Before I hand the call over to Troy, I want to briefly speak to the idea or view out there bordering on consensus in some parts of the investment community that a Democratic administration is automatically and universally back for our institution and the industry we are part of, the profit education. So, in the short-term, while we continue to work through social distancing and work through the crisis, most of the excess space is being brought together in that regard. UTI management will host a conference call at 4:30 p.m. Eastern Standard Time on the same day to discuss its fiscal 2019 first quarter financial results and operating performance. One emerging trend we're seeing is, the number of high school students who were not college bound, because they believe the employment market was out there for them are starting -- we're starting to see more of a pickup of interest in the high schools around students who weren't college bound before, which tends to make sense, right. See you at the top! We have a big start quarter in Q4 and more than half our starts, as you know, arrived in the fourth quarter that brings a revenue uplift over Q3. We also continue to invest in and evolve our new blended learning education model to better serve our students. Now that's the progress to-date. For fiscal year 2020, adjusted EBITDA was $14 million compared to $17 million for fiscal year 2019. There is a third of that, again as a group of students right now who have not engaged in on-campus labs, they're active in the online curriculum, they are progressing in the online curriculum. So we really don't have any campuses only operating at 9-to-1 anymore. In addition, we recognize the acute need for many students to have the adequate technology infrastructure for the online portion of our blended learning model. We did comment on for this quarter because we got a lot of feedback that the extra start between the two quarters was creating some confusion. Media increase are up double-digits year-on-year and we saw accelerating trends across the quarter and through July. Net loss for Q3 was $13.3 million, translating to basic and diluted EPS loss of $0.45. Thank you, Troy. We continue to work closely with students with respect to concerns about their health to help them continue their education toward achieving their career goals. Impacts could be on new student enrollments, show rates, LOAs, withdrawals, and overall student progression through the curriculum, all of which could negatively impact revenue. I understand, and you would recover it. We're -- again, we're not in a position to give guidance. We will see some pressure on show rate in Q4. That's really helpful. Over 3,500 of them offer lucrative tuition reimbursement programs up to $25,000. Can you give me some color on that what is going on and does it relate -- clearly it's COVID impact, but what is causing the students to do once you're active? But we had no failing programs. We will now begin the question-and-answer session. CONTACT: Jennifer Haslip, Senior Vice President and CFO of Universal Technical Institute, Inc., +1-623-445-9402 (UTI) Enroll Now Request Info Call 1-800-834-7308 Our financial position is solid and clearly superior to many of our contemporaries. Thank you. We're at 56%, because of some of the delay of the tighter core revenues of VA and cash pay or a little bit higher percentage this year, because of that. Despite this financial uncertainty, with the visibility we have into the business and the confidence we have in our operating model, we feel it is appropriate to provide guidance for the investment community as an understanding of where we see the business heading over the upcoming fiscal year. Scheduled enrollments to Q3 were 20.2% higher to Q3 last year, and were partially offset by a show rate decline of 400 basis points in the quarter. Get prepared with the key expectations. Okay, great. Turning to the financials for the quarter and full-year. So back under the Obama gainful employment regulations, we had a few programs, if I remember correctly, I think two or three that were in the zone, so sort of a yellow zone. As we've outlined in past updates, the Bureau of Labor Statistics projects the year there are nearly 160,000 new technicians annually needed in our subject areas over the next 10 years. I mean, relative to that scenario, I would say, the LOAs I pointed out in my comments, we saw the most progressing on that in the month of June. Operating cash used year-to-date through June was $10.1 million and compares to operating cash used of $7.1 million for the prior year period. Cash flow should follow more normal pattern, neutral to modest cash generation in the first half, cash usage in the third quarter and a significant cash generation in the fourth quarter. Yeah, there is no penalty, there is no restock fee. Alex Paris -- Barrington Research -- Analyst. The significant increase in employment among young males, 16 to 24, almost doubled the national rate. We've also been actively distributing CARES Act funding created through the Higher Education Relief Fund to provide much needed direct financial aid to our students. Jerome, could you give us a little more detail on the contract growth. Got it. Time: 9:00pm GMT. As far as student progression through the curriculum, we are incredibly proud of the progress our team and our students have made since our last earnings call. Universal Technical Institute (NYSE:UTI) is scheduled to announce its earnings results after the market closes on Wednesday, November 18th. The U.S. Bureau of Labor Statistics projects that there will be more than 400,000 total job openings for welding over the next decades. Interesting note on military, with pandemic quarantines and our transition to virtual interactions, we had better access to military personnel and success converting them to starts. Private Securities Litigation Reform Act of 1995. And then I guess lastly for me, the advertising, I think you gave us a figure in Q3, you're spending $9 million on advertising in Q3. That covers it for me. Yeah, it was good to see the sequential progress there, I know slightly shy versus consensus, but a big step up versus what you guys had to deal with there in June. Earnings. Patterson-UTI Energy Announces Third Quarter Earnings Conference Call and Webcast 9/23/2020 HOUSTON, Sept. 23, 2020 /PRNewswire/ -- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) will hold a conference call on Thursday, October 22, 2020, at 9:00 a.m. Central Time to discuss results for the three and nine months ending September 30, 2020. He used the CARES Act emergency grant to help support himself and stay in school during this time and graduated from our Avondale, Arizona campus at the end of June. In total, we deferred approximately $11 million for Q3 for students who have extended their programs for the reasons above. One of the things we've talked about over the last year, since our capital raise is that, we would like to look at the opportunity to expand our program stat in order to be able to offer more programs on the footprint that we have and optimize the square footage, optimize the opportunity for that group of people in any given area. Bart Fesperman joined the company in a newly created role of Senior Vice President and Chief Commercial Officer, while Sonia Mason has been named our Senior Vice President and Chief Human Resource Officer. As of the end of the quarter, the total number of students on LOA was approximately 700 or 5% total students and are at a consistent level currently. But I think down the line as the world normalizes, you're on to an opportunity. Cumulative Growth of a $10,000 Investment in Stock Advisor, Universal Technical Institute Inc (UTI) Q3 2020 Earnings Call Transcript @themotleyfool #stocks $UTI, Copyright, Trademark and Patent Information. Source: Thomson StreetEvents. That said, we will continue working to minimize impacts on profitability and cash flow as we manage through the situation. We maintained our strong balance sheet with available liquidity of $91.5 million as of June 30, which includes $60 million of cash and cash equivalents, and $31.5 million of short-term held-to-maturity securities. To safely open our campuses, we modified the lab designs to meet the health and safety guidelines as established by the CDC, and state and local jurisdictions. We're especially focused on supporting our students through this period of uncertainty and economic hardship. And right now, the enrollments for 2021 are accelerating. As of October, nearly 80% of our students are on regular course schedules, which means they are no longer making up labs. If they flip the VA, then we start getting close, but again us, we're in pretty good position relative to other players and -- there would have to be some adjustment across the industry to address that. Format: PDF : The following is … Of this amount, $5.7 million was for our student laptop PC program. Four year degree programs can be right choice for many young adults,. So it's not wildly disconnected by a weak online and then a week in the labs, and so we want to keep that communications stream open as the students are doing both in a given week. UTi Worldwide Inc Q1 2016 Earnings Call Summary. The year-over-year variance was driven by roughly $13 million for the decrease in the average student population due primarily to the LOAs and lower revenue per student in the quarter. This price could change over time based upon certain adjustments. For adjusted free cash flow, we expect a range of $20 million to $25 million, which assumes capex of $15 million to $20 million, approximately two-thirds of the planned capex support high ROI investments, including the two welding programs we are launching in fiscal 2021, enhancements to our online curriculum and our campus optimization efforts. Good day and welcome to the UTI Fiscal Fourth Quarter and Full Year 2019 Earnings Call. Following this further, after leaving the military he enrolled in a local community college to pursue a degree in electronics engineering. ET on Seeking Alpha Universal Technical Institute (UTI) Receives a Buy from Barrington I do want to make, I think underscore that the trend we're seeing is quite positive, not only in the number of people scheduled to start or contracts, but also in the actual show rates, meaning the number of people who have signed a contract to actually show up to school, those numbers are at or exceeding last year's normal show rates right now, which are indications of people's reengagement, and I think that the question is about engagement, we're seeing some very, very positive signs that people are engaged, serious and really focused on going out there and getting a job that's solid. This compares to earnings of … Time: 9:00pm GMT. Education services expenses were down 24.2% year-over-year, while SG&A was down 2.4% year-over-year. Persistence, graduation and ultimately employment rates are what have defined the success of our education model for the past five decades and will continue to do so going forward. The overall message here is that, we have our new normal operating model firmly in place. And so, thinking that we could utilize our full capacity to satisfy everyone is a bit of an overstatement based on students' ability to schedule when they can come in versus when we have availability for them to come in. Additionally, we saw growth in three of the four quarters of the fiscal year -- above last nine most recent quarters. Thanks for taking my questions. Universal Technical Institute Inc (NYSE:UTI)Q3 2020 Earnings CallAug 6, 2020, 4:30 p.m. With me today are CEO, Jerome Grant; and CFO Troy Anderson. This compares to approximately 12% at the end of the June quarter and 9% at the time of our last earnings call. This concludes the call. For adjusted EBITDA, we expect a range of $30 million to $35 million. Patterson-UTI (PTEN) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2020. For the remaining institutional funds, we utilized $9.1 million of these funds in the fourth quarter. All the students who are enrolled now and all the students as we move forward, we'll be experiencing the 50% of the curriculum the classroom online, but they will get every bit of the hands-on they always got in our labs under CDC compliant standards. Please go ahead. There are three weeks and certainly the big ones really are coming up here in August and September. And so we've been bringing more interactivity and learning design into them, hired some people into our shop that are experts in that area in order to do that. Operator? Operator Good day, everyone, and welcome to UTI's Third Quarter Fiscal Year 2020 Earnings Conference Call. I'll now comment quantitatively and Jerome if you want to add any other color from an operations and engagement perspective, but I mean, I commented that we were at about 700 and roughly 5% of students. If the unemployment is highly concentrated in that age group, they are not seeing the opportunities on the other end that they had before. Absent major setbacks in the macro COVID-19 environment, we are confident we can continue making progress normalizing the remaining student LOAs and working through the timing dynamics of student lab catch-ups and student progression through the curriculum over the coming quarters. That's correct. We have seen a bit of a uptick in our withdraws, so that's also kind of runs in that low-to-mid single-digit percentage. In the third quarter, we incurred $5.9 million of costs that are eligible for recovery with the HEERF funds. Jody Kent -- Vice President of Communications and Public Affairs. Okay, understand. Universal Technical Institute (UTI) came out with quarterly earnings of $0.09 per share, missing the Zacks Consensus Estimate of $0.12 per share. Yeah. As part of this exercise, we're evaluating in collaboration with the UTI Board of Directors, the opportunity to replace our stock repurchase plan, which was initially set at $25 million and had approximately $10 million of authorization remaining. And we gradually brought them back during the remainder of the quarter in July as we resumed in-person labs at our campuses and overall student activity increased. We also have students who are in the makeup labs, but they passed on the online curriculum while they're doing their makeup labs. Universal Technical Institute Inc Common Stock (UTI) Stock Quotes - Nasdaq offers stock quotes & market activity data for US and global markets. That's one thing that I think is helping us in the fourth quarter as we move forward. We are seeing the benefits of those efforts through the improved show rates over the past few months. But we're already seeing double-digit rebound in November, which bodes well for our December, January and February starts. He said it was just to challenging to keep up and was looking for a more focused education, so he enrolled at our Avondale, Arizona campus, where he completed our core auto program and went on to our forward advanced training program. And so, then that implies a significant expansion in your capacity throughout your national campus network going forward? That said, we've got a very solid plan going into this next school year, assuming that most schools will be virtual for somewhere -- some time to come, and we've really pivoted the way we're looking at our presentations in high schools, virtual presentations, etc. Hi. We plan to draw these funds from the Department of Education in the fourth quarter. And I do appreciate and agree with you, the services that UTI provides are less offensive to the Democrats. Edited Transcript of UTI earnings conference call or presentation 8-Aug-19 8:30pm GMT Thomson Reuters StreetEvents +5.83% Universal Technical Institute, Inc. provides postsecondary education for students seeking careers as professional automotive, diesel, collision repair, motorcycle, and marine technicians in the United States. I would now like to turn the conference over to Ms. Jody Kent, Vice President of Communications and Public Affairs. And it's frankly pretty easy to just wait. The story of Jonathan and all students like him makes us proud at UTI and is all too familiar example of the student who is struggling or a traditional career path and found success at UTI. For both new student starts and revenue, we expect year-over-year growth of 10% to 15%. At this time, I will like to welcome everyone to the Patterson-UTI Energy Second Quarter 2019 So it's not dramatic, but 100, 200 students as we're working through that. The next question will come from Austin Moeller of Canaccord. Approximately 91% of UTI's students are accurate as of the end of July versus 75% in early May at the time of our last earnings call. To the extent any strategic actions, we now have an impact of fiscal 2021, we will update this guidance accordingly. As I've indicated already, our focus is to support students and be flexible as possible through the period. I think we said, some of the characteristics are different than the last recession. Profit will also be down versus the prior year in the first half, with the growth in the back half of the year. One sign of this is that our fourth quarter enrollment so far are running above our pre-pandemic targets for the period. Adjusting to the COVID-19 environment and managing through its ups and downs has and will continue to test all of us, yet we are continuing to move our business model forward. Operator? Listen to "Q4 2020 Universal Technical Institute Inc Earnings Conference call". ET. Okay. And I want to thank you all. If they just purely change to 85/15, then we would be fine. Our admissions organization has also transitioned to primarily a virtual model, and we're seeing some of the upside benefits and efficiencies created by cutting down on travel and other impediments in what was primarily a high touch strategy. That momentum has continued into the first quarter of fiscal 2021, with thus far through our most recent start we have seen strong double-digit year-over-year growth in new student starts. About This Report Abstract: Edited Brief of UTIW earnings conference call or presentation 31-Mar-15 9:00pm GMT Report Type: Brief. 5) UTI programs prepare graduates for careers in industries using the provided training, primarily as automotive, diesel, collision repair, motorcycle and marine technicians. We're continuing to engage our prospective students via new pathways and methods, and they are responding. Yeah, our core auto diesel curriculum is about 50% classroom, students in the classroom with their colleagues and instructor either demonstrating something or helping them understand concepts. Jerome A. Our current plan is to launch welding technology at Lisle campus early in the second quarter and a seventh program in fiscal 2021 as well. The inorganic components of this growth strategy, which is primarily composed of potential M&A activity could include both tuck-in acquisitions, which give us access to new location, as well as more transformative steps. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. The next question is from Eric Martinuzzi with Lake Street. The reported $0.09 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.09. Employers and manufacturer partnerships like these are at the heart of how we maintain such high employment outcomes for our students and deliver trained talent to our industry partners at the same time. Our business model is built on one key tenant, when our student succeed, we succeed. Shares of Universal Technical (NYSE:UTI) moved higher by 1.48% in after-market trading after the company reported Q4 results. With that as a backdrop, I want to take just a few moments to review some of the strategies we've initiated and are pursuing in earnest. Interest in these programs is gaining momentum, and we're excited to expand this program to our Lisle, Illinois campus just outside of Chicago in early calendar year 2021. Thank you. We grab space that previously was classroom space so that we could spread the students out and get our class densities up. UTi Worldwide Inc Q4 2015 Earnings Call Summary. Whether is the lion's share of the delay due to reticence? Students we have currently generate a significant portion of the fiscal year revenue. It's good question. Other accomplishments in 2020 also include the continued expansion of our successful welding technology training program. Management internally uses adjusted operating income and loss, adjusted EBITDA and adjusted free cash flow as performance measures and those figures will be discussed on today's call. The answer to us is, yes. And then really the primary element being the revisiting of the revenue recognition in light of the student progression through the labs, some students remaining in the online curriculum and delaying coming in for labs, other students only doing labs and not doing the online curriculum, while they get caught up. I'd like to take a moment to thank all of our UTI employees for their hard work and resilience. So reticence really does very largely into the factor of students engagement, whether coming off of the online platform into the labs or their initial show rate for starting their classes in this time period. We are in active discussions with various landlords as we see longer term opportunities for consolidation and right-sizing across our campus footprint. Average students for the quarter were 11,251, an increase of 2.9% versus the same period last year. Universal Technical Institute Reports Fiscal Year 2020 Fourth Quarter and Year-End Results Nov 10, 2020 Premier Truck Group and Universal Technical Institute launch first-of-its-kind technician training program for U.S. service members Throughout May and June, we resumed labs at all our campuses with the exception of our Bloomfield, New Jersey campus, which was brought back online on July 1st. 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