UTi WORLDWIDE INC

CIK:0001124827|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Income Statement [Abstract]
Revenues	$ 884,711	$ 1,077,179	$ 2,771,956	$ 3,215,212
Purchased transportation costs	556,520	694,828	1,775,764	2,069,787
Staff costs	199,171	219,105	605,911	664,250
Depreciation	12,284	14,207	38,209	42,235
Amortization of intangible assets	7,296	7,398	22,147	21,417
Severance and other	0	23,674	5,483	25,965
Goodwill impairment			50,000
Other operating expenses	121,241	139,842	366,316	415,744
Operating loss	(11,801)	(21,875)	(91,874)	(24,186)
Interest income	2,212	6,332	9,262	17,624
Interest expense	(13,543)	(16,888)	(42,729)	(46,843)
Loss on debt extinguishment				(21,820)
Other expense, net	(1,712)	(205)	(1,716)	(1,202)
Pretax loss	(24,844)	(32,636)	(127,057)	(76,427)
Provision for income taxes	7,184	2,321	10,981	21,055
Net (loss)/income	(32,028)	(34,957)	(138,038)	(97,482)
Net income/(loss) attributable to non-controlling interests	677	(1,271)	(1,313)	1,855
Net loss attributable to UTi Worldwide Inc.	$ (32,705)	$ (33,686)	$ (136,725)	$ (99,337)
Basic and diluted loss per common share attributable to UTi Worldwide Inc. common shareholders	$ (0.34)	$ (0.35)	$ (1.39)	$ (1.02)
Number of weighted average common shares outstanding used for per share calculations Basic and diluted shares	106,052,511	105,438,911	105,901,067	105,257,604

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
OPERATING ACTIVITIES:
Net loss	$ (138,038)	$ (97,482)
Adjustments to reconcile net loss to net cash provided by/ (used in) operating activities:
Share-based compensation costs	7,159	10,365
Depreciation	38,209	42,235
Amortization of intangible assets	22,147	21,417
Amortization of debt issuance costs	2,927	2,805
Make-whole payment		20,830
Accretion of convertible senior notes	6,490	5,290
Goodwill impairment	50,000
Deferred income taxes	662	(2,438)
Uncertain tax positions	610	792
Gain on disposal of property, plant and equipment	(2,480)	(522)
Provision for doubtful accounts	299	4,328
Installment receivable impairment and other	2,264	20,449
Changes in operating assets and liabilities:
Decrease/(increase) in trade receivables	28,432	(128,995)
Decrease/(increase) in other current assets	4,928	(1,363)
Increase/(decrease) in trade payables	2,686	(8,412)
(Decrease)/increase in accrued liabilities and other liabilities	(10,816)	5,611
Net cash provided by/(used in) operating activities	15,479	(105,090)
INVESTING ACTIVITIES:
Net increase in cash held as collateral	(5,036)	(32,801)
Purchases of property, plant and equipment, excluding software	(17,317)	(20,989)
Proceeds from disposals of property, plant and equipment	4,161	4,058
Purchases of software and other intangible assets	(8,425)	(9,845)
Net increase in other non-current assets and other	(104)	(558)
Investment in joint venture and other	(3,732)
Net cash used in investing activities	(30,453)	(60,135)
FINANCING ACTIVITIES:
Proceeds from issuances of long-term borrowings		404,644
Proceeds from the issuance of preference shares		175,000
Borrowings from bank lines of credit	219,000	183,569
Repayments of bank lines of credit	(121,000)	(356,387)
Net borrowings/(repayments) under revolving lines of credit	3,680	(3,012)
Proceeds from issuance of financing agreements	74,984
Repayments of financing agreements	(63,700)
Net (decrease)/increase in short-term borrowings	(9,404)	2,472
Repayments of long-term borrowings	(5,321)	(203,517)
Make-whole payment	0	(20,830)
Debt and preferred shares issuance costs		(25,789)
Repayments of capital lease obligations	(9,449)	(10,770)
Distributions to non-controlling interests and other	(874)	(1,416)
Ordinary shares settled under share-based compensation plans	(1,164)	(1,807)
Proceeds from issuance of ordinary shares	179	89
Net cash provided by financing activities	86,931	142,246
Effect of foreign exchange rate changes on cash and cash equivalents	(18,918)	10,464
Net increase/(decrease) in cash and cash equivalents	53,039	(12,515)
Cash and cash equivalents at beginning of period	211,832	204,384
Cash and cash equivalents at end of period	$ 264,871	$ 191,869

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2015	Jan. 31, 2015
ASSETS
Cash and cash equivalents	$ 264,871	$ 211,832
Cash held as collateral	34,104	29,068
Trade receivables (net of allowances for doubtful accounts of $16,524 and $19,964 as of October 31, 2015 and January 31, 2015, respectively)	806,058	887,084
Deferred income taxes	12,154	12,596
Other current assets	145,248	154,756
Total current assets	1,262,435	1,295,336
Property, plant and equipment (net of accumulated depreciation of $283,954 and $281,287 as of October 31, 2015 and January 31, 2015, respectively)	167,660	195,523
Goodwill	219,640	282,572
Other intangible assets, net	131,878	147,018
Investments	4,730	1,023
Deferred income taxes	10,423	11,175
Other non-current assets	37,229	41,305
Total assets	1,833,995	1,973,952
LIABILITIES & EQUITY
Bank lines of credit	131,178	31,306
Short-term borrowings	48,515	52,825
Current portion of long-term borrowings	7,080	1,429
Current portion of capital lease obligations	11,849	11,429
Trade payables and other accrued liabilities	650,840	698,450
Income taxes payable	5,899	8,995
Deferred income taxes	11,953	12,177
Total current liabilities	867,314	816,611
Long-term borrowings, excluding current portion	368,801	366,846
Capital lease obligations, excluding current portion	47,842	56,455
Deferred income taxes	14,906	14,204
Other non-current liabilities	34,212	36,892
Convertible preference shares	$ 191,978	$ 181,957
Commitments and contingencies
UTi Worldwide Inc. shareholders' equity:
Common stock - ordinary shares of no par value; issued and outstanding 106,074,789 and 105,534,957 shares as of October 31, 2015 and January 31, 2015 respectively	$ 581,537	$ 575,164
(Accumulated deficit)/retained earnings	(54,081)	92,664
Accumulated other comprehensive loss	(227,371)	(179,423)
Total UTi Worldwide Inc. shareholders' equity	300,085	488,405
Non-controlling interests	8,857	12,582
Total equity	308,942	500,987
Total liabilities and equity	$ 1,833,995	$ 1,973,952