NRUC FY 2022 Earnings Report — National Rural Utilities Cooper Revenue & Financial Results | Market Cap Arena

National Rural Utilities CooperNRUC

FY 2022 Earnings

Reported August 8, 2022

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2022	Prior Q	FY 2021	QoQ Change	YoY Change
Revenue	$897M	—	$913M	—	-1.7%
Op. Income	$802M	—	$818M	—	-2.0%
Gross Margin	50.5%	—	47.5%	—	3.0pp
Net Margin	88.7%	—	88.9%	—	-0.2pp
EPS (Diluted)	$0.00	—	$0.00	—	NaN%
Free Cash Flow	$233M	—	$230M	—	1.3%

Revenue Flow

Item	Amount
REVENUE	$897M
Cost of Revenue	$444M
GROSS PROFIT	$453M
R&D Expenses	$0
Selling & Marketing	$52M
General & Administrative	$43M
SG&A Expenses	$95M
Other Expenses	$0
Operating Expenses	$95M
Cost & Expenses	$95M
OPERATING INCOME	$802M
Interest Income	$1.1B
Interest Expense	$706M
Other Income/Expenses	-$2M
INCOME BEFORE TAX	$800M
Income Tax Expense	$1M
Net Income from Continuing Ops	$799M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$796M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$796M
D&A	-$802M
EBIT	$1.6B
EBITDA	-$5M
EPS	$0
EPS Diluted	$0

Income Statement

Item	Amount
REVENUE	$897M
Cost of Revenue	$444M
GROSS PROFIT	$453M
R&D Expenses	$0
Selling & Marketing	$52M
General & Administrative	$43M
SG&A Expenses	$95M
Other Expenses	$0
Operating Expenses	$95M
Cost & Expenses	$95M
OPERATING INCOME	$802M
Interest Income	$1.1B
Interest Expense	$706M
Other Income/Expenses	-$2M
INCOME BEFORE TAX	$800M
Income Tax Expense	$1M
Net Income from Continuing Ops	$799M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$796M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$796M
D&A	-$802M
EBIT	$1.6B
EBITDA	-$5M
EPS	$0
EPS Diluted	$0

Cash Flow Statement

Item	Amount
Net Income	$796M
Depreciation & Amortization	$8M
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$549M
Change in Working Capital	-$4M
OPERATING CASH FLOW	$251M
Capital Expenditure	-$18M
Acquisitions (Net)	$19M
Purchases of Investments	-$182M
Sales/Maturities of Investments	$163M
Other Investing Activities	-$1.6B
NET CASH FROM INVESTING	-$1.6B
Net Debt Issuance	$898M
Common Stock Repurchased	-$58M
Common Dividends Paid	$0
Other Financing Activities	$396M
NET CASH FROM FINANCING	$1.2B
FREE CASH FLOW	$233M
Net Change in Cash	-$142M

Balance Sheet

Item	Amount
Cash & Equivalents	$154M
Short-Term Investments	$0
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$154M
PP&E (Net)	$63M
Goodwill	$0
Intangible Assets	$39M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$31.0B
TOTAL NON-CURRENT ASSETS	$31.1B
TOTAL ASSETS	$31.3B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$44M
Other Current Liabilities	$88M
TOTAL CURRENT LIABILITIES	$132M
Long-Term Debt	$23.8B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$5.2B
TOTAL NON-CURRENT LIABILITIES	$29.0B
TOTAL LIABILITIES	$29.1B
Common Stock	$970.0K
Additional Paid-In Capital	$0
Retained Earnings	$954M
Treasury Stock	$0
Accum. Other Comp. Income	$1.2B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.1B
Minority Interest	$27M
TOTAL EQUITY	$2.1B
TOTAL LIABILITIES & EQUITY	$31.3B
Total Debt	$23.8B
Net Debt	$23.6B