COMMISSION 
AGENDA MEMORANDUM                        Item No.          9b 
BRIEFING ITEM                             Date of Meeting      August 11, 2020 
DATE:     July 23, 2019 
TO:        Stephen P. Metruck, Executive Director 
FROM:    Dan Thomas, Chief Financial Officer 
Michael Tong, Director, Corporate Budget 
SUBJECT:  Q2 2020 Financial Performance Briefing 
EXECUTIVE SUMMARY 
The purpose of this presentation is to provide a status report of the Q2 2020 financial
performance results. 
BACKGROUND 
The Port's overall operating revenues for Q2 2020 were$276.2 million, which is $26.6 million
below the revised budget and $91.9 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 $64.2 million, $3.1 million or 5.1% over the revised budget and 
$60.4 million or 48.5% lower than 2019 from all business line of businesses. 
Non-Airport revenues were $48.3 million, $1.1 million or 2.3% above budget and $19.3 million or
28.6% lower than last year mainly due to lower revenues from Cruise, NWSA Distributable
Income, and Conference and Event Centers. Non-Airport revenues were $48.3 million, $1.1 
million or 2.3% above budget and $19.3 million or 28.6% lower than last year mainly due to lower
revenues from Cruise, NWSA Distributable Income, and Conference and Event Centers. 
Total operating expenses for first half of 2020 were $197.8 million, which is $17.2 million below
budget but $18.9 million lower than 2019. 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 $78.4 million, which is $9.4 million below the
revised budget and $73.0 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 

Template revised April 12, 2018.

COMMISSION AGENDA  Briefing Item No. 9b                                  Page 2 of 2 
Meeting Date: August 11, 2020 
4.  Economic Development Division Operating Results 
5.  Central Services Operating Results 
ATTACHMENTS TO THIS BRIEFING 
(1)   Q2 2020 Financial and Performance Report 
(2)   Presentation slides 
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS 
None 














Template revised September 22, 2016.