SCOTTSDALE, Ariz., May 4, 2017 /PRNewswire/ -- Universal Technical Institute, Inc. (NYSE:
UTI), the leading provider of automotive technician training,
reported financial results for the fiscal 2017 second quarter ended
March 31, 2017.
Kim McWaters, UTI's Chairman and
Chief Executive Officer, stated, "During the second quarter, we
made progress on our plan to expand our program offerings, advance
our smaller campus initiative and enhance our strategic
partnerships with industry leading manufacturers such as INFINITI
with whom we launched a first-of-its-kind advanced training program
in April. In addition, we continued to improve our financial
foundation and in fact, now expect to deliver full-year cost
savings at the higher end of our $30 million
to $40 million estimate. This represents a meaningful step
in our goal to return the company to profitability while
maintaining our commitments to providing a quality educational
experience, meeting our partners' increasing demand for trained
technicians, and growing our student population.
"While student starts were softer than expected during the first
half of the year, we have adjusted our marketing strategy and
further enhanced our student support services to achieve our goal
of generating new start growth in the second half of the year. We
are encouraged by the initial results from these efforts. Looking
ahead, we will continue to balance maintaining efficient operations
with investing in the business to drive long-term growth."
Financial Results for the Three-Month Period Ended
March 31: 2017 Compared to
2016
- Revenues for the quarter were $82.5
million, compared to $88.2
million for the prior year period. Revenues exclude tuition
related to students participating in the company's proprietary loan
program, which were $4.4 million and
$4.6 million for the second fiscal
quarter of 2017 and 2016, respectively. This tuition will be
recognized as revenues when payments are received.
- Operating expenses for the quarter were $81.8 million, compared to $94.0 million for the prior year period. The
$12.2 million decrease is largely due
to lower compensation expense and improved operating efficiencies
pursuant to the implementation of the Financial Improvement
Plan.
- Operating income for the quarter was $0.7 million, compared to an operating loss of
$5.8 million for the prior year
period. The improvement reflects the aforementioned significant
cost reductions and $1.0 million in
operating income from the Long Beach campus, which opened in
August 2015.
- Income tax expense was $2.1
million for the quarter, reflecting a full valuation
allowance on deferred tax assets, compared to $25.7 million for the prior year period.
- Net loss for the quarter was $1.7
million, or $0.12 per diluted
share, compared to a net loss of $32.0
million, or $1.32 per diluted
share, for the prior year period.
- Earnings before interest, taxes, depreciation and amortization
(EBITDA) for the three months ended March
31, 2017 was $5.6 million,
compared to a loss of $0.6 million
for the prior year period.
- Cash, cash equivalents and investments totaled $98.7 million at March 31,
2017, compared to $120.7
million at September 30, 2016.
The decrease was primarily attributable to collateral requirements
for surety bonds renewed during the second quarter of fiscal 2017
and changes in working capital.
Financial Results for the Six-Month Period Ended March 31: 2017 Compared to 2016
- Revenues were $166.7 million,
compared to $178.0 million, and
excluded $9.4 million and
$10.3 million, respectively, of
tuition related to students participating in the proprietary loan
program.
- Operating expenses were $164.6
million, compared to $185.9
million for the prior year period.
- Operating income was $2.1
million, compared to an operating loss of $8.0 million for the prior year period.
- Income tax expense was $4.8
million for the year-to-date period, reflecting a full
valuation allowance on deferred tax assets, compared to
$24.7 million for the prior year
period.
- Net loss for the year-to-date period was $3.5 million, or $0.25 per diluted share, compared to a net loss
of $33.7 million, or $1.39 per diluted share, for the prior year
period.
- UTI recorded a preferred stock cash dividend of $2.6 million for the six months ended
March 31, 2017 in accordance with the
company's Series A Preferred Stock purchase agreement.
- EBITDA was $11.9 million,
compared to $2.3 million. (See "Use
of Non-GAAP Financial Information" below.)
Student Metrics
|
Three Months Ended
March 31,
|
|
Six Months Ended
March 31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
(Rounded to
hundreds)
|
|
Total
starts
|
1,900
|
|
2,300
|
|
3,200
|
|
4,100
|
|
Average undergraduate
full-time student enrollment
|
10,900
|
|
12,200
|
|
11,400
|
|
12,700
|
|
End of period
undergraduate full-time student enrollment
|
10,300
|
|
11,700
|
|
10,300
|
|
11,700
|
|
|
|
|
|
|
|
|
|
|
Updated Fiscal 2017 Outlook
- UTI expects new student starts to decline by high-single digits
in fiscal 2017. Combined with the number of students currently in
school and the timing of the anticipated start growth, the average
student population is projected to be down in the low-double digits
as a percentage compared with the prior year period. UTI reaffirms
its goal to grow student starts in the second half of fiscal
2017.
- UTI now expects revenue to be down in the mid-to-high single
digits in fiscal 2017.
- UTI now expects its Financial Improvement Plan implemented in
September 2016 to deliver annualized
cost savings at the higher end of between $30 million and $40 million in fiscal 2017.
- Netting the increased cost savings with softer-than-anticipated
student starts in the first half of fiscal 2017, UTI expects annual
operating results to range between operating income of $1 million and an operating loss of $1 million. The company expects an operating loss
would be driven by the identification of and investments in
additional success-based marketing initiatives in 2017 that would
build out its student pipeline into 2018.
- UTI reaffirms previous expectations of significantly improved
EBITDA for fiscal 2017 as compared to the prior year.
- Capital expenditures are now expected to approximate between
$10.0 million and $11.0 million for
the 2017 fiscal year.
Conference Call
Management will hold a conference call to discuss the 2017
second quarter results on Thursday, May
4th at 1:30 p.m. PDT
(4:30 p.m. EDT). 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 10 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 May 15, 2017 by dialing 412-317-0088 or
877-344-7529 and entering pass code 10106031.
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. To obtain a complete
understanding of the Company's performance these measures should be
examined in connection with net income (loss), 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 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.
Headquartered in Scottsdale,
Arizona, Universal Technical
Institute, Inc. (NYSE: UTI) is the leading provider of
post-secondary education for students seeking careers as
professional automotive, diesel, collision repair, motorcycle and
marine technicians. With more than 200,000 graduates in its 52-year
history, UTI offers undergraduate degree and diploma programs at 12
campuses across the United States,
as well as manufacturer-specific training programs at dedicated
training centers. Through its campus-based school system, UTI
provides specialized post-secondary education 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). For more information visit
www.uti.edu.
Company Contact:
Bryce Peterson
Chief Financial Officer
Universal Technical Institute, Inc.
(623) 445-0993
Investor Relations Contact:
Becky Herrick/Kirsten Chapman
LHA Investor Relations
(415) 433-3777
UTI@lhai.com
(Tables Follow)
UNIVERSAL
TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF LOSS
(UNAUDITED)
|
|
|
|
Three Months Ended
March 31,
|
|
Six Months Ended
March 31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
(In thousands, except per share amounts)
|
Revenues
|
|
$
|
82,497
|
|
|
$
|
88,192
|
|
|
$
|
166,676
|
|
|
$
|
177,965
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Educational services
and facilities
|
|
44,834
|
|
|
49,770
|
|
|
91,988
|
|
|
99,422
|
|
Selling, general and
administrative
|
|
36,976
|
|
|
44,192
|
|
|
72,614
|
|
|
86,506
|
|
Total
operating expenses
|
|
81,810
|
|
|
93,962
|
|
|
164,602
|
|
|
185,928
|
|
Income (loss) from
operations
|
|
687
|
|
|
(5,770)
|
|
|
2,074
|
|
|
(7,963)
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
(712)
|
|
|
(797)
|
|
|
(1,461)
|
|
|
(1,614)
|
|
Equity in earnings of
unconsolidated affiliates
|
|
125
|
|
|
104
|
|
|
253
|
|
|
239
|
|
Other
income
|
|
315
|
|
|
124
|
|
|
435
|
|
|
378
|
|
Total other
expense, net
|
|
(272)
|
|
|
(569)
|
|
|
(773)
|
|
|
(997)
|
|
Income (loss) before
income taxes
|
|
415
|
|
|
(6,339)
|
|
|
1,301
|
|
|
(8,960)
|
|
Income tax
expense
|
|
2,145
|
|
|
25,663
|
|
|
4,755
|
|
|
24,722
|
|
Net loss
|
|
$
|
(1,730)
|
|
|
$
|
(32,002)
|
|
|
$
|
(3,454)
|
|
|
$
|
(33,682)
|
|
Preferred stock
dividends
|
|
1,295
|
|
|
—
|
|
|
2,618
|
|
|
—
|
|
Loss available for
distribution
|
|
$
|
(3,025)
|
|
|
$
|
(32,002)
|
|
|
$
|
(6,072)
|
|
|
$
|
(33,682)
|
|
|
|
|
|
|
|
|
|
|
Loss per
share:
|
|
|
|
|
|
|
|
|
Net loss per share -
basic
|
|
$
|
(0.12)
|
|
|
$
|
(1.32)
|
|
|
$
|
(0.25)
|
|
|
$
|
(1.39)
|
|
Net loss per share -
diluted
|
|
$
|
(0.12)
|
|
|
$
|
(1.32)
|
|
|
$
|
(0.25)
|
|
|
$
|
(1.39)
|
|
Weighted average
number of shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
24,666
|
|
|
24,270
|
|
|
24,645
|
|
|
24,252
|
|
Diluted
|
|
24,666
|
|
|
24,270
|
|
|
24,645
|
|
|
24,252
|
|
Cash dividends
declared per common share
|
|
$
|
—
|
|
|
$
|
0.02
|
|
|
$
|
—
|
|
|
$
|
0.04
|
|
UNIVERSAL
TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
|
|
|
|
Three Months Ended
March 31,
|
|
Six Months Ended
March 31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
(In thousands)
|
Net loss
|
|
$
|
(1,730)
|
|
|
$
|
(32,002)
|
|
|
$
|
(3,454)
|
|
|
$
|
(33,682)
|
|
Other comprehensive
loss (net of tax):
|
|
|
|
|
|
|
|
|
Equity interest in
investee's unrealized losses on hedging derivatives, net of
taxes
|
|
(6)
|
|
|
—
|
|
|
(9)
|
|
|
(1)
|
|
Comprehensive
loss
|
|
$
|
(1,736)
|
|
|
$
|
(32,002)
|
|
|
$
|
(3,463)
|
|
|
$
|
(33,683)
|
|
UNIVERSAL
TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
|
|
|
|
March 31,
2017
|
|
Sept. 30,
2016
|
Assets
|
|
(In
thousands)
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
88,984
|
|
|
$
|
119,045
|
|
Restricted
cash
|
|
14,702
|
|
|
5,956
|
|
Investments, current
portion
|
|
8,984
|
|
|
1,691
|
|
Receivables,
net
|
|
9,972
|
|
|
15,253
|
|
Prepaid expenses and
other current assets
|
|
20,347
|
|
|
20,004
|
|
Total current
assets
|
|
142,989
|
|
|
161,949
|
|
Investments, less
current portion
|
|
724
|
|
|
—
|
|
Property and
equipment, net
|
|
109,877
|
|
|
114,033
|
|
Goodwill
|
|
9,005
|
|
|
9,005
|
|
Other
assets
|
|
12,058
|
|
|
12,172
|
|
Total
assets
|
|
$
|
274,653
|
|
|
$
|
297,159
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts payable and
accrued expenses
|
|
$
|
34,719
|
|
|
$
|
42,545
|
|
Deferred
revenue
|
|
35,347
|
|
|
44,491
|
|
Accrued tool
sets
|
|
2,972
|
|
|
2,938
|
|
Financing obligation,
current
|
|
1,007
|
|
|
913
|
|
Income tax
payable
|
|
427
|
|
|
—
|
|
Other current
liabilities
|
|
4,003
|
|
|
3,673
|
|
Total current
liabilities
|
|
78,475
|
|
|
94,560
|
|
Deferred tax
liabilities, net
|
|
3,141
|
|
|
3,141
|
|
Deferred rent
liability
|
|
8,014
|
|
|
8,987
|
|
Financing
obligation
|
|
42,606
|
|
|
43,141
|
|
Other
liabilities
|
|
10,423
|
|
|
10,716
|
|
Total
liabilities
|
|
142,659
|
|
|
160,545
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
Common stock, $0.0001
par value, 100,000,000 shares authorized, 31,609,900 shares issued
and 24,745,003 shares outstanding as of March 31, 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
March 31, 2017 and September 30, 2016, liquidation preference of
$100 per share
|
|
—
|
|
|
—
|
|
Paid-in capital -
common
|
|
184,043
|
|
|
182,615
|
|
Paid-in capital -
preferred
|
|
68,853
|
|
|
68,820
|
|
Treasury stock, at
cost, 6,864,897 shares as of March 31, 2017 and September 30,
2016
|
|
(97,388)
|
|
|
(97,388)
|
|
Retained
deficit
|
|
(23,526)
|
|
|
(17,454)
|
|
Accumulated other
comprehensive income
|
|
9
|
|
|
18
|
|
Total shareholders'
equity
|
|
131,994
|
|
|
136,614
|
|
Total liabilities and
shareholders' equity
|
|
$
|
274,653
|
|
|
$
|
297,159
|
|
UNIVERSAL
TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|
|
|
Six Months Ended
March 31,
|
|
|
2017
|
|
2016
|
|
|
(In
thousands)
|
Cash flows from
operating activities:
|
|
|
|
|
Net loss
|
|
$
|
(3,454)
|
|
|
$
|
(33,682)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
|
7,172
|
|
|
7,682
|
|
Amortization of
assets subject to financing obligation
|
|
1,341
|
|
|
1,341
|
|
Amortization of
discount on held-to-maturity investments
|
|
12
|
|
|
336
|
|
Bad debt
expense
|
|
327
|
|
|
752
|
|
Stock-based
compensation
|
|
1,435
|
|
|
2,286
|
|
Deferred income
taxes
|
|
—
|
|
|
27,928
|
|
Equity in earnings of
unconsolidated affiliates
|
|
(253)
|
|
|
(239)
|
|
Training equipment
credits earned, net
|
|
(409)
|
|
|
(348)
|
|
(Gain) loss on
disposal of property and equipment
|
|
(6)
|
|
|
100
|
|
Changes in assets and
liabilities:
|
|
|
|
|
Restricted
cash
|
|
(11,102)
|
|
|
34
|
|
Receivables
|
|
2,748
|
|
|
9,000
|
|
Prepaid expenses and
other current assets
|
|
(265)
|
|
|
(957)
|
|
Other
assets
|
|
(161)
|
|
|
(68)
|
|
Accounts payable and
accrued expenses
|
|
(7,881)
|
|
|
(6,135)
|
|
Deferred
revenue
|
|
(9,144)
|
|
|
(5,263)
|
|
Income tax
payable/receivable
|
|
2,634
|
|
|
(4,648)
|
|
Accrued tool sets and
other current liabilities
|
|
574
|
|
|
(184)
|
|
Deferred rent
liability
|
|
(973)
|
|
|
(910)
|
|
Other
liabilities
|
|
(229)
|
|
|
490
|
|
Net cash used in
operating activities
|
|
(17,634)
|
|
|
(2,485)
|
|
Cash flows from
investing activities:
|
|
|
|
|
Purchase of property
and equipment
|
|
(3,929)
|
|
|
(4,905)
|
|
Proceeds from
disposal of property and equipment
|
|
1
|
|
|
—
|
|
Purchase of
investments
|
|
(9,671)
|
|
|
—
|
|
Proceeds received
upon maturity of investments
|
|
1,642
|
|
|
19,320
|
|
Acquisitions
|
|
—
|
|
|
(1,500)
|
|
Investment in
unconsolidated affiliates
|
|
—
|
|
|
(1,000)
|
|
Capitalized costs for
intangible assets
|
|
—
|
|
|
(250)
|
|
Return of capital
contribution from unconsolidated affiliate
|
|
241
|
|
|
240
|
|
Restricted cash:
proprietary loan program
|
|
2,355
|
|
|
3,393
|
|
Net cash provided by
(used in) investing activities
|
|
(9,361)
|
|
|
15,298
|
|
Cash flows from
financing activities:
|
|
|
|
|
Payment of common
stock cash dividends
|
|
—
|
|
|
(1,457)
|
|
Payment of preferred
stock cash dividend
|
|
(2,618)
|
|
|
—
|
|
Payment of financing
obligation
|
|
(441)
|
|
|
(354)
|
|
Payment of payroll
taxes on stock-based compensation through shares
withheld
|
|
(7)
|
|
|
(7)
|
|
Net cash used in
financing activities
|
|
(3,066)
|
|
|
(1,818)
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
(30,061)
|
|
|
10,995
|
|
Cash and cash
equivalents, beginning of period
|
|
119,045
|
|
|
29,438
|
|
Cash and cash
equivalents, end of period
|
|
$
|
88,984
|
|
|
$
|
40,433
|
|
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
March 31,
|
|
Six Months Ended
March 31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
(In
thousands)
|
Net loss
|
|
$
|
(1,730)
|
|
|
$
|
(32,002)
|
|
|
$
|
(3,454)
|
|
|
$
|
(33,682)
|
|
Interest expense,
net
|
|
712
|
|
|
797
|
|
|
1,461
|
|
|
1,614
|
|
Income tax
expense
|
|
2,145
|
|
|
25,663
|
|
|
4,755
|
|
|
24,722
|
|
Depreciation and
amortization
|
|
4,522
|
|
|
4,940
|
|
|
9,161
|
|
|
9,625
|
|
EBITDA
|
|
$
|
5,649
|
|
|
$
|
(602)
|
|
|
$
|
11,923
|
|
|
$
|
2,279
|
|
Reconciliation of
Loss Per Share Impact of Deferred Tax Valuation
Allowance
|
|
|
|
Three Months Ended
March 31,
|
|
Six Months Ended
March 31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
(In
thousands)
|
Loss available for
distribution
|
|
$
|
(3,025)
|
|
|
$
|
(32,002)
|
|
|
$
|
(6,072)
|
|
|
$
|
(33,682)
|
|
Income tax expense
related to increase in deferred tax asset valuation
allowance
|
|
1,874
|
|
|
27,949
|
|
|
4,013
|
|
|
27,949
|
|
Loss available for
distribution, adjusted for deferred tax asset valuation
allowance
|
|
$
|
(1,151)
|
|
|
$
|
(4,053)
|
|
|
$
|
(2,059)
|
|
|
$
|
(5,733)
|
|
|
|
|
|
|
|
|
|
|
Diluted loss per
share, as reported
|
|
$
|
(0.12)
|
|
|
$
|
(1.32)
|
|
|
$
|
(0.25)
|
|
|
$
|
(1.39)
|
|
Diluted loss per
share, adjusted for deferred tax asset valuation
allowance
|
|
$
|
(0.05)
|
|
|
$
|
(0.17)
|
|
|
$
|
(0.08)
|
|
|
$
|
(0.24)
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average shares outstanding
|
|
24,666
|
|
|
24,270
|
|
|
24,645
|
|
|
24,252
|
|
UNIVERSAL
TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES
SELECTED
SUPPLEMENTAL INFORMATION
(UNAUDITED)
|
|
Selected
Supplemental Financial Information
|
|
|
|
Three Months Ended
March 31,
|
|
Six Months Ended
March 31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
(In
thousands)
|
Salaries
expense
|
|
$
|
34,928
|
|
|
$
|
39,997
|
|
|
$
|
70,724
|
|
|
$
|
79,178
|
|
Employee benefits and
tax
|
|
7,264
|
|
|
8,583
|
|
|
14,768
|
|
|
17,022
|
|
Bonus
expense
|
|
295
|
|
|
1,371
|
|
|
2,081
|
|
|
2,667
|
|
Stock-based
compensation
|
|
937
|
|
|
1,375
|
|
|
1,485
|
|
|
2,286
|
|
Total compensation
and related costs
|
|
$
|
43,424
|
|
|
$
|
51,326
|
|
|
$
|
89,058
|
|
|
$
|
101,153
|
|
|
|
|
|
|
|
|
|
|
Occupancy
expense
|
|
$
|
9,484
|
|
|
$
|
9,593
|
|
|
$
|
19,032
|
|
|
$
|
19,322
|
|
Depreciation and
amortization expense
|
|
$
|
4,522
|
|
|
$
|
4,940
|
|
|
$
|
9,161
|
|
|
$
|
9,625
|
|
Bad debt
expense
|
|
$
|
78
|
|
|
$
|
270
|
|
|
$
|
327
|
|
|
$
|
752
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/universal-technical-institute-reports-fiscal-year-2017-second-quarter-results-300451900.html
SOURCE Universal Technical
Institute, Inc.