What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2022-12-12 compared with 2021-12-02 · 17 added, 33 removed, 19 unchanged (72% of the section changed)

6 unchanged sentences

Arizona (Avondale) (1)

UTI 283,000 Owned N/A

UTI/MMI 283,000 Owned N/A

Arizona (Phoenix) (1)

2 unchanged sentences

California (Rancho Cucamonga) UTI 148,000 Leased September 2031

California (Sacramento) (2)

UTI 245,000 Leased February 2033

Florida (Miramar) (3)

UTI 83,200 Leased March 2032

Florida (Orlando) (4)

UTI 178,875 Leased August 2029 and

California (Sacramento) UTI 117,000 Leased February 2033

Florida (Miramar) UTI 103,000 Leased March 2032

Florida (Orlando) (2)

MMI 117,700 Leased August 2022

Illinois (Lisle) UTI 187,000 Leased December 2032

UTI/MMI 188,000 Leased August 2029 and

Illinois (Lisle) UTI 187,000 Owned N/A

Michigan (Canton) MIAT 125,000 Leased April 2036

New Jersey (Bloomfield) UTI 102,000 Leased December 2030

North Carolina (Mooresville) (5)

NASCAR Tech 146,000 Leased October 2030

North Carolina (Mooresville) NASCAR Tech 146,000 Leased October 2030

Pennsylvania (Exton) UTI 129,000 Leased October 2029

1 unchanged sentence

Worth) UTI 95,000 Owned N/A

Location Brand Approximate Square Footage Leased or Owned Lease Expiration Date

Texas (Houston) UTI 172,000 Owned N/A

Texas (Austin) (6)

UTI 107,000 Leased December 2031

Texas (Houston) MIAT 54,000 Leased June 2029

Texas (Austin) UTI 107,000 Leased October 2032

Other locations:

Arizona (Phoenix) (3)

Corporate Headquarters 29,000 Leased December 2025

Arizona (Phoenix) (1)

Operational Support 47,000 Leased December 2022

(1) During fiscal 2021, we purchased our Avondale, Arizona campus for approximately $45.2 million, including closing costs and other fees, with the intention of consolidating our MMI Phoenix, Arizona campus into the same location by the end of fiscal 2022.

(2) In September 2020, we signed an amendment to the lease for our Sacramento, California campus which extended the lease through February 2033.

Additionally, this amendment reduces our leased space by approximately 128,000 square feet to 117,000 square feet effective as of January 1, 2022.

(3) During fiscal 2021, we signed a lease agreement for a new campus in Miramar, Florida.

We expect to take possession of the building for construction in early fiscal 2022 with plans to open the campus in the fourth quarter of fiscal 2022.

Excludes approximately 20,000 square feet of mezzanine space constructed by UTI that is not subject to rent.

(4) As part of our plans to consolidate the MMI Orlando, Florida campus into the UTI Orlando, Florida campus, during fiscal 2021 we signed a new lease agreement for approximately 34,000 square feet adjacent to our current UTI Orlando campus with a term that ends in March 2031.

Additionally, we amended our UTI Orlando lease agreements to extend the lease term through August 2029.

In October 2021, we further amended one of the Orlando lease agreements to add an additional 9,000 square feet as of November 1, 2021.

We expect to exit the current MMI Orlando campus by the end of the second quarter of fiscal 2022.

The net square foot reduction as a result of the campus optimization plan is approximately 75,000 square feet.

(5) In December 2020, we signed an amendment to the lease for our Mooresville, North Carolina campus which extended the lease through October 2030.

(6) During fiscal 2021, we signed a lease agreement for a new campus in Austin, Texas.

We took possession of the building in September 2021.

The Austin campus is expected to open during the second quarter of fiscal 2022.

(7) In September 2021, we listed approximately 8,500 square feet of our Corporate Headquarters for sublease.

As of September 30, 2021, no sublease arrangements had been executed.

Corporate Headquarters 21,000 Leased February 2027

(1) During fiscal 2021, we purchased our Avondale, Arizona campus for approximately $45.2 million, including closing costs and other fees.

During fiscal 2022, we completed the consolidation of our MMI Phoenix, Arizona campus into the Avondale, Arizona location which resulted in a reduction of approximately 164,000 leased square feet.

The square footage noted for MMI Phoenix represents the remaining unoccupied space as of September 30, 2022 under the lease obligation that expires as of December 31, 2022.

(2) During fiscal 2022, we completed the consolidation of our Orlando, Florida campus into one site with 188,000 square feet.

The net square footage reduction as a result of the campus optimization plan was approximately 75,000 square feet.

(3) In September 2022, we executed an amendment for our Corporate Headquarters lease which reduced the leased square footage by approximately 8,000 square feet and extended the lease term to February 2027.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties