSignificant negotiated rulemakings that could materially and adversely affect our business are discussed in “Business - Regulatory Environment - Title IV Program Rulemakings.” Congress may change the law or reduce funding for or place restrictions on the use of funds received through Title IV Programs, which could reduce our student population, revenues and/or profit margin.
The amount of our outstanding indebtedness could have an adverse effect on our operations and liquidity, including by, among other things: (i) making it more difficult for us to pay or refinance our debts as they become due during adverse economic and industry conditions, because we may not have sufficient cash flows to make our scheduled debt payments; (ii) causing us to use a larger portion of our cash flows to fund interest and principal payments, thereby reducing the availability of cash to fund working capital, capital expenditures and other business activities; (iii) making it more difficult for us to take advantage of significant business opportunities, such as acquisition opportunities or other strategic transactions, and to react to changes in market or industry conditions; and (iv) limiting our ability to borrow additional monies in the future to fund the activities and expenditures described above and for other general corporate purposes as and when needed, which could force us to suspend, delay or curtail business prospects, strategies or operations.
The amount of our outstanding indebtedness could have an adverse effect on our operations and liquidity, including by, among other things: (i) making it more difficult for us to pay or refinance our debts as they become due during adverse economic and industry 31 conditions, because we may not have sufficient cash flows to make our scheduled debt payments; (ii) causing us to use a larger portion of our cash flows to fund interest and principal payments, thereby reducing the availability of cash to fund working capital, capital expenditures and other business activities; (iii) making it more difficult for us to take advantage of significant business opportunities, such as acquisition opportunities or other strategic transactions, and to react to changes in market or industry conditions; and (iv) limiting our ability to borrow additional monies in the future to fund the activities and expenditures described above and for other general corporate purposes as and when needed, which could force us to suspend, delay or curtail business prospects, strategies or operations.
Future legislative or regulatory initiatives that could negatively impact the funding we receive from veterans’ benefits programs include, without limitation: (i) proposals to restrict access to military installations for student recruitment; (ii) a reduction in appropriations for veterans’ benefits programs, or an extended government shutdown; (iii) an inability to secure approvals in one or more states, delays in the process for obtaining approvals, or the revocation of an approval; (iv) changes in the interpretation and application of the 85/15 rule, which prohibits paying VA benefits to students enrolling in a program where more than 85% of the students enrolled in that program have any portion of their tuition, fees, or other charges paid for them by the institution or the VA; and (v) changes in the interpretation and application of the VA rules governing the classification and treatment of blended coursework, and the eligibility of such coursework for veterans’ benefits programs.
Future legislative or regulatory initiatives that could negatively impact the funding we receive from veterans’ benefits programs include, without limitation: (i) proposals to restrict access to military installations for student recruitment; (ii) a reduction in appropriations for veterans’ benefits programs, or an extended government shutdown; (iii) an inability to secure approvals in one or more states, delays in 25 the process for obtaining approvals, or the revocation of an approval; (iv) changes in the interpretation and application of the 85/15 rule, which prohibits paying VA benefits to students enrolling in a program where more than 85% of the students enrolled in that program have any portion of their tuition, fees, or other charges paid for them by the institution or the VA; and (v) changes in the interpretation and application of the VA rules governing the classification and treatment of blended coursework, and the eligibility of such coursework for veterans’ benefits programs.
Factors that could impact our ability to increase 32 such awareness include: continued school district limitations on access to students by for-profit institutions; actions that would limit our access to military bases and installations; and our failure to maintain relationships with automotive, diesel, collision repair, motorcycle and marine manufacturers and suppliers, as well as hospitals, long-term care facilities and medical and dental offices.
Factors that could impact our ability to increase such awareness include: continued school district limitations on access to students by for-profit institutions; actions that would limit our access to military bases and installations; and our failure to maintain relationships with automotive, diesel, collision repair, motorcycle and marine manufacturers and suppliers, as well as hospitals, long-term care facilities and medical and dental offices.
Additionally, these relationships allow us to diversify funding sources, expand the scope and increase the number of programs we offer and reduce our costs and capital expenditures due to the fact that, pursuant to the terms of the underlying contracts with manufacturer brand partners, we provide a variety of specialized training programs and typically do so using tools, equipment and vehicles provided by the manufacturer brand partners.
Additionally, these relationships allow us to diversify funding sources, expand the scope and increase the number of programs we offer and reduce our costs and capital expenditures due to the fact that, pursuant to the terms of the underlying contracts with manufacturer brand 30 partners, we provide a variety of specialized training programs and typically do so using tools, equipment and vehicles provided by the manufacturer brand partners.
All of these factors could result in the proprietary loan program having a material adverse effect on our cash flows, results of operations and financial condition. We rely on third parties to originate, process and service loans under our proprietary loan program. If these companies fail or discontinue providing such services, our business could be harmed.
All of these factors could result in the proprietary loan program having a material adverse effect on our cash flows, results of operations and financial condition. 34 We rely on third parties to originate, process and service loans under our proprietary loan program. If these companies fail or discontinue providing such services, our business could be harmed.
Such costs and expenses could have a material adverse effect on our business, cash flows, results of operations and financial condition and could also result in negative publicity that could negatively affect student enrollment. An adverse outcome in any of these matters could also materially and adversely affect our licenses, accreditation and eligibility to participate in Title IV Programs.
Such costs and expenses could have a material adverse effect on our business, cash flows, results of operations and financial condition and could also result in negative publicity that could negatively 26 affect student enrollment. An adverse outcome in any of these matters could also materially and adversely affect our licenses, accreditation and eligibility to participate in Title IV Programs.
A delay or refusal by any state education agency in approving any changes in our operations that require state approval, such as the opening of a new campus, the introduction of new programs or the revision of existing 27 programs, a change of control or the hiring of new admissions representatives, could prevent us from making such changes or delay our ability to make such changes, or could require substantial additional costs to accommodate such delay.
A delay or refusal by any state education agency in approving any changes in our operations that require state approval, such as the opening of a new campus, the introduction of new programs or the revision of existing programs, a change of control or the hiring of new admissions representatives, could prevent us from making such changes or delay our ability to make such changes, or could require substantial additional costs to accommodate such delay.
If we are unable to hire, develop or retain quality admissions representatives, the effectiveness of our student recruiting efforts would be adversely affected. An increase in interest rates would increase the cost of servicing our debt and could reduce our profitability. Our revolving credit facility and a portion of our term loans bear interest at variable rates.
If we 33 are unable to hire, develop or retain quality admissions representatives, the effectiveness of our student recruiting efforts would be adversely affected. An increase in interest rates would increase the cost of servicing our debt and could reduce our profitability. Our revolving credit facility and a portion of our term loans bear interest at variable rates.
Our expansion plans are based, in part, on our ability to add new 28 educational programs at our existing institutions. Generally, an institution that is eligible to participate in Title IV Programs, and is not provisionally certified, may obtain ED approval if the new program is licensed by the applicable state agency and accredited by an agency recognized by ED.
Our expansion plans are based, in part, on our ability to add new educational programs at our existing institutions. Generally, an institution that is eligible to participate in Title IV Programs, and is not provisionally certified, may obtain ED approval if the new program is licensed by the applicable state agency and accredited by an agency recognized by ED.
State attorneys general and other regulators also scrutinize such arrangements. Failure to comply with regulatory requirements could have a material adverse effect on our business, cash flows, results of operations and financial condition, and could also result in negative publicity that could negatively affect student enrollment.
State attorneys general and other regulators also scrutinize 28 such arrangements. Failure to comply with regulatory requirements could have a material adverse effect on our business, cash flows, results of operations and financial condition, and could also result in negative publicity that could negatively affect student enrollment.
We believe that our enrollment, which tends to be counter cyclical, is affected by changes in economic conditions. During periods when the unemployment rate declines or remains stable, prospective students have more employment options and 30 recruiting new students has traditionally been more challenging.
We believe that our enrollment, which tends to be counter cyclical, is affected by changes in economic conditions. During periods when the unemployment rate declines or remains stable, prospective students have more employment options and recruiting new students has traditionally been more challenging.
If we are unable to accurately assess the variable consideration, our revenues and profitability may be adversely impacted. 34 Federal, state and local laws and general legal and equitable principles relating to the protection of consumers can apply to the origination, servicing and collection of the loans under the proprietary loan program.
If we are unable to accurately assess the variable consideration, our revenues and profitability may be adversely impacted. Federal, state and local laws and general legal and equitable principles relating to the protection of consumers can apply to the origination, servicing and collection of the loans under the proprietary loan program.
If we are not able to effectively and efficiently integrate curricula, this could have a material adverse effect on our cash flows, results of operations and financial condition. 31 We may not be able to retain our key personnel or hire and retain the personnel we need to sustain and grow our business.
If we are not able to effectively and efficiently integrate curricula, this could have a material adverse effect on our cash flows, results of operations and financial condition. We may not be able to retain our key personnel or hire and retain the personnel we need to sustain and grow our business.
Our expenses, however, do not generally vary at the same rate as changes in our student population and revenues and, as a result, such expenses do not fluctuate significantly on a quarterly basis. We expect 36 quarterly fluctuations in results of operations to continue as a result of seasonal enrollment patterns.
Our expenses, however, do not generally vary at the same rate as changes in our student population and revenues and, as a result, such expenses do not fluctuate significantly on a quarterly basis. We expect quarterly fluctuations in results of operations to continue as a result of seasonal enrollment patterns.
The complexity of these marketing efforts contributes to their cost. If we are unable to advertise 33 and market our institutions and programs successfully, our ability to attract and enroll new students could be materially adversely affected and, consequently, our financial performance could suffer.
The complexity of these marketing efforts contributes to their cost. If we are unable to advertise and market our institutions and programs successfully, our ability to attract and enroll new students could be materially adversely affected and, consequently, our financial performance could suffer.
An acquisition can result in the temporary suspension of the acquired institution’s participation in Title IV Programs and opening an additional location can result in a delay of the campus’ participation in Title IV Programs unless we submit a timely and materially complete application for approval of the acquisition or the opening of the new location.
An acquisition can result in the temporary suspension of 27 the acquired institution’s participation in Title IV Programs and opening an additional location can result in a delay of the campus’ participation in Title IV Programs unless we submit a timely and materially complete application for approval of the acquisition or the opening of the new location.
We devote significant effort to understanding the effects of these regulations on our business and to developing 25 compliant solutions that also are congruent with our business, culture, and mission to serve our students and industry relationships.
We devote significant effort to understanding the effects of these regulations on our business and to developing compliant solutions that also are congruent with our business, culture, and mission to serve our students and industry relationships.
Because all Title IV Program student loans (other than Perkins loans) are now processed under the Direct Loan (“DL”) program, any disruption in our ability to process student loans through the DL program, either because of administrative challenges on our part or the inability of ED to process the increased volume of loans through the DL program on a timely 26 basis, could impact our students’ ability to timely obtain their student loans and have a material adverse effect on our operations, cash flows, results of operations, or financial condition.
Because all Title IV Program student loans (other than Perkins loans) are processed under the Direct Loan (“DL”) program, any disruption in our ability to process student loans through the DL program, either because of administrative challenges on our part or the inability of ED to process the increased volume of loans through the DL program on a timely basis, could impact our students’ ability to timely obtain their student loans and have a material adverse effect on our operations, cash flows, results of operations, or financial condition.
We cannot be sure that we will be able to identify suitable expansion opportunities to maintain or accelerate our current growth rate or that we will be able to successfully integrate or profitably operate any new schools or campuses.
We cannot be sure that 29 we will be able to identify suitable expansion opportunities to maintain or accelerate our current growth rate or that we will be able to successfully integrate or profitably operate any new schools or campuses.
Failure to comply with private education loan requirements may impair our business. Concorde offers students the opportunity to finance all or part of their education using institutional credit, including retail installment contracts. If such arrangements qualify as a “private education loan” under federal law, a multitude of regulations must be followed, including from ED and the CFPB.
Failure to comply with private education loan requirements may impair our business. UTI and Concorde offer students the opportunity to finance all or part of their education using institutional credit, including retail installment contracts. If such arrangements qualify as a “private education loan” under federal law, a multitude of regulations must be followed, including from ED and the CFPB.
Certain actions or reviews may also be triggered automatically based on ED’s standards.
Certain actions or reviews may also be triggered 24 automatically based on ED’s standards.
These allegations have attracted adverse media coverage and have been the subject of legislative hearings and regulatory actions at both the federal and state levels, focusing not only on the individual schools but in some cases on the for-profit postsecondary education sector as a whole.
These allegations have attracted adverse media coverage and have been the subject of legislative hearings and regulatory actions at both the federal and state levels, focusing not only on the individual schools but in some cases on the for-profit post-secondary education sector as a whole.
Competition could decrease our market share and create tuition pricing concerns. The postsecondary education market is highly competitive. We continue to experience a high level of competition for higher quality students not only from similar programs, but also from the overall employment market and the military.
Competition could decrease our market share and create tuition pricing concerns. The post-secondary education market is highly competitive. We continue to experience a high level of competition for higher quality students not only from similar programs, but also from the overall employment market and the military.
The approvals granted by these entities permit our schools to operate and to participate in a variety of government-sponsored financial aid programs, including Title IV Programs and veterans’ programs, from which we derived approximately 78% of our revenues, on a cash basis, in fiscal year 2024.
The approvals granted by these entities permit our schools to operate and to participate in a variety of government-sponsored financial aid programs, including Title IV Programs and veterans’ programs, from which we derived approximately 78% of our revenues, on a cash basis, in fiscal 2025.
We are also subject to various lawsuits, investigations and claims, covering a wide range of matters, including, but not limited to, alleged violations of federal and state laws, including consumer protection laws applicable to activities of postsecondary educational institutions, false claims made to the federal government and routine employment matters.
We are also subject to various lawsuits, investigations and claims covering a wide range of matters, including, but not limited to, alleged violations of federal and state laws, including consumer protection laws applicable to activities of post-secondary educational institutions, false claims made to the federal government and routine employment matters.
Other proprietary postsecondary institutions have been subject to information requests from the CFPB with regard to their private student loan programs. The possibility of litigation, and the associated cost, are risks associated with the proprietary loan program.
Other proprietary post-secondary institutions have been subject to information requests from the CFPB with regard to their private student loan programs. The possibility of litigation, and the associated cost, are risks associated with the proprietary loan program.
We also have seven campus locations in California and seven campus locations in Texas, all in areas that have historically been susceptible to severe weather events or other natural disasters. 35 If floods, fire, inclement weather, including extreme rain, wind, heat, or cold, or accidents due to human error were to occur and cause damage to our campus facilities, or limit the ability of our students or faculty to participate in or contribute to our academic programs or our ability to comply with federal and state educational requirements or our agreements with our vendors, our business may be adversely effected, especially if such events were to occur in the midst of ongoing academic programs during an academic cycle.
If floods, fire, inclement weather, including extreme rain, wind, heat, or cold, or accidents due to human error were to occur and cause damage to our campus facilities, or limit the ability of our students or faculty to participate in or contribute to our academic programs or our ability to comply with federal and state educational requirements or our agreements with our vendors, our business may be adversely effected, especially if such events were to occur in the midst of ongoing academic programs during an academic cycle.
Volatility in the market price of our common stock may prevent you from being able to sell your shares at or above the price you paid for your shares.
As a result, you could lose all or part of your investment. Volatility in the market price of our common stock may prevent you from being able to sell your shares at or above the price you paid for your shares.
The extent to which a similar pandemic may impact our business and operations will depend on a variety of factors beyond our control, including the actions of governments, businesses and other enterprises in response to the pandemic, the effectiveness of those actions, and vaccine availability, distribution and adoption, all of which cannot be predicted with any level of certainty.
The extent to which a similar pandemic may impact our business and operations will depend on a variety of factors beyond our control, including the actions of governments, businesses and other enterprises in response to the pandemic, the effectiveness of those actions, and vaccine availability, distribution and adoption, all of which cannot be predicted with any level of certainty. 35 Risks Related to Investing in Our Common Stock The price of our common stock has fluctuated significantly in the past and may continue to do so in the future.
Additionally, a shutdown of government agencies, such as ED, responsible for administering student financial aid programs under Title IV could lead to delays in student eligibility determinations and delays in origination and disbursement of government-funded student loans to our students.
Additionally, a shutdown of government agencies responsible for administering student financial aid programs under Title IV, including ED, could lead to delays in student eligibility determinations and delays in origination and disbursement of government-funded student loans to our students. These uncertainties could reduce our student population, revenues and/or profit margin.
Over the last decade, Congress and state legislatures have focused significantly on for-profit education institutions, specifically regarding participation in Title IV Programs and DOD or VA oversight of tuition assistance for military service members attending for-profit colleges.
In recent years, federal and state governments and agencies have focused significantly on for-profit education institutions, specifically regarding participation in Title IV Programs and DOD or VA oversight of tuition assistance for military service members attending for-profit colleges.
Any interruptions that hinder our ability to timely deliver our services, or that materially impact the efficiency or cost with which we provide these services, or our ability to attract and retain computer programmers with knowledge of the appropriate computer programming language, would adversely affect our reputation and profitability and our ability to conduct business and prepare financial reports.
Any interruptions that hinder our ability to timely deliver our services, or that materially impact the efficiency or cost with which we provide these services, or our ability to attract and retain computer programmers with knowledge of the appropriate computer programming language, would adversely affect our reputation and profitability and our ability to conduct business and prepare financial reports. 32 System disruptions and security threats to our computer networks, including breach of the personal information we collect, could have a material adverse effect on our business and our reputation.
These regulations also are frequently challenged through litigation, creating significant uncertainty as to when and what part of the regulations have taken effect, how they should be implemented, and how they will be interpreted and enforced. New Borrower Defense to Repayment, Financial Responsibility, or Gainful Employment regulations, in particular, may increase risks of financial liability or reputational harm.
These regulations also are frequently challenged through litigation, creating significant uncertainty as to when and what part of the regulations have taken effect, how they should be implemented, and how they will be interpreted and enforced.
Such action may occur during HEA reauthorization as part of separate technical amendments to the HEA or during Congress’ annual budget and appropriations cycle. These uncertainties could reduce our student population, revenues and/or profit margin.
Such action may occur during HEA reauthorization as part of separate technical amendments to the HEA or during Congress’s annual budget and appropriations cycle.
The occurrence of natural or man-made catastrophes, including those caused by climate change and other climate-related causes, could materially and adversely affect our business, financial condition, results of operations and prospects.
If economic or industry conditions deteriorate or if market valuations decline, including with respect to our common stock, we may be required to impair goodwill in future periods. The occurrence of natural or man-made catastrophes, including those caused by climate change and other climate-related causes, could materially and adversely affect our business, financial condition, results of operations and prospects.
Any resulting impairment charge is recognized as an expense in the period in which impairment is identified. Our total recorded goodwill of $28.5 million as of September 30, 2024 resulted from our MMI, MIAT and Concorde acquisitions. We perform our annual goodwill impairment assessment as of August 1 of each fiscal year. Future assessments of goodwill could result in reductions.
Any resulting impairment charge is recognized as an expense in the period in which impairment is identified. Our total recorded goodwill of $28.5 million as of September 30, 2025 resulted from our Motorcycle Mechanics Institute and Marine Mechanics Institute, MIAT College of Technology and Concorde acquisitions.
Moreover, damage to or total destruction of our campus facilities from various weather events may not be covered in whole or in part by any insurance we may have.
Moreover, damage to or total destruction of our campus facilities from various weather events may not be covered in whole or in part by any insurance we may have. Public health pandemics, epidemics or outbreaks, such as the COVID-19 pandemic, could have a material adverse effect on our business and operations.
Congress most recently reauthorized the HEA in 2008. Despite repeated attempts, Congress has not completed a full reauthorization since then. In addition to HEA reauthorization, policies directly related to Title IV Programs and funding for those programs may be impacted by the annual budget and appropriations process as well as by other legislation.
In addition to HEA reauthorization, policies directly related to Title IV Programs and funding for those programs may be impacted by the annual budget and appropriations process as well as by other legislation. In this regard, on July 4, 2025, OBBBA was signed into law.
Significant negotiated rulemakings that could materially and adversely affect our business are discussed in “Business - Regulatory Environment - Title IV Program Rulemakings.” The loss of funds from Veterans' benefits programs could materially and adversely affect our business.
The loss of funds from Veterans' benefits programs could materially and adversely affect our business.
For additional information regarding the Company’s BDR claims (and responses thereto), please see “Business - Regulatory Environment - Borrower Defense to Repayment.” 29 The postsecondary education regulatory environment has changed and may change in the future as a result of U.S. federal elections.
The post-secondary education regulatory environment has changed and may change in the future as a result of U.S. federal elections.
Any reduction in net income and operating income resulting from the write-down or impairment of goodwill could adversely affect our financial results. If economic or industry conditions deteriorate or if market valuations decline, including with respect to our common stock, we may be required to impair goodwill in future periods.
We perform our annual goodwill impairment assessment as of August 1 of each fiscal year. Future assessments of goodwill could result in reductions. Any reduction in net income and operating income resulting from the write-down or impairment of goodwill could adversely affect our financial results.
Public health pandemics, epidemics or outbreaks, such as the COVID-19 pandemic, could have a material adverse effect on our business and operations. The COVID-19 pandemic and the resulting containment measures caused economic and financial disruptions globally.
The COVID-19 pandemic and the resulting containment measures caused economic and financial disruptions globally.
Removed
System disruptions and security threats to our computer networks, including breach of the personal information we collect, could have a material adverse effect on our business and our reputation.
Added
Borrower Defense to Repayment, Financial Responsibility, or Gainful Employment regulations, in particular, or rulemakings promulgated in response to OBBBA, may increase risks of financial liability or reputational harm.
Removed
Increased scrutiny and changing expectations from regulators, investors, industry customers, employees, and others regarding our environmental, social and governance (“ESG”) practices and reporting may cause us to incur additional costs, devote additional resources, expose us to new or additional risks, or harm our reputation. Companies across all industries are facing increasing scrutiny related to their ESG practices and reporting.
Added
Congress periodically revises the HEA and other laws, and enacts new laws, governing Title IV Programs and determining the funding level for each Title IV Program. Congress most recently reauthorized the HEA in 2008 and, despite repeated attempts, has not completed a full reauthorization since then.
Removed
Regulators, investors, industry customers, employees and other stakeholders have focused increasingly on ESG practices and placed increasing importance on the implications and social cost of their investments, purchases and other interactions with companies.
Added
Under OBBBA, Congress approved amendments to the HEA that, among other things, revised certain Title IV Programs, including provisions that condition the eligibility of educational programs upon compliance with earnings benchmarks that compare former students’ median earnings after completing a program to the median earnings of working adults with lesser credentials and other provisions that will limit or reduce the amount of Title IV Program funding that may be available to some higher education students.
Removed
If our ESG practices and reporting do not meet investor, industry customer, employee or stakeholder expectations and standards, which continue to evolve, our brand, reputation, and student and employee retention may be negatively impacted. We also expect to incur additional costs and devote additional resources to monitor, report and implement various ESG practices, including as a result of regulatory developments.
Added
OBBBA also enacted regulatory changes to the “borrower defense to repayment” and “closed school loan discharge” regulations. The impact of these changes and other changes to the HEA enacted as part of OBBBA, and of related future regulatory and policy changes, is unknown at this time.
Removed
Risks Related to Investing in Our Common Stock The price of our common stock has fluctuated significantly in the past and may continue to do so in the future. As a result, you could lose all or part of your investment.
Added
For additional information regarding the Company’s BDR claims (and responses thereto), please see “Business - Regulatory Environment - Borrower Defense to Repayment.” If our students are unable to obtain professional licenses or certifications required for employment in their chosen fields of study, our reputation may suffer and we may face declining enrollments and revenue or be subject to student litigation.
Added
Certain of our students require or desire professional licenses or certifications to obtain employment in their chosen fields.
Added
Their success in obtaining such licensure or certification depends on several factors, including the individual merits of the student, whether the institution and the program were approved by the relevant government or by the relevant state regulatory authorities, whether the program from which the student graduated meets all professional licensure educational requirements and whether the program is accredited in accordance with state requirements.
Added
If one or more state professional licensing authorities refuses to recognize our graduates for professional licensure in the future based on factors relating to us or our programs, the potential growth of our programs would be negatively affected, which could have a material adverse effect on our business, financial condition and results of operations.
Added
In addition, we could be exposed to litigation that would force us to incur legal and other expenses that could have a material adverse effect on our business, cash flows, results of operations and financial condition, and could also result in negative publicity that could negatively affect student enrollment.
Added
We also have seven campus locations in California and six campus locations in Texas, all in areas that have historically been susceptible to severe weather events or other natural disasters.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

7 edited+0 added−2 removed13 unchanged
Biggest changeCybersecurity Threats To date, we are not aware of any cybersecurity threats, including as a result of previous cybersecurity incidents, that are reasonably likely to have a material effect on us, our business strategy, results of operations, or financial condition.
Biggest changeOur CEO, Chief Financial Officer, and Chief Legal Officer each hold undergraduate and/or graduate degrees in their respective fields, and each has experience managing risks at our Company and at similar companies, including risks arising from cybersecurity threats. 37 Cybersecurity Threats To date, we are not aware of any cybersecurity threats, including as a result of previous cybersecurity incidents, that are reasonably likely to have a material effect on us, our business strategy, results of operations, or financial condition.
The results of such assessments, audits and reviews are reported to our board of directors and Audit Committee by CIO, and we adjust our cybersecurity policies, standards, processes and practices as necessary based on the information provided by these assessments, audits and reviews.
The results of such assessments, audits and reviews are reported to our board of directors and Audit Committee by our CIO, and we adjust our cybersecurity policies, standards, processes and practices as necessary based on the information provided by these assessments, audits and reviews.
Our Audit Committee, in connection with management led by CIO, works collaboratively across our Company to implement a program designed to protect our information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with our incident response and recovery plans.
Our Audit Committee, in connection with management led by our CIO, works collaboratively across our Company to implement a program designed to protect our information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with our incident response and recovery plans.
We regularly engage third parties to perform assessments on our cybersecurity measures, including information security maturity assessments, audits and independent reviews of our information security 37 control environment and operating effectiveness.
We regularly engage third parties to perform assessments on our cybersecurity measures, including information security maturity assessments, audits and independent reviews of our information security control environment and operating effectiveness.
Risk Management and Strategy As one of the critical elements of enterprise-wide approach to risk management, our cybersecurity program is focused on the following key areas: Governance : As discussed in more detail under the heading “Governance” below, our cybersecurity program is overseen by our Chief Information Officer (CIO), who reports to our Chief Executive Officer (CEO), and is responsible for publishing cybersecurity policies and standards, conducting annual risk assessments and maintaining our compliance.
Risk Management and Strategy As one of the critical elements of enterprise-wide approach to risk management, our cybersecurity program is focused on the following key areas: Governance : As discussed in more detail under the heading “Governance” below, our cybersecurity program is overseen by our Chief Information Officer (“CIO”), who reports to our Chief Executive Officer (“CEO”), and is responsible for publishing cybersecurity policies and standards, conducting annual risk assessments and maintaining our compliance.
Collaboration : We have implemented a comprehensive, cross-functional approach to identifying, preventing and mitigating cybersecurity threats and incidents, while also implementing controls and procedures that provide for the prompt escalation of certain cybersecurity incidents so that decisions regarding the public disclosure and reporting of such incidents can be made by management in a timely manner.
Our CIO regularly reports to our Audit Committee on the status of the cybersecurity program. 36 Collaboration : We have implemented a comprehensive, cross-functional approach to identifying, preventing and mitigating cybersecurity threats and incidents, while also implementing controls and procedures that provide for the prompt escalation of certain cybersecurity incidents so that decisions regarding the public disclosure and reporting of such incidents can be made by management in a timely manner.
Our CIO holds an undergraduate degree in Business Administration and has served in various roles in Information Technology for over 15 years and has been overseeing the cybersecurity program for 5 years. Our VP information Security hold an undergraduate degree in Information Systems Security and has served in various roles in cybersecurity for over 15 years.
Our CIO holds a graduate degree in Business Administration and has more than 23 years of experience across technology roles, including the past three years overseeing cybersecurity programs. Our Vice President of Information Security holds a bachelor’s degree in Information Systems Security and brings over 15 years of experience in cybersecurity leadership roles.
Removed
Our CIO regularly reports to our Audit Committee on the status of the cybersecurity program.
Removed
Our Chief Executive Officer, interim Chief Financial Officer, and Chief Legal Officer each hold undergraduate and/or graduate degrees in their respective fields, and each has experience managing risks at our Company and at similar companies, including risks arising from cybersecurity threats.

Item 2. Properties

Properties — owned and leased real estate

3 edited+4 added−2 removed1 unchanged
Biggest changeJoseph) Concorde 50,000 Leased June 2036 New Jersey (Bloomfield) UTI 102,000 Leased December 2030 North Carolina (Mooresville) NASCAR Tech 146,000 Leased October 2030 Oregon (Portland) Concorde 33,000 Leased July 2034 Pennsylvania (Exton) UTI 129,000 Leased October 2029 Tennessee (Memphis) Concorde 72,000 Leased August 2031 Texas (Austin) UTI 107,000 Leased October 2032 Texas (Dallas) Concorde 47,000 Leased March 2031 Texas (Dallas/Ft.
Biggest changeJoseph) Concorde 50,000 Leased December 2036 New Jersey (Bloomfield) UTI 102,000 Leased December 2030 North Carolina (Mooresville) UTI 146,000 Leased October 2030 Oregon (Portland) Concorde 33,000 Leased July 2034 Pennsylvania (Exton) UTI 129,000 Leased October 2029 Tennessee (Memphis) Concorde 72,000 Leased August 2031 Texas (Austin) UTI 107,000 Leased October 2032 Texas (Dallas) Concorde 47,000 Leased March 2031 Texas (Dallas) UTI 109,000 Owned N/A Texas (Dallas) (4) UTI 31,000 Leased September 2035 38 Location Brand Approximate Square Footage Leased or Owned Lease Expiration Date Texas (Houston) UTI 172,000 Owned N/A Texas (Houston) UTI 54,000 Leased September 2029 Texas (Grand Prairie) Concorde 50,000 Leased January 2029 Texas (San Antonio) (3) UTI 51,000 Leased June 2036 Texas (San Antonio) Concorde 48,000 Leased February 2033 Other locations: Arizona (Phoenix) UTI and Corporate 21,000 Leased February 2027 Missouri (Overland Park) Concorde 8,000 Leased November 2030 (1) During fiscal 2025, we signed a lease agreement to relocate our Concorde campus in Aurora, Colorado to a new facility in Denver, Colorado.
ITEM 2. PROPERTIES The following sets forth certain information relating to our campuses and corporate headquarters as of September 30, 2024. Many of the leases are renewable for additional terms at our option.
ITEM 2. PROPERTIES The following sets forth certain information relating to our campuses and corporate headquarters as of September 30, 2025. Many of the leases are renewable for additional terms at our option.
Location Brand Approximate Square Footage Leased or Owned Lease Expiration Date Campus locations: Arizona (Avondale) UTI/MMI 283,000 Owned N/A California (Garden Grove) Concorde 45,000 Leased March 2032 California (Long Beach) UTI 137,000 Leased August 2030 California (North Hollywood) Concorde 35,000 Leased May 2027 California (Rancho Cucamonga) UTI 148,000 Leased September 2031 California (Sacramento) UTI 117,000 Leased February 2033 California (San Bernardino) Concorde 48,000 Leased March 2028 California (San Diego) Concorde 34,000 Leased January 2027 Colorado (Aurora) Concorde 55,000 Leased December 2025 38 Location Brand Approximate Square Footage Leased or Owned Lease Expiration Date Florida (Jacksonville) Concorde 46,000 Leased December 2027 Florida (Miramar) UTI 103,000 Leased March 2032 Florida (Miramar) Concorde 33,000 Leased April 2028 Florida (Orlando) UTI/MMI 154,000 Owned N/A Florida (Orlando) UTI/MMI 34,000 Leased March 2031 Florida (Orlando) Concorde 41,000 Leased April 2030 Florida (Tampa) Concorde 30,000 Leased January 2027 Illinois (Lisle) UTI 187,000 Owned N/A Michigan (Canton) MIAT 125,000 Leased April 2036 Mississippi (Southaven) Concorde 23,000 Leased March 2027 Missouri (Kansas City) Concorde 40,000 Leased June 2032 Missouri (St.
Location Brand Approximate Square Footage Leased or Owned Lease Expiration Date Campus locations: Arizona (Avondale & Phoenix) UTI 283,000 Owned N/A California (Garden Grove) Concorde 45,000 Leased March 2032 California (Long Beach) UTI 137,000 Leased August 2030 California (North Hollywood) Concorde 35,000 Leased May 2027 California (Rancho Cucamonga) UTI 148,000 Leased September 2031 California (Sacramento) UTI 117,000 Leased February 2033 California (San Bernardino) Concorde 48,000 Leased March 2028 California (San Diego) Concorde 34,000 Leased December 2036 Colorado (Aurora) Concorde 55,000 Leased April 2026 Colorado (Denver) (1) Concorde 63,000 Leased December 2037 Florida (Fort Myers) (2) Concorde 20,000 Leased October 2032 Florida (Jacksonville) Concorde 46,000 Leased December 2027 Florida (Miramar) UTI 103,000 Leased March 2032 Florida (Miramar) Concorde 33,000 Leased April 2028 Florida (Orlando) UTI 154,000 Owned N/A Florida (Orlando) UTI 34,000 Leased March 2031 Florida (Orlando) Concorde 41,000 Leased April 2030 Florida (Tampa) Concorde 30,000 Leased January 2027 Georgia (Atlanta) (3) UTI 150,000 Leased May 2036 Illinois (Lisle) UTI 187,000 Owned N/A Michigan (Canton) UTI 125,000 Leased April 2036 Mississippi (Southaven) Concorde 23,000 Leased March 2027 Missouri (Kansas City) Concorde 18,000 Leased June 2032 Missouri (St.
Removed
Worth) UTI 95,000 Owned N/A Texas (Houston) UTI 172,000 Owned N/A Texas (Houston) MIAT 54,000 Leased June 2029 Texas (Grand Prairie) Concorde 50,000 Leased January 2029 Texas (San Antonio) 1 Concorde 48,000 Leased February 2033 Other locations: Arizona (Phoenix) UTI and Corporate 21,000 Leased February 2027 Missouri (Overland Park) 2 Concorde 8,000 Leased November 2030 (1) In December 2023, we renewed our lease on the Concorde San Antonio, Texas campus for an additional eight year term.
Added
In connection with the relocation, we extended our existing lease in Aurora through April 2026. Construction has begun on the new Denver facility and we expect the relocation to be completed in April 2026.
Removed
(2) In July 2024, we came to an early lease termination agreement on the Concorde Kansas City, Missouri corporate office, which had been vacated for a smaller space in July 2023.
Added
(2) Concorde signed a new facility lease agreement during fiscal 2025 related to our partnership with Heartland Dental to construct a new co-branded campus in Fort Myers, Florida, which is expected to open in early fiscal 2026, pending regulatory approvals, and will bring the total number of Concorde campuses nationwide to 18. Construction began during the second quarter of 2025.
Added
(3) During fiscal 2025, we announced the opening of two new UTI campuses during fiscal 2026 in San Antonio, Texas and Atlanta, Georgia. We recorded the related lease obligations during 2025 as we began our build-out of these facilities. (4) To expand our program offerings at our UTI Dallas campus, we signed a new facility lease agreement during fiscal 2025.
Added
The expansion will accommodate approximately 1,000 additional students and introduce programs in airframe and powerplant, HVACR, and electrical, pending all regulatory approvals.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

7 edited+1 added−4 removed3 unchanged
Biggest changeRepurchase of Securities On December 10, 2020, our board of directors authorized a new share repurchase plan that would allow for the repurchase of up to $35.0 million of our common stock in the open market or through privately negotiated transactions. Any repurchases under this new stock repurchase program require the approval of our board of directors.
Biggest changeWe continuously evaluate our cash position in light of growth opportunities, operating results and general market conditions. Repurchase of Securities On December 10, 2020, our board of directors authorized a new share repurchase plan that would allow for the repurchase of up to $35.0 million of our common stock in the open market or through privately negotiated transactions.
This presentation assumes that $100 was invested in shares of the relevant issuers on September 30, 2019, and that dividends received were immediately invested in additional shares.
This presentation assumes that $100 was invested in shares of the relevant issuers on September 30, 2020, and that dividends received were immediately invested in additional shares.
Lincoln Educational Services Corporation Notes: • The lines represent monthly index levels derived from compounded daily returns that include all dividends. • The indexes are reweighted daily, using the market capitalization on the previous trading day. • If the monthly interval, based on the fiscal year-end, is not a trading day, the preceding trading day is used. • The index level for all series was set to $100.00 on 9/30/2019.
Notes: • The lines represent monthly index levels derived from compounded daily returns that include all dividends. • The indexes are reweighted daily, using the market capitalization on the previous trading day. • If the monthly interval, based on the fiscal year-end, is not a trading day, the preceding trading day is used. • The index level for all series was set to $100.00 on 9/30/2020.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market Information Our common stock is listed on the NYSE under the symbol “UTI.” The closing price of our common stock as reported by the NYSE on December 3, 2024 was $24.17 per share.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market Information Our common stock is listed on the NYSE under the symbol “UTI.” The closing price of our common stock as reported by the NYSE on November 21, 2025 was $22.66 per share.
As of December 3, 2024, there were 18 holders of record of our common stock. Dividends On June 9, 2016, our board of directors voted to eliminate the quarterly cash dividend on our common stock. Any future common stock dividends require the approval from our board of directors.
As of November 21, 2025, there were 12 holders of record of our common stock. Dividends On June 9, 2016, our board of directors voted to eliminate the quarterly cash dividend on our common stock. Any future common stock dividends require the approval from our board of directors.
The graph plots the value of the initial $100 investment at one-year intervals for the fiscal years shown. 40 CRSP Total Returns Index for: 09/2019 09/2020 09/2021 09/2022 09/2023 09/2024 Universal Technical Institute, Inc. $ 100.00 $ 93.38 $ 124.26 $ 100.00 $ 154.03 $ 298.83 Russell 2000 100.00 100.39 148.25 113.42 123.55 156.61 Peer Group 100.00 73.31 74.91 66.08 84.31 125.25 Companies in the Self-Determined Peer Group: Adtalem Global Education, Inc.
The graph plots the value of the initial $100 investment at one-year intervals for the fiscal years shown. 40 CRSP Total Returns Index for: 09/2020 09/2021 09/2022 09/2023 09/2024 09/2025 Universal Technical Institute, Inc. $ 100.00 $ 133.07 $ 107.09 $ 164.94 $ 320.00 $ 640.52 Russell 2000 100.00 147.68 112.98 123.07 156.00 172.78 New Peer Group (1) 100.00 102.18 90.14 115.01 170.86 283.47 Old Peer Group (1) 100.00 102.18 90.14 115.01 170.86 282.93 Companies in the Self-Determined Peer Group: Adtalem Global Education, Inc.
We did not repurchase any shares during the quarter ended September 30, 2024.
Any repurchases under this new stock repurchase program require the approval of our board of directors. We did not repurchase any shares during the quarter ended September 30, 2025.
Removed
Pursuant to the Certificate of Designations of the Series A Preferred Stock, we paid preferred stock cash dividends of $1.1 million during the year ended September 30, 2024.
Added
Legacy Education, Inc. (1) American Public Education, Inc. Perdoceo Education Corporation Lincoln Educational Services Corporation Strategic Education, Inc. (1) During 2025, we added Legacy Education, Inc., who first publicly listed its securities on the NYSE on September 26, 2024, to our peer group. This addition is the only difference between our New Peer Group and the Old Peer Group.
Removed
As of September 30, 2024, no shares of the Series A Preferred Stock remained outstanding and all rights of the holders to receive future dividends have been terminated due to the combination of the repurchase and conversion of all outstanding preferred shares as of December 18, 2023.
Removed
See Note 18 of the notes to our Consolidated Financial Statements within Part II, Item 8 of this Annual Report on Form 10-K for further information on the preferred share conversion. We continuously evaluate our cash position in light of growth opportunities, operating results and general market conditions.
Removed
Perdoceo Education Corporation American Public Education, Inc. Strategic Education, Inc.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

81 edited+54 added−30 removed51 unchanged
Biggest changeYear Ended September 30, 2024 2023 2022 Revenues 100.0 % 100.0 % 100.0 % Operating expenses: Educational services and facilities 52.5 % 54.3 % 49.5 % Selling, general and administrative 39.5 % 42.2 % 45.2 % Total operating expenses 92.0 % 96.5 % 94.7 % Income from operations 8.0 % 3.5 % 5.3 % Interest (expense) income, net (0.4) % (0.6) % (0.4) % Other income (expense) 0.1 % 0.1 % (0.1) % Total other (expense) income, net (0.3) % (0.5) % (0.5) % Income before income taxes 7.7 % 3.0 % 4.8 % Income tax (expense) benefit (1.9) % (0.9) % 1.3 % Net income 5.8 % 2.1 % 6.1 % Preferred stock dividends (0.1) % (0.8) % (1.2) % Income available for distribution 5.7 % 1.3 % 4.9 % Income allocated to participating securities (0.4) % (0.4) % (1.9) % Net income available to common shareholders 5.3 % 0.9 % 3.0 % Year Ended September 30, 2024 Compared to Year Ended September 30, 2023 Revenues The following table presents revenue by segment (in thousands): Year ended September 30, 2024 Year ended September 30, 2023 Year over Year % Change UTI $ 486,376 $ 429,317 13.3 % Concorde 246,311 178,091 38.3 % Consolidated 732,687 607,408 20.6 % Our revenues for the year ended September 30, 2024 were $732.7 million, an increase of $125.3 million, or 20.6%, as compared to revenues of $607.4 million for the year ended September 30, 2023.
Biggest changeYear Ended September 30, 2025 % of Revenue 2024 % of Revenue Revenues $ 835,616 100.0 % $ 732,687 100.0 % Operating expenses: Educational services and facilities 420,491 50.3 % 384,529 52.5 % Selling, general and administrative 331,656 39.7 % 289,267 39.5 % Total operating expenses 752,147 90.0 % 673,796 92.0 % Income from operations 83,469 10.0 % 58,891 8.0 % Interest income (expense), net 540 0.1 % (3,157) (0.4) % Other income (expense), net 265 — % 496 0.1 % Total other income (expense), net 805 0.1 % (2,661) (0.3) % Income before income taxes 84,274 10.1 % 56,230 7.7 % Income tax expense (21,256) (2.5) % (14,229) (1.9) % Net income 63,018 7.6 % 42,001 5.8 % Preferred stock dividends — — % (1,097) (0.1) % Income available for distribution 63,018 7.6 % 40,904 5.7 % Income allocated to participating securities — — % (2,855) (0.4) % Net income available to common shareholders 63,018 7.6 % 38,049 5.3 % 45 Revenues and Student Metrics Year Ended September 30, Student Metrics 2025 2024 % Change Average full-time active students 24,618 22,285 10.5 % Total new student starts 29,793 26,885 10.8 % End of period full-time active students 27,679 25,620 8.0 % Our revenues for the year ended September 30, 2025 were $835.6 million, an increase of $102.9 million, or 14.0%, as compared to revenues of $732.7 million for the year ended September 30, 2024.
The effective income tax rate for the year ended September 30, 2024 differed from the federal statutory tax rate of 21% primarily due to non-deductible executive compensation, stock compensation, change in valuation allowance, federal research and development tax credits and state and local income and franchise taxes.
The effective income tax rate for the year ended September 30, 2024 differed from the federal statutory rate of 21% primarily due to non-deductible executive compensation, stock compensation, change in valuation allowance, federal research and development tax credits, and state and local income and franchise taxes.
Changes in operating assets and liabilities for the year ended September 30, 2024 used cash of $28.3 million primarily due to the following: • Changes in our operating lease liability as a result of rent payments used cash of $22.4 million. • The increase in receivables used cash of $12.1 million and was primarily due to the timing of Title IV disbursements and other cash receipts on behalf of our students. • Changes in our accounts payable and accrued expenses due to the timing of payments provided cash of $13.2 million. • The change in deferred revenue provided cash of $6.8 million and was primarily attributable to the timing of student starts, the number of students in school and where they were at period end in relation to completion of their program at September 30, 2024 as compared to September 30, 2023. • The increase in notes receivable used cash of $5.8 million and was primarily due to higher utilization of UTI’s proprietary loan program.
Changes in operating assets and liabilities for the year ended September 30, 2024 used cash of $28.3 million primarily due to the following: • Changes in our operating lease liability as a result of rent payments used cash of $22.4 million. • The increase in receivables used cash of $12.1 million and was primarily due to the timing of Title IV disbursements and other cash receipts on behalf of our students. • The increase in notes receivable used cash of $5.8 million and was primarily due to higher utilization of UTI’s proprietary loan program. • Changes in our accounts payable and accrued expenses due to the timing of payments provided cash of $13.2 million. • The change in deferred revenue provided cash of $6.8 million and was primarily attributable to the timing of student starts, the number of students in school and where they were at period end in relation to completion of their program at September 30, 2024 as compared to September 30, 2023.
Our ability to start new students can be influenced by various factors including: the state of the general macro-economic environment and its impact on price sensitivity and the ability and willingness of students and their families to incur debt to fund their education; unemployment rates; competition; adverse media coverage; legislative, or regulatory actions and investigations by attorneys general and various agencies related to allegations of wrongdoing on the part of other companies 44 within the education and training services industry, which can cast the aggregate “for-profit” education industry in a negative light; and pandemics and or other national, state or local emergencies as declared by various government authorities.
Our ability to start new students can be influenced by various factors including: the state of the general macro-economic environment and its impact on price sensitivity and the ability and willingness of students and their families to incur debt to fund their education; unemployment rates; competition; adverse media coverage; legislative, or regulatory actions and investigations by attorneys general and various agencies related to allegations of wrongdoing on the part of other companies within the education and training services industry, which can cast the aggregate “for-profit” education industry in a negative light; and pandemics and or other national, state or local emergencies as declared by various government authorities.
Deferred revenue represents the excess of tuition and fee payments received as compared to tuition and fees earned and is reflected as a current liability on our consolidated balance sheets because it is expected to be earned within the next 12 months. All of our revenues are generated within the United States.
Deferred revenue represents the excess 55 of tuition and fee payments received as compared to tuition and fees earned and is reflected as a current liability on our consolidated balance sheets because it is expected to be earned within the next 12 months. All of our revenues are generated within the United States.
All of our campuses are accredited and are eligible for federal student financial assistance funds under the Higher Education Act of 1965, as amended, commonly referred to as Title IV Programs, which are administered by the U.S. Department of Education.
All of our campuses are accredited and are eligible for federal student financial assistance funds under the Higher Education Act of 1965, as amended, commonly referred to as Title IV Programs, which are administered by the U.S. Department of Education (“ED”).
Additionally, we bear all credit and collection risk for the portion of our student tuition that is funded through the proprietary loan program. 43 Operating Expenses We categorize our operating expenses as (i) educational services and facilities and (ii) selling, general and administrative.
Additionally, we bear all credit and collection risk for the portion of our student tuition that is funded through the proprietary loan program. Operating Expenses We categorize our operating expenses as (i) educational services and facilities and (ii) selling, general and administrative.
We principally utilize 55 historical percentages of uncollectible accounts, customer credit worthiness, and changes in payment history when evaluating the adequacy of the allowance for credit losses. We also monitor and consider external factors such as changes in the economic and regulatory environment.
We principally utilize historical percentages of uncollectible accounts, customer credit worthiness, and changes in payment history when evaluating the adequacy of the allowance for credit losses. We also monitor and consider external factors such as changes in the economic and regulatory environment.
We believe that the following accounting estimates are the most critical to aid 54 in fully understanding and evaluating our reported financial results, and they require management’s most subjective and complex judgments in estimating the effect of inherent uncertainties.
We believe that the following accounting estimates are the most critical to aid in fully understanding and evaluating our reported financial results, and they require management’s most subjective and complex judgments in estimating the effect of inherent uncertainties.
UTI also offers manufacturer specific advanced training programs (“MSAT”), which include student-paid electives, at our campuses and manufacturer or dealer sponsored training at certain campuses and dedicated training centers. Lastly, UTI provides dealer technician training or instructor staffing services to manufacturers.
UTI also offers manufacturer specific advanced training programs, which include student-paid electives, at our campuses and manufacturer or dealer sponsored training at certain campuses and dedicated training centers. Lastly, UTI provides dealer technician training or instructor staffing services to manufacturers.
Share Repurchase Program On December 10, 2020, our board of directors authorized a share repurchase plan that would allow for the repurchase of up to $35.0 million of our common stock in the open market or through privately negotiated transactions. We did not repurchase any shares under this plan during the years ended September 30, 2024, 2023, and 2022.
Share Repurchase Program On December 10, 2020, our board of directors authorized a share repurchase plan that would allow for the repurchase of up to $35.0 million of our common stock in the open market or through privately negotiated transactions. We did not repurchase any shares under this plan during the years ended September 30, 2025, 2024, and 2023.
Approximately 78% of our revenues, on a cash basis, were collected from funds distributed under Title IV Programs and various veterans' benefits programs for the year ended September 30, 2024 as calculated under the 90/10 rule. The Company extends credit for tuition and fees, for a limited period of time, to the majority of our students.
Approximately 78% of our revenues, on a cash basis, were collected from funds distributed under Title IV Programs and various veterans' benefits programs for the year ended September 30, 2025 as calculated under the 90/10 rule. The Company extends credit for tuition and fees, for a limited period of time, to the majority of our students.
Tuition revenue and fees generally vary based on the average number of students enrolled and average tuition charged per program. For students at our UTI schools, we offer a proprietary loan program, where we provide the students who participate in this program with extended payment terms for a portion of their tuition for up to ten years.
Tuition revenue and fees generally vary based on the average number of students enrolled and average tuition charged per program. For students at our UTI schools, we offer a proprietary loan program, where we provide the students who participate in this program with extended payment terms for a portion of their tuition, which is generally up to ten years.
Approximately 99% of our revenues for each of the years ended September 30, 2024, 2023 and 2022, respectively, consisted of gross tuition. We supplement our tuition and fee revenues with additional revenues from sales of textbooks and program supplies and other revenues, which are recognized as the transfer of goods or services occurs.
Approximately 99% of our revenues for each of the years ended September 30, 2025, 2024 and 2023, respectively, consisted of gross tuition. We supplement our tuition and fee revenues with additional revenues from sales of textbooks and program supplies and other revenues, which are recognized as the transfer of goods or services occurs.
The introduction of additional program offerings at existing campuses and the opening of additional campuses is expected to influence our average full-time enrollment. UTI currently offers start dates at its campuses that range from every three to eleven weeks throughout the year in the core programs.
The introduction of additional program offerings at existing campuses and the opening of additional campuses is expected to influence our average full-time enrollment. UTI currently offers start dates at its campuses that range from every three to twelve weeks throughout the year in the core programs.
The number of start dates of UTI advanced training programs varies by the duration of those programs and the needs of the manufacturers that sponsor them. Concorde enrolls students throughout the year with core terms starting every month and clinical terms starting every ten weeks.
The number of start dates of UTI advanced training programs varies by the duration of those programs and the needs of the manufacturers that sponsor them. Concorde enrolls students throughout the year with core terms starting every month and clinical terms starting every ten or sixteen weeks.
See Note 18 of the notes to our Consolidated Financial Statements within Part II, Item 8 of this Annual Report on Form 10-K for additional details on the conversion of our preferred stock. 51 Principal Sources of Liquidity Our principal source of liquidity is operating cash flows and existing cash and cash equivalents.
See Note 19 of the notes to our Consolidated Financial Statements within Part II, Item 8 of this Annual Report on Form 10-K for additional details on the conversion of our preferred stock. Principal Sources of Liquidity Our principal source of liquidity is operating cash flows and existing cash and cash equivalents.
See Note 15 of the notes to our Consolidated Financial Statements within Part II, Item 8 of this Annual Report on Form 10-K for further discussion.
See Note 16 of the notes to our Consolidated Financial Statements within Part II, Item 8 of this Annual Report on Form 10-K for further discussion.
See 49 Note 18 of the notes to our Consolidated Financial Statements within Part II, Item 8 of this Annual Report on Form 10-K for further discussion of the preferred stock. Income available for distribution Income available for distribution refers to net income reduced by dividends on our Series A Preferred Stock.
See Note 19 of the notes to our Consolidated Financial Statements within Part II, Item 8 of this Annual Report on Form 10-K for further discussion of the preferred stock. Income available for distribution Income available for distribution refers to net income reduced by dividends on our Series A Preferred Stock.
For a discussion of our liquidity for the year ended September 30 2022, refer to Part II, Item 7, “Management’s Discussion and Analysis of Financial Position and Results of Operations,” of our 2023 Form 10-K filed with the SEC on December 1, 2023 which discussion is incorporated herein by reference and which is available free of charge on the SEC’s website at www.sec.gov.
For a discussion of our liquidity for the year ended September 30, 2023, refer to Part II, Item 7, “Management’s Discussion and Analysis of Financial Position and Results of Operations,” of our 2024 Form 10-K filed with the SEC on December 5, 2024 which discussion is incorporated herein by reference and which is available free of charge on the SEC’s website at www.sec.gov.
Approximately $36.9 million relates to a term loan that bears interest at the rate of Term SOFR plus 2.0% over the seven-year term, secured in connection with the purchase of the UTI Lisle, Illinois campus property in February 2022. Approximately $4.8 million relates to a finance lease for a campus within our Concorde segment.
Approximately $36.1 million relates to a term loan that bears interest at the rate of Term SOFR plus 2.0% over the seven-year term, secured in connection with the purchase of the UTI Lisle, Illinois campus property in February 2022. Approximately $3.8 million relates to a finance lease for a campus within our Concorde segment.
Tuition and fee revenue is recognized ratably over the term of the course or program offered. Approximately 99% of our revenues for each of the years ended September 30, 2024, 2023 and 2022, respectively, consisted of gross tuition. The majority of the UTI programs are designed to be completed in 30 to 100 weeks.
Tuition and fee revenue is recognized ratably over the term of the course or program offered. Approximately 99% of our revenues for each of the years ended September 30, 2025, 2024 and 2023, respectively, consisted of gross tuition. The majority of the UTI programs are designed to be completed in 30 to 110 weeks.
For a discussion of the financial results of operations for the year ended September 30, 2023 compared to the year ended September 30 2022, refer to Part II, Item 7, “Management’s Discussion and Analysis of Financial Position and Results of Operations,” of our 2023 Form 10-K filed with the SEC on December 1, 2023 which discussion is incorporated herein by reference and which is available free of charge on the SEC’s website at www.sec.gov.
For a discussion of the financial results of operations for the year ended September 30, 2023, refer to Part II, Item 7, “Management’s Discussion and Analysis of Financial Position and Results of Operations,” of our 2024 Form 10-K filed with the SEC on December 5, 2024 which discussion is incorporated herein by reference and which is available free of charge on the SEC’s website at www.sec.gov.
Non-GAAP Financial Measures Our earnings before interest, tax, depreciation and amortization (“EBITDA”) for the years ended September 30, 2024, 2023 and 2022 were $88.7 million, $47.1 million and $38.8 million, respectively. We define EBITDA as net income (loss) for the year, before interest (income) expense, income tax expense (benefit), and depreciation and amortization.
Non-GAAP Financial Measures Our earnings before interest, tax, depreciation and amortization (“EBITDA”) for the years ended September 30, 2025, 2024 and 2023 were $116.7 million, $88.7 million and $47.1 million, respectively. We define EBITDA as net income (loss) for the year, before interest (income) expense, income tax expense (benefit), and depreciation and amortization.
Of the $126.1 million outstanding, $28.4 million relates to a term loan that bears interest at the rate of Term SOFR plus 2.0% and a tranche rate adjustment of 0.046% over the seven-year term secured in connection with the UTI Avondale, Arizona campus property purchased in December 2020.
Of the $87.4 million outstanding, $27.5 million relates to a term loan that bears interest at the rate of Term SOFR plus 2.0% and a tranche rate adjustment of 0.046% over the seven-year term secured in connection with the UTI Avondale, Arizona campus property purchased in December 2020.
The effective income tax rate for the year ended September 30, 2023 differed from the federal statutory rate of 21% primarily due to non-deductible executive compensation, transaction costs, federal research and development tax credits and state and local income and franchise taxes.
The effective income tax rate for the year ended September 30, 2025 differed from the federal statutory tax rate of 21% primarily due to non-deductible executive compensation, stock compensation, refinements to the federal research and development tax credits, and state and local income and franchise taxes.
The increase in revenues for each of the three months ended December 31, 2022, March 31, 2023, June 30, 2023 and September 30, 2023, as compared to the same periods in fiscal 2022, was due to an increase in student population during fiscal 2023 primarily related to the acquisition of Concorde.
The increase in revenues for each of the three months ended December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, as compared to the same periods in fiscal 2023, was due to an increase in student population during fiscal 2024.
Income allocated to participating securities Our Series A Preferred Stock is considered a participating security because, in the event that we pay a dividend or make a distribution on the outstanding common stock, we must also pay each holder of the Series A Preferred Stock a dividend on an as-converted basis.
Income allocated to participating securities Our previously outstanding Series A Preferred Stock was considered a participating security because, in the event that we pay a dividend or make a distribution on the outstanding common stock, we were required to pay each holder of the Series A Preferred Stock a dividend on an as-converted basis.
Exclusion of items in our 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 calculate EBITDA differently than we do, limiting its usefulness as a comparative measure across companies.
Exclusion of items in our 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 calculate EBITDA differently than we do, limiting its usefulness as a comparative measure across companies. Investors are encouraged to use GAAP measures when evaluating our financial performance.
The UTI segment implemented average tuition rate increases of up to 3.0%, 6.0% and 2.5% for each of the years ended September 30, 2024, 2023 and 2022, respectively, and the Concorde segment implemented average tuition rate increases of approximately 2.5% and 3.0% for the years ended September 30, 2024 and 2023, respectively.
The UTI segment implemented average tuition rate increases of approximately 1.9%, 3.0% and 6.0% for each of the years ended September 30, 2025, 2024 and 2023, respectively, and the Concorde segment implemented average tuition rate increases of approximately 2.5%, 2.5% and 3.0% for the years ended September 30, 2025, 2024 and 2023, respectively.
The UTI advanced training programs range from 8 to 26 weeks in duration. UTI also provides dealer technician training or instructor staffing services to manufacturers. Revenues are recognized as transfer of the services occurs. The majority of Concorde’s short and core programs are 8 to 36 weeks in duration, Concorde’s clinical programs are completed in 60 to 90 weeks.
The UTI advanced training programs range from 12 to 23 weeks in duration. UTI also provides dealer technician training or instructor staffing services to manufacturers. Revenues are recognized as transfer of the services occurs. The majority of Concorde’s short and core programs are 8 to 38 weeks in duration, Concorde’s clinical programs are completed in 30 to 120 weeks.
As a result of the foregoing, we reported income available for distribution for the years ended September 30, 2024 and 2023 of $40.9 million and $7.3 million, respectively.
As a result of the foregoing, we reported income available for distribution for the years ended September 30, 2025 and 2024 of $63.0 million and $40.9 million, respectively.
Net income, after adjustments for non-cash items, for the year ended September 30, 2023 provided cash of $71.8 million. The non-cash items included $25.2 million for depreciation and amortization expense, $20.6 million for amortization of right-of -use assets for operating leases, $4.6 million of deferred taxes, $3.8 million for stock-based compensation expense and $3.3 million for provision for credit losses.
Net income, after adjustments for non-cash items, provided cash of $114.2 million for the year ended September 30, 2024. The non-cash items included $29.3 million for depreciation and amortization expense, $21.9 million for amortization of right-of-use assets for operating leases, $8.6 million for stock-based compensation expense, $7.5 million for provision for credit losses and $4.4 million of deferred taxes.
Long-term Debt As of September 30, 2024, we had $126.1 million of long-term debt outstanding, which is comprised of two term loans, a finance lease and our revolving credit facility.
Long-term Debt and Letter of Credit As of September 30, 2025, we had $87.4 million of long-term debt outstanding, which is comprised of two term loans, a finance lease and our revolving credit facility.
Income taxes Our income tax expense for the year ended September 30, 2024 was $14.2 million, or 25.3% of pre-tax income, compared to $5.8 million, or 31.9% of pre-tax income, for the year ended September 30, 2023.
Income taxes Our income tax expense for the year ended September 30, 2025 was $21.3 million, or 25.2% of pre-tax income, compared to $14.2 million, or 25.3% of pre-tax income, for the year ended September 30, 2024.
The $2.7 million of other expense in fiscal 2024 is primarily comprised of $9.5 million of interest expense from our revolving credit facility and term loans, partially offset by interest income of $6.3 million.
The $0.8 million of other income, net in fiscal 2025 is primarily comprised of interest income of $6.2 million, partially offset by $5.6 million of interest expense from our revolving credit facility and term loans.
Investors are encouraged to use GAAP measures when evaluating our financial performance. 50 EBITDA reconciles to net income as follows (in thousands): Year Ended September 30, 2024 2023 2022 Net income $ 42,001 $ 12,322 $ 25,848 Interest expense (income), net 3,157 3,795 1,495 Income tax expense (benefit) 14,229 5,765 (5,407) Depreciation and amortization 29,324 25,215 16,883 EBITDA $ 88,711 $ 47,097 $ 38,819 Liquidity and Capital Resources Overview of Liquidity Based on past performance and current expectations, we believe that our cash flows from operations, cash on hand and investments will satisfy our working capital needs, capital expenditures, commitments and other liquidity requirements associated with our existing operations, as well as announced growth, diversification and optimization initiatives through the next fiscal year and beyond.
EBITDA reconciles to net income as follows (in thousands): Year Ended September 30, 2025 2024 2023 Net income $ 63,018 $ 42,001 $ 12,322 Interest (income) expense, net (540) 3,157 3,795 Income tax expense 21,256 14,229 5,765 Depreciation and amortization 32,958 29,324 25,215 EBITDA $ 116,692 $ 88,711 $ 47,097 Liquidity and Capital Resources Overview of Liquidity Based on past performance and current expectations, we believe that our cash flows from operations, cash on hand and investments will satisfy our working capital needs, capital expenditures, commitments and other liquidity requirements associated with our existing operations, as well as announced growth, diversification and optimization initiatives through the next fiscal year and beyond.
Preferred stock dividends As of September 30, 2024, no shares of the Series A Preferred Stock remained outstanding and all rights of the holders to receive future dividends have been terminated due to the combination of the repurchase and conversion of all outstanding preferred shares as of December 18, 2023.
Preferred stock dividends As of December 18, 2023, no shares of the Series A Preferred Stock remained outstanding and all rights of the holders to receive future dividends have been terminated due to the combination of the repurchase and conversion of all outstanding preferred shares. 47 Pursuant to the Certificate of Designations of the Series A Preferred Stock, we paid cash dividends of $1.1 million during the year ended September 30, 2024.
Recent Accounting Pronouncements Information concerning recently issued accounting pronouncements which are not yet effective is included in Note 3 of the notes to our Consolidated Financial Statements within Part II, Item 8 of this Annual Report on Form 10-K. As indicated in Note 3, we are still evaluating the impact of the recently issued accounting pronouncements on our financial statements.
Recent Accounting Pronouncements Information concerning recently issued accounting pronouncements is included in Note 3 of the notes to our Consolidated Financial Statements within Part II, Item 8 of this Annual Report on Form 10-K. 56
Income from Operations (Dollars shown in thousands) Year Ended September 30, 2024 2023 2022 Three Month Period Ending: Amount Percent Amount Percent Amount Percent December 31 $ 14,231 24.2 % $ 4,448 20.8 % $ 13,578 60.7 % March 31 11,192 19.0 % 5,949 27.8 % 3,377 15.1 % June 30 7,446 12.6 % 663 3.1 % 1,954 8.7 % September 30 26,022 44.2 % 10,339 48.3 % 3,465 15.5 % Total fiscal year $ 58,891 100.0 % $ 21,399 100.0 % $ 22,374 100.0 % The increase in income from operations for fiscal year 2024 was primarily due to increased revenues as a result of higher student population as well as continued execution of cost control measures.
Revenues from the Concorde segment presented in the year ended September 30, 2023 column represents the period of UTI’s ownership, or December 1, 2022 through September 30, 2023. 54 Income from Operations (Dollars shown in thousands) Year Ended September 30, 2025 2024 2023 Three Month Period Ending: Amount Percent Amount Percent Amount Percent December 31 $ 27,478 32.9 % $ 14,231 24.2 % $ 4,448 20.8 % March 31 16,853 20.2 % 11,192 19.0 % 5,949 27.8 % June 30 14,152 17.0 % 7,446 12.6 % 663 3.1 % September 30 24,986 29.9 % 26,022 44.2 % 10,339 48.3 % Total fiscal year $ 83,469 100.0 % $ 58,891 100.0 % $ 21,399 100.0 % The increase in income from operations for fiscal 2025 was primarily due to increased revenues as a result of a higher student population, as well as continued execution of cost control measures.
Our insurers issue surety bonds for us on behalf of our campuses and admissions representatives with multiple states to maintain authorization to conduct our business. We are obligated to reimburse our insurers for any surety bonds that are paid by the insurers. As of September 30, 2024, the total face amount of these surety bonds was approximately $22.9 million.
Our insurers issue surety bonds for us on behalf of our campuses and admissions representatives with multiple states to maintain authorization to conduct our business. We are obligated to reimburse our insurers for any surety bonds that are paid by the insurers.
Net income available to common shareholders After allocating the income to the participating securities, we had $38.0 million and $4.5 million of net income available to common shareholders for the years ended September 30, 2024 and 2023, respectively.
The amount of income allocated to the participating securities for the year ended September 30, 2024 was $2.9 million. Net income available to common shareholders After allocating the income to the participating securities, we had $63.0 million and $38.0 million of net income available to common shareholders for the years ended September 30, 2025 and 2024, respectively.
Strategic Uses of Cash We believe that uses of our cash resources may include consideration of strategic acquisitions and organic growth initiatives, purchase of real estate assets, subsidizing funding alternatives for our students, and the repurchase of common stock, among others.
This represents an increase of $23.6 million from our total liquidity as of September 30, 2024. 51 Strategic Uses of Cash We believe that uses of our cash resources may include consideration of strategic acquisitions and organic growth initiatives, purchase of real estate assets, subsidizing funding alternatives for our students, and the repurchase of common stock, among others.
As noted above, no shares of the Series A Preferred Stock remain outstanding and all rights of the holders to receive future dividends have been terminated as of the December 18, 2023 conversion date. The amount of income allocated to the participating securities for the years ended September 30, 2024 and 2023 was $2.9 million and $2.7 million, respectively.
As noted above, no shares of the Series A Preferred Stock remain outstanding and all rights of the holders to receive future dividends were terminated on December 18, 2023. There was no income was allocated to participating securities for the year ended September 30, 2025.
UTI also provides dealer technician training or instructor staffing services to manufacturers where revenue is recognized as the transfer of services occurs. 42 Student Enrollment and Tuition Average full-time enrollments vary depending on, among other factors, the number of continuing students at the beginning of a period, new student enrollments during the period, students who have previously withdrawn but decide to re-enroll during the period, and graduations and withdrawals during the period.
Student Enrollment and Tuition Average full-time enrollments vary depending on, among other factors, the number of continuing students at the beginning of a period, new student enrollments during the period, students who have previously withdrawn but decide to re-enroll during the period, and graduations and withdrawals during the period.
Partially offsetting the cash outflows, is the $29.0 million in proceeds from maturities of held-to-maturity securities. Financing Activities For the year ended September 30, 2024, net cash used by financing activities was $51.3 million which was primarily related to $34.0 million in net payments on the revolving credit facility, or $75.0 million in payments offset by $41.0 million in proceeds.
For the year ended September 30, 2024, net cash used by financing activities was $51.3 million which was primarily related to $34.0 million in net payments on the revolving credit facility, or $75.0 million in payments offset by $41.0 million in proceeds. Additionally, $11.5 million was used to repurchase Series A Preferred Stock.
Net income for the year ended September 30, 2024 was $42.0 million compared to $12.3 million in the prior year.
Net income for the year ended September 30, 2025 was $63.0 million, a 50% increase when compared to $42.0 million in the prior year.
Furthermore, our revenues for the first quarter ending December 31 are impacted by the closure of our campuses for a week in December for a holiday break and during which we do not earn revenue. 53 Revenues (Dollars shown in thousands) Year Ended September 30, 2024 2023 2022 Three Month Period Ending: Amount Percent Amount Percent Amount Percent December 31 $ 174,695 23.8 % $ 120,004 19.8 % $ 105,075 25.1 % March 31 184,176 25.1 % 163,820 27.0 % 102,086 24.4 % June 30 177,458 24.2 % 153,286 25.2 % 100,966 24.1 % September 30 196,358 26.9 % 170,298 28.0 % 110,638 26.4 % Total fiscal year $ 732,687 100.0 % $ 607,408 100.0 % $ 418,765 100.0 % The increase in revenues for each of the three months ended December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, as compared to the same periods in fiscal 2023, was due to an increase in student population during fiscal 2024.
Revenues (Dollars shown in thousands) Year Ended September 30, 2025 2024 2023 Three Month Period Ending: Amount Percent Amount Percent Amount Percent December 31 $ 201,429 24.1 % $ 174,695 23.8 % $ 120,004 19.8 % March 31 207,447 24.8 % 184,176 25.1 % 163,820 27.0 % June 30 204,298 24.4 % 177,458 24.2 % 153,286 25.2 % September 30 222,442 26.7 % 196,358 26.9 % 170,298 28.0 % Total fiscal year $ 835,616 100.0 % $ 732,687 100.0 % $ 607,408 100.0 % The increase in revenues for each of the three months ended December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025, as compared to the same periods in fiscal 2024, was due to an increase in student population and program expansions during recent years, including 2025.
We regularly evaluate our tuition pricing based on individual campus markets, the competitive environment and ED regulations. Financial Aid Most students at our campuses rely on funds received under various government-sponsored student financial aid programs, predominantly Title IV Programs and various veterans' benefits programs, to pay a substantial portion of their tuition and other education-related expenses.
For more information, see Item 1A. “Risk Factors.” Financial Aid Most students at our campuses rely on funds received under various government-sponsored student financial aid programs, predominantly Title IV Programs and various veterans' benefits programs, to pay a substantial portion of their tuition and other education-related expenses.
Our reporting structure includes two reportable segments as follows: Universal Technical Institute (“UTI”): UTI operates 16 campuses located in nine states and offers a wide range of degree and non-degree transportation and skilled trades technical training programs under brands such as Universal Technical Institute, Motorcycle Mechanics Institute, Marine Mechanics Institute (collectively, “MMI”), NASCAR Technical Institute, and MIAT College of Technology (“MIAT”).
Our reporting structure is as follows: Universal Technical Institute (“UTI”): UTI operates 15 campuses located in nine states and offers a wide range of degree and non-degree transportation and skilled trades technical training programs.
UTI Revenues for UTI for the year ended September 30, 2024 were $486.4 million, an increase of $57.1 million, or 13.3%, versus the prior year. Revenue increased primarily due to a 9.5% increase in overall average full-time active students and an overall increase in average revenue per student.
Concorde Segment Revenues for Concorde for the year ended September 30, 2025 were $293.8 million, an increase of $47.5 million, or 19.3%, versus the prior year. Revenue increased primarily due to a 14.5% increase in average full-time active students.
Investing Activities For the year ended September 30, 2024, net cash used in investing activities was $24.0 million. The cash outflow was primarily related to the purchase of property and equipment of $24.3 million to support new program expansions at both UTI and Concorde. For the year ended September 30, 2023, net cash used in investing activities was $44.1 million.
The cash outflow was primarily related to the purchase of property and equipment of $24.3 million to support new program expansions at both UTI and Concorde. 53 Financing Activities For the year ended September 30, 2025, net cash used by financing activities was $42.8 million which was primarily related to $36.0 million in net payments on the revolving credit facility, or $62.0 million in payments offset by $26.0 million in proceeds.
Changes in operating assets and liabilities for the year ended September 30, 2023 used cash of $22.7 million primarily due to the following: • Changes in our operating lease liability as a result of rent payments used cash of $20.5 million. • The change in deferred revenue provided cash of $11.4 million and was primarily attributable to the timing of student starts, the number of students in school and where they were at period end in relation to completion of their program at September 30, 2023 as compared to September 30, 2022. 52 • Changes in our accounts payable and accrued expenses due to the timing of payments used cash of $5.9 million. • The increase in receivables used cash of $4.9 million and was primarily due to the timing of Title IV disbursements and other cash receipts on behalf of our students.
Changes in operating assets and liabilities for the year ended September 30, 2025 used cash of $54.2 million primarily due to the following: • The increase in receivables used cash of $38.7 million and was primarily due to the timing of Title IV disbursements and other cash receipts on behalf of our students. • Changes in our operating lease liability as a result of rent payments used cash of $22.1 million. • The change in other assets used cash of $6.7 million and was primarily due to higher utilization of retail installment contracts. • The increase in notes receivable used cash of $5.2 million and was primarily due to higher utilization of UTI’s proprietary loan program. • Changes in prepaid expenses used cash of $1.7 million primarily due to the timing of payments. • The increase in our income tax payable provided cash of $11.4 million. • Changes in our accounts payable and accrued expenses due to the timing of payments provided cash of $11.2 million.
See Note 22 of the notes to our Consolidated Financial Statements within Part II, Item 8 of this Annual Report on Form 10-K for additional details on our segments.
We acquired Concorde on December 1, 2022. 41 “ Corporate ” includes corporate related expenses that are not allocated to the UTI or Concorde reportable segments. See Note 23 of the notes to our Consolidated Financial Statements within Part II, Item 8 of this Annual Report on Form 10-K for additional details on our segments.
With the Series A Preferred Stock repurchase and subsequent conversion of remaining shares to common stock in December 2023, there will be no further dividend payments related to the Series A Preferred Stock going forward.
With the Series A Preferred Stock repurchase and subsequent conversion of remaining shares to common stock in December 2023, there were no dividend payments related to the Series A Preferred Stock during the year ended September 30, 2025. We paid preferred stock cash dividends of $1.1 million during the year ended September 30, 2024.
The Company has designated campuses that offer degree granting programs “Concorde Career College;” where allowed by State regulation. The remaining campuses are designated as “Concorde Career Institute.” Concorde believes in preparing students for their healthcare careers with practical, hands-on experiences including opportunities to learn while providing care to real patients.
The remaining campuses are designated as “Concorde Career Institute.” Concorde believes in preparing students for their healthcare careers with practical, hands-on experiences including opportunities to learn while providing care for real patients. Prior to graduation, students must complete a certain number of hours in a clinical setting or externship, depending upon their program of study.
Concorde’s new short courses are starting three to five times a year, depending on the campus. Although Concorde operates year-round with lower seasonality than UTI, Concorde experiences population fluctuations dictated by its clinical programmatic accreditors and how many student starts are allowed and the time required between those starts.
Although Concorde operates year-round with lower seasonality than UTI, Concorde experiences population fluctuations dictated by its clinical programmatic accreditors and how many student starts are allowed and the time required between those starts. 42 Our tuition charges vary by type, length and level of the programs, such as core or advanced training.
The non-cash items included $29.3 million for depreciation and amortization expense, $21.9 million for amortization of right-of-use assets for operating leases, $8.6 million for stock-based compensation expense, $7.5 million for provision for credit losses and $4.4 million of deferred taxes.
Net income, after adjustments for non-cash items, provided cash of $151.5 million for the year ended September 30, 2025. The non-cash items included $33.0 million for depreciation and amortization expense, $23.8 million for amortization of right-of-use assets for operating leases, $22.1 million for the provision for credit losses, and $9.2 million for stock-based compensation expense.
Other selling, general and administrative expenses decreased by $1.0 million for the year ended September 30, 2024 as compared to the prior year, primarily due to the completion of integration projects. Other (expense) income, net Other expense for the year ended September 30, 2024 was $2.7 million, compared to $3.3 million for the year ended September 30, 2023.
Other (expense) income, net Other income, net for the year ended September 30, 2025 was $0.8 million, compared to other expense, net of $2.7 million for the year ended September 30, 2024.
Advertising expense as a percentage of revenues decreased to 10.7% for the year ended September 30, 2024 as compared to 12.3% in the prior year. 48 Professional and contract services decreased by $1.3 million for the year ended September 30, 2024. The decreases were primarily due to one-time costs incurred in the prior year related to our business strategies.
Advertising and marketing expenses increased by $10.3 million for the year ended September 30, 2025 as compared to the prior year. Advertising expense as a percentage of revenues decreased slightly to 10.6% for the year ended September 30, 2025 as compared to 10.7% in the prior year.
This increase was also partially due to the continued integration of Concorde during 2024. Corporate Corporate compensation and related costs increased by $5.4 million for the year ended September 30, 2024 as compared to the prior year, primarily due to additional headcount hired to support our business strategies and higher expected achievement on our performance stock-based compensation awards.
This increase was primarily due to costs associated with our business strategies. Compensation and related costs increased by $14.2 million for the year ended September 30, 2025 as compared to the prior year, primarily due to additional personnel across corporate functions and support operations to execute on our growth strategy.
Supplies, maintenance and student expense increased by $5.8 million primarily due to approximately $6.5 million in additional grants for student housing during the current year. This increase was offset by a decrease of approximately $0.6 million in expenses for student laptops.
Supplies, maintenance and student expenses decreased $2.0 million for the year ended September 30, 2025 primarily due to a decrease in student housing expenses of approximately $6.3 million, partially offset by increased supplies and training costs to support our larger student population.
In addition, we continue to pursue other opportunities that align with our growth, diversification and optimization strategy. 45 Results of Operations The following table sets forth selected statements of operations data as a percentage of revenues for each of the periods indicated.
Consolidated Results of Operations for the Year Ended September 30, 2025 Compared to Year Ended September 30, 2024 The following table sets forth selected statements of operations data (in thousands) and as a percentage of revenues for each of the periods indicated.
Concorde Compensation and related costs increased by $6.3 million for the year ended September 30, 2024 as compared to the prior year, primarily due to the inclusion of two additional months of expense in the current year and an increase in headcount to support our growth, diversification and optimization initiatives.
Concorde Segment Compensation and benefits increased by $15.7 million for the year ended September 30, 2025 as compared to the prior year, primarily due to additional instructional and administrative headcount and related compensation costs to support new program growth and increased student volumes.
Advertising expense as a percentage of revenues decreased to 10.5% for the year ended September 30, 2024 as compared to 10.9% in the prior year. Other selling, general and administrative expenses for Concorde for the year ended September 30, 2024 increased across all categories as the current year period includes two additional months of expenses compared to the prior year.
Advertising expense increased by $4.8 million for the year ended September 30, 2025 as compared to the prior year. Advertising expense as a percentage of revenues decreased slightly to 10.4% for the year ended September 30, 2025 as compared to 10.5% in the prior year.
Operating Activities Our net cash provided by operating activities was $85.9 million and $49.1 million for the years ended September 30, 2024 and 2023, respectively. Net income, after adjustments for non-cash items, provided cash of $114.2 million for the year ended September 30, 2024.
As of September 30, 2025, the total face amount of these surety bonds was approximately $29.3 million. 52 Operating Activities Our net cash provided by operating activities was $97.3 million and $85.9 million for the years ended September 30, 2025 and 2024, respectively.
Professional and contract services expense increased by $2.8 million for the year ended September 30, 2024 as compared to the prior year, due to an increase of $2.3 million in contract services primarily related to optimization and integration projects and an increase of $0.4 million in accounting and legal fees.
Professional and contract services decreased by $3.3 million for the year ended September 30, 2025 as compared to the prior year. The decrease in professional and contract services was primarily due to lower legal and consulting expenses as several integration activities were completed in the prior year.
Our actual results may differ materially from those currently anticipated and expressed in such forward-looking statements as a result of a number of factors, including those we discuss under “Risk Factors” “Cautionary Note Regarding Forward-Looking Statements” and elsewhere in this Annual Report on Form 10-K. 41 Company Overview Universal Technical Institute, Inc., which together with its subsidiaries is referred to as the “Company,” “we,” “us” or “our,” 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.
Our actual results may differ materially from those currently anticipated and expressed in such forward-looking statements as a result of a number of factors, including those we discuss under “Risk Factors” “Cautionary Note Regarding Forward-Looking Statements” and elsewhere in this Annual Report on Form 10-K.
Advertising and marketing expense increased by $6.4 million for the year ended September 30, 2024, as compared to the prior year primarily due to the inclusion of two additional months of expense in the current year and to support overall growth in the student population.
General operations expense increased by $9.4 million for the year ended September 30, 2025 as compared to the prior year, primarily due to a $7.2 million increase in the provision for credit losses due to growth in revenues and higher student volumes.
The increase in consolidated total and segment new student starts, average full-time active students and end of period full-time active students was primarily due to new program rollouts and increased student demand for existing programs across both segments.
Average full-time active students for the year ended September 30, 2025 was 24,618, an increase of 10.5% over the prior year primarily due to increased student demand across both segments.
Such patterns may change, however, as a result of new school openings, new program introductions, increased enrollments of adult students or acquisitions.
Such patterns may change, however, as a result of new school openings, new program introductions, increased enrollments of adult students or acquisitions. Furthermore, our revenues for the first quarter ending December 31 are impacted by the closure of our campuses for a week in December for a holiday break and during which we do not earn revenue.
Advertising and marketing expense decreased by $0.9 million for the year ended September 30, 2024, as compared to the prior year. We continue to fine tune our marketing strategy by selecting cost-effective marketing options.
Advertising expense increased by $5.5 million for the year ended September 30, 2025 as compared to the prior year.
Other selling, general and administrative expenses increased by $1.1 million for the year ended September 30, 2024, as compared to the prior year. This increase is in line with the growth in headcount to support the UTI segment and our business strategies.
Other selling, general and administrative expenses increased by $17.9 million for the year ended September 30, 2025 as compared to the prior year. The increase was primarily driven by a $13.6 million increase in the provision for credit losses due to growth in revenues and higher student volumes.
UTI works closely with multiple original equipment manufacturers and industry brand partners to understand their needs for qualified service professionals. Concorde Career Colleges (“Concorde”): On December 1, 2022, we acquired Concorde which operates 17 campuses located in eight states and online, offering degree, non-degree, and continuing education programs in the allied health, dental, nursing, patient care and diagnostic fields.
Concorde Career Colleges (“Concorde”): Concorde operates 17 campuses located in eight states and online, offering degree, non-degree, and continuing education programs in the allied health, dental, nursing, patient care and diagnostic fields. The Company has designated certain campuses as “Concorde Career College;” where allowed by State regulation.
In fiscal 2024, we had operating income of $58.9 million, a 175.2% increase when compared to $21.4 million in the prior year. This increase in operating income was primarily driven by productivity improvements and proactive cost reductions, which have been a key part of our operating model for the past several years.
In fiscal 2025, we had operating income of $83.5 million, a 41.7% increase when compared to $58.9 million in the prior year. This increase in operating income was primarily driven by the increased revenues from the larger student population.
Costs related to the opening of new facilities, excluding related capital expenditures, are expensed in the period incurred or when services are provided. 2024 Overview Student Metrics September 30, 2024 September 30, 2023 (1) % Change UTI Total new student starts 15,138 14,181 6.7 % Average full-time active students 13,810 12,614 9.5 % End of period full-time active students 15,873 14,833 7.0 % Concorde Total new student starts 11,747 8,432 39.3 % Average full-time active students 8,475 7,654 10.7 % End of period full-time active students 9,747 8,369 16.5 % Consolidated Total new student starts 26,885 22,613 18.9 % Average full-time active students 22,285 20,268 10.0 % End of period full-time active students 25,620 23,202 10.4 % (1) New student starts and average student data for Concorde presented in the year ended September 30, 2023 column represents the period of UTI’s ownership, or December 1, 2022 through September 30, 2023.
Segment Revenue and Student Metrics Year Ended September 30, Student Metrics 2025 2024 % Change UTI Average full-time active students 14,913 13,810 8.0 % Total new student starts 16,339 15,138 7.9 % End of period full-time active students 16,841 15,873 6.1 % Concorde Average full-time active students 9,705 8,475 14.5 % Total new student starts 13,454 11,747 14.5 % End of period full-time active students 10,838 9,747 11.2 % UTI Segment Revenues for UTI for the year ended September 30, 2025 were $541.8 million, an increase of $55.4 million, or 11.4%, versus the prior year.
For more information, see Item 1A. “Risk Factors.” Operations Our revenues for the year ended September 30, 2024 were $732.7 million, an increase of $125.3 million, or 20.6%, from the prior year. UTI revenues increased by $57.1 million, or 13.3%, driven primarily by the higher average full-time active students compared to the prior year.
Concorde revenues increased by $47.5 million, or 19.3%. Both segment increases were primarily due to overall growth in full-time active students and new program expansions. Our operating expenses for the year ended September 30, 2025 were $752.1 million, an 11.6% increase over the prior year .
During the year ended September 30, 2024, we executed the following as part of our growth, diversification and optimization strategy: • Concorde announced the launch of additional dental hygiene program offerings in Jacksonville, Florida, Miramar, Florida, and Portland, Oregon and sonography program offerings in Orlando, Florida and San Bernardino, California. • UTI announced additional HVAC and refrigeration program expansions in Avondale, Arizona, Bloomfield, New Jersey, Long Beach, California and Sacramento, California.
During the year ended September 30, 2025, we executed the following as part of our growth, diversification and optimization strategy: • UTI announced Atlanta, Georgia as the location of the division’s next new campus (“UTI Atlanta”).
Our aggregate liquidity as of September 30, 2024 totaled $230.9 million and was comprised of cash and cash equivalents of $161.9 million and undrawn revolving credit facility capacity of $69.0 million. This represents an increase of $71.2 million from our total liquidity as of September 30, 2023.
Our aggregate liquidity as of September 30, 2025 totaled $254.5 million and was comprised of cash and cash equivalents of $127.4 million, $41.8 million of short-term investments, and $85.4 million in availability on our revolving credit facility.
The decrease in income from operations for fiscal year 2023 was primarily due to increased compensation related costs primarily due to an increase in headcount to support our growth, diversification and optimization initiatives. Effect of Inflation To date, inflation has not had a significant effect on our operations.
Income from the Concorde segment presented in the year ended September 30, 2023 column represents the period of UTI’s ownership, or December 1, 2022 through September 30, 2023. Effect of Inflation To date, inflation has not had a significant effect on our operations.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeDuring the fiscal year ended September 30, 2024, we earned interest income of $6.3 million. As we have a conservative investment policy, our financial exposure to fluctuations in interest rates related to our interest income is expected to remain low.
Biggest changeDuring the fiscal year ended September 30, 2025, we earned interest income of $6.2 million. As we have a conservative investment policy, our financial exposure to fluctuations in interest rates related to our interest income is expected to remain low.
We do not believe that the value or liquidity of our cash and cash equivalents and investments have been significantly impacted by current market events. Details regarding our outstanding debt agreements are discussed in Note 13 of the notes to our Consolidated Financial Statements within Part II, Item 8 of this Annual Report on Form 10-K.
We do not believe that the value or liquidity of our cash and cash equivalents and investments have been significantly impacted by current market events. Details regarding our outstanding debt agreements are discussed in Note 14 of the notes to our Consolidated Financial Statements within Part II, Item 8 of this Annual Report on Form 10-K.
For a discussion of our hedging strategy related to interest rate risk, please refer to Note 14 of the notes to our Consolidated Financial Statements within Part II, Item 8 of this Annual Report on Form 10-K.
For a discussion of our hedging strategy related to interest rate risk, please refer to Note 15 of the notes to our Consolidated Financial Statements within Part II, Item 8 of this Annual Report on Form 10-K.
Assuming all terms of our outstanding long-term debt remained the same, a hypothetical 10.0% change (up or down) in the variable rates would result in a $8.9 million change to our annual interest expense for the portion of the long-term debt not hedged by the interest rate swap agreements.
Assuming all terms of our outstanding long-term debt remained the same, a hypothetical 10.0% change (up or down) in the variable rates would result in a $5.2 million change to our annual interest expense for the portion of the long-term debt not hedged by the interest rate swap agreements.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Our principal exposure to market risk relates to changes in interest rates. We invest our cash and cash equivalents in money market funds. As of September 30, 2024, we held $161.9 million in cash and cash equivalents.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Our principal exposure to market risk relates to changes in interest rates. We invest our cash and cash equivalents in money market funds. As of September 30, 2025, we held $127.4 million in cash and cash equivalents.
During the fiscal year ended September 30, 2024, we recorded interest expense of $9.5 million on our outstanding debt.
During the fiscal year ended September 30, 2025, we recorded interest expense of $5.6 million on our outstanding debt.

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