SCOTTSDALE, Ariz., Nov. 30, 2017 /PRNewswire/ -- Universal
Technical Institute, Inc. (NYSE: UTI), the leading provider of
transportation technician training, reported financial results for
the fiscal 2017 fourth quarter and full year ended September 30, 2017.
Kim McWaters, UTI's President and
Chief Executive Officer, stated, "Fiscal 2017 marked a year of
significant progress and change as UTI continues its transformation
effort. As forecasted, we grew student starts in the second
half of fiscal 2017. Despite the Florida, Texas, and Puerto
Rico hurricanes negatively impacting starts in the fourth
quarter, we started as many new students this quarter as we did in
the same period last year. We continue working to build our new
student pipeline going into fiscal 2018, both in our traditional
programs as well as in our newly launched Welding and CNC machining
programs. These new offerings address the growing demand for
skilled technicians while serving as an integral element of our
footprint rationalization efforts. Finally, we successfully
implemented our Financial Improvement Plan, which resulted in
$39.7 million in cost savings for
fiscal 2017 compared to fiscal 2016, substantially reduced our net
loss, and drove EBITDA to $17.9
million compared to $0.8
million for fiscal 2016."
Financial Results for the Three-Month Period Ended
September 30: 2017 Compared to
2016
- Revenues for the quarter were $81.3
million, compared to $86.9
million for the prior year period. Revenues exclude tuition
related to students participating in the company's proprietary loan
program, which were $2.9 million and
$4.2 million for the fourth fiscal
quarter of 2017 and 2016, respectively. The year-over-year revenue
variance was attributable to an 8.5% decrease in UTI's average
student population.
- Operating expenses for the quarter were $82.4 million, compared to $92.1 million for the prior year period.
- Operating loss for the quarter was $1.1
million, compared to $5.2
million for the prior year period. The improvement reflects
the aforementioned significant cost reductions and incremental
operating income of $0.9 million from
the Long Beach campus, which opened in August 2015.
- Income tax benefit was $0.3
million for the quarter, compared to an income tax expense
of $2.5 million for the prior year
period.
- Net loss for the quarter was $0.8
million, compared to a net loss of $8.9 million for the prior year period.
- Net loss available for distribution to common shareholders was
$2.1 million, or $0.08 per diluted share, compared to $10.3 million, or $0.42 per diluted share for the prior year
period.
- Earnings before interest, taxes, depreciation and amortization
(EBITDA) for the three months ended September 30, 2017 was $3.9 million, compared to a loss of $0.9 million for the prior year period. (See "Use
of Non-GAAP Financial Information" below.)
Financial Results for the Year Ended September 30: 2017 Compared to 2016
- Revenues were $324.3 million,
compared to $347.1 million, and
excluded $16.3 million and
$18.7 million, respectively, of
tuition related to students participating in the proprietary loan
program. The decrease in revenue was attributable to a 9.2% decline
in average student population.
- Operating expenses were $326.1
million, compared to $365.8
million for the prior year. The company's Financial
Improvement Plan implemented in September
2016 delivered $39.7 million
in cost savings in fiscal 2017.
- Operating loss was $1.8 million,
compared to $18.6 million for the
prior year. The loss was larger than the forecasted range
previously provided by the company and was the result of increased
conversion costs as UTI transitions its admissions representatives
from fixed to variable compensation.
- Income tax expense was $5.4
million for the year, compared to $26.2 million for the prior year, reflecting a
full valuation allowance on deferred tax assets during both
periods.
- Net loss for the year was $8.1
million, compared to a net loss of $47.7 million for the prior year period.
- Net loss available for distribution to common shareholders for
the year-to-date period was $13.4
million, or $0.54 per diluted
share, compared to $49.1 million, or
$2.02 per diluted share, for the
prior year period.
- UTI recorded a preferred stock cash dividend of $5.3 million for the year ended September 30, 2017 in accordance with the
company's Series A Preferred Stock purchase agreement.
- Cash, cash equivalents and investments totaled $97.9 million at September
30, 2017, compared to $120.7
million at September 30, 2016.
The decrease was primarily attributable to collateral requirements
of approximately $11.5 million for
surety bonds renewed during the second quarter of fiscal 2017 and
changes in working capital.
- EBITDA was $17.9 million,
compared to $0.8 million for the
prior year. (See "Use of Non-GAAP Financial Information"
below.)
Student Metrics
|
Three Months Ended Sept.
30,
|
|
Twelve Months
Ended Sept. 30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
(Rounded to
hundreds)
|
Total
starts
|
5,600
|
|
|
5,600
|
|
|
10,600
|
|
|
11,300
|
|
Average undergraduate
full-time student enrollment
|
10,700
|
|
|
11,700
|
|
|
10,900
|
|
|
12,000
|
|
End of period
undergraduate full-time student enrollment
|
12,100
|
|
|
12,900
|
|
|
12,100
|
|
|
12,900
|
|
2018 Outlook
McWaters continued, "Our transformation continues in 2018, as we
make strategic investments that are critical for the long-term
success of UTI, and best position us to address the growing demand
for skilled technicians nationwide. Key areas of investment include
our third commuter campus opening in the New Jersey/New
York Metro market, the roll-out of two additional welding
programs, and an incremental investment in marketing and admissions
to support new student starts in fiscal 2018 and beyond. We have
also engaged a top-tier consulting firm to review and refine our
operations and help us the drive the best outcomes possible for all
of our stakeholders: our students, our industry partners, our
employees and our shareholders.
The timing of anticipated start growth during the year
translates into a decline in average student population and
consolidated revenue for fiscal 2018. Combined with our investment
in the aforementioned growth initiatives, this will result in an
expected operating loss of between $20
million and $25 million and negative EBITDA in 2018.
Underlying this loss is approximately $3.7
million in non-recurring costs for consultants and financial
aid system improvements, in addition to $10
million to $15 million in start-up costs for our new campus
and program expansions as well as investments geared toward the
long-term success of the business. For the full year, capital
expenditures are expected to range between $24 million and $25 million with more than half
spent on growth initiatives. While these efforts will have a
negative financial impact in 2018, we are confident they will put
UTI on the right path entering 2019 for growth and
profitability."
- UTI expects new student starts to grow in the low single digits
in fiscal 2018 with the growth more heavily weighted toward the
back half of the year. UTI's goal is for its student population at
year-end 2018 to be larger than it was at year-end 2017.
- Fiscal 2018 average student population is anticipated to be
down in the mid single digits due to a 6% lower beginning
population and the timing of the low single digit start growth
expected for the full year.
- UTI expects full year 2018 revenue to range between
$310 million and $320 million,
compared to $324 million in fiscal
2017, primarily due to the expected lower average student
population.
- Operating expenses are expected to range between $340 million and $345 million.
- UTI expects an operating loss of between $20 million and $25 million and negative EBITDA
due to the lower total revenue expected in 2018 as compared to
2017, along with the financial impact of opening its New Jersey campus, its planned investments in
marketing and admissions to support start growth and the planned
expansion of its welding program.
- Capital expenditures are expected to be between $24 million and $25 million, including
$11 million for the Bloomfield, New Jersey campus that is expected
to open in fall 2018; approximately $4
million to expand the Company's welding program to two
additional campuses; $7 million for
new and replacement equipment for existing campuses; and
approximately $2.5 million for real
estate consolidation. The Company expects its efforts to
rationalize its real estate footprint will provide net cost savings
of $3 million to $4 million on an
annualized basis starting in fiscal 2019.
Conference Call
Management will hold a conference call to discuss the 2017
fourth quarter results today at 2:30 p.m.
MST (4:30 p.m. EST). This call
can be accessed by dialing 412-317-6790 or 844-881-0138.
Investors are invited to listen to the call live at
http://uti.investorroom.com/. Please access the website at
least 15 minutes early to register, download and install any
necessary audio software. A replay of the call will be
available on the Investor Relations section of UTI's website for 60
days or the replay can be accessed through December 8, 2017 by dialing 412-317-0088 or
877-344-7529 and entering pass code 10114297.
Use of Non-GAAP Financial Information
This press release and the related conference call contains
non-GAAP (Generally Accepted Accounting Principles) financial
measures, which are intended to supplement, but not substitute for,
the most directly comparable GAAP measures. Management chooses to
disclose to investors, these non-GAAP financial measures because
they provide an additional analytical tool to clarify the results
from operations and helps to identify underlying trends.
Additionally, such measures help compare the Company's performance
on a consistent basis across time periods. Management also utilizes
EBITDA as a performance measure internally. To obtain a complete
understanding of the Company's performance these measures should be
examined in connection with net income, determined in accordance
with GAAP, as presented in the financial statements and notes
thereto included in the annual and quarterly filings with the
Securities and Exchange Commission. Since the items excluded
from these measures are significant components in understanding and
assessing financial performance under GAAP, these measures should
not be considered to be an alternative to net income as a measure
of the Company's operating performance or profitability.
Exclusion of items in the non-GAAP presentation should not be
construed as an inference that these items are unusual, infrequent
or non-recurring. Other companies, including other companies in the
education industry, may calculate non-GAAP financial measures
differently than UTI does, limiting their usefulness as a
comparative measure across companies. A reconciliation of the
non-GAAP financial measures to the most directly comparable GAAP
measures are included below.
Safe Harbor Statement
All statements contained herein, other than statements of
historical fact, are "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934 and
Section 27A of the Securities Act of 1933, as amended. Such
statements are based upon management's current expectations and are
subject to a number of uncertainties that could cause actual
performance and results to differ materially from the results
discussed in the forward-looking statements. Factors that could
affect the Company's actual results include, among other things,
changes to federal and state educational funding, changes to
regulations or agency interpretation of such regulations affecting
the for-profit education industry, possible failure or inability to
obtain regulatory consents and certifications for new or expanding
campuses, potential increased competition, changes in demand for
the programs offered by UTI, increased investment in management and
capital resources, the effectiveness of the recruiting, advertising
and promotional efforts, changes to interest rates and
unemployment, general economic conditions of the Company and other
risks that are described from time to time in the Company's public
filings. Further information on these and other potential factors
that could affect the financial results or condition may be found
in the Company's filings with the Securities and Exchange
Commission. The forward-looking statements speak only as of the
date of this press release. Except as required by law, the Company
expressly disclaims any obligation to publicly update any
forward-looking statements whether as a result of new information,
future events, changes in expectations, any changes in events,
conditions or circumstances, or otherwise.
About Universal Technical
Institute, Inc.
With more than 200,000 graduates in its 52-year history,
Universal Technical Institute, Inc.
(NYSE: UTI) is the nation's leading provider of technical training
for automotive, diesel, collision repair, motorcycle and marine
technicians, and offers welding technology and computer numerical
control (CNC) machining programs. The company has built
partnerships with industry leaders, outfits its
state-of-the-industry facilities with current technology, and
delivers training that is aligned with employer needs. Through its
network of 12 campuses nationwide, UTI offers post-secondary
programs under the banner of several well-known brands, including
Universal Technical Institute (UTI),
Motorcycle Mechanics Institute and Marine Mechanics Institute (MMI)
and NASCAR Technical Institute (NASCAR Tech). The company is
headquartered in Scottsdale,
Arizona. For more information, visit uti.edu.
Company Contact:
Bryce
Peterson
Chief Financial Officer
Universal Technical Institute, Inc.
(623) 445-0993
Investor Relations Contact:
Becky Herrick
LHA Investor Relations
(415) 433-3777
UTI@lhai.com
UNIVERSAL
TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF LOSS
(UNAUDITED)
|
|
|
|
Three Months Ended Sept.
30,
|
|
Twelve Months
Ended Sept. 30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
(In thousands, except per share amounts)
|
Revenues
|
|
$
|
81,329
|
|
|
$
|
86,915
|
|
|
$
|
324,263
|
|
|
$
|
347,146
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Educational services
and facilities
|
|
44,919
|
|
|
47,929
|
|
|
181,027
|
|
|
194,395
|
|
Selling, general and
administrative
|
|
37,524
|
|
|
44,196
|
|
|
145,060
|
|
|
171,374
|
|
Total
operating expenses
|
|
82,443
|
|
|
92,125
|
|
|
326,087
|
|
|
365,769
|
|
Loss from
operations
|
|
(1,114)
|
|
|
(5,210)
|
|
|
(1,824)
|
|
|
(18,623)
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
(461)
|
|
|
(780)
|
|
|
(2,481)
|
|
|
(3,196)
|
|
Equity in earnings of
unconsolidated affiliate
|
|
115
|
|
|
52
|
|
|
484
|
|
|
342
|
|
Other
income (expense)
|
|
378
|
|
|
(504)
|
|
|
1,090
|
|
|
(49)
|
|
Total
other income (expense), net
|
|
32
|
|
|
(1,232)
|
|
|
(907)
|
|
|
(2,903)
|
|
Loss before income
taxes
|
|
(1,082)
|
|
|
(6,442)
|
|
|
(2,731)
|
|
|
(21,526)
|
|
Income tax expense
(benefit)
|
|
(325)
|
|
|
2,503
|
|
|
5,397
|
|
|
26,170
|
|
Net loss
|
|
$
|
(757)
|
|
|
$
|
(8,945)
|
|
|
$
|
(8,128)
|
|
|
$
|
(47,696)
|
|
Preferred stock
dividends
|
|
1,323
|
|
|
1,323
|
|
|
5,250
|
|
|
1,424
|
|
Loss available for
distribution
|
|
$
|
(2,080)
|
|
|
$
|
(10,268)
|
|
|
$
|
(13,378)
|
|
|
$
|
(49,120)
|
|
|
|
|
|
|
|
|
|
|
Loss per
share:
|
|
|
|
|
|
|
|
|
Net loss per share -
basic
|
|
$
|
(0.08)
|
|
|
$
|
(0.42)
|
|
|
$
|
(0.54)
|
|
|
$
|
(2.02)
|
|
Net loss per share -
diluted
|
|
$
|
(0.08)
|
|
|
$
|
(0.42)
|
|
|
$
|
(0.54)
|
|
|
$
|
(2.02)
|
|
Weighted average
number of shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
24,809
|
|
|
24,403
|
|
|
24,712
|
|
|
24,313
|
|
Diluted
|
|
24,809
|
|
|
24,403
|
|
|
24,712
|
|
|
24,313
|
|
Cash dividends
declared per common share
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.04
|
|
UNIVERSAL
TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
|
|
|
|
Three Months Ended Sept.
30,
|
|
Twelve Months
Ended Sept. 30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
(In thousands)
|
Net loss
|
|
$
|
(757)
|
|
|
$
|
(8,945)
|
|
|
$
|
(8,128)
|
|
|
$
|
(47,696)
|
|
Other comprehensive
loss (net of tax):
|
|
|
|
|
|
|
|
|
Equity interest in
investee's unrealized losses on hedging derivatives, net of
taxes
|
|
(2)
|
|
|
(1)
|
|
|
(18)
|
|
|
(2)
|
|
Comprehensive
loss
|
|
$
|
(759)
|
|
|
$
|
(8,946)
|
|
|
$
|
(8,146)
|
|
|
$
|
(47,698)
|
|
UNIVERSAL
TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
|
|
|
|
Sept. 30,
2017
|
|
Sept. 30,
2016
|
Assets
|
|
(In
thousands)
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
50,138
|
|
|
$
|
119,045
|
|
Restricted
cash
|
|
14,822
|
|
|
5,956
|
|
Trading
securities
|
|
40,020
|
|
|
—
|
|
Held-to-maturity
investments, current portion
|
|
7,759
|
|
|
1,691
|
|
Receivables,
net
|
|
15,197
|
|
|
15,253
|
|
Prepaid expenses and
other current assets
|
|
18,890
|
|
|
20,004
|
|
Total
current assets
|
|
146,826
|
|
|
161,949
|
|
Property and
equipment, net
|
|
106,664
|
|
|
114,033
|
|
Goodwill
|
|
9,005
|
|
|
9,005
|
|
Other
assets
|
|
11,607
|
|
|
12,172
|
|
Total
assets
|
|
$
|
274,102
|
|
|
$
|
297,159
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts payable and
accrued expenses
|
|
$
|
37,481
|
|
|
$
|
42,545
|
|
Deferred
revenue
|
|
41,338
|
|
|
44,491
|
|
Accrued tool
sets
|
|
2,764
|
|
|
2,938
|
|
Financing obligation,
current
|
|
1,106
|
|
|
913
|
|
Income tax
payable
|
|
490
|
|
|
—
|
|
Other current
liabilities
|
|
3,210
|
|
|
3,673
|
|
Total
current liabilities
|
|
86,389
|
|
|
94,560
|
|
Deferred tax
liabilities, net
|
|
3,141
|
|
|
3,141
|
|
Deferred rent
liability
|
|
6,887
|
|
|
8,987
|
|
Financing
obligation
|
|
42,035
|
|
|
43,141
|
|
Other
liabilities
|
|
9,874
|
|
|
10,716
|
|
Total
liabilities
|
|
148,326
|
|
|
160,545
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
Common stock, $0.0001
par value, 100,000,000 shares authorized, 31,872,433 shares issued
and 25,007,536 shares outstanding as of September 30, 2017 and
31,489,331 shares issued and 24,624,434 shares outstanding as of
September 30, 2016
|
|
3
|
|
|
3
|
|
Preferred stock,
$0.0001 par value, 10,000,000 shares authorized; 700,000 shares of
Series A Convertible Preferred Stock issued and outstanding as of
September 30, 2017 and September 30, 2016, liquidation preference
of $100 per share
|
|
—
|
|
|
—
|
|
Paid-in capital -
common
|
|
185,140
|
|
|
182,615
|
|
Paid-in capital -
preferred
|
|
68,853
|
|
|
68,820
|
|
Treasury stock, at
cost, 6,864,897 shares as of September 30, 2017 and
September 30, 2016
|
|
(97,388)
|
|
|
(97,388)
|
|
Retained
deficit
|
|
(30,832)
|
|
|
(17,454)
|
|
Accumulated other
comprehensive income
|
|
—
|
|
|
18
|
|
Total
shareholders' equity
|
|
125,776
|
|
|
136,614
|
|
Total liabilities and
shareholders' equity
|
|
$
|
274,102
|
|
|
$
|
297,159
|
|
UNIVERSAL
TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|
|
|
Twelve Months
Ended Sept. 30,
|
|
|
2017
|
|
2016
|
|
|
(In
thousands)
|
Cash flows from
operating activities:
|
|
|
|
|
Net loss
|
|
$
|
(8,128)
|
|
|
$
|
(47,696)
|
|
Adjustments to
reconcile net loss to net cash provided by (used in) operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
|
14,204
|
|
|
15,067
|
|
Amortization of
assets subject to financing obligation
|
|
2,682
|
|
|
2,682
|
|
Amortization of
discount on investments
|
|
57
|
|
|
405
|
|
Unrealized gains on
trading securities
|
|
(89)
|
|
|
—
|
|
Impairment of
investment in unconsolidated affiliate
|
|
—
|
|
|
815
|
|
Bad debt
expense
|
|
827
|
|
|
1,153
|
|
Stock-based
compensation
|
|
2,945
|
|
|
4,904
|
|
Deferred income
taxes
|
|
—
|
|
|
27,928
|
|
Equity in earnings of
unconsolidated affiliates
|
|
(484)
|
|
|
(342)
|
|
Training equipment
credits earned, net
|
|
(1,198)
|
|
|
(1,176)
|
|
Other losses,
net
|
|
17
|
|
|
24
|
|
Changes in assets and
liabilities:
|
|
|
|
|
Restricted
cash
|
|
(11,126)
|
|
|
165
|
|
Receivables
|
|
(2,976)
|
|
|
8,202
|
|
Prepaid expenses and
other current assets
|
|
692
|
|
|
(2,009)
|
|
Other
assets
|
|
84
|
|
|
(127)
|
|
Accounts payable and
accrued expenses
|
|
(4,759)
|
|
|
1,855
|
|
Deferred
revenue
|
|
(3,153)
|
|
|
(202)
|
|
Income tax
payable/receivable
|
|
2,697
|
|
|
(3,394)
|
|
Accrued tool sets and
other current liabilities
|
|
556
|
|
|
489
|
|
Deferred rent
liability
|
|
(2,100)
|
|
|
(1,835)
|
|
Other
liabilities
|
|
(726)
|
|
|
476
|
|
Net cash provided by
(used in) operating activities
|
|
(9,978)
|
|
|
7,384
|
|
Cash flows from
investing activities:
|
|
|
|
|
Purchase of property
and equipment
|
|
(8,190)
|
|
|
(7,495)
|
|
Proceeds from
disposal of property and equipment
|
|
2
|
|
|
22
|
|
Purchase of
held-to-maturity investments
|
|
(9,672)
|
|
|
—
|
|
Proceeds received
upon maturity of investments
|
|
3,565
|
|
|
27,709
|
|
Purchase of trading
securities
|
|
(42,696)
|
|
|
—
|
|
Proceeds from sales
of trading securities
|
|
2,747
|
|
|
—
|
|
Acquisitions
|
|
—
|
|
|
(1,500)
|
|
Investment in joint
venture
|
|
—
|
|
|
(1,000)
|
|
Capitalized costs for
intangible assets
|
|
(575)
|
|
|
(575)
|
|
Return of capital
contribution from unconsolidated affiliate
|
|
390
|
|
|
475
|
|
Restricted cash:
other
|
|
2,258
|
|
|
(289)
|
|
Net cash provided by
(used in) investing activities
|
|
(52,171)
|
|
|
17,347
|
|
Cash flows from
financing activities:
|
|
|
|
|
Proceeds from sale of
preferred stock, net of issuance costs paid
|
|
—
|
|
|
68,886
|
|
Payment of preferred
stock dividend
|
|
(5,250)
|
|
|
(1,424)
|
|
Payment of common
stock dividends
|
|
—
|
|
|
(1,457)
|
|
Repayment of
financing obligation
|
|
(913)
|
|
|
(736)
|
|
Payment of payroll
taxes on stock-based compensation through shares
withheld
|
|
(595)
|
|
|
(393)
|
|
Net cash provided by
(used in) financing activities
|
|
(6,758)
|
|
|
64,876
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
(68,907)
|
|
|
89,607
|
|
Cash and cash
equivalents, beginning of period
|
|
119,045
|
|
|
29,438
|
|
Cash and cash
equivalents, end of period
|
|
$
|
50,138
|
|
|
$
|
119,045
|
|
UNIVERSAL
TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES
RECONCILIATION OF
GAAP FINANCIAL INFORMATION TO NON-GAAP FINANCIAL
INFORMATION
(UNAUDITED)
|
|
Reconciliation of
Net Loss to EBITDA
|
|
|
|
Three Months Ended
Sept. 30,
|
|
Twelve Months
Ended Sept. 30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
(In
thousands)
|
Net loss
|
|
$
|
(757)
|
|
|
$
|
(8,945)
|
|
|
$
|
(8,128)
|
|
|
$
|
(47,696)
|
|
Interest expense,
net
|
|
461
|
|
|
780
|
|
|
2,481
|
|
|
3,196
|
|
Income tax expense
(benefit)
|
|
(325)
|
|
|
2,503
|
|
|
5,397
|
|
|
26,170
|
|
Depreciation and
amortization
|
|
4,471
|
|
|
4,721
|
|
|
18,169
|
|
|
19,091
|
|
EBITDA
|
|
$
|
3,850
|
|
|
$
|
(941)
|
|
|
$
|
17,919
|
|
|
$
|
761
|
|
UNIVERSAL
TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES
SELECTED
SUPPLEMENTAL INFORMATION
(UNAUDITED)
|
|
Selected
Supplemental Financial Information
|
|
|
|
Three Months Ended Sept.
30,
|
|
Twelve Months
Ended Sept. 30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
(In
thousands)
|
Salaries
expense
|
|
$
|
33,772
|
|
|
$
|
41,033
|
|
|
$
|
138,188
|
|
|
$
|
159,393
|
|
Employee benefits and
tax
|
|
7,721
|
|
|
8,127
|
|
|
30,186
|
|
|
33,580
|
|
Bonus
expense
|
|
1,320
|
|
|
1,047
|
|
|
4,230
|
|
|
5,938
|
|
Stock-based
compensation
|
|
952
|
|
|
1,697
|
|
|
2,995
|
|
|
4,904
|
|
Total compensation
and related costs
|
|
$
|
43,765
|
|
|
$
|
51,904
|
|
|
$
|
175,599
|
|
|
$
|
203,815
|
|
|
|
|
|
|
|
|
|
|
Occupancy
expense
|
|
$
|
9,833
|
|
|
$
|
9,903
|
|
|
$
|
38,288
|
|
|
$
|
38,722
|
|
Depreciation and
amortization expense
|
|
$
|
4,471
|
|
|
$
|
4,721
|
|
|
$
|
18,169
|
|
|
$
|
19,091
|
|
Bad debt
expense
|
|
$
|
324
|
|
|
$
|
222
|
|
|
$
|
827
|
|
|
$
|
1,153
|
|
|
|
|
|
|
|
|
|
|
Graduate
Employment Rate
|
|
|
|
Twelve Months
Ended Sept. 30,
|
|
|
2016
|
|
2015
|
|
|
|
|
|
Graduate employment
rate
|
|
86
|
%
|
|
88
|
%
|
Graduates
|
|
9,200
|
|
|
9,700
|
|
Graduates available
for employment
|
|
8,600
|
|
|
9,100
|
|
Graduates
employed
|
|
7,400
|
|
|
8,000
|
|
The employment calculation is based on all graduates, including
those that completed manufacturer specific advanced training
programs, from October 1, 2015 to
September 30, 2016 and October 1, 2014 to September 30, 2015, respectively, excluding
graduates not available for employment because of continuing
education, military service, health, incarceration, death or
international student status.
View original
content:http://www.prnewswire.com/news-releases/universal-technical-institute-reports-fiscal-year-2017-fourth-quarter-and-year-end-results-300564682.html
SOURCE Universal Technical
Institute, Inc.