$UTI
UNIVERSAL TECHNICAL INSTITUTE INC

2018 Q3 Form 10-Q Financial Statement

#000126165418000030 Filed on August 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 Q2 2017 Q2
Revenue $80.26M $74.89M $76.26M
YoY Change -1.32% -1.79% -7.3%
Cost Of Revenue $23.60M $21.20M $20.00M
YoY Change 11.32% 6.0% -3.38%
Gross Profit $56.70M $53.70M $56.30M
YoY Change -5.66% -4.62% -8.6%
Gross Profit Margin 70.65% 71.71% 73.83%
Selling, General & Admin $67.30M $41.95M $34.92M
YoY Change 11.06% 20.13% -14.14%
% of Gross Profit 118.69% 78.12% 62.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.120M $3.180M $3.560M
YoY Change -10.09% -10.67% -3.26%
% of Gross Profit 5.5% 5.92% 6.32%
Operating Expenses $67.70M $86.69M $79.04M
YoY Change 10.62% 9.68% -9.89%
Operating Profit -$11.05M -$11.80M -$2.784M
YoY Change 892.01% 323.85% -48.92%
Interest Expense -$400.0K -$400.0K -$400.0K
YoY Change 33.33% 0.0% -50.0%
% of Operating Profit
Other Income/Expense, Net $400.0K -$71.00K -$166.0K
YoY Change 0.0% -57.23% -75.37%
Pretax Income -$11.00M -$11.87M -$2.950M
YoY Change 900.0% 302.41% -51.83%
Income Tax $0.00 -$158.0K $967.0K
% Of Pretax Income
Net Earnings -$11.00M -$11.71M -$3.917M
YoY Change 1353.24% 199.03% -22.73%
Net Earnings / Revenue -13.71% -15.64% -5.14%
Basic Earnings Per Share -$0.49 -$0.52 -$0.21
Diluted Earnings Per Share -$0.49 -$0.52 -$0.21
COMMON SHARES
Basic Shares Outstanding 25.19M shares 25.19M shares 24.75M shares
Diluted Shares Outstanding 25.19M shares 24.75M shares

Balance Sheet

Concept 2018 Q3 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $58.10M $56.20M $84.30M
YoY Change -40.65% -33.33% -22.02%
Cash & Equivalents $58.10M $55.97M $35.08M
Short-Term Investments $0.00 $200.0K $49.20M
Other Short-Term Assets $8.027M $32.20M $33.20M
YoY Change -14.56% -3.01% 46.9%
Inventory
Prepaid Expenses $10.32M
Receivables $21.11M $14.83M $10.09M
Other Receivables $9.578M $5.200M $0.00
Total Short-Term Assets $116.8M $108.5M $127.6M
YoY Change -20.45% -14.95% -12.43%
LONG-TERM ASSETS
Property, Plant & Equipment $114.8M $113.7M $108.5M
YoY Change 7.67% 4.87% -7.47%
Goodwill $8.222M $8.222M $9.005M
YoY Change -8.7% -8.7% 0.0%
Intangibles
YoY Change
Long-Term Investments $4.206M $4.172M $4.037M
YoY Change 0.0% 3.34% -17.88%
Other Assets $11.22M $11.11M $11.49M
YoY Change -3.34% -3.33% -12.59%
Total Long-Term Assets $165.5M $165.5M $129.2M
YoY Change 30.02% 28.09% -7.29%
TOTAL ASSETS
Total Short-Term Assets $116.8M $108.5M $127.6M
Total Long-Term Assets $165.5M $165.5M $129.2M
Total Assets $282.3M $274.0M $256.8M
YoY Change 2.98% 6.71% -9.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.759M $8.197M $7.104M
YoY Change -7.95% 15.39% -2.99%
Accrued Expenses $15.84M $11.57M $10.32M
YoY Change 39.48% 12.16% 40.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.300M $1.300M $1.100M
YoY Change 18.18% 18.18% 22.22%
Total Short-Term Liabilities $92.46M $73.26M $66.61M
YoY Change 7.03% 10.0% -7.94%
LONG-TERM LIABILITIES
Long-Term Debt $40.70M $41.10M $42.30M
YoY Change -3.1% -2.84% -2.53%
Other Long-Term Liabilities $10.12M $9.815M $10.02M
YoY Change 2.53% -2.06% -9.16%
Total Long-Term Liabilities $10.12M $9.815M $10.02M
YoY Change 2.53% -2.06% -9.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $92.46M $73.26M $66.61M
Total Long-Term Liabilities $10.12M $9.815M $10.02M
Total Liabilities $155.6M $135.4M $129.5M
YoY Change 4.93% 4.58% -7.1%
SHAREHOLDERS EQUITY
Retained Earnings -$31.56M -$19.23M -$28.75M
YoY Change 2.34% -33.11% 300.11%
Common Stock $186.7M $186.4M $184.6M
YoY Change 0.86% 0.96% 1.76%
Preferred Stock $68.85M $68.85M $68.85M
YoY Change 0.0% 0.0% 0.02%
Treasury Stock (at cost) $97.39M $97.39M $97.39M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 6.865M shares 6.865M shares 6.865M shares
Shareholders Equity $126.6M $138.6M $127.3M
YoY Change
Total Liabilities & Shareholders Equity $282.3M $274.0M $256.8M
YoY Change 2.98% 6.71% -9.91%

Cashflow Statement

Concept 2018 Q3 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$11.00M -$11.71M -$3.917M
YoY Change 1353.24% 199.03% -22.73%
Depreciation, Depletion And Amortization $3.120M $3.180M $3.560M
YoY Change -10.09% -10.67% -3.26%
Cash From Operating Activities $9.110M -$16.39M -$12.21M
YoY Change -70.6% 34.23% 46.4%
INVESTING ACTIVITIES
Capital Expenditures -$3.520M -$9.800M -$2.890M
YoY Change 80.51% 239.1% 36.97%
Acquisitions
YoY Change
Other Investing Activities $320.0K $520.0K -$38.58M
YoY Change -119.39% -101.35% -1005.63%
Cash From Investing Activities -$3.200M -$9.270M -$41.47M
YoY Change -11.11% -77.65% -2037.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.130M -280.0K -230.0K
YoY Change -9.54% 21.74% -100.33%
NET CHANGE
Cash From Operating Activities 9.110M -16.39M -12.21M
Cash From Investing Activities -3.200M -9.270M -41.47M
Cash From Financing Activities -3.130M -280.0K -230.0K
Net Change In Cash 2.780M -25.94M -53.91M
YoY Change -88.38% -51.88% -185.82%
FREE CASH FLOW
Cash From Operating Activities $9.110M -$16.39M -$12.21M
Capital Expenditures -$3.520M -$9.800M -$2.890M
Free Cash Flow $12.63M -$6.590M -$9.320M
YoY Change -61.66% -29.29% 49.6%

Facts In Submission

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us-gaap Increase Decrease In Notes Receivables
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421000 USD
us-gaap Increase Decrease In Other Noncurrent Assets
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-263000 USD
us-gaap Increase Decrease In Other Noncurrent Assets
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31000 USD
us-gaap Increase Decrease In Other Operating Liabilities
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-70000 USD
us-gaap Increase Decrease In Other Operating Liabilities
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148000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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-358000 USD
us-gaap Income Loss From Equity Method Investments
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289000 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
CY2018Q2 us-gaap Income Tax Expense Benefit
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-158000 USD
us-gaap Income Tax Expense Benefit
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-3024000 USD
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1866000 USD
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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5880000 USD
CY2018Q2 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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2750000 USD
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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3119000 USD
CY2017Q2 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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0 USD
us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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0 USD
CY2018Q2 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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416000 USD
us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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865000 USD
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us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2018Q2 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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-2909000 USD
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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-6053000 USD
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45000 USD
us-gaap Income Tax Reconciliation Other Reconciling Items
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105000 USD
CY2018Q2 us-gaap Income Tax Reconciliation Other Reconciling Items
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us-gaap Income Tax Reconciliation Other Reconciling Items
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55000 USD
CY2017Q2 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
CY2018Q2 us-gaap Income Tax Reconciliation State And Local Income Taxes
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-403000 USD
us-gaap Income Tax Reconciliation State And Local Income Taxes
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-1010000 USD
us-gaap Income Taxes Paid
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2670000 USD
us-gaap Income Taxes Paid
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1278000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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-11359000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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556000 USD
us-gaap Increase Decrease In Deferred Revenue
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-19451000 USD
us-gaap Increase Decrease In Deferred Revenue
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-15491000 USD
us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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3052000 USD
us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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-1490000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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1342000 USD
us-gaap Increase Decrease In Receivables
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-2453000 USD
us-gaap Increase Decrease In Receivables
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-175000 USD
us-gaap Increase Decrease In Restricted Cash
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-3407000 USD
us-gaap Increase Decrease In Restricted Cash
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-1355000 USD
us-gaap Increase Decrease In Restricted Cash For Operating Activities
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11050000 USD
us-gaap Increase Decrease In Restricted Cash For Operating Activities
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-46000 USD
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
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0 shares
CY2017Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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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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us-gaap Interest Income Expense Net
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us-gaap Interest Income Expense Net
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us-gaap Interest Paid
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CY2018Q2 us-gaap Liabilities
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274102000 USD
CY2018Q2 us-gaap Liabilities And Stockholders Equity
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73264000 USD
CY2017Q2 us-gaap Loan Processing Fee
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300000 USD
us-gaap Loan Processing Fee
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1000000 USD
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300000 USD
us-gaap Loan Processing Fee
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1000000 USD
us-gaap Long Term Purchase Commitment Amount
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9300000 USD
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P16M
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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31685000 USD
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Income Loss
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CY2018Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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-5226000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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-11298000 USD
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2018Q2 us-gaap Nonoperating Income Expense
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us-gaap Nonoperating Income Expense
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0 USD
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5198000 USD
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0 USD
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32432000 USD
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us-gaap Operating Expenses
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-2784000 USD
us-gaap Operating Income Loss
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-710000 USD
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us-gaap Operating Income Loss
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277000 USD
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307000 USD
us-gaap Other Nonoperating Income Expense
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635000 USD
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2618000 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
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2600000 USD
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10000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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13000 USD
us-gaap Payments To Acquire Held To Maturity Securities
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9671000 USD
us-gaap Payments To Acquire Held To Maturity Securities
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0 USD
us-gaap Payments To Acquire Intangible Assets
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325000 USD
us-gaap Payments To Acquire Intangible Assets
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325000 USD
us-gaap Payments To Acquire Marketable Securities
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41585000 USD
us-gaap Payments To Acquire Marketable Securities
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894000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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6497000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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17088000 USD
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us-gaap Preferred Stock Dividends Income Statement Impact
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3927000 USD
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1309000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
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3927000 USD
CY2017Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.0001
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0.0001
CY2017Q3 us-gaap Preferred Stock Shares Authorized
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10000000 shares
CY2018Q2 us-gaap Preferred Stock Shares Authorized
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10000000 shares
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700000 shares
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700000 shares
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700000 shares
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0 USD
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0 USD
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18890000 USD
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18836000 USD
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352000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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229000 USD
us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
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1687000 USD
us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
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7497000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
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1000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
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9000 USD
us-gaap Proceeds From Sale Of Trading Securities Heldforinvestment
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1799000 USD
us-gaap Proceeds From Sale Of Trading Securities Heldforinvestment
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40902000 USD
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CY2018Q2 us-gaap Property Plant And Equipment Gross
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306471000 USD
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106664000 USD
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113732000 USD
us-gaap Provision For Doubtful Accounts
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1191000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
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673000 USD
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816000 USD
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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13419000 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
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CY2017Q2 us-gaap Sales Revenue Net
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76258000 USD
us-gaap Sales Revenue Net
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242934000 USD
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74890000 USD
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236709000 USD
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34922000 USD
us-gaap Selling General And Administrative Expense
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107536000 USD
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41953000 USD
us-gaap Selling General And Administrative Expense
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126298000 USD
us-gaap Share Based Compensation
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1992000 USD
us-gaap Share Based Compensation
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1245000 USD
us-gaap Significant Purchase Commitment Description
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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.
us-gaap Stock Issued During Period Value Share Based Compensation Gross
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25000000 USD
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1677570 shares
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15300000 USD
CY2017Q3 us-gaap Stockholders Equity
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125776000 USD
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138609000 USD
CY2017Q3 us-gaap Trading Securities
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40020000 USD
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0 USD
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0 USD
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10000 USD
us-gaap Trading Securities Unrealized Holding Gain Loss
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0 USD
us-gaap Treasury Stock Acquired Average Cost Per Share
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9.09
CY2017Q3 us-gaap Treasury Stock Shares
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6864897 shares
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97388000 USD
CY2017Q3 us-gaap Valuation Allowances And Reserves Balance
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38407000 USD
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20478000 USD
us-gaap Valuation Allowances And Reserves Deductions
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21048000 USD
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3119000 USD
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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24748000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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24679000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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25186000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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25084000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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24748000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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24679000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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25186000 shares
uti Depreciationontrainingequipmentobtainedinexchangeforservices
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1000000 USD
CY2017Q2 uti Educational Services And Facilities
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44120000 USD
uti Educational Services And Facilities
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136108000 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
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25084000 shares
CY2017Q3 uti Accrued Tool Sets
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2764000 USD
CY2018Q2 uti Accrued Tool Sets
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2706000 USD
CY2018Q2 uti Amount Of Loans Committed To Provide
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159.7 USD
uti Change In Accrued Capital Expenditures
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217000 USD
uti Change In Accrued Capital Expenditures
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-840000 USD
CY2017Q3 uti Deferred Tax Assets Related To State Net Operating Loss And Credit Carryforwards
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416000 USD
CY2018Q2 uti Deferred Tax Assets Related To State Net Operating Loss And Credit Carryforwards
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3997000 USD
CY2017Q3 uti Deferred Tax Assets Tax Deferred Expense Accruedtoolsets
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1111000 USD
CY2018Q2 uti Deferred Tax Assets Tax Deferred Expense Accruedtoolsets
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706000 USD
CY2017Q3 uti Deferredtaxassetsdeductionslimitedby Section382
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943000 USD
CY2018Q2 uti Deferredtaxassetsdeductionslimitedby Section382
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665000 USD
CY2017Q2 uti Depreciationontrainingequipmentobtainedinexchangeforservices
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300000 USD
uti Depreciationontrainingequipmentobtainedinexchangeforservices
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1000000 USD
uti Depreciationontrainingequipmentobtainedinexchangeforservices
Depreciationontrainingequipmentobtainedinexchangeforservices
960000 USD
CY2018Q2 uti Depreciationontrainingequipmentobtainedinexchangeforservices
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300000 USD
uti Depreciationontrainingequipmentobtainedinexchangeforservices
Depreciationontrainingequipmentobtainedinexchangeforservices
1022000 USD
CY2018Q2 uti Educational Services And Facilities
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44737000 USD
uti Educational Services And Facilities
EducationalServicesAndFacilities
134635000 USD
CY2017Q2 uti Equityinterestininvesteesunrealizedgainslossesonhedgingderivativesnetoftaxes
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-7000 USD
uti Equityinterestininvesteesunrealizedgainslossesonhedgingderivativesnetoftaxes
Equityinterestininvesteesunrealizedgainslossesonhedgingderivativesnetoftaxes
-16000 USD
CY2018Q2 uti Equityinterestininvesteesunrealizedgainslossesonhedgingderivativesnetoftaxes
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0 USD
uti Equityinterestininvesteesunrealizedgainslossesonhedgingderivativesnetoftaxes
Equityinterestininvesteesunrealizedgainslossesonhedgingderivativesnetoftaxes
0 USD
uti Increase Decrease In Accrued Tool Sets And Other Current Liabilities
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-768000 USD
uti Increase Decrease In Accrued Tool Sets And Other Current Liabilities
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-507000 USD
uti Increase Decrease In Deferred Rent
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-1622000 USD
uti Increase Decrease In Deferred Rent
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4027000 USD
uti Loans Receivable Term
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P10Y
CY2018Q2 uti Number Of Campuses
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12 Campus
CY2017Q2 uti Total Depreciationand Amortization
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4225000 USD
uti Total Depreciationand Amortization
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12738000 USD
CY2018Q2 uti Total Depreciationand Amortization
TotalDepreciationandAmortization
3849000 USD
uti Total Depreciationand Amortization
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11903000 USD
uti Training Equipment Credits Earned Used
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-710000 USD
uti Training Equipment Credits Earned Used
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116000 USD
uti Training Equipment Obtained In Exchange For Services
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1011000 USD
uti Training Equipment Obtained In Exchange For Services
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1724000 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 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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