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) . That included fewer students applying and a 60-basis-point drop in the show rate. Jami Frazier will serve as the Divisional President, reporting to CEO Jerome Grant. Take 60 seconds and find out how you can get trained. With negative free cash flow to price of $-0.49 per share, it's hard to see how UTI expects to grow in the future. [21] A planned Miramar, Florida campus opened in Summer of 2022. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. ", 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.". This poor strategy used and destroyed capital that could have been put to work attracting new students to UTI and retooling its business. Even though UTIs stock price is down 50% over the past five years, the company remains significantly overvalued. In fiscal 2022, Universal Technical Institute completed the acquisition of MIAT College of Technology, which brought 2 campuses and 8 unique programs. 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. For more information, visit www.uti.edu, or follow on LinkedIn @UniversalTechnicalInstitute and on Twitter @news_UTI. 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. PTA organized lecture training seminars in markets similar to NTT. That liability equals 66% of the stocks market cap and is 195% larger than the companys cash balance. We can see that Universal Technical Institute does have institutional investors; and they hold a good portion of the company's stock. 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. Universal Technical Institute will post an updated presentationregarding its growth and diversification strategy on its investor relations website. 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.". Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. 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. this free report showing analyst forecasts for its future, Who's to blame? The firm said it grew adult applications by 10 percent (year-over-year) in April, and while cautious in outlook because of it being only one month, it is the first time in a long time since adult student applications increased. The numbers dont support this story. Forward-looking statements are neither historical facts nor assurances of future performance. While it makes sense to study institutional ownership data for a company, it also makes sense to study analyst sentiments to know which way the wind is blowing. 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. For the first half growth came in at 17 percent. As I write the share price of the company is at $11.26. easier for students to qualify by lower eligibility restrictions and making them more accessible to students. Note that UTI scores second lowest in profit margins, profit growth, and is the most highly valued company on the list. Google UTI's default rate, however, was relatively low for a for-profit college, fluctuating from 12% to 16%. Perhaps investors are overlooking the fundamental problems in the business due to the steady cash payments from the company. Have feedback on this article? Sign up here. 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. 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. UTI has relationships with manufacturers of more than 35 leading brands. The Company is comprised of two divisions: UTI and Concorde Career Colleges. 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. "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 Find out what some of our graduates are doing today in pursuing their successful careers. 10) Financial aid, scholarships and grants are available to those who qualify. 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. click here to see if those insiders have been buying or selling. 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. 14) Incentive programs and employee eligibility are at the discretion of the employer and available at select locations. 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. UTI is making more than $15 million in scholarships and grants available to students in 2022. Many look for medium term catalysts that will drive the share price higher. Expands Universal Technical Institute, Inc.'s career-focused education brand portfolio into certificate, credential, and degree-granting healthcare programs. 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. What type of Diploma or Certificate will/did you obtain? Together in the three student segments, applications dropped 9 percent in the quarter, and is down 6 percent year-over-year. Concorde's revenue and adjusted EBITDA for calendar 2021 were approximately $180 million and $13 million, respectively. 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. Courses take up either most of the day or most of the night so it's hard to work and go to school at the same time. NTT provided intensive training seminars to technicians in sectors similar to the sectors that they served. 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. 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). 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. SOURCE Universal Technical Institute, Inc. Concorde Career Colleges, Inc. ("Concorde"), 2022 full year and fourth quarter earnings call on, 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, Stock market news live updates: Stock futures stagnant as earnings season picks up, Who's to blame? Universal Technical Institute - Reviews. 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. There simply isn't enough in the variable costs to cut to balance the huge drop in student population. Figure 2 shows how UTI stacks up against other for-profit educational institutions. Job openings include openings due to net employment changes and net replacements. Click the button and tell us what program you're interested in! 14) Incentive programs and employee eligibility are at the discretion of the employer and available at select locations. Concerned about the content? SOURCE Universal Technical Institute, Inc. Download our catalogs and learn about programs, courses, tuition, fees, admissions and much more. 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. "This transaction marks a major milestone in executing our strategy as we expand the scope of our skilled education programs to serve students' varied workforce-training needs and drive growth for the company. Take an interactive 360 virtual tour by clicking on any of the program links below. The Obama administration continues to push for regulations that willlimit the amount of debt that students can take on in career-training programs. In this case, in addition to its dividend, UTI repurchased overvalued stock. The $50 million all-cash acquisition was previously announced on May 3, 2022,and includes 17 campuses in eight states that currently serve approximately 8,000 students. It's always worth thinking about the different groups who own shares in a company. One will be comprised of Concorde and its leading healthcare education programs and campuses. 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. 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. For more information about cookies you can visit https://www.allaboutcookies.org. SeeTable 1.10 Occupational separations and openings, projected 2021-31, U.S. Bureau of Labor Statistics,www.bls.gov, viewed October 13, 2022. Universal Technical Institute will post an updated presentation regarding its growth and diversification strategy on its investor relations website. All shareholders and investors need to watch to evaluate the company is its success or failure at growing its student population. Please disable your ad-blocker and refresh. 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. Talk to potential employers to learn more about the programs available in your area. 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. As a result, advertising expense has increased by $2 million in 2014, which breaks a trend of several years of declining advertising expense. Find out more here. Universal Technical Institute was founded in 1965. 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 . 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. If Tennessees program is a success, the free community college initiative could spread to other states. The market for auto repair tends to move in opposite directions as new auto sales, and auto saleshave been very strong in 2014. We expect the transaction to close during the first half of fiscal 2023, subject to regulatory approvals and other customary closing conditions.". Most Programs Take Less Than a Year. UTI is an educational institution and cannot guarantee employment or salary. 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. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. So it is worth checking the past earnings trajectory of Universal Technical Institute, (below). I understand that my consent is not required to apply, enroll or make any purchase. Universal Technical Institute, Inc. (UTI). 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. To address the needs of industry and corporate clients, UTI started providing continuing education and training for technicians in 1980. If it is, UTI has a future, if not, the share price will continue to take a big hit. Also provided by the company are customized training programs specific to manufacturer or dealer requests. 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. SeeTable 1.2 Employment by detailed occupation, 2021 and projected 2031, U.S. Bureau of Labor Statistics,www.bls.gov, viewed October 13, 2022. 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. Management understands what must be done, but the overwhelming negative trend in the market will be hard to overcome no matter what changes are made. 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. 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. UTI thrived in the first couple years of the recession. MIAT College of Technology has joined UTIs family of schools! 1) UTI is an educational institution and cannot guarantee employment or salary. [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. Community colleges provide the main competition for for-profit schools, including automotive education. 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. 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 general public-- including retail investors -- own 13% stake in the company, and hence can't easily be ignored. 4 out of 5 UTI graduates find employment in careers within their field of study within 1 year of graduation. 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. It offers diploma, undergraduate degree, and certificate programs. Of those three veterans continue to be the most successful segment, with 21 straight quarters of. UTI expanded its programs with additional curricula and opened new campuses, growing internally and through acquisitions. There is an outside possibility new student starts may improve in the fourth quarter, although it would be a surprise. In the second quarter fiscal 2013, Universal Technical Institute generated net revenues of $95.1 million, plunging by 10.5 percent year-over-year. Current CEO Kimberly J. McWaters started as CEO in October 1, 2003, at a very young age.
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. UTI expanded its programs with additional curricula and opened new campuses, growing internally and through acquisitions. 5) UTI programs prepare graduates for careers in industries using the provided training, primarily as automotive, diesel, collision repair, motorcycle and marine technicians. This demographic is resistant to high costs and debt. has resulted in lower new student starts, fewer retention rates, and an ongoing plunge in average student population, which has fallen for years. Student-Paid vs. Manufacturer-Paid Programs. With 70% stake, institutions possess the maximum shares in the company. We have a team of specialists who work with national dealerships, distributors and other employers of all sizes to identify potential jobs for graduates. Our data reflects individual insiders, capturing board members at the very least. Awards vary due to specific conditions, criteria and state. 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. I also look forward to welcoming Jami Frazier and her talented team to the company. One of the major problems UTI has faced for some time has been the conversion of inquiries into applications. Figure 1 shows that average enrollment at UTI colleges peaked in 2010 and has been on the decline since. The boards of directors of both companies have unanimously approved the agreement. 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). Many institutions measure their performance against an index that approximates the local market. In the high school segment the company has been struggling, as new student applications fell 4 percent in the quarter. That implies potential students don't see the costs of going to UTI as commensurate with the benefits. 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. For the second quarter the company lost $900,000, or negative $0.04 per share. 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. As a result, the company is likely to default on the promises implied by the stocks lofty valuation. 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 is a BETA experience. Other than cutting variable costs, the other major thing UTI must do is build back its student population. 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. Concorde Career Colleges offers more than 20 programs across the Allied Health, Dental, Nursing, Patient Care, and Diagnostic fields. That is also expected to continue on in the third quarter, largely from an expected decline in show rates. This should lead to better outcomes for students, which will increase the value of the courses offered and decrease price and debt resistance. UTI's actual results and financial condition may differ materially from those indicated in the forward-looking statements. One way it is attempting to build up the value of the education it offers students is by customizing programs according to the requirements of prospective employers. That means it had a cash runway of about 2.2 years as of March 2021 . Once males leave high school, specifically in the 18-24 demographic, it becomes harder to reach them. 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. UTI settled out of court with the employee. A drop to the mid-to-high single digits for new student starts is the reasoning there. Additionally, if you disable your cookies or upgrade your browser after opting out, you will need to opt-out again. Of those three veterans continue to be the most successful segment, with 21 straight quarters of application growth. UTI is an educational institution and cannot guarantee employment or salary. If you are like me, you may want to think about whether this company will grow or shrink. "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. The Concorde Career Colleges blended education model combines online coursework with in-person lab classes and clinical experiences. UTI has not entirely avoided allegations of wrongdoing either. 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. [13][14] On Dec. 1, 2022,[15] UTI announced it had closed on the acquisition of Concorde Career Colleges, Inc., which was announced on May 3, 2022[16][17] UTI and Concorde Career Colleges together now serve 20,000+ students across 14 states and 33 locations. High costs, declining revenue and low free cash flow make this company a huge risk. We choose to disclose this non-GAAP financial measure for Concorde because it provides an additional performance measure. [8] October 21, 2019, Kim McWaters resigned as CEO of Universal Technical Institute. As it is, it has the same old manager in a declining industry that must come up with new ideas. 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.
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