$UTI
UNIVERSAL TECHNICAL INSTITUTE INC

2018 Q4 Form 10-Q Financial Statement

#000126165419000011 Filed on February 05, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4 2016 Q3
Revenue $83.05M $81.16M $86.92M
YoY Change 2.33% -3.59% -4.12%
Cost Of Revenue $21.50M $20.60M $21.60M
YoY Change 4.37% -0.48% -12.9%
Gross Profit $61.50M $60.60M $65.30M
YoY Change 1.49% -4.57% -0.91%
Gross Profit Margin 74.05% 74.67% 75.13%
Selling, General & Admin $44.52M $40.68M $69.80M
YoY Change 9.44% 14.15% 5.6%
% of Gross Profit 72.39% 67.13% 106.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.205M $3.362M $3.710M
YoY Change -4.67% -7.61% -9.95%
% of Gross Profit 5.21% 5.55% 5.68%
Operating Expenses $90.26M $84.76M $70.50M
YoY Change 6.48% 2.38% 5.7%
Operating Profit -$7.205M -$3.604M -$5.210M
YoY Change 99.92% -359.84% -60.62%
Interest Expense $814.0K -$300.0K -$700.0K
YoY Change -371.33% -50.0% 40.0%
% of Operating Profit
Other Income/Expense, Net -$379.0K -$360.0K -$500.0K
YoY Change 5.28% -28.14% 150.0%
Pretax Income -$7.584M -$3.964M -$6.400M
YoY Change 91.32% -547.4% -53.96%
Income Tax $133.0K -$2.829M $2.500M
% Of Pretax Income
Net Earnings -$7.717M -$1.135M -$8.945M
YoY Change 579.91% -34.16% -8.94%
Net Earnings / Revenue -9.29% -1.4% -10.29%
Basic Earnings Per Share -$0.36 -$0.10 -$0.42
Diluted Earnings Per Share -$0.36 -$0.10 -$0.42
COMMON SHARES
Basic Shares Outstanding 25.32M shares 25.01M shares 24.35M shares
Diluted Shares Outstanding 25.32M shares 25.01M shares

Balance Sheet

Concept 2018 Q4 2017 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $58.60M $93.30M $120.7M
YoY Change -37.19% -10.12% 109.91%
Cash & Equivalents $58.65M $86.45M $119.0M
Short-Term Investments $6.800M $1.700M
Other Short-Term Assets $7.821M $33.90M $26.00M
YoY Change -76.93% -4.78% -7.8%
Inventory
Prepaid Expenses $11.40M
Receivables $10.42M $8.969M $15.25M
Other Receivables $5.300M $5.000M $3.333M
Total Short-Term Assets $108.3M $141.3M $161.9M
YoY Change -23.34% -5.55% 49.87%
LONG-TERM ASSETS
Property, Plant & Equipment $113.0M $105.8M $114.0M
YoY Change 6.82% -5.15% -8.14%
Goodwill $8.222M $9.005M $9.005M
YoY Change -8.7% 0.0% 9.52%
Intangibles
YoY Change
Long-Term Investments $4.239M $4.108M $4.112M
YoY Change 3.19% 1.61% 3.16%
Other Assets $10.11M $11.63M $12.17M
YoY Change -13.12% -3.37% 2.18%
Total Long-Term Assets $162.8M $161.6M $135.2M
YoY Change 0.77% 21.9% -18.67%
TOTAL ASSETS
Total Short-Term Assets $108.3M $141.3M $161.9M
Total Long-Term Assets $162.8M $161.6M $135.2M
Total Assets $271.2M $302.9M $297.2M
YoY Change -10.48% 7.34% 8.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.649M $7.583M $11.81M
YoY Change 14.06% 18.67% -18.57%
Accrued Expenses $11.21M $10.96M $8.239M
YoY Change 2.24% 25.63% -22.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.400M $1.200M $900.0K
YoY Change 16.67% 20.0% 28.57%
Total Short-Term Liabilities $91.33M $83.71M $94.56M
YoY Change 9.1% 0.66% -2.0%
LONG-TERM LIABILITIES
Long-Term Debt $40.30M $41.70M $43.10M
YoY Change -3.36% -2.8% -2.27%
Other Long-Term Liabilities $9.435M $9.923M $10.72M
YoY Change -4.92% -4.36% 13.3%
Total Long-Term Liabilities $9.435M $9.923M $10.72M
YoY Change -4.92% -4.36% 13.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $91.33M $83.71M $94.56M
Total Long-Term Liabilities $9.435M $9.923M $10.72M
Total Liabilities $153.0M $142.0M $160.5M
YoY Change 7.72% -4.06% -0.18%
SHAREHOLDERS EQUITY
Retained Earnings -$40.60M $3.919M -$17.45M
YoY Change -1135.85% -119.12% -153.48%
Common Stock $187.3M $185.5M $182.6M
YoY Change 0.98% 1.27% 2.48%
Preferred Stock $68.85M $68.85M $68.82M
YoY Change 0.0% 0.0%
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 $118.2M $160.9M $136.6M
YoY Change
Total Liabilities & Shareholders Equity $271.2M $302.9M $297.2M
YoY Change -10.48% 7.34% 8.33%

Cashflow Statement

Concept 2018 Q4 2017 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income -$7.717M -$1.135M -$8.945M
YoY Change 579.91% -34.16% -8.94%
Depreciation, Depletion And Amortization $3.205M $3.362M $3.710M
YoY Change -4.67% -7.61% -9.95%
Cash From Operating Activities $4.410M -$2.607M $18.21M
YoY Change -269.16% -85.02% 116.53%
INVESTING ACTIVITIES
Capital Expenditures $2.779M $2.556M -$800.0K
YoY Change 8.72% 77.38% -89.04%
Acquisitions
YoY Change
Other Investing Activities $70.00K $41.06M $710.0K
YoY Change -99.83% 1325.69% -96.18%
Cash From Investing Activities -$2.710M $38.50M -$90.00K
YoY Change -107.04% 2584.94% -100.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$428.0K -$262.0K -2.320M
YoY Change 63.36% 21.3% 103.51%
NET CHANGE
Cash From Operating Activities $4.410M -$2.607M 18.21M
Cash From Investing Activities -$2.710M $38.50M -90.00K
Cash From Financing Activities -$428.0K -$262.0K -2.320M
Net Change In Cash $1.272M $35.63M 15.80M
YoY Change -96.43% -320.15% -14.82%
FREE CASH FLOW
Cash From Operating Activities $4.410M -$2.607M $18.21M
Capital Expenditures $2.779M $2.556M -$800.0K
Free Cash Flow $1.631M -$5.163M $19.01M
YoY Change -131.59% -72.6% 21.01%

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101000 USD
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2000 USD
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40902000 USD
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CY2018Q4 us-gaap Property Plant And Equipment Gross
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15300000 USD
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CY2018Q4 us-gaap Treasury Stock Value
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CY2018Q3 us-gaap Valuation Allowances And Reserves Balance
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CY2018Q4 us-gaap Valuation Allowances And Reserves Balance
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24952000 USD
CY2018Q4 us-gaap Valuation Allowances And Reserves Deductions
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CY2018Q4 us-gaap Valuation Allowances And Reserves Period Increase Decrease
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1833000 USD
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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25008000 shares
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CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2018Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
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25321000 shares
CY2018Q3 uti Accrued Tool Sets
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2397000 USD
CY2018Q4 uti Accrued Tool Sets
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2700000 USD
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165.1 USD
CY2017Q4 uti Change In Accrued Capital Expenditures
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CY2018Q3 uti Deferred Tax Assets Related To State Net Operating Loss And Credit Carryforwards
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CY2018Q4 uti Deferred Tax Assets Related To State Net Operating Loss And Credit Carryforwards
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CY2018Q3 uti Deferred Tax Assets Tax Deferred Expense Accruedtoolsets
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638000 USD
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717000 USD
CY2018Q3 uti Deferredtaxassetsdeductionslimitedby Section382
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700000 USD
CY2018Q4 uti Deferredtaxassetsdeductionslimitedby Section382
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790000 USD
CY2017Q4 uti Depreciationontrainingequipmentobtainedinexchangeforservices
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343000 USD
CY2017Q4 uti Depreciationontrainingequipmentobtainedinexchangeforservices
Depreciationontrainingequipmentobtainedinexchangeforservices
300000 USD
CY2018Q4 uti Depreciationontrainingequipmentobtainedinexchangeforservices
Depreciationontrainingequipmentobtainedinexchangeforservices
382000 USD
CY2017Q4 uti Educational Services And Facilities
EducationalServicesAndFacilities
44081000 USD
CY2018Q4 uti Educational Services And Facilities
EducationalServicesAndFacilities
45735000 USD
CY2017Q4 uti Equityinterestininvesteesunrealizedgainslossesonhedgingderivativesnetoftaxes
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0 USD
CY2018Q4 uti Equityinterestininvesteesunrealizedgainslossesonhedgingderivativesnetoftaxes
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0 USD
CY2017Q4 uti Increase Decrease In Accrued Tool Sets And Other Current Liabilities
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CY2018Q4 uti Increase Decrease In Accrued Tool Sets And Other Current Liabilities
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CY2017Q4 uti Increase Decrease In Deferred Rent
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CY2018Q4 uti Increase Decrease In Deferred Rent
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CY2018Q4 uti Number Of Campuses
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13 Campus
CY2017Q4 uti Total Depreciationand Amortization
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4033000 USD
CY2018Q4 uti Total Depreciationand Amortization
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3875000 USD
CY2017Q4 uti Training Equipment Credits Earned Used
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CY2018Q4 uti Training Equipment Credits Earned Used
TrainingEquipmentCreditsEarnedUsed
78000 USD
CY2017Q4 uti Training Equipment Obtained In Exchange For Services
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418000 USD
CY2018Q4 uti Training Equipment Obtained In Exchange For Services
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124000 USD
CY2018Q4 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 well as welders and computer numerical control (CNC) machining technicians as measured by total average undergraduate full-time enrollment and graduates. We offer certificate, diploma or degree programs at </font><font style="font-family:inherit;font-size:10pt;">13</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. We have provided technical education for 53 years. </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) and employers 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 2018 Annual Report on Form 10-K filed with the SEC on November 30, 2018.</font></div></div>

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