$UTI
UNIVERSAL TECHNICAL INSTITUTE INC

2018 Q1 Form 10-Q Financial Statement

#000126165418000020 Filed on May 04, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $80.66M $82.50M
YoY Change -2.22% -6.46%
Cost Of Revenue $21.40M $20.50M
YoY Change 4.39% -6.82%
Gross Profit $59.30M $62.00M
YoY Change -4.35% -6.34%
Gross Profit Margin 73.52% 75.15%
Selling, General & Admin $43.67M $36.98M
YoY Change 18.09% -16.33%
% of Gross Profit 73.64% 59.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.350M $3.530M
YoY Change -5.1% -13.9%
% of Gross Profit 5.65% 5.69%
Operating Expenses $89.48M $81.81M
YoY Change 9.38% -12.93%
Operating Profit -$8.820M $687.0K
YoY Change -1383.84% -111.91%
Interest Expense -$400.0K -$600.0K
YoY Change -33.33% -14.29%
% of Operating Profit -87.34%
Other Income/Expense, Net -$50.00K -$272.0K
YoY Change -81.62% -52.2%
Pretax Income -$8.870M $415.0K
YoY Change -2237.35% -106.55%
Income Tax -$37.00K $2.145M
% Of Pretax Income 516.87%
Net Earnings -$8.833M -$1.730M
YoY Change 410.58% -94.59%
Net Earnings / Revenue -10.95% -2.1%
Basic Earnings Per Share -$0.40 -$0.12
Diluted Earnings Per Share -$0.40 -$0.12
COMMON SHARES
Basic Shares Outstanding 25.06M shares 24.67M shares
Diluted Shares Outstanding 25.06M shares 24.67M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $82.90M $98.00M
YoY Change -15.41% 94.06%
Cash & Equivalents $82.25M $88.98M
Short-Term Investments $700.0K $9.000M
Other Short-Term Assets $33.60M $35.00M
YoY Change -4.0% 65.88%
Inventory
Prepaid Expenses
Receivables $12.28M $9.972M
Other Receivables $5.100M $0.00
Total Short-Term Assets $133.9M $143.0M
YoY Change -6.35% 63.0%
LONG-TERM ASSETS
Property, Plant & Equipment $109.2M $109.9M
YoY Change -0.65% -8.24%
Goodwill $9.005M $9.005M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $4.140M $4.039M
YoY Change 2.5% -18.96%
Other Assets $11.41M $12.06M
YoY Change -5.38% -9.6%
Total Long-Term Assets $163.3M $131.7M
YoY Change 24.01% -7.37%
TOTAL ASSETS
Total Short-Term Assets $133.9M $143.0M
Total Long-Term Assets $163.3M $131.7M
Total Assets $297.2M $274.7M
YoY Change 8.2% 19.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.728M $6.808M
YoY Change -1.18% -15.91%
Accrued Expenses $16.72M $11.24M
YoY Change 48.79% 29.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.200M $1.000M
YoY Change 20.0% 25.0%
Total Short-Term Liabilities $87.29M $78.48M
YoY Change 11.24% -3.54%
LONG-TERM LIABILITIES
Long-Term Debt $41.40M $42.60M
YoY Change -2.82% -2.29%
Other Long-Term Liabilities $10.10M $10.42M
YoY Change -3.14% -2.93%
Total Long-Term Liabilities $10.10M $10.42M
YoY Change -3.14% -2.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $87.29M $78.48M
Total Long-Term Liabilities $10.10M $10.42M
Total Liabilities $145.7M $142.7M
YoY Change 2.13% -4.1%
SHAREHOLDERS EQUITY
Retained Earnings -$6.209M -$23.53M
YoY Change -73.61% 1066.96%
Common Stock $186.2M $184.0M
YoY Change 1.19% 1.97%
Preferred Stock $68.85M $68.85M
YoY Change 0.0%
Treasury Stock (at cost) $97.39M $97.39M
YoY Change 0.0% 0.0%
Treasury Stock Shares 6.865M shares 6.865M shares
Shareholders Equity $151.5M $132.0M
YoY Change
Total Liabilities & Shareholders Equity $297.2M $274.7M
YoY Change 8.2% 19.49%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$8.833M -$1.730M
YoY Change 410.58% -94.59%
Depreciation, Depletion And Amortization $3.350M $3.530M
YoY Change -5.1% -13.9%
Cash From Operating Activities -$3.460M -$230.0K
YoY Change 1404.35% -121.7%
INVESTING ACTIVITIES
Capital Expenditures -$5.050M -$2.490M
YoY Change 102.81% 9.21%
Acquisitions
YoY Change
Other Investing Activities $6.160M -$8.310M
YoY Change -174.13% -184.19%
Cash From Investing Activities $1.100M -$10.79M
YoY Change -110.19% -241.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.910M -2.850M
YoY Change 2.11% 319.12%
NET CHANGE
Cash From Operating Activities -3.460M -230.0K
Cash From Investing Activities 1.100M -10.79M
Cash From Financing Activities -2.910M -2.850M
Net Change In Cash -5.270M -13.87M
YoY Change -62.0% -273.81%
FREE CASH FLOW
Cash From Operating Activities -$3.460M -$230.0K
Capital Expenditures -$5.050M -$2.490M
Free Cash Flow $1.590M $2.260M
YoY Change -29.65% -32.34%

Facts In Submission

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On March 16, 2018, we entered into a consulting agreement with a top-tier consulting firm to provide consulting services related to a strategic transformation plan. The consulting services cover marketing, admissions, future student processing, retention and cost savings initiatives. The agreement is effective through September 30, 2020 unless terminated earlier in accordance with contract terms.
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4204000 USD
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8513000 USD
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4021000 USD
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8054000 USD
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us-gaap Nature Of Operations
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<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 recently began offering undergraduate diploma programs for welding and computer numerical control (CNC) machining. We offer certificate, diploma or degree 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 (HEA), 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 18 &#8220;Government Regulation and Financial Aid&#8221; included in our 2017 Annual Report on Form 10-K filed with the SEC on December 1, 2017.</font></div></div>

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