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Universal Technical Institute Inc (UTI). has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing details the company's operations, which include two reportable segments: Universal Technical Institute (UTI) and Concorde Career Colleges (Concorde). UTI operates 16 campuses offering transportation and skilled trades programs, while Concorde offers healthcare education programs across 17 campuses.
For the fiscal year, UTI reported revenues of $486.4 million, a 13.3% increase from the previous year, driven by higher average full-time active students and increased average revenue per student.
Concorde's revenues were $246.3 million, a 38.3% increase, attributed to the inclusion of two additional months of revenue and a 10.7% increase in average full-time active students.
Total operating expenses for the year were $673.8 million, a 15.0% increase, resulting in an operating income of $58.9 million, up 175.2% from the prior year.
Net income was reported at $42.0 million, compared to $12.3 million in the previous year, reflecting improved operational efficiency and higher student volumes.
The company continues to focus on growth, diversification, and optimization strategies, including launching new programs and expanding existing ones across its campuses.
UTI's proprietary loan program, which extends repayment terms for students, recognized $12.0 million in revenue and interest for the year.
Universal Technical Institute's liquidity remains strong, with $161.9 million in cash and cash equivalents and a total liquidity of $230.9 million, including undrawn revolving credit facility capacity.
The company did not repurchase any shares under its share repurchase plan during the fiscal year and does not currently pay a cash dividend on its common stock.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Universal Technical Institute Inc annual 10-K report dated December 5, 2024. To report an error, please email earnings@qz.com.