Earnings call transcript Q3 2023

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Operator

Hello and welcome to Universal Technical Institute’s Third Quarter Fiscal 2023 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instruction] After today's presentation there will be opportunity to ask questions. [Operator Instruction] Please note, today's event is being recorded.

I'd now like to turn the call over to Matt Kempton, Vice President of Finance. ahead. go Please

Matt Kempton

to call. welcome Institute's quarter third Hello, participants Universal are earnings All mode. in XXXX and Technical a listen-only

today Jerome CEO, are CFO, me Anderson. Grant; Troy Joining and our

the prepared call we our Following will for questions. remarks, your open

to and earnings A will investor today release Relations of issued be its investor.uti.eu, at furnished Investor presentation our the earlier our website replay the on along call, of section this SEC. transcript archived with and our

defined matters results from as to, the comments which, These do not SEC guarantee to and that of limited these in reflect During reliance Litigation expectations therefore, beliefs that statements statements but by those contain release Act Private the cause management's forward-looking developments, not this These update are call, may differ Reform number and statements These required factors undue of discussed may Securities future and we statements by those make to not and law. forward-looking factors their result except that them. future in materially of subject XXXX, are a actual current uncertain. nature, are address We earnings are or not placed upon future a information do and as filings. our statements. new intend include, performance, be as in should to

information fiscal These with addition measures. The call U.S. most release measures our against non-GAAP measures. our for be viewed XXXX. directly in the in are today earnings results the non-GAAP will company's press unless comparable and note, results to referenced this comparable reconciled all not in call financial reported substitute All the period GAAP stated, as accordance in be Please prepared GAAP. of to comparisons in otherwise also today's should a for financial presented includes

regarding our release more investor our see non-GAAP please news of measures, presentation. For information definitions and

prepared for Universal remarks. CEO call With to Jerome Jerome? the Institute, that, I over Technical Grant, his of will turn

Jerome Grant

faculty, students Thank you, commitment. today. thank their and staff ongoing also and for Matt. thank hard and like joining you Good all for afternoon, everyone, us our I'd to work

the During diversification growth we further initiatives our infrastructure. to our on execute optimize third and and company as quarter, scale we continued

quarter revenue, million delivered as for in X,XXX we adjusted and exceeded $XX.X both expectations, student total starts million in the EBITDA $XXX.X results Our divisions. across new

have As our financial a which in result in of adjusted performance cover quarter raised our we year-to-date, the and I'll and few strong a guidance, minutes.

metric start the steady same-store achieved we growth driving since campuses quarter time the improvements Significantly, in UTI over first this third after past our the several for of XXXX quarters. at

carry progress to and this expect pleased the we're We into front. this quarter, the fourth on with

Tracy QX and the our optimally fulfilling performance prepare thank and and Frazier for a operating teams, Concorde model. dexterity in led for serve. the Lorenz, and like we our us fields driving our leadership by position careers is respectively, in-demand strength to operational initiatives Jami I'd and testament to students divisional our UTI enabling of Our to

activities, which, starts program quarter, made clinical in with integration with date, in focused core the critical perform to progress divisional July. I'd to updates to public some well, company the quarter quick across strong now starting with starts provide meeting Concorde. have programs requirements. both for have and core on We've great Concorde third continued our like and

Concorde prior our programs enhanced and certain students. health local has for towards care prospects, division, UTI local implementing health having support students the Concorde's to incoming student current specific due and in grants the we students have began this further relocating benefit pressures targeted macroeconomic body. measures students. experience have impact nature on Concorde's of Though historically helped less this campuses enhanced care had assistance to our In performance, students aimed contrast with grant focused To initiatives Concorde for on our

XXXX. remain and growth on soon which remainder planning launch include as we previously year. track Concorde in to currently perspective, with hygiene September, begin mentioned, next fiscal programs new could programs, rollouts the program launching as launch six new From These to which three is dental

that programs two The have Education They ramp-up more recently low relatively three and already are the we to other smaller identified opportunities. in coming launch decision investment made programs we approval of them as and thus, requirements, months. of Department at the campuses

CVS, first respectively, diagnostic in these medical starting sonography students or DMS of the which consists and of September. could programs, The cardiovascular programs begin and

the UTI to division. Moving

We and campuses main drivers newest scaling XXXX growth the program of Austin, this and continued to our two Florida. our Texas Miramar, execute in launches two on for segment, new

the UTI's as program campuses came programs with year. across wind include robotics investment. planned Starting for management, to and new which primarily that programs, XX the fiscal acquisition we launch rollouts, this UTI energy entering for we're HVAC/R, MIAT These from phase by and value to aviation, way now extract of UTI nine continue

of first Between and their four programs campuses. six campuses. started XX start days. new tranche the Combined, cohorts August approximately these programs July, an with which initial UTI launch across represents expects to in planned students, launched at remaining early In these programs September, encouraging we performance the

two fact, campuses In robotics launched yesterday. just programs

needed the the early received We FAA Avondale final aviation program approval for in July.

than a UTI lines aviation approval planned. than compressed aviation the shift which earlier approvals the through dates delays later outstanding other to final launch we in caused two experienced receive few to quarter and worked two start year, the this in originally approvals, Other to us program the expect have program regulatory industry-wide We September. time

demand programs remained efforts. ramp for further new we the Overall, strong has as marketing our

revenue and on expect growth expectations and student fiscal benefits higher guidance XXXX included further we from in planned for launches XXXX and these the onward. Our launches, program preliminary benefits and starts fiscal modest

Austin Miramar, and designed over with of at HVAC/R newest UTI's new with combined. two our continue aviation July launch began programs, to to also targeted Austin and September. in some and These with expansion nicely will Miramar Turning students scale is campuses house for areas, they the program of which were campuses, XXX

or campuses maintain both will meet remains identifying to exceed Our future track we and initiatives. work expectations, progress expansion our scaling and on on on

volumes was implemented by the to pressure initiatives efforts largely has direction driven overall the growth during pleased enhancements X%. demand of growth division students moving the continued relocating on UTI and and UTI This with overall These support targeted students of local whom relocating mitigate package quarter. Broader We're for gains traction UTI start the students report patterns in improved team that, complement UTI enrollment entry remain inflation-related to And quarter. the with divisional the points previously to a same-store have high. right with very channel. provided few across been during the and

assisting to groups dedicated and financial division's in are through military aid which channel traditionally our grant ramp will yield these of the division marketing needed. inflation. less affected high to with UTI recruitment, working by school and of varying as support along admissions teams, and conjunction the further comes The enhancements support This with keep mix investments

This work over the has XX we're both us leadership we've reflects Our nearly our that years core position built student maintaining. of industry across commitment divisions dedicated positive operation and commitment driving reputation to outcomes. to given an

Schools all campus along Orlando and as Concorde latest in of campuses ACCSC Excellence recognized Pennsylvania, our UTI with recently winner. Antonio, award in our Exton, were our San Example,

to as student ACCSC as their was well ACCSC also Our the of and California demonstrating award recognized exceptional ACC-accredited achievement. schools accreditation This of Distinction. Long School expectations recognizes as Beach, UTI an commitment campus rigors in for

history We across receive these have footprint, these designations a long we're most and recognitions. of honored campus receiving our recent to

trades. continue health will instruction, of care, industry and transportation We quality career preparation to skilled the across uphold our partnerships and

quarters in detail discuss year EBITDA revenue guidance will for first into fiscal $XXX X call, We Troy As expect the performance more million. revenue strong in have our later range XXXX. with visibility range now raised we've fourth our quarter, and and million our we between through to and $XXX tightened range fiscal XXXX the the adjusted expected

the expect As $XX for adjusted million $XX to be million. EBITDA, range to we now

reiterating tracking in annual comfortably fiscal XXXX fiscal we confident previously middle and and XX,XXX, EBITDA. year expected adjusted our new are of and and range revenue between remain million towards projections exceeding our $XXX the start in $XXX XXXX million We XX,XXX approaching of student stated in of

results and We'll progress provide of year-to-date. months. the across segments both proud for when in our a guidance maintained ranges we year-end report we've strategic just I'm execution formal few XXXX

from I'd now over Troy discuss results to our more to call in quarter detail. turn the the like to Troy?

Troy Anderson

Thank you, Jerome.

top and Our the third performance both second quarter. and Note quarter key upside lines. the this results the of the full expectations Concorde, is the bottom a from driver on our exceeded of in contribution were quarter

Concorde. as both stated basis an consolidated include does comparisons not results views Please as segment costs. as the and that reported unless also corporate as-reported our period on include are note year-over-year unallocated well reminder, prior otherwise, the a As

X.X% reflecting quarter, summarize operational recorded and the for To starts, UTI, new Concorde starts, X,XXX growth total or we total our X,XXX starts. student for results X,XXX year-over-year

with primarily line starts our in to starts with growing driven year-over-year medical were versus program, while by were the clinical the phasing starts program assisting expectations, prior in due down core primarily quarter. start year Concorde, the For quarter,

in the for more this versus to fourth Similar new the roughly quarter one other and there UTI second Concorde in clinical year. start in only to saw third quarters for X,XXX starts is are a Concorde in seasonally July as start QX higher the both larger the larger division, starts September clinical starts expect we currently of student quarter, We or and compared quarters. X,XXX both the

grow both basis, approximately clinical starts year-over-year. on XXXX, projected a fiscal core X% For are to forma and pro

division first quarter, performance since and fourth of UTI growth our in in year. and majority team start we growth growth the overall quarter of improvements quarter showed we further start UTI's campuses UTI same-store same-store expect the last was double-digit quarter. expectations, are the proud third of above in the same-store start delivering of start the The

last also these success we the among more overall students growth high with students. engagement versus June, see result we focus as year and The on in programs improvements students, which with good made a school on among year. local more which grant relocating contributed We support starting significantly also enhanced UTI students our progress start continue higher of but this to saw prior and reflects and quarters performance our

our financial to Moving performance.

revenue third quarter $XXX.X on prior increased million lower to student undergraduate XX.X% revenue that flat contribution $XXX.X roughly average from offset saw students. in year, the higher for is the Third quarter versus typically basis million, by UTI by lower Concorde. seasonal which year-over-year. was a the $XX.X the driven was million, revenue full-time from quarter perspective. revenue consolidated per both a a divisions, quarter Note UTI

diluted consolidated outstanding profitability million with standpoint, contribution the the $X.XX net net income from loss was Shares were $X $XX.X of quarter was $X.X Adjusted was of $XX.X million. of the million, as Concorde. From for the end million, loss million. per quarter EBITDA $X share a a adjusted including and

diligent a effective also previous the of UTI returns, as expense our costs a and Note allowance year, begun have we seeing We across of mainly admissions year certain this scale prior initial a the rate have campuses yielding are company in costs and growth have are versus to outperformed declines higher result both corporate valuation revenue all diversification which each that resources, and support and divisions management that Profitability investments in turn and profitability this the positive team. result as year our the quarter Concorde of discrete expectations reversal year-over-year and of division items of and growth phasing start also impact corporate integration declines due in positive, Concorde our marketing in programs and new now UTI and tax strategy. quarter the year. we campuses last on same-store we

the available a approximately was $XXX.X was approximately $XXX $X.X $XX revolver was liquidity cash less of remaining end net the million, for than have net Total capacity. and million, while debt at of leverage of ratio we debt million, quarter Total million X.

operating $X.X $X.X adjusted cash million. was flow million flow year-to-date negative was free cash and Our negative

adjusted we to in timing, our seasonally While year of down than cash million expect was free $X.X strong flow free better cash flow achieving primarily this quarter operating fourth is the cash prior flow quarter generation, again due cash is adjusted year-over-year, guidance. The working which a support year. for capital

in XX% a purchase million the $XX comparable million, March. year associated includes $XX.X at relative the period to Orlando, UTI were the ago. land the This expenditures primary buildings decrease capital total campus Year-to-date, a Florida and three of

both UTI other the build-outs divisions. the CapEx are quarter main fourth completion be of expenses. across campus driven will ongoing for of program primarily drivers the program Concorde Austin by Miramar UTI the year-to-date The and CapEx and and the expansions

For the of CapEx million year, less. we expect $XX total or

fiscal as Turning guidance. follows. into current revising XXXX to year-to-date the the performance ranges guidance on Based our quarter, fourth our financial we visibility robust are and

is above range million $XXX the million, million tightening million midpoint of are which $XXX range. the $XXX to we to revenue, to For $XXX prior our

will $XXX to high we growth above revenue single-digit at or low of For to slightly $XXX of for continue the previous the be revenue range Concorde expected and the end divisions, expect expect we million, UTI. million

our raising million from million range million $XX to to adjusted the new range are of We a prior $XX million. expectations to EBITDA $XX of $XX

XX,XXX. to $XX the disclosed start adjusted total range $XX versus range range and reiterating the expected to For free the are our flow, prior we million. the guidance of $XX net adjusted to we $XX to range income, range of updated cash million with to $XX we previously an are are to fiscal a Alongside financial million $XX of raising prior million expectations, new million $XX XX,XXX of for raising XXXX $XX million. new And million between million student

total this our tracking starts currently earlier, mentioned middle Jerome range. are towards of the As

division, of their upper above to range. expect the Concorde or at end X,XXX For the starts X,XXX we slightly

For be anticipate the to which XX,XXX XX,XXX starts the low represents growth. of continue at division, year-over-year UTI we their range, to approximately to X% end

We the strategic current most road encourage release, consolidated non-GAAP supplement map and investor actual our financial to and press results, for details guidance, materials and presentation everyone our our our these tables. our as reconciliation including include segment review

strategic closing, execute In forward and positive to a express students, in support like their appreciation our to team's finish team on continued for on for the our momentum my we as our fiscal goals. confident that note into carry partners would ability I and XXXX. to year I'm

turn call the to back now Jerome closing remarks. for over I'll

Jerome Grant

our Troy. you, confidence sustained year third view give XXXX. of To performance reiterate Thank projected reflect expectations results strong our us reiterate, and for the quarter raise the and this to year to

execute I'll early of In these with could quickly six into as on process. Starting focus Concorde, the launch as to move and stay areas planned track on programs also new this will recap as conjunction continue which and we coming months integration fourth further we to September. the activities, quarter. we'll XXXX, with divisional over work with fiscal begin into

programs this this footprint. Austin for As set to the complete rollouts fourth We'll we XX of July into same-store work the our Miramar with to further quarter drive next. the remaining growth growth UTI set launches, and scale of our in also program on and to maintain heels across division, month will at first and the enrollment launch across

as into the close allows our out Our ongoing execution and company. the us to year. And we fiscal road fourth combined further puts our us crystallize to quarter on to solid this move map for footing work reinforce our strategic model divisional continue operating

I'm and year. trajectory proud this strategic and in beyond of to end date, we of fiscal our confident our the remain progress through

operator to the I'd turn over now for like Q&A. to the Operator? call

Operator

Frankel Instructions] with question [Operator from first And Steve today's Rosenblatt. comes

SteveFrankel

starts at Congratulations improvement in on UTI. the

quarters? think the of get with headwinds lower some couple is gas Just wondering, worked that? of some insight that's inflationary able Jerome, prices, last people you prospective Do if back we into you over over we've Or those where grants to through are get hump? that it increased to do to people be holding that relative seem the students think

Operator

[Technical Difficulty]

SteveFrankel

should my over, question? Did Jerome? you start Or hear I

JeromeGrant

heard started difficulties. I question. I'm and some your talking had for coming. Thanks sorry. we technical I

I think a bit the answer both. is of little

have country. moderation posture in relocating about We people's the seen around some

narrate. some prices think I around normalized that to are have starting people

the we that relocates put them into is which field enhanced also jobs help But plan moving them in for needle. programs quickly jobs it until people dedicated market, who to support in find that the is undeniable in ours anyone hump the get a of to relocate get is over they place market

or the one definitive a other. not it's So

little I of bit are here. think both a

SteveFrankel

what are around the side? then people programs on And trend more attractive UTI any finding Okay. particular changes

JeromeGrant

No.

we're with in both aviation. we're specifically very, lead we're from around very very a interest think think very, the I I lot there's -- XX happy programs perspective. the seeing HVAC excitement excitement are a doing Those starting, around well and and of

that markets areas. in in pent-up need a I think starting there's to market the we're those

board, And both strong right? because markets. the haven't those UTI areas, things Concorde every one in But one on is really changes the mean, need so of we focus we're is demand so landscape -- only of the of any big terms that in I seen across about across high-end demand seeing we and the

SteveFrankel

integration on see be the flywheel we addition then where well? Concorde, year admissions well. And going focus Is the Okay. margin to the for grant in seems keeping [Indiscernible] on new of to going

JeromeGrant

to forward mired got give people lose in credit her Often of Yes. integration the and get to I team. sight and world like Jami of moving mean, some we've things. one, a when down the integration going things. the a of you're this, the Number through couple large-scale in all

done team that. I are the their navigating and seeing in and forward she's Employment revenue and and and of her a the all rest great rates job think great persistence pursuit results we're of their thus, starts all shape.

track. keeping on for great them So

structure We're to the expansion move and what synergy into bringing we private now which of to turn as organizational the more see to phase sort of where of appear taking of that's we our up said around SOX we moving was were start phase and standards, as And the elements. it requirements, XXXX. integration, company the public attention we the company of operational margin a would controls, supporting it, initial from aspects

Operator

Sharma Raj next The B. question Riley. with from comes

RajSharma

schoolers certain starts Congratulations on the consistent seeing breakdown UTI high any And programs differences? and you row. on adults? are of if sort young results, than Could the you comment quarters second a had better at quarter, starts and And two geographically, good others? in among

TroyAnderson

in financial our channel. supplement, That's student but is call. shown for actually you really Raj, on -- we A high new the starts, including quarter, school good for have strong. bit question see pretty for been little existing Troy, has and in, pretty now. total last and campuses, thanks by campus could new table in the a this there but The the starts several quarters all and the growth flat joining

XX%. quarter, This

Same-store mentioned which behind those High have better progress school June actually was start to a quarter. and continued I students of in high June, saw year. this had year on efforts we more strong. that. we a the efforts also last And lot energy good really school put even

and also seen local Again, traction. good We've relo.

Jerome we As prior question, those. just improvements on in in the both was of commenting saw

really solid saw I a think, just improvement. change So overall, quarter step we

quarter look QX you for after growth has quarter. was X% calling trends quarter. If a next down And been, 'XX, X% marginal we're of in mean, at in I UTI the overall, and double-digit this growth

we're an us. And mentioned Certainly, but before, on more a We're new one program tend So be strong program the trend. also I program. there's mentioning that launches for helping get out maxing that accelerating be think program welding and to does a is didn't really something local we'll that. a

markets local continue a we as the attract HVAC, communities, welding those in that better So kind of the are to our and around community. off drive programs Jerome traction do mentioned, local really

RajSharma

on programs in a new of do of launches more much can guidance, But launches know there you're not these you starts program Or the QX? how you an QX, think Is much I at impact and is starts, in change. launching and program QX QX And get UTI. the start the from included? correct? then that Are

TroyAnderson

part of of there as but dates of which reason new approval the guidance. why relo out we we UTI We've did launches delays [Indiscernible] all some the our it, have well. pressure initial end guided contributing the some The our is beginning lower the range, were Yes. that the to the not to start plans program in shift of very down mentioned in in the year, from later

middle their XX,XXX last are what above But Concorde and solidly the is feel that about So If end overall, bit we tracking everything good high we're really at slightly coming anything, expectation-wise, well. range. to high better XX,XXX with total of end range. range tracking line of we the of that announced And very the our is a we expected to in or quarter. in

RajSharma

change pick And in you see Unemployment is up are just the across seeing the a program lastly, campuses? the wanted the interest in low. sort different still of then to just what --

the exhibiting more change of that's certainly share sort your handed financial in in out? You're interest starts. aid in numbers confidence Any rates in and

JeromeGrant

great. That's

and gave confidence we're I of on that the think comfortably we're that and is, sentiments making relocating brand -- quarter-to-quarter, adversity the if one, what's I it. overcoming you packages with students. number middle standing stories around Both gaining about of biggest giving inflation progress the think the into the enhanced own go their range we the their

aviation That local. That are health travel the to be auto, tends standpoint from very, program most tend opposed HVAC, favor and those to diesel, the programs a very, very marine to as because programs care all welding. motorcycle, that as

that of put And to in reactions so we the moving deal attitudes a gives great place movement we've that support student seen in in both us direction. confidence into and the packages

as far move things engage reorienting relocating packages X, I show thinking As the can thinking our done who on now. aid about financial to from also of quicker, is a and we've weeks X without think then about right students rates, focus local attention of X, to immediate away one or great job

of start so our in actually cadence terms who quicker, And well. of helping number as moving our rates students is which the is starting are up start

a of remember, we've phenomenon X in couple third for only quarter I macro pointing left here weeks at if now got really fourth sort quarter. of those were So the -- about were that

the good our and helping is aid quarter and we're got and students. process, So through also process the grant students. couple relocating our fourth employment our got by way, are we seeing seeing of and we're the into student that And combination our packages sight relocation local we've is financial attitudes as that last enhanced the for in the improvement we've throughput move packaging starts really what in of big

So those are probably the biggest drivers.

TroyAnderson

same-store And The other majority the I I -- across the be campus footprint, our clear want same mentioned add to footprint, would that one I legacy Raj, Yes. program. campus showed the has growth. that thing. of same-store, campus

impacts program the we're that new out statistics. separating when are we So quoting

QX. performance -- footprint to of our from we the saw across majority improvements and definite QX good we So just

Operator

[Operator Lake next Instructions] from Eric comes And Martinuzzi the question Street. with

EricMartinuzzi

there definitely EBITDA. adjusted good Upward see on Yes. the revision, to

were Just curious, with in bit. expecting I realized range a the line days I you XX ago. mean, the what you've revenue tightened is relatively little

kind costs looking behind midpoint? to that the -- were new that you the just the was adjusted what's Is some deeper of better on But upward as you conservatism adjusted EBITDA? that maybe the year entered the EBITDA a of layer on revision just or

TroyAnderson

the Yes, did is in that sure. Thanks, the dispose performance. on Eric. the shift of just the better We into expense -- profitability on original upper flowed and The -- net do side, cash range. income, quickly. revenue midpoint adjusted flow, EBITDA, both The up that to of free range so have side, that portion some -- tighter new adjusted the which adjusted we

remember, three flat year, guidance, the X/X beginning roughly adjusted half been I quarter. three you And in we've the number. quarters. it the our we that first would delivered of of first be about original in at And through XX% If the EBITDA be adjusted fourth that. and quarters said fact, down of EBITDA the have would of

So on flow view, that profitability. into didn't the but revenue the how had revenue expected. way will over change through the over that a out the we we phasing has phasing the Again, which redistributed recognized, year differently recognition Concorde redistributed be total played year, change

and the needed we spend across those been launching cohorts we've students bring making as we're in management to to expense ahead diligent very of have support the not footprint. just just the continuing campuses, larger sure out these new and programs too our campus getting then rolling efficiency drive to initial far And

EricMartinuzzi

the or initiatives 'XX? then seeing, aggressively side, either tees graduates for demand, employers Any hiring your are still UTI that FY that the you're on imagine And up employer the end-user here. partner side I new Concorde

TroyAnderson

don't and know that building there's -- a mean more relationships, we're dedicated constantly I I have we team.

relationships and have who local a We are campus building have national constantly. team teams we

relationship a And a expand be and regional established, but a upon then there, larger a or there's local we either may national that. play, play

HVAC in launches, and relationships aviation course, are all those of new wind, our building Of with areas, and new we program robotics.

So relationships. build to opportunity that's an more

We're speaking the of to major some airlines.

programs footprint, we'll country. on we that Now a the have side aviation across X national have the

will footprint some So to that larger us with airlines. partner nice give a the of

there. just constant activity So there's

continue book. also for to potential programs and build that a from and looking We perspective. or students at our other reimbursement curriculum our tuition with incentive MSAT partnering And programs programs that,

JeromeGrant

Yes.

on market, giving agreements any specific think, given best that, education from point I what Eric, forging from with one focusing UTI. which get in our large-scale we've is any the they to largest been ROI the rather than students gain is employer on quick the that exclusive opportunity

And was way the agreements, which short just trip or ago, years X our that employer an example actually of X formalized is engage an would with us.

agreements trip the employers were of somewhere in around the X,XXX neighborhood Our country.

Now we have X,XXX.

they the is really proud that in having And environment, career and the And best strong in local connection that that the work market codified pushing sure is organized, been we're point our every both benefits they're and students. salaries make trajectory the local on what our that every decisions getting market about of can between we've and getting. offers front the point of students make to

Operator

to session. Grant comments. Jerome And floor any closing the to for the this question-and-answer like would turn concludes I

Jerome Grant

months. and over to you, forward sessions, today. we'll answering joining call. of to you, of thank X great any you us will That Have everyone, our in the Thank operator, We for days private day. conclude in again and look a next your talk our questions couple

Operator

now lines. Thank mentioned, you may the now and has disconnect concluded. today's you. And conference Thank presentation, you your attending for as

Matt Kempton	Vice President of Corporate Finance
Jerome Grant	CEO and Director
Troy Anderson	Executive VP and CFO
Steve Frankel	Rosenblatt
Raj Sharma	B. Riley
Eric Martinuzzi	Lake Street

Universal Technical Institute (UTI) 8 Aug 232023 Q3 Earnings call transcript