Let's delve deeper into each type of owner of Universal Technical Institute, beginning with the chart below. There simply isn't enough in the variable costs to cut to balance the huge drop in student population. UTI has relationships with manufacturers of more than 35 leading brands. With the addition of Concorde and the broadening of our program offerings, we will accelerate Universal Technical Institute's revenue, profitability, and cash flow growth over the next several years. The NTT business was discontinued at a loss of $42.9 million. However, such a recovery seems highly unlikely. Investors impressed by UTIs job placement rates need also to look at the quality of the jobs the graduates are getting. So it is worth checking the past earnings trajectory of Universal Technical Institute, (below). If school is not listed, please fill in here: If your duty station is not listed, enter here: What kind of training are you interested in? Divided Government And The Way Forward For The Markets, How Negativity Bias Leads To Mistakes In Portfolios, Transforming The Wealth Management Experience For Todays Client, MoneyStamps Of South America - As Investments, Theyre Different Part 1, Covid-19 Related Municipal Defaults Begin, The Dynamics Of Price Discovery In The Stamp Market, limit the amount of debt that students can take on in career-training programs, grow NOPAT by 17% compounded annually for 12 years. Universal Technical Institutewill discuss the acquisition in more detail and provide updated investor materials as part of its previously announced fiscal 2022 full year and fourth quarter earnings call on December 12, 2022. "Universal Technical Institute's brands have a great reputation with both employers and students in transportation and skilled trades. It's one of the areas it can manage, and it's showing some improvement in that regard, even if it's only for one month at this time. Universal Technical Institute (UTI) suffers from unreasonably high valuation and steadily declining enrollment. Find out more in our resources. Previous guidance from UTI was confirmed in its latest earnings report, with the company expecting revenues to drop into the high single-digits in 2013. We choose to disclose this non-GAAP financial measure for Concorde because it provides an additional performance measure. This is a BETA experience. Special conditions may apply. Jami Frazier will serve as the Divisional President, reporting to CEO Jerome Grant. Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. Concorde was founded in 1968 and currently serves approximately 7,400 students through its 17 campuses in8 states. SOURCE Universal Technical Institute, Inc. Download our catalogs and learn about programs, courses, tuition, fees, admissions and much more. Instead, they are based only on UTI's current beliefs, expectations, and assumptions regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. UTI's default rate, however, was relatively low for a for-profit college, fluctuating from 12% to 16%. Keeping things as they are won't cut it. Due to an increase in customer demand and shortage of skilled technicians, jobs are growing in the skilled trades. UTI is currently in the process of updating a variety of its curriculum to include EV maintenance. UTI welcomes General Education Diploma students. More than anything that's the challenge faced by UTI, and until it's able to turn that sentiment around it will continue to lose students. According to theDepartment of Education, for-profit colleges account for only 13% of the higher education population but nearly half of all loan defaults. There is an outside possibility new student starts may improve in the fourth quarter, although it would be a surprise. I generally consider insider ownership to be a good thing. The usual mantra that it'll take time to implement the measures to combat the changing market conditions isn't believable with McWaters, who has seen the share price and value of the company erode exponentially under her 10-year watch. This shows at least some alignment. Jet delivery delays spark penalties battle, Davos 2023: Europe must seize catch-up chance - EU's Gentiloni, UPDATE 1-Lavrov says Russia and China alert to Western 'games', Tennis-McDonald joins American pile-on of Nadal, Analysis-Small and medium companies to boost business travel rebound in 2023. I wrote this article myself, and it expresses my own opinions. Universal Technical Institute defines estimated adjusted EBITDA margin as estimated adjusted EBITDA over estimated revenue. We have 9 programs at 13 locations. That implies potential students don't see the costs of going to UTI as commensurate with the benefits. With the rise of free community college offerings and increased scrutiny on for-profit colleges, there is little left UTI can do to combat declining demand for its education. rate. In the second quarter that continued with a year-over-year growth rate of 14 percent. This poor strategy used and destroyed capital that could have been put to work attracting new students to UTI and retooling its business. Important factors that could affect UTI's actual results include, among other things, changes to federal and state educational funding, changes to regulations or agency interpretation of such regulations affecting the for-profit education industry, possible failure or inability to obtain regulatory consents and certifications for new or modified campuses or instruction, potential increased competition, impacts related to the COVID-19 pandemic, changes in demand for the programs UTI offers, increased investment in management and capital resources, the effectiveness of UTI student recruiting, advertising and promotional efforts, changes to interest rates and unemployment, general economic and political conditions, the adoption of new accounting standards, and other risks that are described from time to time in UTI's public filings. 41) For Automotive Service Technicians and Mechanics, the U.S. Bureau of Labor Statistics projects an annual average of 73,300 job openings between 2021 and 2031. UTI shares have fallen to under $10 since the buyback began, which indicates that the share repurchase program has destroyed over 20% of the $8.8 million purchased, or around $2 million in value. We won't find out until next quarter whether or not that has actually translated into new student applications or not. It may take several years before the current efforts bear fruit, if they do at all. Find out what some of our graduates are doing today in pursuing their successful careers. Privacy Policy For further details on how we use your data, please review UTI's Privacy Policy. In the latest earnings call of the company McWaters also talked about the implementation of a predictive model and other things, but I don't see that as relevant because it's as simple as whether or not new students are coming on board or not. 47) The U.S. Bureau of Labor Statistics projects that total national employment for Automotive Service Technicians and Mechanics will be 743,800 by 2031. In 2011, a former employee filed a lawsuit against the company accusing it of violating Title IV regulations in its compensation incentives for admissions representatives. This may not be consistent with full year annual report figures. Every investor in Universal Technical Institute, Inc. ( NYSE:UTI) should be aware of the most powerful shareholder groups. They aren't always helpful and tuition way overpriced. Among the reasons stated by UTI CEO Kimberly J. McWaters for the underperformance are "changes in consumer perception and behaviors regarding education and the lingering effects of regulatory change, including increased competition for higher-quality students." It might appear that UTI could justify a higher valuation based on the assets on its balance sheet, but such thinking ignores the impact of over $142 million inoff-balance sheet debt. UTI thrived in the first couple years of the recession. Student-Paid vs. Manufacturer-Paid Programs. UTI is making more than $15 million in scholarships and grants available to students in 2022. Concorde Career Colleges offers more than 20 programs across the Allied Health, Dental, Nursing, Patient Care, and Diagnostic fields. UTI may be able to pay out a high dividend and maintain its buyback for a while, but unless it can manage a dramatic and improbable turnaround in its business, the stock will continue to fall. Of course, keep in mind that there are other factors to consider, too. Universal Technical Institute's campuses are accredited by the Accrediting Commission of Career Schools and Colleges (ACCSC), while its employer-aligned technical training programs are offered under four brands:Universal Technical Institute, Motorcycle Mechanics Institute / Marine Mechanics Institute, NASCAR Technical Institute, and MIAT College of Technology. UTI also authorized a buyback program of $25 million in 2011. Talk to potential employers to learn more about the programs available in your area. A drop to the mid-to-high single digits for new student starts is the reasoning there. EBITDA stood at $4.2 million in comparison to $89.5 million in 2012 in the second quarter. Given the vast amount of money and research capacities at their disposal, institutional ownership tends to carry a lot of weight, especially with individual investors. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. Learning is hands on so no online classes to get it done. The acquisition adds campuses in Texas and Michigan and eight new . Considering the weak competitive position of UTI, the only likely reason I can discern for UTIs higher valuation is its 4% dividend yield. The Concorde Career Colleges blended education model combines online coursework with in-person lab classes and clinical experiences. I have no business relationship with any company whose stock is mentioned in this article. Note that UTI scores second lowest in profit margins, profit growth, and is the most highly valued company on the list. It remains a challenge the school must solve if it is to have a chance of even remaining at current student levels, let alone growing. I only included this strategy segment to show the company is taking steps in that direction, and waiting to see the enrollment numbers is all that will matter. The company is headquartered in Phoenix, Arizona. Find out what some of our graduates are doing today in pursuing their successful careers. I think UTI is treating investors like the company treats many of its graduates. On Nov. 1, 2021, UTI announced it had completed the acquisition of MIAT College of Technology,[11][12] On June 9, 2022, the company announced plans to add 15 new programs across its national UTI/MIAT campus footprint. Click the button and tell us what program you're interested in! It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. SeeTable 1.2 Employment by detailed occupation, 2021 and projected 2031, U.S. Bureau of Labor Statistics,www.bls.gov, viewed October 13, 2022. UTI is an educational institution and cannot guarantee employment or salary. All statements contained in this press release, other than statements of historical fact, are "forward-looking" statements within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). As at March 2021, Universal Technical Institute had cash of US$78m and no debt. At Universal Technical Institute of Illinois Inc., the graduation rate for American Indian or Alaska Native students is 100.00%, for Asian students it is 75.00%, for Black (non-Hispanic) students it is 33.33%, for Hispanic students it is 56.73%, for White students it is 62.01%, for Two or More Races it is . In other words, UTI is making money while its graduates are, too often, unable to pay for the inadequate education they received. Since that time UTI has purchased $8.8 million in shares under the program at an average price of $11-$12 per share, which gives a buyback yield of 3.8%. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of UTI's control. UTI Graduation Rate by Race/Ethnicity. Instead, they are based only on UTI's current beliefs, expectations, and assumptions regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. For those that are open to it, it is difficult for many to obtain the student financing needed to go to school. Jerome Grant, chief executive officer, and Troy Anderson, chief financial officer, will . PHOENIX, Dec. 1, 2022 /PRNewswire/ -- Universal Technical Institute, Inc.(NYSE: UTI), a leading workforce solutions provider of transportation and skilled trades education programs, today announced the close of its acquisition of Concorde Career Colleges, Inc. ("Concorde"),which offers more than 20 programs across the Allied Health, Dental, Nursing, Patient Care, and Diagnosticfields. "We take the responsibility of becoming one of this country's leading workforce solutions providers seriously, and entering the healthcare space allows us to help even more students and support employers as they seek to solve some of their toughest workforce-related challenges. Universal Technical Institute (NYSE:UTI) has been struggling lately, and there's little to suggest this stock is going to recover anytime soon, making it a good candidate to short or get out of altogether. Classes start on average every 3 to 6 weeks. What type of Diploma or Certificate will/did you obtain? As long as the company is focused on that, the details aren't that important. We aim to bring you long-term focused analysis driven by fundamental data. "I am looking forward to the opportunity to join this organization and become one of the preeminent educational providers in the country. While UTI has no debt on its balance sheet, it has operating lease commitments with a present value of over $142 million, or an alarming 60% of the companys market value. Dear Better Business Bureau of Orlando, On Monday, August 15, 2022, Universal Technical Institute (UTI) Orlando, FL campus received complaint case #XXXXXXXX. UTI is an educational Once completed, the acquisition will add Concorde Career Colleges to Universal Technical Institute, Inc.'s brand family, which currently includes Universal Technical Institute, Motorcycle Mechanics Institute, Marine Mechanics Institute, NASCAR Technical Institute, and MIAT College of Technology. Of those three veterans continue to be the most successful segment, with 21 straight quarters of. That included fewer students applying and a 60-basis-point drop in the show rate. In the second quarter fiscal 2013, Universal Technical Institute generated net revenues of $95.1 million, plunging by 10.5 percent year-over-year. Student-Paid vs. Manufacturer-Paid Programs, Table 1.10 Occupational separations and openings, projected 2021-31, Table 1.2 Employment by detailed occupation, 2021 and projected 2031. For the second quarter the company lost $900,000, or negative $0.04 per share. Since there isn't much else the company can do, as it must increase student starts, it apparently is a risk it's willing to take to stem the steep decline in its student body. Want Technical Training? For the trailing twelve months ended September 30, 2022, Concorde reported unaudited revenue of approximately $200 million and adjusted EBITDA of approximately $17 million. Shareholders would probably be interested to learn that insiders own shares in Universal Technical Institute, Inc.. As individuals, the insiders collectively own US$8.6m worth of the US$238m company. That is, the group stands to benefit the most if the stock rises (or lose the most if there is a downturn). NTT provided intensive training seminars to technicians in sectors similar to the sectors that they served. The company's largest shareholder is Park West Asset Management LLC, with ownership of 7.1%. [21] A planned Miramar, Florida campus opened in Summer of 2022. If you are like me, you may want to think about whether this company will grow or shrink. Concorde Career Collegesoperates 17 campuses across eight states under the brands Concorde Career College and Concorde Career Institute, focused on preparing America's next generation of health care and dental professionals for rewarding careers.

By submitting this form, I agree that MIAT College of Technology, Universal Technical Institute, Inc., Custom Training Group, Inc. and their representatives may email, call, and / or text me with marketing messages about educational programs and services, as well as for school-related communications, at any phone number I provide, including a wireless number, using prerecorded calls or automated technology. To address the needs of industry and corporate clients, UTI started providing continuing education and training for technicians in 1980. UTI expressly disclaims any obligation to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, changes in expectations, any changes in events, conditions, or circumstances, or otherwise. Universal Technical Institute of Illinois, Inc. is approved by the Division of Private Business and Vocational Schools of the Illinois Board of Higher Education. For more information about cookies you can visit https://www.allaboutcookies.org. ", Mr. Grant continued, "Together with Concorde, we have now more than doubled the number of campuses in our ecosystem and expanded into the critical area of healthcare training to help meet the national shortage of healthcare workers, as part of our mission of becoming a valued and trusted educational partner for students across multiple industry verticals.". AboutUniversal Technical Institute, Inc. Universal Technical Institute(NYSE:UTI) 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. [3], The 2012 Harkin Commission noted that: "Compared to public colleges offering the same programs, the price of tuition is significantly higher at UTI.The same Certificate costs almost 20 times more at UTI than it does at the public college." New rulesrelated to the Telephone Consumer Protection Act (TCPA) went into effect in October 2013 that have made it more difficult for telemarketers to reach consumers that have not given prior consent to receive calls. UTI settled out of court with the employee. [22], Learn how and when to remove this template message, "Don't Expect Miracles from Universal Technical Institute", "Universal Technical Institute, Inc.: Introduction", "Inaugural Class of Fort Bragg BMW MSTEP Program, Taught by UTI, Celebrates Their Graduation & Prepares for New Civilian Careers as BMW Technicians", "New BMW and UTI Program Prepares Service Members for Civilian Careers as BMW Automotive Technicians", "Premier Truck Group and Universal Technical Institute Honor Transitioning Military Service Members as They Graduate from the Inaugural Class of Technician Training at Fort Bliss", "Universal Technical Institute Implements Financial Improvement Plan to Deliver $25 to $30 Million in Annualized Savings in 2017; Reaffirms 2016 Fiscal Year Outlook", "One of Arizona's longest-tenured female CEOs to retire amid losses at Universal Technical Institute", "Universal Technical Institute Announces Jerome A. There was an operating loss of $1.9 million for the quarter compared to operating income of $3 million in the same period last year. Therefore, a good portion of institutional money invested in the company is usually a huge vote of confidence on its future. So they usually pay more attention to companies that are included in major indices. 1) UTI cannot guarantee employment or salary. [18][19], Since December 2018, Universal Technical Institute has seen a significant drop in the number of students enrolled. Special conditions may apply. The company will provide further commentary on the Concorde acquisition during the Second Quarter Fiscal Year 2022 Results conference call it will be hosting tomorrow at 4:30 pm Eastern Daylight Time . Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. MIAT College of Technology has joined UTIs family of schools! The fall in revenue was directly tied to the decline in students attending the school. "The acquisition of Concorde Career Colleges will be a significant next step in our previously announced growth and diversification strategy," said Universal Technical Institute CEO Jerome Grant. In the 3Q14 earnings conference call, McWaters acknowledged that The schools operated by Concorde Career Colleges are accredited by either the Accrediting Commission of Career Schools and Colleges (ACCSC) or the Council on Occupational Education (COE). For further details on how we use your data, please review UTI's Privacy Policy. [2], At its peak in 2011, UTI had more than 18,000 students. Free cash flow is a metric used to determine the ability of a company to generate future growth. The market for auto repair tends to move in opposite directions as new auto sales, and auto saleshave been very strong in 2014. 48) The U.S. Bureau of Labor Statistics projects that total national employment for Bus and Truck Mechanics and Diesel Engine Specialists will be 305,800 by 2031. Examples of forward-looking statements include, among others, statements regarding (1) UTI's belief that the acquisition will serve as a cornerstone for its key future growth and diversification efforts; (2) UTI's ability to integrate Concorde's healthcare programs into its portfolio of educational offerings; (3) UTI's anticipated expansion efforts; (4) UTI's expectation of increasing shareholder value; and (5) UTI's expectation of accelerating its revenue, profitability and cash flow over the next several years. Since 1965, more than 230,000 students have graduated from UTI's . Concorde Career Colleges is a leading provider of healthcare education programs focused on preparing students for successful professions in the healthcare sector, which is expected to add about 2.6 million new jobs over the next decade due to attrition in the workforce along with an aging population that is expected to drive increased demand for healthcare services.1 The company offers diploma and degree programs across nursing, dental hygiene, and other direct patient care fields including physical therapy assistant and respiratory therapy, as well as allied health including medical and dental assisting and healthcare administration. The rate includes graduates who completed manufacturer-specific advanced training programs and those employed in positions that were obtained before or during their UTI education, where the primary job duties after graduation align with the educational and training objectives of the program.

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