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Jun 30, 2020
UTI Q3 2020 Earnings Report
Reported financial results for the fiscal 2020 third quarter ended June 30, 2020.
Key Takeaways
Universal Technical Institute reported a decrease in revenue by 31% to $54.5 million compared to the prior year quarter. The company experienced a net loss of $13.3 million, compared to a net loss of $0.4 million in the prior year quarter. New student starts increased by 8.4% from the prior year quarter.
New student starts increased 8.4% from the prior year quarter.
91% of enrolled students are now active, and 87% of active students have completed or are in-process with their make-up labs.
Third quarter revenue of $54.5 million decreased 31% from the prior year quarter reflecting timing of students returning from leave of absence (LOA) and overall student progression through make-up labs.
Net loss of $13.3 million in the third quarter compared to net loss of $0.4 million in the prior year quarter.
UTI
UTI
Forward Guidance
Fourth quarter new student enrollments are outpacing the expectations they had prior to the pandemic, and while early in the enrollment process for 2021, these figures are also trending positively. The company maintained a strong balance sheet and are focused on making the necessary investments to support students and enhance the learning platform, while uncovering new efficiencies that will contribute to the long-term success of the organization