QUARTERLY REPORT October - December, 2016 Prepared by VISIT FLORIDA, Research Office Copyright © 2016 VISIT FLORIDA®, All rights reserved. VISIT FLORIDA data or information may not be otherwise reproduced or communicated without prior written permission from VISIT FLORIDA. Covers components not otherwise sourced. October-December, 2016 2 of 3 Research Component VISIT FLORIDA Quarterly Report CURRENT VITALITY OF THE FLORIDA VISITOR INDUSTRY The most recent calendar quarter for which information is available on the vitality of the Florida visitor industry is October-December 2016, also referred to as 2016Q4. This is the best available processing schedule as this report was prepared in March 2017. The domestic estimation methodology was developed for VISIT FLORIDA by George Washington University and the University of North Florida. Canadian estimates remain derived from Statistics Canada and overseas estimates are derived from aggregate card usage data provided by VisaVue® Travel and incorporates data from other independent research sources. In 2016Q4, Florida hosted 27.6 million visitors, an increase of 6.1% from 2015Q4 based on preliminary estimates. The volume of air visitors was 14 million, while the volume of non-air visitors was 13.5 million. See the attached report on the Visitor Estimates and Industry Trend Indicators for 2016Q4. CANADA Canada is Florida’s top international origin country. VISIT FLORIDA’s preliminary Q4- 2016 estimates indicate 587,000 Canadians came to Florida in Q4-2016. This is a decrease of 6% from the same quarter the year prior. The volume of air visitors was 394,000, while the volume of non-air visitors was 193,000. OVERSEAS VISIT FLORIDA now uses data from VisaVue Travel for its quarterly estimates of overseas visitors to Florida. For 2016Q4 Florida hosted 3 million overseas visitors. This is a 0.3% decrease from 2015Q4. UNAUDITED UNAUDITED Florida Tourism Industry Marketing Corporation d/b/a VISIT FLORIDA Operating Consolidated Statement of Income and Expense Six Months Ended December 31, 2016 Projected YTD YTD YTD Budget Projections Projected Annual VS Actual Budget Variance Remaining Adjustments Year End Actual Budget Budget A B C D E A + D + E= F G F - G = H Revenues State of Florida Proceeds 37,500,000 37,500,000 37,500,000 75,000,000 75,000,000 - Partner Investment 1,540,383 1,543,128 (2,745) 724,967 2,745 2,268,095 2,268,095 - Strategic Alliances 33,550 120,843 (87,293) 170,845 87,293 291,688 291,688 - Events Revenue 881,487 1,075,103 (193,616) 1,272,893 1,013 2,155,393 2,347,996 (192,603) Trade Show Revenue 881,128 864,963 16,165 826,206 (34,275) 1,673,059 1,691,169 (18,110) Welcome Center Revenue 425,948 435,380 (9,432) 40,309 9,432 475,689 475,689 - Reimbursement Revenue 92,952 124,994 (32,042) 125,006 32,042 250,000 250,000 - Publication Revenue 254,000 (71,000) 183,000 254,000 (71,000) Interest Income 14,077 22,878 (8,801) 22,882 3,722 40,682 45,760 (5,078) Research Revenue 51,565 56,965 (5,400) 49,147 (150) 100,562 106,112 (5,550) Website Revenue 183,634 256,695 (73,061) 256,699 (234,082) 206,252 513,394 (307,142) Other Revenue 704,867 1,084,283 (379,416) 5,315,249 (2,729,674) 3,290,442 6,399,532 (3,109,090) Industry-Contributed Promotional Value 50,895,488 45,440,000 5,455,488 52,440,000 (4,569,425) 98,766,063 97,880,000 886,063 Industry-Cooperative Advertising Value 6,203,819 6,934,102 (730,283) 19,483,202 (1,883,279) 23,803,743 26,417,304 (2,613,561) Total Revenues 99,408,899 95,459,334 3,949,565 118,481,405 (9,385,637) 208,504,668 213,940,739 (5,436,071) Expenses Salaries & Benefits 6,128,003 6,354,523 (226,520) 7,195,691 (8,318) 13,315,377 13,550,214 (234,837) Fees & Services 4,170,712 4,295,279 (124,567) 4,064,734 1,237,588 9,473,035 8,360,013 1,113,022 Citrus Juice 92,952 124,994 (32,042) 125,006 32,042 250,000 250,000 0 Office & Computer Supplies 48,731 68,134 (19,403) 73,821 12,331 134,883 141,955 (7,072) Decorations 91,691 85,962 5,729 81,239 17,890 190,820 167,201 23,619 Depreciation & Amortization 176,180 176,741 (561) 861,156 (236) 1,037,100 1,037,897 (797) Dues & Subscriptions 101,846 125,686 (23,840) 112,602 13,277 227,725 238,288 (10,563) Printing/ Copying/ Photo 59,534 76,452 (16,918) 299,304 (42,439) 316,400 375,756 (59,356) Business Promotion 795,262 922,415 (127,153) 855,199 83,644 1,734,105 1,777,614 (43,509) Repairs and Maintenance 85,250 91,303 (6,053) 47,132 31,081 163,463 138,435 25,028 Equipment Rental 210,726 246,756 (36,030) 119,695 (3,157) 327,264 366,451 (39,187) Postage & Freight 48,419 75,674 (27,255) 90,037 32,832 171,288 165,711 5,577 Fulfillment 113,965 200,465 (86,500) 210,555 80,979 405,499 411,020 (5,521) Grants 134,956 442,500 (307,544) 871,925 (53,178) 953,703 1,314,425 (360,722) Insurance Business 64,847 67,311 (2,464) 120,561 1,029 186,436 187,872 (1,436) Legal 67,771 68,190 (419) 72,690 (45,269) 95,192 140,880 (45,688) Promotional Items 163,007 208,515 (45,508) 135,251 49,325 347,583 343,766 3,817 Registration Fees/Booth Rental 881,244 886,777 (5,533) 869,626 100,501 1,851,371 1,756,403 94,968 Employee Relocation 3,500 (3,500) 7,500 2,500 10,000 11,000 (1,000) Office Rent 228,121 228,122 (1) 229,242 457,363 457,364 (1) Research Project 476,937 708,403 (231,466) 420,707 271,496 1,169,140 1,129,110 40,030 4/27/2017, 12:23 PM Consolidated Operating FY16-17, Consolidated Oper UNAUDITED UNAUDITED Florida Tourism Industry Marketing Corporation d/b/a VISIT FLORIDA Operating Consolidated Statement of Income and Expense Six Months Ended December 31, 2016 Projected YTD YTD YTD Budget Projections Projected Annual VS Actual Budget Variance Remaining Adjustments Year End Actual Budget Budget A B C D E A + D + E= F G F - G = H Taxes and Licenses 22,547 23,863 (1,316) 745 626 23,918 24,608 (690) Telephone 144,982 154,239 (9,257) 150,577 5,137 300,696 304,816 (4,120) Temp. Labor 35,091 38,491 (3,400) 22,864 3,612 61,568 61,355 213 Training 71,589 134,327 (62,738) 94,293 37,463 203,345 228,620 (25,275) Travel 479,077 753,462 (274,385) 807,412 147,523 1,434,012 1,560,874 (126,862) Travel - Projects (Non-Emp) 1,131,450 982,945 148,505 1,306,018 88,346 2,525,813 2,288,963 236,850 Uniforms 9,225 11,756 (2,531) 11,546 352 21,124 23,302 (2,178) Utilities 56,564 61,589 (5,025) 60,895 (674) 116,785 122,484 (5,699) Warehouse-Rent 45,147 53,468 (8,321) 54,160 (2,459) 96,848 107,628 (10,780) Agency Fees 1,231,416 1,771,697 (540,281) 2,034,237 (607,950) 2,657,703 3,805,934 (1,148,231) Media 11,766,912 12,132,042 (365,130) 31,733,366 (2,014,615) 41,485,663 43,865,408 (2,379,745) Production 1,679,058 2,123,730 (444,672) 2,804,338 379,205 4,862,601 4,928,068 (65,467) Industry Contributed Promotional Value 50,895,488 45,440,000 5,455,488 52,440,000 (4,569,425) 98,766,063 97,880,000 886,063 Industry Cooperative Advertising Value 6,203,819 6,934,102 (730,283) 19,483,202 (1,883,279) 23,803,743 26,417,304 (2,613,561) Total Expense 87,912,519 86,073,413 1,839,106 127,867,326 (6,602,219) 209,177,626 213,940,739 (4,763,113) Revenue Over Expense 11,496,380 9,385,921 2,110,459 (9,385,921) (2,783,418) (672,959) 0 (672,959) 4/27/2017, 12:23 PM Consolidated Operating FY16-17, Consolidated Oper UNAUDITED UNAUDITED Florida Tourism Industry Marketing Corporation d/b/a VISIT FLORIDA Florida for Veterans Program Consolidated Statement of Income and Expense Six Months Ended December 31, 2016 Projected YTD YTD YTD Budget Projections Projected Annual VS Actual Budget Variance Remaining Adjustments Year End Actual Budget Budget A B C D E A + D + E= F G F - G = H Revenues State of Florida Proceeds 589,712.77 542,000.00 47,712.77 458,000.00 (47,712.77) 1,000,000.00 1,000,000.00 (0.00) Total Revenues 589,712.77 542,000.00 47,712.77 458,000.00 (47,712.77) 1,000,000.00 1,000,000.00 (0.00) Expenses Fees & Services 48,040.35 109,998.00 (61,957.65) 110,002.00 (61,962.35) 96,080.00 220,000.00 (123,920.00) Printing/ Copying/ Photo 1,714.00 1,714.00 856.14 2,570.14 2,570.14 Postage & Freight 3,380.00 3,380.00 1,686.45 5,066.45 5,066.45 Research Project 83,000.00 85,000.00 (2,000.00) 83,000.00 85,000.00 (2,000.00) Travel - Projects (Non-Emp) 2,773.65 3,000.00 (226.35) 4,000.00 4,063.05 10,836.70 7,000.00 3,836.70 Agency Fees 69,786.02 61,500.00 8,286.02 61,500.00 8,369.23 139,655.25 123,000.00 16,655.25 Media 214,202.62 244,998.00 (30,795.38) 245,002.00 (56,454.16) 402,750.46 490,000.00 (87,249.54) Production 166,703.60 37,500.00 129,203.60 37,500.00 55,724.90 259,928.50 75,000.00 184,928.50 Total Expense 589,600.24 541,996.00 47,604.24 458,004.00 (47,716.74) 999,887.50 1,000,000.00 (112.50) Revenue Over Expense 112.53 4.00 108.53 (4.00) 3.97 112.50 - 112.50 4/27/2017, 12:23 PM Consolidated Florida for Veterans FY16-17, Consolidated FL for Veterans UNAUDITED UNAUDITED Florida Tourism Industry Marketing Corporation d/b/a VISIT FLORIDA FRLA Marketing Program Consolidated Statement of Income and Expense Six Months Ended December 31, 2016 Projected YTD YTD YTD Budget Projections Projected Annual VS Actual Budget Variance Remaining Adjustments Year End Actual Budget Budget A B C D E A + D + E= F G F - G = H Revenues State of Florida Proceeds Hotel Restaurant Trust Fund 488,488 1,250,000 (761,512) 1,250,000 761,512 2,500,000 2,500,000 - Other Revenue (928,811) (928,811) - (928,811) Industry Match-FRLA 2,974,806 1,000,000 1,974,806 1,500,000 4,474,806 2,500,000 1,974,806 Total Revenues 3,463,294 2,250,000 1,213,294 2,750,000 (167,299) 6,045,995 5,000,000 1,045,995 Expenses Fees & Services 168,360 250,002 (81,642) 249,998 76,452 494,810 500,000 (5,190) Printing/ Copying/ Photo 2,500 (2,500) 2,500 2,500 5,000