COMMISSION
AGENDA MEMORANDUM
BRIEFING ITEM

Item No.
Date of Meeting

DATE:

July 19, 2019

TO:

Stephen P. Metruck, Executive Director

FROM:

Dan Thomas, Chief Financial Officer
Michael Tong, Director, Corporate Budget

9c
August 13, 2019

SUBJECT: Q2 2019 Financial Performance Briefing
EXECUTIVE SUMMARY
The purpose of this presentation is to provide a status report of the Q2 2019 financial
performance results.
BACKGROUND
The Port's overall operating revenues for Q2 2019 were $368.2 million, which is $7.9 million
above budget and $37.7 million higher than the same period last year. Excluding Aeronautical
revenues, which are based on cost recovery and revenue sharing formulas, other Airport NonAero revenues were $124.6 million, $3.6 million or 2.9% over budget and $5.7 million or 4.8%
higher YoY mainly due to higher revenues from ADR & Terminal Leased Space, Ground
Transportation, and Clubs & Lounges.
Non-Airport revenues were $67.6 million, $5.4 million or 8.7% above budget were $3.6 million
or 5.6% higher YoY mainly due to higher revenues from the NWSA Distributable Income and
Conference & Event Centers.
Total operating expenses for first half of 2019 were $216.8 million, which is $16.0 million below
budget but $25.2 million higher than 2018. The operating expense variance was largely due to
delays in hiring, vacant positions, project delays, and some actual budget savings.
Net operating income before depreciation was $151.4 million, which is $23.8 million above
budget and $12.5 million higher than 2018.
Each division will present its results to the Commission. The presentation outline is as follows:
1.
2.
3.
4.

Portwide Operating Results
Aviation Division Operating Results
Maritime Division Operating Results
Economic Development Division Operating Results

Template revised April 12, 2018.

COMMISSION AGENDA - Briefing Item No. 9c
Meeting Date: August 13, 2019
5. Central Services Operating Results
ATTACHMENTS TO THIS BRIEFING
(1)
(2)

Q2 2019 Financial and Performance Report
Presentation slides

PREVIOUS COMMISSION ACTIONS OR BRIEFINGS
None

Template revised September 22, 2016.

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