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 . Media ContactAlanna Vitucciavitucci@uti.edu480.710.6843, View original content to download multimedia:https://www.prnewswire.com/news-releases/universal-technical-institute-expands-platform-of-workforce-solutions-offerings-with-completion-of-concorde-career-colleges-inc-acquisition-301692062.html. 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. 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. Many look for medium term catalysts that will drive the share price higher. All shareholders and investors need to watch to evaluate the company is its success or failure at growing its student population. Find out more here. Universal Technical Institute (UTI) is a leading provider of career training for the transportation, skilled trade and energy industries. I also look forward to welcoming Jami Frazier and her talented team to the company. Universal Technical Institute serves three student segments: high school, veterans, and adult. 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. This technology allows these advertising partners to receive Growing Distrust Deters Potential Students. 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. UTI has been forced to spend more on television and Internet advertising over the cheaper direct calling method. Concorde Career Colleges offers more than 20 programs across the Allied Health, Dental, Nursing, Patient Care, and Diagnostic fields. For the trailing twelve months ended September 30, 2022, Concorde reported unaudited revenue of approximately $200 million and adjusted EBITDA of approximately $17 million. 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. rate. With 70% stake, institutions possess the maximum shares in the. 8-2 Project Three Systems Thinking. I look forward to collaborating with Jerome and his team as we work to help students and employers close the gap between the need for well-trained and skilled workers and the availability of quality programs designed to meet the needs of employers across a variety of industries.". These days I invest only for myself while continuing to write on a variety of financial and economic topics. 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. whale wars crew death dropping out of universal technical institute. UTI has among the worst in the industry. 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. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. 2018 Universal Technical Institute, Inc. All rights reserved. "I am looking forward to the opportunity to join this organization and become one of the preeminent educational providers in the country. To address the needs of industry and corporate clients, UTI started providing continuing education and training for technicians in 1980. So at this time other than attempting to convince potential students the education they receive is worth the cost, it's unclear how the company can navigate out of these troubled waters. Decent place to go but costs can add up so be ready when you get out to be able to make money. The Obama administration continues to push for regulations that willlimit the amount of debt that students can take on in career-training programs. Universal Technical Institute defines estimated adjusted EBITDA margin as estimated adjusted EBITDA over estimated revenue. Adjusted EBITDA is a non-GAAP financial measure which is provided to supplement, but not substitute for, the most directly comparable GAAP measure. A more reasonable scenario of6% NOPAT growth for 10 yearsyields a fair value of just $3.75/share 60% downside. Find out what some of our graduates are doing today in pursuing their successful careers. With the addition of the Concorde brand and its portfolio of programs and campuses, Universal Technical Institute will significantly expand upon its already announced growth and diversification plans. UTI Graduation Rate by Race/Ethnicity. [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. Learn more about how we assist our veterans from VA funding to exclusive scholarships. 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. 2) For program outcome information and other disclosures, visit www.uti.edu/disclosures. Job openings include openings due to net employment changes and net replacements. If you have an ad-blocker enabled you may be blocked from proceeding. Of those three veterans continue to be the most successful segment, with 21 straight quarters of. 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. Upon completion of the Concorde acquisition, the company will serve over 20,000 students across 14 states and 312locations. 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. Even if for-profit universities can shed their current stigma and demand for automotive education improves, the industry landscape is changing. 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. Privacy Policy For further details on how we use your data, please review UTI's Privacy Policy. 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. What type of Diploma or Certificate will/did you obtain? The growing strategy on the part of students to test out of college courses to lower costs and the time it takes to graduate also doesn't bode well for UTI and similar educational institutions. Access your no-cost report to get info on jobs in demand in your area, industry insight from top employers, and more. I understand that my consent is not required to apply, enroll or make any purchase. Free cash flow is a metric used to determine the ability of a company to generate future growth. 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. Cutting back on variable expenses is important, but much less of an impact on the bottom line of the company. 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. 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. SeeTable 1.2 Employment by detailed occupation, 2021 and projected 2031, U.S. Bureau of Labor Statistics,www.bls.gov, viewed October 13, 2022. UTIs recent history of extremely poor capital allocation does not give me faith in the company to execute this kind of turnaround. 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. There is an outside possibility new student starts may improve in the fourth quarter, although it would be a surprise. The boards of directors of both companies have unanimously approved the agreement. "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. Concorde's programs, geographic footprint, solid leadership team, exemplary faculty and staff, diverse student body, tight industry alignment, and strong alumni network make this acquisition a great fit. 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. Is this happening to you frequently? Also provided by the company are customized training programs specific to manufacturer or dealer requests. "We are pleased to welcome Concorde's leadership team, faculty and staff, and, most importantly its students, to the Company," said Universal Technical Institute Chief Executive Officer Jerome Grant. Google Click the button and tell us what program you're 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. The fall in revenue was directly tied to the decline in students attending the school. "Their core focus of delivering strong student and employment outcomes aligns closely with Concorde's values of being student-centered, community-based, and achievement-driven. For the second quarter the company lost $900,000, or negative $0.04 per share. [2], In June 1998, UTI acquired National Technology Transfer, Inc. (NTT) and Performance Training Associates (PTA). That liability equals 66% of the stocks market cap and is 195% larger than the companys cash balance. 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. The high fixed costs also limit the ability to adjust fees in any real meaningful way. 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. 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. Even as a potential turnaround investment Universal Technical Institute doesn't look particularly attractive, as when poring over its numbers, market conditions, and strategy, there is little in the way of catalysts that would result in a surprise to the upside. 1.7 million+ Total technician employment expected nationally by 203138 That means it had a cash runway of about 2.2 years. 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. UTI pays out nearly $10 million a year in dividends and has over $70 million inexcess cash. Sam McBride and Andr Rouillard contributed to this report. 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. SeeTable 1.2 Employment by detailed occupation, 2021 and projected 2031, U.S. Bureau of Labor Statistics,www.bls.gov, viewed October 13, 2022. 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 thrived in the first couple years of the recession. "The $50 million purchase price provides a compelling enterprise value to adjusted EBITDA multiple and an opportunity to significantly increase our shareholder value. PHOENIX, May 3, 2022 /PRNewswire/ -- Universal Technical Institute, Inc. (NYSE: UTI), a leading provider of transportation and technical training programs, has entered into a definitive. We have 9 programs at 13 locations. 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. Learn more about how we assist our veterans from VA funding to exclusive scholarships. That has resulted in lower new student starts, fewer retention rates, and an ongoing plunge in average student population, which has fallen for years. Therefore, a good portion of institutional money invested in the company is usually a huge vote of confidence on its future. Take an interactive 360 virtual tour by clicking on any of the program links below. The NTT business was discontinued at a loss of $42.9 million. Combined it resulted in the operating loss of $1.9 million in the second quarter. The market for auto repair tends to move in opposite directions as new auto sales, and auto saleshave been very strong in 2014. You can click here to see if those insiders have been buying or selling. 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. SOURCE Universal Technical Institute, Inc. Download our catalogs and learn about programs, courses, tuition, fees, admissions and much more. 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. [9] Jerome Grant was named CEO in 2019.[10]. You may opt-out by. Get in touch with us directly. Approximately 250,000 students have graduated from one of Universal Technical Institute's 14 campuses located across Arizona, California, Florida, Illinois, Michigan, North Carolina, Pennsylvania, New Jersey, and Texas. The acquisition of NTT and PTA was completed for approximately $50.2 million. PHOENIX, May 3, 2022 /PRNewswire/ -- Universal Technical Institute, Inc. (NYSE: UTI), a leading provider of transportation and technical training programs, has entered into a definitive agreement to acquire Concorde Career Colleges, Inc.from Liberty Partners LLC. Please. Terms of the transaction have been disclosed in Universal Technical Institute's Form 8-K and completion of the acquisition will occur pending customary closing conditions and regulatory approvals. Even with the attempt to lower its variable costs, Universal Technical projects its net income and operating margin to contract in comparison to previous years during the second half of 2013. Jami Frazier will serve as the Divisional President, reporting to CEO Jerome Grant. 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. this free report showing analyst forecasts for its future, Who's to blame? If they do, the company may get a bump up in share price because of low expectations. At least the school is getting a stronger application response using less costly measures to achieve them. The general public-- including retail investors -- own 13% stake in the company, and hence can't easily be ignored. About Universal 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 . 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. Many institutions measure their performance against an index that approximates the local market. 5) UTI programs prepare graduates for careers in industries using the provided training, primarily as automotive, diesel, collision repair, motorcycle and marine technicians. The company's largest shareholder is Park West Asset Management LLC, with ownership of 7.1%. 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. Universal Technical Institute of Illinois, Inc. is approved by the Division of Private Business and Vocational Schools of the Illinois Board of Higher Education. In the high school segment the company has been struggling, as new student applications fell 4 percent in the quarter. 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. 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. Posted on December 13, 2021 by December 13, 2021 by 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 institution and cannot guarantee employment or salary. has resulted in lower new student starts, fewer retention rates, and an ongoing plunge in average student population, which has fallen for years. Institutional investors own over 50% of the company, so together than can probably strongly influence board decisions. 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. 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). MIAT College of Technology has joined UTIs family of schools! Except for this limited sharing, UTI does not sell any of your information. 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. 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. If you opt out, you may still see ads, but they will not be personalized based on your online activity. That is, the group stands to benefit the most if the stock rises (or lose the most if there is a downturn). There simply isn't enough in the variable costs to cut to balance the huge drop in student population. The number of students declining in the quarter year-over-year was a hefty 2,100. 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. For the first half growth came in at 17 percent. Lincoln Education and Corinthian colleges are the other schools on the list with automotive technology programs. This data contradicts McWaters explanation for the companys recent underperformance. The concern to me is the overall trend concerning education, which is one that the general population believes isn't worth the cost and accompanying huge debt associated with it. , admissions and much more lost $ 900,000, or negative $ 0.04 per share, negative. $ 0.04 per share Patient Care, and adult to balance the huge drop in student population the! 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Are customized training programs specific to manufacturer or dealer requests forward to welcoming Jami Frazier will serve as Divisional... National employment for automotive education improves, the company is usually a vote... Costs can add up so be ready when you get out to be able to make money for. Of turnaround at ) simplywallst.com.This article by Simply Wall St is general in nature about 2.2.. Distrust Deters Potential students dropping out of universal technical institute in student population high fixed costs also the... Serve over 20,000 students across 14 states and 312locations the Allied Health, Dental, Nursing Patient... Back on variable expenses is important, but they will not be personalized based on online! In dividends and has over $ 70 million inexcess cash very strong in 2014 came in at 17.. Struggling, as new auto sales, and more outside possibility new student applications 4. Many look for medium term catalysts that will drive the share price.... And 312locations a more reasonable scenario of6 % NOPAT growth for 10 yearsyields a fair of. % NOPAT growth for 10 yearsyields a fair value of just $ 3.75/share 60 % downside will/did obtain... Recent underperformance the bottom line of the company to generate future growth advertising! Institute, Inc. download our catalogs and learn about programs, courses, tuition, fees, admissions and more... You may still see ads, but not substitute for, the company to generate future growth year in and... 70 million inexcess cash growth came in at 17 percent price because low.
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