11a. Memo

2022 Financial Performance Briefing

AGENDA MEMORANDUM                        Item No.          11a 
BRIEFING ITEM                            Date of Meeting       March 14, 2023 
DATE:     March 8, 2023 
TO:        Stephen P. Metruck, Executive Director 
FROM:    Dan Thomas, Chief Financial Officer 
Michael Tong, Director, Corporate Budget 
SUBJECT:  2022 Financial Performance Briefing 
The purpose of this presentation is to provide a status report of the 2022 financial performance
The Port’s overall operating revenues for 2022 were $810.1 million, which is $43.3 million above 
the budget and $188.1 million higher than 2021. Excluding Aeronautical revenues, which are
based on cost recovery and revenue sharing formulas, other Airport Non-Aero revenues were
$256.6 million, $15.8 million or 6.6% above the budget and $72.8 million or 39.6% higher than
2021 from all lines of businesses. 
Non-Airport revenues were $151.0 million, $19.9 million or 15.2% above the budget and 
$30.3 million or 25.1% higher than 2021 mainly due to higher revenues from Cruise, Conference
and Event Centers, and unbudgeted police forfeitures. 
Total operating expenses for 2022 were $475.7 million, which is $23.4 million or 4.7% below
budget and $111.1 million or 30.5% higher than 2021. The favorable budget variance was largely
due to a $15.6 million DRS Pension True-up Credit. Excluding the Pension Credit, the budget
variance was $7.8 million or 1.6% favorable mainly to savings from Outside Services, Third Party
Management Expense, and Travel & Other Employee Expenses; partially offset by less Charges
to Capital Projects. 
Net operating income before depreciation was $334.4 million, which is $66.7 million or 24.9%
above budget and $77.0 million or 29.9% higher than 2021. 
Each division will present its results to the Commission. The presentation outline is as follows: 
1.  Aviation Division Operating Results
2.  Maritime Division Operating Results 

Template revised April 12, 2018.

             COMMISSION AGENDA – Briefing Item No. 11a                                 Page 2 of 2 
Meeting Date: March 14, 2023 
3.  Economic Development Division Operating Results 
4.  Central Services Operating Results 
5.  Portwide Operating Results 
(1)   2022 Financial and Performance Report 
(2)   Presentation slides 
August 9, 2022 – Q2 2022 Financial Performance Briefing 

Template revised September 22, 2016.


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