11c. Memo

Q1 2022 Financial Performance Briefing

AGENDA MEMORANDUM                        Item No.          11c 
BRIEFING ITEM                            Date of Meeting        May 24, 2022 
DATE:     May 6, 2022 
TO:        Stephen P. Metruck, Executive Director 
FROM:    Dan Thomas, Chief Financial Officer 
Michael Tong, Director, Corporate Budget 
SUBJECT:  Q1 2022 Financial Performance Briefing 
The purpose of this presentation is to provide a status report of the Q1  2022 financial
performance results. 
The Port's overall operating revenues for Q1 2022 were $166.6 million, which is $21.0 million
above budget and $53.7 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 $50.9 million, $20.0 million over budget mainly due to timing in applying the
Concessionaire Relief Grant and $24.0 million above last year mainly due to higher revenues from
each line of businesses. 
Non-Airport revenues were $28.5 million, $1.9 million above budget and $3.8 million higher YoY
mainly due to higher revenue from Conference & Event Centers and Recreational Boating, and
more NWSA Distributable Revenue. 
Total operating expenses for first quarter of 2022 were $105.0 million, which is $14.1 million
below budget and $10.1 million higher than 2021. The favorable budget variance was largely due
to delay in Outside Services spending, vacant positions, Equipment Expense, and Travel & Other
Employee Expenses. 
Net operating income before depreciation was $61.6 million, which is $35.1 million above budget
and $43.6 million higher than 2021. 
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. _11c__                              Page 2 of 2 
Meeting Date: May 24, 2022 
(4) Economic Development Division Operating Results 
(5) Central Services Operating Results 
(1)   Q1 2022 Financial and Performance Report 
(2)   Presentation 

Template revised September 22, 2016.

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