FY22 financial report print.indd

Virginia Tech Financial Report 2021-2022

Statement of Cash Flows (continued) For the year ended June 30, 2022, with comparative financial information as of June 30, 2021 (all dollars in thousands)

2022

2021 (restated)

Reconciliation of net operating expenses to net cash used by operating activities

Operating loss

$

(327,032)

$

(347,232)

Adjustments to reconcile net loss to net cash used by operating activities

Depreciation and amortization expense

135,774

125,469

Changes in assets, deferred outflows, liabilities, and deferred inflows Receivables, net

(19,392) (2,473) (4,429) (4,496)

(2,594) (1,707) (2,764)

Inventories

Prepaid and other asset items

Other postemployment benefits asset

(775)

Notes receivable, net

2,000

1,195

Deferred outflow for VRS pension

30,292

(21,480) (3,482)

Deferred outflow for other postemployment benefits

3,313

Accounts payable and other liabilities

10,994

7,665 4,750 5,386

Accrued payroll

(4,307) (1,853)

Compensated absences

Unearned revenue Pension liability

14,371

(4,203)

(231,023) (31,523)

54,974

Other postemployment benefits liability Federal loan contributions refundable Deferred inflow for VRS pension

(6,560) (2,335) (15,968) (4,090)

(2,137)

167,244

Deferred inflow for other postemployment benefits

9,062

Deferred inflow for long-term leases

(78)

(73)

Scholarship and other miscellaneous custodial accounts, net

(1,114)

564

Total adjustments

70,225

133,972

$

(256,807)

$

(213,260)

Net cash used by operating activities

Noncash investing, capital, and financing activities

Change in accounts receivable related to non-operating income

$

6,486

$

(3,117)

Capital assets acquired through in-kind donations as a component of capital gifts and grants income Change in fair value of investments recognized as a component of investment income Change in value of interest payable affecting interest paid

$

12,741

$

4,620

$

(65,987)

$

51,160

$

(448)

$

(496)

Capital assets acquired through the assumption of a liability

$

-

$

1,515

Long term leases used to finance capital assets

$

12,040 $

22,335

Change in interest receivable affecting interest income

$

(299)

$

416

Gain (loss) on disposal of capital assets

$

5,258

$

2,309

Capitalization of interest revenue and expense, net

$

-

$

(1,842)

Amortization of bond premium (discount) and gain (loss)

$

(2,130)

$

1,197

on debt refunding

Retainage payable

$

9,158 $

8,615

Change in pension liability recognized as a component of non-operating revenue

$

3,347 $

-

The accompanying Notes to Financial Statements are an integral part of this statement.

Financial Statements 19