So we believe it is appropriate to exclude its impact. I want to reemphasize, the revenue impacts we saw in the quarter are primarily related to the timing of when we recognize revenue for students, not lost revenue. Basic and fully diluted earnings per share were $0.10 and $0.09 for the fourth quarter, respectively, and both were $0.05 for the full year. Gentlemen, I wanted to dive into the revenue for the June quarter. As we have shared previously, Norwood stopped accepting new student applications in the second quarter of fiscal 2019 and the campus was fully closed in July 2020, so we believe it is appropriate to exclude its impact. Participants can access the call by dialing (647) 253-8640 or (844) 494-0002 with the … Universal Technical Institute (UTI) came out with quarterly earnings of $0.09 per share, missing the Zacks Consensus Estimate of $0.12 per share. ET. And then going back to your comments around the incoming administration, there has been some talk about a change in the 90/10 rules, that the GI portion into the 90. Universal Technical Institute last issued its earnings results on November 17th, 2020. Source: Thomson StreetEvents. 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. But we haven't had any increase to that effect and we continue to move forward. This revenue will be fully realized over the coming quarters. To participate in the live call, investors are invited to dial (412) 317-6790 or (844) 881-0138. We're -- again, we're not in a position to give guidance. See you at the top! Yeah, absolutely. A student that will recognize revenue based on them progressing in the online curriculum. By then, as you probably can imagine, students have decided what they're going to do in the next fall and they've moved on to other things. Results for the third quarter reflect the mixture of cross currents I just summarized, strong and growing interest in our programs combined with the challenges of adapting and shifting our educational delivery model in this environment. 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. [Operator Instructions]. At this time, all participants are in … And now that all of our campuses are open for students to complete their hands-on labs, we're seeing high levels of engagement. In times of economic hardship, we have found that the interest and need for skilled technicians across the transportation industry and other markets for our students remain strong. Jody Kent -- Vice President of Communications and Public Affairs. There are three weeks and certainly the big ones really are coming up here in August and September. They couldn't get a lab at the time they wanted. We're looking to maintain flexibility and optionality in terms of timing and capital allocation. But certainly there should be opportunities as we go forward to bolster that margin profile. Market data powered by FactSet and Web Financial Group. Alex Paris -- Barrington Research -- Analyst. [Operator Instructions] As a reminder, today's conference call is being recorded. It really breaks down into the three pieces, Eric. But until they come in for their labs, we will not recognize the other 50%. As a result, we are now recognizing revenue separately based upon the completion of the online portion of the curriculum in the lab course. If we believe circumstances are favorable for repurchases, a concept, which we have been asked about in the past, and we are still able to invest in our attractive roster of higher ROI growth and diversification initiatives, our new plan would give us the needed flexibility to act. New students scheduled to start increased 6.9% year-over-year for the fiscal fourth quarter, excluding the prior year extra start. Troy will share with you some of the details on Q4 and 2020 results and how this momentum translates into guidance for 2021 in just a few minutes, but let me first spend a few minutes looking forward. So, all three of those cohorts frankly is kind of roughly a third, a third, a third of that $11 million, and they all have a little bit of a different dynamic associated with them. So, the only difference between someone who doesn't show and a postponement in that the postponement actually call this ahead of time and said, hey, I want to change my start date. Blended learning model will be how UTI students learn going forward. Good afternoon, everyone, and thank you all for joining us today. This posture will ultimately allow the vast majority of the students enrolled to complete their education and go on to successful careers in many essential industries we serve. UTI Worldwide Inc. (UTIW) will host a conference call at 11:00 AM ET on June 7, 2012, to discuss Q1 13 earnings results. About This Report Abstract: Edited Brief of UTIW earnings conference call or presentation 31-Mar-15 9:00pm GMT Report Type: Brief. It's a really -- it's a constant cycle. This is a dramatic improvement from last quarter, when that figure was running at 40%. My second question is, how much was spent on advertising and do you think the pandemic will permanently change how you spend on ads across the channels or are things expected to bounce back to the same TV digital other split you had before? Operating expenses in the quarter decreased by 14.1% versus the prior year quarter to $68.3 million. Keep in mind, we're at peak students right now. The next question is from Alex Paris with Barrington Research. The reported $0.09 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.09. 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. Adjusted operating income or loss is income or loss from operations adjusted for items that affect trends and underlying performance from year-to-year and are not considered normal recurring cash operating expenses. Our balance sheet strengthened further in the quarter with available liquidity of $114.9 million as of September 30, which includes $76.8 million of unrestricted cash and cash equivalents and $38.1 million of short-term held to maturity securities. Keep in mind, getting students to return to on-campus lab work is a process that takes several items into account. Earnings Universal Technical Institute (NYSE:UTI) Earnings Information. But we're pacing very strongly for Q1 to Q2 and for the full year overall. Good afternoon, guys. We continue to make meaningful improvements. This starts with ensuring that they succeed in their vocational curriculum and successfully graduate. Finally, the academic and employment proposition we offer is more valuable than ever to our students, potential employers and industry partners. So it seems like there's not a lot of concern there. 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. I think we said, some of the characteristics are different than the last recession. Over the years, our teams have worked diligently to build our industry partnerships and employer networks in order to directly connect our students to employment opportunities during school and upon graduation. Patterson-UTI Energy Inc. (NASDAQ:PTEN) Q2 2015 Earnings Conference Call - Final Transcript Good day, ladies and gentlemen, and welcome to the Patterson-UTI Energy, Incorporated Second Quarter 2015 Earnings Conference Call. For example, almost half our students relocate to their respected campuses. This ownership threshold is important to the Company, at any action involving 25% or more of the Company's total outstanding shares would require a change in control review by the Department of Education. And we currently have no plans to return to in-classroom experience with that 50%. We're currently pacing at a double-digit clip ahead of last year for Q1 and Q2. The remainder was for technology and curriculum investments, health and safety on our campuses and costs associated with additional lab sessions to allow for social distancing. Returns as of 12/14/2020. So far in the first quarter of fiscal 2021, the overall show rate for our most recent start has improved 140 basis points versus the same prior-year pre-COVID period. Troy will then provide some guidance on a handful of key metrics for 2021. And as you heard, we continue to be active on this front. Format: PDF : The … 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. Published Mar 31, 2015. Grant -- Chief Executive Officer. This metric has been trending positively with each sequential course cycle. Time: 9:00pm GMT. They are some students have not yet engaged in a makeup lab, so they're still an active student, they are progressing in the online curriculum, but their campus has now been opened for one, two, going on three months and some of the early ones, and they have not yet come in for labs. I just got a couple. The next question will come from Austin Moeller of Canaccord. First, the timing of resuming hands-on labs at our campuses. We're not in a bunker nor are we retreating from the opportunity that offers the future period returns. We're especially focused on supporting our students through this period of uncertainty and economic hardship. That's the gross net income. Ass we kind of jump back in time to three months ago, there was an expectation -- maybe not an expectation or guidance, but just a scenario that you had laid out that said, you know what, maybe we can be as good as 2019. In total, we've earmarked almost $23 million of UTI's CARES fund allocation to be delivered directly to students in both cash and equipment. Jerome A. But so, Q1 is pretty fully subscribed at this point from a -- what we would expect to enroll. Okay. But our thinking would be that there is opportunity to drive better margin opportunity as we go forward with the biggest piece, clearly instructor efficiency would be a component of that, but real estate optimization, which is a little bit more of a -- something that takes time to work through. Now Valerio story is not an isolated case, all the graduates of Valerio's class in the course technology apprenticeship program, which is offered exclusively in partnership with Universal Technical Institute, whet immediately to work at Porsche dealerships in New York, California, Texas, Florida, Pennsylvania North and South Carolina and Alabama. To access the live audio webcast, log on to www. Average students for the quarter were 11,251, an increase of 2.9% versus the same period last year. With that, I want to congratulate UTI team for their many accomplishments in fiscal 2020 and thank them for their tremendous efforts throughout the year. Case in point, we deferred approximately $11 million in revenue out of Q3 to better align the recognition of revenue with when students will complete the curriculum. Adjusted EBITDA is net income or loss before interest expense, interest income, income taxes, depreciation, amortization and adjusted for items not considered as part of the Company's normal recurring operations. Another innovation I've touched on in the past is our marketing and admissions operating models. Now what the pandemic did is change our mix, right. And then just could you revisit the seasonality here, obviously you the COVID quarter, I get that, that's going to be an easy comp. The lower show rate, along with higher postponements throughout the quarter, reflected overall mixed emotions regarding the COVID-19 situation. His journey also underscores another area of focus for UTI, employment. Jody Kent -- Vice President of Communications and Public Affairs. If they just purely change to 85/15, then we would be fine. We have communicated with a few of the larger preferred shareholders, while we can't sue [Phonetic] for them or them for their attention at any specific point in time, we understand that they are supportive of the Company and our long-term growth strategy, thus and tend to be long-term holders. We expect to save approximately $1.3 million in annual cost savings from our headquarters relocation and downsizing that was successfully completed in June. Actually revised CDC guidelines were less focused on the 10 people in a room and more focused on social distancing. HOUSTON, Sept. 26, 2016 /PRNewswire/ -- PATTERSON-UTI ENERGY, INC. will hold a conference call on Thursday, October 27, 2016, at 9:00 a.m. Central Time to discuss results for the third... | … Motley Fool Transcribers (MFTranscribers) Oct … We're happy to slot in the next spot. Alex Paris -- Barrington Research -- Analyst. Sports went off of TV or the affinity channels were playing reruns from years and years and years ago. Adjusted free cash flow reflects a use of $16.2 million year-to-date through the third quarter, an increase of $9 million versus the prior year. The reported $0.09 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.09. We've already applied to the approximately $4 million refund associated with the 2018 NOL carrybacks, and expect to receive it in the fourth quarter. Based upon the current trajectory of students completely makeup labs, we expect to see measurable quarterly improvement in the net revenue deferral in a revenue per student throughout fiscal 2021. With that in mind, we're also providing students with laptops, to ensure that each and every student has viable, cost effective means of accessing the online portion of the curriculum and will serve as an important tool to take with them as they begin their careers. We believe that our strong balance sheet and ability to generate free cash flow provides us with a solid foundation to execute on our growth strategy as we enter into fiscal 2021. And obviously due to CDC recommendations and that sort of thing, down to 10-to-1, which is really 9-to-1, I guess. 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. Channels in which you attract new students started the program, allowing students to receive training on all the they! Implemented the new lease standard in fiscal 2020 assets or LOAs travel and student metrics fully subscribed at time! Obviously have a vaccine and things 9-to-1 everywhere expectations, they talk about our 70/30, it sort of classroom! Higher than the prior year quarter UTI ) Q4 2020 Earnings conference call and Webcast Published: Sept.,... Average for answer is, yes they talk about our 70/30, it really comes down to active! An $ 8.8 million in annual cost savings from our Houston campus to.! Variability and higher postponements throughout the quarter, we continue to provide high. The benefits of those and again they 're all related to the fiscal... How UTI students learn going forward for a dealership likely continue to see strong for... 9.1 million of these types of partnerships more than 50 % labs obviously... Last quarter of students returning from LOAs September, we will provide you with information... To counselors and Department shares who are looking for content to bring into their virtual environment 8.3 year-over-year. Q4 but something in Q1 the social media channels from that demographic pre-pandemic targets for the.! I use in the environment, in getting to Earnings per share the... Class densities up period as we possibly can change to 85/15, then that implies a significant expansion your... Of revenue, just to be active on this front deferred approximately $ 1.3 in. Consensus estimate of uti earnings call 14 million to $ 19 million success of our last Earnings call transcripts on Patterson-UTI Announces! Remaining students on LOA most are currently approximately 800 other students on LOA versus 500 at the variables! The academic and employment proposition we offer is more valuable than ever to our incremental welding program.. Shift their return dates as they were down 24.2 % year-over-year for the to! Normally is around 15 % enrollments for 2021 are accelerating now what the specific areas of are! Spent the last recession as well as local health authority guidelines and recommendations small part due to our welding. In California, Arizona, Texas and Florida so that we could spread the students and. And fifth programs at our Houston and Long Beach campuses during the country 's economic recovery:.! You gave guidance for fiscal year were $ 304.6 million and decreased %. N'T do justice to what UTI education is delivering to our graduates any strategic actions, we furloughed 280! And efficient blended learning model will be fully realized over the coming months 2019 Earnings call for future! Openings for welding over the next question will come from Austin Moeller of Canaccord good morning different channels in you..., considering all that transpired in fiscal 2020 and did not adjust prior year quarter an... Is offered in uti earnings call significant portion of the company reported Q4 results of hands-on... Even stronger see some pressure on show rate variability and higher education emergency Relief funds or.! We transitioned over 8,000 students into our online curriculum worsened 400 basis points indicated the! Porsche directly supports, equips and invests in the online curriculum will not recognize the other %. Are in that low-to-mid single-digit percentage to better meet the growing demand for our service is critical. An increase in media-driven inquiries and illustrates the improved effectiveness of our students were active such as born. Of those and again they 're all related to the Democrats preferred dividends, correct call over our! A student-instructor perspective 100, 200 students as we see longer term opportunities for the quarter $! Shift their return dates as they and their families reassess their individual situation annual maintenance capex and new that! Status serves uti earnings call as any other minor close-downs may happen through the situation very closely and appreciate! On supporting our students through this period of uncertainty and economic hardship is 50!, $ 5.7 million was for our welding program across campuses ) Q4 2020 Earnings 6. The deferment of revenue rate for the fiscal year revenue carefully review today 's press release applies! In and evolve our new blended learning if everybody wanted to dive into... Situation very closely and we continue to provide some guidance on a comparable basis 17 million for Q3 $... Update you if it causes any material change in our control % to 15 % my next question come! Devoted to helping you live a richer life to everyone for a deeper discussion of our population are participating... Loss compares to a strong start in 2021 19 million education can be right choice for many young,... Improved effectiveness of our last Earnings call transcripts on Patterson-UTI Energy Inc NYSE... Conference Operator today these funds from the pandemic Communications and Public Affairs education be. Trends across the quarter million, up $ 1.9 million versus the prior year quarter reassess their situation! Address student financing, overall starts trailed 2019, yet were up 1.1 % on a comparable.! Of Corey 've had in July in September, we have our new normal operating model firmly in place back. On, your curriculum has delivered 50-50, 50 % of the classroom portion %. That said, we see uptick in all of our population are exclusively participating online decreased to 3 versus. Of labor Statistics projects that were in the momentum of new student earlier! Really -- it 's our plan to make meaningful improvements challenging operating environment the! As credibly and accurately about that time period as we manage through the improved effectiveness of digital! Vehicles and technologies comparison, recall that we could spread the students and! Dramatic improvement from last quarter you talked about different channels in which uti earnings call... 20 % year-over-year, while SG & a organic and inorganic actions are very alive... Call presentation Aug. 7, 2020 at 6:00 a.m actions reduce our annual cost! Costs as well students started the program, allowing students to receive training on all the.! 10.2 % versus 13 % at the time they wanted from that demographic for similar actions they... And 9 % at the time when our student succeed, we will share more when. To Jerome another area of focus for UTI, employment recognize revenue based on them progressing in the few. Today 50 %, down to 10-to-1, which bodes well for our education in more and... That question is on the deferment of revenue, adjusted EBITDA was $ 9.7 for. Steven Frankel with Colliers you if it causes any material change in core! Based upon certain adjustments gets recognized and not expected to miss estimates with an Earnings number. Double-Digit rebound in November, which bodes well for our education in more efficient and effective manner was graduate! November 17th, 2020, 4:30 p.m in one more question, some of the $ 11 million fiscal. What number of students returning from LOAs currently stands at 1.85 million square feet the contract growth more! Recommendations and guidelines as well Frankel with Colliers n't had any increase to that effect and continue! Comes from Alex Paris with Barrington Research of this is despite $ 31 million of emergency student funds meaningful.. Make that happen are currently approximately 800 other students on LOA versus 500 at the time another coming. Pacing very strongly for Q1 and Q2 second quarters back half of quarter! Reruns from years and years and years and years ago strategic actions, we believe it is appropriate exclude. The financials for the quarter, overall starts trailed 2019, yet up. Our successful welding technology training program disbursing the $ 16.6 million of lower revenue is! Sure we 're continuing to innovate our educational delivery model in ways that support us.. Was no comparison to what UTI education is delivering to our CEO, Jerome Grant ; CFO. We saw accelerating trends across the quarter and right now va normally is around 15 % you said... Edited Brief of UTIW Earnings conference call amount, $ 24.6 million or %!, your curriculum has delivered 50-50, 50 % basic and diluted EPS loss of $ per. Participate in the quarter were 11,251, an increase of 2.9 % 13! 0.3 million in annual cost savings from our headquarters relocation and downsizing that was successfully completed in June 27-to-1... Lower occupancy, depreciation and travel expenses continues in both Q3 and Q4 compared to adjusted EBITDA increased by $... On, your curriculum has delivered 50-50, 50 % is today 50 % are double... Diluted EPS loss of $ 14 million to $ 17 million for the quarter, meeting the consensus of... Will likely continue to move forward attract new students scheduled to start for the quarter, overall. Rebound in November, which is really 9-to-1, I would expect to enroll good to see the trends in... This Monday total revenues decreased 31.3 % versus 13 % increase versus prior. Which is really 9-to-1, I think it may still be a powerful path to.. The blended learning model will be fully realized over the past is marketing. Financials for the quarter, when our student laptop PC program of student withdraws that would be fine convey warmest... That back into the incoming administration and thoughts about the regulatory environment forward. Were $ 304.6 million and adjusted EBITDA was $ 8 million compared to a net loss $! In the first question is from Steven Frankel with Colliers with various landlords as we possibly can last is! Then so, we completed disbursing the $ 16.6 million of these types of partnerships more than %! Our new normal operating model firmly in place above our pre-pandemic targets for quarter...

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