UNIVERSAL TECHNICAL INSTITUTE, INC UTI Cash Flow

Universal technical institute, inc (UTI)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10
Cash flows from operating activities:
Net income (loss)
10,142	4,684	5,477	-365	-5,263	-7,717	-11,001	-11,713	-8,833	-1,135	-757	-3,917	-1,730	-1,724	-8,945	-5,069	-32,002	-1,680	-9,823	-2,975	555	3,094	1,584	366	-1,620	1,707	963	296	-920	3,562	1,608	1,013	1,932	4,479	5,610	4,036	6,995	10,256
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
2,881	3,013	3,277	3,331	3,409	3,205	3,115	3,178	3,351	3,362	3,478	3,554	3,533	3,639	3,709	3,676	4,100	3,582	4,125	4,310	4,377	4,482	4,462	4,600	4,770	5,091	5,239	5,568	5,627	5,722	5,755	5,788	5,983	6,293	6,433	6,181	6,146	6,082
Amortization of assets subject to financing obligation
0	0	670	671	671	670	670	671	670	671	670	671	671	670	670	671	540	801	465	465	463	468	465	466	465	155	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of right-of-use assets for operating leases
5,920	5,920	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of assets subject to financing obligations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Amortization of discount on investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-51	-137	-199	-279	-417	-443	-488	-524	-634	-608	-627	-561	-543	-507	-412	-342	-390	-488	-537	-406	-310	-262	-217
Bad debt expense
288	283	279	333	217	337	320	453	400	338	324	176	78	249	222	179	270	482	840	442	-627	934	1,103	895	641	1,333	1,041	1,059	1,076	1,544	1,344	1,302	1,411	1,733	3,229	1,648	1,519	2,283
Stock-based compensation
992	14	-91	169	618	694	570	145	741	359	953	557	887	548	1,696	922	1,374	912	1,291	776	1,325	873	1,399	1,216	1,763	1,343	1,788	1,431	1,560	1,445	1,104	1,607	2,099	1,682	1,508	1,256	1,805	1,710
Other Nonoperating Gains (Losses)
-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Excess tax benefit from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	78	0	4	3	0	0	0	0	-	-	-	-	286	456	335	4
Deferred income taxes
-	-	-	-	-	-	0	0	0	-2,812	0	0	0	0	0	0	27,586	342	-5,578	-2,030	224	1,990	-1,541	-2,352	-1,707	1,550	-2,067	-2,248	-1,906	2,427	-3,288	-2,864	-2,415	77	-1,497	56	2,230	1,507
Equity in earnings of unconsolidated affiliate
-102	102	101	100	101	97	96	96	96	97	115	116	125	128	52	51	104	135	134	139	136	118	128	135	127	81	0	0	0	0	-	-	-	-	-	-	-	-
Training equipment credits earned, net
-20	439	-138	-33	395	78	-83	114	226	-224	-488	-301	-163	-246	-460	-368	-248	-100	-84	-118	-407	-290	-110	-291	-357	-244	-578	-467	-436	-445	130	-316	-463	-478	-	-	-	-
Other losses, net
-458	231	-418	50	208	-401	-51	20	-80	-11	65	-44	-19	13	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on disposal of property and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	11	-75	-25	-	-36	43	-2	-	-235	-102	-48	-100	-22	-62	0	-102	-31	-47	-23	-36	-133	-649	-139
Changes in assets and liabilities:
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	123	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	-52	-45	11,147	-	-	-	-	-	-	-	-34	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	102	73	211	-	-	-	-	-	-	-	-	-	-	-	-
Receivables
-	-4,065	-	-	-	-6,235	2,868	3,378	2,339	-5,890	5,431	295	-174	-2,574	3,019	-2,221	-8,537	-463	10,574	3,485	-10,041	7,425	3,383	-554	37	-165	1,985	293	-3,527	2,587	16,720	-9,815	2,032	1,172	818	-10,509	13,479	-2,548
Prepaid expenses
938	409	-	-1,301	-480	1,210	-	-723	815	1,250	-	-784	64	362	-	578	-535	1,492	878	-27	-621	835	-795	332	-152	1,382	229	-205	-1,068	-443	4,513	-2,058	-578	1,643	-1,580	458	-260	991
Other assets
7	-23	-	-532	-18	-720	-	-21	52	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Notes receivable
-1,207	555	-	-887	-1,121	378	-	-1,170	-1,452	3,043	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	44	15	-11	79	-130	167	81	559	72	252	-127	317	287	228	1,227	-520	2,137	-1,621	379	332	88	609	240	549
Accounts payable and accrued expenses
6,722	-1,938	6,735	-1,639	-576	-1,578	3,302	-3,983	9,491	-4,952	6,600	-3,478	4,763	-12,644	5,072	2,918	-1,013	-5,122	-335	3,782	180	-922	2,019	-2,731	-402	-745	7,110	302	-16,473	8,361	5,632	-6,262	2,292	1,375	2,636	-10,566	4,816	-11,895
Deferred revenue
-5,437	-695	15,214	-8,810	-4,892	3,138	9,828	-9,743	-6,290	542	16,298	-10,307	-6,861	-2,283	17,156	-12,095	-6,873	1,610	14,363	-10,350	-8,530	2,845	7,601	-11,878	3,393	224	8,801	-8,611	-15,154	9,315	-25,730	23,258	944	-7,302	4,085	-11,260	10,779	-5,486
Income tax (receivable) payable
-10,985	92	-32	-144	173	169	678	376	-1,710	-156	-355	418	-1,564	4,198	2,579	-1,325	-1,934	-2,714	1,512	344	-828	-4,177	3,090	2,255	-1,009	-283	-93	725	-2,157	866	-1,299	1,638	-1,507	-120	4,920	1,571	-8,247	5,035
Accrued tool sets and other current liabilities
21	-32	141	203	-56	-588	-507	-69	-78	-360	212	-194	-496	-78	-130	-543	80	104	-1,687	-141	515	-365	132	-420	-77	-165	21	-112	-1,391	586	-	-	-	-	-	-	-	-
Deferred rent liability
0	0	399	-338	-1,280	-458	1,089	4,327	253	-553	-478	-649	-464	-509	-463	-462	-461	-449	-430	-381	-367	425	-462	-423	-248	-477	-147	-404	-810	348	-	-	-	-	-	-	-	-
Lease liability
-6,202	-6,532	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued tool sets and other current liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	96	-	6	91	-106
Deferred rent liability
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-789	-363	-	-	-	-
Deferred rent liability
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-3,995	-489
Other liabilities
-565	-1,081	182	383	143	-387	-466	139	-73	82	-656	159	75	-304	-172	158	461	29	-513	-135	-165	323	217	346	-134	534	1,159	-250	956	-422	2,699	-1,094	321	152	-1,312	1	61	297
Net cash provided by operating activities
3,773	7,124	28,870	-9,932	-1,602	4,410	9,103	-16,383	-3,466	-2,607	30,981	-12,201	-230	-17,404	18,216	-8,347	1,068	-3,553	8,407	-8,900	6,738	1,997	17,214	-6,305	6,526	9,621	21,349	-2,238	9,207	-1,591	9,280	-6,338	9,996	5,571	26,455	2,748	17,125	11,744
Cash flows from investing activities:
Purchase of held-to-maturity securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	1,636	16,471	7,954	15,396	13,201	21,778	11,354	51,710	16,092	22,071	21,975	43,191	8,015	24,527	16,770	31,983	31,355	22,746	3,454
Purchase of property and equipment
3,353	1,811	1,152	519	2,003	2,779	3,518	9,475	5,057	2,556	1,693	2,568	2,488	1,441	800	1,790	2,279	2,626	7,284	5,531	12,484	3,731	4,237	2,299	2,561	2,927	2,706	2,486	1,404	2,756	4,390	3,437	2,017	1,498	3,095	7,892	11,663	6,448
Proceeds from disposal of property and equipment
9	23	26	0	3	5	16	8	-1	2	1	0	1	0	-	-	-	-	0	0	0	3	2	35	-72	77	0	12	18	24	-	-	-	-	-	-	-	-
Proceeds received upon maturity of investments
-	-	-	-	-	-	242	454	6,096	947	1,878	45	922	720	3,140	5,249	9,765	9,555	19,412	9,973	15,980	6,427	23,649	14,186	17,322	8,735	52,959	17,773	14,943	18,419	32,323	20,815	27,354	10,148	25,040	20,885	10,991	7,669
Purchase of trading securities
-	-	-	-	-	-	0	0	0	894	1,111	41,585	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of trading securities
-	-	-	-	-	-	0	0	0	40,902	948	1,799	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from Collection of Notes Receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in note receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	250	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capitalized costs for intangible assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	325	0	250	15	438	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Return of capital contribution from unconsolidated affiliate
73	69	67	67	69	64	62	64	64	101	38	111	123	118	116	119	121	119	118	118	118	110	330	238	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Restricted cash: other
-	-	-	-	-	-	-	-	-	-	-	-1,052	-318	-2,037	2,547	1,135	-2,242	-1,151	954	-3,511	1,846	104	2,971	-2,076	-1,084	140	4,710	-1,000	0	0	-	-	-	-	-	-	-	-
Net cash used in investing activities
-44,833	-1,719	-1,059	-452	-1,931	-2,710	-3,198	-9,274	1,102	38,502	-3,597	-41,471	-10,795	1,434	-89	2,138	7,599	7,699	11,277	5,997	-14,703	-5,249	1,377	1,035	-6,005	-5,609	-6,167	207	-8,514	-6,288	-18,637	9,363	810	-8,120	-9,974	-18,362	-23,418	-2,233
Cash flows from financing activities:
Payment of cash dividend
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	970	-	2,414	2,413	2,483	-	2,459	2,469	2,465	2,464	2,444	2,442	2,470	-	-	-	-	-	-	-	-
Payment of financing obligation and finance leases
37	0	345	335	329	310	291	280	277	259	240	232	227	214	194	188	185	169	161	152	151	199	254	192	126	41	-	-	-	-	-	-	-	-	-	-	-	-
Repayment of long-term lease financing obligations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Payment of payroll taxes on stock-based compensation through shares withheld
30	497	502	2	7	118	210	2	8	3	585	3	5	2	381	5	5	2	480	3	29	7	1,402	179	37	21	1,065	136	45	17	953	309	49	54	817	574	259	89
Proceeds from issuance of common stock under employee plans
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	130	0	133	262	-	-	-	-	579	197	432	61
Excess tax benefit from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	78	0	4	3	0	0	0	0	-	-	-	-	286	456	335	4
Purchase of treasury stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	49	9	0	5,364	-	-	-	-	-	-	-	-
Net cash provided by (used in) financing activities
46,438	-497	-3,479	-337	-2,954	-428	-3,133	-282	-2,903	-262	-3,457	-235	-2,850	-216	-2,327	69,021	-677	-1,141	-1,141	-2,569	-8,712	-2,689	-4,060	-3,843	-3,038	-2,524	-3,448	-2,589	-2,354	-7,589	-3,502	-2,782	-3,592	-54	48	79	508	-24
Net increase (decrease) in cash and cash equivalents
-	-	-	-	-	-	-	-	-	-	-	-53,907	-13,875	-16,186	15,800	62,812	7,990	3,005	18,543	-5,472	-16,677	-5,941	14,531	-9,113	-2,517	1,488	11,734	-4,620	-1,661	-15,468	-12,859	243	7,214	-2,603	16,529	-15,535	-5,785	9,487
Net (decrease) increase in cash, cash equivalents and restricted cash
-	4,908	-	-	-	1,272	2,772	-25,939	-5,267	35,633	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Supplemental disclosure of cash flow information:
Taxes refunded
-	-	-	-	-	-	-	-	1,673	139	-	-	-	1,587	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Taxes paid
-	7	-	-	-	148	-	-	-	-	-	-	-	-	-77	270	12	1,431	-26	374	2,239	4,423	360	639	1,549	1,223	-	-	-	1,050	5,473	4,960	2,138	3,137	559	1,190	10,594	272
Interest paid
3	0	796	762	848	814	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Construction liability recognized as financing obligation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
Interest paid
-	-	-	-	-	-	-	-	830	835	-	844	847	852	856	858	862	863	663	556	558	563	625	585	567	190	-	-	-	1	-	-	-	-	-	-	-	-
Training equipment obtained in exchange for services
9	241	252	134	262	124	1,516	573	733	418	886	295	370	346	392	793	1,020	533	486	263	113	107	366	170	1,059	878	-	-	-	158	354	138	827	602	172	745	39	443
Depreciation of training equipment obtained in exchange for services
-	-	-	-	-	-	-	324	376	300	-	312	318	330	-	398	300	302	-	300	293	307	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation of training equipment obtained in exchange for services
368	332	-	-	300	400	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in accrued capital expenditures during the period
-29	140	-857	21	1,727	-575	-202	1,440	-1,881	-399	-404	129	-116	204	-283	3,584	-3,098	1,589	211	1,114	-525	-365	515	193	42	70	-	-	-	1,318	-	-	-	-	410	-4,789	1,781	164
Change in accrued capital expenditures during the period
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	842	-	-	-	-
Construction period construction liability - construction in progress
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,316	2,827	3,345	1,252	0	0	5,868	-	-	-	4,933	-	-	-	-	-	-	-	-
Construction liability recognized as financing obligation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	33,500	-	-	-	-	-	-	-	-	-	-	-	-
Stock based compensation classified as liability instruments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3	-	-	-	0	-	-	-	-	-	-	-	-
Capitalized stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	20