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Press Release: Universal Technical Institute -2-

· 02/04/2021 16:05
(Tables Follow) UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended December 31, 2020 2019 Revenues $ 76,125 $87,234 Operating expenses: Educational services and facilities 39,331 42,876 Selling, general and administrative 36,019 40,104 Total operating expenses 75,350 82,980 Income from operations 775 4,254 Other income: Interest income 54 336 Interest expense (2) -- Equity in earnings of unconsolidated affiliate -- -- Other income, net 282 178 Total other income, net 334 514 Income before income taxes 1,109 4,768 Income tax expense (26) (84) Net income $ 1,083 $4,684 Preferred stock dividends 1,313 1,323 Net (loss) income available for distribution $ (230) $3,361 Earnings per share: Net (loss) income per share - basic $ (0.01) $0.07 Net (loss) income per share - diluted $ (0.01) $0.07 Weighted average number of shares outstanding: Basic 32,658 25,663 Diluted 32,658 26,038 UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value and per share amounts) (Unaudited) December 31, 2020 September 30, 2020 Assets Cash and cash equivalents $ 44,212 $ 76,803 Restricted cash 15,031 12,116 Held-to-maturity investments 27,878 38,055 Receivables, net 24,115 35,411 Notes receivable, current portion 5,446 5,184 Prepaid expenses 6,894 6,121 Other current assets 6,985 6,489 Total current assets 130,561 180,179 Property and equipment, net 116,637 72,743 Goodwill 8,222 8,222 Notes receivable, less current portion 29,875 27,609 Right-of-use assets for operating leases 140,296 144,663 Other assets 8,996 8,565 Total assets $ 434,587 $ 441,981 Liabilities and Shareholders' Equity Accounts payable and accrued expenses $ 43,221 $ 51,891 Dividends payable 1,313 -- Deferred revenue 42,616 40,694 Accrued tool sets 3,052 3,148 Operating lease liability, current portion 20,357 23,666 Other current liabilities 1,927 2,241 Total current liabilities 112,486 121,640 Deferred tax liabilities, net 674 674 Operating lease liability 132,175 134,089 Other liabilities 10,946 9,056 Total liabilities 256,281 265,459 Commitments and contingencies Shareholders' equity: Common stock, $0.0001 par value, 100,000 shares authorized, 32,767 and 32,730 shares issued 3 3 Preferred stock, $0.0001 par value, 10,000 shares

All statements contained in this press release and the related conference call, other than statements of historical fact, are "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended and the Private Securities Litigation Reform Act of 1995. These forward-looking statements which address UTI's expected future business and financial performance, may contain words such as "goal," "target," "future," "estimate," "expect," "anticipate," "intend," "plan," "believe," "seek," "project," "may," "should," "will," the negative form of these expressions or similar expressions. Examples of forward-looking statements include, among others, statements regarding (1) UTI's belief that it is taking steps to address costs, efficiencies and working capital management; (2) UTI's ability to maintain open campuses during the global pandemic and complete curriculum with in-person labs; (3) UTI's belief that it is taking steps to drive its next phase of organic and inorganic growth; (4) UTI's focus on offering a blended curriculum to provide students training for job skills that are in high demand; (5) UTI's commitment to delivering the next phase of profitable growth and generating positive returns for all stakeholders; (6) UTI's expectation for year-over-year annual growth; (7) UTI's expectation for normal seasonality; (8) UTI's focus on continuing to fuel long-term growth and investing in opening more welding programs that will drive incremental growth over the next two fiscal years; (9) substantial and growing interest in UTI and (10) UTI's expectations for new student start growth, average student population growth, revenue, operating expenses, operating income (loss), adjusted operating income (loss), net income, adjusted EBITDA, operating cash flow, adjusted free cash flow, and capital expenditures for fiscal 2021. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on UTI's current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of UTI's control. UTI's actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could affect UTI's actual results include, among other things, impacts related to the COVID-19 pandemic, 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 modified campuses or instruction, potential increased competition, changes in demand for the programs UTI offers, increased investment in management and capital resources, the effectiveness of UTI student recruiting, advertising and promotional efforts, changes to interest rates and unemployment, general economic and political conditions, the adoption of new accounting standards, and other risks that are described from time to time in UTI'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 SEC. Any forward-looking statements made by UTI in this press release and the related conference call are based only on information currently available to UTI and speak only as of the date on which it is made. UTI expressly disclaims any obligation to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, changes in expectations, any changes in events, conditions or circumstances, or otherwise.

Social Media Disclosure

Universal Technical Institute(UTI) uses its website (https://www.uti.edu/) and LinkedIn page (https://www.linkedin.com/school/universal-technical-institute/) as channels of distribution of information about its programs, its planned financial and other announcements, its attendance at upcoming investor and industry conferences, and other matters. Such information may be deemed material information, and UTI may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor the company's website and its social media accounts in addition to following the company's press releases, SEC filings, public conference calls, and webcasts.

About Universal Technical Institute, Inc.

With more than 220,000 graduates in its 55-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 Phoenix, Arizona.

For more information, visit www.uti.edu. Like UTI on www.facebook.com/UTI or follow UTI on Twitter @UTITweet, @MMITweet, and @NASCARTechUTI.

Company Contact:

Troy R. Anderson

Chief Financial Officer

Universal Technical Institute, Inc.

(623) 445-9365

Investor Relations Contact:

Robert Winters or Wyatt Turk

Alpha IR Group

(312) 445-2870


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February 04, 2021 16:05 ET (21:05 GMT)