Assets
Cash, cash equivalents, and restricted cash
44,117
53,615
Investments
364,660
364,539
Trade receivables, net
5,867
7,171
Auto test inventory
2,433
1,932
Grants and other receivables
1,449
2,513
Prepaid expenses and other current assets
8,337
7,247
Total current assets
427,642
437,573
Property, equipment and software, net
54,499
57,363
Right-of-use assets
699
1,236
Total assets
489,277
503,279
Liabilities and Net Assets
Current liabilities
2022
2021
Accounts payable and accrued liabilities
15,098
15,365
Accrued compensation
10,214
11,026
Deferred revenue
97,562
100,282
Current portion of operating lease liabilities
467
558
Current portion of long-term debt
1,675
1,600
Total current liabilities
125,016
128,831
Deferred revenue - long term
12,099
13,011
Liability under derivative instrument
2,742
5,041
Long-term debt
30,600
32,258
Operating lease liabilities
232
678
Pension obligations
11,176
17,115
Other liabilities
16,930
17,224
Total liabilities
198,795
214,158
Net Assets
Without donor restrictions
278,804
280,430
With donor restrictions
11,678
8,691
Total net assets
290,482
289,121
Total liabilities and net assets
489,277
503,279
Statements of Activities
Years ended May 31, 2022 and 2021
(Amounts in thousands)
Change in net assets without donor restrictions
Revenue and support
Subscriptions, newsstand, and other sales
223,317
226,948
Contributions
31,351
30,723
Net assets released from restrictions
6,303
4,633
Total revenue and support
260,971
262,304
Publication, promotion, and marketing expenses
Content development
86,179
84,540
Production and distribution
47,649
45,454
Promotion and marketing
65,214
60,430
Total publishing promotion and marketing
199,042
190,424
Consumer advocacy and education
16,110
15,060
General and administrative
23,222
22,065
Fundraising
11,830
11,354
Total operating and other expenses
250,204
283,903
Total operating gain
10,767
23,401
Investment return, net
(17,677)
74,167
Unrealized gain on interest rate swap
2,299
2,032
Change in value of split-interest agreements
(281)
(79)
Pension-related changes other than net periodic pension cost
3,266
11,103
Total nonoperating (loss) gain
(12,393)
87,223
(Decrease) Increase in net assets without donor restrictions
(1,626)
110,624
Change in net assets with donor restrictions
Grants received
9,315
5,188
Net assets released from restrictions
(6,303)
(4,633)
Contribution revenue - other
0
150
Change in value of split-interest agreements
(25)
481
Increase in net assets with donor restrictions
2,987
1,186
Increase in net assets
1,361
111,810
Net assets at beginning of year
289,121
177,311
Net assets at end of year
290,482
289,121