Template revised April 12, 2018.

COMMISSION

AGENDA MEMORANDUM

Item No.

11b

BRIEFING ITEM

Date of Meeting

August 13, 2024

DATE: July 22, 2024

TO: Stephen P. Metruck, Executive Director

FROM: Dan Thomas, Chief Financial Officer

Michael Tong, Director, Corporate Budget

SUBJECT: Q2 2024 Financial Performance Briefing

EXECUTIVE SUMMARY

The purpose of this presentation is to provide a status report of the Q2 2024 financial

performance results.

BACKGROUND

The Port’s overall operating revenues for Q2 2024 were $493.9 million, which is $9.1 million

above budget and $31.9 million higher than the same period last year. Excluding Aeronautical

revenues, which are based on cost recovery and revenue sharing formulas, other Airport Non-

Aero revenues were $158.5 million, $6.1 million over budget mainly due to higher revenues from

Public Parking ($5.5M), Clubs & Lounges ($1.1M), and ADR & Terminal Leased Space ($813K);

partially offset by lower revenues from Rental Cars ($786K) and Employee Parking ($605K).

Non-Airport revenues were $4.0M over budget mainly due to higher Cruise revenue ($3.3M) and

NWSA Distributable Revenue ($1.1M), partially offset by lower revenues from Conference and

Event Center ($1.3M).

Total operating expenses for the first half of 2024 were $291.4 million, which is $10.9 million

below budget and $26.7 million higher than 2023. The favorable budget variance was largely due

to delay in Outside Services spending, Travel & Other Employee Expenses, Equipment Expense,

and Third Party Management Operating Expense.

Net operating income before depreciation was $202.5 million, which is $20.1 million above

budget and $5.2 million higher than the same period last year.

The presentation outline is as follows:

(1) Portwide Operating Results

(2) Aviation Division Operating Results

(3) Maritime Division Operating Results