Financials
Below is financial information derived from the audited consolidated financial statements. Complete consolidated financial statements and footnotes can be found here.
Consolidated Balance Sheets
May 31, 2019 and 2018
(Amounts in thousands)
Assets
Current Assets
2019
2018
Cash and cash equivalents
16,173
10,350
Investments
288,167
302,696
Trade receivables, net
6,665
6,894
Inventories
1,890
1,678
Auto test inventory
2,001
1,924
Grants and other receivables
460
480
Prepaid expenses and other current assets
7,762
9,812
Receivable from insurance recovery
-
16,375
Total current assets
323,118
350,209
Property, equipment and software, net
62,458
64,340
Other assets
2,154
2,491
Grants receivable – long term
50
150
Total assets
387,780
417,190
Liabilities and Net Assets
Current liabilities
2019
2018
Accounts payable and accrued liabilities
15,144
17,158
Accrued compensation
8,177
9,383
Deferred revenue
98,177
100,675
Current portion of long-term debt
1,500
1,450
Claim settlement liability
-
16,375
Total current liabilities
122,998
145,041
Deferred revenue – long term
17,943
23,334
Liability under derivative instrument
5,029
4,116
Long-term debt
35,374
36,855
Pension obligations
24,886
24,927
Other liabilities
13,601
14,468
Total liabilities
219,831
248,741
Net assets
Without donor restrictions
159,797
164,854
With donor restrictions
8,152
3,595
Total net assets
167,949
168,449
Total liabilities and net assets
387,780
417,190
Consolidated Statements of Activities
Years ended May 31, 2019 and 2018
(Amounts in thousands)
(Amounts in thousands)
Change in net assets without donor restrictions
Operating
2019
2018
Revenue and support:
Subscriptions, newsstand, and other sales
211,302
206,553
Contributions
27,244
28,038
Net assets released from restrictions
3,183
4,377
Total revenue and support
241,729
238,968
OPERATING EXPENSES:
Publication, promotion, and marketing expenses
Content development
85,577
87,229
Production and distribution
46,326
43,730
Promotion and marketing
63,163
68,378
Total Publishing Promotion and Marketing
195,066
199,337
Consumer advocacy and education
15,407
16,187
General and administrative
22,984
25,624
Fundraising
11,748
11,625
Total operating and other expenses
245,205
252,773
Total operating loss
$(3,476)
$(13,805)
NonOperating
2019
2018
Investment return, net
1,554
23,371
Unrealized(loss) gain on interest rate swap
(913)
1,707
Change in value of split-interest agreements
77
(410)
Pension-related changes other than net periodic pension cost
(2,299)
4,317
Total nonoperating(loss) gain
(1,581)
28,985
(Decrease) increase in net assets without donor restrictions
(5,057)
15,180
Change in net assets with donor restrictions
2019
2018
Grants received
7,582
511
Net assets released from restrictions
(3,183)
(4,377)
Contribution revenue – other
102
100
Change in value of split-interest agreements
56
(20)
Increase (decrease) in net assets with donor restrictions
4,557
(3,786)
(Decrease) increase in net assets
(500)
11,394
Net assets at beginning of year
168,449
157,055
Net assets at end of year
167,949
168,449
