We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Universal Technical Institute Inc | NYSE:UTI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.19 | 1.27% | 15.12 | 15.12 | 15.07 | 15.10 | 9,188 | 14:37:23 |
Delaware
|
|
|
86-0226984
|
(State or other jurisdiction of
incorporation or organization)
|
|
|
(IRS Employer Identification No.)
|
|
|
|
|
|
Page
|
|
|
Number
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2017 |
|
September 30,
2016 |
||||
Assets
|
|
(In thousands)
|
||||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
35,077
|
|
|
$
|
119,045
|
|
Restricted cash
|
|
13,598
|
|
|
5,956
|
|
||
Trading securities
|
|
39,790
|
|
|
—
|
|
||
Held-to-maturity investments, current portion
|
|
9,398
|
|
|
1,691
|
|
||
Receivables, net
|
|
10,091
|
|
|
15,253
|
|
||
Prepaid expenses and other current assets
|
|
19,618
|
|
|
20,004
|
|
||
Total current assets
|
|
127,572
|
|
|
161,949
|
|
||
Held-to-maturity investments, less current portion
|
|
251
|
|
|
—
|
|
||
Property and equipment, net
|
|
108,452
|
|
|
114,033
|
|
||
Goodwill
|
|
9,005
|
|
|
9,005
|
|
||
Other assets
|
|
11,492
|
|
|
12,172
|
|
||
Total assets
|
|
$
|
256,772
|
|
|
$
|
297,159
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
||||
Accounts payable and accrued expenses
|
|
$
|
31,336
|
|
|
$
|
42,545
|
|
Dividends payable
|
|
1,309
|
|
|
—
|
|
||
Deferred revenue
|
|
25,040
|
|
|
44,491
|
|
||
Accrued tool sets
|
|
2,920
|
|
|
2,938
|
|
||
Financing obligation, current
|
|
1,056
|
|
|
913
|
|
||
Income tax payable
|
|
845
|
|
|
—
|
|
||
Other current liabilities
|
|
4,099
|
|
|
3,673
|
|
||
Total current liabilities
|
|
66,605
|
|
|
94,560
|
|
||
Deferred tax liabilities, net
|
|
3,141
|
|
|
3,141
|
|
||
Deferred rent liability
|
|
7,365
|
|
|
8,987
|
|
||
Financing obligation
|
|
42,325
|
|
|
43,141
|
|
||
Other liabilities
|
|
10,021
|
|
|
10,716
|
|
||
Total liabilities
|
|
129,457
|
|
|
160,545
|
|
||
Commitments and contingencies (Note 11)
|
|
|
|
|
||||
Shareholders’ equity:
|
|
|
|
|
||||
Common stock, $0.0001 par value, 100,000,000 shares authorized, 31,622,731 shares issued and 24,757,834 shares outstanding as of June 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 June 30, 2017 and September 30, 2016, liquidation preference of $100 per share
|
|
—
|
|
|
—
|
|
||
Paid-in capital - common
|
|
184,597
|
|
|
182,615
|
|
||
Paid-in capital - preferred
|
|
68,853
|
|
|
68,820
|
|
||
Treasury stock, at cost, 6,864,897 shares as of June 30, 2017 and September 30, 2016
|
|
(97,388
|
)
|
|
(97,388
|
)
|
||
Retained deficit
|
|
(28,752
|
)
|
|
(17,454
|
)
|
||
Accumulated other comprehensive income
|
|
2
|
|
|
18
|
|
||
Total shareholders’ equity
|
|
127,315
|
|
|
136,614
|
|
||
Total liabilities and shareholders’ equity
|
|
$
|
256,772
|
|
|
$
|
297,159
|
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(In thousands, except per share amounts)
|
||||||||||||||
Revenues
|
|
$
|
76,258
|
|
|
$
|
82,266
|
|
|
$
|
242,934
|
|
|
$
|
260,231
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
Educational services and facilities
|
|
44,120
|
|
|
47,044
|
|
|
136,108
|
|
|
146,466
|
|
||||
Selling, general and administrative
|
|
34,922
|
|
|
40,672
|
|
|
107,536
|
|
|
127,178
|
|
||||
Total operating expenses
|
|
79,042
|
|
|
87,716
|
|
|
243,644
|
|
|
273,644
|
|
||||
Loss from operations
|
|
(2,784
|
)
|
|
(5,450
|
)
|
|
(710
|
)
|
|
(13,413
|
)
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
|
||||||||
Interest expense, net
|
|
(559
|
)
|
|
(802
|
)
|
|
(2,020
|
)
|
|
(2,416
|
)
|
||||
Equity in earnings of unconsolidated affiliates
|
|
116
|
|
|
51
|
|
|
369
|
|
|
290
|
|
||||
Other income, net
|
|
277
|
|
|
77
|
|
|
712
|
|
|
455
|
|
||||
Total other expense, net
|
|
(166
|
)
|
|
(674
|
)
|
|
(939
|
)
|
|
(1,671
|
)
|
||||
Loss before income taxes
|
|
(2,950
|
)
|
|
(6,124
|
)
|
|
(1,649
|
)
|
|
(15,084
|
)
|
||||
Income tax expense (benefit)
|
|
967
|
|
|
(1,055
|
)
|
|
5,722
|
|
|
23,667
|
|
||||
Net loss
|
|
$
|
(3,917
|
)
|
|
$
|
(5,069
|
)
|
|
$
|
(7,371
|
)
|
|
$
|
(38,751
|
)
|
Preferred stock dividends
|
|
1,309
|
|
|
101
|
|
|
3,927
|
|
|
101
|
|
||||
Loss available for distribution
|
|
$
|
(5,226
|
)
|
|
$
|
(5,170
|
)
|
|
$
|
(11,298
|
)
|
|
$
|
(38,852
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Loss per share:
|
|
|
|
|
|
|
|
|
||||||||
Net loss per share - basic
|
|
$
|
(0.21
|
)
|
|
$
|
(0.21
|
)
|
|
$
|
(0.46
|
)
|
|
$
|
(1.60
|
)
|
Net loss per share - diluted
|
|
$
|
(0.21
|
)
|
|
$
|
(0.21
|
)
|
|
$
|
(0.46
|
)
|
|
$
|
(1.60
|
)
|
Weighted average number of shares outstanding:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
24,748
|
|
|
24,345
|
|
|
24,679
|
|
|
24,283
|
|
||||
Diluted
|
|
24,748
|
|
|
24,345
|
|
|
24,679
|
|
|
24,283
|
|
||||
Cash dividends declared per common share
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.04
|
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(In thousands)
|
||||||||||||||
Net loss
|
|
$
|
(3,917
|
)
|
|
$
|
(5,069
|
)
|
|
$
|
(7,371
|
)
|
|
$
|
(38,751
|
)
|
Other comprehensive loss (net of tax):
|
|
|
|
|
|
|
|
|
||||||||
Equity interest in investee's unrealized losses on hedging derivatives, net of taxes
(1)
|
|
(7
|
)
|
|
—
|
|
|
(16
|
)
|
|
(1
|
)
|
||||
Comprehensive loss
|
|
$
|
(3,924
|
)
|
|
$
|
(5,069
|
)
|
|
$
|
(7,387
|
)
|
|
$
|
(38,752
|
)
|
|
|
Common Stock
|
|
Preferred Stock
|
|
Paid-in
Capital - Common |
|
Paid-in
Capital - Preferred |
|
Treasury Stock
|
|
Retained
Deficit |
|
Accumulated Other Comprehensive Income (Loss)
|
|
Total
Shareholders’ Equity |
|||||||||||||||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
Shares
|
|
Amount
|
|
|||||||||||||||||||||||||||
|
|
(In thousands)
|
|||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2016
|
|
31,489
|
|
|
$
|
3
|
|
|
700
|
|
|
$
|
—
|
|
|
$
|
182,615
|
|
|
$
|
68,820
|
|
|
6,865
|
|
|
$
|
(97,388
|
)
|
|
$
|
(17,454
|
)
|
|
$
|
18
|
|
|
$
|
136,614
|
|
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,371
|
)
|
|
—
|
|
|
(7,371
|
)
|
||||||||
Issuance of Series A Convertible Preferred Stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33
|
|
||||||||
Issuance of common stock under employee plans
|
|
137
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Shares withheld for payroll taxes
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
||||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,992
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,992
|
|
||||||||
Preferred stock dividends
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,927
|
)
|
|
—
|
|
|
(3,927
|
)
|
||||||||
Equity interest in investee's unrealized losses on hedging derivatives, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16
|
)
|
|
(16
|
)
|
||||||||
Balance as of June 30, 2017
|
|
31,623
|
|
|
$
|
3
|
|
|
700
|
|
|
$
|
—
|
|
|
$
|
184,597
|
|
|
$
|
68,853
|
|
|
6,865
|
|
|
$
|
(97,388
|
)
|
|
$
|
(28,752
|
)
|
|
$
|
2
|
|
|
$
|
127,315
|
|
|
|
Nine Months Ended June 30,
|
||||||
|
|
2017
|
|
2016
|
||||
|
|
(In thousands)
|
||||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net loss
|
|
$
|
(7,371
|
)
|
|
$
|
(38,751
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
||||||
Depreciation and amortization
|
|
10,726
|
|
|
11,358
|
|
||
Amortization of assets subject to financing obligation
|
|
2,012
|
|
|
2,012
|
|
||
Amortization of discount on investments
|
|
32
|
|
|
387
|
|
||
Unrealized gains on trading securities
|
|
(10
|
)
|
|
—
|
|
||
Bad debt expense
|
|
503
|
|
|
931
|
|
||
Stock-based compensation
|
|
1,992
|
|
|
3,208
|
|
||
Deferred income taxes
|
|
—
|
|
|
27,928
|
|
||
Equity in earnings of unconsolidated affiliates
|
|
(369
|
)
|
|
(290
|
)
|
||
Training equipment credits earned, net
|
|
(710
|
)
|
|
(716
|
)
|
||
Loss on disposal of property and equipment
|
|
18
|
|
|
89
|
|
||
Changes in assets and liabilities:
|
|
|
|
|
||||
Restricted cash
|
|
(11,050
|
)
|
|
322
|
|
||
Receivables
|
|
2,453
|
|
|
11,221
|
|
||
Prepaid expenses and other current assets
|
|
358
|
|
|
(1,535
|
)
|
||
Other assets
|
|
263
|
|
|
(83
|
)
|
||
Accounts payable and accrued expenses
|
|
(11,359
|
)
|
|
(3,217
|
)
|
||
Deferred revenue
|
|
(19,451
|
)
|
|
(17,358
|
)
|
||
Income tax payable/receivable
|
|
3,052
|
|
|
(5,973
|
)
|
||
Accrued tool sets and other current liabilities
|
|
768
|
|
|
359
|
|
||
Deferred rent liability
|
|
(1,622
|
)
|
|
(1,372
|
)
|
||
Other liabilities
|
|
(70
|
)
|
|
648
|
|
||
Net cash used in operating activities
|
|
(29,835
|
)
|
|
(10,832
|
)
|
||
Cash flows from investing activities:
|
|
|
|
|
||||
Purchase of property and equipment
|
|
(6,497
|
)
|
|
(6,695
|
)
|
||
Proceeds from disposal of property and equipment
|
|
1
|
|
|
20
|
|
||
Purchase of held-to-maturity investments
|
|
(9,671
|
)
|
|
—
|
|
||
Proceeds received upon maturity of investments
|
|
1,687
|
|
|
24,569
|
|
||
Purchase of trading securities
|
|
(41,585
|
)
|
|
—
|
|
||
Proceeds from sales of trading securities
|
|
1,799
|
|
|
—
|
|
||
Acquisitions
|
|
—
|
|
|
(1,500
|
)
|
||
Investment in unconsolidated affiliates
|
|
—
|
|
|
(1,000
|
)
|
||
Capitalized costs for intangible assets
|
|
(325
|
)
|
|
(575
|
)
|
||
Return of capital contribution from unconsolidated affiliate
|
|
352
|
|
|
359
|
|
||
Restricted cash: other
|
|
3,407
|
|
|
2,258
|
|
||
Net cash provided by (used in) investing activities
|
|
(50,832
|
)
|
|
17,436
|
|
||
Cash flows from financing activities:
|
|
|
|
|
||||
Proceeds from sale of preferred stock, net of issuance costs paid
|
|
—
|
|
|
69,214
|
|
||
Payment of common stock cash dividends
|
|
—
|
|
|
(1,457
|
)
|
||
Payment of preferred stock cash dividend
|
|
(2,618
|
)
|
|
—
|
|
||
Payment of financing obligation
|
|
(673
|
)
|
|
(542
|
)
|
||
Payment of payroll taxes on stock-based compensation through shares withheld
|
|
(10
|
)
|
|
(12
|
)
|
||
Net cash provided by (used in) financing activities
|
|
(3,301
|
)
|
|
67,203
|
|
||
Net increase (decrease) in cash and cash equivalents
|
|
(83,968
|
)
|
|
73,807
|
|
||
Cash and cash equivalents, beginning of period
|
|
119,045
|
|
|
29,438
|
|
||
Cash and cash equivalents, end of period
|
|
$
|
35,077
|
|
|
$
|
103,245
|
|
|
|
Nine Months Ended June 30,
|
||||||
|
|
2017
|
|
2016
|
||||
|
|
(In thousands)
|
||||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
||||
Taxes paid
|
|
$
|
2,670
|
|
|
$
|
1,713
|
|
Interest paid
|
|
$
|
2,543
|
|
|
$
|
2,583
|
|
Training equipment obtained in exchange for services
|
|
$
|
1,011
|
|
|
$
|
2,346
|
|
Depreciation of training equipment obtained in exchange for services
|
|
$
|
960
|
|
|
$
|
1,000
|
|
Change in accrued capital expenditures during the period
|
|
$
|
217
|
|
|
$
|
2,075
|
|
Dividends payable
|
|
$
|
1,309
|
|
|
$
|
101
|
|
Preferred stock issuance costs accrued
|
|
$
|
—
|
|
|
$
|
378
|
|
|
|
Liability Balance at
September 30, 2016 |
|
Postemployment
Benefit Charges |
|
Cash Paid
|
|
Other
Non-cash (1) |
|
Liability Balance at June 30, 2017
|
||||||||||
Severance
|
|
$
|
4,046
|
|
|
$
|
1,681
|
|
|
$
|
(4,251
|
)
|
|
$
|
(492
|
)
|
|
$
|
984
|
|
Other
|
|
189
|
|
|
114
|
|
|
(229
|
)
|
|
(74
|
)
|
|
—
|
|
|||||
Total
|
|
$
|
4,235
|
|
|
$
|
1,795
|
|
|
$
|
(4,480
|
)
|
|
$
|
(566
|
)
|
|
$
|
984
|
|
|
|
|
|
|
|
|
|
Estimated
|
||||||||
|
|
Amortized
|
|
Gross Unrealized
|
|
Fair Market
|
||||||||||
|
|
Cost
|
|
Gains
|
|
Losses
|
|
Value
|
||||||||
Due in less than 1 year:
|
|
|
|
|
|
|
|
|
||||||||
Corporate bonds
|
|
$
|
9,398
|
|
|
$
|
—
|
|
|
$
|
(9
|
)
|
|
$
|
9,389
|
|
Due in 1 - 2 years:
|
|
|
|
|
|
|
|
|
||||||||
Corporate bonds
|
|
251
|
|
|
—
|
|
|
(1
|
)
|
|
250
|
|
||||
|
|
$
|
9,649
|
|
|
$
|
—
|
|
|
$
|
(10
|
)
|
|
$
|
9,639
|
|
|
|
|
|
|
|
|
|
Estimated
|
||||||||
|
|
Amortized
|
|
Gross Unrealized
|
|
Fair Market
|
||||||||||
|
|
Cost
|
|
Gains
|
|
Losses
|
|
Value
|
||||||||
Due in less than 1 year:
|
|
|
|
|
|
|
|
|
||||||||
Municipal bonds
|
|
$
|
744
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
744
|
|
Corporate bonds
|
|
200
|
|
|
—
|
|
|
—
|
|
|
200
|
|
||||
Certificates of deposit
|
|
747
|
|
|
—
|
|
|
—
|
|
|
747
|
|
||||
|
|
$
|
1,691
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,691
|
|
|
|
|
|
Fair Value Measurements Using
|
||||||||||||
|
|
June 30, 2017
|
|
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||
Trading securities
|
|
$
|
39,790
|
|
|
$
|
39,790
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Money market funds
|
|
27,925
|
|
|
27,925
|
|
|
—
|
|
|
—
|
|
||||
Corporate bonds
|
|
9,639
|
|
|
9,639
|
|
|
—
|
|
|
—
|
|
||||
Total assets at fair value on a recurring basis
|
|
$
|
77,354
|
|
|
$
|
77,354
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
Fair Value Measurements Using
|
||||||||||||
|
|
September 30, 2016
|
|
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||
Money market funds
|
|
$
|
108,963
|
|
|
$
|
108,963
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Corporate bonds
|
|
200
|
|
|
200
|
|
|
—
|
|
|
—
|
|
||||
Commercial paper
|
|
2,501
|
|
|
—
|
|
|
2,501
|
|
|
—
|
|
||||
Municipal bonds
|
|
744
|
|
|
—
|
|
|
744
|
|
|
—
|
|
||||
Certificates of deposit
|
|
747
|
|
|
—
|
|
|
747
|
|
|
—
|
|
||||
Total assets at fair value on a recurring basis
|
|
$
|
113,155
|
|
|
$
|
109,163
|
|
|
$
|
3,992
|
|
|
$
|
—
|
|
|
|
Depreciable
Lives (in years) |
|
June 30, 2017
|
|
September 30, 2016
|
||||
Land
|
|
—
|
|
$
|
3,189
|
|
|
$
|
3,189
|
|
Buildings and building improvements
|
|
30-35
|
|
79,406
|
|
|
78,870
|
|
||
Leasehold improvements
|
|
1-28
|
|
40,437
|
|
|
39,539
|
|
||
Training equipment
|
|
3-10
|
|
92,391
|
|
|
92,601
|
|
||
Office and computer equipment
|
|
3-10
|
|
37,042
|
|
|
37,688
|
|
||
Curriculum development
|
|
5
|
|
18,736
|
|
|
18,702
|
|
||
Software developed for internal use
|
|
1-5
|
|
11,970
|
|
|
11,905
|
|
||
Vehicles
|
|
5
|
|
1,275
|
|
|
1,228
|
|
||
Construction in progress
|
|
—
|
|
5,062
|
|
|
2,195
|
|
||
|
|
|
|
289,508
|
|
|
285,917
|
|
||
Less accumulated depreciation and amortization
|
|
|
|
(181,056
|
)
|
|
(171,884
|
)
|
||
|
|
|
|
$
|
108,452
|
|
|
$
|
114,033
|
|
|
|
June 30, 2017
|
|
September 30, 2016
|
||||
Buildings and building improvements
|
|
$
|
45,816
|
|
|
$
|
45,816
|
|
Less accumulated depreciation and amortization
|
|
(8,174
|
)
|
|
(6,162
|
)
|
||
Assets financed by financing obligations, net
|
|
$
|
37,642
|
|
|
$
|
39,654
|
|
|
|
June 30, 2017
|
|
September 30, 2016
|
||||||||||
|
|
Carrying Value
|
|
Ownership Percentage
|
|
Carrying Value
|
|
Ownership Percentage
|
||||||
Investment in JV
|
|
$
|
4,037
|
|
|
27.972
|
%
|
|
$
|
4,036
|
|
|
27.972
|
%
|
|
|
|
|
|
|
|
|
|
||||||
Investment in Pro-MECH
|
|
$
|
—
|
|
|
25.000
|
%
|
|
$
|
—
|
|
|
25.000
|
%
|
|
|
Nine Months Ended June 30,
|
||||||
|
|
2017
|
|
2016
|
||||
Balance at beginning of period
|
|
$
|
4,036
|
|
|
$
|
3,986
|
|
Investment in unconsolidated affiliate
|
|
—
|
|
|
1,000
|
|
||
Equity in earnings of unconsolidated affiliates
|
|
369
|
|
|
290
|
|
||
Return of capital contribution from unconsolidated affiliates
|
|
(352
|
)
|
|
(359
|
)
|
||
Equity interest in investee's unrealized losses on hedging derivatives, net of taxes
|
|
(16
|
)
|
|
(1
|
)
|
||
Balance at end of period
|
|
$
|
4,037
|
|
|
$
|
4,916
|
|
|
|
June 30, 2017
|
|
September 30, 2016
|
||||
Accounts payable
|
|
$
|
7,104
|
|
|
$
|
11,805
|
|
Accrued compensation and benefits
|
|
13,915
|
|
|
22,501
|
|
||
Other accrued expenses
|
|
10,317
|
|
|
8,239
|
|
||
|
|
$
|
31,336
|
|
|
$
|
42,545
|
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
2017
|
|
2016
|
2017
|
|
2016
|
|||||||||||
Current expense (benefit)
|
|
|
|
|
|
|
|
|
||||||||
Federal
|
|
$
|
569
|
|
|
$
|
(1,012
|
)
|
|
$
|
4,504
|
|
|
$
|
(4,388
|
)
|
State
|
|
398
|
|
|
(43
|
)
|
|
1,218
|
|
|
127
|
|
||||
Total current expense (benefit)
|
|
967
|
|
|
(1,055
|
)
|
|
5,722
|
|
|
(4,261
|
)
|
||||
Deferred expense
|
|
|
|
|
|
|
|
|
||||||||
Federal
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,877
|
|
||||
State
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,051
|
|
||||
Total deferred expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27,928
|
|
||||
Total provision for income taxes
|
|
$
|
967
|
|
|
$
|
(1,055
|
)
|
|
$
|
5,722
|
|
|
$
|
23,667
|
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
2017
|
|
2016
|
2017
|
|
2016
|
|||||||||||
Income tax expense (benefit) at statutory rate
|
|
$
|
(1,032
|
)
|
|
$
|
(2,158
|
)
|
|
$
|
(577
|
)
|
|
$
|
(5,294
|
)
|
State income taxes (benefits), net of federal tax benefit
|
|
88
|
|
|
(242
|
)
|
|
314
|
|
|
(400
|
)
|
||||
Deferred tax asset write-off related to share based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51
|
|
||||
Increase in valuation allowance
|
|
1,866
|
|
|
1,407
|
|
|
5,880
|
|
|
29,356
|
|
||||
Other, net
|
|
45
|
|
|
(62
|
)
|
|
105
|
|
|
(46
|
)
|
||||
Total income tax expense
|
|
$
|
967
|
|
|
$
|
(1,055
|
)
|
|
$
|
5,722
|
|
|
$
|
23,667
|
|
|
|
June 30, 2017
|
|
September 30, 2016
|
||||
|
||||||||
Gross deferred tax assets:
|
|
|
|
|
||||
Deferred compensation
|
|
$
|
2,332
|
|
|
$
|
2,083
|
|
Reserves and accruals
|
|
5,062
|
|
|
5,417
|
|
||
Accrued tool sets
|
|
1,157
|
|
|
1,188
|
|
||
Deferred revenue
|
|
27,307
|
|
|
22,326
|
|
||
Deferred rent liability
|
|
625
|
|
|
1,213
|
|
||
Depreciation and amortization of property and equipment
|
|
2,857
|
|
|
684
|
|
||
Charitable contribution carryovers
|
|
474
|
|
|
671
|
|
||
Deductions limited by Section 382
|
|
860
|
|
|
592
|
|
||
Net operating losses and tax credit carryforwards
|
|
413
|
|
|
479
|
|
||
Valuation allowance
|
|
(38,606
|
)
|
|
(32,828
|
)
|
||
Total gross deferred tax assets
|
|
2,481
|
|
|
1,825
|
|
||
Gross deferred tax liabilities:
|
|
|
|
|
||||
Amortization of goodwill and intangibles
|
|
(3,141
|
)
|
|
(3,141
|
)
|
||
Prepaid and other expenses deductible for tax
|
|
(2,481
|
)
|
|
(1,825
|
)
|
||
Total gross deferred tax liabilities
|
|
(5,622
|
)
|
|
(4,966
|
)
|
||
Net deferred tax liabilities
|
|
$
|
(3,141
|
)
|
|
$
|
(3,141
|
)
|
Balance at
Beginning of Period |
|
Additions to Income
Tax Expense |
|
Write-offs
|
|
Balance at End of
Period |
||||||||
$
|
32,828
|
|
|
$
|
5,880
|
|
|
$
|
(102
|
)
|
|
$
|
38,606
|
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
|
Inception
to date |
||||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|||||||||||
Tuition and interest income excluded
|
|
$
|
4,796
|
|
|
$
|
5,197
|
|
|
$
|
16,013
|
|
|
$
|
17,361
|
|
|
$
|
158,728
|
|
Amounts collected and recognized
|
|
(2,135
|
)
|
|
(1,969
|
)
|
|
(6,071
|
)
|
|
(5,341
|
)
|
|
(27,156
|
)
|
|||||
Net amount excluded during the period
|
|
$
|
2,661
|
|
|
$
|
3,228
|
|
|
$
|
9,942
|
|
|
$
|
12,020
|
|
|
$
|
131,572
|
|
|
|
Nine Months Ended June 30,
|
||||||
|
|
2017
|
|
2016
|
||||
Balance at beginning of period
|
|
$
|
75,511
|
|
|
$
|
74,664
|
|
Loans extended
|
|
11,041
|
|
|
13,483
|
|
||
Interest accrued
|
|
2,637
|
|
|
2,856
|
|
||
Amounts collected and recognized
|
|
(6,071
|
)
|
|
(5,341
|
)
|
||
Amounts written off
|
|
(12,888
|
)
|
|
(11,113
|
)
|
||
Balance at end of period
|
|
$
|
70,230
|
|
|
$
|
74,549
|
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(In thousands)
|
||||||||||||||
Loss available for distribution
|
|
$
|
(5,226
|
)
|
|
$
|
(5,170
|
)
|
|
$
|
(11,298
|
)
|
|
$
|
(38,852
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic shares outstanding
|
|
24,748
|
|
|
24,345
|
|
|
24,679
|
|
|
24,283
|
|
||||
Dilutive effect related to employee stock plans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Diluted shares outstanding
|
|
24,748
|
|
|
24,345
|
|
|
24,679
|
|
|
24,283
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Net loss per share - basic
|
|
$
|
(0.21
|
)
|
|
$
|
(0.21
|
)
|
|
$
|
(0.46
|
)
|
|
$
|
(1.60
|
)
|
Net loss per share - diluted
|
|
$
|
(0.21
|
)
|
|
$
|
(0.21
|
)
|
|
$
|
(0.46
|
)
|
|
$
|
(1.60
|
)
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
|
|
(In thousands)
|
||||||||||
Outstanding stock-based grants
|
|
423
|
|
|
778
|
|
|
585
|
|
|
834
|
|
Convertible preferred stock
|
|
21,021
|
|
|
1,386
|
|
|
21,021
|
|
|
460
|
|
|
|
21,444
|
|
|
2,164
|
|
|
21,606
|
|
|
1,294
|
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenues
|
|
|
|
|
|
|
|
|
||||||||
Postsecondary Education
|
|
$
|
72,568
|
|
|
$
|
79,156
|
|
|
$
|
231,282
|
|
|
$
|
250,558
|
|
Other
|
|
3,690
|
|
|
3,110
|
|
|
11,652
|
|
|
9,673
|
|
||||
Consolidated
|
|
$
|
76,258
|
|
|
$
|
82,266
|
|
|
$
|
242,934
|
|
|
$
|
260,231
|
|
Income (loss) from operations
|
|
|
|
|
|
|
|
|
||||||||
Postsecondary Education
|
|
$
|
(2,081
|
)
|
|
$
|
(4,297
|
)
|
|
$
|
1,141
|
|
|
$
|
(10,206
|
)
|
Other
|
|
(703
|
)
|
|
(1,153
|
)
|
|
(1,851
|
)
|
|
(3,207
|
)
|
||||
Consolidated
|
|
$
|
(2,784
|
)
|
|
$
|
(5,450
|
)
|
|
$
|
(710
|
)
|
|
$
|
(13,413
|
)
|
Depreciation and amortization
(1)
|
|
|
|
|
|
|
|
|
||||||||
Postsecondary Education
|
|
$
|
4,115
|
|
|
$
|
4,180
|
|
|
$
|
12,455
|
|
|
$
|
12,902
|
|
Other
|
|
110
|
|
|
167
|
|
|
283
|
|
|
468
|
|
||||
Consolidated
|
|
$
|
4,225
|
|
|
$
|
4,347
|
|
|
$
|
12,738
|
|
|
$
|
13,370
|
|
Net income (loss)
|
|
|
|
|
|
|
|
|
||||||||
Postsecondary Education
|
|
$
|
(3,393
|
)
|
|
$
|
(4,426
|
)
|
|
$
|
(6,807
|
)
|
|
$
|
(37,366
|
)
|
Other
|
|
(524
|
)
|
|
(643
|
)
|
|
(564
|
)
|
|
(1,385
|
)
|
||||
Consolidated
|
|
$
|
(3,917
|
)
|
|
$
|
(5,069
|
)
|
|
$
|
(7,371
|
)
|
|
$
|
(38,751
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
June 30, 2017
|
|
September 30, 2016
|
||||||||
Goodwill
|
|
|
|
|
|
|
|
|
||||||||
Postsecondary Education
|
|
|
|
|
|
$
|
8,222
|
|
|
$
|
8,222
|
|
||||
Other
|
|
|
|
|
|
783
|
|
|
783
|
|
||||||
Consolidated
|
|
|
|
|
|
$
|
9,005
|
|
|
$
|
9,005
|
|
||||
Total assets
|
|
|
|
|
|
|
|
|
||||||||
Postsecondary Education
|
|
|
|
|
|
$
|
249,220
|
|
|
$
|
289,688
|
|
||||
Other
|
|
|
|
|
|
7,552
|
|
|
7,471
|
|
||||||
Consolidated
|
|
|
|
|
|
$
|
256,772
|
|
|
$
|
297,159
|
|
•
|
Unemployment; during periods when the unemployment rate declines or remains stable as it has in recent years, prospective students have more employment options;
|
•
|
The state of the general macro-economic environment and its impact on price sensitivity and the ability and willingness of students and their families to incur debt;
|
•
|
Adverse media coverage, legislative hearings, regulatory actions and investigations by attorneys general and various agencies related to allegations of wrongdoing on the part of other companies within the education and training services industry, which have cast the industry in a negative light; and
|
•
|
Competition for prospective students continues to increase from within our sector and from market employers, as well as with traditional post-secondary educational institutions.
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Revenues
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
||||
Educational services and facilities
|
|
57.9
|
%
|
|
57.2
|
%
|
|
56.0
|
%
|
|
56.3
|
%
|
Selling, general and administrative
|
|
45.8
|
%
|
|
49.4
|
%
|
|
44.3
|
%
|
|
48.9
|
%
|
Total operating expenses
|
|
103.7
|
%
|
|
106.6
|
%
|
|
100.3
|
%
|
|
105.2
|
%
|
Income (loss) from operations
|
|
(3.7
|
)%
|
|
(6.6
|
)%
|
|
(0.3
|
)%
|
|
(5.2
|
)%
|
Interest expense, net
|
|
(0.7
|
)%
|
|
(1.0
|
)%
|
|
(0.8
|
)%
|
|
(0.9
|
)%
|
Other income
|
|
0.5
|
%
|
|
0.2
|
%
|
|
0.4
|
%
|
|
0.3
|
%
|
Total other expense, net
|
|
(0.2
|
)%
|
|
(0.8
|
)%
|
|
(0.4
|
)%
|
|
(0.6
|
)%
|
Income (loss) before income taxes
|
|
(3.9
|
)%
|
|
(7.4
|
)%
|
|
(0.7
|
)%
|
|
(5.8
|
)%
|
Income tax expense (benefit)
|
|
1.2
|
%
|
|
(1.3
|
)%
|
|
2.3
|
%
|
|
9.1
|
%
|
Net loss
|
|
(5.1
|
)%
|
|
(6.1
|
)%
|
|
(3.0
|
)%
|
|
(14.9
|
)%
|
Preferred stock dividends
|
|
1.7
|
%
|
|
0.1
|
%
|
|
1.6
|
%
|
|
—
|
%
|
Loss available for distribution
|
|
(6.8
|
)%
|
|
(6.2
|
)%
|
|
(4.6
|
)%
|
|
(14.9
|
)%
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(In thousands)
|
||||||||||||||
Salaries expense
|
$
|
19,626
|
|
|
$
|
21,524
|
|
|
$
|
61,152
|
|
|
$
|
66,250
|
|
Employee benefits and tax
|
4,354
|
|
|
4,405
|
|
|
12,812
|
|
|
13,611
|
|
||||
Bonus expense
|
179
|
|
|
463
|
|
|
1,072
|
|
|
997
|
|
||||
Stock-based compensation
|
43
|
|
|
74
|
|
|
132
|
|
|
209
|
|
||||
Compensation and related costs
|
24,202
|
|
|
26,466
|
|
|
75,168
|
|
|
81,067
|
|
||||
Occupancy costs
|
8,772
|
|
|
8,912
|
|
|
26,545
|
|
|
27,015
|
|
||||
Depreciation and amortization expense
|
3,829
|
|
|
4,115
|
|
|
11,614
|
|
|
12,465
|
|
||||
Other educational services and facilities expense
|
3,410
|
|
|
3,699
|
|
|
11,473
|
|
|
12,433
|
|
||||
Supplies and maintenance
|
2,066
|
|
|
2,075
|
|
|
5,572
|
|
|
6,828
|
|
||||
Tools and training aids expense
|
1,597
|
|
|
1,356
|
|
|
4,954
|
|
|
5,130
|
|
||||
Travel and entertainment expense
|
244
|
|
|
421
|
|
|
782
|
|
|
1,528
|
|
||||
|
$
|
44,120
|
|
|
$
|
47,044
|
|
|
$
|
136,108
|
|
|
$
|
146,466
|
|
•
|
Salaries expense decreased $1.9 million and $5.1 million for the three months and nine months ended June 30, 2017, respectively. The decrease was largely attributable to a decrease in the number of employees related to the previously discussed reductions in workforce undertaken in September and November 2016, which primarily impacted non-instructor positions and related salaries expense. The savings were partially offset during the year-to-date period by severance expense of $1.0 million related to the November 2016 reduction in workforce. Additionally, salaries expense for our Long Beach, California campus, which opened in August 2015, increased by $0.9 million for the nine months ended June 30, 2017.
|
•
|
Employee benefits and tax decreased $0.8 million for the nine months ended June 30, 2017. The savings were due to the reduction in employee headcount and other changes to employee benefits.
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(In thousands)
|
||||||||||||||
Salaries expense
|
$
|
14,066
|
|
|
$
|
17,658
|
|
|
$
|
43,264
|
|
|
$
|
52,110
|
|
Employee benefits and tax
|
3,343
|
|
|
4,026
|
|
|
9,653
|
|
|
11,842
|
|
||||
Bonus expense
|
651
|
|
|
1,760
|
|
|
1,838
|
|
|
3,893
|
|
||||
Stock-based compensation
|
514
|
|
|
847
|
|
|
1,910
|
|
|
2,998
|
|
||||
Compensation and related costs
|
18,574
|
|
|
24,291
|
|
|
56,665
|
|
|
70,843
|
|
||||
Advertising expense
|
9,255
|
|
|
8,689
|
|
|
29,074
|
|
|
30,814
|
|
||||
Other selling, general and administrative expenses
|
5,986
|
|
|
6,626
|
|
|
18,422
|
|
|
21,258
|
|
||||
Depreciation and amortization expense
|
708
|
|
|
630
|
|
|
2,084
|
|
|
1,905
|
|
||||
Bad debt expense
|
176
|
|
|
179
|
|
|
503
|
|
|
931
|
|
||||
Legal services expense
|
223
|
|
|
257
|
|
|
788
|
|
|
1,427
|
|
||||
|
$
|
34,922
|
|
|
$
|
40,672
|
|
|
$
|
107,536
|
|
|
$
|
127,178
|
|
•
|
Salaries expense decreased $3.6 million and $8.8 million for the three months and nine months ended June 30, 2017, respectively, primarily due to savings realized following the September 2016 reduction in workforce and the restructuring of our campus admissions organization in June 2016. Additionally, severance expense decreased $0.8 million and $0.5 million for the three months and nine months ended June 30, 2017, respectively.
|
•
|
Employee benefits and tax decreased $0.7 and $2.1 million for the three months and nine months ended June 30, 2017, respectively, primarily as a result of the decrease in employee headcount.
|
•
|
Bonus expense decreased by $1.1 million and $2.1 million for the three months and nine months ended June 30, 2017, respectively. During the three months ended March 31, 2017, we recorded an adjustment to reflect anticipated minimal attainment on our largest bonus plan.
|
•
|
Stock-based compensation decreased by $0.3 million and $1.1 million for the three months and nine months ended June 30, 2017, respectively, primarily as a result of the September 2016 reduction in workforce. Additionally, the September 2016 annual grant was structured at a lower value than in prior years.
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(In thousands)
|
||||||||||||||
Net loss
|
|
$
|
(3,917
|
)
|
|
$
|
(5,069
|
)
|
|
$
|
(7,371
|
)
|
|
$
|
(38,751
|
)
|
Interest expense, net
|
|
559
|
|
|
802
|
|
|
2,020
|
|
|
2,416
|
|
||||
Income tax expense (benefit)
|
|
967
|
|
|
(1,055
|
)
|
|
5,722
|
|
|
23,667
|
|
||||
Depreciation and amortization
(1)
|
|
4,537
|
|
|
4,745
|
|
|
13,698
|
|
|
14,370
|
|
||||
EBITDA
|
|
$
|
2,146
|
|
|
$
|
(577
|
)
|
|
$
|
14,069
|
|
|
$
|
1,702
|
|
ISSUER PURCHASES OF EQUITY SECURITIES
|
||||||||||||||
Period
|
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans Or Programs
(In thousands) |
||||||
Tax Withholdings
|
|
|
|
|
|
|
|
|
||||||
April 1-30, 2017
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
May 1-31, 2017
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
June 1-30, 2017
|
|
904
|
|
|
$
|
3.72
|
|
|
—
|
|
|
$
|
—
|
|
Total
|
|
904
|
|
|
$
|
3.72
|
|
|
—
|
|
|
$
|
—
|
|
Number
|
|
Description
|
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Filed herewith.)
|
|
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Filed herewith.)
|
|
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Filed herewith.)
|
|
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Filed herewith.)
|
|
101
|
|
Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, formatted in Extensible Business Reporting Language (XBRL): (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Income (Loss); (iii) Condensed Consolidated Statements of Comprehensive Income (Loss); (iv) Condensed Consolidated Statement of Shareholders’ Equity; (v) Condensed Consolidated Statements of Cash Flows; and (v) Notes to Condensed Consolidated Financial Statements.
|
1 Year Universal Technical Inst... Chart |
1 Month Universal Technical Inst... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions