8-K
filed November 21, 2022, 6:59 PM ET
ticker UTI
CIK 0001261654
earnings
confidence high
sentiment positive
materiality 0.80
UNIVERSAL TECHNICAL INSTITUTE INC (UTI): debt financing — UTI reports FY2022 revenue ~$418.8M, adj. EBITDA >=$55M; secures $100M revolver, Concorde closing Dec 2022
UNIVERSAL TECHNICAL INSTITUTE INC
2022-FY EPS reported
$0.38
revenue$418,765,000
- Revenue ~$418.8M; adj. EBITDA expected >=$55M; FY2022 results in line with guidance.
- New student starts ~13,374, up ~2.7% YoY.
- Entered $100M revolver with Fifth Third Bank; 3-year term; interest SOFR + 1.75%-2.25%.
- Concorde acquisition expected to close Dec 2022 after DOE APAR completed.
- Available liquidity ~$190M including revolver.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
UNIVERSAL TECHNICAL INSTITUTE INC incurred revolving credit of $100.0 million with Fifth Third Bank maturing three years.
- Instrument
- revolving credit
- Principal
- $100.0 million
- Counterparty
- Fifth Third Bank
- Maturity
- three years
- Event
- incurrence
Exact text from the filing
On November 18, 2022, Universal Technical Institute, Inc., a Delaware corporation (the “ Company ”), as borrower, and certain of its subsidiaries (collectively with the Company, the “ Loan Parties ”), entered into a Credit Agreement (“ Credit Agreement ”) with Fifth Third Bank, a national banking association (the “ Lender ”). Under the Credit Agreement, the Company obtained a $100.0 million senior secured revolving credit facility (the “ Facility ”) for a term of three years, unless earlier terminated pursuant to the terms and conditions set forth in the Credit Agreement.
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
UNIVERSAL TECHNICAL INSTITUTE INC reported the full fiscal year ended September 30, 2022 results: revenue approximately $418.8 million. Guidance reaffirmed.
- Period
- the full fiscal year ended September 30, 2022
- Revenue
- approximately $418.8 million
- Guidance
- reaffirmed
- Result
- preliminary results
Exact text from the filing
• Continued progress towards closing of Concorde Career Colleges acquisition Select Preliminary, Unaudited Financial Results for Full Fiscal Year 2022 • Revenue of approximately $418.8 million • Currently anticipate adjusted EBITDA of not less than $55.0 million (see non-GAAP information below) • New student starts of approximately 13,374, or growth of approximately
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
UNIVERSAL TECHNICAL INSTITUTE INC entered into Credit Agreement with Fifth Third Bank valued at $100.0 million (effective 2022-11-18).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Fifth Third Bank
- Value
- $100.0 million
- Effective
- 2022-11-18
Exact text from the filing
On November 18, 2022, Universal Technical Institute, Inc., a Delaware corporation (the “ Company ”), as borrower, and certain of its subsidiaries (collectively with the Company, the “ Loan Parties ”), entered into a Credit Agreement (“ Credit Agreement ”) with Fifth Third Bank, a national banking association (the “ Lender ”). Under the Credit Agreement, the Company obtained a $100.0 million senior secured revolving credit facility (the “ Facility ”) for a term of three years, unless earlier terminated pursuant to the terms and conditions set forth in the Credit Agreement.
View on SEC.gov
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