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Press Release: Universal Technical Institute -3-

· 02/04/2021 16:05
authorized; 700 shares of Series A Convertible Preferred Stock issued and outstanding, liquidation preference of $100 per share -- -- Paid-in capital - common 141,372 141,002 Paid-in capital - preferred 68,853 68,853 Treasury stock, at cost, 82 shares (365) (365) Retained deficit (31,557) (32,971) Total shareholders' equity 178,306 176,522 Total liabilities and shareholders' equity $ 434,587 $ 441,981 UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended December 31, 2020 2019 Cash flows from operating activities: Net income $ 1,083 $4,684 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 3,282 3,013 Amortization of right-of-use assets for operating leases 4,445 5,920 Bad debt expense 389 283 Stock-based compensation 548 14 Training equipment credits earned, net 10 439 Other losses, net (139) (231) Changes in assets and liabilities: Receivables 8,108 4,065 Prepaid expenses (1,651) (409) Other assets (139) 23 Notes receivable (884) (555) Accounts payable and accrued expenses (8,416) (1,938) Deferred revenue 1,922 (695) Income tax receivable/payable 2,783 92 Accrued tool sets and other current liabilities (234) 32 Operating lease liability (5,301) (6,532) Other liabilities 1,977 (1,081) Net cash provided by operating activities 7,783 7,124 Cash flows from investing activities: Proceeds from maturities of held-to-maturity securities 9,965 -- Purchase of property and equipment (47,293) (1,811) Proceeds from disposal of property and equipment 6 23 Return of capital contribution from unconsolidated affiliate 73 69 Net cash used in investing activities (37,249) (1,719) Cash flows from financing activities: Payment of financing obligation and finance leases (32) -- Payment of payroll taxes on stock-based compensation through shares withheld (178) (497) Net cash used in financing activities (210) (497) Change in cash, cash equivalents and restricted cash (29,676) 4,908 Cash and cash equivalents, beginning of period 76,803 65,442 Restricted cash, beginning of period 12,116 15,113 Cash, cash equivalents and restricted cash, beginning of period 88,919 80,555 Cash and cash equivalents, end of period 44,212 70,533 Restricted cash, end of period 15,031 14,930 Cash, cash equivalents and restricted cash, end of period $ 59,243 $85,463 UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP FINANCIAL INFORMATION TO NON-GAAP FINANCIAL INFORMATION (In thousands) (Unaudited) Reconciliation of Net Income to EBITDA and Adjusted EBITDA Three Months Ended December 31, 2020 2019 Net income $ 1,083 $4,684 Interest income (54) (336) Interest expense 2 -- Income tax expense 26 84 Depreciation and amortization 3,282 3,342 EBITDA $ 4,339 $7,774 Severance expense due to CEO transition -- 1,531 Norwood, MA campus EBITDA -- 756 Adjusted EBITDA, non-GAAP $ 4,339 $10,061 Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow Three Months Ended December 31, 2020 2019 Net cash provided by operating activities, as reported $ 7,783 $7,124 Purchase of property and equipment (47,293) (1,811) Purchase of Avondale, Arizona campus 45,240 -- Severance payment due to CEO transition 75 1,014 Cash outflow associated with Norwood, MA campus operating activities -- 677 Adjusted free cash flow, non-GAAP $ 5,805 $7,004 Reconciliation of Income from Operations to Adjusted Operating Income Three Months Ended December 31, 2020 2019 Income from operations, as reported $ 775 $4,254 Severance expense due to CEO transition -- 1,531 Norwood, MA campus operating loss -- 756 Adjusted operating income, non-GAAP $ 775 $6,541 UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES SELECTED SUPPLEMENTAL INFORMATION (In thousands) (Unaudited) Selected Supplemental Financial Information Three Months Ended December 31, 2020 2019 Salaries expense $ 31,790 $34,940 Employee benefits and tax 5,823 6,137 Bonus expense 3,903 4,189 Stock-based compensation 548 14 Total compensation and related costs $ 42,064 $45,280 Occupancy expense, net of subleases $ 8,538 $10,308 Advertising expense 9,030 9,453 Depreciation and amortization 3,274 3,336 Contract services expense 1,919 1,829

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SOURCE Universal Technical Institute, Inc.

/Web site: https://www.uti.edu/

(END) Dow Jones Newswires

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