This compares to earnings of … With our campuses is fully operational, our new blended learning model firmly in place, and our welding expansion continuing, I'd like to highlight the positive trends and momentum in our business right now. But broadly speaking, as we take in the revenue and bifurcate it between the lab work versus the online curriculum and try to align to timing a quarter ago. 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. UTi Worldwide Inc Q4 2015 Earnings Call Summary. As a reminder, we recognize revenue ratably over the term of our programs as any extension of the time needed to complete the program results in us spreading the revenue over a longer period. Thank you. Universal Technical Institute (UTI) came out with quarterly earnings of $0.09 per share, missing the Zacks Consensus Estimate of $0.12 per share. Sports went off of TV or the affinity channels were playing reruns from years and years and years ago. On average, once fully ramped, each new welding site launch increases overall student starts by about 1.5%. That's going to bring more people in. We gave back the remaining 152,000 square feet for the Norwood campus after closing it in July, and we signed a new lease for our Sacramento campus in September, which will reduce that campus by 128,000 square feet at the end of calendar 2021. One such example is, that our efforts to rationalize our existing real estate footprint and optimize our real estate strategy remains in the forefront of our team's attention. 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. Okay. And so, then that implies a significant expansion in your capacity throughout your national campus network going forward? 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. All earnings call transcripts on Patterson-UTI Energy, Inc. (PTEN) stock. The shares held by Coliseum and their affiliates are currently limited by a 9.9% voting and conversion cap which can be lifted through further actions by then, and the Company. With respect to accomplishments, I'll share with you some thoughts and examples of the effectiveness and importance of the credentials our students earn, as well as innovations we put into place to help our students succeed more efficiently and effectively in the workforce. 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. But certainly there should be opportunities as we go forward to bolster that margin profile. Got it, got it. 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. I would say 90 is probably high, but more than 50%. Troy, you talked about down a little bit, if we were to look at things revenue wise on a year-over-year basis, down a little bit in the first half and then up in the back half. This compares to approximately 12% at the end of the June quarter and 9% at the time of our last earnings call. Finally, the academic and employment proposition we offer is more valuable than ever to students, potential employers and industry partners. Do I start or do I wait? 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. As I mentioned earlier, and you'll see in our disclosures, we incurred approximately $5.9 million in COVID-19-related expenses from labor costs to create and enhance our online curriculum and transition back to CDC compliant campus labs, and also for software and computer equipment, masks, plexiglass dividers, disinfecting supplies and cleaning services and other related expenses to ensure safety and implement social distancing at our campuses. To participate in the live call, investors are invited to dial (412) 317-6790 or (844) 881-0138. And now it's -- in many of these states, it's getting to sort of a new normal level of where they are. Adjusted free cash flow is net cash provided by or used in operating activities less capital expenditures, adjusted for items not considered as part of the company's normal recurring operations. But we haven't had any increase to that effect and we continue to move forward. Q1, where -- will only be taking enrollments for another few weeks, another week or two, actually, really for Q1, and then push most of that for Q2. Read or listen to the conference call. So there are a number of variable if you'll have to see how the quarter plays out, but we would not expect a deferral like we saw in Q3, although we could still have some residual deferral. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator Adjusted EBITDA loss of $8.8 million in Q3 compared to adjusted EBITDA of $4.5 million in the prior year quarter. 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. This leaves 13% still pending in terms of in-person lab engagement. I wanted to dive back into the incoming administration and thoughts about the regulatory environment going forward. In the last three years, we brought innovative agreements with over 4,500 employers offering a range of incentives to attract and retain our graduates. Source: Thomson StreetEvents. Hi. We expect revenue to be down a few points year-over-year in the first half of the year as we made continued progress on the lab makeup progress and up measurably in the back half of the year, particularly in Q3. We're adapting every day to changes occurring in our market, political and business environment and have demonstrated our ability to operate effectively even when faced unprecedented challenges. While more than 40 million Americans have applied for unemployment in the wake of the pandemic, Corey was hired immediately upon graduation and now at 23-years-old makes more than $23 an hour in his entry-level job at a machinery company in Portland, Oregon. Universal Technical Institute Inc (UTI) Q4 2020 Earnings Call Transcript The Motley Fool. 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. And we are talking about, just to be clear, total LOA, we are not differentiating between COVID LOA and a regular LOA. It's important to note, that combining the $17.1 million that we've now distributed directly to students in CARES Act emergency grants, with the funds utilized to purchase the laptops for students, $23 million or approximately 70% of UTI's Higher Education Emergency Relief Fund allocation has been distributed directly to students in the form of cash and technology. We've seen similar results during the pandemic for our recent graduating classes coming out of other manufacturer specific advanced training programs, including 98% employment for the Volvo graduates, a 100% employment for Peterborough program, who graduated on October 30. We're going to try to sneak in one more question. So when you talk about our 70/30, it's 70 kind of four 15% and 15% [Phonetic]. Do you expect them to kind of stay like this through Q4? Market data powered by FactSet and Web Financial Group. That's very helpful. Now, it's critical to note our results for the quarter, particularly revenue, are subject to important timing effects as we manage through the period with our students. As we're talking about the increased enrollment we've seen since the pandemic hit, it is more heavily weighted to the adult population as defined by people who are a year or two out of high school into their mid-20s, which makes a lot of sense given the unemployment rate for that population is quite high. For fiscal year 2020, adjusted EBITDA was $14 million compared to $17 million for fiscal year 2019. Good afternoon and thank you for joining us. 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 Published Jun 04, 2015. Universal Technical Institute, Inc. (NYSE:UTI) Q2 2020 Earnings Conference Call - Final Transcript Good day, and welcome to the UTI Fiscal Second Quarter 2020 Earnings Call. 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. Yeah. The Porsche program is offered in a blended format combining online education with hands on training and CDT compliant labs. I want to thank you all for your time. Well, in the short-term, while we're working through the pandemic, pre-vaccinations and all the rest of that, it's giving us the opportunity to spread our labs out in the spaces that previously were classrooms, of course not our live engine labs, but other labs that students have. Got it. All right. About This Report Abstract: Edited Brief of UTIW earnings conference call or presentation 4-Jun-15 9:00pm GMT Report Type: Brief. The growth was driven equally by military and high school channels. I know that sticking your neck out a little bit too given we're not -- nobody would clarify the current environment or qualify the current environment as any kind of status quo, but at least that put some guardrails on what we're thinking for the year. The safe harbor statement in the release also applies to everything discussed during this conference call. 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. 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. As previously noted, our full-year net income includes a $10.7 million tax benefit resulting from the application of revised net operating loss carryback rules from the CARES Act. Okay. Again, these are only directional estimate and should not be considered guidance. Are there are some states where that has then expanded or is it pretty much just that 9-to-1 everywhere? I'll point to a few things. First, the timing of resuming hands-on labs at our campuses. 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. Austin Moeller -- Canaccord Genuity -- Analyst. 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. We continue to follow the CDC federal recommendations and guidelines as well as local health authority guidelines and recommendations. And then also continuing to hone our communication tools to make sure that these cohorts are staying connected with the campuses and staying connected with the lab, because our new normal is that students are doing online learning in the same week that they would come in and do lab. Okay. We've begun our outreach to counselors and department shares who are looking for content to bring into their virtual environment. Please go ahead. 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. Nationally, just 40% of college students earn a certificate or degree within six years of beginning their post-secondary studies, yet at UTI nearly 70% of our students graduate within two years. Before signing off, I once again like to express my utmost gratitude to the UTI team for their continued effort in these unprecedented times. He started and completed the program during the pandemic, using our new blended learning model following his graduation in late September, he went for work right away at Momentum Porsche in Houston, a job he loves. But throughout the past few months, we have seen students shift their return dates as they and their families reassess their individual situation. Is that the plan going forward even let me have a vaccine and things? Press Release Patterson-UTI Energy Announces Third Quarter Earnings Conference Call and Webcast Published: Sept. 23, 2020 at 6:00 a.m. [Operator Instructions] The first question will come from Eric Martinuzzi of Lake Street. New student starts were 1,824 in the third quarter and increased 8.4% year-over-year, aided by an additional start versus the prior year quarter. Students we have currently generate a significant portion of the fiscal year revenue. All earnings call transcripts on Patterson-UTI Energy, Inc. (PTEN) stock. 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. Number one, putting some more sophisticated learning architecture into the workflow of the student assessment projects, things along those lines that better keep students engaged. And so, the mitigating factors to the erosion of the show rate are the cup is filling more full with more enrollments, and we've learned a lot to work more flexibly with students about engagement. I would expect most of that to have completed by Q1. The three areas I'd like to focus on in the next few minutes are outcomes, accomplishments and our vision for the future of UTI. Good afternoon, guys. Yeah. Our net loss was $13.3 million and adjusted EBITDA was an $8.8 million loss. Note our adjustments for fiscal 2020 reflect costs associated with the Norwood campus closure and with our CEO transition, while in fiscal 2019 they reflect costs associated with Norwood and a consultant termination fee. Yet the challenge around that is, as we told you in our last report, we had our labs open and continue to have them open from 7 in the morning until midnight to do the catch-up work. Grant -- Chief Executive Officer. This starts with ensuring that they succeed in their vocational curriculum and successfully graduate. As Jerome outlined, we are very pleased with the progress we made during the quarter and with our operating results for the quarter and the fiscal year, given the many challenges presented by COVID-19. Fourth, the potential cost recovery opportunities associated with the CARES Act and Higher Education Emergency Relief Funds or HEERF. 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