9c. Q2 Financial Performance Update Memo
COMMISSION AGENDA MEMORANDUM Item No. 9c BRIEFING ITEM Date of Meeting August 13, 2019 DATE: July 19, 2019 TO: Stephen P. Metruck, Executive Director FROM: Dan Thomas, Chief Financial Officer Michael Tong, Director, Corporate Budget 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 Non- Aero 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. Portwide Operating Results 2. Aviation Division Operating Results 3. Maritime Division Operating Results 4. Economic Development Division Operating Results Template revised April 12, 2018. COMMISSION AGENDA Briefing Item No. 9c Page 2 of 2 Meeting Date: August 13, 2019 5. Central Services Operating Results ATTACHMENTS TO THIS BRIEFING (1) Q2 2019 Financial and Performance Report (2) Presentation slides PREVIOUS COMMISSION ACTIONS OR BRIEFINGS None Template revised September 22, 2016.
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