COMMISSION 
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 
EXECUTIVE SUMMARY 
The purpose of this presentation is to provide a status report of the Q1  2022 financial
performance results. 
BACKGROUND 
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 
ATTACHMENTS TO THIS BRIEFING 
(1)   Q1 2022 Financial and Performance Report 
(2)   Presentation 
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS 
None 














Template revised September 22, 2016.