Investor Presentaiton
HAS
DEBT SERVICE COVERAGE RATIO TREND & PROJECTION
($'s in millions)
FY16
FY17
FY18
FY19
FY20
FY21
Estimate Projected
Airline Revenues
$274.9
$280.9
$287.9
$269.3
$288.0
$194.8
Non-Airline and Other Revenues
$220.9
$229.6
$234.5
$248.9
$205.5
$125.9
Gross Revenues
$495.8
$510.5
$522.4
$518.2
$493.5
$320.7
Operations and Maintenance Exp.
$314.7
$254.5
$326.9
$326.9
$325.5
$298.5
Net Revenues
$181.1
$256.0
$195.5
$191.3
$168.0
$22.2
Gross Subordinate Lien Debt Service1
$163.9
$175.0
$174.5
$176.3
$185.2
$183.1
Less: Passenger Facility Charges
($42.3)
($54.7)
($50.6)
($60.6)
($54.0)
($57.7)
Less: Grants
($13.9)
($14.2)
($125.4)
Net Sub Lien Debt Service
$107.7
$120.4
$123.8
$115.7
$117.0
$0
Debt Service Coverage Ratio
1.68x
2.13x
1.58x
1.65x
1.44x
N/M²
1 - There is currently no senior lien debt service outstanding
2 - Annual debt service requirement for Subordinate Lien Bonds, net of PFCs, will be paid by CARES Act thereby reducing debt service
requirements, as defined in master bond ordinance, to zero.
HOUSTON
AIRPORTS
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