11c. Memo - Q1 2021 Financial Performance Briefing
COMMISSION AGENDA MEMORANDUM Item No. 11c BRIEFING ITEM Date of Meeting May 11, 2021 DATE: April 19, 2021 TO: Stephen P. Metruck, Executive Director FROM: Dan Thomas, Chief Financial Officer Michael Tong, Director, Corporate Budget SUBJECT: Q1 2021 Financial Performance Briefing EXECUTIVE SUMMARY The purpose of this presentation is to provide a status report of the Q1 2021 financial performance results. BACKGROUND The Port's overall operating revenues for Q1 2021 were $112.9 million, which is $27.4 million below budget and $48.7 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 $26.9 million, $8.2 million or 23.2% below budget and $23.0 million or 46.1% lower YoY mainly due to lower revenues from each line of businesses. Non-Airport revenues were $24.7 million, $348 thousand or 1.4% above budget and $655 thousand or 2.6% down YoY mainly due to lower revenues from Conference & Event Centers, partially offset by higher revenues from Grain. Total operating expenses for first quarter of 2021 were $94.9 million, which is $6.6 million below budget and $8.7 million lower than 2020. The operating expense variance was largely due to freeze/deferred hiring, lower third party management operating expense, and cost reductions in discretionary spending. Net operating income before depreciation was $18.0 million, which is $20.9 million below budget and $39.9 million lower than 2020. 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: May 11, 2021 5. Central Services Operating Results ATTACHMENTS TO THIS BRIEFING (1) Q1 2021 Financial and Performance Report (2) Presentation slides PREVIOUS COMMISSION ACTIONS OR BRIEFINGS None Template revised September 22, 2016.
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