Note 23 - Segment Information

We operate our business in two reportable segments: (i) the UTI segment, and (ii) the Concorde segment. Each reportable segment represents a group of post-secondary education providers that offer a variety of degree and non-degree academic programs. “Corporate” includes corporate related expenses that are not allocated to the UTI or Concorde reportable segments and is included to reconcile segment results to the consolidated financial statements.

These segments are organized by key market segments to enhance operational alignment to more effectively execute our strategic plan. Our reportable segments reflect the manner in which Jerome Grant, our Chief Executive Officer and the chief operating decision-maker (“CODM”), evaluates performance and allocates resources. The CODM evaluates segment performance based on operating results. When making decisions to allocate resources, the CODM analyzes segment revenue and operating expenses which are directly attributable to the costs to serve and educate students. The CODM uses revenue and income from operations for each segment in the budgeting and forecasting processes.

Summary information by reportable segment is as follows:


	UTI		Concorde		Corporate		Consolidated
Year Ended September 30, 2025
Revenues	$	541,816	$	293,800	$	—	$	835,616
Compensation and Benefits	205,859		132,270		66,768		404,897
Advertising	56,754		30,575		217		87,546
Occupancy	39,868		24,769		946		65,583
Student Related	38,245		24,084		—		62,329
General Operations	21,695		17,919		12,249		51,863
Professional and Contract Services	9,925		5,207		17,826		32,958
Depreciation and amortization	24,085		7,554		1,319		32,958
Other Expenses(1)	6,530		3,704		3,779		14,013
Corporate Support(2)	44,485		11,589		(56,074)		—
Total Operating Expenses	447,446		257,671		47,030		752,147
Income (loss) from operations	94,370		36,129		(47,030)		83,469
Net income (loss)	$	89,901	$	36,001	$	(62,884)	$	63,018

Total assets	$	490,637	$	140,448	$	195,054	$	826,139


	UTI		Concorde		Corporate		Consolidated

Year Ended September 30, 2024
Revenues	$	486,376	$	246,311	$	—	$	732,687
Compensation and Benefits	190,640		116,591		56,373		363,604
Advertising	51,302		25,744		215		77,261
Occupancy	36,202		23,454		714		60,370
Student Related	42,402		22,177		—		64,579
General Operations	15,349		8,516		10,677		34,542
Professional and Contract Services	9,416		8,540		14,216		32,172
Depreciation and amortization	22,855		5,159		1,310		29,324
Other Expenses(1)	6,048		4,033		1,863		11,944
Corporate Support(2)	34,406		11,293		(45,699)		—
Total Operating Expenses	408,620		225,507		39,669		673,796
Income (loss) from operations	77,756		20,804		(39,669)		58,891
Net income (loss)	$	71,646	$	21,048	$	(50,693)	$	42,001

Total assets	$	440,764	$	125,212	$	178,599	$	744,575

Year Ended September 30, 2023
Revenues	$	429,317	$	178,091	$	—	$	607,408
Compensation and Benefits	179,942		86,005		46,171		312,118
Advertising	51,437		19,277		—		70,714
Occupancy	36,432		20,365		677		57,474
Student Related	34,254		17,482		22		51,758
General Operations	16,290		3,769		10,208		30,267
Professional and Contract Services	9,847		4,701		13,145		27,693
Depreciation and amortization	20,069		4,077		1,069		25,215
Other Expenses(1)	5,687		3,298		1,785		10,770
Corporate Support(2)	32,597		8,584		(41,181)		—
Total Operating Expenses	386,555		167,558		31,896		586,009
Income (loss) from operations	42,762		10,533		(31,896)		21,399
Net income (loss)	$	38,324	$	10,700	$	(36,702)	$	12,322

Total assets	$	442,507	$	130,813	$	167,365	$	740,685

(1) Other expenses include employee-related, travel and entertainment expenses.

(2) Corporate support primarily includes costs for information technology, human resources, accounting and finance support services.

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

UNIVERSAL TECHNICAL INSTITUTE INC Segments Disclosure

About Segments Disclosures

Other Available Disclosures