COMMISSION 
AGENDA MEMORANDUM                        Item No.          11a 
BRIEFING ITEM                            Date of Meeting      August 10, 2021 
DATE:     July 19, 2021 
TO:        Stephen P. Metruck, Executive Director 
FROM:    Dan Thomas, Chief Financial Officer 
Michael Tong, Director, Corporate Budget 
SUBJECT:  Q2 2021 Financial Performance Briefing 
EXECUTIVE SUMMARY 
The purpose of this presentation is to provide a status report of the Q2  2021 financial
performance results. 
BACKGROUND 
The Port's overall operating revenues for Q2 2021 were $265.9 million, which is $46.2 million
below budget and $10.4 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 $73.2 million, $9.1 million or 11.1% below budget and $9.0 million or 14.0%
higher YoY mainly due to higher enplanements from the same period last year. 
Non-Airport revenues were $49.5 million, $1.8 million or 3.5% below budget and $1.2 million or
2.4% higher YoY mainly due to higher revenue from Grain and NWSA Distributable Revenue,
partially offset by lower revenues from Conference & Event Centers. 
Total operating expenses for first half of 2021 were $195.8 million, which is $13.4 million below
budget and $2.0 million lower than 2020. The operating expense variance was largely due to
frozen/deferred hiring, lower outside services cost, and lower third-party management expense. 
Net operating income before depreciation was $70.1 million, which is $32.9 million below budget
and $8.3 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 
5.  Central Services Operating Results 

Template revised April 12, 2018.

COMMISSION AGENDA  Briefing Item No. __11a__                            Page 2 of 2 
Meeting Date: August 10, 2021 

ATTACHMENTS TO THIS BRIEFING 
(1)   Q2 2021 Financial and Performance Report 
(2)   Presentation slides 
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS 
None 















Template revised September 22, 2016.