COMMISSION 
AGENDA MEMORANDUM                        Item No.          11c 
BRIEFING ITEM                            Date of Meeting       March 9, 2021 
DATE:     February 19, 2021 
TO:        Stephen P. Metruck, Executive Director 
FROM:    Dan Thomas, Chief Financial Officer 
Michael Tong, Director, Corporate Budget 
SUBJECT:  2020 Financial Performance Briefing 
EXECUTIVE SUMMARY 
The purpose of this presentation is to provide a status report of the 2020 financial performance
results. 
BACKGROUND 
The Port's overall operating revenues for 2020 were $510.8 million, which is $128.9 million below
the revised budget and $253.3 million lower than 2019. Excluding Aeronautical revenues, which
are based on cost recovery and revenue sharing formulas, other Airport Non-Aero revenues were
$116.5 million, $18.6 million or 13.8% below the revised budget and $152.6 million or 56.7%
lower than 2019 from all business line of businesses. 
Non-Airport revenues were $96.4 million, $6.9 million or 6.6% below the revised budget and 
$41.1 million or 29.9% lower than 2019 mainly due to lower revenues from Cruise, NWSA
Distributable Income, and Conference & Event Centers. 
Total operating expenses for 2020 were $412.0 million, which is $26.1 million below budget and 
$31.1 million lower than 2019. The favorable budget variance was largely due to a $ 17.2 million
DRS Pension Plan True-up credit, as well as savings from Outside Services, Utilities, and Third- 
Party Management Expense. 
Net operating income before depreciation was $98.9 million, which is $102.8 million below the
revised budget and $222.2 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 

Template revised April 12, 2018.

COMMISSION AGENDA  Briefing Item No. 11c                                 Page 2 of 2 
Meeting Date: March 9, 2021 
5.  Central Services Operating Results 
ATTACHMENTS TO THIS BRIEFING 
(1)   2020 Financial and Performance Report 
(2)   Presentation slides 
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS 
November 10, 2020  Q3 2020 Financial Performance Briefing 
August 11, 2020  Q2 2020 Financial Performance Briefing 














Template revised September 22, 2016.