Maryland Transportation Authority; Toll Roads Bridges
Table 2
Maryland Transportation Authority, Maryland--Financial and operating data (cont.)
--Fiscal year ended June 30--
Projected 2027
2024
2023
2022
2021
2020
Plus: other committed recurring revenue sources ($000s) Less: total O&M expenses and like transfers out, if any, net of noncash expenses Numerator for S&P Global Ratings' coverage calculation ($000s)
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
460,370
398,619
370,295
348,963
317,114
268,430
365,780
514,209
505,542
507,101
424,424
478,855
Total debt service ($000s)
177,350
142,877
137,753
104,919
113,879
91,282
Denominator for S&P Global Ratings' coverage calculation ($000s)
177,350
153,432
151,757
119,018
128,121
105,494
S&P Global Ratings-calculated coverage (x)
2.06
3.35
3.33
4.26
3.31
4.54
Debt and liabilities
Debt ($000s)
3,283,410
2,111,394
2,265,927
2,103,100
2,135,976
1,910,419
EBIDA ($000s)
352,980
514,209
505,542
507,101
424,424
478,855
S&P Global Ratings-calculated net revenue ($000s)
365,780
514,209
505,542
507,101
424,424
478,855
Debt to net revenue (x)
9.0
4.1
4.5
4.1
5.0
4.0
Debt to EBIDA (x)
9.3
4.1
4.5
4.1
5.0
4.0
Liquidity and financial flexibility
Unrestricted cash and investments ($000s)
425,810
794,850
888,954
557,050
467,867
599,595
Available liquidity, net of contingent liabilities ($000s)
425,810
794,850
888,954
557,050
467,867
599,595
Unrestricted days' cash on hand
337.6
727.8
876.2
582.6
538.5
815.3
Available liquidity to debt (%)
13.0
37.6
39.2
26.5
21.9
31.4
Unrestricted days' cash on hand (excluding credit facilities) Available liquidity to debt (%) (excluding credit facilities)
337.6
727.8
876.2
582.6
538.5
815.3
13.0
37.6
39.2
26.5
21.9
31.4
Operating metrics - toll road
Total toll revenue ($000s)
766,100
761,200
755,701
702,659
646,934
584,618
Toll transactions (000s)
161,600
165,312
162,833
152,204
132,278
137,864
O&M--Operations and maintenance. EBIDA = Total operating revenue - total O&M expenses excl. noncash expenses. EPAX--Enplanements. PFC--Passenger facility charge. CFC--Customer facility charge. MADS--Maximum annual debt service. S&P Global Ratings-calculated net revenue = (Total operating revenue + other recurring nonoperating revenue committed to debt service) - total O&M expenses excl. noncash expenses. Available liquidity = unrestricted cash and investments + total contingent liquidity resources - contingent liabilities. Examples of total contingent liquidity resources include working capital line of credit and other available cash reserves not already included in unrestricted cash and investments. See "Global Not-For-Profit Transportation Infrastructure Enterprises: Methodologies And Assumptions" criteria for more S&P Global Ratings definitions and calculations. N.A.--Not available.
APRIL 25, 2025 7
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