$UTI
Universal Technical Institute Inc

2017 Q3 Form 10-Q Financial Statement

#000126165417000036 Filed on August 04, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2017 Q2 2016 Q2
Revenue $81.33M $76.26M $82.27M
YoY Change -6.43% -7.3% -3.34%
Cost Of Revenue $21.20M $20.00M $20.70M
YoY Change -1.85% -3.38% -5.91%
Gross Profit $60.10M $56.30M $61.60M
YoY Change -7.96% -8.6% -2.38%
Gross Profit Margin 73.9% 73.83% 74.88%
Selling, General & Admin $60.60M $34.92M $40.67M
YoY Change -13.18% -14.14% -1.79%
% of Gross Profit 100.83% 62.03% 66.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.470M $3.560M $3.680M
YoY Change -6.47% -3.26% -14.62%
% of Gross Profit 5.77% 6.32% 5.97%
Operating Expenses $61.20M $79.04M $87.72M
YoY Change -13.19% -9.89% -1.56%
Operating Profit -$1.114M -$2.784M -$5.450M
YoY Change -78.62% -48.92% 36.39%
Interest Expense -$300.0K -$400.0K -$800.0K
YoY Change -57.14% -50.0% 166.67%
% of Operating Profit
Other Income/Expense, Net $400.0K -$166.0K -$674.0K
YoY Change -180.0% -75.37% 131.62%
Pretax Income -$1.100M -$2.950M -$6.124M
YoY Change -82.81% -51.83% 42.85%
Income Tax -$300.0K $967.0K -$1.055M
% Of Pretax Income
Net Earnings -$757.0K -$3.917M -$5.069M
YoY Change -91.54% -22.73% 70.39%
Net Earnings / Revenue -0.93% -5.14% -6.16%
Basic Earnings Per Share -$0.08 -$0.21 -$0.21
Diluted Earnings Per Share -$0.08 -$0.21 -$0.21
COMMON SHARES
Basic Shares Outstanding 24.76M shares 24.75M shares 24.35M shares
Diluted Shares Outstanding 24.75M shares 24.35M shares

Balance Sheet

Concept 2017 Q3 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $97.90M $84.30M $108.1M
YoY Change -18.89% -22.02% 95.13%
Cash & Equivalents $50.14M $35.08M $103.2M
Short-Term Investments $47.80M $49.20M $4.800M
Other Short-Term Assets $9.395M $33.20M $22.60M
YoY Change -63.87% 46.9% -14.07%
Inventory
Prepaid Expenses $9.495M
Receivables $15.20M $10.09M $15.03M
Other Receivables $3.626M $0.00 $0.00
Total Short-Term Assets $146.8M $127.6M $145.7M
YoY Change -9.34% -12.43% 54.58%
LONG-TERM ASSETS
Property, Plant & Equipment $106.7M $108.5M $117.2M
YoY Change -6.46% -7.47% 0.6%
Goodwill $9.005M $9.005M $9.005M
YoY Change 0.0% 0.0% -56.24%
Intangibles
YoY Change
Long-Term Investments $4.206M $4.037M $4.916M
YoY Change 2.29% -17.88% 23.86%
Other Assets $11.61M $11.49M $13.15M
YoY Change -4.64% -12.59% 8.41%
Total Long-Term Assets $127.3M $129.2M $139.4M
YoY Change -5.87% -7.29% -17.53%
TOTAL ASSETS
Total Short-Term Assets $146.8M $127.6M $145.7M
Total Long-Term Assets $127.3M $129.2M $139.4M
Total Assets $274.1M $256.8M $285.0M
YoY Change -7.76% -9.91% 8.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.515M $7.104M $7.323M
YoY Change -19.4% -2.99% -47.87%
Accrued Expenses $11.35M $10.32M $7.348M
YoY Change 37.81% 40.41% 6.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.100M $1.100M $900.0K
YoY Change 22.22% 22.22% 28.57%
Total Short-Term Liabilities $86.39M $66.61M $72.35M
YoY Change -8.64% -7.94% -16.93%
LONG-TERM LIABILITIES
Long-Term Debt $42.00M $42.30M $43.40M
YoY Change -2.55% -2.53% 35.63%
Other Long-Term Liabilities $9.874M $10.02M $11.03M
YoY Change -7.86% -9.16% 15.65%
Total Long-Term Liabilities $9.874M $10.02M $11.03M
YoY Change -7.86% -9.16% 15.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $86.39M $66.61M $72.35M
Total Long-Term Liabilities $9.874M $10.02M $11.03M
Total Liabilities $148.3M $129.5M $139.4M
YoY Change -7.61% -7.1% -0.35%
SHAREHOLDERS EQUITY
Retained Earnings -$30.83M -$28.75M -$7.186M
YoY Change 76.65% 300.11% -116.73%
Common Stock $185.1M $184.6M $181.4M
YoY Change 1.38% 1.76% 2.3%
Preferred Stock $68.85M $68.85M $68.84M
YoY Change 0.05% 0.02%
Treasury Stock (at cost) $97.39M $97.39M $97.39M
YoY Change 0.0% 0.0% 0.52%
Treasury Stock Shares 6.865M shares 6.865M shares 6.865M shares
Shareholders Equity $125.8M $127.3M $145.7M
YoY Change
Total Liabilities & Shareholders Equity $274.1M $256.8M $285.0M
YoY Change -7.76% -9.91% 8.28%

Cashflow Statement

Concept 2017 Q3 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$757.0K -$3.917M -$5.069M
YoY Change -91.54% -22.73% 70.39%
Depreciation, Depletion And Amortization $3.470M $3.560M $3.680M
YoY Change -6.47% -3.26% -14.62%
Cash From Operating Activities $30.99M -$12.21M -$8.340M
YoY Change 70.18% 46.4% -6.4%
INVESTING ACTIVITIES
Capital Expenditures -$1.950M -$2.890M -$2.110M
YoY Change 143.75% 36.97% -64.6%
Acquisitions
YoY Change
Other Investing Activities -$1.650M -$38.58M $4.260M
YoY Change -332.39% -1005.63% -64.41%
Cash From Investing Activities -$3.600M -$41.47M $2.140M
YoY Change 3900.0% -2037.85% -64.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.460M -230.0K 69.02M
YoY Change 49.14% -100.33% -2785.6%
NET CHANGE
Cash From Operating Activities 30.99M -12.21M -8.340M
Cash From Investing Activities -3.600M -41.47M 2.140M
Cash From Financing Activities -3.460M -230.0K 69.02M
Net Change In Cash 23.93M -53.91M 62.82M
YoY Change 51.46% -185.82% -1244.26%
FREE CASH FLOW
Cash From Operating Activities $30.99M -$12.21M -$8.340M
Capital Expenditures -$1.950M -$2.890M -$2.110M
Free Cash Flow $32.94M -$9.320M -$6.230M
YoY Change 73.28% 49.6% 111.19%

Facts In Submission

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CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2016Q2 us-gaap Income Loss From Equity Method Investments
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51000 USD
us-gaap Income Loss From Equity Method Investments
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290000 USD
CY2017Q2 us-gaap Income Loss From Equity Method Investments
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116000 USD
us-gaap Income Loss From Equity Method Investments
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369000 USD
CY2016Q2 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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23667000 USD
CY2017Q2 us-gaap Income Tax Expense Benefit
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967000 USD
us-gaap Income Tax Expense Benefit
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5722000 USD
CY2016Q2 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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1407000 USD
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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29356000 USD
CY2017Q2 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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1866000 USD
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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5880000 USD
CY2016Q2 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2017Q2 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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0 USD
us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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51000 USD
CY2017Q2 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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0 USD
us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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0 USD
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us-gaap Income Tax Reconciliation Other Reconciling Items
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CY2017Q2 us-gaap Income Tax Reconciliation Other Reconciling Items
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45000 USD
us-gaap Income Tax Reconciliation Other Reconciling Items
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105000 USD
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us-gaap Income Tax Reconciliation State And Local Income Taxes
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88000 USD
us-gaap Income Tax Reconciliation State And Local Income Taxes
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314000 USD
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1713000 USD
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2670000 USD
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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3052000 USD
us-gaap Increase Decrease In Other Operating Assets
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83000 USD
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648000 USD
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1535000 USD
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11050000 USD
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0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
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0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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300000 USD
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1100000 USD
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300000 USD
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17436000 USD
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1500000 USD
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us-gaap Payments To Acquire Held To Maturity Securities
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575000 USD
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325000 USD
CY2016Q1 us-gaap Payments To Acquire Interest In Joint Venture
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1000000 USD
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us-gaap Payments To Acquire Marketable Securities
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CY2016Q3 us-gaap Postemployment Benefits Liability Current And Noncurrent
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101000 USD
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10000000 shares
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359000 USD
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352000 USD
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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0 USD
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1799000 USD
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1992000 USD
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CY2011Q4 us-gaap Stock Repurchase Program Authorized Amount1
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25000000 USD
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100000 USD
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0 USD
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10000 USD
us-gaap Treasury Stock Acquired Average Cost Per Share
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38606000 USD
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102000 USD
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5880000 USD
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24679000 shares
CY2016Q3 uti Accrued Tool Sets
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CY2017Q2 uti Accrued Tool Sets
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2920000 USD
uti Aggregate Tuition And Interest Income Excluded During Period
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131572000 USD
CY2016Q2 uti Aggregate Tuition And Interest Income Excluded During Period
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3228000 USD
uti Aggregate Tuition And Interest Income Excluded During Period
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12020000 USD
CY2017Q2 uti Aggregate Tuition And Interest Income Excluded During Period
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2661000 USD
uti Aggregate Tuition And Interest Income Excluded During Period
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9942000 USD
CY2017Q2 uti Amount Of Loans Committed To Provide
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153.0 USD
CY2015Q3 uti Amounts Outstanding Under Our Proprietary Loan Program
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CY2016Q2 uti Amounts Outstanding Under Our Proprietary Loan Program
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74549000 USD
CY2016Q3 uti Amounts Outstanding Under Our Proprietary Loan Program
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75511000 USD
CY2017Q2 uti Amounts Outstanding Under Our Proprietary Loan Program
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70230000 USD
uti Change In Accrued Capital Expenditures
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2075000 USD
uti Change In Accrued Capital Expenditures
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217000 USD
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1188000 USD
CY2017Q2 uti Deferred Tax Assets Tax Deferred Expense Accruedtoolsets
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1157000 USD
CY2016Q3 uti Deferredtaxassetsdeductionslimitedby Section382
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592000 USD
CY2017Q2 uti Deferredtaxassetsdeductionslimitedby Section382
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860000 USD
CY2016Q2 uti Depreciationontrainingequipmentobtainedinexchangeforservices
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400000 USD
uti Depreciationontrainingequipmentobtainedinexchangeforservices
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1000000 USD
uti Depreciationontrainingequipmentobtainedinexchangeforservices
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1000000 USD
CY2017Q2 uti Depreciationontrainingequipmentobtainedinexchangeforservices
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300000 USD
uti Depreciationontrainingequipmentobtainedinexchangeforservices
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960000 USD
uti Depreciationontrainingequipmentobtainedinexchangeforservices
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1000000 USD
CY2016Q2 uti Educational Services And Facilities
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47044000 USD
uti Educational Services And Facilities
EducationalServicesAndFacilities
146466000 USD
CY2017Q2 uti Educational Services And Facilities
EducationalServicesAndFacilities
44120000 USD
uti Educational Services And Facilities
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136108000 USD
CY2016Q2 uti Equityinterestininvesteesunrealizedgainslossesonhedgingderivativesnetoftaxes
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0 USD
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Equityinterestininvesteesunrealizedgainslossesonhedgingderivativesnetoftaxes
-1000 USD
CY2017Q2 uti Equityinterestininvesteesunrealizedgainslossesonhedgingderivativesnetoftaxes
Equityinterestininvesteesunrealizedgainslossesonhedgingderivativesnetoftaxes
-7000 USD
uti Equityinterestininvesteesunrealizedgainslossesonhedgingderivativesnetoftaxes
Equityinterestininvesteesunrealizedgainslossesonhedgingderivativesnetoftaxes
-16000 USD
uti Increase Decrease In Accrued Tool Sets And Other Current Liabilities
IncreaseDecreaseInAccruedToolSetsAndOtherCurrentLiabilities
-359000 USD
uti Increase Decrease In Accrued Tool Sets And Other Current Liabilities
IncreaseDecreaseInAccruedToolSetsAndOtherCurrentLiabilities
-768000 USD
uti Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
-1372000 USD
uti Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
-1622000 USD
uti Loans Extended During Period Under Our Proprietary Loan Program
LoansExtendedDuringPeriodUnderOurProprietaryLoanProgram
13483000 USD
uti Loans Extended During Period Under Our Proprietary Loan Program
LoansExtendedDuringPeriodUnderOurProprietaryLoanProgram
11041000 USD
CY2017Q2 uti Number Of Campuses
NumberOfCampuses
12 Campus
CY2016Q4 uti Number Of Impacted Employees Due To Reduction In Workforce
NumberOfImpactedEmployeesDueToReductionInWorkforce
75 Employee
uti Post Employment Benefits Other Non Cash Settlement Increase Decrease
PostEmploymentBenefitsOtherNonCashSettlementIncreaseDecrease
-566000 USD
uti Preferredstockissuancecostsaccrued
Preferredstockissuancecostsaccrued
378000 USD
uti Preferredstockissuancecostsaccrued
Preferredstockissuancecostsaccrued
0 USD
uti Proprietary Loan Program Interest Accrued During Period
ProprietaryLoanProgramInterestAccruedDuringPeriod
2856000 USD
uti Proprietary Loan Program Interest Accrued During Period
ProprietaryLoanProgramInterestAccruedDuringPeriod
2637000 USD
CY2017Q1 uti Rights Expiration Date
RightsExpirationDate
2017-02-21
CY2016Q2 uti Total Depreciationand Amortization
TotalDepreciationandAmortization
4347000 USD
uti Total Depreciationand Amortization
TotalDepreciationandAmortization
13370000 USD
CY2017Q2 uti Total Depreciationand Amortization
TotalDepreciationandAmortization
4225000 USD
uti Total Depreciationand Amortization
TotalDepreciationandAmortization
12738000 USD
uti Training Equipment Credits Earned Used
TrainingEquipmentCreditsEarnedUsed
-716000 USD
uti Training Equipment Credits Earned Used
TrainingEquipmentCreditsEarnedUsed
-710000 USD
uti Training Equipment Obtained In Exchange For Services
TrainingEquipmentObtainedInExchangeForServices
2346000 USD
uti Training Equipment Obtained In Exchange For Services
TrainingEquipmentObtainedInExchangeForServices
1011000 USD
uti Tuition And Interest Amounts Written Off
TuitionAndInterestAmountsWrittenOff
-11113000 USD
uti Tuition And Interest Amounts Written Off
TuitionAndInterestAmountsWrittenOff
-12888000 USD
uti Tuition And Interest Income Actual Cash Receipts
TuitionAndInterestIncomeActualCashReceipts
-27156000 USD
CY2016Q2 uti Tuition And Interest Income Actual Cash Receipts
TuitionAndInterestIncomeActualCashReceipts
-1969000 USD
uti Tuition And Interest Income Actual Cash Receipts
TuitionAndInterestIncomeActualCashReceipts
-5341000 USD
CY2017Q2 uti Tuition And Interest Income Actual Cash Receipts
TuitionAndInterestIncomeActualCashReceipts
-2135000 USD
uti Tuition And Interest Income Actual Cash Receipts
TuitionAndInterestIncomeActualCashReceipts
-6071000 USD
uti Tuition And Interest Income Excluded
TuitionAndInterestIncomeExcluded
158728000 USD
CY2016Q2 uti Tuition And Interest Income Excluded
TuitionAndInterestIncomeExcluded
5197000 USD
uti Tuition And Interest Income Excluded
TuitionAndInterestIncomeExcluded
17361000 USD
CY2017Q2 uti Tuition And Interest Income Excluded
TuitionAndInterestIncomeExcluded
4796000 USD
uti Tuition And Interest Income Excluded
TuitionAndInterestIncomeExcluded
16013000 USD
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Nature of the Business</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We are the leading provider of postsecondary education for students seeking careers as professional automotive, diesel, collision repair, motorcycle and marine technicians as measured by total average undergraduate full-time student enrollment and graduates. We offer undergraduate degree or diploma programs at </font><font style="font-family:inherit;font-size:10pt;">12</font><font style="font-family:inherit;font-size:10pt;"> campuses across the United States under the banner of several well-known brands, including Universal Technical Institute, Motorcycle Mechanics Institute and Marine Mechanics Institute and NASCAR Technical Institute. We also offer manufacturer specific advanced training (MSAT) programs, including student-paid electives, at our campuses and manufacturer or dealer sponsored training at certain campuses and dedicated training centers.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We work closely with leading original equipment manufacturers (OEMs) in the automotive, diesel, motorcycle and marine industries to understand their needs for qualified service professionals. Revenues generated from our schools consist primarily of tuition and fees paid by students. To pay for a substantial portion of their tuition, the majority of students rely on funds received from federal financial aid programs under Title IV Programs of the Higher Education Act of 1965, as amended, as well as from various veterans benefits programs. For further discussion, see Note 2 "Summary of Significant Accounting Policies - Concentration of Risk" and Note 19 &#8220;Government Regulation and Financial Aid&#8221; included in our 2016 Annual Report on Form 10-K filed with the SEC on November 30, 2016.</font></div></div>

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