Good day and welcome to the UTI Fiscal Fourth Quarter and Full Year 2019 Earnings Call. [Operator Instructions] As a reminder, today's conference call is being recorded. A replay of the call will be available for 90 days at www.uti.edu or through January 2, by dialing 412-317-0088 or 877-344-7529 and entering the passcode 10136811.At this time, I'd like to turn the conference over to Ms. Jody Kent, Vice President of Communications and Public Affairs for Universal Technical Institute. Please go ahead.

Hello, and thanks for joining us. With me today, are our recently appointed CEO and CFO, Jerome Grant and Troy Anderson. During the call today, we'll update you on our fiscal fourth quarter and full year 2019 business highlights, our financial results and our vision for the future.Before we begin, we must remind everyone that except for historical information, today's call may contain forward-looking statements as defined by Section 21E of the Securities Exchange Act of 1934 and Section 27A of the amended Securities Act of 1933. I'll refer you to today's news release for UTI's comments on that topic. The safe harbor statement in the release also applies to everything discussed during this conference call. As a reminder, UTI operates the fiscal year ending September 30th. All references to dates herein are on a fiscal year basis unless otherwise indicated.During today's call, we'll refer to adjusted operating income or loss, adjusted EBITDA, free cash flow and adjusted free cash flow, which are non-GAAP measures. Adjusted operating income or losses, 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. 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. 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.Management uses adjusted operating income and loss, adjusted EBITDA and adjusted free cash flow as performance measures internally, and those figures will be the figures discussed on today's call. Starting with the third quarter of fiscal 2019 and through fiscal 2020, we will report operating metrics such as student applications and starts, excluding our Norwood, Massachusetts campus. As we have shared previously, Norwood stopped accepting new student applications in the second quarter of fiscal 2019 and will fully close before the end of fiscal year 2020. So we believe it is appropriate to exclude its impact.It is now my pleasure to turn the call to Jerome Grant.

Thank you, Jody. Good afternoon, everyone, and thank you all for joining us today. Let me start by saying how honored I am to take the helm of this great company. And I want to thank, Kim McWaters for her leadership, unwavering confidence and partnership. As Kim will remain on our Board of Directors, I look forward to continuing to work with her. I'm excited to build on the work we've done to open new campuses, optimize our cost structure and as part of our transformation plan, reshape our approach to marketing, operational execution and industry engagement. This work is fueling our turnaround and has laid a strong foundation for the next phase of growth.At UTI, we are intently focused on building a profitable business that can thrive in any phase of the business or economic cycle, while also delivering a high value education to our students and meeting our industry partners acute need for highly trained technicians. We were successful in 2019, in the face of economic headwinds caused by the low unemployment rates, we delivered year-over-year revenue growth for the first time, since 2011. Student enrollment, student starts, revenue, profitability and cash flow, all performed at the high end or even exceeded our expectations.Revenue was up 4.6% in 2019, and we had 3.6% more students in school at the end of 2019, then at the end of 2018. Total new student starts were up 8.8% for the full year for a total of 11,652 new student starts. That top line performance coupled with our work to streamline cost, reduce our fiscal 2019 operating loss by $27.5 million from the year prior to a loss of just $7.8 million.Our three-pronged strategy, which includes our transformation plan, new campuses and programs and real estate footprint rationalization delivered these strong results…

Thank you, Jerome. As today's results show UTI has generated significant momentum improving its key business drivers and implementing efficient and effective operating processes. I'm excited to have joined UTI at such a critical juncture in its history, and I'm confident we can capitalize on this momentum and generate even more significant, long-term profitable growth, while continuing to provide superior technical education to our students and meeting our industry partners needs for highly trained technicians. Before I start, I would like to thank Scott Yessner, our former Interim CFO, for his partnership in ensuring a seamless transition.Now to the results. We ended fiscal 2019 with revenue of $331.5 million, up 4.6% as compared to last year and above the high end of our guidance. This was driven both by 2.5% higher average full-time enrollment and higher revenue per student. As Jerome mentioned, this is the first full year revenue growth, since fiscal 2011. Fourth quarter revenue of $87.7 million was the highest revenue quarter since the second quarter of fiscal 2016 and is seasonally higher due to more than 50% of our student starts being in the quarter. The fourth quarter, 9.2% year-over-year revenue increase reflects 4.2% higher average full-time enrollment and increased revenue per student.Let me spend a few minutes on our key student metrics of starts, applications, show rate and retention. Fourth quarter new student starts were up 10.4%, all three segments, high school, military, and adult showed year-over-year growth with high school representing over 70% of the starts. Military growth was particularly strong and the growth in the adult segment is notable given continued macro headwinds. In the quarter, 75% of our start growth came from existing campuses, which was very positive same-store growth.Our Bloomfield campus contributed the other 25%. Now the Bloomfield has been open a…

Thank you, Troy. In closing, I'd like to thank everyone on the phone today for their continued support and welcome new faces and interest. Both Troy and I, are committed to expanding UTI's engagement with Wall Street community. As part of this, in the near-term, we're planning meetings with investors and analysts. Please reach out to our Investor Relations firm, LHA, if you'd be interested in meeting with us.I'd like to take a moment to thank the entire team here at UTI for their continued hard work and success in attracting more students, achieving increased efficiency and improving outcomes for our students. This combination is rarely seen much less achieved.Our customers served has also improved as we remain focused on supporting our students on each step of their path towards successful careers. We have made significant progress in many elements of our growth strategy. And in 2020, we'll work to further refine our efforts. We are focused on managing our own destiny with eyes on elements that are under our control, such as maintaining strong regulatory compliance, deepening our relationship with manufacturers and employers and providing industry-leading technical education that continues to place our graduates in such high demand.In 2020, we will begin to fully realize the benefits of our work. To optimize our business model, we will further refine the durable cost structure reductions executed in 2019, and we expect steady growth on student metrics, which will drive measurable improvement to cash flow and operating results. In our current operating model and with the continued refinements, we expect to make -- we believe, we can grow revenue, profitability and cash flow consistently going forward. Longer term, any change in the macroeconomic environment would further improve our expectations as we have the financial resources and infrastructure to further benefit from any tailwinds that would likely result.Thank you again for your time today. We hope you all have a great week and a wonderful holiday season.

Conference has now concluded. Thank you for attending today's presentation. You may now disconnect.