Form 8-K - Current report

UNIVERSAL TECHNICAL INSTITUTE INC false 0001261654 0001261654 2024-08-05 2024-08-05

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 5, 2024

 

 

UNIVERSAL TECHNICAL INSTITUTE, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware		1-31923		86-0226984
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

4225 E. Windrose Drive, Suite 200
Phoenix, AZ		85032
(Address of principal executive offices)		(Zip Code)

[phone]

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.0001 par value per share		UTI		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

☐ Emerging growth company

☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

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Item 7.01 Regulation FD Disclosure.

On August 5, 2024, Universal Technical Institute, Inc. issued a press release announcing the next phase of its “North Star Strategy.” A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this “Form 8-K”) and is incorporated into this Item 7.01 by reference.

The information in Item 7.01 of this Form 8-K, including Exhibit 99.1 attached hereto, is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit No.		Description
99.1		Press Release of Universal Technical Institute, Inc., dated August 5, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

				UNIVERSAL TECHNICAL INSTITUTE, INC.
August 5, 2024				By:		/s/ Christopher E. Kevane
				Name:		Christopher E. Kevane
				Title:		Executive Vice President and Chief Legal Officer

Exhibit 99.1

 

Media Contact:

Susan Aspey

[e-mail]

Universal Technical Institute, Inc. Announces Next Phase of “North Star Strategy”

to Accelerate Growth, Diversification and Optimization

Strategy expected to deliver approximately 10 percent revenue CAGR and expand Adjusted EBITDA

margin to nearly 20 percent through fiscal 2029

PHOENIX (August 5, 2024)—Universal Technical Institute, Inc., a leading workforce solutions provider, today announced the next phase of its “North Star Strategy” to accelerate the company’s mission to close the skilled workforce gap in America. The core tenets of the strategy—growth, diversification and optimization—are the foundation for initiatives across the company’s two divisions of Universal Technical Institute (UTI), which offers transportation, skilled trades and energy education programs; and Concorde Career Colleges, which specializes in the dental, nursing, and allied health professions.

The second phase of the North Star Strategy is expected to deliver approximately 10% revenue CAGR and expand its Adjusted EBITDA margin to nearly 20 percent through fiscal 2029.

“Five years ago, we launched the first phase of the North Star Strategy with a singular vision: to realize the company’s fullest potential as a partner in solving the country’s shortage of skilled collar workers,” said Jerome Grant, CEO, Universal Technical Institute. “We achieved significant milestones in the years since, including nearly tripling the number of campus locations and more than doubling the number of students we serve; more than doubling our revenue; and a more than five times increase in our profitability.”

Grant continued, “As we near the successful implementation of the first phase of the strategy, our company is stronger, more diverse and resilient. We are now prepared to embrace the ambitious agenda we have set for the strategy’s second phase, which we believe will significantly increase the company’s value through impressive revenue growth and expanded profitability.”

Added Todd Hitchcock, EVP and Chief Strategy and Transformation Officer, “As we realize the success of this first phase, we are strongly positioned to explore additional opportunities to support the critical need for highly trained, skilled collar workers in the United States. 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 Concorde’s campus offerings and footprint.”

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Under the leadership of CEO Grant and his senior management team, the company completed the acquisitions of MIAT College of Technology and Concorde to expand its education offerings and geographic reach; established two new UTI campuses in Austin, Texas and Miramar, Fla.; substantially increased the number of employer partnerships; and received multiple awards honoring its curriculum and student outcomes. As a result, revenue and adjusted EBITDA have grown from $331 million and $17 million, respectively, in fiscal year 2019 to $725 million and $103 million, respectively, in fiscal year 2024, per the midpoint of the company’s last published guidance.

“As we implement the second phase of our strategy, we will opportunistically explore additional strategic acquisitions that are consistent with our mission, which would further enhance our planned growth trajectory,” said Grant. “Taken together, the three tenets of our strategy will allow us to reach even more students with industry-aligned workforce programs that demonstrate strong student outcomes, while also increasing the financial strength of the company.”

On Tuesday, August 6, CEO Grant and CFO Troy Anderson will host a conference call to discuss the financial and operational results for the fiscal third quarter that ended on June 30, 2024. They also will discuss the key elements of the North Star Strategy and related expectations over the next five years. More information about the call is available here.

For more information about Universal Technical Institute, Inc., visit investor.uti.edu.

About Universal Technical Institute, Inc.

Universal Technical Institute, Inc. (NYSE: UTI) provides students with the practical skills and knowledge required by employers. Founded in 1965, the company has grown into a national network of campuses offering programs through its two divisions of UTI and Concorde Career Colleges. The UTI division focuses on transportation, skilled trades and energy education programs. The Concorde division specializes in nursing, dental and allied health professions. Under the leadership of CEO Jerome Grant, UTI is recognized for its excellence in career education and its impact on workforce development. For more information, visit www.uti.edu or www.concorde.edu, visit us on LinkedIn at @UniversalTechnicalInstitute and @Concorde Career Colleges, or on X (formerly Twitter) @news_UTI or @ConcordeCareer.

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Document and Entity Information	Aug. 05, 2024
Cover [Abstract]
Entity Registrant Name	UNIVERSAL TECHNICAL INSTITUTE INC
Amendment Flag	false
Entity Central Index Key	0001261654
Document Type	8-K
Document Period End Date	Aug. 05, 2024
Entity Incorporation State Country Code	DE
Entity File Number	1-31923
Entity Tax Identification Number	86-0226984
Entity Address, Address Line One	4225 E. Windrose Drive
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85032
City Area Code	(623)
Local Phone Number	445-9500
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, $0.0001 par value per share
Trading Symbol	UTI
Security Exchange Name	NYSE
Entity Emerging Growth Company	false

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