COMMISSION 
AGENDA MEMORANDUM                        Item No.          11a 
BRIEFING ITEM                             Date of Meeting     November 10, 2020 
DATE:     October 23, 2020 
TO:        Stephen P. Metruck, Executive Director 
FROM:    Dan Thomas, Chief Financial Officer 
Michael Tong, Director, Corporate Budget 
SUBJECT:  Q3 2020 Financial Performance Briefing 
EXECUTIVE SUMMARY 
The purpose of this presentation is to provide a status report of the Q3 2020 financial performance
results. 
BACKGROUND 
The Port's overall operating revenues for Q3 2020 were $384.3 million, which is $90.7 million below
the revised budget and $204.2 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 $90.1 million, $1.8 million or 2.0% below the revised budget and $115.2 million or
56.1% lower YoY from all business line of businesses. 
Non-Airport revenues were $74.2 million, $5.0 million or 6.3% below the revised budget and $35.1 
million or 32.1% lower YoY mainly due to lower revenues from Cruise, Conference and Event
Centers, and NWSA Distributable Income. 
Total operating expenses for first three quarters of 2020 were $299.8 million, which is $27.0 million
below the revised budget and $23.2 million lower than 2019. The operating expense variance was
largely due to lower outside services, utilities, environmental remediation liability, and travel and 
other employee expenses. 
Net operating income before depreciation was $84.6 million, which is $63.3 million below the
revised budget and $181.0 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 
5.  Central Services Operating Results 

Template revised April 12, 2018.

COMMISSION AGENDA  Briefing Item No. 11a                                 Page 2 of 2 
Meeting Date: November 10, 2020 

ATTACHMENTS TO THIS BRIEFING 
(1)    Q3 2020 Financial and Performance Report 
(2)    Presentation slides 
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS 
None 















Template revised September 22, 2016.