20250514-002 Financial Memo — original pdf

Backup

TO: Airport Advisory Commissioners MEMORANDUM FROM: Rajeev Thomas, Chief Financial Officer, Aviation Department DATE: May 14, 2025 SUBJECT: Austin-Bergstrom International Airport (AUS) Update March 2025 Financial Results Passenger traffic totaled 1,851,308 in March 2025, a decrease of 3.4% compared to March 2024. Average daily departures increased from 245 in March 2024 to 247 in March 2025, an increase of 2 daily departures or 0.7%. Table #1 Enplanements Landing Weights Cargo Tonnage Operating Revenue Airport OPEX Total Requirements Net Income FY 2025 March FY 2024 March Variance Fav (Unfav) FY 2025 YTD FY 2024 YTD Variance YTD Fav (Unfav) 921,044 948,445 (2.9%) 5,059,102 5,296,330 1,121,449,415 1,124,486,255 (0.3%) 6,279,504,470 6,661,143,022 12,626 12,543 0.7% 70,271 73,829 (4.5%) (5.7%) (4.8%) $30,049,942 $27,111,403 $2,938,539 $169,003,040 $153,430,774 $15,572,266 $12,887,041 $14,948,323 $2,061,282 $81,790,100 $74,925,904 ($6,864,195) $21,718,371 $21,879,848 $161,477 $132,116,695 $115,797,899 ($16,318,797) $8,331,571 $5,231,555 $3,100,016 $36,886,345 $37,632,876 ($746,531) Table #1 illustrates March 2025’s enplanements totaled 921,044, a decrease of 2.9% compared to March 2024. Landing weights totaled 1.1 billion pounds in March 2025 representing a decrease of 0.3% compared to March 2024. Cargo volume totaled 12,626 tons in March 2025, an increase of 0.7% compared to March 2024. March 2025 cargo volume is elevated due to MotoGP related cargo. In 2025 the race was held at the end of March compared to mid-April in 2024. March 2025 operating revenue totaled $30.0M, an increase of 10.8% or $2.9M compared to March 2024. The increase in operating revenue primarily results from updated airline rates and charges in FY2025. March 2025 operating revenue is composed of 49.2% airline revenue, 49.4% non-airline revenue, and 1.4% interest income. Airport operating expenses totaled $12.9M for the month, a decrease of 13.8% or $2.1M compared to March 2024. Note that March 2024 included three pay periods compared to two pay periods in March 2025, which drove elevated personnel expense in the prior year. Fiscal year-to-date airport operating expenses are 9.2% higher compared to same period in FY 2024, both of which includes one 3 pay period month. AUS reported a $8.3M surplus in March 2025, an increase of $3.1M compared to March 2024. Fiscal Year 2025 Financial Results FY2025 Year to Date (YTD) Operating Revenue totals $169.0M compared to $153.4M in FY2024, a 10.1% increase. Airport Operating Expenses totaled $81.8M YTD in FY2025 compared to $74.9M in FY2024, a 9.2% increase. Net income totals $36.9M YTD in FY2025 compared to $37.6M in FY2024, a 2.0% decrease. FY 2025 FY 2025 FY 2025 Budget vs. YTD Variance Budget vs. YTD Variance CYE vs. YTD Variance CYE vs. YTD Variance Table #2 Approved Budget - Seasonalized CYE - Seasonalized YTD $ Fav (Unfav) % Fav (Unfav) $ Fav (Unfav) $ Fav (Unfav) Operating Revenue Airport OPEX Total Requirements Net Income $170,248,437 $166,806,047 $169,003,040 ($1,245,397) (0.7%) $2,196,993 $82,810,318 $81,950,073 $81,790,100 $1,020,218 $134,685,703 $133,825,457 $132,116,695 $2,569,007 $35,562,734 $32,980,590 $36,886,345 $1,323,610 1.2% 1.9% 3.7% $159,973 $1,708,762 $3,905,755 1.3% 0.2% 1.3% 11.8% AUS delivered favorable financial performance compared to FY2025 budget and current year estimate on a seasonalized basis. As presented in Table #2, FY2025 revenues are 0.7% or $1.2M below seasonalized budget because of decline in passenger traffic compared to forecast. Airport operating expenses are 1.2% or $1.0M below seasonalized budget and 0.2% or $0.2M below current year estimate. AUS reports net income of $36.9M, which exceeds the seasonalized budget estimate by 3.7% or $1.3M and exceeds current year estimate by 11.8% or $3.9M. Attachments: March 2025 - AAC Financial Report