11a Memo Q3 Financial Performance Briefing
COMMISSION AGENDA MEMORANDUM Item No. 11a BRIEFING ITEM Date of Meeting November 10, 2020 DATE: October 23, 2020 TO: Stephen P. Metruck, Executive Director FROM: Dan Thomas, Chief Financial Officer Michael Tong, Director, Corporate Budget SUBJECT: Q3 2020 Financial Performance Briefing EXECUTIVE SUMMARY The purpose of this presentation is to provide a status report of the Q3 2020 financial performance results. BACKGROUND The Port's overall operating revenues for Q3 2020 were $384.3 million, which is $90.7 million below the revised budget and $204.2 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 $90.1 million, $1.8 million or 2.0% below the revised budget and $115.2 million or 56.1% lower YoY from all business line of businesses. Non-Airport revenues were $74.2 million, $5.0 million or 6.3% below the revised budget and $35.1 million or 32.1% lower YoY mainly due to lower revenues from Cruise, Conference and Event Centers, and NWSA Distributable Income. Total operating expenses for first three quarters of 2020 were $299.8 million, which is $27.0 million below the revised budget and $23.2 million lower than 2019. The operating expense variance was largely due to lower outside services, utilities, environmental remediation liability, and travel and other employee expenses. Net operating income before depreciation was $84.6 million, which is $63.3 million below the revised budget and $181.0 million less than 2019. 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: November 10, 2020 ATTACHMENTS TO THIS BRIEFING (1) Q3 2020 Financial and Performance Report (2) Presentation slides PREVIOUS COMMISSION ACTIONS OR BRIEFINGS None Template revised September 22, 2016.
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