Annual Report 2022

ASSETS AND LIABILITIES FY 2022 COMPOSITION * Includes finance and operating leases (beginning FY 2021 upon adoption of new accounting standard) $0 $250 $500 $750 $1,000 $1,250 $1,500 $1,750 $2,000 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Cash and Investments Plant Assets, Net Lease Assets* All Other Assets Debt Lease Liabilities* All Other Liabilities TOTAL LIABILITIES TOTAL ASSETS 43% 45% 5% 7% 67% 11% 22% LIABILITIES ASSETS (inmillions) Ma n a g eme n t ’ s D i s c u s s i o n a n d A n a l y s i s J u n e 3 0 , 2 0 2 2 a n d 2 0 2 1 Capital Projects The university invested $26.5 million in capital projects during fiscal 2022, with gross land, building, and equipment before accumulated depreciation maintained at $1.5 billion. During fiscal 2022, the university completed construction of the Levan Center of Innovation, as well as leasehold improvements to the Tampa Bay Regional Campus supporting the College of Dental Medicine’s D.M.D. program expansion, both of which were previously described and opened during fiscal 2022, along with several smaller capital projects. Debt and Other Liabilities Total liabilities increased $149.4 million or 19.6 percent to $912.2 million as of June 30, 2022 from $762.8 million as of June 30, 2021. In March 2022, the university issued $150.0 million Series 2022 taxable bonds, the net proceeds of which will be utilized for general corporate purposes, including future capital projects pursuant to a multiphased plan as previously mentioned. Total debt at par value increased by $136.5 million or 30.4 percent to $585.1 million as of June 30, 2022 from $448.6 million as of June 30, 2021, based on new debt added of $150.0 million less principal payments made during the fiscal year of $13.5 million. The university’s debt portfolio is comprised of all fixed rate bonds, with no variable-rate debt outstanding. Over the past five years (fiscal 2017 to fiscal 2022), the total par value of debt has grown by 54.7 percent, which is modest as compared to the growth in total cash and investments, excluding unspent bond proceeds, of 91.0 percent, as previously stated. Also contributing to the increase in total liabilities year over year was an $8.6 million or 9.9 percent increase in operating lease liabilities, which total $95.5 million as of June 30, 2022. 7