Universal Technical Institute (UTI) 10-Q 9 May 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Mar. 31, 2024	May 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-31923
Entity Registrant Name	UNIVERSAL TECHNICAL INSTITUTE, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-0226984
Entity Address, Address Line One	4225 East 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
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	UTI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		53,801,456
Entity Central Index Key	0001261654
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Assets
Cash and cash equivalents	$ 116,099	$ 151,547
Restricted cash	4,446	5,377
Receivables, net	24,294	25,161
Notes receivable, current portion	6,163	5,991
Prepaid expenses	12,200	9,412
Other current assets	7,032	7,497
Total current assets	170,234	204,985
Property and equipment, net	263,538	266,346
Goodwill	28,459	28,459
Intangible assets, net	18,627	18,975
Notes receivable, less current portion	34,909	30,672
Right-of-use assets for operating leases	169,626	176,657
Deferred tax asset, net	4,556	3,768
Other assets	12,139	10,823
Total assets	702,088	740,685
Current
Accounts payable and accrued expenses	70,079	69,941
Deferred revenue	67,599	85,738
Operating lease liability, current portion	22,841	22,481
Long-term debt, current portion	2,600	2,517
Other current liabilities	3,323	4,023
Total current liabilities	166,442	184,700
Deferred tax liabilities, net	663	663
Operating lease liability	158,448	165,026
Long-term debt	139,317	159,600
Other liabilities	4,605	4,729
Total liabilities	469,475	514,718
Commitments and contingencies (Note 16)
Shareholders’ equity:
Common stock, $0.0001 par value, 100,000 shares authorized, 53,884 and 34,157 shares issued	5	3
Preferred stock, $0.0001 par value, 10,000 shares authorized; 0 and 676 shares of Series A Convertible Preferred Stock issued and outstanding, liquidation preference of $100 per share	0	0
Paid-in capital - common	216,359	151,439
Paid-in capital - preferred	0	66,481
Treasury stock, at cost, 82 shares	(365)	(365)
Retained earnings	14,684	5,946
Accumulated other comprehensive income	1,930	2,463
Total shareholders’ equity	232,613	225,967
Total liabilities and shareholders’ equity	$ 702,088	$ 740,685

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Sep. 30, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	53,884,000	34,157,000
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	676,000
Preferred stock, shares outstanding (in shares)	0	676,000
Preferred stock, liquidation preference (in dollars per share)	$ 100	$ 100
Treasury stock (in shares)	82,000	82,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenues	$ 184,176	$ 163,820	$ 358,871	$ 283,824
Operating expenses:
Educational services and facilities	97,488	86,930	189,897	148,338
Selling, general and administrative	75,496	70,941	143,551	125,089
Total operating expenses	172,984	157,871	333,448	273,427
Income from operations	11,192	5,949	25,423	10,397
Other (expense) income:
Interest income	1,427	1,805	3,402	2,628
Interest expense	(2,184)	(2,637)	(5,055)	(4,060)
Other income (expense), net	119	126	333	451
Total other expense, net	(638)	(706)	(1,320)	(981)
Income before income taxes	10,554	5,243	24,103	9,416
Income tax expense (Note 14)	(2,767)	(1,763)	(5,927)	(3,288)
Net income	7,787	3,480	18,176	6,128
Preferred stock dividends	0	(1,251)	(1,097)	(2,528)
Income available for distribution	7,787	2,229	17,079	3,600
Income allocated to participating securities	0	(833)	(2,855)	(1,348)
Net income available to common shareholders	$ 7,787	$ 1,396	$ 14,224	$ 2,252
Earnings per share (Note 18):
Net income per share - basic (in dollars per share)	$ 0.14	$ 0.04	$ 0.32	$ 0.07
Net income per share - diluted (in dollars per share)	$ 0.14	$ 0.04	$ 0.31	$ 0.07
Weighted average number of shares outstanding (Note 18):
Basic (in shares)	53,757	33,999	45,048	33,901
Diluted (in shares)	54,770	34,553	46,050	34,477

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 7,787	$ 3,480	$ 18,176	$ 6,128
Unrealized gain (loss) on interest rate swaps, net of taxes	353	(538)	(533)	(664)
Comprehensive income	$ 8,140	$ 2,942	$ 17,643	$ 5,464

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Preferred Stock	Paid-in Capital Common Stock	Paid-in Capital Preferred Stock	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income
Common Stock, Beginning Balance (in shares) at Sep. 30, 2022		33,857,000
Beginning Balance at Sep. 30, 2022	$ 215,397	$ 3	$ 0	$ 148,372	$ 66,481	$ (365)	$ (1,307)	$ 2,213
Preferred Stock, Beginning Balance (in shares) at Sep. 30, 2022			676,000
Treasury Stock, Beginning Balance (in shares) at Sep. 30, 2022						(82,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,648						2,648
Issuance of common stock under stock-based compensation plans (in shares)		223,000
Shares withheld for payroll taxes (in shares)		(73,000)
Shares withheld for payroll taxes	(525)			(525)
Stock-based compensation	1,169			1,169
Preferred stock dividends	(1,277)						(1,277)
Unrealized (loss) gain on interest rate swap, net of taxes	(126)							(126)
Common Stock, Ending Balance (in shares) at Dec. 31, 2022		34,007,000
Ending Balance at Dec. 31, 2022	217,286	$ 3	$ 0	149,016	66,481	$ (365)	64	2,087
Preferred Stock, Ending Balance (in shares) at Dec. 31, 2022			676,000
Treasury Stock, Ending Balance (in shares) at Dec. 31, 2022						(82,000)
Common Stock, Beginning Balance (in shares) at Sep. 30, 2022		33,857,000
Beginning Balance at Sep. 30, 2022	215,397	$ 3	$ 0	148,372	66,481	$ (365)	(1,307)	2,213
Preferred Stock, Beginning Balance (in shares) at Sep. 30, 2022			676,000
Treasury Stock, Beginning Balance (in shares) at Sep. 30, 2022						(82,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 6,128
Preferred share repurchase (in shares)	0
Unrealized (loss) gain on interest rate swap, net of taxes	$ (664)
Common Stock, Ending Balance (in shares) at Mar. 31, 2023		34,149,000
Ending Balance at Mar. 31, 2023	220,867	$ 3	$ 0	150,906	66,481	$ (365)	2,293	1,549
Preferred Stock, Ending Balance (in shares) at Mar. 31, 2023			676,000
Treasury Stock, Ending Balance (in shares) at Mar. 31, 2023						(82,000)
Common Stock, Beginning Balance (in shares) at Dec. 31, 2022		34,007,000
Beginning Balance at Dec. 31, 2022	217,286	$ 3	$ 0	149,016	66,481	$ (365)	64	2,087
Preferred Stock, Beginning Balance (in shares) at Dec. 31, 2022			676,000
Treasury Stock, Beginning Balance (in shares) at Dec. 31, 2022						(82,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,480						3,480
Issuance of common stock under stock-based compensation plans (in shares)		175,000
Shares withheld for payroll taxes (in shares)		(33,000)
Shares withheld for payroll taxes	(223)			(223)
Stock-based compensation	2,113			2,113
Preferred stock dividends	(1,251)						(1,251)
Unrealized (loss) gain on interest rate swap, net of taxes	(538)							(538)
Common Stock, Ending Balance (in shares) at Mar. 31, 2023		34,149,000
Ending Balance at Mar. 31, 2023	220,867	$ 3	$ 0	150,906	66,481	$ (365)	2,293	1,549
Preferred Stock, Ending Balance (in shares) at Mar. 31, 2023			676,000
Treasury Stock, Ending Balance (in shares) at Mar. 31, 2023						(82,000)
Common Stock, Beginning Balance (in shares) at Sep. 30, 2023		34,157,000
Beginning Balance at Sep. 30, 2023	$ 225,967	$ 3	$ 0	151,439	66,481	$ (365)	5,946	2,463
Preferred Stock, Beginning Balance (in shares) at Sep. 30, 2023	676,000		676,000
Treasury Stock, Beginning Balance (in shares) at Sep. 30, 2023	(82,000)					(82,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 10,389						10,389
Issuance of common stock under stock-based compensation plans (in shares)		538,000
Shares withheld for payroll taxes (in shares)		(178,000)
Shares withheld for payroll taxes	(2,054)			(2,054)
Stock-based compensation	1,482			1,482
Preferred stock dividends	(1,097)						(1,097)
Preferred share repurchase (in shares)			(33,000)
Preferred share repurchase	(11,616)				(3,275)		(8,341)
Preferred Stock Conversion (in shares)		19,297,000	(643,000)
Preferred Stock Conversion	0	$ 2		63,204	(63,206)
Unrealized (loss) gain on interest rate swap, net of taxes	(886)							(886)
Common Stock, Ending Balance (in shares) at Dec. 31, 2023		53,814,000
Ending Balance at Dec. 31, 2023	222,185	$ 5	$ 0	214,071	0	$ (365)	6,897	1,577
Preferred Stock, Ending Balance (in shares) at Dec. 31, 2023			0
Treasury Stock, Ending Balance (in shares) at Dec. 31, 2023						(82,000)
Common Stock, Beginning Balance (in shares) at Sep. 30, 2023		34,157,000
Beginning Balance at Sep. 30, 2023	$ 225,967	$ 3	$ 0	151,439	66,481	$ (365)	5,946	2,463
Preferred Stock, Beginning Balance (in shares) at Sep. 30, 2023	676,000		676,000
Treasury Stock, Beginning Balance (in shares) at Sep. 30, 2023	(82,000)					(82,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 18,176
Preferred share repurchase (in shares)	0
Unrealized (loss) gain on interest rate swap, net of taxes	$ (533)
Common Stock, Ending Balance (in shares) at Mar. 31, 2024		53,884,000
Ending Balance at Mar. 31, 2024	$ 232,613	$ 5	$ 0	216,359	0	$ (365)	14,684	1,930
Preferred Stock, Ending Balance (in shares) at Mar. 31, 2024	0		0
Treasury Stock, Ending Balance (in shares) at Mar. 31, 2024	(82,000)					(82,000)
Common Stock, Beginning Balance (in shares) at Dec. 31, 2023		53,814,000
Beginning Balance at Dec. 31, 2023	$ 222,185	$ 5	$ 0	214,071	0	$ (365)	6,897	1,577
Preferred Stock, Beginning Balance (in shares) at Dec. 31, 2023			0
Treasury Stock, Beginning Balance (in shares) at Dec. 31, 2023						(82,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,787						7,787
Issuance of common stock under stock-based compensation plans (in shares)		74,000
Shares withheld for payroll taxes (in shares)		(4,000)
Shares withheld for payroll taxes	(65)			(65)
Stock-based compensation	2,353			2,353
Unrealized (loss) gain on interest rate swap, net of taxes	353							353
Common Stock, Ending Balance (in shares) at Mar. 31, 2024		53,884,000
Ending Balance at Mar. 31, 2024	$ 232,613	$ 5	$ 0	$ 216,359	$ 0	$ (365)	$ 14,684	$ 1,930
Preferred Stock, Ending Balance (in shares) at Mar. 31, 2024	0		0
Treasury Stock, Ending Balance (in shares) at Mar. 31, 2024	(82,000)					(82,000)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 18,176	$ 6,128
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	14,186	11,994
Amortization of right-of-use assets for operating leases	10,952	10,073
Bad debt expense	3,189	2,071
Stock-based compensation	3,835	3,282
Deferred income taxes	(314)	2,479
Training equipment credits earned, net	962	47
Unrealized loss on interest rate swap	(533)	(664)
Other losses (gains), net	83	(196)
Changes in assets and liabilities:
Receivables	(1,533)	(3,895)
Prepaid expenses	(4,469)	(898)
Other assets	(1,088)	2,709
Notes receivable	(4,409)	(579)
Accounts payable, accrued expenses and other current liabilities	(2,140)	(16,446)
Deferred revenue	(18,139)	(9,554)
Operating lease liability	(10,139)	(10,745)
Other liabilities	(274)	(121)
Net cash provided by (used in) operating activities	8,345	(4,315)
Cash flows from investing activities:
Cash paid for acquisition, net of cash acquired	0	(16,973)
Purchase of property and equipment	(9,759)	(38,641)
Proceeds from maturities of held-to-maturity securities	0	29,000
Net cash used in investing activities	(9,759)	(26,614)
Cash flows from financing activities:
Proceeds from revolving credit facility	20,000	90,000
Payments on revolving credit facility	(39,000)	0
Debt issuance costs related to the revolving credit facility	0	(484)
Payments on term loans and finance leases	(1,246)	(715)
Payment of preferred stock cash dividend	(1,097)	(2,528)
Preferred share repurchase	(11,503)	0
Payment of payroll taxes on stock-based compensation through shares withheld	(2,119)	(748)
Net cash (used in) provided by financing activities	(34,965)	85,525
Change in cash, cash equivalents and restricted cash	(36,379)	54,596
Cash and cash equivalents, beginning of period	151,547	66,452
Restricted cash, beginning of period	5,377	3,544
Cash, cash equivalents and restricted cash, beginning of period	156,924	69,996
Cash and cash equivalents, end of period	116,099	120,579
Restricted cash, end of period	4,446	4,013
Cash, cash equivalents and restricted cash, end of period	120,545	124,592
Supplemental disclosure of cash flow information:
Income taxes paid, net of refunds	6,185	306
Interest paid	5,476	3,496
Supplemental schedule of noncash investing and financing activities:
Training equipment obtained in exchange for services	302	343
Depreciation of training equipment obtained in exchange for services	270	394
Change in accrued capital expenditures during the period	(1,768)	1,964
Conversion of Series A Preferred Stock	$ 63,206	$ 0

Nature of the Business

Nature of the Business	6 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business	Nature of the Business Universal Technical Institute, Inc., which together with its subsidiaries is referred to as the “Company,” “we,” “us” or “our,” was founded in 1965 and is a leading workforce solutions provider of transportation, skilled trades and healthcare education programs, whose mission is to serve students, partners, and communities by providing quality education and support services for in-demand careers across a number of highly-skilled fields. We offer the majority of our programs in a blended learning model that combines instructor-facilitated online teaching and demonstrations with hands-on labs. We have two reportable segments as follows: Universal Technical Institute (“UTI”): UTI operates 16 campuses located in nine states and offers a wide range of degree and non-degree transportation and skilled trades technical training programs under brands such as Universal Technical Institute, Motorcycle Mechanics Institute and Marine Mechanics Institute (“MMI”), NASCAR Technical Institute, and MIAT College of Technology (“MIAT”). UTI also offers manufacturer specific advanced training programs, which include student-paid electives, at our campuses and manufacturer or dealer sponsored training at certain campuses and dedicated training centers. Lastly, UTI provides dealer technician training or instructor staffing services to manufacturers. UTI works closely with multiple original equipment manufacturers and industry brand partners to understand their needs for qualified service professionals. Concorde Career Colleges (“Concorde”): Concorde operates across 17 campuses in eight states and online, offering degree, non-degree, and continuing education programs in the allied health, dental, nursing, patient care and diagnostic fields. The Company has designated campuses that offer degree granting programs “Concorde Career College;” where allowed by state regulation. The remaining campuses are designated as “Concorde Career Institute.” Concorde believes in preparing students for their healthcare careers with practical, hands-on experiences including opportunities to learn while providing care to real patients. Prior to graduation, students will complete a number of hours in a clinical setting or externship, depending upon their program of study. We acquired Concorde on December 1, 2022. See Note 4 on “Acquisitions” for additional information. “Corporate” includes corporate related expenses that are not allocated to the UTI or Concorde reportable segments. Additional information about our reportable segments is presented in Note 19. Our primary source of revenues is currently tuition and fees paid by students. To pay for a substantial portion of their tuition, the majority of students rely on funds received from federal financial aid programs under Title IV Programs of the Higher Education Act of 1965, as amended (“HEA”), as well as from various veterans’ benefits programs. For further discussion, see Note 2 on “Summary of Significant Accounting Policies - Concentration of Risk” and Note 19 on “Government Regulation and Financial Aid” included in our 2023 Annual Report on Form 10-K.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, our condensed consolidated financial statements do not include all the information and footnotes required by GAAP for complete financial statements. Normal and recurring adjustments considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the six months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending September 30, 2024. The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2023 Annual Report on Form 10-K . The unaudited condensed consolidated financial statements include the accounts of Universal Technical Institute, Inc. and our wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Other than described below, there have been no material changes or developments in our significant accounting policies or evaluation of accounting estimates and underlying assumptions or methodologies from those disclosed in Note 2 of our 2023 Annual Report on Form 10-K . Segment Recast

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) and the SEC periodically issue new accounting standards or disclosure requirements in a continuing effort to improve standards of financial accounting and reporting. We have reviewed the recently issued pronouncements and concluded the following new accounting standard updates (“ASU”) or SEC rules apply to us. Effective in Fiscal 2025 In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied retrospectively. This ASU will be effective for our Form 10-K for fiscal 2025 and our Form 10-Q for the first quarter of fiscal 2026. We are currently evaluating the impact this ASU may have on our financial statement disclosures. Effective in Fiscal 2026 In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied prospectively; however, retrospective application is also permitted. This ASU will be effective for our Form 10-K for fiscal 2026. We are currently evaluating the impact this ASU may have on our financial statement disclosures. Effective in Fiscal 2027 In March 2024, the SEC issued final rules to enhance public company disclosures related to the risks and impacts of climate-related matters. In April 2024, the SEC voluntarily stayed the new rules as a result of pending legal challenges. The new rules, if adopted, include requirements to disclose Scope 1 and Scope 2 greenhouse gas emissions and other climate-related topics in annual reports and registration statements, when material. Disclosure requirements will begin phasing in for our Form 10-K for fiscal 2027. We are currently evaluating the impact this rule may have on our financial statement disclosures.

Acquisitions

Acquisitions	6 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Concorde Career Colleges On December 1, 2022, we completed the acquisition of Concorde. Concorde operates 17 campuses across eight states with approximately 7,600 students, and offers its programs via in-person, hybrid and online formats. Concorde offers more than 20 programs across the allied health, dental, nursing, patient care, and diagnostic fields. The acquisition expands our portfolio of offerings into the higher-growth healthcare arena and creates the opportunity to bring workforce educational solutions to a broader array of students and employers. Under the terms of the Stock Purchase Agreement (the “Purchase Agreement”), dated May 3, 2022, by and among the Company, Concorde, Liberty Partners Holdings 28, L.L.C., a Delaware limited liability company, and Liberty Investment IIC, LLC, a Delaware limited liability company (each a “Seller,” and collectively, the “Sellers”); and Liberty Partners L.P., a Delaware limited partnership, in its capacity as a representative of the Sellers, we acquired all of the issued and outstanding shares of capital stock of Concorde for a base purchase price of $50.0 million, less $1.9 million of net adjustments including the post-closing working capital adjustment, for total cash consideration paid of $48.1 million. As a result of the transactions contemplated by the Purchase Agreement, Concorde is now a wholly-owned subsidiary of the Company. We funded the consideration paid for Concorde by the Credit Facility entered into on November 18, 2022. See Note 12 for further details on the Credit Facility. In connection with the acquisition, we incurred total transaction costs of $5.3 million, of which $3.0 million was incurred during the year ended September 30, 2022 and $2.3 million was incurred during the year ended September 30, 2023. These costs are included in “Selling, general and administrative” expenses in the condensed consolidated statements of operations for the applicable period. Allocation of the purchase price Under the acquisition method of accounting, the total purchase price was allocated to the identifiable assets acquired and the liabilities assumed based on our valuation estimates of the fair values as of the acquisition date. As of December 1, 2023, the fair value and purchase price allocation are considered final. The final allocation of the purchase price at December 1, 2022 is summarized as follows: Assets acquired: Cash and cash equivalents $ 30,064 Restricted cash 1,689 Accounts receivable, net 6,800 Prepaid expenses 2,957 Other current assets 827 Property and equipment 23,238 Right-of-use assets for operating leases 71,153 Goodwill 11,600 Intangible assets 5,400 Deferred tax assets 5,112 Other assets 4,997 Total assets acquired $ 163,837 Less: Liabilities assumed Accounts payable and accrued expenses $ 15,482 Deferred revenue 20,145 Operating lease liability, current portion 10,011 Long-term debt, current portion (1) 807 Other current liabilities 208 Long-term debt (1) 5,468 Operating lease liability 63,582 Total liabilities assumed 115,703 Net assets acquired $ 48,134 (1) Long-term debt consists of one lease classified as a finance lease under ASC 842. Since September 30, 2023, we further adjusted the purchase price allocation by approximately $0.1 million for income taxes receivable and approximately $0.6 million for deferred income taxes due to completing and filing the final stub period income tax return for Concorde, which resulted in a $0.7 million adjustment to property and equipment. These adjustments did not have a material impact on the financial statements since the date of acquisition. The amount allocated to goodwill of $11.6 million represents the acquired assembled workforce. None of the goodwill is expected to be deductible for tax purposes. Factors that contributed to a purchase price resulting in the recognition of goodwill include Concorde’s strategic fit into our growth and diversification strategy, which is focused on offering a broader array of high-quality, in-demand workforce education solutions which both prepare students for a variety of careers in fast-growing fields and help close the country's skills gap by leveraging key industry partnerships. The purchase price allocation requires subjective estimates that, if incorrectly estimated, could be material to our condensed consolidated financial statements including the amount of depreciation and amortization expense. The fair value of the property and equipment was estimated using the cost and market approaches as of the valuation date. The fair value of the leases were estimated using the income and market approaches to determine if there was any favorable or unfavorable terms in place. The intangible assets acquired, which primarily consist of the accreditations and regulatory approvals, trademarks and trade names, and curriculum, were valued using different valuation techniques depending upon the nature of the intangible asset acquired, all of which are considered level 3 as defined in Note 6. The accreditations and regulatory approvals were valued using the multi-period excess earnings method (“MPEEM”) under the income approach. The MPEEM is a variation of discounted cash-flow analysis. Rather than focusing on the whole entity, the MPEEM isolates the cash flows that can be associated with a single intangible asset and measures fair value by discounting them to present value. The trademarks and trade names were valued using the relief from royalty method. The value of the trade name encompasses all items necessary to generate revenue utilizing the trade name. The curriculum was valued using the cost approach. The table below presents the final summary of the intangible assets acquired and the useful lives of these assets: Intangible Asset Useful life Amount Accreditations and regulatory approvals Indefinite $ 3,500 Trademarks and trade names 10 years 500 Curriculum 5 years 1,400 Total $ 5,400 See Note 8 and Note 9 and for additional details on goodwill and intangible assets. Student receivables When financial assets are acquired in connection with a business combination, we evaluate whether those acquired financial assets have experienced a more-than-insignificant deterioration in credit quality since origination. Financial assets acquired with evidence of such credit deterioration are referred to as purchased credit deteriorated (“PCD”) assets and reflect the acquirer’s assessment at the acquisition date. The student receivables acquired in the Concorde acquisition were reviewed to determine if any had experienced a more-than-insignificant deterioration in credit quality since origination. Student receivables of approximately $2.3 million met the established criteria to indicate a more-than insignificant deterioration in credit quality and were identified as PCD assets. Using our best estimate of projected losses over the term of the contracts, we calculated an allowance for credit losses on these PCD assets of approximately $1.0 million. Pro forma financial information The following unaudited pro forma financial information summarizes our results of operations as though the acquisition occurred on October 1, 2022: Six Months Ended March 31, 2023 Revenue $ 319,845 Net income 5,919 The unaudited pro forma financial information includes adjustments to reflect the additional amortization that would have been charged assuming the fair value adjustments to intangible assets and the finance lease asset had been applied from October 1, 2022, with the related tax effects. The unaudited pro forma financial information also includes adjustments to reflect the additional interest expense on the new Credit Facility issued to fund the acquisition (see Note 12 for further details on the Credit Facility). Lastly, the unaudited pro forma financial information includes adjustments to reflect the reduction in depreciation expense assuming the fair value adjustments to property and equipment assets had been applied from October 1, 2022. This unaudited pro forma financial information is for informational purposes only. It does not reflect the integration of the business or any synergies or incremental costs that may result from the acquisition. As such, it is not indicative of the results of operations that would have been achieved had the acquisition been consummated on October 1, 2022. In addition, the unaudited pro forma financial information amounts are not indicative of future operating results.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers Nature of Goods and Services Revenues across the UTI and Concorde segments consist primarily of student tuition and fees derived from the programs we provide after reductions are made for discounts and scholarships that we sponsor and for refunds for students who withdraw from our programs prior to specified dates. We apply the five-step model outlined in Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts from Customers . Tuition and fee revenue is recognized ratably over the term of the course or program offered. In addition to revenue from tuition and fees, UTI and Concorde derive supplemental revenues from sales of textbooks and program supplies and other revenues, which includes revenues from dealer technician training and staffing services to manufacturers. All of these revenues are recognized as the transfer of goods or services occurs. Deferred revenue represents the excess of tuition and fee payments received as compared to tuition and fees earned and is reflected as a current liability in our condensed consolidated balance sheets because it is expected to be earned within the next 12 months. All of our revenues are generated within the United States. The impact of economic factors on the nature, amount, timing and uncertainty of revenue and cash flows is consistent across our various programs for both the UTI and Concorde segments. See Note 19 for disaggregated segment revenue information. The following table provides information about receivables and deferred revenue resulting from our enrollment agreements with students: March 31, 2024 September 30, 2023 Receivables (1) $ 64,559 $ 59,863 Deferred revenue 67,599 85,738 (1) Receivables includes tuition receivables, retail installment contract receivables and notes receivable, both current and long term. During the six months ended March 31, 2024, the deferred revenue balance included decreases for revenues recognized during the period and increases related to new students who started their training programs during the period.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers: Level 1: Defined as quoted market prices in active markets for identical assets or liabilities. Level 2: Defined as inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, model-based valuation techniques for which all significant assumptions are observable in the market or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Defined as unobservable inputs that are not corroborated by market data. Any transfers of investments between levels occurs at the end of the reporting period. Assets measured or disclosed at fair value on a recurring basis consisted of the following: Fair Value Measurements Using March 31, 2024 Quoted Prices Significant Significant Money market funds (1) $ 24,563 $ 24,563 $ — $ — Notes receivable (2) 41,072 — — 41,072 Total assets at fair value on a recurring basis $ 65,635 $ 24,563 $ — $ 41,072 Revolving credit facility and term loans (3) 137,155 — 137,155 — Total liabilities at fair value on a recurring basis $ 137,155 $ — $ 137,155 $ — Fair Value Measurements Using September 30, 2023 Quoted Prices Significant Significant Money market funds (1) $ 29,687 $ 29,687 $ — $ — Notes receivable (2) 36,663 — — 36,663 Total assets at fair value on a recurring basis $ 66,350 $ 29,687 $ — $ 36,663 Revolving credit facility and term loans (3) 156,991 — 156,991 — Total liabilities at fair value on a recurring basis $ 156,991 $ — $ 156,991 $ — (1) Money market funds and other highly liquid investments with maturity dates less than 90 days are reflected as “Cash and cash equivalents” in our condensed consolidated balance sheets as of March 31, 2024 and September 30, 2023. (2) Notes receivable relate to UTI’s proprietary loan program and are reflected as “Notes receivable, current portion” and “Notes receivable, less current portion” in our condensed consolidated balance sheets as of March 31, 2024 and September 30, 2023. (3) The Credit Facility and Term Loans bear interest at rates commensurate with market rates, and therefore, the respective carrying values approximate fair value (Level 2).

Property and Equipment, net

Property and Equipment, net	6 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and Equipment, net Property and equipment, net consisted of the following: March 31, 2024 September 30, 2023 Land $ 25,601 $ 25,601 Buildings and building improvements 164,325 160,920 Leasehold improvements 89,462 87,525 Training equipment 112,448 110,292 Office and computer equipment 37,472 37,251 Curriculum development 3,570 2,478 Software developed for internal use 13,103 12,573 Vehicles 1,406 1,406 Right-of-use assets for finance leases 5,603 5,603 Construction in progress 7,246 9,061 460,236 452,710 Less: Accumulated depreciation and amortization (196,698) (186,364) Total $ 263,538 $ 266,346 Depreciation expense related to property and equipment was $7.0 million and $13.8 million for the three and six months ended March 31, 2024, and $6.6 million and $11.7 million for the three and six months ended March 31, 2023, respectively.

Goodwill

Goodwill	6 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill Our goodwill balance of $28.5 million as of March 31, 2024 and September 30, 2023, respectively, represents the acquired assembled workforce and the excess of the cost of an acquired business over the estimated fair values of the assets acquired and liabilities assumed. The goodwill balance by reportable segment as of March 31, 2024 and September 30, 2023 was: UTI $ 16,859 Concorde 11,600 Total $ 28,459 Goodwill is reviewed at least annually for impairment, which may result from the deterioration in the operating performance of the acquired businesses, adverse market conditions, adverse changes in applicable laws or regulations and a variety of other circumstances. Our goodwill is tested annually for impairment as of August 1 and more frequently if events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. T here were no indicators of goodwill impairment as of March 31, 2024 .

Intangible Assets

Intangible Assets	6 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets The following table provides the gross carrying value, accumulated amortization, net book value and remaining useful life for those intangible assets that are subject to amortization as of March 31, 2024: Gross Carrying Value Accumulated Amortization Net Book Value Weighted Average Remaining Useful Life (Years) Accreditations and regulatory approvals $ 16,300 $ — $ 16,300 Indefinite Trademarks, trade names and other 1,942 (848) 1,094 4.89 Curriculum 1,800 (567) 1,233 3.49 Total $ 20,042 $ (1,415) $ 18,627 4.15 The following table provides the gross carrying value, accumulated amortization, net book value and remaining useful life for those intangible assets that are subject to amortization as of March 31, 2023: Gross Carrying Value Accumulated Amortization Net Book Value Weighted Average Remaining Useful Life (Years) Accreditations and regulatory approvals $ 16,300 $ — $ 16,300 Indefinite Trademarks, trade names and other 1,942 (513) 1,429 5.51 Curriculum 1,800 (207) 1,593 4.47 Total $ 20,042 $ (720) $ 19,322 4.96 Amortization expense was $0.2 million and $0.3 million for the three and six months ended March 31, 2024, and $0.2 million and $0.3 million for the three and six months ended March 31, 2023, respectively. Future intangible asset amortization expense is expected to be as follows: Fiscal Year Remainder of 2024 $ 348 2025 677 2026 660 2027 337 2028 97 Thereafter 208 Total $ 2,327 The remaining weighted average useful lives shown are calculated based on the net book value and remaining amortization period of each respective intangible asset. Amortization is computed using the straight-line method based on estimated useful lives of the related assets. Our indefinite-lived intangible assets are reviewed at least annually for impairment as of August 1, or more frequently if there are indicators of impairment. There were no indicators of impairment for our indefinite-lived intangible assets as of March 31, 2024.

Leases

Leases	6 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	Leases As of March 31, 2024, we have facility leases at 29 of our 33 campuses and three non-campus locations under non-cancelable operating or finance leases, some of which contain escalation clauses and requirements to pay other fees associated with the leases. The facility leases have original lease terms ranging from 5 to 20 years and expire at various dates through 2036. In addition, the leases commonly include lease incentives in the form of rent abatements and tenant improvement allowances. We sublease certain portions of unused building space to third parties, which as of March 31, 2024, resulted in minimal income. All of the leases, other than those that may qualify for the short-term scope exception of 12 months or less, are recorded on our condensed consolidated balance sheets. Some of the facility leases are subject to annual changes in the Consumer Price Index (“CPI”). While lease liabilities are not remeasured as a result of changes to the CPI, changes to the CPI are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. Many of our lease agreements include options to extend the lease, which we do not include in our minimum lease terms unless they are reasonably certain to be exercised. There are no early termination with penalties, residual value guarantees, restrictions or covenants imposed by our facility leases. The components of lease expense are included in “Educational services and facilities” and “Selling, general and administrative” on the condensed consolidated statement of operations, with the exception of interest on lease liabilities, which is included in “Interest expense.” The components of lease expense during the three and six months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, Six Months Ended March 31, Lease Expense 2024 2023 2024 2023 Operating lease expense (1) $ 7,597 $ 8,273 $ 15,259 $ 13,977 Finance lease expense: Amortization of leased assets 227 127 454 325 Interest on lease liabilities 79 35 161 122 Variable lease expense 2,476 2,307 4,837 4,257 Sublease income (33) (25) (65) (57) Total net lease expense $ 10,346 $ 10,717 $ 20,646 $ 18,624 (1) Excludes the expense for short-term leases not accounted for under ASC 842, which was not significant for the three and six months ended March 31, 2024 and 2023. Supplemental balance sheet, cash flow and other information related to our leases was as follows (in thousands, except lease term and discount rate): Leases Classification March 31, 2024 September 30, 2023 Assets: Operating lease assets Right-of-use assets for operating leases $ 169,626 $ 176,657 Finance lease assets Property and equipment, net (1) 4,391 4,846 Total leased assets $ 174,017 $ 181,503 Liabilities: Current Operating lease liabilities Operating lease liability, current portion $ 22,841 $ 22,481 Finance lease liabilities Long-term debt, current portion (1) 887 844 Noncurrent Operating lease liabilities Operating lease liability 158,448 165,026 Finance lease liabilities Long-term debt 4,304 4,757 Total lease liabilities $ 186,480 $ 193,108 (1) The finance lease assets and liabilities as of March 31, 2024 and September 30, 2023 consisted of one facility lease. Finance lease assets are recorded net of accumulated amortization of $1.2 million and $0.8 million as of March 31, 2024 and September 30, 2023, respectively. Lease Term and Discount Rate March 31, 2024 September 30, 2023 Weighted-average remaining lease term (in years): Operating leases 7.57 7.91 Finance lease 4.83 5.33 Weighted average discount rate: Operating leases 4.86 % 4.76 % Finance lease 6.02 % 6.02 % Six Months Ended March 31, Supplemental Disclosure of Cash Flow and Other Information 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 10,139 $ 10,745 Financing cash flows from finance leases 410 304 Non-cash activity related to lease liabilities: Lease assets obtained in exchange for new operating lease liabilities (1) $ 3,921 $ 149 (1) During the six months ended March 31, 2024, Concorde renewed the campus lease for the San Antonio, Texas campus. Maturities of lease liabilities were as follows: As of March 31, 2024 Years ending September 30, Operating Leases Finance Lease Remainder of 2024 $ 14,312 $ 585 2025 30,148 1,193 2026 30,509 1,229 2027 28,874 1,266 2028 26,747 1,304 2029 and thereafter 85,892 439 Total lease payments 216,482 6,016 Less: interest (35,193) (825) Present value of lease liabilities 181,289 5,191 Less: current lease liabilities (22,841) (887) Long-term lease liabilities $ 158,448 $ 4,304
Leases	Leases As of March 31, 2024, we have facility leases at 29 of our 33 campuses and three non-campus locations under non-cancelable operating or finance leases, some of which contain escalation clauses and requirements to pay other fees associated with the leases. The facility leases have original lease terms ranging from 5 to 20 years and expire at various dates through 2036. In addition, the leases commonly include lease incentives in the form of rent abatements and tenant improvement allowances. We sublease certain portions of unused building space to third parties, which as of March 31, 2024, resulted in minimal income. All of the leases, other than those that may qualify for the short-term scope exception of 12 months or less, are recorded on our condensed consolidated balance sheets. Some of the facility leases are subject to annual changes in the Consumer Price Index (“CPI”). While lease liabilities are not remeasured as a result of changes to the CPI, changes to the CPI are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. Many of our lease agreements include options to extend the lease, which we do not include in our minimum lease terms unless they are reasonably certain to be exercised. There are no early termination with penalties, residual value guarantees, restrictions or covenants imposed by our facility leases. The components of lease expense are included in “Educational services and facilities” and “Selling, general and administrative” on the condensed consolidated statement of operations, with the exception of interest on lease liabilities, which is included in “Interest expense.” The components of lease expense during the three and six months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, Six Months Ended March 31, Lease Expense 2024 2023 2024 2023 Operating lease expense (1) $ 7,597 $ 8,273 $ 15,259 $ 13,977 Finance lease expense: Amortization of leased assets 227 127 454 325 Interest on lease liabilities 79 35 161 122 Variable lease expense 2,476 2,307 4,837 4,257 Sublease income (33) (25) (65) (57) Total net lease expense $ 10,346 $ 10,717 $ 20,646 $ 18,624 (1) Excludes the expense for short-term leases not accounted for under ASC 842, which was not significant for the three and six months ended March 31, 2024 and 2023. Supplemental balance sheet, cash flow and other information related to our leases was as follows (in thousands, except lease term and discount rate): Leases Classification March 31, 2024 September 30, 2023 Assets: Operating lease assets Right-of-use assets for operating leases $ 169,626 $ 176,657 Finance lease assets Property and equipment, net (1) 4,391 4,846 Total leased assets $ 174,017 $ 181,503 Liabilities: Current Operating lease liabilities Operating lease liability, current portion $ 22,841 $ 22,481 Finance lease liabilities Long-term debt, current portion (1) 887 844 Noncurrent Operating lease liabilities Operating lease liability 158,448 165,026 Finance lease liabilities Long-term debt 4,304 4,757 Total lease liabilities $ 186,480 $ 193,108 (1) The finance lease assets and liabilities as of March 31, 2024 and September 30, 2023 consisted of one facility lease. Finance lease assets are recorded net of accumulated amortization of $1.2 million and $0.8 million as of March 31, 2024 and September 30, 2023, respectively. Lease Term and Discount Rate March 31, 2024 September 30, 2023 Weighted-average remaining lease term (in years): Operating leases 7.57 7.91 Finance lease 4.83 5.33 Weighted average discount rate: Operating leases 4.86 % 4.76 % Finance lease 6.02 % 6.02 % Six Months Ended March 31, Supplemental Disclosure of Cash Flow and Other Information 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 10,139 $ 10,745 Financing cash flows from finance leases 410 304 Non-cash activity related to lease liabilities: Lease assets obtained in exchange for new operating lease liabilities (1) $ 3,921 $ 149 (1) During the six months ended March 31, 2024, Concorde renewed the campus lease for the San Antonio, Texas campus. Maturities of lease liabilities were as follows: As of March 31, 2024 Years ending September 30, Operating Leases Finance Lease Remainder of 2024 $ 14,312 $ 585 2025 30,148 1,193 2026 30,509 1,229 2027 28,874 1,266 2028 26,747 1,304 2029 and thereafter 85,892 439 Total lease payments 216,482 6,016 Less: interest (35,193) (825) Present value of lease liabilities 181,289 5,191 Less: current lease liabilities (22,841) (887) Long-term lease liabilities $ 158,448 $ 4,304

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	6 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following: March 31, 2024 September 30, 2023 Accounts payable $ 17,658 $ 14,438 Accrued compensation and benefits 28,971 36,332 Accrued tool sets 4,743 4,096 Other accrued expenses 18,707 15,075 Total accounts payable and accrued expenses $ 70,079 $ 69,941

Debt

Debt	6 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt March 31, 2024 September 30, 2023 Interest Rate Maturity Date Carrying Value of Debt (6) Carrying Value of Debt (6) Revolving Credit Facility (1) 7.78 % Nov 2025 $ 71,000 $ 90,000 Avondale Term Loan (2) 7.37 % May 2028 28,825 29,251 Lisle Term Loan (3) 7.33 % Apr 2029 37,330 37,740 Finance lease (4) 6.02 % Various 5,191 5,601 Total debt 142,346 162,592 Debt issuance costs presented with debt (5) (429) (475) Total debt, net 141,917 162,117 Less: current portion of long-term debt (2,600) (2,517) Long-term debt $ 139,317 $ 159,600 (1) Interest on the Revolving Credit Facility (as defined below) accrues at a rate equal to one-month Term SOFR plus a margin of 2.0% and a lender specific spread of 0.10-0.15% or a Prime Rate as set by the lender. (2) Interest on the Avondale Term Loan (as defined below) accrues at a rate equal to one-month Term SOFR plus 2.0% and a tranche adjustment of 0.046%. (3) Interest on the Lisle Term Loan (as defined below) accrues at a rate equal to one-month Term SOFR plus 2.0%. (4) The finance lease is related to a facility lease with an annual interest rate of 6.02% that matures in 2029. See Note 10 for additional details on our finance lease. (5) The unamortized debt issuance costs as of March 31, 2024 relate to the Avondale Term Loan and the Lisle Term Loan. (6) The Credit Facility, Term Loans and finance leases bear interest at rates commensurate with market rates, and therefore, the respective carrying values approximate fair value (Level 2). Revolving Credit Facility On November 18, 2022, we entered into a $100.0 million senior secured revolving credit facility with Fifth Third Bank, a national banking association (the “Credit Facility” or “Revolving Credit Facility”), which includes a $20.0 million sub facility that is available for letters of credit. The Credit Facility has a term of three years, unless earlier terminated pursuant to the terms and conditions set forth in the credit agreement. This agreement provides that borrowings under the Credit Facility will amortize on an interest-only basis during its term with principal able to be borrowed, re-paid and re-borrowed throughout the term of the Credit Facility and with the outstanding principal due and payable at maturity. In executing the Credit Facility, we incurred $0.5 million in debt issuance costs which are included in “Other assets” on the condensed consolidated balance sheets as of March 31, 2024. On November 28, 2022, we drew $90.0 million from the Credit Facility in support of the closing of the Concorde acquisition at an interest rate of 6.54%. In December 2022, a $1.8 million letter of credit was issued on the Credit Facility. During the three months ended March 31, 2024, we made payments on the Credit Facility of $39.0 million and we received proceeds of $20.0 million at a fixed base interest rate of 8.5%. During the three months ended March 31, 2024, our $1.8 million letter of credit expired, resulting in $29.0 million in availability under the Credit Facility at period end. In April 2024, we used cash on hand to pay $20.0 million on the Credit Facility, which increased the availability under the Credit Facility to $49.0 million. It is likely that we will borrow from the Credit Facility in future periods based on future working capital or other needs. Avondale Term Loan In connection with the Avondale, Arizona building purchase in December 2020, we entered into a credit agreement with Fifth Third Bank, national banking association (the “Avondale Lender”) on May 12, 2021 in the maximum principal amount of $31.2 million with a maturity of seven years (the “Avondale Term Loan”). Originally, the Avondale Term Loan bore interest at the rate of LIBOR plus 2.0%. On April 3, 2023, we executed an amendment for our Avondale Term Loan to convert the stated rate from LIBOR to SOFR. The Avondale Term Loan bears interest at the rate of Term SOFR plus 2.0% and a tranche rate adjustment of 0.046%. Principal and interest payments are due monthly. The Avondale Term Loan is secured by a first priority lien on our Avondale, Arizona property, including all land and improvements. Additionally, we entered into an interest rate swap agreement with the Avondale Lender. See Note 13 for further discussion on the interest rate swap. Lisle Term Loan On April 14, 2022, our consolidated subsidiary, 2611 Corporate West Drive Venture LLC (the “Borrower”), entered into a new Loan Agreement (“Lisle Loan Agreement”) with Valley National Bank (the “Lisle Lender”), to fund the acquisition and retire the prior loan agreement with Western Alliance bank, via a term loan in the original principal amount of $38.0 million with a maturity of seven years (the “Lisle Term Loan” and together with the Avondale Term Loan, the “Term Loans”). The Lisle Term Loan bears interest at a rate of one-month Term SOFR plus 2.0%. The Lisle Term Loan is secured by a mortgage on the Lisle, Illinois campus and is guaranteed by the Company. In connection with the Lisle Term Loan, we entered into an interest rate swap agreement. See Note 13 for further discussion on the interest rate swap. Debt Covenants for our Credit Facility and Term Loans We are subject to certain customary affirmative and negative covenants in connection with our Credit Facility and Term Loans, including, without limitation, certain reporting obligations, certain limitations on restricted payments, limitations on liens, encumbrances and indebtedness and a debt service coverage ratio covenant. Events of default under the Credit Facility, Avondale Term Loan and the Lisle Term Loan include, among others, the failure to make payments when due, breach of covenants, and breach of representations or warranties. For further discussion of our debt covenants, see Note 14 on “Debt” included in our 2023 Annual Report on Form 10-K . As of March 31, 2024, we were in compliance with all Credit Facility and term loan debt covenants. Debt Maturities Scheduled principal payments due on our debt for the remainder of 2024 and for each year through the period ended September 30, 2028, and thereafter were as follows at March 31, 2024: Maturity Revolving Credit Facility & Term Loans Finance Lease Total Remainder of 2024 $ 837 $ 434 $ 1,271 2025 1,763 932 2,695 2026 72,836 1,027 73,863 2027 1,909 1,128 3,037 2028 26,610 1,237 27,847 Thereafter 33,200 433 33,633 Subtotal 137,155 5,191 142,346 Debt issuance costs presented with debt (429) — (429) Total $ 136,726 $ 5,191 $ 141,917

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments In the normal course of business, our operations are exposed to market risks, including the effect of changes in interest rates. We may enter into derivative financial instruments to offset these underlying market risks. On March 31, 2023, we entered into a new interest rate swap agreement, effective April 3, 2023, with the Avondale Lender that effectively fixes the interest rate we pay on 50% of the principal amount of the Avondale Term Loan at 1.45% for the entire loan term (the “Avondale Swap”). The Avondale Swap was designated as an effective cash flow hedge for accounting and tax purposes. On April 14, 2022, in connection with the Lisle Term Loan, we entered into an interest rate swap agreement with the Lisle Lender that effectively fixes the interest rate on 50% of the principal amount of the Lisle Term Loan at 4.69% for the entire loan term, or seven years (the “Lisle Swap”). The Lisle Swap was designated as an effective cash flow hedge for accounting and tax purposes. Changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recorded in “Accumulated other comprehensive income” on the condensed consolidated balance sheets. For cash flow hedges, we report the effective portion of the gain or loss as a component of “Accumulated other comprehensive income” and reclassify it to “Interest expense” in the condensed consolidated statements of operations over the corresponding period of the underlying hedged item. The ineffective portion of the change in fair value of a derivative financial instrument is recognized in “Interest expense” at the time the ineffectiveness occurs. To the extent the hedged forecasted interest payments on debt related to our interest rate swap is paid off, the remaining balance in “Accumulated other comprehensive income” is recognized in “Interest expense” in the condensed consolidated statements of operations. Of the net amount of the existing gains that are reported in “Accumulated other comprehensive income” as of March 31, 2024, we estimate that $0.9 million will be reclassified to “Interest expense” within the next twelve months. As of March 31, 2024, the notional amount of the Avondale Swap and Lisle Swap was approximately $14.4 million and $18.7 million, respectively. Fair Value of Derivative Instruments The following table presents the fair value of our Avondale Swap and Lisle Swap (Level 2) which are designated as cash flow hedges and the related classification on the condensed consolidated balance sheets as of March 31, 2024 and September 30, 2023: Interest Rate Swaps March 31, 2024 September 30, 2023 Other current assets $ 833 $ 957 Other assets 1,488 2,075 Total fair value of assets designated as hedging instruments $ 2,321 $ 3,032 Effect of Cash Flow Hedge Accounting on the Consolidated Statements of Operations and Accumulated Other Comprehensive Income The table below presents the effect of cash flow hedge accounting for our Avondale Swap and Lisle Swap on the condensed consolidated statement of operations and “Accumulated other comprehensive income” for the three and six months ended March 31, 2024 and 2023: Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivative, net of taxes Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Three Months Ended March 31, 2024 Avondale Swap and Lisle Swap $ (738) $ (267) Six Months Ended March 31, 2024 Avondale Swap and Lisle Swap $ 174 $ (538) Three Months Ended March 31, 2023 Avondale Swap and Lisle Swap $ 518 $ (199) Six Months Ended March 31, 2023 Avondale Swap and Lisle Swap $ 559 $ (327)

Income Taxes

Income Taxes	6 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our income tax expense for the three months ended March 31, 2024 was $2.8 million, or 26.2% of pre-tax income, compared to $1.8 million, or 33.6% of pre-tax income, for the three months ended March 31, 2023. For the six months ended March 31, 2024, our income tax expense was $5.9 million, or 24.6% of pre-tax income, compared to an income tax expense of $3.3 million, or 34.9% of pre-tax income, for the six months ended March 31, 2023. The effective income tax rate for the three and six months ended March 31, 2024 differed from the federal statutory rate of 21% primarily due to non-deductible executive compensation, federal research and development tax credits and state and local income and franchise taxes. The effective income tax rate for the three and six months ended March 31, 2023 differed from the federal statutory rate of 21% primarily due to non-deductible executive compensation, transaction costs and state and local income and franchise taxes. As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. As of March 31, 2024, we continued to maintain a valuation allowance related to certain federal and state attributes, which are not expected to be utilized prior to expiration.

Restructuring Costs

Restructuring Costs	6 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring Costs	Restructuring Costs On December 5, 2023, UTI announced plans to consolidate the two Houston, Texas campus locations to align the curriculum, student facing systems, and support services to better serve students seeking careers in in-demand fields. As part of the transition, the MIAT Houston campus, acquired in November 2021, will begin operating under the UTI brand and implement a phased teach-out agreement starting in May 2024. Both facilities will remain in use post-consolidation.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal In the ordinary conduct of our business, we are periodically subject to lawsuits, demands in arbitration, investigations, regulatory proceedings or other claims, including, but not limited to, claims involving current or former students, routine employment matters, business disputes and regulatory demands. When we are aware of a claim or potential claim, we assess the likelihood of any loss or exposure. If it is probable that a loss will result and the amount of the loss can be reasonably estimated, we accrue a liability for the loss. When a loss is not both probable and estimable, we do not accrue a liability.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Shareholders’ Equity	Shareholders’ Equity Common Stock Holders of our common stock are entitled to receive dividends when and as declared by our Board of Directors and have the right to one vote per share on all matters requiring shareholder approval. On June 9, 2016, our Board of Directors voted to eliminate the quarterly cash dividend on our common stock. Preferred Stock As of March 31, 2024, no shares of the Series A Preferred Stock remain outstanding and all rights of the holders to receive future dividends have been terminated. Under the terms of the Certificate of Designations for the Series A Preferred Stock (the “CoD”), we had the right to convert the outstanding shares of Series A Preferred Stock to common stock when our common stock achieved a stated volume weighted average price per share for a period of 20 consecutive trading days. On December 18, 2023, upon satisfying the stock price condition, we entered into a preferred stock repurchase agreement with Coliseum Capital Partners, L.P. and Blackwell Partners LLC – Series A (collectively the “Selling Stockholders”), pursuant to which we repurchased, directly from the Selling Stockholders, 33,300 shares of Series A Preferred Stock for an aggregate purchase price of $11.3 million. Additionally, we incurred approximately $0.3 million in fees related to excise taxes and other professional services related to the repurchase, which are recorded in equity. Following the repurchase of those shares of Series A Preferred Stock, and in accordance with the terms of the CoD, we issued a notice of conversion causing all remaining outstanding shares of Series A Preferred Stock to be converted into Common Stock. In connection with the conversion, each share of Series A Preferred Stock was cancelled and converted into the right to receive 30.03003 shares of our Common Stock, no par value per share, and we made a final dividend payment of $1.1 million to the Series A Preferred Stock holders of record as of December 18, 2023. As a result of the conversion, the aggregate 642,585 remaining shares of Series A Preferred Stock outstanding were converted into 19,296,843 shares of Common Stock. No shares of the Series A Preferred Stock remain outstanding and all rights of the holders to receive future dividends have been terminated as of the December 18, 2023 conversion date. Following the repurchase and subsequent conversion, the Selling Stockholders held less than 25% of our outstanding shares of common stock (a threshold above which we would have been required to seek regulatory approval for the conversion). As of September 30, 2023, 675,885 shares of Series A Convertible Preferred Stock with a $0.0001 par value each (“Series A Preferred Stock”) were issued and outstanding, respectively. The liquidation preference associated with the Series A Preferred Stock was $100 per share at September 30, 2023. Share Repurchase Program On December 10, 2020, our Board of Directors authorized a share repurchase plan that would allow for the repurchase of up to $35.0 million of our common stock in the open market or through privately negotiated transactions. This share repurchase plan replaced the previously authorized plan from fiscal 2012. We have not repurchased any shares under the $35.0 million share repurchase program, including during the six months ended March 31, 2024 or 2023.

Earnings per Share

Earnings per Share	6 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share We calculate basic earnings per common share (“EPS”) pursuant to the two-class method as a result of the issuance of the Series A Preferred Stock on June 24, 2016. The two-class method is an earnings allocation formula that determines EPS for common stock and participating securities according to dividend and participation rights in undistributed earnings. Under this method, all earnings, distributed and undistributed, are allocated to common shares and participating securities based on their respective rights to receive dividends. Diluted EPS is calculated using the more dilutive of the two-class method or as-converted method. The two-class method uses net income available to common shareholders and assumes conversion of all potential shares other than the participating securities. The as-converted method uses net income and assumes conversion of all potential shares including the participating securities. Dilutive potential common shares include outstanding stock options, unvested restricted share units and convertible preferred stock. As noted above in Note 17, no shares of the Series A Preferred Stock remain outstanding and all rights of the holders to receive future dividends have been terminated as of the December 18, 2023 conversion date. The following table summarizes the computation of basic and diluted EPS under the two-class or as-converted method, as well as the anti-dilutive shares excluded: Three Months Ended Six Months Ended March 31, March 31, 2024 2023 2024 2023 Basic earnings per common share: Net income $ 7,787 $ 3,480 $ 18,176 $ 6,128 Less: Preferred stock dividend declared — (1,251) (1,097) (2,528) Net income available for distribution 7,787 2,229 17,079 3,600 Income allocated to participating securities — (833) (2,855) (1,348) Net income available to common shareholders $ 7,787 $ 1,396 $ 14,224 $ 2,252 Weighted average basic shares outstanding 53,757 33,999 45,048 33,901 Basic income per common share $ 0.14 $ 0.04 $ 0.32 $ 0.07 Three Months Ended Six Months Ended March 31, March 31, 2024 2023 2024 2023 Diluted earnings per common share: Method used: Two-class Two-class Two-class Two-class Net income available to common shareholders $ 7,787 $ 1,396 $ 14,224 $ 2,252 Weighted average basic shares outstanding 53,757 33,999 45,048 33,901 Dilutive effect related to employee stock plans 1,013 554 1,002 576 Weighted average diluted shares outstanding 54,770 34,553 46,050 34,477 Diluted income per common share $ 0.14 $ 0.04 $ 0.31 $ 0.07 Anti-dilutive shares excluded: Outstanding stock-based grants — 239 17 515 Convertible preferred stock — 20,297 — 20,297 Total anti-dilutive shares excluded — 20,536 17 20,812

Segment Information

Segment Information	6 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information We operate our business in two reportable segments: (i) the UTI segment; and (ii) the Concorde segment. These segments are organized by key market segments to enhance operational alignment within each segment to more effectively execute our strategic plan. 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 condensed consolidated financial statements. As previously discussed in Note 2, the segment disclosures for the three and six months ended March 31, 2023 have been recast from the prior year presentation for comparability to the current year presentation. Summary information by reportable segment is as follows: UTI Concorde Corporate Consolidated Three Months Ended March 31, 2024 Revenues $ 123,323 $ 60,853 $ — $ 184,176 Income (loss) from operations 18,086 3,246 (10,140) 11,192 Depreciation and amortization 5,684 1,217 301 7,202 Net income (loss) 16,616 3,320 (12,149) 7,787 Three Months Ended March 31, 2023 Revenues $ 107,560 $ 56,260 $ — $ 163,820 Income (loss) from operations 9,788 6,189 (10,028) 5,949 Depreciation and amortization 5,094 1,649 3 6,746 Net income (loss) 8,821 6,237 (11,578) 3,480 UTI Concorde Corporate Consolidated Six Months Ended March 31, 2024 Revenues $ 238,697 $ 120,174 $ — $ 358,871 Income (loss) from operations 33,177 10,373 (18,127) 25,423 Depreciation and amortization 11,178 2,371 637 14,186 Net income (loss) 30,213 10,493 (22,530) 18,176 Six Months Ended March 31, 2023 Revenues $ 213,133 $ 70,691 $ — $ 283,824 Income (loss) from operations 23,210 5,463 (18,276) 10,397 Depreciation and amortization 9,869 2,106 19 11,994 Net income (loss) 21,553 5,503 (20,928) 6,128 As of March 31, 2024 Total assets $ 446,337 $ 134,849 $ 120,902 $ 702,088 As of September 30, 2023 Total assets $ 442,507 $ 130,813 $ 167,365 $ 740,685

Government Regulation and Finan

Government Regulation and Financial Aid	6 Months Ended
	Mar. 31, 2024
Government Regulation and Financial Aid [Abstract]
Government Regulation And Financial Aid	Government Regulation and Financial Aid As discussed at length in our 2023 Annual Report on Form 10-K , our institutions participate in a range of government-sponsored student assistance programs. The most significant of these is the federal student aid programs administered by the U.S. Department of Education (“ED”) pursuant to Title IV of the HEA, commonly referred to as the Title IV Programs. Generally, to participate in the Title IV Programs, an institution must be licensed or otherwise legally authorized to operate in the state where it is physically located, be accredited by an accreditor recognized by ED, be certified as an eligible institution by ED, offer at least one eligible program of education, and comply with other statutory and regulatory requirements. Each of our institutions holds the state or other authorizations required to operate and offer postsecondary education programs, and to recruit in the states in which it engages in recruiting activities. In addition, our institutions are accredited by ED-recognized accreditors: all of the UTI institutions and 14 of the Concorde institutions are accredited by the Accrediting Commission of Career Schools and Colleges, while the remaining two Concorde institutions are accredited by the Council on Occupational Education. ED will certify an institution to participate in the Title IV programs only after the institution has demonstrated compliance with the Higher Education Act and ED’s extensive regulations regarding institutional eligibility. An institution must also demonstrate its compliance to ED on an ongoing basis. As of December 31, 2023, management believes the Company and its institutions are in compliance with the applicable regulations in all material respects. See “Part I, Item 1. Regulatory Environment” and “Part I, Item 1. State and Accreditor Approvals” in our 2023 Annual Report on Form 10-K for a detailed discussion of the regulatory environment in which the Company operates. Because the Company operates in a highly regulated industry, it, like other industry participants, may be subject from time to time to investigations, claims of non-compliance, or lawsuits by governmental agencies or third parties, which allege statutory violations, regulatory infractions, or common law causes of action. There can be no assurance that regulatory agencies or third parties will not undertake investigations or make claims against the Company, or that such claims, if made, will not have a material adverse effect on the Company’s business, results of operations or financial condition.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 7,787	$ 10,389	$ 3,480	$ 2,648	$ 18,176	$ 6,128

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Segment Recast	Segment Recast
Recently Accounting Pronouncements	The Financial Accounting Standards Board (“FASB”) and the SEC periodically issue new accounting standards or disclosure requirements in a continuing effort to improve standards of financial accounting and reporting. We have reviewed the recently issued pronouncements and concluded the following new accounting standard updates (“ASU”) or SEC rules apply to us. Effective in Fiscal 2025 In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied retrospectively. This ASU will be effective for our Form 10-K for fiscal 2025 and our Form 10-Q for the first quarter of fiscal 2026. We are currently evaluating the impact this ASU may have on our financial statement disclosures. Effective in Fiscal 2026 In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied prospectively; however, retrospective application is also permitted. This ASU will be effective for our Form 10-K for fiscal 2026. We are currently evaluating the impact this ASU may have on our financial statement disclosures. Effective in Fiscal 2027 In March 2024, the SEC issued final rules to enhance public company disclosures related to the risks and impacts of climate-related matters. In April 2024, the SEC voluntarily stayed the new rules as a result of pending legal challenges. The new rules, if adopted, include requirements to disclose Scope 1 and Scope 2 greenhouse gas emissions and other climate-related topics in annual reports and registration statements, when material. Disclosure requirements will begin phasing in for our Form 10-K for fiscal 2027. We are currently evaluating the impact this rule may have on our financial statement disclosures.
Nature of Goods and Services/Contract Balances	Nature of Goods and Services Revenues across the UTI and Concorde segments consist primarily of student tuition and fees derived from the programs we provide after reductions are made for discounts and scholarships that we sponsor and for refunds for students who withdraw from our programs prior to specified dates. We apply the five-step model outlined in Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts from Customers . Tuition and fee revenue is recognized ratably over the term of the course or program offered. In addition to revenue from tuition and fees, UTI and Concorde derive supplemental revenues from sales of textbooks and program supplies and other revenues, which includes revenues from dealer technician training and staffing services to manufacturers. All of these revenues are recognized as the transfer of goods or services occurs. Deferred revenue represents the excess of tuition and fee payments received as compared to tuition and fees earned and is reflected as a current liability in our condensed consolidated balance sheets because it is expected to be earned within the next 12 months. All of our revenues are generated within the United States. The impact of economic factors on the nature, amount, timing and uncertainty of revenue and cash flows is consistent across our various programs for both the UTI and Concorde segments. See Note 19 for disaggregated segment revenue information.
Fair Value Measurements	Fair Value Measurements The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers: Level 1: Defined as quoted market prices in active markets for identical assets or liabilities. Level 2: Defined as inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, model-based valuation techniques for which all significant assumptions are observable in the market or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Defined as unobservable inputs that are not corroborated by market data.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The final allocation of the purchase price at December 1, 2022 is summarized as follows: Assets acquired: Cash and cash equivalents $ 30,064 Restricted cash 1,689 Accounts receivable, net 6,800 Prepaid expenses 2,957 Other current assets 827 Property and equipment 23,238 Right-of-use assets for operating leases 71,153 Goodwill 11,600 Intangible assets 5,400 Deferred tax assets 5,112 Other assets 4,997 Total assets acquired $ 163,837 Less: Liabilities assumed Accounts payable and accrued expenses $ 15,482 Deferred revenue 20,145 Operating lease liability, current portion 10,011 Long-term debt, current portion (1) 807 Other current liabilities 208 Long-term debt (1) 5,468 Operating lease liability 63,582 Total liabilities assumed 115,703 Net assets acquired $ 48,134
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination	The table below presents the final summary of the intangible assets acquired and the useful lives of these assets: Intangible Asset Useful life Amount Accreditations and regulatory approvals Indefinite $ 3,500 Trademarks and trade names 10 years 500 Curriculum 5 years 1,400 Total $ 5,400
Schedule of Business Acquisition, Pro Forma Information	The following unaudited pro forma financial information summarizes our results of operations as though the acquisition occurred on October 1, 2022: Six Months Ended March 31, 2023 Revenue $ 319,845 Net income 5,919

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Contract with Customer, Asset and Liability	The following table provides information about receivables and deferred revenue resulting from our enrollment agreements with students: March 31, 2024 September 30, 2023 Receivables (1) $ 64,559 $ 59,863 Deferred revenue 67,599 85,738

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets	Assets measured or disclosed at fair value on a recurring basis consisted of the following: Fair Value Measurements Using March 31, 2024 Quoted Prices Significant Significant Money market funds (1) $ 24,563 $ 24,563 $ — $ — Notes receivable (2) 41,072 — — 41,072 Total assets at fair value on a recurring basis $ 65,635 $ 24,563 $ — $ 41,072 Revolving credit facility and term loans (3) 137,155 — 137,155 — Total liabilities at fair value on a recurring basis $ 137,155 $ — $ 137,155 $ — Fair Value Measurements Using September 30, 2023 Quoted Prices Significant Significant Money market funds (1) $ 29,687 $ 29,687 $ — $ — Notes receivable (2) 36,663 — — 36,663 Total assets at fair value on a recurring basis $ 66,350 $ 29,687 $ — $ 36,663 Revolving credit facility and term loans (3) 156,991 — 156,991 — Total liabilities at fair value on a recurring basis $ 156,991 $ — $ 156,991 $ — (1) Money market funds and other highly liquid investments with maturity dates less than 90 days are reflected as “Cash and cash equivalents” in our condensed consolidated balance sheets as of March 31, 2024 and September 30, 2023. (2) Notes receivable relate to UTI’s proprietary loan program and are reflected as “Notes receivable, current portion” and “Notes receivable, less current portion” in our condensed consolidated balance sheets as of March 31, 2024 and September 30, 2023. (3) The Credit Facility and Term Loans bear interest at rates commensurate with market rates, and therefore, the respective carrying values approximate fair value (Level 2).

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	6 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following: March 31, 2024 September 30, 2023 Land $ 25,601 $ 25,601 Buildings and building improvements 164,325 160,920 Leasehold improvements 89,462 87,525 Training equipment 112,448 110,292 Office and computer equipment 37,472 37,251 Curriculum development 3,570 2,478 Software developed for internal use 13,103 12,573 Vehicles 1,406 1,406 Right-of-use assets for finance leases 5,603 5,603 Construction in progress 7,246 9,061 460,236 452,710 Less: Accumulated depreciation and amortization (196,698) (186,364) Total $ 263,538 $ 266,346

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The goodwill balance by reportable segment as of March 31, 2024 and September 30, 2023 was: UTI $ 16,859 Concorde 11,600 Total $ 28,459

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The following table provides the gross carrying value, accumulated amortization, net book value and remaining useful life for those intangible assets that are subject to amortization as of March 31, 2024: Gross Carrying Value Accumulated Amortization Net Book Value Weighted Average Remaining Useful Life (Years) Accreditations and regulatory approvals $ 16,300 $ — $ 16,300 Indefinite Trademarks, trade names and other 1,942 (848) 1,094 4.89 Curriculum 1,800 (567) 1,233 3.49 Total $ 20,042 $ (1,415) $ 18,627 4.15 The following table provides the gross carrying value, accumulated amortization, net book value and remaining useful life for those intangible assets that are subject to amortization as of March 31, 2023: Gross Carrying Value Accumulated Amortization Net Book Value Weighted Average Remaining Useful Life (Years) Accreditations and regulatory approvals $ 16,300 $ — $ 16,300 Indefinite Trademarks, trade names and other 1,942 (513) 1,429 5.51 Curriculum 1,800 (207) 1,593 4.47 Total $ 20,042 $ (720) $ 19,322 4.96
Schedule of Indefinite-Lived Intangible Assets	The following table provides the gross carrying value, accumulated amortization, net book value and remaining useful life for those intangible assets that are subject to amortization as of March 31, 2024: Gross Carrying Value Accumulated Amortization Net Book Value Weighted Average Remaining Useful Life (Years) Accreditations and regulatory approvals $ 16,300 $ — $ 16,300 Indefinite Trademarks, trade names and other 1,942 (848) 1,094 4.89 Curriculum 1,800 (567) 1,233 3.49 Total $ 20,042 $ (1,415) $ 18,627 4.15 The following table provides the gross carrying value, accumulated amortization, net book value and remaining useful life for those intangible assets that are subject to amortization as of March 31, 2023: Gross Carrying Value Accumulated Amortization Net Book Value Weighted Average Remaining Useful Life (Years) Accreditations and regulatory approvals $ 16,300 $ — $ 16,300 Indefinite Trademarks, trade names and other 1,942 (513) 1,429 5.51 Curriculum 1,800 (207) 1,593 4.47 Total $ 20,042 $ (720) $ 19,322 4.96
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Future intangible asset amortization expense is expected to be as follows: Fiscal Year Remainder of 2024 $ 348 2025 677 2026 660 2027 337 2028 97 Thereafter 208 Total $ 2,327

Leases (Tables)

Leases (Tables)	6 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Lease Expense	The components of lease expense during the three and six months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, Six Months Ended March 31, Lease Expense 2024 2023 2024 2023 Operating lease expense (1) $ 7,597 $ 8,273 $ 15,259 $ 13,977 Finance lease expense: Amortization of leased assets 227 127 454 325 Interest on lease liabilities 79 35 161 122 Variable lease expense 2,476 2,307 4,837 4,257 Sublease income (33) (25) (65) (57) Total net lease expense $ 10,346 $ 10,717 $ 20,646 $ 18,624 (1) Excludes the expense for short-term leases not accounted for under ASC 842, which was not significant for the three and six months ended March 31, 2024 and 2023.
Schedule of Supplemental Information	Supplemental balance sheet, cash flow and other information related to our leases was as follows (in thousands, except lease term and discount rate): Leases Classification March 31, 2024 September 30, 2023 Assets: Operating lease assets Right-of-use assets for operating leases $ 169,626 $ 176,657 Finance lease assets Property and equipment, net (1) 4,391 4,846 Total leased assets $ 174,017 $ 181,503 Liabilities: Current Operating lease liabilities Operating lease liability, current portion $ 22,841 $ 22,481 Finance lease liabilities Long-term debt, current portion (1) 887 844 Noncurrent Operating lease liabilities Operating lease liability 158,448 165,026 Finance lease liabilities Long-term debt 4,304 4,757 Total lease liabilities $ 186,480 $ 193,108 (1) The finance lease assets and liabilities as of March 31, 2024 and September 30, 2023 consisted of one facility lease. Finance lease assets are recorded net of accumulated amortization of $1.2 million and $0.8 million as of March 31, 2024 and September 30, 2023, respectively. Lease Term and Discount Rate March 31, 2024 September 30, 2023 Weighted-average remaining lease term (in years): Operating leases 7.57 7.91 Finance lease 4.83 5.33 Weighted average discount rate: Operating leases 4.86 % 4.76 % Finance lease 6.02 % 6.02 % Six Months Ended March 31, Supplemental Disclosure of Cash Flow and Other Information 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 10,139 $ 10,745 Financing cash flows from finance leases 410 304 Non-cash activity related to lease liabilities: Lease assets obtained in exchange for new operating lease liabilities (1) $ 3,921 $ 149
Schedule Operating Lease Liabilities Maturities	Maturities of lease liabilities were as follows: As of March 31, 2024 Years ending September 30, Operating Leases Finance Lease Remainder of 2024 $ 14,312 $ 585 2025 30,148 1,193 2026 30,509 1,229 2027 28,874 1,266 2028 26,747 1,304 2029 and thereafter 85,892 439 Total lease payments 216,482 6,016 Less: interest (35,193) (825) Present value of lease liabilities 181,289 5,191 Less: current lease liabilities (22,841) (887) Long-term lease liabilities $ 158,448 $ 4,304
Schedule of Finance Lease Liabilities Maturities	Maturities of lease liabilities were as follows: As of March 31, 2024 Years ending September 30, Operating Leases Finance Lease Remainder of 2024 $ 14,312 $ 585 2025 30,148 1,193 2026 30,509 1,229 2027 28,874 1,266 2028 26,747 1,304 2029 and thereafter 85,892 439 Total lease payments 216,482 6,016 Less: interest (35,193) (825) Present value of lease liabilities 181,289 5,191 Less: current lease liabilities (22,841) (887) Long-term lease liabilities $ 158,448 $ 4,304

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consisted of the following: March 31, 2024 September 30, 2023 Accounts payable $ 17,658 $ 14,438 Accrued compensation and benefits 28,971 36,332 Accrued tool sets 4,743 4,096 Other accrued expenses 18,707 15,075 Total accounts payable and accrued expenses $ 70,079 $ 69,941

Debt (Tables)

Debt (Tables)	6 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	March 31, 2024 September 30, 2023 Interest Rate Maturity Date Carrying Value of Debt (6) Carrying Value of Debt (6) Revolving Credit Facility (1) 7.78 % Nov 2025 $ 71,000 $ 90,000 Avondale Term Loan (2) 7.37 % May 2028 28,825 29,251 Lisle Term Loan (3) 7.33 % Apr 2029 37,330 37,740 Finance lease (4) 6.02 % Various 5,191 5,601 Total debt 142,346 162,592 Debt issuance costs presented with debt (5) (429) (475) Total debt, net 141,917 162,117 Less: current portion of long-term debt (2,600) (2,517) Long-term debt $ 139,317 $ 159,600 (1) Interest on the Revolving Credit Facility (as defined below) accrues at a rate equal to one-month Term SOFR plus a margin of 2.0% and a lender specific spread of 0.10-0.15% or a Prime Rate as set by the lender. (2) Interest on the Avondale Term Loan (as defined below) accrues at a rate equal to one-month Term SOFR plus 2.0% and a tranche adjustment of 0.046%. (3) Interest on the Lisle Term Loan (as defined below) accrues at a rate equal to one-month Term SOFR plus 2.0%. (4) The finance lease is related to a facility lease with an annual interest rate of 6.02% that matures in 2029. See Note 10 for additional details on our finance lease. (5) The unamortized debt issuance costs as of March 31, 2024 relate to the Avondale Term Loan and the Lisle Term Loan. (6) The Credit Facility, Term Loans and finance leases bear interest at rates commensurate with market rates, and therefore, the respective carrying values approximate fair value (Level 2).
Schedule of Maturities of Long-term Debt	Scheduled principal payments due on our debt for the remainder of 2024 and for each year through the period ended September 30, 2028, and thereafter were as follows at March 31, 2024: Maturity Revolving Credit Facility & Term Loans Finance Lease Total Remainder of 2024 $ 837 $ 434 $ 1,271 2025 1,763 932 2,695 2026 72,836 1,027 73,863 2027 1,909 1,128 3,037 2028 26,610 1,237 27,847 Thereafter 33,200 433 33,633 Subtotal 137,155 5,191 142,346 Debt issuance costs presented with debt (429) — (429) Total $ 136,726 $ 5,191 $ 141,917

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivative Instruments	The following table presents the fair value of our Avondale Swap and Lisle Swap (Level 2) which are designated as cash flow hedges and the related classification on the condensed consolidated balance sheets as of March 31, 2024 and September 30, 2023: Interest Rate Swaps March 31, 2024 September 30, 2023 Other current assets $ 833 $ 957 Other assets 1,488 2,075 Total fair value of assets designated as hedging instruments $ 2,321 $ 3,032
Schedule of Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Loss)	The table below presents the effect of cash flow hedge accounting for our Avondale Swap and Lisle Swap on the condensed consolidated statement of operations and “Accumulated other comprehensive income” for the three and six months ended March 31, 2024 and 2023: Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivative, net of taxes Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Three Months Ended March 31, 2024 Avondale Swap and Lisle Swap $ (738) $ (267) Six Months Ended March 31, 2024 Avondale Swap and Lisle Swap $ 174 $ (538) Three Months Ended March 31, 2023 Avondale Swap and Lisle Swap $ 518 $ (199) Six Months Ended March 31, 2023 Avondale Swap and Lisle Swap $ 559 $ (327)

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Calculation of Weighted Average Number of Shares Outstanding Used in Computing Basic and Diluted Net Income Loss Per Share	The following table summarizes the computation of basic and diluted EPS under the two-class or as-converted method, as well as the anti-dilutive shares excluded: Three Months Ended Six Months Ended March 31, March 31, 2024 2023 2024 2023 Basic earnings per common share: Net income $ 7,787 $ 3,480 $ 18,176 $ 6,128 Less: Preferred stock dividend declared — (1,251) (1,097) (2,528) Net income available for distribution 7,787 2,229 17,079 3,600 Income allocated to participating securities — (833) (2,855) (1,348) Net income available to common shareholders $ 7,787 $ 1,396 $ 14,224 $ 2,252 Weighted average basic shares outstanding 53,757 33,999 45,048 33,901 Basic income per common share $ 0.14 $ 0.04 $ 0.32 $ 0.07 Three Months Ended Six Months Ended March 31, March 31, 2024 2023 2024 2023 Diluted earnings per common share: Method used: Two-class Two-class Two-class Two-class Net income available to common shareholders $ 7,787 $ 1,396 $ 14,224 $ 2,252 Weighted average basic shares outstanding 53,757 33,999 45,048 33,901 Dilutive effect related to employee stock plans 1,013 554 1,002 576 Weighted average diluted shares outstanding 54,770 34,553 46,050 34,477 Diluted income per common share $ 0.14 $ 0.04 $ 0.31 $ 0.07 Anti-dilutive shares excluded: Outstanding stock-based grants — 239 17 515 Convertible preferred stock — 20,297 — 20,297 Total anti-dilutive shares excluded — 20,536 17 20,812
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table summarizes the computation of basic and diluted EPS under the two-class or as-converted method, as well as the anti-dilutive shares excluded: Three Months Ended Six Months Ended March 31, March 31, 2024 2023 2024 2023 Basic earnings per common share: Net income $ 7,787 $ 3,480 $ 18,176 $ 6,128 Less: Preferred stock dividend declared — (1,251) (1,097) (2,528) Net income available for distribution 7,787 2,229 17,079 3,600 Income allocated to participating securities — (833) (2,855) (1,348) Net income available to common shareholders $ 7,787 $ 1,396 $ 14,224 $ 2,252 Weighted average basic shares outstanding 53,757 33,999 45,048 33,901 Basic income per common share $ 0.14 $ 0.04 $ 0.32 $ 0.07 Three Months Ended Six Months Ended March 31, March 31, 2024 2023 2024 2023 Diluted earnings per common share: Method used: Two-class Two-class Two-class Two-class Net income available to common shareholders $ 7,787 $ 1,396 $ 14,224 $ 2,252 Weighted average basic shares outstanding 53,757 33,999 45,048 33,901 Dilutive effect related to employee stock plans 1,013 554 1,002 576 Weighted average diluted shares outstanding 54,770 34,553 46,050 34,477 Diluted income per common share $ 0.14 $ 0.04 $ 0.31 $ 0.07 Anti-dilutive shares excluded: Outstanding stock-based grants — 239 17 515 Convertible preferred stock — 20,297 — 20,297 Total anti-dilutive shares excluded — 20,536 17 20,812

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Information by Reportable Segment	Summary information by reportable segment is as follows: UTI Concorde Corporate Consolidated Three Months Ended March 31, 2024 Revenues $ 123,323 $ 60,853 $ — $ 184,176 Income (loss) from operations 18,086 3,246 (10,140) 11,192 Depreciation and amortization 5,684 1,217 301 7,202 Net income (loss) 16,616 3,320 (12,149) 7,787 Three Months Ended March 31, 2023 Revenues $ 107,560 $ 56,260 $ — $ 163,820 Income (loss) from operations 9,788 6,189 (10,028) 5,949 Depreciation and amortization 5,094 1,649 3 6,746 Net income (loss) 8,821 6,237 (11,578) 3,480 UTI Concorde Corporate Consolidated Six Months Ended March 31, 2024 Revenues $ 238,697 $ 120,174 $ — $ 358,871 Income (loss) from operations 33,177 10,373 (18,127) 25,423 Depreciation and amortization 11,178 2,371 637 14,186 Net income (loss) 30,213 10,493 (22,530) 18,176 Six Months Ended March 31, 2023 Revenues $ 213,133 $ 70,691 $ — $ 283,824 Income (loss) from operations 23,210 5,463 (18,276) 10,397 Depreciation and amortization 9,869 2,106 19 11,994 Net income (loss) 21,553 5,503 (20,928) 6,128 As of March 31, 2024 Total assets $ 446,337 $ 134,849 $ 120,902 $ 702,088 As of September 30, 2023 Total assets $ 442,507 $ 130,813 $ 167,365 $ 740,685

Nature of the Business (Details

Nature of the Business (Details)		6 Months Ended
	Dec. 01, 2022 segment	Mar. 31, 2024 segment state campus
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of reportable segments | segment	2	2
Number of campuses through which undergraduate degree, diploma and certificate programs are offered | campus		16
Number of states | state		9
Concorde
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of campuses through which undergraduate degree, diploma and certificate programs are offered | campus		17
Number of states | state		8

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details)		3 Months Ended		6 Months Ended
	Dec. 01, 2022 USD ($) state student program campus	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2024 USD ($) campus state	Sep. 30, 2023 USD ($)
Business Combination Segment Allocation [Line Items]
Number of campuses through which undergraduate degree, diploma and certificate programs are offered | campus				16
Number of states | state				9
Goodwill				$ 28,459,000	$ 28,459,000
Concorde
Business Combination Segment Allocation [Line Items]
Number of campuses through which undergraduate degree, diploma and certificate programs are offered | campus	17
Number of states | state	8
Number of students | student	7,600
Number of programs | program	20
Base purchase price	$ 50,000,000
Working capital	1,900,000
Purchase consideration	48,100,000
Business combination, acquisition related costs	5,300,000	$ 2,300,000	$ 3,000,000
Adjustment to income tax receivable				100,000
Adjustment to deferred income taxes				600,000
Adjustment to property and equipment				$ 700,000
Goodwill	11,600,000
Goodwill expected to be deductible for tax purposes	0
Receivables acquired	2,300,000
Allowance for credit losses on PCD assets	$ 1,000,000

Acquisitions - Preliminary Allo

Acquisitions - Preliminary Allocation of Purchase Price - Concorde (Details) $ in Thousands	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 01, 2022 USD ($) lease
Assets acquired
Goodwill	$ 28,459	$ 28,459
Concorde
Assets acquired
Cash and cash equivalents			$ 30,064
Restricted cash			1,689
Accounts receivable, net			6,800
Prepaid expenses			2,957
Other current assets			827
Property and equipment			23,238
Right-of-use assets for operating leases			71,153
Goodwill			11,600
Intangible assets			5,400
Deferred tax assets			5,112
Other assets			4,997
Total assets acquired			163,837
Less: Liabilities assumed
Accounts payable and accrued expenses			15,482
Deferred revenue			20,145
Operating lease liability, current portion			10,011
Long-term debt, current portion			807
Other current liabilities			208
Long-term debt			5,468
Operating lease liability			63,582
Total liabilities assumed			115,703
Net assets acquired			$ 48,134
Number of finance leases acquired | lease			1

Acquisitions - Schedule of Inta

Acquisitions - Schedule of Intangible Assets Acquired (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 01, 2022
Asset Acquisition [Line Items]
Finite-lived intangible assets, net book value	$ 2,327
Net Book Value	18,627	$ 19,322
Concorde
Asset Acquisition [Line Items]
Net Book Value			$ 5,400
Trademarks, trade names and other
Asset Acquisition [Line Items]
Finite-lived intangible assets, net book value	1,094	1,429
Trademarks, trade names and other | Concorde
Asset Acquisition [Line Items]
Weighted Average Remaining Useful Life (Years)			10 years
Finite-lived intangible assets, net book value			$ 500
Curriculum development
Asset Acquisition [Line Items]
Finite-lived intangible assets, net book value	1,233	1,593
Curriculum development | Concorde
Asset Acquisition [Line Items]
Weighted Average Remaining Useful Life (Years)			5 years
Finite-lived intangible assets, net book value			$ 1,400
Accreditations and regulatory approvals
Asset Acquisition [Line Items]
Indefinite-lived intangible assets, gross carrying amount	$ 16,300	$ 16,300
Accreditations and regulatory approvals | Concorde
Asset Acquisition [Line Items]
Indefinite-lived intangible assets, gross carrying amount			$ 3,500

Acquisitions - Pro Forma Financ

Acquisitions - Pro Forma Financial Information (Details) - Concorde $ in Thousands	6 Months Ended
	Mar. 31, 2023 USD ($)
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenue	$ 319,845
Net income	$ 5,919

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognition period	12 months
Receivables	$ 64,559	$ 59,863
Deferred revenue	$ 67,599	$ 85,738

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total liabilities at fair value on a recurring basis	$ 137,155	$ 156,991
Revolving credit facility and term loans
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total liabilities at fair value on a recurring basis	137,155	156,991
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total liabilities at fair value on a recurring basis	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Revolving credit facility and term loans
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total liabilities at fair value on a recurring basis	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total liabilities at fair value on a recurring basis	137,155	156,991
Significant Other Observable Inputs (Level 2) | Revolving credit facility and term loans
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total liabilities at fair value on a recurring basis	137,155	156,991
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total liabilities at fair value on a recurring basis	0	0
Significant Unobservable Inputs (Level 3) | Revolving credit facility and term loans
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total liabilities at fair value on a recurring basis	0	0
Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets at fair value on a recurring basis	65,635	66,350
Estimate of Fair Value Measurement | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets at fair value on a recurring basis	24,563	29,687
Estimate of Fair Value Measurement | Notes receivable
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets at fair value on a recurring basis	41,072	36,663
Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets at fair value on a recurring basis	24,563	29,687
Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets at fair value on a recurring basis	24,563	29,687
Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | Notes receivable
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets at fair value on a recurring basis	0	0
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets at fair value on a recurring basis	0	0
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets at fair value on a recurring basis	0	0
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Notes receivable
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets at fair value on a recurring basis	0	0
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets at fair value on a recurring basis	41,072	36,663
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets at fair value on a recurring basis	0	0
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | Notes receivable
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets at fair value on a recurring basis	$ 41,072	$ 36,663

Property and Equipment, net - S

Property and Equipment, net - Schedule of property and equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Right-of-use assets for finance leases	$ 5,603	$ 5,603
Property and equipment and Right-of-use assets for finance leases, gross	460,236	452,710
Less: Accumulated depreciation and amortization	(196,698)	(186,364)
Property and equipment and Right-of-use assets for finance leases, net	263,538	266,346
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	25,601	25,601
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	164,325	160,920
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	89,462	87,525
Training equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	112,448	110,292
Office and computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	37,472	37,251
Curriculum development
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,570	2,478
Software developed for internal use
Property, Plant and Equipment [Line Items]
Property and equipment, gross	13,103	12,573
Vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,406	1,406
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,246	$ 9,061

Property and Equipment, net - N

Property and Equipment, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Deprecation expense	$ 7	$ 6.6	$ 13.8	$ 11.7

Goodwill - Narrative (Details)

Goodwill - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 28,459	$ 28,459

Goodwill - Goodwill Reportable

Goodwill - Goodwill Reportable Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Goodwill [Line Items]
Goodwill	$ 28,459	$ 28,459
UTI
Goodwill [Line Items]
Goodwill	16,859	16,859
Concorde
Goodwill [Line Items]
Goodwill	$ 11,600	$ 11,600

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (1,415)	$ (720)
Total	2,327
Gross Carrying Value	20,042	20,042
Net Book Value	$ 18,627	$ 19,322
Weighted Average Remaining Useful Life (Years)	4 years 1 month 24 days	4 years 11 months 15 days
Trademarks, trade names and other
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	$ 1,942	$ 1,942
Accumulated Amortization	(848)	(513)
Total	$ 1,094	$ 1,429
Weighted Average Remaining Useful Life (Years)	4 years 10 months 20 days	5 years 6 months 3 days
Curriculum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	$ 1,800	$ 1,800
Accumulated Amortization	(567)	(207)
Total	$ 1,233	$ 1,593
Weighted Average Remaining Useful Life (Years)	3 years 5 months 26 days	4 years 5 months 19 days
Accreditations and regulatory approvals
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, gross carrying amount	$ 16,300	$ 16,300
Indefinite-lived intangible assets, net book value	$ 16,300	$ 16,300

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 0.2	$ 0.2	$ 0.3	$ 0.3

Intangible Assets - Schedule _2

Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 348
2025	677
2026	660
2027	337
2028	97
Thereafter	208
Total	$ 2,327

Leases - Narrative (Details)

Leases - Narrative (Details)	6 Months Ended
	Mar. 31, 2024 location campus
Lessee, Lease, Description [Line Items]
Number of lease contracts	29
Number of leasable campuses	33
Number of corporate office locations leased | location	3
Minimum
Lessee, Lease, Description [Line Items]
Lease term	5 years
Maximum
Lessee, Lease, Description [Line Items]
Lease term	20 years

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease expense	$ 7,597	$ 8,273	$ 15,259	$ 13,977
Income and Expenses, Lessee [Abstract]
Amortization of leased assets	227	127	454	325
Interest on lease liabilities	79	35	161	122
Variable lease expense	2,476	2,307	4,837	4,257
Sublease income	(33)	(25)	(65)	(57)
Total net lease expense	$ 10,346	$ 10,717	$ 20,646	$ 18,624

Leases - Supplemental Informati

Leases - Supplemental Information (Details) $ in Thousands	6 Months Ended
	Mar. 31, 2024 USD ($) lease	Mar. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) lease
Assets:
Operating lease assets	$ 169,626		$ 176,657
Finance lease assets	$ 4,391		$ 4,846
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property and equipment, net		Property and equipment, net
Total leased assets	$ 174,017		$ 181,503
Current
Operating lease liabilities	22,841		22,481
Finance lease liabilities	$ 887		$ 844
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Long-term debt, current portion		Long-term debt, current portion
Noncurrent
Operating lease liabilities	$ 158,448		$ 165,026
Finance lease liabilities	$ 4,304		$ 4,757
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt		Long-term debt
Total lease liabilities	$ 186,480		$ 193,108
Number of facilities leased | lease	1		1
Finance lease, accumulated amortization	$ 1,200		$ 800
Weighted-average remaining lease term (in years):
Operating leases	7 years 6 months 25 days		7 years 10 months 28 days
Finance lease	4 years 9 months 29 days		5 years 3 months 29 days
Weighted average discount rate:
Operating leases	4.86%		4.76%
Finance lease	6.02%		6.02%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 10,139	$ 10,745
Financing cash flows from finance leases	410	304
Non-cash activity related to lease liabilities:
Lease assets obtained in exchange for new operating lease liabilities	$ 3,921	$ 149

Leases - Schedule of Operating

Leases - Schedule of Operating Leases Liabilities Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Operating Leases
Remainder of 2024	$ 14,312
2025	30,148
2026	30,509
2027	28,874
2028	26,747
2029 and thereafter	85,892
Total lease payments	216,482
Less: interest	(35,193)
Present value of lease liabilities	181,289
Less: current lease liabilities	(22,841)	$ (22,481)
Long-term lease liabilities	158,448	165,026
Finance Lease
Remainder of 2024	585
2025	1,193
2026	1,229
2027	1,266
2028	1,304
2029 and thereafter	439
Total lease payments	6,016
Less: interest	(825)
Present value of lease liabilities	5,191
Less: current lease liabilities	(887)	(844)
Long-term lease liabilities	$ 4,304	$ 4,757

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Payables and Accruals [Abstract]
Accounts payable	$ 17,658	$ 14,438
Accrued compensation and benefits	28,971	36,332
Accrued tool sets	4,743	4,096
Other accrued expenses	18,707	15,075
Total accounts payable and accrued expenses	$ 70,079	$ 69,941

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Total debt	$ 142,346	$ 162,592
Debt issuance costs presented with debt	(429)	(475)
Total debt, net	141,917	162,117
Less: current portion of long-term debt	(2,600)	(2,517)
Long-term debt	$ 139,317	159,600
Avondale Term Loan
Debt Instrument [Line Items]
Interest Rate	7.37%
Total debt	$ 28,825	29,251
Avondale Term Loan | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate	2%
Tranche rate adjustment	0.046%
Lisle Term Loan
Debt Instrument [Line Items]
Interest Rate	7.33%
Total debt	$ 37,330	37,740
Lisle Term Loan | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate	2%
Finance Lease
Debt Instrument [Line Items]
Interest Rate	6.02%
Total debt	$ 5,191	5,601
Debt issuance costs presented with debt	0
Total debt, net	$ 5,191
Weighted average interest rate	6.02%
Revolving Credit Facility
Debt Instrument [Line Items]
Interest Rate	7.78%
Total debt	$ 71,000	$ 90,000
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Variable Rate Component One
Debt Instrument [Line Items]
Variable interest rate	2%
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Variable Rate Component Two | Minimum
Debt Instrument [Line Items]
Variable interest rate	10%
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Variable Rate Component Two | Maximum
Debt Instrument [Line Items]
Variable interest rate	0.15%

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)					1 Months Ended	3 Months Ended	6 Months Ended
	Nov. 28, 2022	Nov. 18, 2022	Apr. 14, 2022	May 12, 2021	Apr. 30, 2024	Mar. 31, 2024	Mar. 31, 2024	Mar. 31, 2023
Avondale Term Loan
Debt Instrument [Line Items]
Interest Rate						7.37%	7.37%
Avondale Term Loan | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Tranche rate adjustment						0.046%	0.046%
Variable interest rate							2%
Lisle Term Loan
Debt Instrument [Line Items]
Interest Rate						7.33%	7.33%
Lisle Term Loan | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate							2%
Fifth Third Bank, National Association | Secured Debt | Avondale Term Loan
Debt Instrument [Line Items]
Debt maturity term				7 years
Interest Rate								1.45%
Maximum principal amount				$ 31,200,000
Fifth Third Bank, National Association | Secured Debt | Avondale Term Loan | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable interest rate				2%
Fifth Third Bank, National Association | Secured Debt | Avondale Term Loan | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Tranche rate adjustment				0.046%
Fifth Third Bank, National Association | Secured Debt | Lisle Term Loan
Debt Instrument [Line Items]
Debt maturity term			7 years
Interest Rate			4.69%
Valley National Bank | Secured Debt | Lisle Term Loan
Debt Instrument [Line Items]
Debt maturity term			7 years
Maximum principal amount			$ 38,000,000
Valley National Bank | Secured Debt | Lisle Term Loan | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate			2%
Revolving Credit Facility
Debt Instrument [Line Items]
Interest Rate						7.78%	7.78%
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Variable Rate Component Two | Maximum
Debt Instrument [Line Items]
Variable interest rate							0.15%
Revolving Credit Facility | Fifth Third Bank | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 100,000,000
Debt maturity term		3 years
Revolving Credit Facility | Fifth Third Bank | Line of Credit | Concorde
Debt Instrument [Line Items]
Proceeds from lines of credit	$ 90,000,000					$ 20,000,000
Interest Rate	6.54%					8.50%	8.50%
Revolving Credit Facility | Fifth Third Bank | Secured Debt
Debt Instrument [Line Items]
Debt issuance costs		$ 500,000
Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 29,000,000	$ 29,000,000
Letter of Credit | Line of Credit | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 49,000,000
Letter of Credit | Fifth Third Bank | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 20,000,000
Maximum principal amount								$ 1,800,000
Repayments						$ 39,000,000
Letter of Credit | Fifth Third Bank | Line of Credit | Subsequent Event
Debt Instrument [Line Items]
Repayments					$ 20,000,000

Debt - Debt Maturities (Details

Debt - Debt Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Revolving Credit Facility & Term Loans
Remainder of 2024	$ 1,271
2025	2,695
2026	73,863
2027	3,037
2028	27,847
Thereafter	33,633
Total debt, net	142,346	$ 162,592
Debt issuance costs presented with debt	(429)	(475)
Total debt, net	141,917	162,117
Revolving Credit Facility & Term Loans
Revolving Credit Facility & Term Loans
Remainder of 2024	837
2025	1,763
2026	72,836
2027	1,909
2028	26,610
Thereafter	33,200
Total debt, net	137,155
Debt issuance costs presented with debt	(429)
Total debt, net	136,726
Finance Lease
Revolving Credit Facility & Term Loans
Remainder of 2024	434
2025	932
2026	1,027
2027	1,128
2028	1,237
Thereafter	433
Total debt, net	5,191	$ 5,601
Debt issuance costs presented with debt	0
Total debt, net	$ 5,191

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions	Apr. 14, 2022	May 12, 2021	Mar. 31, 2024	Mar. 31, 2023
Interest Rate Swap | Cash Flow Hedging | Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) expected to reclassified to interest expense within the next twelve months			$ 0.9
Avondale Term Loan
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Rate			7.37%
Lisle Term Loan
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Rate			7.33%
Lisle Swap | Interest Rate Swap | Cash Flow Hedging | Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount			$ 18.7
Avondale Swap | Interest Rate Swap | Cash Flow Hedging | Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount			$ 14.4
Secured Debt | Fifth Third Bank, National Association | Avondale Term Loan
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed rate on principal amount				50%
Interest Rate				1.45%
Debt maturity term		7 years
Secured Debt | Fifth Third Bank, National Association | Lisle Term Loan
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed rate on principal amount	50%
Interest Rate	4.69%
Debt maturity term	7 years

Derivative Financial Instrume_4

Derivative Financial Instruments - Fair Value of Derivative Instruments (Details) - Interest Rate Swap - Hedging Instrument - Cash Flow Hedging - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total fair value of assets designated as hedging instruments	$ 2,321	$ 3,032
Other current assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total fair value of assets designated as hedging instruments	833	957
Other assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total fair value of assets designated as hedging instruments	$ 1,488	$ 2,075

Derivative Financial Instrume_5

Derivative Financial Instruments - Accumulated Other Comprehensive Income (Loss) and Statement of Operations (Details) - Interest Rate Swaps - Cash Flow Hedging - Hedging Instrument - Interest Expense - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivative, net of taxes	$ (738)	$ 518	$ 174	$ 559
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	$ (267)	$ (199)	$ (538)	$ (327)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (2,767)	$ (1,763)	$ (5,927)	$ (3,288)
Effective income tax rate, percent	26.20%	33.60%	24.60%	34.90%

Restructuring Costs (Details)

Restructuring Costs (Details) - Campus Location Consolidation - Facility Consolidation $ in Thousands		3 Months Ended	6 Months Ended
	Dec. 05, 2023 USD ($) plan	Mar. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Number of plans consolidated | plan	2
Forecast
Restructuring Cost and Reserve [Line Items]
Expected estimated costs				$ 800	$ 500
UTI
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 1,400
Termination costs		$ 45	$ 88

Shareholders' Equity (Details)

Shareholders' Equity (Details) $ / shares in Units, $ in Millions		6 Months Ended
	Dec. 18, 2023 USD ($) day $ / shares shares	Mar. 31, 2024 USD ($) vote $ / shares shares	Mar. 31, 2023 USD ($) shares	Sep. 30, 2023 $ / shares shares	Dec. 10, 2020 USD ($)
Stockholders Equity Note [Line Items]
Number of voting rights | vote		1
Common stock, par value (in dollars per share) | $ / shares		$ 0.0001		$ 0.0001
Preferred stock, shares issued (in shares)		0		676,000
Preferred stock, shares outstanding (in shares)		0		676,000
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.0001		$ 0.0001
Preferred stock, liquidation preference (in dollars per share) | $ / shares		$ 100		$ 100
Repurchase of common stock authorized by Board of Directors | $		$ 35	$ 35		$ 35
Stock repurchased (in shares)		0	0
Common Stock
Stockholders Equity Note [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0
Series A Preferred Stock
Stockholders Equity Note [Line Items]
Consecutive trading days | day	20
Excise taxes and other professional service fees | $	$ 0.3
Preferred stock cancelled and converted into the right to receive (in shares)	30.03003
Dividends payable | $	$ 1.1
Preferred stock conversion of stock, shares converted (in shares)	642,585
Preferred stock outstanding shares converted into common stock shares (in shares)	19,296,843
Preferred stock remain outstanding and all rights of the holders receive (in shares)	0
Preferred stock voting cap, percentage	25%
Preferred stock, shares issued (in shares)	33,300			675,885
Preferred stock, shares outstanding (in shares)				675,885
Preferred stock, par value (in dollars per share) | $ / shares				$ 0.0001
Preferred stock, liquidation preference (in dollars per share) | $ / shares				$ 100
Series A Preferred Stock | Preferred Stock Including Additional Paid in Capital
Stockholders Equity Note [Line Items]
Purchase price | $	$ 11.3

Earnings per Share - Narrative

Earnings per Share - Narrative (Details)	Dec. 18, 2023 shares
Series A Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock remain outstanding and all rights of the holders receive (in shares)	0

Earnings per Share - Calculatio

Earnings per Share - Calculation of earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2024	Mar. 31, 2023
Basic earnings per common share:
Net income	$ 7,787	$ 10,389	$ 3,480	$ 2,648	$ 18,176	$ 6,128
Less: Preferred stock dividend declared	0		(1,251)		(1,097)	(2,528)
Income available for distribution	7,787		2,229		17,079	3,600
Income allocated to participating securities	0		(833)		(2,855)	(1,348)
Net income available to common shareholders	$ 7,787		$ 1,396		$ 14,224	$ 2,252
Weighted average basic shares outstanding (in shares)	53,757		33,999		45,048	33,901
Basic (loss) income per common share (in dollars per share)	$ 0.14		$ 0.04		$ 0.32	$ 0.07
Diluted earnings per common share:
Net income available to common shareholders	$ 7,787		$ 1,396		$ 14,224	$ 2,252
Weighted average basic shares outstanding (in shares)	53,757		33,999		45,048	33,901
Dilutive effect related to employee stock plans (in shares)	1,013		554		1,002	576
Weighted average diluted shares outstanding (in shares)	54,770		34,553		46,050	34,477
Diluted income per common share (in dollars per share)	$ 0.14		$ 0.04		$ 0.31	$ 0.07

Earnings per Share - Schedule o

Earnings per Share - Schedule of antidilutive securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares excluded (in shares)	0	20,536	17	20,812
Outstanding stock-based grants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares excluded (in shares)	0	239	17	515
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares excluded (in shares)	0	20,297	0	20,297

Segment Information (Details)

Segment Information (Details) $ in Thousands		3 Months Ended				6 Months Ended
	Dec. 01, 2022 segment	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	2					2
Revenues		$ 184,176		$ 163,820		$ 358,871	$ 283,824
Income (loss) from operations		11,192		5,949		25,423	10,397
Depreciation and amortization		7,202		6,746		14,186	11,994
Net income (loss)		7,787	$ 10,389	3,480	$ 2,648	18,176	6,128
Total assets		702,088				702,088		$ 740,685
Operating Segments | UTI
Segment Reporting Information [Line Items]
Revenues		123,323		107,560		238,697	213,133
Income (loss) from operations		18,086		9,788		33,177	23,210
Depreciation and amortization		5,684		5,094		11,178	9,869
Net income (loss)		16,616		8,821		30,213	21,553
Total assets		446,337				446,337		442,507
Operating Segments | Concorde
Segment Reporting Information [Line Items]
Revenues		60,853		56,260		120,174	70,691
Income (loss) from operations		3,246		6,189		10,373	5,463
Depreciation and amortization		1,217		1,649		2,371	2,106
Net income (loss)		3,320		6,237		10,493	5,503
Total assets		134,849				134,849		130,813
Corporate
Segment Reporting Information [Line Items]
Revenues		0		0		0	0
Income (loss) from operations		(10,140)		(10,028)		(18,127)	(18,276)
Depreciation and amortization		301		3		637	19
Net income (loss)		(12,149)		$ (11,578)		(22,530)	$ (20,928)
Total assets		$ 120,902				$ 120,902		$ 167,365

Government Regulation and Fin_2

Government Regulation and Financial Aid (Details) - Concorde	Mar. 31, 2024 institution
ACCSC
Unusual or Infrequent Item, or Both [Line Items]
Number of accredited institutions	14
COE
Unusual or Infrequent Item, or Both [Line Items]
Number of accredited institutions	2