UNIVERSAL TECHNICAL INSTITUTE, INC UTI Cash Flow

Universal technical institute, inc (UTI)

CashFlow / TTM

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)
19,938	4,533	-7,868	-24,346	-35,694	-39,264	-32,682	-22,438	-14,642	-7,539	-8,128	-16,316	-17,468	-47,740	-47,696	-48,574	-46,480	-13,923	-9,149	2,258	5,599	3,424	2,037	1,416	1,346	2,046	3,901	4,546	5,263	8,115	9,032	13,034	16,057	21,120	26,897	0	0	0
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
12,502	13,030	13,222	13,060	12,907	12,849	13,006	13,369	13,745	13,927	14,204	14,435	14,557	15,124	15,067	15,483	16,117	16,394	17,294	17,631	17,921	18,314	18,923	19,700	20,668	21,525	22,156	22,672	22,892	23,248	23,819	24,497	24,890	25,053	24,842	0	0	0
Amortization of assets subject to financing obligation
1,341	2,012	2,682	2,682	2,682	2,681	2,682	2,682	2,682	2,683	2,682	2,682	2,682	2,551	2,682	2,477	2,271	2,194	1,861	1,861	1,862	1,864	1,551	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of right-of-use assets for operating leases
0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of assets subject to financing obligations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Amortization of discount on investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-666	-1,032	-1,338	-1,627	-1,872	-2,089	-2,254	-2,393	-2,430	-2,339	-2,238	-2,023	-1,804	-1,651	-1,632	-1,757	-1,821	-1,741	-1,515	-1,195	0	0	0
Bad debt expense
1,183	1,112	1,166	1,207	1,327	1,510	1,511	1,515	1,238	916	827	725	728	920	1,153	1,771	2,034	1,137	1,589	1,852	2,305	3,573	3,972	3,910	4,074	4,509	4,720	5,023	5,266	5,601	5,790	7,675	8,021	8,129	8,679	0	0	0
Stock-based compensation
1,084	710	1,390	2,051	2,027	2,150	1,815	2,198	2,610	2,756	2,945	3,688	4,053	4,540	4,904	4,499	4,353	4,304	4,265	4,373	4,813	5,251	5,721	6,110	6,325	6,122	6,224	5,540	5,716	6,255	6,492	6,896	6,545	6,251	6,279	0	0	0
Other Nonoperating Gains (Losses)
-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Excess tax benefit from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	85	7	7	3	0	0	0	0	-	-	-	-	1,081	0	0	0
Deferred income taxes
-	-	-	-	-	-	-2,812	-2,812	-2,812	-2,812	0	0	0	27,586	27,928	22,350	20,320	-7,042	-5,394	-1,357	-1,679	-3,610	-4,050	-4,576	-4,472	-4,671	-3,794	-5,015	-5,631	-6,140	-8,490	-6,699	-3,779	866	2,296	0	0	0
Equity in earnings of unconsolidated affiliate
201	404	399	394	390	385	385	404	424	453	484	421	356	335	342	424	512	544	527	521	517	508	471	343	208	81	0	0	0	0	-	-	-	-	-	-	-	-
Training equipment credits earned, net
248	663	302	357	504	335	33	-372	-787	-1,176	-1,198	-1,170	-1,237	-1,322	-1,176	-800	-550	-709	-899	-925	-1,098	-1,048	-1,002	-1,470	-1,646	-1,725	-1,926	-1,218	-1,067	-1,094	-1,127	0	0	0	-	-	-	-
Other losses, net
-595	71	-561	-194	-224	-512	-122	-6	-70	-9	15	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on disposal of property and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	-485	-272	-232	-184	-186	-195	-180	-203	-137	-239	-841	-957	0	0	0
Changes in assets and liabilities:
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Receivables
-	3,653	-	-	-	2,350	2,695	5,258	2,175	-338	2,978	566	-1,950	-10,313	-8,202	-647	5,059	3,555	11,443	4,252	213	10,291	2,701	1,303	2,150	-1,414	1,338	16,073	5,965	11,524	10,109	-5,793	-6,487	4,960	1,240	0	0	0
Prepaid expenses
0	0	-	0	0	0	-	0	0	0	-	0	0	879	-	2,413	1,808	1,722	1,065	-608	-249	220	767	1,791	1,254	338	-1,487	2,797	944	1,434	3,520	-2,573	-57	261	-391	0	0	0
Other assets
0	0	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Notes receivable
0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	127	-47	105	197	677	879	964	756	514	729	705	2,059	1,222	3,072	1,223	375	1,227	-822	1,408	1,269	1,486	0	0	0
Accounts payable and accrued expenses
9,880	2,582	2,942	-491	-2,835	7,232	3,858	7,156	7,661	2,933	-4,759	-6,287	109	-5,667	1,855	-3,552	-2,688	-1,495	2,705	5,059	-1,454	-2,036	-1,859	3,232	6,265	-9,806	-700	-2,178	-8,742	10,023	3,037	41	-4,263	-1,739	-15,009	0	0	0
Deferred revenue
272	817	4,650	-736	-1,669	-3,067	-5,663	807	243	-328	-3,153	-2,295	-4,083	-4,095	-202	-2,995	-1,250	-2,907	-1,672	-8,434	-9,962	1,961	-660	540	3,807	-14,740	-5,649	-40,180	-8,311	7,787	-8,830	20,985	-13,533	-3,698	-1,882	0	0	0
Income tax (receivable) payable
-11,069	89	166	876	1,396	-487	-812	-1,845	-1,803	-1,657	2,697	5,631	3,888	3,518	-3,394	-4,461	-2,792	-1,686	-3,149	-1,571	340	159	4,053	870	-660	-1,808	-659	-1,865	-952	-302	-1,288	4,931	4,864	-1,876	3,279	0	0	0
Accrued tool sets and other current liabilities
333	256	-300	-948	-1,220	-1,242	-1,014	-295	-420	-838	-556	-898	-1,247	-671	-489	-2,046	-1,644	-1,209	-1,678	141	-138	-730	-530	-641	-333	-1,647	-896	0	0	0	-	-	-	-	-	-	-	-
Deferred rent liability
61	-1,219	-1,677	-987	3,678	5,211	5,116	3,549	-1,427	-2,144	-2,100	-2,085	-1,898	-1,895	-1,835	-1,802	-1,721	-1,627	-753	-785	-827	-708	-1,610	-1,295	-1,276	-1,838	-1,013	0	0	0	-	-	-	-	-	-	-	-
Lease liability
0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued tool sets and other current liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	0	0	0
Deferred rent liability
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-
Deferred rent liability
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Other liabilities
-1,081	-373	321	-327	-571	-787	-318	-508	-488	-340	-726	-242	-243	143	476	135	-158	-784	-490	240	721	752	963	1,905	1,309	2,399	1,443	2,983	2,139	1,504	2,078	-1,933	-838	-1,098	-953	0	0	0
Net cash provided by operating activities
29,835	24,460	21,746	1,979	-4,472	-6,336	-13,353	8,525	12,707	15,943	1,146	-11,619	-7,765	-6,467	7,384	-2,425	-2,978	2,692	8,242	17,049	19,644	19,432	27,056	31,191	35,258	37,939	26,727	14,658	10,558	11,347	18,509	35,684	44,770	51,899	58,072	0	0	0
Cash flows from investing activities:
Purchase of held-to-maturity securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	26,061	41,457	53,022	58,329	61,729	98,043	100,934	101,227	111,848	103,329	95,252	97,708	92,503	81,295	104,635	102,854	89,538	0	0	0
Purchase of property and equipment
6,835	5,485	6,453	8,819	17,775	20,829	20,606	18,781	11,874	9,305	8,190	7,297	6,519	6,310	7,495	13,979	17,720	27,925	29,030	25,983	22,751	12,828	12,024	10,493	10,680	9,523	9,352	11,036	11,987	12,600	11,342	10,047	14,502	24,148	29,098	0	0	0
Proceeds from disposal of property and equipment
58	52	34	24	32	28	25	10	2	4	2	0	0	0	-	-	-	-	3	5	40	-32	42	40	17	107	54	0	0	0	-	-	-	-	-	-	-	-
Proceeds received upon maturity of investments
-	-	-	-	-	-	7,739	9,375	8,966	3,792	3,565	4,827	10,031	18,874	27,709	43,981	48,705	54,920	51,792	56,029	60,242	61,584	63,892	93,202	96,789	94,410	104,094	83,458	86,500	98,911	90,640	83,357	83,427	67,064	64,585	0	0	0
Purchase of trading securities
-	-	-	-	-	-	894	2,005	43,590	43,590	42,696	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of trading securities
-	-	-	-	-	-	40,902	41,850	43,649	43,649	2,747	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from Collection of Notes Receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in note receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capitalized costs for intangible assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	575	590	703	703	453	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Return of capital contribution from unconsolidated affiliate
276	272	267	262	259	254	291	267	314	373	390	468	476	474	475	477	476	473	464	676	796	678	568	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Restricted cash: other
-	-	-	-	-	-	-	-	-	-	-	-860	1,327	-597	289	-1,304	-5,950	-1,862	-607	1,410	2,845	-85	-49	1,690	2,766	3,850	3,710	0	0	0	-	-	-	-	-	-	-	-
Net cash used in investing activities
-48,063	-5,161	-6,152	-8,291	-17,113	-14,080	27,132	26,733	-5,464	-17,361	-54,429	-50,921	-7,312	11,082	17,347	28,713	32,572	10,270	-2,678	-12,578	-17,540	-8,842	-9,202	-16,746	-17,574	-20,083	-20,762	-33,232	-24,076	-14,752	-16,584	-7,921	-35,646	-59,874	-53,987	0	0	0
Cash flows from financing activities:
Payment of cash dividend
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	0	0	0	-	9,857	9,842	9,815	9,820	0	0	0	-	-	-	-	-	-	-	-
Payment of financing obligation and finance leases
717	1,009	1,319	1,265	1,210	1,158	1,107	1,056	1,008	958	913	867	823	781	736	703	667	633	663	756	796	771	613	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Repayment of long-term lease financing obligations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Payment of payroll taxes on stock-based compensation through shares withheld
1,031	1,008	629	337	337	338	223	598	599	596	595	391	393	393	393	492	490	514	519	1,441	1,617	1,625	1,639	1,302	1,259	1,267	1,263	1,151	1,324	1,328	1,365	1,229	1,494	1,704	1,739	0	0	0
Proceeds from issuance of common stock under employee plans
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	525	0	0	0	-	-	-	-	1,269	0	0	0
Excess tax benefit from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	85	7	7	3	0	0	0	0	-	-	-	-	1,081	0	0	0
Purchase of treasury stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,422	0	0	0	-	-	-	-	-	-	-	-
Net cash provided by (used in) financing activities
42,125	-7,267	-7,198	-6,852	-6,797	-6,746	-6,580	-6,904	-6,857	-6,804	-6,758	-5,628	63,628	65,801	64,876	66,062	-5,528	-13,563	-15,111	-18,030	-19,304	-13,630	-13,465	-12,853	-11,599	-10,915	-15,980	-16,034	-16,227	-17,465	-9,930	-6,380	-3,519	581	611	0	0	0
Net increase (decrease) in cash and cash equivalents
-	-	-	-	-	-	-	-	-	-	-	-68,168	48,551	70,416	89,607	92,350	24,066	-601	-9,547	-13,559	-17,200	-3,040	4,389	1,592	6,085	6,941	-10,015	-34,608	-29,745	-20,870	-8,005	21,383	5,605	-7,394	4,696	0	0	0
Net (decrease) increase in cash, cash equivalents and restricted cash
-	12,032	-	-	-	-27,162	7,199	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Supplemental disclosure of cash flow information:
Taxes refunded
-	-	-	-	-	-	-	-	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Taxes paid
-	-104	-	-	-	0	-	-	-	-	-	-	-	-	1,636	1,687	1,791	4,018	7,010	7,396	7,661	6,971	3,771	0	0	0	-	-	-	13,621	15,708	10,794	7,024	15,480	12,615	0	0	0
Interest paid
1,561	2,406	3,220	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Construction liability recognized as financing obligation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
Interest paid
-	-	-	-	-	-	-	-	0	3,365	-	3,399	3,413	3,428	3,439	3,246	2,944	2,640	2,340	2,302	2,331	2,340	1,967	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-
Training equipment obtained in exchange for services
636	889	772	2,036	2,475	2,946	3,240	2,610	2,332	1,969	1,897	1,403	1,901	2,551	2,738	2,832	2,302	1,395	969	849	756	1,702	2,473	0	0	0	-	-	-	1,477	1,921	1,739	2,346	1,558	1,399	0	0	0
Depreciation of training equipment obtained in exchange for services
-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation of training equipment obtained in exchange for services
0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in accrued capital expenditures during the period
-725	1,031	316	971	2,390	-1,218	-1,042	-1,244	-2,555	-790	-187	-66	3,389	407	1,792	2,286	-184	2,389	435	739	-182	385	820	0	0	0	-	-	-	0	-	-	-	-	-2,434	0	0	0
Change in accrued capital expenditures during the period
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-
Construction period construction liability - construction in progress
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	8,740	7,424	4,597	7,120	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-
Construction liability recognized as financing obligation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	33,500	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Stock based compensation classified as liability instruments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	0	-	-	-	-	-	-	-	-
Capitalized stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0