On this page of StockholderLetter.com we present the 1/17/2023 shareholder letter from UNIVERSAL TECHNICAL INSTITUTE INC — ticker symbol UTI. Reading current and past UTI letters to shareholders can bring important insights into the investment thesis.

 •  1/17/2023 Letter Continued (Full PDF)
 •  1/23/2024 UTI Stockholder Letter
 •  1/15/2025 UTI Stockholder Letter
 •  1/20/2026 UTI Stockholder Letter
 •  More "Education & Training Services" Category Stockholder Letters
 •  UTI Benford's Law Stock Score = 95

UTI 1/17/2023 Shareholder/Stockholder Letter Transcript:

FY22
Annual Report
A Message
To Our
Shareholders
  2021 Universal Technical Institute, Inc.

A MESSAGE TO OUR SHAREHOLDERS
This past year was a pivotal one for us, as we significantly expanded the reach and breadth of our program
offerings positioning the company as a growing workforce solutions provider for a wide range of skills,
careers, and fields going forward. We made significant progress on executing our long-term strategy and
are well on our way to transforming this Company into everything we know it can become.
HERE ARE A FEW KEY METRICS REGARDING OUR EXECUTION
Full Year Revenue of
$418.8 Million In 2022,
Full Year Net Income Was
$25.8 Million
New Student Starts In The Full
Year Increased 2.7%
an increase of 25.0% compared
to the prior year.
compared to $14.6 million in
the prior year.
from the prior year, while average
active students increased 11.7%.
During the year, we opened new campuses in Texas and Florida to meet the ongoing need for skilled
transportation workers and continued to optimize our campus footprint, yielding both cost efficiencies and
freeing up space to add new programs to our sites. This included purchasing the Lisle campus, consolidating
the MMI-Phoenix campus into the Avondale, Arizona location and consolidating the Orlando, Florida campus
into one site. We also opened new welding programs at our North Carolina and Pennsylvania campuses, and
we completed the acquisition and integration of MIAT College of Technology. The latter enables us to expand
MIAT programs to UTI campuses nationwide, which we are planning to execute beginning in the second half
of fiscal 2023.
In alignment with the transportation industry   s move toward electric vehicles (EV), UTI began piloting EV
training coursework at three California campuses and selected Bosch to develop additional EV training.
Building on this momentum, several campuses rolled out new manufacturer-specific advanced training
that integrates EV, hybrid, and battery-electric classwork, including Ford   s Accelerated Credential Training
and Volvo   s Tekniker Apprenticeship Program. Additional program expansions in 2022 included the addition
of the BMW FastTrack program at five campuses.
There was also a transformative change announced in Fiscal Year 2022 that will have a long-term impact
on the growth and trajectory of our company. In May 2022, we announced our intent to acquire Concorde
Career Colleges which reflects our strategic intent to expand beyond our current transportation and skilled
trades offerings and into the healthcare education segment, broadening our potential student population
to include an entirely new demographic by offering a wider range of educational opportunities that are in
demand by employers and industry.
I am incredibly proud to lead this team of high-impact leaders and forward-thinking innovators. In 2022,
their hard work, our growth, and our focused financial execution were recognized when UTI rejoined the
Russell 3000   Index, and in the strong earnings reported for the year.
Together, we remain driven and excited about the opportunities ahead of us, which include delivering quality
education and strong outcomes for our students and creating incremental value for our shareholders.
Sincerely,
Jerome A. Grant
Chief Executive Officer
2
ANNUAL REPORT 2022 - UNIVERSAL TECHNICAL INSTITUTE

1/17/2023 Letter Continued (Full PDF)

 

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