Enrollment has been declining since then. 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." Universal Technical Institute of Illinois, Inc. is approved by the Division of Private Business and Vocational Schools of the Illinois Board of Higher Education. 5) UTI programs prepare graduates for careers in industries using the provided training, primarily as automotive, diesel, collision repair, motorcycle and marine technicians. Positions Universal Technical Institute to Seize Opportunity in High-Growth, High-Demand Healthcare Education Market, Significantly Accelerates Ongoing Growth and Diversification Efforts in Conjunction with Existing Initiatives to Meet Increasing Demand from Employers and Students, Universal Technical Institute and Concorde Career Colleges Together Now Serve 20,000+ Students Across 14 States and 33Locations with Significant Opportunitiesto Expand to Meet Varied Workforce-Training Needs, Concorde CEO Jami Frazier Joins the Universal Technical Institute Senior Leadership Team as President of the Healthcare Division. What type of Diploma or Certificate will/did you obtain? 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. Concorde offers over 20 programs across the Allied Health, Dental, Nursing, Patient Care, and Diagnostic fields. Access your no-cost report to get info on jobs in demand in your area, industry insight from top employers, and more. Is the Trade School Industry a Sinking Ship? 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 . [2], At its peak in 2011, UTI had more than 18,000 students. 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%. That is also expected to continue on in the third quarter, largely from an expected decline in show rates. Every investor in Universal Technical Institute, Inc. ( NYSE:UTI) should be aware of the most powerful shareholder groups. Universal Technical is adjusting its own loan programs to make it easier for students to qualify by lower eligibility restrictions and making them more accessible to students. These schools, along with UTI rank at the bottom of the list in every metric. Universal Technical Institute (UTI) is a leading provider of career training for the transportation, skilled trade and energy industries. UTIs management blames the companys issues on the poor economy. UTI also authorized a buyback program of $25 million in 2011. This data contradicts McWaters explanation for the companys recent underperformance. See how manufacturer-specific training can help increase opportunities to work on leading industry brands.1. The NTT business was discontinued at a loss of $42.9 million. Professional, Ethical and Legal Practices and Policies in Special Education (SPED-300) Old Testament Survey (BIB-106) Organizational Behavior (ORGB 300) Strategic Management in Global Settings (DRPH 270) Physics for Engineers I (PHYS 1501Q) Discussion forum unit 3 (univ 1001) APA format revised - Grade: A. You may opt-out of receiving targeted advertisements from other companies that perform interest-based advertising services, including some that we may work with, via the Digital Advertising Alliance (DAA) site at http://optout.aboutads.info. Is this happening to you frequently? We choose to disclose this non-GAAP financial measure for Concorde because it provides an additional performance measure. UTI Graduation Rate by Race/Ethnicity. Adjusted EBITDA is a non-GAAP financial measure which is provided to supplement, but not substitute for, the most directly comparable GAAP measure. 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. To address the needs of industry and corporate clients, UTI started providing continuing education and training for technicians in 1980. The acquisition expands Universal Technical Institute's 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. easier for students to qualify by lower eligibility restrictions and making them more accessible to students. Any forward-looking statements made by UTI in this press release are based only on information currently available to UTI and speak only as of the date on which it is made. In the second quarter that continued with a year-over-year growth rate of 14 percent. 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. In the first half of the fiscal year EBITDA was $16.3 million against $23.5 million in the first half of 2012. In the last year, its cash burn was US$36m. You may opt-out by. Adjusted EBITDA is a non-GAAP financial measure, which is provided to supplement, but not substitute for, the most directly comparable GAAP measure. If they do, the company may get a bump up in share price because of low expectations. That 4% dividend yield is probably not comforting any investor who bought UTI at the beginning of the year and has lost 30% of their investment. if you are a super douchebag you will fit in just fine with students and instructors alike." Of those three veterans continue to be the most successful segment, with 21 straight quarters of application growth. 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. You can click here to see if those insiders have been buying or selling. Concorde ended 2021 with approximately 7,400 students and delivered approximately. Further, if you use multiple browsers or devices, you will need to execute this opt-out on each browser or device. Universal Technical Institute, Inc. to Acquire Concorde Career Colleges, Inc., a Leading Provider of Healthcare Education Programs. Contact an Admissions Representative to begin the enrollment process. Join A Paid User Research SessionYoull receive a US$30 Amazon Gift card for 1 hour of your time while helping us build better investing tools for the individual investors like yourself. That means it had a cash runway of about 2.2 years as of March 2021 . ", "We are excited about the opportunity to add Concorde and their healthcare programs to the Universal Technical Institute portfolio," said Universal Technical Institute's CFO Troy Anderson. One of the major problems UTI has faced for some time has been the conversion of inquiries into applications. 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. The definition of company insiders can be subjective and does vary between jurisdictions. 2) For important information about the educational debt, earnings and completion rates of students who attended this program, and to review the applicable Gainful Employment disclosure, visit our website at www.uti.edu/disclosures. The problem with this strategy is that demand for UTIs education appears to be highly elastic. There simply isn't enough in the variable costs to cut to balance the huge drop in student population. 4 out of 5 UTI graduates find employment in careers within their field of study within 1 year of graduation. Factoring in this hidden liability reveals that UTI is much less profitable than it appears on the surface. Analysts are somewhat down on the company, as they are looking for the company to lose $0.02 in earnings for the next quarter, and to drop from a prior estimate of a profit of $0.25 a share to a profit of $0.21 for the year. UTI is overvalued, has significant downward momentum, and major headwinds in its industry. Concorde's revenue and adjusted EBITDA for calendar 2021 were approximately $180 million and $13 million, respectively. In other words, UTI is making money while its graduates are, too often, unable to pay for the inadequate education they received. The economy was in worse shape in 2010 than it is now, but during that year UTI had its highest enrollment and profits of the past decade. The current price of the stock implies the company will generate outsized profit growth far beyond what I think is likely to occur. This is a BETA experience. UTI is an educational institution and cannot guarantee employment or salary. "On behalf of the Concorde team, I am excited to be joining Universal Technical Institute," said Concorde Chief Executive Officer Jami Frazier. As it is, it has the same old manager in a declining industry that must come up with new ideas. These forward-looking statements which address Universal Technical Institute, Inc.'s ("UTI") expected future business and financial performance may contain words such as "goal," "target," "future," "estimate," "expect," "anticipate," "intend," "plan," "believe," "seek," "project," "may," "should," "will," the negative form of these expressions or similar expressions. Media Contactavitucci@uti.edu480.710.6843. 10) Financial aid, scholarships and grants are available to those who qualify. UTI welcomes General Education Diploma students. The private educational sector continues to face a lot of headwind, and UTI hasn't done very well at successfully implementing new strategies to deal with the realities of the market they serve. 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. Considering the weak competitive position of UTI, the only likely reason I can discern for UTIs higher valuation is its 4% dividend yield. All they want is, Brianna W. said: I'm currently enrolled at Platt College! In that regard UTI is easy to understand and measure, and it's best to ignore all the talk of strategies and models and look at the bottom line: is the student population growing or not? Many institutions measure their performance against an index that approximates the local market. At the time of its initial public offering, UTI carried a debt load of $57.3 million. As at March 2021, Universal Technical Institute had cash of US$78m and no debt. Dividends also generally pay out capital that could be better used to buy back stock that is undervalued. That's unlikely to happen, and there's little in the way of it continuing its free fall; although a new CEO would probably give the company a temporary boost, and if the right person, may even help to generate sustainable growth for the company. Universal Technical Institute of Illinois, Inc. is approved by the Division of Private Business and Vocational Schools of the Illinois Board of Higher Education. Concorde Career Colleges operates across 17 campuses in 8 states, offering programs in the Allied Health, Dental, Nursing, Patient Care, and Diagnostic fields. To that end the company hasn't done too badly, as it has been able to cut advertising costs by 8 percent while boosting the number of people checking out what the school has to offer. As a result, advertising expense has increased by $2 million in 2014, which breaks a trend of several years of declining advertising expense. The ongoing high fixed costs, which can't be managed, is what makes UTI such a risk to own if investors want any type of growth. These companies may use this data to serve you more relevant ads as you browse the internet. 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. Universal Technical Institute - Reviews. Universal Technical Institute will post an updated presentationregarding its growth and diversification strategy on its investor relations website. Many look for medium term catalysts that will drive the share price higher. UTI is an educational SeeTable 1.2 Employment by detailed occupation, 2021 and projected 2031, U.S. Bureau of Labor Statistics,www.bls.gov, viewed October 13, 2022. Figure 1 shows that average enrollment at UTI colleges peaked in 2010 and has been on the decline since. Under some state laws, this data If it is, UTI has a future, if not, the share price will continue to take a big hit. A more reasonable scenario of6% NOPAT growth for 10 yearsyields a fair value of just $3.75/share 60% downside. For the trailing twelve months ended September 30, 2022, Concorde reported unaudited revenue of approximately $200 million and adjusted EBITDA of approximately $17 million. 14) Incentive programs and employee eligibility are at the discretion of the employer and available at select locations. 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. Government initiatives have played a big role in this shift. [4], While Universal Technical Institute in the past had limited access to military bases for student recruitment, as of 2021 it operates BMW MSTEP at Ft. Bragg, N.C.[5] and Marine Corps Base Camp Pendleton, Calif.,[6] and Premier Truck Group Technician Training at Ft. Bliss in Texas. With 15 core programs and 16 campuses nationwide, UTI helps students turn their passion into a career they can pursue in less than a year.1. Any forward-looking statements made by UTI in this press release are based only on information currently available to UTI and speak only as of the date on which it is made. But to understand Universal Technical Institute better, we need to consider many other factors. If you opt out, you may still see ads, but they will not be personalized based on your online activity. With 70% stake, institutions possess the maximum shares in the. Other than lowering fees and boosting scholarships, I don't see any way UTI can deal with one of the major headwinds it faces, which is the strong reluctance of consumers to take on debt. While UTI likes to trumpet its 80% job placement rate, it is difficult for students pay off loans of almost $50,000 for tuition and living costs on an entry-level mechanics salary. Upon completion of the Concorde acquisition, the company will serve over 20,000 students across 14 states and 312locations. click here to see if those insiders have been buying or selling. That was part of the fiasco of mortgages several years ago when applicants shouldn't have been given adjustable rate mortgages to buy a home. UTI expanded its programs with additional curricula and opened new campuses, growing internally and through acquisitions. KAlice S. said: My husband and I were previous students here so we were ready and, Wrecks N. said: This place is the worst place to get an education. Forward-looking statements are neither historical facts nor assurances of future performance. 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. 2) For important information about the educational debt, earnings and completion rates of students who attended this program, visit our website atwww.uti.edu/disclosures. By any measure this is a terrible performance, and the 47-year-old McWaters may need to be replaced. 3) A total of 82% of UTI graduates in 2021 were employed within one year of their graduation date. 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. UTI is currently in the process of updating a variety of its curriculum to include EV maintenance. UTI is making more than $15 million in scholarships and grants available to students in 2022. I understand that my consent is not required to apply, enroll or make any purchase. Click the button and tell us what program you're interested in! I am a former investment advisor and owner of several businesses. These days I invest only for myself while continuing to write on a variety of financial and economic topics. Sign up here. Current CEO Kimberly J. McWaters started as CEO in October 1, 2003, at a very young age. 1.7 million+ Total technician employment expected nationally by 203138 Some UTI graduates get jobs within their field of study in positions other than as a technician, such as: parts associate, service writer, fabricator, paint and paint prep, and shop owner/operator. Please disable your ad-blocker and refresh. To that end, you should learn about the 2 warning signs we've spotted with Universal Technical Institute (including 1 which is a bit concerning) . Find out more here. I dont see any significant positive catalyst on the horizon that can reverse this downward trend. Of those three veterans continue to be the most successful segment, with 21 straight quarters of. Learning is hands on so no online classes to get it done. As long as the company is focused on that, the details aren't that important. The fall in revenue was directly tied to the decline in students attending the school. The problem with that is there were eligibility requirements in place for a reason, and it could result in a negative reputation for the company over time if more students gain admittance but struggle with paying back loans they possibly shouldn't have received. 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. [2], In June 1998, UTI acquired National Technology Transfer, Inc. (NTT) and Performance Training Associates (PTA). It may take several years before the current efforts bear fruit, if they do at all. For further details on how we use your data, please review UTI's Privacy Policy. 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. 1) UTI is an educational institution and cannot guarantee employment or salary. UTI cannot guarantee employment or salary. In response, UTI has increased its scholarship opportunities to attract new students but it has also been forced to raise tuition to prevent revenues from falling in the face of declining enrollment. 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). [21] A planned Miramar, Florida campus opened in Summer of 2022. You can exercise your right to opt 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. 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. It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. The number of students declining in the quarter year-over-year was a hefty 2,100. Every investor in Universal Technical Institute, Inc. (NYSE:UTI) should be aware of the most powerful shareholder groups. Visit School's Website Universal Technical Institute - Lisle Cost Value B minus Based on average net price, earnings potential, student and alumni reviews, and additional factors. These forward-looking statements which addressUniversal Technical Institute, Inc.'s ("UTI") expected future business and financial performance may contain words such as "goal," "target," "future," "estimate," "expect," "anticipate," "intend," "plan," "believe," "seek," "project," "may," "should," "will," the negative form of these expressions or similar expressions. For internal reporting purposes, Concorde defines adjusted EBITDA as net income (loss) before interest expense, interest income, income taxes, depreciation and amortization, adjusted for items not considered part of the company's normal recurring operations. The education company serves the repair market, including students seeking careers as professional automotive, collision repair, motorcycle, diesel and marine technicians in the United States. Free cash flow is a metric used to determine the ability of a company to generate future growth. 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