Therefore, a good portion of institutional money invested in the company is usually a huge vote of confidence on its future. PHOENIX, Nov. 1, 2021 / PRNewswire / -- Universal Technical Institute, Inc. (NYSE: UTI), the nation's leading provider of trained technicians to the transportation industry, has completed its acquisition of MIAT College of Technology for a purchase price of $26 million in cash. I dont see any significant positive catalyst on the horizon that can reverse this downward trend. 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. Its revenue fell by 16% between 2011 and 2013 while operating profit (NOPAT) fell by 65%. The current price of the stock implies the company will generate outsized profit growth far beyond what I think is likely to occur. Universal Technical Institute of Illinois, Inc. is approved by the Division of Private Business and Vocational Schools of the Illinois Board of Higher Education. We expect the transaction to close during the first half of fiscal 2023, subject to regulatory approvals and other customary closing conditions.". Together in the three student segments, applications dropped 9 percent in the quarter, and is down 6 percent year-over-year. Adult students are even more of a challenge, as the value of education at the current price levels is being questioned as it never has been before, and that shows in the 17 percent drop in adult applications at UTI in the second quarter. Therefore, you should not rely on any of these forward-looking statements. Since the industry has very high fixed costs, student growth and retention is basically the entire game. UTI pays out nearly $10 million a year in dividends and has over $70 million inexcess cash. Opinions expressed by Forbes Contributors are their own. Search trends for automotive education are down 10% year-over-year. 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. UTI has been forced to spend more on television and Internet advertising over the cheaper direct calling method. 2) For program outcome information and other disclosures, visit www.uti.edu/disclosures. Now is an exciting time to pursue a career in the industry, as new vehicle technology and high-tech systems are now considered standard equipment. Of those three veterans continue to be the most successful segment, with 21 straight quarters of application growth. The high school segment is made up largely of males as it relates to UTI, and it's working on engaging that tough demographic by building relationships with the students while they're in high school. COVID-19 FAQs | COVID-19 Updates | Lab Info | CDC's COVID-19 website. Since 1965, more than 230,000 students have graduated from UTI's . For more information, visit www.uti.eduor www.concorde.edu, or visit us on LinkedIn at @Universal Technical Institute and @Concorde Career Colleges or on Twitter @news_UTI or @ConcordeCareer. SeeTable 1.10 Occupational separations and openings, projected 2021-31, U.S. Bureau of Labor Statistics,www.bls.gov, viewed October 13, 2022. Even if for-profit universities can shed their current stigma and demand for automotive education improves, the industry landscape is changing. Expands Universal Technical Institute, Inc.'s career-focused education brand portfolio into certificate, credential, and degree-granting healthcare programs. This technology allows these advertising partners to receive UTI is an educational institution and cannot guarantee employment or salary. All shareholders and investors need to watch to evaluate the company is its success or failure at growing its student population. If Tennessees program is a success, the free community college initiative could spread to other states. Additionally, Universal Technical Institute is opening new campuses in Miramar, Florida., and Austin, Texas and is further expanding its welding programs to 2 additional locations during the fiscal year. Jerome Grant, chief executive officer, and Troy Anderson, chief financial officer, will . Concorde was founded in 1968 and currently serves approximately 7,400 students through its 17 campuses in8 states. UTI is an educational institution and cannot guarantee employment or salary. Once males leave high school, specifically in the 18-24 demographic, it becomes harder to reach them. 14) Incentive programs and employee eligibility are at the discretion of the employer and available at select locations. [8] October 21, 2019, Kim McWaters resigned as CEO of Universal Technical Institute. 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. Universal Technical Institute of Illinois, Inc. is approved by the Division of Private Business and Vocational Schools of the Illinois Board of Higher Education. Universal Technical Institute (UTI) suffers from unreasonably high valuation and steadily declining enrollment. This shows at least some alignment. There is an outside possibility new student starts may improve in the fourth quarter, although it would be a surprise. Universal Technical Institute, Inc. to Acquire Concorde Career Colleges, Inc., a Leading Provider of Healthcare Education Programs. 43) For Bus and Truck Mechanics and Diesel Engine Specialists, the U.S. Bureau of Labor Statistics projects an annual average of 28,500 job openings between 2021 and 2031. Media Contactavitucci@uti.edu480.710.6843. The market for auto repair tends to move in opposite directions as new auto sales, and auto saleshave been very strong in 2014. Concorde ended 2021 with approximately 7,400 students and delivered approximately. In the second quarter that continued with a year-over-year growth rate of 14 percent. Universal Technical Institute will support Concorde's existing efforts to expand the healthcare opportunities for students and alumni, including adding new programs (pending regulatory approval), growing existing online offerings, and optimizing the current campus locations to enhance the opportunity for past, current and future students to increase their skills. Due to an increase in customer demand and shortage of skilled technicians, jobs are growing in the skilled trades. The fall in revenue was directly tied to the decline in students attending the school. I wrote this article myself, and it expresses my own opinions. 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. With the acquisition of Concorde complete, the Company will operate and report as two divisions. 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? It operates under the brands Universal Technical Institute, Motorcycle Mechanics Institute, NASCAR Technical Institute and Marine Mechanics Institute. [21] A planned Miramar, Florida campus opened in Summer of 2022. 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. 10) Financial aid, scholarships and grants are available to those who qualify. So while increasing inquiries is a good strategy, it's unclear and very uncertain with the current headwinds whether or not that can be improved in any way. 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. You can click here to see if those insiders have been buying or selling. Since the items excluded from these measures are significant components in understanding and assessing financial performance under GAAP, these measures should not be considered to be an alternative to net income (loss) or any other measures derived in accordance with GAAP as a measure of operating performance or profitability. Keeping things as they are won't cut it. Enrollment has been declining since then. Even so, it's the converting of applications to students that counts, and the jury is still out on whether or not that will be the outcome. The California Consumer Privacy Act of 2018 (CCPA) provides California residents with specific rights regarding their personal information, including the right to opt out of any sale of such information. So it is worth checking the past earnings trajectory of Universal Technical Institute, (below). For the second quarter the company lost $900,000, or negative $0.04 per share. Universal Technical Institute defines estimated adjusted EBITDA margin as estimated adjusted EBITDA over estimated revenue. In other words, UTI is making money while its graduates are, too often, unable to pay for the inadequate education they received. Most Programs Take Less Than a Year. Find out more in our resources. Free cash flow is a metric used to determine the ability of a company to generate future growth. "I am looking forward to the opportunity to join this organization and become one of the preeminent educational providers in the country. The most recent data shows that average enrollment has again decreased in 2014, which exerts further downward pressure on profitability. 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. We choose to disclose this non-GAAP financial measure for Concorde because it provides an additional performance measure. 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." 4 out of 5 UTI graduates find employment in careers within their field of study within 1 year of graduation. Considering the weak competitive position of UTI, the only likely reason I can discern for UTIs higher valuation is its 4% dividend yield. Sam McBride and Andr Rouillard contributed to this report. If UTI can return to the profits it earned in 2011, the stock would be closer to reasonably valued. Find out what some of our graduates are doing today in pursuing their successful careers. Concorde Career Colleges' 20 student-focused academic programs and personalized support prepare graduates for in-demand careers in nursing, dental, respiratory, diagnostic, and other health care roles. out by completing and submitting the form below. EBITDA stood at $4.2 million in comparison to $89.5 million in 2012 in the second quarter. Find the campus that matches your career goals here. 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. Classes start on average every 3 to 6 weeks. 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. Posted on December 13, 2021 by December 13, 2021 by Universal Technical Institute (UTI), like many companies, allows certain third party advertising partners to place tracking technology such as cookies and pixels on our websites. Concorde's revenue and adjusted EBITDA for calendar 2021 were approximately $180 million and $13 million, respectively. Universal Technical Institute (UTI) suffers from unreasonably high valuation and steadily declining enrollment. 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. 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. 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. In this case, in addition to its dividend, UTI repurchased overvalued stock. UTI welcomes General Education Diploma students. The scholarship growth angle is a good one, but unless it includes a large number of students it won't do much to change the performance of UTI over the long term. Other than cutting variable costs, the other major thing UTI must do is build back its student population. UTI expanded its programs with additional curricula and opened new campuses, growing internally and through acquisitions. 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. Our data reflects individual insiders, capturing board members at the very least. 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. PHOENIX, July 19, 2021 /PRNewswire/ -- Universal Technical Institute, Inc. (NYSE: UTI), the nation's leading provider of transportation technician training, today announced that it plans to report results for the third quarter of fiscal 2021 ended June 30, 2021 on Monday, August 2, 2021, after market close. 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. That is, the group stands to benefit the most if the stock rises (or lose the most if there is a downturn). Given the changing regulatory landscape and revenue decline in addition to UTIs mountain of off-balance sheet debt, it seems more likely that this company will go out of business than be bought out. However, investors who focus on the dividend and buybacks miss the importance of capital preservation. Rated 1.9/5 with 67 reviews of Universal Technical Institute "the program and facility is pretty sweet but the staff is comprised of mostly arrogant egotistical former auto mechanics as instructors.
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. 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. if you are a super douchebag you will fit in just fine with students and instructors alike." In the near term money could be made shorting it, and the risk there would be if for some reason the company was able to exceed expectations for new students' enrollments. Universal Technical Institute, Inc. (UTI). That's interesting, because hedge funds can be quite active and activist. [7], On September 27, 2016, UTI reported that its president and CFO, Eugene Putnam, was removed as part of a financial improvement plan and that Kim McWaters replaced him as president. High costs, declining revenue and low free cash flow make this company a huge risk. Bulls focus on UTI's assets and clean balance sheet but overlook the company's. All they want is, Brianna W. said: I'm currently enrolled at Platt College! Investors should not expect the companys current buyback and dividend to continue much longer. 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. But to understand Universal Technical Institute better, we need to consider many other factors. To address the needs of industry and corporate clients, UTI started providing continuing education and training for technicians in 1980. That implies potential students don't see the costs of going to UTI as commensurate with the benefits. If you have an ad-blocker enabled you may be blocked from proceeding. Is the Trade School Industry a Sinking Ship? However, such a recovery seems highly unlikely. 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. The high fixed costs also limit the ability to adjust fees in any real meaningful way. 2023 Universal Technical Institute, Inc. All rights reserved. The Obama administration continues to push for regulations that willlimit the amount of debt that students can take on in career-training programs. 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. I further understand and agree that I may instead call MIAT at 1-800-477-1310 for Canton, MI and 1-888-547-7047 for Houston, TX or UTI at 1-800-913-7524 to request admission information. With 70% stake, institutions possess the maximum shares in the company. Awards vary due to specific conditions, criteria and state. UTIs recent history of extremely poor capital allocation does not give me faith in the company to execute this kind of turnaround. Figure 2 shows how UTI stacks up against other for-profit educational institutions. 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. 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. The general public-- including retail investors -- own 13% stake in the company, and hence can't easily be ignored. 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. Figure 1 shows that average enrollment at UTI colleges peaked in 2010 and has been on the decline since. Lincoln Education and Corinthian colleges are the other schools on the list with automotive technology programs. UTI is overvalued, has significant downward momentum, and major headwinds in its industry. UTI cannot guarantee employment or salary. Talk to potential employers to learn more about the programs available in your area. Please. Find out more here. 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. 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. 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. We can see that Universal Technical Institute does have institutional investors; and they hold a good portion of the company's stock. For further details on how we use your data, please review UTI's Privacy Policy. That means it had a cash runway of about 2.2 years. Google 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. Further information on these and other potential factors that could affect the financial results or condition may be found in the company's filings with the SEC. The problem with this strategy is that demand for UTIs education appears to be highly elastic. UTI cannot guarantee employment or salary. The acquisition of NTT and PTA was completed for approximately $50.2 million. SOURCE Universal Technical Institute, Inc. Download our catalogs and learn about programs, courses, tuition, fees, admissions and much more. See how manufacturer-specific training can help increase opportunities to work on leading industry brands.1. The boards of directors of both companies have unanimously approved the agreement. Whether or not UTI is truly guilty of any wrongdoing, the presence of these allegations against it and for-profit schools, in general, serves as a deterrent to potential students. For those that are open to it, it is difficult for many to obtain the student financing needed to go to school. Investors impressed by UTIs job placement rates need also to look at the quality of the jobs the graduates are getting. On the state level, Tennessee recently made waves bymaking two-year community colleges freeto all high school graduates. Access your no-cost report to get info on jobs in demand in your area, industry insight from top employers, and more.
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