11a. Memo - Q2 2021 Financial Performance Briefing
COMMISSION AGENDA MEMORANDUM Item No. 11a BRIEFING ITEM Date of Meeting August 10, 2021 DATE: July 19, 2021 TO: Stephen P. Metruck, Executive Director FROM: Dan Thomas, Chief Financial Officer Michael Tong, Director, Corporate Budget SUBJECT: Q2 2021 Financial Performance Briefing EXECUTIVE SUMMARY The purpose of this presentation is to provide a status report of the Q2 2021 financial performance results. BACKGROUND The Port's overall operating revenues for Q2 2021 were $265.9 million, which is $46.2 million below budget and $10.4 million lower 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 $73.2 million, $9.1 million or 11.1% below budget and $9.0 million or 14.0% higher YoY mainly due to higher enplanements from the same period last year. Non-Airport revenues were $49.5 million, $1.8 million or 3.5% below budget and $1.2 million or 2.4% higher YoY mainly due to higher revenue from Grain and NWSA Distributable Revenue, partially offset by lower revenues from Conference & Event Centers. Total operating expenses for first half of 2021 were $195.8 million, which is $13.4 million below budget and $2.0 million lower than 2020. The operating expense variance was largely due to frozen/deferred hiring, lower outside services cost, and lower third-party management expense. Net operating income before depreciation was $70.1 million, which is $32.9 million below budget and $8.3 million lower than 2020. Each division will present its results to the Commission. The presentation outline is as follows: 1. Portwide Operating Results 2. Aviation Division Operating Results 3. Maritime Division Operating Results 4. Economic Development Division Operating Results 5. Central Services Operating Results Template revised April 12, 2018. COMMISSION AGENDA Briefing Item No. __11a__ Page 2 of 2 Meeting Date: August 10, 2021 ATTACHMENTS TO THIS BRIEFING (1) Q2 2021 Financial and Performance Report (2) Presentation slides PREVIOUS COMMISSION ACTIONS OR BRIEFINGS None Template revised September 22, 2016.
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