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. 2023 Universal Technical Institute, Inc. All rights reserved. In fiscal 2022, Universal Technical Institute completed the acquisition of MIAT College of Technology, which brought 2 campuses and 8 unique programs. You may opt-out by. UTI's default rate, however, was relatively low for a for-profit college, fluctuating from 12% to 16%. 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. 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. The bull case for UTI rests on both the market for auto repair growing and the resulting new jobs being won by UTI graduates. In the 3Q14 earnings conference call, McWaters acknowledged that Google Forward-looking statements are neither historical facts nor assurances of future performance. I wrote this article myself, and it expresses my own opinions. 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. out by completing and submitting the form below. [8] October 21, 2019, Kim McWaters resigned as CEO of Universal Technical Institute. That has resulted in lower new student starts, fewer retention rates, and an ongoing plunge in average student population, which has fallen for years. Net income for the first half of fiscal 2013 is $2.6 million, or $0.11 per share, compared to $6.4 million or $0.26 per share year-over-year. 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. UTI is an educational institution and cannot guarantee employment or salary. Universal Technical Institute was founded in 1965. But to understand Universal Technical Institute better, we need to consider many other factors. For one, the desirability of a career in auto maintenance seems to be declining. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. That is, the group stands to benefit the most if the stock rises (or lose the most if there is a downturn). Universal Technical Institute (UTI) suffers from unreasonably high valuation and steadily declining enrollment. Bulls focus on UTIs assets and clean balance sheet but overlook the companys $142 million in off-balance sheet debt, which is nearly 60% of its market value. 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? 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. The general public-- including retail investors -- own 13% stake in the company, and hence can't easily be ignored. In the second quarter that continued with a year-over-year growth rate of 14 percent. For further details on how we use your data, please review UTI's Privacy Policy. 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? 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. 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. It may take several years before the current efforts bear fruit, if they do at all. 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 Company is comprised of two divisions: UTI and Concorde Career Colleges. If you are like me, you may want to think about whether this company will grow or shrink. 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. For the trailing twelve months ended September 30, 2022, Concorde reported unaudited revenue of approximately $200 million and adjusted EBITDA of approximately $17 million. 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. Jami Frazier will serve as the Divisional President, reporting to CEO Jerome Grant. The most recent data shows that average enrollment has again decreased in 2014, which exerts further downward pressure on profitability. 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. That included fewer students applying and a 60-basis-point drop in the show rate. Adjusted EBITDA is a non-GAAP financial measure, which is provided to supplement, but not substitute for, the most directly comparable GAAP measure. 1) UTI is an educational institution and cannot guarantee employment or salary. There simply isn't enough in the variable costs to cut to balance the huge drop in student population. 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. 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. I am not receiving compensation for it (other than from Seeking Alpha). For internal reporting purposes, Concorde defines adjusted EBITDA as net income (loss) before interest expense, interest income, income taxes, depreciation, amortization and adjusted for items not considered part of the company's normal recurring operations. Posted on December 13, 2021 by December 13, 2021 by Universal Technical Institute of Illinois, Inc. is approved by the Division of Private Business and Vocational Schools of the Illinois Board of Higher Education. "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. Concorde Career Colleges offers more than 20 programs across the Allied Health, Dental, Nursing, Patient Care, and Diagnostic fields. I only included this strategy segment to show the company is taking steps in that direction, and waiting to see the enrollment numbers is all that will matter. Universal Technical Institute will post an updated presentation regarding its growth and diversification strategy on its investor relations website. Therefore, you should not rely on any of these forward-looking statements. It doesn't matter how it is done, just that it must be done. All shareholders and investors need to watch to evaluate the company is its success or failure at growing its student population. Search trends for automotive education are down 10% year-over-year. I understand that my consent is not required to apply, enroll or make any purchase. Concorde Career Colleges operates across 17 campuses in 8 states, offering programs in the Allied Health, Dental, Nursing, Patient Care, and Diagnostic fields. Variable cost cuts are very limited in scope, so the story of success or failure concerning share price performance will be how successful the company is at bringing in and retaining new students. 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. Find out more here. In 1988 UTI opened their Lisle, Illinois, campus. Concerned about the content? These days I invest only for myself while continuing to write on a variety of financial and economic topics. institution andcannot guarantee employment or salary. We choose to disclose this non-GAAP financial measure for Concorde because it provides an additional performance measure. 8-2 Project Three Systems Thinking. Those numbers are likely to fall. As at March 2021, Universal Technical Institute had cash of US$78m and no debt. 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). 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). Keeping things as they are won't cut it. 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. 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. It offers diploma, undergraduate degree, and certificate programs. UTI is an educational institution and cannot guarantee employment or salary. 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. Universal Technical Institute (UTI) suffers from unreasonably high valuation and steadily declining enrollment. In 2011, a former employee filed a lawsuit against the company accusing it of violating Title IV regulations in its compensation incentives for admissions representatives. With 7.0% and 6.0% of the shares outstanding respectively, 22NW, LP and BlackRock, Inc. are the second and third largest shareholders. 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 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. Classes start on average every 3 to 6 weeks. 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. The high fixed costs also limit the ability to adjust fees in any real meaningful way. Media Contactavitucci@uti.edu480.710.6843. Concorde's revenue and adjusted EBITDA for calendar 2021 were approximately $180 million and $13 million, respectively. 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. UTI operates 16 campuses located in 9 states and offers a wide range of transportation and skilled trades technical training programs under brands such as UTI, MIAT College of Technology, Motorcycle Mechanics Institute, Marine Mechanics Institute, and NASCAR Technical Institute. [3], The 2012 Harkin Commission noted that: "Compared to public colleges offering the same programs, the price of tuition is significantly higher at UTI.The same Certificate costs almost 20 times more at UTI than it does at the public college." For more information, visit www.uti.edu, or follow on LinkedIn @UniversalTechnicalInstitute and on Twitter @news_UTI. Universal Technical Institute was founded in 1965. Talk to potential employers to learn more about the programs available in your area. 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. 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. Current CEO Kimberly J. McWaters started as CEO in October 1, 2003, at a very young age. 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. Concorde Career Colleges has a strong reputation in healthcare education, making this an excellent combination for addressing the nation's skills gap," said Concorde CEO Jami Frazier. That level of sustained growth seems unlikely given the many problems facing UTIs industry. "The $50 million purchase price provides a compelling enterprise value to adjusted EBITDA multiple and an opportunity to significantly increase our shareholder value. Let's delve deeper into each type of owner of Universal Technical Institute, beginning with the chart below. 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.". Of those three veterans continue to be the most successful segment, with 21 straight quarters of. 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. 14) Incentive programs and employee eligibility are at the discretion of the employer and available at select locations. Universal Technical Institute, Inc. (UTI) is a private for-profit system of technical colleges throughout the United States. 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. 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. [2], At its peak in 2011, UTI had more than 18,000 students. if you are a super douchebag you will fit in just fine with students and instructors alike." The company recently doubled its application fee to attract higher quality applicants, which caused the number of applicants to fall 27%. Is this happening to you frequently? 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. 1.7 million+ Total technician employment expected nationally by 203138 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) . I also look forward to welcoming Jami Frazier and her talented team to the company. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. 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. 4 out of 5 UTI graduates find employment in careers within their field of study within 1 year of graduation. 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. Most Programs Take Less Than a Year. The definition of company insiders can be subjective and does vary between jurisdictions. 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. I am a former investment advisor and owner of several businesses. Universal Technical Institute serves three student segments: high school, veterans, and adult. Many look for medium term catalysts that will drive the share price higher. UTI has relationships with manufacturers of more than 35 leading brands. Our data reflects individual insiders, capturing board members at the very least. 14) Incentive programs and employee eligibility are at the discretion of the employer and available at select locations. If they do, the company may get a bump up in share price because of low expectations. See some of the exciting things our graduates are doing today. Enrollment has been declining since then. 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. See our latest analysis for Universal Technical Institute. The fall in revenue was directly tied to the decline in students attending the school. Special conditions may apply. 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. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions. Find the campus that matches your career goals here. Considering the weak competitive position of UTI, the only likely reason I can discern for UTIs higher valuation is its 4% dividend yield. On top of the stigma against for-profit schools, UTI faces other significant headwinds in attracting students. Universal Technical Institute will post an updated presentationregarding its growth and diversification strategy on its investor relations website. Founded in 1965 and headquartered in Phoenix, Universal Technical Institute's (NYSE: UTI) mission is to serve our students, partners, and communities by providing quality education and support services for in-demand careers. This demographic is resistant to high costs and debt. "On behalf of the Concorde team, I am excited to be joining Universal Technical Institute," said Concorde Chief Executive Officer Jami Frazier. On the state level, Tennessee recently made waves bymaking two-year community colleges freeto all high school graduates. UTI thrived in the first couple years of the recession. Its also becoming harder for UTI to reach prospective students in the first place. 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. The boards of directors of both companies have unanimously approved the agreement. 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. See how manufacturer-specific training can help increase opportunities to work on leading industry brands.1. We aim to bring you long-term focused analysis driven by fundamental data. I have no business relationship with any company whose stock is mentioned in this article. 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. Expands Universal Technical Institute, Inc.'s career-focused education brand portfolio into certificate, credential, and degree-granting healthcare programs. 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. Figure 1: Profitability Tracks Enrollment. easier for students to qualify by lower eligibility restrictions and making them more accessible to students. 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 . Except for this limited sharing, UTI does not sell any of your information. Job openings include openings due to net employment changes and net replacements. For more information about cookies you can visit https://www.allaboutcookies.org. The acquisition of NTT and PTA was completed for approximately $50.2 million. 2018 Universal Technical Institute, Inc. All rights reserved. Dear Better Business Bureau of Orlando, On Monday, August 15, 2022, Universal Technical Institute (UTI) Orlando, FL campus received complaint case #XXXXXXXX. Company management run the business, but the CEO will answer to the board, even if he or she is a member of it. 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. Figure 1 shows that average enrollment at UTI colleges peaked in 2010 and has been on the decline since. 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. UTI expressly disclaims any obligation to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, changes in expectations, any changes in events, conditions, or circumstances, or otherwise. We can see that Universal Technical Institute does have institutional investors; and they hold a good portion of the company's stock. That's interesting, because hedge funds can be quite active and activist. UTI has stated in its most recent conference call that it expects enrollment to continue to decline for the next several quarters, and this decline may accelerate if the tuition increases remain. 2023 Universal Technical Institute, Inc. All rights reserved.
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 my consent is not required to apply, enroll or make any.... 5 UTI graduates 5 UTI graduates by lower eligibility restrictions and making them accessible. For it ( other than from Seeking Alpha ) Kim McWaters resigned as CEO of Technical. Eligibility restrictions and making them more accessible to students for automotive Service Technicians and Mechanics will be 743,800 2031! Acquisition of MIAT College of Technology, which exerts further downward pressure on profitability is,. 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