Universal Technical Institute, Inc
(NYSE:UTI)

Universal Technical Institute, Inc. provides postsecondary education for students seeking careers as professional automotive, diesel, collision repair, motorcycle, and marine technicians in the United States. It offers certificate, diploma, or degree programs; and specialized technical education pro...

Website: http://www.uti.edu

Full Time Employees: 1,575

Sector: Consumer Defensive

Industry: Education & Training Services

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Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31

revenues	221,402,000	220,844,000	222,442,000	204,298,000	207,447,000	201,429,000	196,358,000	177,458,000	184,176,000	174,695,000	170,298,000	153,286,000	163,820,000	120,004,000	110,638,000	100,966,000	102,086,000	105,075,000	97,481,000	83,768,000	77,709,000	76,125,000	76,327,000	54,483,000	82,717,000	87,234,000	87,666,000	79,042,000	81,746,000	83,050,000	80,256,000	74,890,000	80,663,000	81,156,000	81,329,000	76,258,000	82,497,000	84,179,000	86,915,000	82,266,000	88,192,000	89,773,000	90,653,000	85,106,000	91,235,000	95,680,000	95,346,000	91,316,000	94,702,000	97,029,000	95,798,000	90,954,000	95,075,000	98,441,000	101,284,000	99,601,000	106,240,000	106,427,000				117,447,000	119,243,000	107,525,000
operating expenses:
educational services and facilities	117,429,000	110,448,000	112,258,000	105,604,000	102,488,000	100,141,000	99,355,000	95,277,000	97,488,000	92,409,000	93,155,000	88,377,000	86,930,000	61,408,000	56,907,000	53,216,000	49,209,000	47,901,000	44,769,000	42,238,000	40,480,000	39,331,000	37,671,000	32,476,000	42,909,000	42,876,000	43,924,000	42,836,000	45,822,000	45,735,000	47,954,000	44,737,000	45,817,000	44,081,000	44,919,000	44,120,000	44,834,000	47,154,000	47,929,000	47,044,000	49,770,000	49,652,000	50,753,000	47,690,000	48,143,000	47,830,000	49,609,000	48,682,000	50,652,000	51,111,000	50,252,000	49,140,000	50,456,000	49,692,000	54,204,000	52,621,000	53,458,000	51,691,000	53,951,000	57,990,000	57,692,000	53,836,000	58,345,000	53,712,000	51,593,000	48,927,000	49,543,000	47,307,000	48,898,000	47,742,000	47,254,000	46,378,000	46,822,000	46,186,000	50,059,000	46,137,000	45,854,000	44,195,000	45,377,000	44,779,000	42,971,000	40,102,000	39,669,000	37,047,000	34,958,000	33,353,000	33,522,000	29,376,000	28,230,000	25,602,000
selling, general and administrative	103,634,000	94,709,000	85,198,000	84,542,000	88,106,000	73,810,000	70,981,000	74,735,000	75,496,000	68,055,000	66,804,000	64,246,000	70,941,000	54,148,000	50,266,000	45,796,000	49,500,000	43,596,000	39,931,000	38,478,000	38,890,000	36,019,000	32,503,000	35,786,000	40,307,000	40,104,000	38,304,000	36,661,000	41,504,000	44,520,000	43,353,000	41,953,000	43,666,000	40,679,000	37,524,000	34,922,000	36,976,000	35,638,000	44,196,000	40,672,000	44,192,000	42,314,000	40,772,000	41,412,000	40,690,000	42,250,000	41,972,000	41,561,000	45,554,000	42,915,000	44,142,000	41,356,000	46,558,000	42,743,000	44,825,000	45,462,000	49,873,000	48,170,000	47,251,000	44,238,000	45,079,000	46,758,000	49,145,000	43,956,000	44,154,000	39,539,000	37,705,000	37,579,000	40,430,000	38,790,000	36,828,000	35,690,000	39,060,000	34,545,000	38,871,000	33,343,000	36,347,000	34,814,000	37,102,000	33,644,000	33,193,000	29,159,000	29,816,000	27,577,000	28,095,000	24,507,000	24,204,000	22,706,000	21,960,000	19,426,000
total operating expenses	221,063,000	205,157,000	197,456,000	190,146,000	190,594,000	173,951,000	170,336,000	170,012,000	172,984,000	160,464,000	159,959,000	152,623,000	157,871,000	115,556,000	107,173,000	99,012,000	98,709,000	91,497,000	84,700,000	80,716,000	79,370,000	75,350,000	70,174,000	68,262,000	83,216,000	82,980,000	82,228,000	79,497,000	87,326,000	90,255,000	91,307,000	86,690,000	89,483,000	84,760,000	82,443,000	79,042,000	81,810,000	82,792,000	92,125,000	87,716,000	93,962,000	91,966,000	103,882,000	89,102,000	88,833,000	90,080,000	91,581,000	90,243,000	96,206,000	94,026,000	94,394,000	90,496,000	97,014,000	92,435,000	99,029,000	98,083,000	103,331,000	99,861,000	101,202,000	102,228,000	102,771,000	100,594,000	107,490,000	97,668,000	95,747,000	88,466,000	87,248,000	84,886,000	89,328,000	86,532,000	84,082,000	82,068,000	85,882,000	80,731,000	88,930,000	79,480,000	82,201,000	79,009,000	82,479,000	78,423,000	76,164,000	69,261,000	46,384,250	64,624,000	63,053,000	57,860,000	57,726,000	52,082,000	50,190,000
income from operations	339,000	15,687,000	24,986,000	14,152,000	16,853,000	27,478,000	26,022,000	7,446,000	11,192,000	14,231,000	10,339,000	663,000	5,949,000	4,448,000	3,465,000	1,954,000	3,377,000	13,578,000	12,781,000	3,052,000	-1,661,000	775,000	6,153,000	-13,779,000	-499,000	4,254,000	5,438,000	-455,000	-5,580,000	-7,205,000	-11,051,000	-11,800,000	-8,820,000	-3,604,000	-1,114,000	-2,784,000	687,000	1,387,000	-5,210,000	-5,450,000	-5,770,000	-2,193,000	-13,229,000	-3,996,000	2,402,000	5,600,000	3,765,000	1,073,000	-1,504,000	3,003,000	1,404,000	458,000	-1,939,000	6,006,000	2,255,000	1,518,000	2,909,000	6,566,000	10,156,000	6,706,000	11,390,000	16,853,000	11,753,000	9,857,000	9,884,000	15,056,000	12,289,000	2,966,000	-203,000	3,589,000	547,000	-1,429,000	2,275,000	9,304,000	-1,921,000	5,696,000	9,450,000	10,525,000	6,255,000	5,711,000	12,522,000	16,251,000	14,423,000	11,450,000	14,429,000	15,476,000	11,749,000	10,865,000	13,494,000	14,015,000
yoy	-97.99%	-42.91%	-3.98%	90.06%	50.58%	93.09%	151.69%	1023.08%	88.13%	219.94%	198.38%	-66.07%	76.16%	-67.24%	-72.89%	-35.98%	-303.31%	1652.00%	107.72%	-122.15%	232.87%	-81.78%	13.15%	2928.35%	-91.06%	-159.04%	-149.21%	-96.14%	-36.73%	99.92%	892.01%	323.85%	-1383.84%	-359.84%	-78.62%	-48.92%	-111.91%	-163.25%	-60.62%	36.39%	-340.22%	-139.16%	-451.37%	-472.41%	-259.71%	86.48%	168.16%	134.28%	-22.43%	-50.00%	-37.74%	-69.83%	-166.66%	-8.53%	-77.80%	-77.36%	-74.46%	-61.04%	-13.59%	-31.97%	15.24%	11.94%	-4.36%	232.33%	-4968.97%	319.50%	2146.62%	-307.56%	-108.92%	-61.43%	-128.47%	-125.09%	-75.93%	-11.60%	-130.71%	-0.26%	-24.53%	-35.23%	-56.63%	-50.12%	-13.22%	5.01%	22.76%	5.38%	6.93%	10.42%
qoq	-97.84%	-37.22%	76.55%	-16.03%	-38.67%	5.60%	249.48%	-33.47%	-21.35%	37.64%	1459.43%	-88.86%	33.75%	28.37%	77.33%	-42.14%	-75.13%	6.24%	318.77%	-283.74%	-314.32%	-87.40%	-144.65%	2661.32%	-111.73%	-21.77%	-1295.16%	-91.85%	-22.55%	-34.80%	-6.35%	33.79%	144.73%	223.52%	-59.99%	-505.24%	-50.47%	-126.62%	-4.40%	-5.55%	163.11%	-83.42%	231.06%	-266.36%	-57.11%	48.74%	250.89%	-171.34%	-150.08%	113.89%	206.55%	-123.62%	-132.28%	166.34%	48.55%	-47.82%	-55.70%	-35.35%	51.45%	-41.12%	-32.42%	43.39%	19.24%	-0.27%	-34.35%	22.52%	314.33%	-1561.08%	-105.66%	556.12%	-138.28%	-162.81%	-75.55%	-584.33%	-133.73%	-39.72%	-10.21%	68.27%	9.53%	-54.39%	-22.95%	12.67%	25.97%	-20.65%	-6.77%	31.72%	8.14%	-19.48%	-3.72%
other income:
interest income	1,060,000	1,546,000	1,340,000	1,445,000	1,629,000	1,759,000	1,472,000	1,440,000	1,427,000	1,975,000	1,601,000	1,632,000	1,805,000	823,000	419,000	68,000	8,000	12,000	10,000	11,000	8,000	54,000	251,000	218,000	347,000	336,000																					1,340,000	-494,000	-491,000	-132,000	54,000	61,000	72,000	47,000	93,000	63,000	58,000	92,000	59,000	56,000	55,000	88,000	57,000	80,000	74,000	48,000	65,000	43,000	59,000	79,000	5,943,000	-521,000	-866,000	-1,371,000	-874,000	-511,000	-606,000	-672,000	-610,250	-820,000	-860,000	-762,000	-550,000	-437,000	-332,000	-258,000	-42,750	-96,000	-50,000	-25,000
interest expense	-993,000	-971,000	-909,000	-1,394,000	-1,657,000	-1,673,000	-2,267,000	-2,149,000	-2,184,000	-2,871,000	-2,639,000	-2,957,000	-2,637,000	-1,423,000	-751,000	-552,000	-466,000	-233,000	-232,000	-130,000	-1,000	-2,000	-5,000	-2,000	-3,000		-458,000	-444,000	-416,000	-411,000	-351,250	-474,000	-500,000	-431,000	-505,000	-559,000	-712,000	-749,000	-1,023,000	-802,000	-797,000	-817,000	-876,000	-484,000	-481,000	-499,000																	-2,000	-3,000		-4,000	-11,000	-16,000	-9,000	-12,000	-68,000	10,000	9,000	10,000	10,000	11,000	11,000	11,000	-3,008,000	11,000	11,000	16,000	25,000	34,000	16,000	41,000	-164,000	185,000	195,000	815,000
other income	-23,000	-50,000	142,000	149,000	9,000	-35,000	143,000	20,000	119,000	214,000	-57,000	89,000	126,000	325,000	-102,000	-291,000	-163,000	118,000	10,000	153,000	73,000	282,000	148,000	316,000	-507,000	178,000	346,000	465,000	721,000	-65,000	443,000	307,000	354,000	-26,000	378,000	277,000	315,000	120,000	-504,000	77,000	124,000	254,000	-159,000	54,000	133,000	112,000	-9,000	193,000	104,000	275,000	194,000	97,000	245,000	119,000	173,000	6,000	213,000	153,000	-54,000	90,000	125,000	130,000	123,000	105,000	116,000	135,000	259,000	64,000	72,000	71,000	361,000	-183,000
total other income	44,000	525,000	573,000	200,000	-19,000	51,000									-434,000	-775,000	-621,000	-103,000	-212,000	34,000	80,000	334,000	394,000	532,000	-163,000	514,000	37,000	121,000	406,000	-379,000	-120,250	-71,000	-50,000	-360,000	-234,750	-166,000	-272,000		-417,750	-674,000	-569,000	-428,000				-269,000	-388,000	-166,000	-260,000	224,000	160,250	158,000	317,000	166,000	262,000	69,000	271,000	245,000	-1,000	146,000	180,000	218,000	178,000	182,000	190,000	179,000	313,000	91,000	122,000	138,000			-857,000	-1,361,000	-439,000	-500,000	-595,000	-661,000	-600,750	-809,000	-849,000	-746,000
income before income taxes	383,000	16,212,000	25,559,000	14,352,000	16,834,000	27,529,000	25,370,000	6,757,000	10,554,000	13,549,000	9,244,000	-573,000	5,243,000	4,173,000	3,031,000	1,179,000	2,756,000	13,475,000	12,569,000	3,086,000	-1,581,000	1,109,000	6,547,000	-13,247,000	-662,000	4,768,000	-3,273,000	-334,000	-5,174,000	-7,584,000	-6,176,250	-11,871,000	-8,870,000	-3,964,000	-412,250	-2,950,000	415,000	886,000	-6,442,000	-6,124,000	-6,339,000	-2,621,000	-13,915,000	-4,287,000	2,190,000	5,331,000	3,377,000	907,000	-1,764,000	3,227,000	1,291,500	616,000	-1,622,000	6,172,000	2,517,000	1,587,000	3,180,000	6,811,000	10,155,000	6,852,000	11,570,000	17,071,000	11,931,000	10,039,000	10,074,000	15,235,000	12,602,000	3,057,000	-81,000	3,727,000	959,000	-735,000	3,132,000	10,665,000	-1,057,000	6,196,000	10,045,000	11,186,000	9,222,000	6,520,000	13,371,000	16,997,000	14,948,000	11,853,000	14,745,000	15,693,000	9,149,250	10,776,000	13,349,000	12,473,000
income tax benefit	50,000						-6,530,000	-1,772,000			-2,541,000	64,000	-1,763,000	-1,525,000	-202,000	-336,000	4,598,000	1,347,000	-524,000	-86,000	34,000		-97,000	-21,000	10,804,000		63,250	31,000	89,000	133,000	-756,000	-158,000	-37,000	-2,829,000	1,430,500	967,000
net income	433,000	12,827,000	18,756,000	10,663,000	11,446,000	22,153,000	18,840,000	4,985,000	7,787,000	10,389,000	6,703,000	-509,000	3,480,000	2,648,000	2,829,000	843,000	7,354,000	14,822,000	12,045,000	3,000,000	-1,547,000	1,083,000	6,450,000	-13,268,000	10,142,000	4,684,000					-11,001,000	-11,713,000	-8,833,000	-1,135,000	-757,000	-3,917,000	-1,730,000	-1,724,000	-8,945,000	-5,069,000	-32,002,000	-1,680,000	-9,823,000	-2,975,000	555,000	3,094,000	1,512,000	370,000	-1,505,000	1,660,000	872,000	296,000	-920,000	3,562,000	1,608,000	1,013,000	1,868,000	4,040,000	5,951,000	4,036,000	6,995,000	10,256,000	7,216,000	6,286,000	6,046,000	9,280,000	7,586,000	1,923,000	-80,000	2,304,000	551,000	-724,000	1,906,000	6,483,000	-1,321,000	3,856,000	6,119,000	6,910,000	4,306,000	4,498,000	8,317,000		9,231,000	7,605,000	9,155,000	9,828,000	6,676,000	6,636,000	8,056,000	7,453,000
yoy	-96.22%	-42.10%	-0.45%	113.90%	46.99%	113.24%	181.07%	-1079.37%	123.76%	292.33%	136.94%	-160.38%	-52.68%	-82.13%	-76.51%	-71.90%	-575.37%	1268.61%	86.74%	-122.61%	-115.25%	-76.88%									1353.24%	199.03%	410.58%	-34.16%	-91.54%	-22.73%	-94.59%	2.62%	-8.94%	70.39%	-5866.13%	-154.30%	-749.67%	-904.05%	-136.88%	86.39%	73.39%	25.00%	63.59%	-53.40%	-45.77%	-70.78%	-149.25%	-11.83%	-72.98%	-74.90%	-73.30%	-60.61%	-17.53%	-35.79%	15.70%	10.52%	-4.88%	226.89%	-7657.50%	302.78%	1276.77%	-365.61%	-104.20%	-64.46%	-141.71%	-118.78%	-68.85%	-6.18%	-130.68%	-14.27%	-26.43%		-53.35%	-40.85%	-9.15%		38.27%	14.60%	13.64%	31.87%
qoq	-96.62%	-31.61%	75.90%	-6.84%	-48.33%	17.58%	277.93%	-35.98%	-25.05%	54.99%	-1416.90%	-114.63%	31.42%	-6.40%	235.59%	-88.54%	-50.38%	23.06%	301.50%	-293.92%	-242.84%	-83.21%	-148.61%	-230.82%	116.52%						-6.08%	32.61%	678.24%	49.93%	-80.67%	126.42%	0.35%	-80.73%	76.46%	-84.16%	1804.88%	-82.90%	230.18%	-636.04%	-82.06%	104.63%	308.65%	-124.58%	-190.66%	90.37%	194.59%	-132.17%	-125.83%	121.52%	58.74%	-45.77%	-53.76%	-32.11%	47.45%	-42.30%	-31.80%	42.13%	14.79%	3.97%	-34.85%	22.33%	294.49%	-2503.75%	-103.47%	318.15%	-176.10%	-137.99%	-70.60%	-590.76%	-134.26%	-36.98%	-11.45%	60.47%	-4.27%	-45.92%			21.38%	-16.93%	-6.85%	47.21%	0.60%	-17.63%	8.09%
earnings per share:
net income per share	0.01	0.24	0.34	0.2	0.21	0.41	0.37	0.09	0.14	0.18	0.1	-0.05	0.04	0.03	0.03	-0.01	0.11	0.25	0.21	0.03	-0.09	-0.01	0.13	-0.45	0.18	0.07	-0.17	-0.07	-0.26	-0.36	-0.255	-0.52	-0.4	-0.1	-0.115	-0.21	-0.12	-0.12	-0.42	-0.21	-1.32	-0.07	-0.41	-0.12	0.02	0.12	0.06	0.02	-0.06	0.07	0.03	0.01	-0.04		0.07	0.04	0.08		0.25	0.16	0.29	0.42	0.3	0.26	0.25	0.39	0.31	0.08			0.075	-0.03	0.08	0.24	0.158	0.14	0.23	0.26	0.205	0.16	0.3	0.37	0.33	0.27	0.33	0.35	0.225	0.24	0.29	0.43
weighted-average number of shares outstanding:
basic	55,033	54,570	54,301	54,412	54,383	53,987	49,429	53,805	53,757	36,434	33,985	34,067	33,999	33,805	33,218	33,257	32,992	32,849	32,766	32,821	32,762	32,658	29,812	32,607	28,379	25,663	25,438	25,498	25,412	25,321	25,115	25,186	25,057	25,008	24,712	24,748	24,666	24,625	24,313	24,345	24,270	24,234	24,391	24,138	24,463	24,827	24,640	24,618	24,661	24,645	24,515	24,420	24,396	24,761	24,711	24,694	24,692	24,693	24,427	24,462	24,366	24,282	24,041	24,146	23,957	23,827	24,246	23,626	24,529	25,090	25,574	25,059	25,349	26,788	26,775	26,780	26,763	26,744	27,799	27,949	28,074	27,984	27,899	27,934	27,894	27,797	24,659	27,713	27,707	15,439
diluted	55,730	55,744	55,615	55,635	55,442	55,406	50,851	54,951	54,770	37,439	34,479	34,067	34,553	34,408	33,743	33,257	33,436	33,572	33,123	33,036	32,762	32,658	30,113	32,607	49,665	47,059	25,438	25,498	25,412	25,321	25,115	25,186	25,057	25,008	24,712	24,748	24,666	24,625	24,313	24,345	24,270	24,234	24,391	24,138	24,551	24,926	24,920	24,918	24,661	24,839	24,704	24,580	24,396	24,814	24,937	24,835	24,845	24,802	24,740	24,765	24,668	24,585	24,511	24,730	24,497	24,176	24,627	23,953	24,529	25,462	25,807	25,059	25,593	27,423	27,424	27,393	27,257	27,092	28,255	28,321	28,561	28,468	28,536	28,545	28,566	28,479	27,585	28,569	28,452	25,042
income tax expense		-3,385,000	-6,803,000	-3,689,000	-5,388,000	-5,376,000			-2,767,000	-3,160,000												-26,000				84,000											2,145,000	2,610,000	2,503,000	-1,055,000	25,663,000	-941,000	-4,092,000	-1,312,000	1,635,000	2,237,000	1,865,000	537,000	-259,000	1,567,000	780,000	320,000	-702,000	2,610,000	909,000	574,000	1,312,000	2,771,000	4,204,000	2,816,000	4,575,000	6,815,000	4,715,000	3,753,000	4,028,000	5,955,000	5,016,000	1,134,000	-1,000	1,423,000	408,000	-11,000	1,226,000	4,182,000	264,000	2,340,000	3,926,000	4,276,000	2,516,000	2,022,000	5,054,000	6,732,000	5,717,000	4,248,000	5,590,000	5,865,000	4,684,000	4,140,000	5,293,000	5,020,000
preferred stock dividends										-1,097,000	-1,278,000	-1,263,000	-1,251,000	-1,277,000	-9,072,000	1,296,000	1,294,000	1,323,000	1,312,000	1,313,000	1,312,000	1,313,000	1,323,000	1,309,000	1,309,000	1,323,000	1,323,000	1,309,000	1,295,000	1,323,000	1,323,000	1,309,000	1,295,000	1,323,000	1,323,000	1,309,000	1,295,000	1,323,000	1,323,000	101,000																																															-1,552,000			776,000
income available for distribution			18,756,000	10,663,000	11,446,000	22,153,000	18,840,000	4,985,000	7,787,000	9,292,000	5,425,000	-1,772,000	2,229,000	1,371,000											8,833,000	3,361,000													-10,268,000	-5,170,000
income allocated to participating securities										-2,855,000	-2,028,000		-833,000	-514,000
net income available to common shareholders			18,756,000	10,663,000	11,446,000	22,153,000	18,840,000	4,985,000	7,787,000	6,437,000	3,397,000	-1,772,000	1,396,000	857,000																																																																				10,265,000	9,231,000	7,605,000	9,155,000	9,828,000	6,676,000	6,636,000	8,056,000	6,677,000
earnings per share
weighted-average number of shares outstanding
basic	55,033	54,570	54,301	54,412	54,383	53,987	49,429	53,805	53,757	36,434	33,985	34,067	33,999	33,805	33,218	33,257	32,992	32,849	32,766	32,821	32,762	32,658	29,812	32,607	28,379	25,663	25,438	25,498	25,412	25,321	25,115	25,186	25,057	25,008	24,712	24,748	24,666	24,625	24,313	24,345	24,270	24,234	24,391	24,138	24,463	24,827	24,640	24,618	24,661	24,645	24,515	24,420	24,396	24,761	24,711	24,694	24,692	24,693	24,427	24,462	24,366	24,282	24,041	24,146	23,957	23,827	24,246	23,626	24,529	25,090	25,574	25,059	25,349	26,788	26,775	26,780	26,763	26,744	27,799	27,949	28,074	27,984	27,899	27,934	27,894	27,797	24,659	27,713	27,707	15,439
diluted	55,730	55,744	55,615	55,635	55,442	55,406	50,851	54,951	54,770	37,439	34,479	34,067	34,553	34,408	33,743	33,257	33,436	33,572	33,123	33,036	32,762	32,658	30,113	32,607	49,665	47,059	25,438	25,498	25,412	25,321	25,115	25,186	25,057	25,008	24,712	24,748	24,666	24,625	24,313	24,345	24,270	24,234	24,391	24,138	24,551	24,926	24,920	24,918	24,661	24,839	24,704	24,580	24,396	24,814	24,937	24,835	24,845	24,802	24,740	24,765	24,668	24,585	24,511	24,730	24,497	24,176	24,627	23,953	24,529	25,462	25,807	25,059	25,593	27,423	27,424	27,393	27,257	27,092	28,255	28,321	28,561	28,468	28,536	28,545	28,566	28,479	27,585	28,569	28,452	25,042
total other expense							-502,250	-689,000	-638,000	-682,000	-554,250	-1,236,000	-706,000	-275,000																								-501,000					-193,000	-291,000	-212,000																										-728,000	-694,000											-234,000	-403,000	-316,000	-217,000	444,000	89,000	145,000
net income available for distribution															4,776,500	-453,000	6,060,000	13,499,000	-350,500	1,687,000	-2,859,000	-230,000
equity in earnings of unconsolidated affiliate																											101,000	100,000	101,000	97,000	96,000	96,000	96,000	97,000								135,000	134,000	139,000	136,000	118,000	128,000	135,000	127,000	81,000
loss available for distribution																							-595,750	-14,577,000			4,154,000	-1,674,000	-6,558,000	-9,040,000	-6,402,000	-13,022,000	-10,128,000	-2,458,000	-2,824,500	-5,226,000	-3,025,000	-3,047,000
income per share:
net income and comprehensive loss																											-3,336,250	-365,000	-5,263,000	-7,717,000
loss per share:
equity in earnings of unconsolidated affiliates																																			92,250	116,000	125,000	128,000	72,500	51,000	104,000
cash dividends declared per common share																																									0.02	0.02	0.02	0.1	0.1	0.1	0.1	0.1	0.1		0.1	0.1	0.1		0.1	0.1
other comprehensive income
equity interest in investee's unrealized gains on hedging derivatives, net of taxes																																										-1,000	1,000	2,000	6,000	11,000
comprehensive income																																									-32,002,000	-1,681,000	-9,822,000	-2,973,000	561,000	3,105,000
cash dividend declared per common share																																																		0.1				0.1			0.1
basic net income per share																																																						0.14				0.16												0.09
diluted net income per share																																																						0.14				0.16												0.09
weighted-average number of common shares outstanding:
basic	55,033	54,570	54,301	54,412	54,383	53,987	49,429	53,805	53,757	36,434	33,985	34,067	33,999	33,805	33,218	33,257	32,992	32,849	32,766	32,821	32,762	32,658	29,812	32,607	28,379	25,663	25,438	25,498	25,412	25,321	25,115	25,186	25,057	25,008	24,712	24,748	24,666	24,625	24,313	24,345	24,270	24,234	24,391	24,138	24,463	24,827	24,640	24,618	24,661	24,645	24,515	24,420	24,396	24,761	24,711	24,694	24,692	24,693	24,427	24,462	24,366	24,282	24,041	24,146	23,957	23,827	24,246	23,626	24,529	25,090	25,574	25,059	25,349	26,788	26,775	26,780	26,763	26,744	27,799	27,949	28,074	27,984	27,899	27,934	27,894	27,797	24,659	27,713	27,707	15,439
diluted	55,730	55,744	55,615	55,635	55,442	55,406	50,851	54,951	54,770	37,439	34,479	34,067	34,553	34,408	33,743	33,257	33,436	33,572	33,123	33,036	32,762	32,658	30,113	32,607	49,665	47,059	25,438	25,498	25,412	25,321	25,115	25,186	25,057	25,008	24,712	24,748	24,666	24,625	24,313	24,345	24,270	24,234	24,391	24,138	24,551	24,926	24,920	24,918	24,661	24,839	24,704	24,580	24,396	24,814	24,937	24,835	24,845	24,802	24,740	24,765	24,668	24,585	24,511	24,730	24,497	24,176	24,627	23,953	24,529	25,462	25,807	25,059	25,593	27,423	27,424	27,393	27,257	27,092	28,255	28,321	28,561	28,468	28,536	28,545	28,566	28,479	27,585	28,569	28,452	25,042
net revenues																																																											85,135,500	108,934,000	114,161,000				105,631,000	103,522,000	99,537,000	87,852,000	89,125,000	90,121,000	84,629,000	80,639,000	88,157,000	90,035,000	87,009,000	85,176,000	91,651,000	89,534,000	88,734,000	84,134,000	88,686,000	85,512,000	83,908,000	76,074,000	77,482,000	73,336,000	69,475,000	62,947,000	63,684,000	59,043,000
special cash dividend declared per common share																																																															0.375	1.5
other expense:
other expense																																																																																							382,000			752,000
interest expense related parties

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2002-09-30

assets
cash and cash equivalents	87,233,000	93,567,000	127,361,000	70,672,000	95,998,000	171,999,000	161,900,000	115,505,000	116,099,000	143,590,000	151,547,000	110,511,000	120,579,000	162,229,000	66,452,000	70,713,000	61,498,000	99,513,000	133,721,000	102,856,000	58,965,000	44,212,000	76,803,000	59,956,000	76,606,000	70,533,000	65,442,000	42,689,000	52,925,000	58,649,000	58,104,000	55,968,000	82,245,000	86,450,000	50,138,000	35,077,000	88,984,000	102,859,000	119,045,000	103,245,000	40,433,000	32,443,000	29,438,000	10,895,000	16,367,000	33,044,000	38,985,000	25,129,000	34,343,000	36,934,000	35,657,000	23,916,000	28,536,000	30,197,000	45,665,000	58,524,000	58,281,000	51,067,000	53,670,000	37,141,000	52,676,000	58,461,000	48,974,000	59,034,000	49,354,000	61,838,000	56,199,000	50,149,000	69,453,000	87,531,000	80,878,000	71,991,000	75,037,000	75,594,000	75,594,000	29,933,000	40,406,000	41,431,000	41,431,000	54,883,000	76,330,000	52,045,000	52,045,000	47,264,000	46,836,000	42,602,000	42,602,000	40,751,000	33,987,000	8,925,000	8,925,000
restricted cash	6,374,000	3,900,000	6,769,000	2,727,000	4,515,000	5,755,000	5,572,000	3,611,000	4,446,000	5,233,000	5,377,000	3,572,000	4,013,000	4,542,000	3,544,000	2,627,000	11,481,000	11,544,000	12,256,000	11,924,000	12,817,000	15,031,000	12,116,000	19,205,000	14,235,000	14,930,000	15,113,000	13,534,000	14,019,000	14,782,000	14,055,000	13,419,000	13,081,000	14,143,000	14,822,000	13,598,000	14,702,000	15,066,000	5,956,000	3,260,000	2,415,000	4,796,000	5,824,000	4,548,000	8,199,000	6,617,000	6,544,000	2,737,000	4,811,000	5,902,000	5,748,000	1,156,000	2,107,000																	2,000,000	2,000,000										200,000	200,000	200,000	200,000	200,000	10,395,000	10,395,000
short-term investments	74,750,000	69,244,000
receivables	44,619,000	44,986,000	46,078,000	37,206,000	31,240,000	27,933,000	31,096,000	30,024,000	24,294,000	22,722,000	25,161,000	25,156,000	25,435,000	22,252,000	16,450,000	26,592,000	15,465,000	14,796,000	17,151,000	25,611,000	19,809,000	24,115,000	35,411,000	40,358,000	23,771,000	12,456,000	17,937,000	12,032,000	10,965,000	10,417,000	21,106,000	14,833,000	12,284,000	8,969,000	15,197,000	10,091,000	9,972,000	10,223,000	15,253,000	15,027,000	16,100,000	22,991,000	22,409,000	12,563,000	9,864,000	18,609,000	12,118,000	7,750,000	10,470,000	10,078,000	11,406,000	10,584,000	12,040,000	10,900,000	14,910,000	13,370,000	11,265,000	10,644,000	11,205,000	16,620,000	29,849,000	13,813,000	19,253,000	19,143,000	12,485,000	14,070,000	14,892,000	13,207,000	16,482,000	15,654,000	20,222,000	18,418,000	17,137,000	14,504,000	14,504,000	13,610,000	11,382,000	16,702,000	16,702,000	12,709,000	15,990,000	21,244,000	21,244,000	14,150,000	19,330,000	20,124,000	20,124,000	13,909,000	14,034,000	19,856,000	19,856,000
notes receivable, current portion	6,735,000	6,698,000	6,597,000	6,504,000	6,334,000	6,224,000	6,200,000	6,194,000	6,163,000	6,001,000	5,991,000	5,964,000	5,954,000	5,727,000	5,641,000	5,506,000	5,519,000	5,522,000	5,538,000	5,441,000	5,307,000	5,446,000	5,184,000	5,220,000	5,105,000	5,183,000	5,227,000	5,150,000	5,181,000	5,250,000	5,183,000	5,198,000	5,098,000	5,074,000
prepaid expenses	18,506,000	23,835,000	12,526,000	13,947,000	14,058,000	12,851,000	11,945,000	13,650,000	12,200,000	12,117,000	9,412,000	11,153,000	9,883,000	11,422,000	6,139,000	7,093,000	8,048,000	7,584,000	6,658,000	7,409,000	8,262,000	6,894,000	6,121,000	6,955,000	7,126,000	6,583,000	7,054,000	8,997,000	10,778,000	11,395,000	10,320,000
other current assets	5,568,000	6,427,000	5,517,000	6,962,000	6,616,000	6,111,000	5,238,000	7,581,000	7,032,000	7,779,000	7,497,000	8,123,000	8,742,000	8,871,000	8,809,000	9,408,000	7,461,000	8,325,000	8,068,000	8,395,000	6,431,000	6,985,000	6,489,000	6,928,000	6,906,000	6,916,000	7,331,000	7,402,000	7,265,000	7,821,000	8,027,000
total current assets	243,785,000	248,657,000	246,632,000	185,180,000	198,452,000	230,873,000	221,951,000	176,565,000	170,234,000	197,442,000	204,985,000	164,479,000	174,606,000	215,043,000	135,953,000	121,939,000	109,472,000	147,284,000	183,392,000	161,886,000	131,093,000	130,561,000	180,179,000	170,200,000	175,259,000	116,601,000	118,104,000	89,804,000	101,133,000	108,314,000	116,795,000	108,497,000	133,908,000	141,287,000	146,826,000	127,572,000	142,989,000	149,595,000	161,949,000	145,674,000	87,725,000	103,355,000	108,057,000	94,240,000	104,680,000	130,606,000	127,532,000	107,347,000	127,816,000	131,367,000	133,347,000	105,692,000	113,582,000	115,428,000	134,984,000	125,061,000	132,898,000	134,686,000	133,473,000	111,367,000	134,355,000	114,764,000	115,431,000	130,292,000	121,677,000	123,892,000	114,165,000	88,764,000	101,850,000	120,546,000	117,619,000	102,960,000	106,380,000	103,134,000	103,134,000	55,533,000	64,517,000	70,269,000	70,269,000	84,354,000	110,551,000	103,698,000		85,423,000	88,566,000	77,128,000	77,128,000	59,955,000	53,289,000
property and equipment	324,812,000	300,864,000	285,852,000	267,717,000	263,716,000	262,261,000	264,797,000	263,252,000	263,538,000	263,922,000	266,346,000	266,238,000	262,544,000	240,836,000	214,292,000	207,036,000	193,084,000	133,061,000	122,051,000	117,490,000	114,921,000	116,637,000	72,743,000	72,592,000	74,024,000	73,815,000	104,126,000	106,490,000	110,115,000	113,014,000	114,848,000	113,732,000	109,163,000	105,794,000	106,664,000	108,452,000	109,877,000	111,533,000	114,033,000	117,207,000	119,746,000	121,109,000	124,144,000	116,509,000	113,376,000	103,656,000	106,927,000	107,095,000	105,049,000	107,182,000	103,070,000	101,325,000	92,133,000	92,459,000	91,939,000	89,812,000	92,220,000	95,091,000	100,377,000	103,472,000	106,186,000	99,687,000	99,040,000	94,547,000	85,018,000	81,373,000	81,168,000	70,391,000	68,812,000	67,588,000	68,258,000	68,252,000	69,522,000	104,595,000	104,595,000	135,292,000	129,627,000	117,298,000	117,298,000	107,627,000	88,822,000	74,417,000	74,417,000	64,335,000	54,562,000	36,925,000	36,925,000	33,780,000	31,798,000	27,446,000	27,446,000
goodwill	28,459,000	28,459,000	28,459,000	28,459,000	28,459,000	28,459,000	28,459,000	28,459,000	28,459,000	28,459,000	28,459,000	28,459,000	28,459,000	26,992,000	16,859,000	16,859,000	16,859,000	18,026,000	8,222,000	8,222,000	8,222,000	8,222,000	8,222,000	8,222,000	8,222,000	8,222,000	8,222,000	8,222,000	8,222,000	8,222,000	8,222,000	8,222,000	9,005,000	9,005,000	9,005,000	9,005,000	9,005,000	9,005,000	9,005,000	9,005,000	9,005,000	8,222,000	8,222,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000	20,579,000
intangible assets	21,407,000	21,024,000	17,352,000	17,567,000	17,782,000	18,007,000	18,229,000	18,453,000	18,627,000	18,801,000	18,975,000	19,148,000	19,322,000	18,895,000	14,215,000	16,244,000	16,273,000	16,302,000
notes receivable, less current portion	45,205,000	44,668,000	41,109,000	40,014,000	39,972,000	39,558,000	36,267,000	35,164,000	34,909,000	33,393,000	30,672,000	29,930,000	30,497,000	30,767,000	30,231,000	29,662,000	30,764,000	32,116,000	30,586,000	29,952,000	28,996,000	29,875,000	27,609,000	28,744,000	29,322,000	30,451,000	29,852,000	29,597,000	30,453,000	31,505,000	31,194,000	32,432,000	33,702,000	35,178,000
right-of-use assets for operating leases	168,880,000	173,080,000	178,861,000	175,382,000	152,118,000	155,666,000	158,778,000	164,170,000	169,626,000	174,973,000	176,657,000	182,111,000	182,958,000	199,947,000	132,038,000	139,881,000	141,736,000	177,380,000	159,075,000	147,596,000	147,651,000	140,296,000	144,663,000	133,539,000	136,784,000
deferred tax assets	2,744,000	1,960,000	4,283,000	2,953,000	4,091,000	4,415,000	3,563,000				3,768,000				3,365,000																											4,811,000	4,539,000	4,436,000	4,485,000	5,765,000	7,470,000	5,984,000	5,564,000	5,908,000	7,452,000	5,936,000	5,751,000	6,424,000	7,977,000	6,680,000	6,222,000	6,293,000	7,837,000	6,348,000	6,777,000	7,441,000	8,840,000	8,153,000	6,584,000	6,044,000	7,452,000	7,156,000	6,424,000	5,995,000	5,951,000	5,781,000	6,007,000	5,656,000	5,656,000	4,979,000	5,060,000	4,719,000	4,719,000	7,984,000	8,591,000
other assets	16,893,000	15,249,000	23,591,000	23,487,000	15,853,000	14,517,000	12,531,000	13,401,000	12,139,000	10,568,000	10,823,000	11,140,000	8,984,000	9,496,000	5,958,000	5,027,000	5,258,000	9,369,000	9,244,000	9,864,000	9,462,000	8,996,000	8,565,000	8,286,000	9,516,000	10,103,000	10,222,000	9,978,000	10,414,000	10,108,000	11,219,000	11,109,000	11,409,000	11,634,000	11,607,000	11,492,000	12,058,000	12,040,000	12,172,000	13,147,000	13,339,000	11,904,000	11,912,000	12,127,000	10,533,000	10,428,000	9,851,000	9,984,000	9,836,000	9,839,000	9,444,000	9,158,000	8,932,000	11,065,000	10,547,000	6,232,000	6,035,000	5,660,000	5,328,000	5,241,000	4,636,000	4,398,000	3,853,000	3,561,000	3,528,000	3,571,000	3,633,000	4,703,000	4,812,000	2,881,000	2,919,000	3,761,000	3,821,000	4,514,000	4,514,000	3,710,000	3,865,000	4,015,000	4,015,000	1,844,000	1,717,000	1,914,000	1,914,000	1,750,000	1,645,000	1,613,000	1,613,000	2,064,000	1,949,000	2,955,000	2,955,000
total assets	852,185,000	833,961,000	826,139,000	740,759,000	720,443,000	753,756,000	744,575,000	706,041,000	702,088,000	732,413,000	740,685,000	706,736,000	712,715,000	748,073,000	552,911,000	540,282,000	517,353,000	533,538,000	512,570,000	475,010,000	440,345,000	434,587,000	441,981,000	421,583,000	433,127,000	382,061,000	270,526,000	244,091,000	260,337,000	271,163,000	282,278,000	273,992,000	297,187,000	302,898,000	274,102,000	256,772,000	274,653,000	282,173,000	297,159,000	285,033,000	229,862,000	265,199,000	274,302,000	263,230,000	271,868,000	286,201,000	288,069,000	274,670,000	285,212,000	284,875,000	279,463,000	259,671,000	257,095,000	251,141,000	268,158,000	257,655,000	267,500,000	264,111,000	265,587,000	249,613,000	270,297,000	242,779,000	242,499,000	255,701,000	237,855,000	234,068,000	223,351,000	192,618,000	196,053,000	211,594,000	209,375,000	195,552,000	200,302,000	232,822,000	232,822,000	215,114,000	218,588,000	212,161,000	212,161,000	214,404,000	221,669,000	200,608,000	200,608,000	172,098,000	165,436,000	136,316,000	136,316,000	116,759,000	108,031,000	84,099,000	84,099,000
liabilities and shareholders’ equity
accounts payable and accrued expenses	106,359,000	93,225,000	104,644,000	91,278,000	79,757,000	81,655,000	83,866,000	79,846,000	70,079,000	68,498,000	69,941,000	64,898,000	62,435,000	62,855,000	63,504,000	57,131,000	55,147,000	47,903,000	54,397,000	50,659,000	49,088,000	43,221,000	51,891,000	56,630,000	49,121,000	43,039,000	45,878,000	37,350,000	43,591,000	40,516,000	46,617,000	38,710,000	44,300,000	32,928,000	37,481,000	31,336,000	34,719,000	30,072,000	42,545,000	37,405,000	34,726,000	35,659,000	42,620,000	42,384,000	37,335,000	37,777,000	38,827,000	36,151,000	38,132,000	38,672,000	39,229,000	31,373,000	31,530,000	31,186,000	40,865,000	39,324,000	40,040,000	37,200,000	35,905,000	33,417,000	48,772,000	42,175,000	53,906,000	47,333,000	41,397,000	37,236,000	47,276,000	40,295,000	41,467,000	34,372,000	37,995,000	33,871,000	38,545,000	42,068,000	42,068,000	31,982,000	38,626,000	42,033,000	42,033,000	40,835,000	38,371,000	39,124,000	39,124,000	34,801,000	36,931,000	32,816,000	32,816,000	30,158,000	25,166,000	25,005,000	25,005,000
deferred revenue	74,033,000	88,580,000	91,525,000	67,043,000	74,943,000	88,375,000	92,538,000	65,977,000	67,599,000	81,474,000	85,738,000	57,484,000	64,814,000	75,328,000	54,223,000	42,682,000	42,010,000	50,810,000	57,648,000	41,993,000	40,954,000	42,616,000	40,694,000	32,913,000	36,754,000	42,191,000	42,886,000	27,672,000	36,482,000	41,374,000	38,236,000	25,847,000	35,590,000	41,880,000	41,338,000	25,040,000	35,347,000	42,208,000	44,491,000	27,335,000	39,430,000	46,303,000	44,693,000	30,330,000	40,680,000	49,210,000	46,365,000	38,579,000	50,482,000	47,091,000	46,890,000	38,114,000	46,725,000	43,249,000	52,564,000	44,494,000	55,036,000	54,092,000	61,394,000	57,309,000	68,569,000	57,790,000	63,276,000	53,901,000	50,484,000	54,654,000	48,175,000	36,628,000	41,387,000	45,605,000	44,695,000	37,002,000	37,734,000	49,389,000	49,389,000	42,644,000	45,034,000	49,479,000	49,479,000	39,470,000	41,200,000	42,840,000	42,840,000	36,911,000	35,644,000	34,523,000	34,523,000	26,516,000	29,890,000	25,692,000	25,692,000
operating lease liabilities, current portion	20,704,000	18,582,000		18,733,000	21,927,000	21,688,000
long-term debt, current portion	2,953,000	2,904,000	2,865,000	2,822,000	2,779,000	2,738,000	2,697,000	2,656,000	2,600,000	2,560,000	2,517,000	2,478,000	2,319,000	1,945,000	1,115,000				876,000
other current liabilities	3,883,000	14,574,000	13,670,000	5,149,000	5,694,000	7,900,000	3,652,000	3,007,000	3,323,000	6,882,000	4,023,000	3,522,000	3,741,000	3,601,000	2,745,000	2,083,000	2,262,000	2,468,000	2,430,000	2,009,000	1,901,000	1,927,000	2,241,000	1,634,000	1,341,000	1,798,000	3,940,000	3,242,000	3,727,000	4,036,000	3,893,000	3,428,000	3,418,000	3,285,000	3,210,000	4,099,000	4,003,000	3,649,000	3,673,000	3,231,000	3,008,000	2,966,000	3,148,000	2,504,000	2,362,000	2,710,000	2,515,000	2,470,000	2,333,000	2,245,000	2,192,000	2,013,000	1,848,000	1,472,000	1,003,000	880,000	768,000	635,000	642,000	77,000	67,000	76,000	66,000	21,000	39,000	29,000	25,000	80,000	54,000	40,000	44,000	89,000	175,000	416,000	416,000	748,000	612,000	747,000	747,000	757,000	2,210,000	2,370,000	4,510,000	2,009,000	1,168,000	288,000	288,000	366,000	1,855,000	2,979,000	2,979,000
total current liabilities	207,932,000	217,865,000	229,671,000	185,025,000	185,100,000	202,356,000	204,963,000	173,761,000	166,442,000	181,935,000	184,700,000	150,935,000	154,542,000	169,212,000	137,722,000	120,933,000	118,352,000	123,197,000	132,718,000	120,345,000	114,759,000	112,486,000	121,640,000	120,807,000	115,611,000	116,974,000	96,844,000	73,986,000	88,153,000	91,325,000	92,462,000	73,264,000	87,292,000	83,705,000	86,389,000	66,605,000	78,475,000	83,155,000	94,560,000	72,348,000	81,359,000	89,264,000	96,494,000	87,090,000	91,007,000	97,667,000	102,335,000	87,680,000	95,430,000	92,437,000	92,361,000	75,849,000	84,327,000	80,288,000	99,440,000	91,244,000	100,789,000	98,446,000	104,696,000	95,867,000	122,488,000	109,687,000	122,314,000	142,680,000	96,709,000	102,665,000	101,546,000	81,259,000	86,925,000	86,406,000	86,604,000	74,582,000	80,687,000	95,882,000	95,882,000	79,280,000	88,297,000	96,278,000	96,278,000	84,698,000	85,537,000	89,881,000		77,090,000	77,020,000	70,516,000	70,516,000	60,524,000	60,383,000
deferred tax liabilities	4,144,000	4,135,000	4,144,000	4,696,000	4,696,000	4,696,000	4,696,000	663,000	663,000	663,000	663,000							1,959,000	674,000	674,000	674,000	674,000	674,000	674,000	674,000	329,000	329,000	329,000	329,000	329,000	329,000	329,000	329,000	329,000	3,141,000	3,141,000	3,141,000	3,141,000	3,141,000	3,141,000	3,141,000																	1,141,000	2,443,000	2,233,000	2,607,000	1,041,000	933,000	1,638,000	871,000	1,304,000	3,086,000	1,419,000	1,066,000	1,491,000	2,908,000	3,024,000	2,291,000	2,025,000	2,025,000	1,538,000	1,584,000	2,900,000	2,900,000	6,726,000	6,977,000
operating lease liabilities	164,780,000	169,567,000		168,508,000	140,586,000	144,409,000
long-term debt	127,781,000	98,515,000	84,234,000	70,942,000	91,642,000	117,327,000	123,007,000	134,671,000	139,317,000	158,962,000	159,600,000	160,225,000	160,825,000	161,029,000	66,423,000	66,832,000	46,045,000	29,636,000	29,850,000	30,065,000
other liabilities	7,643,000	7,970,000	5,142,000	4,801,000	4,506,000	4,992,000	4,847,000	4,296,000	4,605,000	4,543,000	4,729,000	4,562,000	4,777,000	4,816,000	4,067,000	4,049,000	4,586,000	4,814,000	7,570,000	7,730,000	8,318,000	10,946,000	9,056,000	7,176,000	6,913,000	7,672,000	9,578,000	9,555,000	9,395,000	9,435,000	10,124,000	9,815,000	10,096,000	9,923,000	9,874,000	10,021,000	10,423,000	10,375,000	10,716,000	11,031,000	10,738,000	9,502,000	9,458,000	9,538,000	9,085,000	9,539,000	9,741,000	9,953,000	10,104,000	9,704,000	8,768,000	7,607,000	8,119,000	7,530,000	9,687,000	6,071,000	6,039,000	5,040,000	4,534,000	5,996,000	5,501,000	5,649,000	5,239,000	5,415,000	5,491,000	6,291,000	6,428,000	6,725,000	6,975,000	6,418,000	6,322,000	11,530,000	11,066,000	10,410,000	10,410,000	10,034,000	10,299,000	10,081,000	10,081,000	8,291,000	8,969,000	7,372,000	7,372,000	7,132,000	8,019,000	7,644,000	7,644,000	9,303,000	7,956,000	5,484,000	5,484,000
total liabilities	512,280,000	498,052,000	498,029,000	433,972,000	426,530,000	473,780,000	484,344,000	466,658,000	469,475,000	510,228,000	514,718,000	486,608,000	491,848,000	530,787,000	337,514,000	328,638,000	306,618,000	330,931,000	324,040,000	297,813,000	263,887,000	256,281,000	265,459,000	250,601,000	248,071,000	255,788,000	156,238,000	133,364,000	148,103,000	152,982,000	155,633,000	135,383,000	145,699,000	142,015,000	148,326,000	129,457,000	142,659,000	148,030,000	160,545,000	139,351,000	148,763,000	152,980,000	160,827,000	139,839,000	143,863,000	151,521,000	154,877,000	141,051,000	149,528,000	146,536,000	140,693,000	119,283,000	115,677,000	107,770,000	122,073,000	110,290,000	119,779,000	116,789,000	123,472,000	114,603,000	140,701,000	122,487,000	134,107,000	155,245,000	108,629,000	115,849,000	116,653,000	95,003,000	100,440,000	99,741,000	101,188,000	89,136,000	94,044,000	108,317,000	108,317,000	90,852,000	100,180,000	109,259,000	109,259,000	102,787,000	101,483,000	104,875,000		86,636,000	87,975,000	81,291,000	81,291,000	69,907,000	68,426,000
commitments and contingencies
shareholders’ equity:
common stock, 0.0001 par value...	6,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000
paid-in capital	224,752,000	221,098,000																																							180,481,000	179,112,000	178,202,000	177,311,000	176,538,000	175,242,000	174,376,000	174,227,000	173,190,000	171,461,000	171,087,000	171,064,000	169,937,000	168,528,000	166,970,000	167,158,000	165,865,000	163,233,000	156,497,000	155,343,000	153,965,000	151,656,000	150,012,000	149,292,000	148,015,000	143,054,000	140,813,000	139,316,000	139,237,000	138,462,000	137,100,000	135,880,000	134,998,000	132,131,000	132,131,000	130,567,000	128,569,000	124,804,000	124,804,000	122,828,000	120,865,000	114,994,000	114,994,000	113,954,000	113,558,000	110,105,000	110,105,000	108,608,000	107,997,000
treasury stock	-365,000	-365,000	-365,000	-365,000	-365,000	-365,000	-365,000	-365,000	-365,000	-365,000	-365,000	-365,000	-365,000	-365,000	-365,000	-365,000	-365,000	-365,000	-365,000	-365,000	-365,000	-365,000	-365,000	-365,000	-365,000	-97,388,000	-97,388,000	-97,388,000	-97,388,000	-97,388,000	-97,388,000	-97,388,000	-97,388,000	-97,388,000	-97,388,000	-97,388,000	-97,388,000	-97,388,000	-97,388,000	-97,388,000	-97,388,000	-97,388,000	-97,388,000	-96,888,000	-96,888,000	-90,769,000	-90,769,000	-90,769,000	-89,756,000	-89,346,000	-89,346,000	-89,297,000	-89,288,000	-89,288,000	-83,924,000	-83,713,000	-83,713,000	-82,075,000	-76,506,000	-76,506,000	-76,506,000	-76,506,000	-76,506,000	-76,506,000	-76,506,000	-76,506,000	-76,506,000	-76,506,000	-76,506,000	-59,571,000	-59,571,000	-59,571,000	-59,571,000	-30,029,000	-30,029,000	-30,029,000	-30,029,000	-30,029,000	-30,029,000	-15,030,000
retained earnings	114,787,000	114,354,000	101,527,000	82,771,000	72,108,000	60,662,000	38,509,000	19,669,000	14,684,000	6,897,000	5,946,000	521,000	2,293,000	64,000																			-6,209,000	3,919,000					-17,454,000	-7,186,000	-2,016,000	30,473,000	32,638,000	42,946,000	48,335,000	50,193,000	49,582,000	50,158,000	52,247,000	56,221,000	57,026,000	58,618,000	60,766,000	64,128,000	63,036,000	63,917,000	65,566,000	66,161,000	62,121,000	56,170,000	52,134,000	45,139,000	34,883,000	27,667,000	57,714,000	51,668,000	42,388,000	34,802,000	32,879,000	32,959,000	30,655,000	30,104,000	30,828,000	22,400,000	22,400,000	23,721,000	19,865,000	8,124,000
accumulated other comprehensive income	725,000	817,000	912,000	1,014,000	1,265,000	1,651,000	1,106,000	1,924,000	1,930,000	1,577,000	2,463,000	2,062,000	1,549,000	2,087,000	2,213,000	1,089,000	755,000	-106,000	-279,000	-352,000																2,000	9,000	15,000	18,000	19,000	19,000	19,000	20,000	19,000	17,000	11,000
total shareholders’ equity	339,905,000	335,909,000	328,110,000	306,787,000	293,913,000	279,976,000	260,231,000	239,383,000	232,613,000	222,185,000	225,967,000	220,128,000	220,867,000	217,286,000	215,397,000	211,644,000	210,735,000	202,607,000	188,530,000	177,197,000	176,458,000	178,306,000	176,522,000	170,982,000	185,056,000	126,273,000	114,288,000	110,727,000	112,234,000	118,181,000	126,645,000	138,609,000	151,488,000	160,883,000	125,776,000	127,315,000	131,994,000	134,143,000	136,614,000	145,682,000	81,099,000	112,219,000	113,475,000	123,391,000	128,005,000	134,680,000	133,192,000	133,619,000	135,684,000	138,339,000	138,770,000	140,388,000	141,418,000	143,371,000	146,085,000	147,365,000	147,721,000	147,322,000	142,115,000	135,010,000	129,596,000	120,292,000	108,392,000	100,456,000	129,226,000	118,219,000	106,698,000	97,615,000	95,613,000	111,853,000	108,187,000	106,416,000	106,258,000	124,505,000	124,505,000	124,262,000	118,408,000	102,902,000	102,902,000	111,617,000	120,186,000	95,733,000		85,462,000	77,461,000	55,025,000	55,025,000	46,852,000	39,605,000
total liabilities and shareholders’ equity	852,185,000	833,961,000	826,139,000	740,759,000	720,443,000	753,756,000	744,575,000	706,041,000	702,088,000	732,413,000	740,685,000	706,736,000	712,715,000	748,073,000	552,911,000	540,282,000	517,353,000	533,538,000	512,570,000	475,010,000	440,345,000	434,587,000	441,981,000	421,583,000	433,127,000	382,061,000	270,526,000	244,091,000	260,337,000	271,163,000	282,278,000	273,992,000	297,187,000	302,898,000	274,102,000	256,772,000	274,653,000	282,173,000	297,159,000	285,033,000	229,862,000	265,199,000	274,302,000	263,230,000	271,868,000	286,201,000	288,069,000	274,670,000	285,212,000	284,875,000	279,463,000	259,671,000	257,095,000	251,141,000	268,158,000	257,655,000	267,500,000	264,111,000	265,587,000	249,613,000	270,297,000	242,779,000	242,499,000	255,701,000	237,855,000	234,068,000	223,351,000	192,618,000	196,053,000	211,594,000	209,375,000	195,552,000	200,302,000	232,822,000	232,822,000	215,114,000	218,588,000	212,161,000	212,161,000	214,404,000	221,669,000	200,608,000	200,608,000	172,098,000
held-to-maturity investments			41,784,000	47,162,000	39,691,000										28,918,000					250,000	19,502,000	27,878,000	38,055,000	31,578,000	41,510,000							243,000	701,000
operating lease liability, current portion			16,967,000				22,210,000	22,275,000	22,841,000	22,521,000	22,481,000	21,290,000	21,233,000	24,206,000	12,959,000	13,197,000	12,940,000	16,376,000	14,075,000	19,999,000	19,565,000	20,357,000	23,666,000	24,930,000	25,453,000
operating lease liability			174,838,000				146,831,000	153,267,000	158,448,000	164,125,000	165,026,000	170,886,000	171,704,000	195,730,000	129,302,000	136,824,000	137,635,000	171,325,000	153,228,000	138,999,000	140,136,000	132,175,000	134,089,000	121,944,000	124,873,000
paid-in capital - common			226,031,000	223,362,000	220,900,000	218,023,000	220,976,000	218,150,000	216,359,000	214,071,000	151,439,000	151,426,000	150,906,000	149,016,000	148,372,000	147,326,000	143,926,000	142,719,000	142,314,000	141,787,000	142,383,000	141,372,000	141,002,000	140,589,000	140,086,000	187,010,000	187,493,000	188,086,000	187,919,000	187,308,000	186,732,000	186,372,000	186,229,000	185,496,000	185,140,000	184,597,000	184,043,000	183,161,000	182,615,000	181,398,000
preferred stock, 0.0001 par value...
paid-in capital - preferred											66,481,000	66,481,000	66,481,000	66,481,000	66,481,000	66,481,000	68,853,000	68,853,000	68,853,000	68,853,000	68,853,000	68,853,000	68,853,000	68,853,000	68,853,000	68,853,000	68,853,000	68,853,000	68,853,000	68,853,000	68,853,000	68,853,000	68,853,000	68,853,000	68,853,000	68,853,000	68,853,000	68,853,000	68,820,000	68,836,000
deferred tax asset								6,577,000	4,556,000	4,855,000		5,231,000	5,345,000	6,097,000		3,634,000	3,907,000																																																																	7,053,000	7,053,000	1,223,000	563,000	785,000	785,000
dividends payable												1,263,000		1,277,000		1,296,000		1,323,000		1,313,000		1,313,000		1,309,000		1,323,000		1,309,000		1,323,000		1,309,000		1,323,000		1,309,000		1,323,000		101,000			485,000																					36,333,000
accrued tool sets															3,176,000	3,615,000	3,619,000	3,433,000	3,292,000	3,454,000	3,251,000	3,052,000	3,148,000	3,391,000	2,942,000	2,740,000	2,586,000	2,920,000	2,899,000	2,700,000	2,397,000	2,706,000	2,774,000	2,797,000	2,764,000	2,920,000	2,972,000	2,953,000	2,938,000	3,409,000	3,372,000	3,556,000	3,624,000	3,709,000	3,810,000	3,844,000	3,806,000	4,062,000	3,937,000	3,910,000	3,971,000	4,171,000	4,224,000	4,381,000	4,264,000	4,525,000	4,566,000	4,632,000	4,723,000	5,064,000	5,080,000	5,162,000	5,066,000	5,092,000	4,789,000	4,532,000	4,276,000	4,256,000	4,017,000	3,889,000	3,870,000	3,620,000	3,817,000	4,009,000	4,009,000	3,906,000	4,025,000	4,019,000	4,019,000	3,636,000	3,756,000	3,401,000	3,401,000	3,359,000	3,267,000	2,852,000	2,852,000	3,421,000	3,366,000	3,523,000	3,523,000
retained deficit															-1,307,000	-2,890,000	-2,437,000	-8,497,000	-21,996,000	-32,729,000	-34,416,000	-31,557,000	-32,971,000	-38,098,000	-23,521,000	-32,205,000	-44,673,000	-48,827,000	-47,153,000	-40,595,000	-31,555,000	-19,231,000			-30,832,000	-28,752,000	-23,526,000	-20,501,000
long term debt, current portion																929,000	2,374,000	884,000		918,000
financing obligation, current																											1,554,000				1,319,000			1,158,000	1,106,000	1,056,000	1,007,000	959,000	913,000	867,000	823,000	780,000	737,000	675,000	648,000	622,000	5,234,000
deferred rent liability																											10,326,000	9,927,000	10,265,000	11,545,000	12,003,000	10,914,000	6,587,000	6,334,000	6,887,000	7,365,000	8,014,000	8,478,000	8,987,000	9,450,000	9,912,000	10,373,000	10,822,000	11,252,000	11,633,000	12,000,000	10,323,000	10,784,000	11,207,000	11,455,000	11,932,000	12,080,000	12,484,000	12,598,000	12,946,000	12,975,000	12,951,000	12,162,000	11,799,000	10,507,000	10,105,000	6,110,000	5,621,000	5,512,000	5,558,000	5,589,000	5,593,000	5,600,000	5,474,000	5,426,000	5,354,000
financing obligation																											39,161,000	39,567,000	39,961,000	40,348,000	40,715,000	41,061,000	41,395,000	41,724,000	42,035,000	42,325,000	42,606,000	42,881,000	43,141,000	43,381,000	43,613,000	43,841,000	44,053,000	31,959,000	32,138,000	32,315,000	32,478,000
financing obligation, current portion																												1,493,000	1,434,000	1,376,000		1,264,000	1,210,000
current assets:
right-of-use asset																										142,869,000
current liabilities:
lease liability, current portion																										25,883,000
lease liability																										130,813,000
income tax payable																													20,000					334,000	490,000	845,000	427,000	1,991,000					1,187,000			159,000	4,336,000	1,086,000			79,000	178,000			744,000	2,021,000	379,000	1,887,000	2,032,000			4,484,000				6,214,000	1,794,000			2,500,000			416,000									2,140,000
trading securities																																			40,020,000	39,790,000
held-to-maturity investments, current portion																																		6,804,000	7,759,000	9,398,000
prepaid expenses and other current assets																																18,836,000	20,499,000	19,847,000	18,890,000	19,618,000	20,347,000	20,479,000	20,004,000	19,293,000	18,675,000	19,238,000	17,761,000	17,304,000	17,521,000	17,663,000	16,509,000	17,604,000	17,065,000	16,857,000	15,553,000	14,683,000	14,354,000	15,815,000	14,977,000	12,921,000	12,677,000	12,810,000	10,709,000	10,867,000	10,409,000	10,708,000	9,836,000	10,935,000	10,864,000	11,218,000	10,480,000	9,146,000	9,491,000	9,366,000	8,568,000	6,770,000	8,199,000	7,380,000	7,380,000	7,011,000	7,669,000	7,417,000	7,417,000
held-to-maturity investments, less current portion																																				251,000
investments, current portion																																					8,984,000	968,000	1,691,000	4,849,000	10,102,000	19,076,000	28,086,000	44,494,000	48,244,000	48,908,000	45,906,000				57,531,000	49,417,000	50,794,000	52,092,000	51,455,000	33,566,000	44,453,000	53,872,000	50,052,000	40,391,000	34,644,000	24,341,000	28,528,000	33,027,000	42,390,000	30,722,000	25,142,000	9,106,000
investments, less current portion																																					724,000				47,000	975,000	1,719,000	5,002,000	10,006,000	9,294,000	11,257,000				4,188,000	14,112,000	14,959,000	7,040,000	4,533,000	11,896,000	14,199,000	8,095,000	5,830,000	8,954,000	4,541,000	3,351,000	3,596,000	6,722,000	7,053,000	4,653,000	3,806,000	8,181,000
construction liability, current																																												7,488,000	6,172,000	3,345,000	1,252,000
construction liability																																																			27,632,000	23,747,000	10,747,000	7,354,000																										3,072,000
investments, current																																																48,143,000	55,563,000	55,688,000
investments, less current																																																17,797,000	11,996,000	8,023,000
lease financing obligation, current																																																5,332,000	546,000	519,000
lease financing obligation, less current																																																32,634,000	32,787,000	32,940,000
shareholders’ equity :
common stock, .0001 par value...																																																																										3,000	3,000	3,000	3,000	3,000	3,000	1,000	1,000	1,000		1,000	1,000	1,000	1,000	1,000	1,000
preferred stock, .0001 par value...
restricted investments																																																																																		16,198,000	16,198,000	16,070,000	16,123,000
(accumulated deficit)/retained earnings																																																																															8,124,000
income tax receivable																																																																																679,000	2,315,000
prepaid expenses and other assets																																																																																8,099,000	7,125,000	6,958,000	6,958,000	6,516,000	5,514,000	3,222,000	3,222,000	5,295,000	5,268,000	3,038,000	3,038,000
accumulated deficit / retained earnings																																																																																3,818,000
accumulated deficit																																																																																	-680,000	-19,262,000	-19,262,000	-28,493,000	-36,098,000	-55,081,000	-55,081,000	-61,757,000	-68,393,000	-83,125,000	-83,125,000
current portion of long-term capital lease obligation																																																																																		6,000	6,000
deferred tax liability																																																																																		7,622,000	7,622,000	2,414,000	2,862,000	3,054,000	3,054,000
investment in land																																																																																					71,000	71,000	71,000
long-term portion of capital lease obligation
distributions payable to shareholders																																																																																					71,000	71,000	71,000		71,000	71,000	71,000
deferred financing fees																																																																																				11,000	13,000			381,000	416,000	1,300,000	1,300,000
liabilities, preferred stock and shareholders’ equity
current portion of capital leases																																																																																				10,000
long-term capital leases
current portion of long-term debt and capital leases																																																																																					10,000	37,000	37,000	63,000	106,000	3,860,000	3,860,000
long-term debt and capital leases																																																																																					3,000	6,000	6,000	9,000	16,000	28,014,000	28,014,000
total liabilities, redeemable preferred stock and shareholders’ equity																																																																																					165,436,000	136,316,000		116,759,000	108,031,000	84,099,000	84,099,000
deferred finance fees
liabilities, redeemable preferred stock and shareholders’ equity
mandatory redeemable preferred stock																																																																																										25,462,000	25,462,000
redeemable convertible preferred stock
shareholders’ equity
subscriptions receivable																																																																																										-28,000	-28,000
total liabilities, redeemable preferred stock and shareholders’equity																																																																																							136,316,000
distribution payable to shareholders																																																																																								71,000
item 7.

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31

cash flows from operating activities:
net income	433,000	12,827,000	18,756,000	10,663,000	11,446,000	22,153,000	18,840,000	4,985,000	7,787,000	10,389,000	6,703,000	-509,000	3,480,000	2,648,000	2,829,000	843,000	7,354,000	14,822,000	12,045,000	3,000,000	-1,547,000	1,083,000	6,450,000	-13,268,000	10,142,000	4,684,000													-8,945,000	-5,069,000	-32,002,000	-1,680,000	-9,823,000	-2,975,000	555,000	3,094,000	1,512,000	370,000	-1,505,000	1,660,000	872,000	296,000	-920,000	3,562,000	1,608,000	1,516,000	1,868,000	4,040,000	5,951,000	4,036,000	6,995,000	10,256,000	7,216,000	6,286,000	6,046,000	9,280,000	7,586,000	1,923,000	-80,000	2,304,000	551,000	-724,000	1,906,000	6,483,000	-1,321,000	3,856,000	6,119,000	6,910,000	4,306,000	4,498,000	8,317,000	10,265,000	9,231,000	7,605,000	9,155,000	9,828,000	6,676,000	6,636,000	8,055,000	7,453,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	9,045,000	8,905,000	8,506,000	8,315,000	8,138,000	7,999,000	7,762,000	7,376,000	7,202,000	6,984,000	6,566,000	6,655,000	6,746,000	5,248,000	4,760,000	4,561,000	3,884,000	3,679,000	3,557,000	3,619,000	3,569,000	3,282,000	2,983,000	2,927,000	2,881,000	3,013,000	3,277,000	3,331,000	3,409,000	3,205,000	3,115,000	3,178,000	3,351,000	3,362,000	3,478,000	3,554,000	3,533,000	3,639,000	3,709,000	3,676,000	4,100,000	3,582,000	4,125,000	4,310,000	4,377,000	4,482,000	4,462,000	4,600,000	4,770,000	5,091,000	5,239,000	5,568,000	5,627,000	5,722,000	5,755,000	5,788,000	5,983,000	6,293,000	6,433,000	6,181,000	6,146,000	6,082,000	6,329,000	4,725,000	4,462,000	4,372,000	4,476,000	4,266,000	4,455,000	4,371,000	4,428,000	4,386,000	4,410,000	4,381,000	4,524,000	5,675,000	4,428,000	4,124,000	4,055,000	3,563,000	3,348,000	3,239,000		2,526,000	2,364,000	2,201,000	2,503,000	2,196,000	2,018,000	2,095,000
amortization of right-of-use assets for operating leases	6,587,000	6,369,000	6,335,000	6,176,000	5,723,000	5,593,000	5,393,000	5,516,000	5,421,000	5,531,000	5,165,000	5,366,000	5,953,000	4,120,000	3,257,000	3,513,000	4,651,000	4,472,000	3,749,000	3,739,000	3,672,000	4,445,000	6,110,000	6,323,000
provision for credit losses	7,447,000	7,785,000	7,081,000	5,509,000	7,453,000	2,101,000
stock-based compensation	3,901,000	2,555,000	2,749,000	2,658,000	3,024,000	720,000	2,862,000	1,863,000	2,353,000	1,482,000	33,000	533,000	2,113,000	1,169,000	1,064,000	1,033,000	1,534,000	706,000	547,000	-596,000	1,234,000	548,000	568,000	503,000	992,000	14,000	-91,000	169,000	618,000	694,000	570,000	145,000	741,000	359,000	953,000	557,000	887,000	548,000	1,696,000	922,000	1,374,000	912,000	1,291,000	776,000	1,325,000	873,000	1,399,000	1,216,000	1,763,000	1,343,000	1,788,000	1,431,000	1,560,000	1,445,000	1,104,000	1,607,000	2,099,000	1,682,000	1,508,000	1,256,000	1,805,000	1,710,000	1,204,000	1,349,000	1,785,000	1,556,000	1,072,000	933,000	1,307,000	1,390,000		1,331,000	1,275,000	1,545,000		1,967,000	1,816,000	1,560,000		1,116,000	1,217,000	1,042,000
deferred income taxes	-755,000	2,291,000	-1,916,000	1,055,000	195,000	-671,000	6,775,000	-2,022,000	416,000	-730,000	2,042,000	115,000	1,411,000	1,068,000	269,000	273,000	-4,663,000	-1,893,000					0	0							0	0	0	-2,812,000					0	0	27,586,000	342,000	-5,578,000	-2,030,000	224,000	1,990,000	-1,540,000	-2,352,000	-1,707,000	1,549,000	-2,066,000	-2,248,000	-1,906,000	2,427,000	-3,288,000	-2,527,000	-2,456,000	-219,000	-1,279,000	55,000	2,230,000	1,507,000	-1,392,000	-1,830,000	-299,000	-20,000	1,205,000	-596,000	-1,301,000	-1,473,000	-398,000	557,000	323,000	-731,000	-147,000	28,000	320,000	-1,158,000	-544,000	339,000	-809,000	-1,374,000		-1,107,000	-245,000	274,000	1,850,000	1,332,000	-1,067,000	1,184,000
training equipment credits earned	565,000	-195,000	-280,000	16,000	-70,000	-54,000	62,000	347,000	433,000	529,000	76,000	1,252,000	130,000	-83,000	1,101,000	-112,000	-662,000	-147,000	-140,000	349,000	145,000	10,000	38,000	84,000	-20,000	439,000	-138,000	-33,000	395,000	78,000	-83,000	114,000	226,000	-224,000	-488,000	-301,000	-163,000	-246,000	-460,000	-368,000	-248,000	-100,000	-84,000	-118,000	-407,000	-290,000								-445,000
unrealized gain on interest rate swaps, net of taxes	103,000	-95,000			-386,000	545,000
other gains	129,000	264,000														425,000	260,000	-148,000														-20,000	80,000	11,000
changes in assets and liabilities:
receivables	-6,937,000	-7,275,000	-16,816,000	-10,637,000	-10,626,000	-632,000	-2,387,000	-8,203,000	-2,562,000	1,029,000	-2,066,000	1,026,000	-8,552,000	4,657,000	8,798,000	-12,011,000	-1,143,000	4,920,000	2,390,000	-6,184,000	4,169,000	8,108,000	168,000	-16,975,000	-1,007,000	4,065,000	-5,278,000	-5,857,000	3,417,000	6,235,000	-2,870,000	-3,377,000	-2,338,000	5,890,000	-5,429,000	-295,000	174,000	2,574,000	-3,019,000	2,221,000	8,537,000	463,000	-10,574,000	-3,485,000	10,041,000	-7,425,000	-3,466,000	591,000	187,000	-13,000	-1,905,000	-293,000	-1,647,000	2,587,000	-3,498,000	-2,607,000	-2,032,000	-1,972,000	-418,000	10,509,000	-13,479,000	2,548,000	-3,065,000	-7,262,000	728,000	-287,000	-4,375,000	2,176,000	-2,073,000	2,336,000	-3,130,000	-1,950,000	-2,302,000	-3,925,000	-1,410,000	-2,488,000	927,000	1,346,000	-3,036,000	1,847,000	1,445,000	1,502,000		4,128,000	1,483,000	-2,607,000	-6,781,000	-493,000	-1,046,000	5,757,000
prepaid expenses and other current assets	4,358,000	-12,418,000	2,775,000	-230,000	-2,104,000	-2,165,000																													334,000	623,000	97,000	-362,000	-474,000	-578,000	535,000	-1,492,000	-878,000	27,000	621,000	-835,000	964,000	-413,000	26,000	-1,344,000	-230,000	205,000	1,954,000	-443,000	-1,270,000	-244,000	115,000	-2,121,000	79,000	-458,000	260,000	-991,000	290,000	-341,000	348,000	-759,000	-1,386,000	338,000	-181,000	-807,000	-1,822,000	1,333,000	-893,000	55,000	-369,000	658,000	-1,711,000	1,459,000
other assets	-1,704,000	4,613,000	-1,334,000	-1,953,000	-1,367,000	-2,063,000	962,000	-1,292,000	-1,496,000	408,000	117,000	-2,086,000	630,000	2,079,000	-1,052,000	-81,000	-511,000	-29,000	5,000	-238,000	-396,000	-139,000	-116,000	24,000	-7,000	23,000	-254,000	532,000	18,000	720,000	-85,000				-179,000	424,000			-44,000	-15,000	11,000	-79,000	130,000	-167,000	-81,000	-559,000	-72,000	-253,000	127,000	-316,000	-288,000	-228,000	-187,000	-520,000	-317,000	-199,000	-378,000	-333,000	-89,000	-608,000	-240,000	-549,000	-297,000	-43,000	32,000	47,000	1,048,000	83,000	37,000	8,000	811,000	29,000	11,000	453,000	-853,000	108,000	4,000	78,000	-2,374,000	70,000	45,000	144,000		-106,000	540,000	-578,000	380,000	39,000	-200,000	1,277,000
notes receivable	-575,000	-3,659,000	-1,189,000	-212,000	-524,000	-3,315,000	-1,109,000	-286,000	-1,678,000	-2,731,000	-769,000	557,000	43,000	-622,000	-704,000	1,115,000	1,355,000	-1,514,000	-731,000	-1,090,000	1,018,000	-884,000	1,171,000	463,000	1,207,000	-555,000	-332,000	887,000	1,121,000	-378,000	3,814,000	1,170,000	1,452,000	-3,043,000
accounts payable, accrued expenses and other current liabilities	11,187,000	-12,113,000	4,709,000	9,748,000	459,000	-3,752,000	4,635,000	10,700,000	-2,470,000	330,000	8,064,000
deferred revenue	-14,547,000	-2,945,000	24,483,000	-7,901,000	-13,431,000	-4,163,000	26,561,000	-1,622,000	-13,875,000	-4,264,000	28,254,000	-7,330,000	-14,188,000	4,634,000	11,541,000	672,000	-8,815,000	-8,666,000	15,655,000	1,039,000	-1,662,000	1,922,000	7,781,000	-3,841,000	-5,437,000	-695,000	15,214,000	-8,810,000	-4,892,000	3,138,000	9,828,000	-9,743,000	-6,290,000	542,000	16,298,000	-10,307,000	-6,861,000	-2,283,000	17,156,000	-12,095,000	-6,873,000	1,610,000	14,363,000	-10,350,000	-8,530,000	2,845,000	7,651,000	-11,903,000	3,391,000	201,000	8,776,000	-8,611,000	3,476,000	-9,315,000	8,070,000	-10,542,000	944,000	-7,302,000	4,085,000	-11,260,000	10,779,000	-5,486,000	9,375,000	3,417,000	-4,170,000	6,479,000	11,547,000	-4,759,000	-4,218,000	910,000	7,693,000	-732,000	-7,150,000	-4,505,000	6,745,000	-2,390,000	-4,926,000	481,000	10,009,000	-1,730,000	-3,850,000	2,210,000		1,267,000	132,000	989,000	8,235,000	-3,602,000	-176,000	4,374,000
income tax payable/receivable	-10,080,000	1,727,000	7,759,000	-275,000	-2,525,000	6,398,000																				92,000	-32,000	-144,000	173,000	169,000	678,000	376,000	-1,710,000	-156,000	-355,000	418,000	-1,564,000	4,198,000	2,579,000	-1,325,000	-1,934,000	-2,714,000	1,512,000	344,000	-828,000	-4,177,000	3,046,000	2,314,000	-1,228,000	-79,000	-99,000	725,000	-425,000	-866,000	-1,277,000	1,642,000
operating lease liabilities	-4,157,000	-5,139,000		-5,573,000	-5,759,000	-5,426,000
other liabilities	-1,015,000	-413,000	-153,000	-63,000	-631,000	-281,000	125,000	-617,000	-76,000	-198,000	50,000	-638,000	-75,000	-46,000	-11,000	-778,000	-541,000	-2,955,000	-359,000	-641,000	-2,610,000	1,977,000	1,765,000	620,000	-565,000	-1,081,000	182,000	383,000	143,000	-387,000	-466,000	139,000	-73,000	82,000	-656,000	159,000	75,000	-304,000	-172,000	158,000	461,000	29,000	-513,000	-135,000	-165,000	323,000	218,000	348,000	-137,000	534,000	1,161,000	-250,000	112,000	422,000	1,457,000	3,000	465,000	153,000	-1,314,000	1,000	-428,000	786,000	121,000	-97,000	-164,000	-118,000	-190,000	49,000	11,000	83,000	-99,000	29,000	80,000	58,000	388,000	-190,000	92,000	-60,000	424,000	3,000	142,000	-34,000		-988,000	38,000	147,000	-332,000	-80,000	2,185,000	144,000
net cash from operating activities	3,985,000	3,084,000	57,104,000	18,053,000	-789,000	22,962,000	67,534,000	10,016,000	-2,491,000	10,836,000	53,881,000	-418,000	-7,127,000	2,812,000	38,125,000	-2,494,000	7,944,000	2,456,000	40,402,000	-2,744,000	9,744,000	7,783,000	21,149,000	-21,014,000	3,773,000	7,124,000	28,870,000	-9,932,000	-1,602,000	4,410,000	8,930,000	-16,457,000	-3,323,000	-2,628,000	19,857,000	-12,201,000	-230,000	-17,404,000	18,216,000	-8,347,000	1,068,000	-3,553,000	8,407,000	-8,900,000	6,738,000	1,997,000	17,600,000	-6,406,000	6,452,000	9,410,000	21,355,000	-2,238,000	9,207,000	-1,591,000	9,280,000	-6,338,000	9,996,000	5,571,000	26,455,000	2,748,000	17,125,000	11,744,000	29,869,000	13,112,000	7,383,000	17,117,000	30,689,000	4,377,000	3,406,000	10,679,000	15,047,000	-97,000	1,613,000	4,531,000	13,599,000	9,380,000	5,930,000	10,724,000	16,569,000	9,556,000	1,275,000	18,014,000		17,485,000	13,329,000	21,490,000	5,754,000	10,691,000
capital expenditures	-30,419,000	-22,242,000	-16,479,000	-11,207,000	-10,947,000	-3,345,000	-7,529,000	-7,010,000	-5,911,000	-3,848,000	-7,838,000	-10,206,000	-31,859,000	-6,782,000	-9,842,000	-16,464,000	-42,358,000	-10,793,000	-7,341,000	-4,326,000	-2,626,000	-47,293,000	-2,072,000	-2,026,000	-3,353,000	-1,811,000	-1,152,000	-519,000	-2,003,000	-2,779,000	-3,518,000	-9,475,000	-5,057,000	-2,556,000	-1,693,000	-2,568,000	-2,488,000	-1,441,000	-800,000	-1,790,000	-2,279,000	-2,626,000	-7,284,000	-5,531,000	-12,484,000	-3,731,000	-4,237,000	-2,299,000	-2,561,000	-2,927,000	-2,706,000	-2,486,000	-1,404,000	-2,756,000	-4,390,000	-3,437,000	-2,017,000	-1,498,000	-3,031,000	-7,916,000	-11,699,000	-6,452,000	-10,641,000	-11,988,000	-9,230,000	-5,337,000	-14,113,000	-5,963,000	-4,432,000	-4,016,000	-4,320,000	-2,955,000	-3,940,000	-6,490,000	-8,586,000	-19,906,000	-12,680,000	-5,408,000	-11,036,000	-18,697,000	-9,603,000	-6,800,000		-12,093,000	-18,998,000	-3,108,000	-4,860,000	-4,096,000
free cash flows	-26,434,000	-19,158,000	40,625,000	6,846,000	-11,736,000	19,617,000	60,005,000	3,006,000	-8,402,000	6,988,000	46,043,000	-10,624,000	-38,986,000	-3,970,000	28,283,000	-18,958,000	-34,414,000	-8,337,000	33,061,000	-7,070,000	7,118,000	-39,510,000	19,077,000	-23,040,000	420,000	5,313,000	27,718,000	-10,451,000	-3,605,000	1,631,000	5,412,000	-25,932,000	-8,380,000	-5,184,000	18,164,000	-14,769,000	-2,718,000	-18,845,000	17,416,000	-10,137,000	-1,211,000	-6,179,000	1,123,000	-14,431,000	-5,746,000	-1,734,000	13,363,000	-8,705,000	3,891,000	6,483,000	18,649,000	-4,724,000	7,803,000	-4,347,000	4,890,000	-9,775,000	7,979,000	4,073,000	23,424,000	-5,168,000	5,426,000	5,292,000	19,228,000	1,124,000	-1,847,000	11,780,000	16,576,000	-1,586,000	-1,026,000	6,663,000	10,727,000	-3,052,000	-2,327,000	-1,959,000	5,013,000	-10,526,000	-6,750,000	5,316,000	5,533,000	-9,141,000	-8,328,000	11,214,000		5,392,000	-5,669,000	18,382,000	894,000	6,595,000
cash flows from investing activities:
purchase of property and equipment	-30,419,000	-22,242,000	-16,479,000	-11,207,000	-10,947,000	-3,345,000	-7,529,000	-7,010,000	-5,911,000	-3,848,000	-7,838,000	-10,206,000	-31,859,000	-6,782,000	-9,842,000	-16,464,000	-42,358,000	-10,793,000	-7,341,000	-4,326,000	-2,626,000	-47,293,000	-2,072,000	-2,026,000	-3,353,000	-1,811,000	-1,152,000	-519,000	-2,003,000	-2,779,000	-3,518,000	-9,475,000	-5,057,000	-2,556,000	-1,693,000	-2,568,000	-2,488,000	-1,441,000	-800,000	-1,790,000	-2,279,000	-2,626,000	-7,284,000	-5,531,000	-12,484,000	-3,731,000	-4,237,000	-2,299,000	-2,561,000	-2,927,000	-2,706,000	-2,486,000	-1,404,000	-2,756,000	-4,390,000	-3,437,000	-2,017,000	-1,498,000	-3,031,000	-7,916,000	-11,699,000	-6,452,000	-10,641,000	-11,988,000	-9,230,000	-5,337,000	-14,113,000	-5,963,000	-4,432,000	-4,016,000	-4,320,000	-2,955,000	-3,940,000	-6,490,000	-8,586,000	-19,906,000	-12,680,000	-5,408,000	-11,036,000	-18,697,000	-9,603,000	-6,800,000	-11,640,000	-12,093,000	-18,998,000	-3,108,000	-4,860,000	-4,096,000	-4,511,000	-3,508,000
purchase of investments	-19,531,000	-33,705,000																																									0	-1,636,000	-16,471,000	-7,954,000	-15,396,000	-13,201,000	-21,778,000	-11,354,000	-51,710,000	-16,092,000	-22,071,000	-21,975,000	-43,191,000	-8,015,000	-24,527,000	-16,770,000	-31,983,000	-31,355,000	-22,746,000	-3,454,000	-7,868,000	-7,947,000	-17,207,000	-8,548,000	-14,342,000
proceeds received upon maturity of investments	13,839,000	9,829,000	20,427,000																												242,000	454,000	6,096,000	947,000	1,878,000	45,000	922,000	720,000	3,140,000	5,249,000	9,765,000	9,555,000	19,412,000	9,973,000	15,980,000	6,427,000	23,649,000	14,186,000	17,322,000	8,735,000	52,959,000	17,773,000	14,943,000	18,419,000	32,323,000	20,815,000	27,354,000	10,148,000	25,040,000	20,885,000	10,991,000	7,669,000	15,259,000	16,508,000	3,139,000	1,735,000																	0
proceeds from insurance policy							35,000
capitalized costs for intangible assets	-815,000	-438,000																													0				-250,000				0	-325,000	0	-250,000	-15,000
net cash from investing activities	-36,890,000	-46,556,000	-9,606,000	-24,290,000	-50,638,000	-3,345,000	-7,494,000	-6,749,000	-5,911,000	-3,848,000	-7,838,000	-9,614,000	-31,859,000	5,245,000	-38,663,000	-16,459,000	-42,616,000	-36,859,000	-6,339,000	14,962,000	5,675,000	-37,249,000	-8,573,000	9,365,000	-44,833,000	-1,719,000	-1,059,000	-452,000	-1,931,000	-2,710,000	-3,661,000	-9,538,000	2,021,000	39,202,000	-1,339,000	-41,471,000	-10,795,000	1,434,000	-89,000	2,138,000	7,599,000	7,699,000	11,277,000	5,997,000	-14,703,000	-5,249,000	1,377,000	1,035,000	-6,005,000	-5,609,000	-6,166,000	207,000	-8,514,000	-6,288,000	-18,637,000	9,363,000	810,000	-8,120,000	-9,974,000	-18,362,000	-23,418,000	-2,233,000	-3,246,000	-3,427,000	-23,297,000	-12,150,000	-25,387,000	-23,221,000	-4,431,000	-4,011,000	-6,319,000	-2,928,000	-3,941,000	26,172,000	31,590,000	-19,899,000	-12,679,000	-5,400,000	-11,036,000	-18,694,000	-9,603,000	9,460,000		-11,754,000	-19,147,000	-18,948,000	-4,859,000	-4,061,000
cash flows from financing activities:
proceeds from revolving credit facility	65,000,000	35,000,000	20,000,000				5,000,000	16,000,000			0	0	0	90,000,000
payments on revolving credit facility	-35,000,000	-20,000,000	-6,000,000	-26,000,000	-25,000,000	-5,000,000	-16,000,000	-20,000,000
payment of term loans and finance leases	-708,000	-703,000	-687,000	-681,000	-667,000	-662,000
proceeds from stock option exercises			0	0	0	659,000
payment of payroll taxes on stock-based compensation through shares withheld	-247,000	-7,488,000	-80,000	-196,000	-147,000	-4,332,000	-36,000	-72,000	-65,000	-2,054,000	-20,000	-13,000	-223,000	-525,000	-18,000	-5,000	-327,000	-301,000	-20,000	0	-223,000	-178,000	-171,000	0	-30,000	-497,000	-502,000	-2,000	-7,000	-118,000	-210,000	-2,000	-8,000	-3,000	-585,000	-3,000	-5,000	-2,000	-381,000	-5,000	-5,000	-2,000	-480,000	-3,000	-29,000	-7,000	-1,402,000	-179,000	-37,000	-21,000	-1,065,000	-136,000	-45,000	-17,000	-953,000	-309,000	-49,000	-54,000	-817,000	-574,000	-259,000	-89,000	-518,000	-1,083,000	-488,000	-35,000	-52,000
net cash from financing activities	29,045,000	6,809,000	13,233,000	-20,877,000	-25,814,000	-9,335,000	-11,684,000	-4,696,000	-19,876,000	-15,089,000	-3,202,000	-477,000	-3,193,000	88,718,000	-2,806,000	19,314,000	-3,406,000	-517,000	-2,866,000	30,780,000	-2,880,000	-210,000	-2,818,000	-31,000	46,438,000	-497,000	-3,479,000	-337,000	-2,954,000	-428,000	-3,133,000	-282,000	-2,903,000	-262,000	-3,457,000	-235,000	-2,850,000	-216,000	-2,327,000	69,021,000	-677,000	-1,141,000	-1,141,000	-2,569,000	-8,712,000	-2,689,000	-4,060,000	-3,843,000	-3,038,000	-2,524,000	-3,448,000	-2,589,000	-2,354,000	-7,589,000	-3,502,000	-2,782,000	-3,592,000	-54,000	48,000			-24,000	-36,683,000			672,000	748,000	-460,000	-17,053,000	-15,000	159,000	-21,000	-22,280,000	-6,652,000	472,000	46,000	392,000	8,000	-18,985,000	-12,309,000	4,842,000	297,000		-5,303,000	6,894,000	616,000	956,000	134,000
change in cash, cash equivalents and restricted cash	-3,860,000	-36,663,000	60,731,000	-27,114,000	-77,241,000	10,282,000	48,356,000	-1,429,000	-28,278,000	-8,101,000	42,841,000	-10,509,000	-42,179,000	96,775,000	-3,344,000	361,000	-38,078,000	-34,920,000	31,197,000	42,998,000	12,539,000	-29,676,000	9,758,000	-11,680,000
cash and cash equivalents, beginning of period	0	127,361,000	0	0	0	161,900,000	0	0	0	151,547,000	0	0	0	66,452,000	0	0	0	133,721,000	0	0	0	76,803,000	0	0							0	0	0	50,138,000	0	0	0	119,045,000	0	0	0	29,438,000	0	0	0	38,985,000	-1,061,000	0	0	35,657,000	0	0	0	45,665,000		0	0	53,670,000		0	0	48,974,000		0	0	56,199,000		0	0	80,878,000		0	0	75,594,000		0	0	41,431,000		0	0	52,045,000		0	0	42,602,000		0	0	8,925,000
restricted cash, beginning of period	0	6,769,000	0	0	0	5,572,000	0	0	0	5,377,000	0	0	0	3,544,000	0	0	0	12,256,000	0	0	0	12,116,000	0	0
cash, cash equivalents and restricted cash, beginning of period	0	134,130,000	0	0	0	167,472,000	0	0	0	156,924,000	0	0	0	69,996,000	0	0	0	145,977,000	0	0	0	88,919,000	0	0	0	80,555,000	0	0	0	72,159,000
cash and cash equivalents, end of period	-6,334,000	93,567,000	56,689,000	-25,326,000	-76,001,000	171,999,000	46,395,000	-594,000	-27,491,000	143,590,000	41,036,000	-10,068,000	-41,650,000	162,229,000	-4,261,000	9,215,000	-38,015,000	99,513,000	30,865,000	43,891,000	14,753,000	44,212,000	16,847,000	-16,650,000							2,136,000	-26,277,000	-4,205,000	86,450,000	15,061,000	-53,907,000	-13,875,000	102,859,000	15,800,000	62,812,000	7,990,000	32,443,000	18,543,000	-5,472,000	-16,677,000	33,044,000	13,856,000	-9,214,000	-2,591,000	36,934,000	11,741,000	-4,620,000	-1,661,000	30,197,000		243,000	7,214,000	51,067,000		-15,535,000	-5,785,000	58,461,000		9,680,000	-12,484,000	61,838,000		-19,304,000	-18,078,000	87,531,000		-3,046,000	-24,608,000	99,645,000		-10,473,000	-6,357,000	46,763,000		-21,447,000	-3,486,000	79,816,000		428,000	1,076,000	45,760,000		6,764,000	5,188,000	28,799,000
restricted cash, end of period	2,474,000	3,900,000	4,042,000	-1,788,000	-1,240,000	5,755,000	1,961,000	-835,000	-787,000	5,233,000	1,805,000	-441,000	-529,000	4,542,000	917,000	-8,854,000	-63,000	11,544,000	332,000	-893,000	-2,214,000	15,031,000	-7,089,000	4,970,000
cash, cash equivalents and restricted cash, end of period	-3,860,000	97,467,000	60,731,000	-27,114,000	-77,241,000	177,754,000	48,356,000	-1,429,000	-28,278,000	148,823,000	42,841,000	-10,509,000	-42,179,000	166,771,000	-3,344,000	361,000	-38,078,000	111,057,000	31,197,000	42,998,000	12,539,000	59,243,000	9,758,000	-11,680,000	5,378,000	85,463,000	24,332,000	-10,721,000	-6,487,000	73,431,000
other losses			1,124,000	1,008,000	196,000	-25,000	294,000	54,000	-162,000	245,000	473,000	-1,000	-53,000	-143,000							4,000	-139,000	-60,000	-219,000			418,000			401,000
operating lease liability							-6,503,000	-5,807,000	-5,431,000	-4,708,000	-4,380,000	-5,349,000	-5,782,000	-4,963,000	-3,174,000	-2,212,000	-5,999,000	-2,567,000	-6,923,000	-4,387,000	-3,858,000	-5,301,000	-6,353,000
purchase of held-to-maturity investments			-13,723,000	-14,957,000																															-1,000
cash paid for acquisitions, net of cash acquired
debt issuance costs related to long-term debt
payment of preferred stock cash dividend							0	0	0	-1,097,000	-2,541,000	0			-2,542,000	0			-2,625,000	0			-2,632,000	0				0				0				0
preferred share repurchase							0	0	-183,000	-11,320,000
unrealized loss on interest rate swaps, net of taxes
payments of preferred stock cash dividend
intangible asset impairment expense
benefit from credit losses
return of capital contribution from unconsolidated affiliate															0	0	113,000	75,000	51,000	76,000	77,000	73,000	71,000	48,000	73,000	69,000	67,000	67,000	69,000	64,000	62,000	64,000	64,000	101,000	38,000	111,000	123,000	118,000	116,000	119,000	121,000	119,000	118,000	118,000	118,000	110,000	330,000
proceeds from term loans
bad debt expense								1,877,000	1,703,000	1,486,000	1,872,000	-624,000	1,536,000	535,000	433,000	722,000	795,000	560,000	693,000	610,000	26,000	389,000	629,000	567,000	288,000	283,000	279,000	333,000	217,000	337,000	320,000	453,000	400,000	338,000	324,000	176,000	78,000	249,000	222,000	179,000	270,000	482,000	840,000	442,000	-627,000	934,000	1,081,000	901,000	649,000	1,341,000	1,083,000	1,059,000	1,076,000	1,544,000	1,344,000	502,000	1,411,000	2,533,000	2,829,000	1,648,000	1,519,000	2,283,000	1,937,000	1,604,000	1,484,000	1,495,000	1,684,000	1,381,000	1,583,000	2,084,000	1,002,000	1,141,000	1,308,000	928,000	1,154,000	910,000	628,000	683,000	881,000	1,463,000	1,173,000	1,176,000		1,052,000	919,000	999,000	566,000	618,000	501,000	610,000
unrealized loss on interest rate swap								-6,000	353,000	-886,000
prepaid expenses								-2,847,000	-409,000	-4,060,000		-2,395,000	540,000	-1,438,000		-1,360,000	511,000	-590,000		-1,919,000	-1,336,000	-1,651,000		-244,000	-938,000	-409,000
cash paid for acquisition, net of cash acquired												592,000	0	-16,973,000		0	-372,000	-26,142,000
proceeds from maturities of held-to-maturity securities												0	0	29,000,000						19,212,000	8,224,000	9,965,000
debt issuance costs for long-term debt
payments on term loans and finance leases								-624,000	-628,000	-618,000		-464,000	-442,000	-273,000
debt issuance costs related to the revolving credit facility													0	-484,000
income tax receivable																			4,623,000	-163,000																																								1,571,000
unrealized gain on interest rate swap												513,000	-538,000	-126,000		334,000	861,000	173,000
proceeds from term loan															0				0
accounts payable and accrued expenses													-521,000	-15,925,000	5,268,000	430,000	8,807,000	-8,853,000	3,483,000	-213,000	6,936,000	-8,416,000	-5,474,000	7,710,000	6,722,000	-1,938,000	6,735,000	-1,639,000	-576,000	-1,578,000	3,302,000	-3,983,000	9,491,000	-4,952,000	6,600,000	-3,478,000	4,763,000	-12,644,000	5,072,000	2,918,000	-1,013,000	-5,122,000	-335,000	3,782,000	180,000	-922,000	2,019,000	-2,731,000	-402,000	-745,000	7,110,000	302,000	249,000	-8,361,000	442,000	-1,795,000	2,253,000	2,137,000	2,078,000	-10,566,000	4,816,000	-11,895,000	6,850,000	3,859,000	4,592,000	-9,264,000	5,548,000	-1,226,000	5,977,000	-3,310,000	3,812,000	-4,490,000	6,352,000	-5,565,000	4,588,000	1,492,000	3,375,000	-11,615,000	910,000	-1,637,000	932,000	-6,460,000		2,959,000	4,293,000	-5,577,000	1,647,000	4,937,000	1,427,000	-1,433,000
unrealized gain on derivative contract
accrued tool sets and other current liabilities															794,000	139,000	266,000	486,000	903,000	878,000	478,000	-234,000	833,000	1,019,000	-21,000	32,000	-141,000	-203,000	56,000	588,000	507,000	69,000	78,000	360,000	-212,000	194,000	496,000	78,000	130,000	543,000	-80,000	-104,000	1,687,000	141,000	-515,000	365,000	-132,000	420,000	79,000	163,000	-21,000	112,000	219,000	586,000	-138,000	73,000	67,000	-98,000	224,000	-6,000	-91,000	106,000	19,000	285,000	267,000	260,000	-35,000	265,000	142,000	15,000	205,000	-283,000	-170,000	-263,000	-229,000	34,000	-55,000	-91,000	374,000	-782,000	107,000	88,000
proceeds from disposal of property and equipment															0	5,000	1,000	1,000	274,000	0	0	6,000	16,000	16,000	9,000	23,000	26,000	0	3,000	5,000	16,000	8,000	-1,000	2,000	1,000	0			2,000				0	0	0	3,000	2,000	35,000	-72,000	77,000	0	12,000	18,000	24,000					0	24,000	36,000	4,000	4,000	0			1,000
debt issuance costs related to the term loan															-23,000				0
proceeds from equity offering																							16,000	0
payments on term loan and finance leases																	-462,000	-216,000
amortization of assets subject to financing obligation																											670,000	671,000	671,000	670,000	670,000	671,000	670,000	671,000	670,000	671,000	671,000	670,000	670,000	671,000	540,000	801,000	465,000	465,000	463,000	468,000	465,000	466,000	465,000	155,000
equity in earnings of unconsolidated affiliate																											-101,000	-100,000	-101,000	-97,000	-96,000											-135,000	-134,000	-139,000	-136,000	-118,000	-128,000	-135,000	-127,000	-81,000
unrealized loss on derivative contract																			73,000
deferred rent liability																											399,000	-338,000	-1,280,000	-458,000	1,089,000	4,327,000	253,000	-553,000	-478,000	-649,000	-464,000	-509,000	-463,000	-462,000	-461,000	-449,000	-430,000	-381,000	-367,000	425,000	-462,000	-423,000	-248,000	-477,000	-148,000	-404,000	-114,000	-348,000	-29,000	24,000	789,000	363,000	1,292,000	402,000
payment of financing obligation, term loan and finance leases
purchase of held-to-maturity securities																								0
payment of finance leases
income tax receivable/payable																						2,783,000
payment of financing obligation and finance leases																						-32,000	-31,000	-31,000
goodwill and intangible asset impairment expense																															0
income tax (receivable) payable																							4,081,000	-177,000
proceeds from life insurance policy
purchase of trading securities																															0	0	0	-894,000	-1,111,000
proceeds from sales of trading securities																															0	0	0	40,902,000	948,000
lease liability																									-6,202,000	-6,532,000
amortization of lease right-of-use asset																										5,920,000
other losses (gain)																										-231,000
payment of financing obligation																												-335,000	-329,000	-310,000		-280,000	-277,000	-259,000		-232,000	-227,000	-214,000		-188,000	-185,000	-169,000		-152,000
change in cash, cash equivalents and restricted cash:
net increase in cash, cash equivalents and restricted cash																										4,908,000	24,332,000	-10,721,000	-6,487,000	1,272,000
net loss																											5,477,000	-365,000	-5,263,000	-7,717,000	-11,001,000	-11,713,000	-8,833,000	-1,135,000	-757,000	-3,917,000	-1,730,000	-1,724,000
adjustments to reconcile net loss to net cash from operating activities:
payment of preferred stock dividend
repayment of financing obligation																																														-199,000	-254,000
prepaid expenses and other assets																													480,000	-1,210,000		775,000	-867,000	-1,250,000																																														-974,000	-568,000	401,000		-1,003,000	-2,108,000	-183,000	922,000	68,000	276,000	-2,325,000
impairment of investment in unconsolidated affiliate
restricted cash																															-171,000	-75,000	142,000	-21,000	-76,000	52,000	45,000	-11,147,000																																														0	-200,000	10,395,000
acquisitions																																							0	0
investment in joint venture
restricted cash: other																															-463,000	-264,000	919,000	700,000	-1,149,000
proceeds from sale of preferred stock, net of issuance costs paid																																							-328,000
payment of common stock dividends
net increase in cash and cash equivalents																															2,136,000	-26,277,000	-4,205,000	36,312,000	15,061,000	-53,907,000	-13,875,000	-16,186,000	15,800,000	62,812,000	7,990,000	3,005,000				-5,941,000				1,277,000	11,741,000	-4,620,000			-12,859,000	243,000	7,214,000	-2,603,000	16,529,000	-15,535,000	-5,785,000	9,487,000	-10,060,000			5,639,000				6,653,000				24,051,000	45,661,000	-10,473,000	-6,357,000	5,332,000	-13,452,000	-21,447,000	-3,486,000	27,771,000	4,781,000	428,000	1,076,000	3,158,000	1,851,000	6,764,000	5,188,000	19,874,000
unrealized gains on trading securities																																			-79,000
equity in earnings of unconsolidated affiliates																																	-96,000	-97,000	-115,000	-116,000	-125,000	-128,000	-52,000	-51,000
amortization of discount on investments																																			25,000
goodwill impairment
purchase of treasury stock																																											-500,000	0			0	-1,013,000			-49,000	-9,000	0	-5,364,000		0												0				0	-22,732,000	-6,810,000
loss on disposal of property and equipment																																				24,000	10,000	-16,000		-11,000	75,000	25,000	29,000	36,000	-43,000	2,000	17,000	235,000	102,000	48,000	100,000	22,000			102,000	31,000	47,000	23,000	36,000	133,000	649,000	139,000	181,000	80,000	64,000	16,000	277,000																	17,000	52,000	5,000		47,000	-12,000	19,000
investment in unconsolidated affiliates																																								0
payment of common stock cash dividends
amortization of discount on held-to-maturity investments
restricted cash: proprietary loan program																																					318,000	2,037,000	-2,547,000	-1,135,000	2,242,000	1,151,000	-954,000	3,511,000	-1,846,000	-104,000
amortization of held-to-maturity investments																																						3,000	18,000	51,000	137,000	199,000	279,000	417,000	443,000	488,000	524,000	634,000	608,000	627,000	561,000	543,000	507,000	412,000	342,000	390,000	488,000	537,000	406,000	310,000	262,000	217,000	234,000
change in note receivable																																										-250,000
excess tax benefit from stock-based compensation																																															-78,000	0	-4,000	-3,000					0	0			-286,000	-456,000	-335,000	-4,000	-2,000	-3,097,000	951,000	360,000	183,000	194,000	-1,000	2,000	1,000	26,000								16,000	-980,000	-51,000
other (gains) and losses
restricted cash: title iv credit balances																																							-157,000	288,000	157,000	-123,000	-322,000	140,000	208,000	34,000
payment of cash dividend																																									-487,000	-970,000		-2,414,000	-2,413,000	-2,483,000		-2,459,000	-2,469,000	-2,465,000				-2,470,000
payment of cash dividends																																																			-2,464,000	-2,444,000			-2,489,000
proceeds from issuance of common stock under employee plans																																																			130,000	0	133,000	262,000	151,000	0			579,000	197,000	432,000	61,000	166,000	603,000	2,967,000	347,000	617,000	395,000	-117,000	-17,000	158,000	-47,000	228,000	158,000	423,000	38,000	392,000	8,000	429,000	72,000	2,333,000	248,000
net decrease in cash and cash equivalents																																												-5,472,000				-9,214,000						-15,468,000														-19,304,000				-3,046,000
proceeds from note receivable
net training equipment credits earned																																																-291,000	-357,000	-244,000		-467,000
decrease in restricted cash																																																2,076,000
repayment of long-term financing obligation																																																	-126,000	-41,000
increase in restricted cash																																																		-140,000
supplemental disclosure of cash flow information:
taxes paid																																																			2,946,000	1,842,000	1,629,000	1,050,000	5,473,000	4,960,000	2,138,000	3,137,000	559,000	1,190,000	10,594,000	272,000	5,203,000	5,162,000	11,188,000	1,563,000	1,403,000	2,281,000	3,889,000	250,000	475,000	329,000	4,342,000	5,000
training equipment obtained in exchange for services																																																			158,000	56,000	792,000	158,000	354,000	138,000	827,000	602,000	172,000	745,000	39,000	443,000	869,000	466,000	97,000	285,000	233,000	135,000	916,000	287,000	464,000	724,000	275,000	396,000
change in accrued capital expenditures during the period																																																			594,000	-459,000	95,000	-1,318,000	1,099,000	-421,000	-587,000	842,000
construction in progress financed by construction liability during the period																																																			3,885,000	13,000,000	3,393,000	4,933,000
stock based compensation classified as liability instruments
training equipment credits (earned) used
purchases of treasury stock
cash and cash equivalents, beginning of year
cash and cash equivalents, end of year
construction in progress financed by construction liability
income tax payable																																																										-145,000				5,035,000			-7,792,000	4,060,000	2,232,000	-477,000	-2,838,000	2,647,000		-914,000	-3,660,000	5,210,000		-643,000	-5,144,000	6,967,000				5,848,000				4,957,000
capitalized stock-based compensation																																																											0	0	18,000	20,000	16,000	14,000	23,000	19,000	26,000	17,000
purchases of treasury stock, including fees of 62 in 2009
dividends payable
accrued capital expenditures																																																												-4,789,000	1,781,000	164,000	-277,000	2,077,000	-1,983,000	776,000	810,000	54,000	1,115,000	313,000	3,873,000	-184,000	-326,000	821,000
net provided by financing activities
adjustments to reconcile net income to net cash
provided by operating activities:
purchases of treasury stock, including fees of 62 in 2009 and 75 in 2008
interest paid																																																																	2,000	2,000	11,000	16,000	9,000	12,000	10,000	9,000	10,000	19,000
net from financing activities
purchases of treasury stock, including fees of 75 in 2008
loss on sale of property and equipment																																																																					585,000	121,000	496,000	190,000	123,000	407,000			57,000	40,000	44,000	144,000	28,000	18,000
proceeds from sale of property and equipment																																																																					1,000	5,000	1,000	27,000	-1,000	32,662,000	40,176,000	7,000	1,000	8,000	0								1,000
stock compensation																																																																																							432,000	132,000
income taxes payable
repayment of capital leases
purchases of treasury stock, including fees of 75 and 57 in 2008 and 2006, respectively
proceeds from the sale of land
purchase of securities with intent to hold to maturity																																																																																			0	-16,013,000	-149,000	-15,840,000
payment of deferred finance fees																																																																																			0	0	0	-14,000
distribution to stockholders																																																																																			0
purchases of treasury stock, including fees of 57
repayment of long-term debt borrowings																																																																															0	-1,000	-3,000	-2,000	-4,000	-3,000	-3,000	-27,000	-29,000	-50,000	-122,000	-31,630,000
bank overdrafts																																																																																2,649,000
write-off of deferred financing fees																																																																																							347,000	0	0	752,000
preferred stock interest expense																																																																																							0	0	0	265,000
proceeds from issuance of common stock, net of issuance costs of 7,648																																																																																							0
redemption of mandatory redeemable preferred stock																																																																																							0	0	0	-12,946,000
dividends paid on preferred stock
proceeds from subscriptions receivable																																																																																							0	0	0	28,000
tax benefits of stock options exercised
income taxes																																																																																1,620,000
redemption of restricted investments																																																																																0	0	16,260,000
repayment of subordinated debt
dividends paid																																																																																							0	0	0	-12,558,000
tax benefit from option exercise																																																																																				190,000	469,000	482,000	80,000	295,000	0	120,000
stock option compensation																																																																																				12,000	244,000	13,000				27,000
write-off of deferred finance fees
other current liabilities																																																																																				933,000	1,150,000	145,000		-1,434,000	-2,213,000	932,000
proceeds from the sale of property, plant and equipment
proceeds from issuance of common stock, net of issuance costs of 7,648 for the nine months ended june 30, 2004
proceeds from exercise of stock options																																																																																				194,000	799,000	657,000		247,000	0	53,000
proceeds from issuance of common stock, net of issuance costs of 7,585 for the six months ended march 31, 2004
proceeds from issuance of common stock, net of issuance costs of 7,441																																																																																										59,184,000
gain on early retirement of debt
proceeds from sale of securities
proceeds from issuance of preferred stock, net of issuance costs of 3,457
proceeds from long-term debt borrowings, net of issuance costs of 2,462
proceeds from issuance of common stock, net of issuance costs of 7,585

Universal Technical Institute, Inc(NYSE:UTI)

Universal Technical Institute, Inc
(NYSE:UTI)