COMMISSION 
AGENDA MEMORANDUM                        Item No.          9b 
BRIEFING ITEM                             Date of Meeting       March 10, 2020 
DATE:     February 21, 2020 
TO:        Stephen P. Metruck, Executive Director 
FROM:    Dan Thomas, Chief Financial Officer 
Michael Tong, Director  Corporate Budget 
SUBJECT:  2019 Financial Performance Briefing 
EXECUTIVE SUMMARY 
The purpose of this presentation is to provide a status report of the 2019 financial performance
results. 
BACKGROUND 
The Port's overall operating revenues for 2019 were $764.2 million, which is $10.9 million
above budget. Excluding Aeronautical revenues, which are based on cost recovery, Airport Non-
Aeronautical revenues were $9.5 million higher than the budget primarily due to higher
revenues from Airport Dining and Retail, Rental Cars, Ground Transportation, Airport
Commercial Properties, and Clubs & Lounges. Non-Airport revenues were $9.4 million above
budget mainly due to higher revenue from Conference & Event Centers and NWSA
Distributable Revenue. 
Total operating expenses for 2019 were $443.1 million, which is $11.9 million, or 2.6%, below
budget. The operating expense variance was largely due to a $16.5 million DRS Pension True-up
credit, partially offset by higher wages, equipment and supplies expenses for snows removal. 
Net operating income before depreciation was $321.1 million, which is $22.8 million, or 7.6%,
above budget. 
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 September 22, 2016.

COMMISSION AGENDA  Briefing Item No. 9b                                  Page 2 of 2 
Meeting Date: March 10, 2020 
ATTACHMENTS TO THIS BRIEFING 
(1)   2019 Financial and Performance Report 
(2)   Presentation slides 
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS 
None 
















Template revised September 22, 2016.