MANAGEMENT’S DISCUSSION AND ANALYSIS
The Management Discussion and Analysis (MD&A) section
is a narrative of Bristol Bay Native Corporation’s (BBNC or
the Corporation) financial condition from management’s
perspective. The MD&A is intended to provide readers of
BBNC financial statements with a clear understanding of
how BBNC has done over the past fiscal year and should
be read together with the Consolidated Financial State-
ments and accompanying Notes that are included in the
Annual Report. The MD&A contains projections based on
current information and management’s expectations of
future events. Readers should note that all projections are
subject to change, risk and uncertainties. Any projections
included in the MD&A are based on reasoned assumptions
as of the date of this MD&A and could materially change
at any time.
CORPORATE PROFILE
FISCAL YEAR
2019 2018 2017
BBNC revenues $ 1,689,014,000 1,659,345,000 1,525,181,000
Net earnings attributable to BBNC $ 53,148,000 103,063,000 41,021,000
Earnings before interest, taxes, depreciation, and amortization (EBITDA) $ 89,390,000 84,480,000 99,371,000
Cash provided by operating activities $ 69,097,000 45,687,000 94,985,000
Regular dividends declared $ 10,910,000 20,200,000 18,796,000
Contributions to settlement trusts $ 12,847,000 — —
540,100 540,100 540,100
227 198 202
Regular shares outstanding
Average shareholder hire
BBNC is an Alaska Native Regional Corporation created
pursuant to the Alaska Native Claims Settlement Act of
1971 (ANCSA). Congress enacted ANCSA to resolve
longstanding conflicts surrounding aboriginal land
claims in Alaska and to open oilfield development. The
Corporation was incorporated as a for-profit corporation
to benefit Alaska Natives with ties to the Bristol Bay region
and as of March 31, 2019, the Corporation had 10,868
shareholders. ANCSA provided the Corporation with a
monetary settlement from the federal government of $32.7
million and the title to 3,079,553 acres of land. At March
31, 2019, stockholders’ equity retained by the Corporation
has grown to $513.0 million, and cash distributions to
shareholders have exceeded $244.6 million.
BBNC is primarily a holding company and derives substan-
tially all of its cash flow from its subsidiaries and its portfolio
of passive investments which are the Corporation’s primary
two asset allocations. BBNC relies on profits from both to
repay creditors, to fund shareholder benefits and share-
holder education opportunities, and to pay for corporate
general and administrative costs. BBNC’s ability to fund
each of these cash uses and to simultaneously grow the
Corporation’s assets are subject to the profitability of its
subsidiary businesses and the portfolio.
The BBNC Board of Directors approved a five-year stra-
tegic plan for FY2017 through FY2021. The plan and the
Corporation’s efforts focus on the pursuit of the following
six strategic goals:
• Build the financial strength of BBNC.
• Pay predictable and increasing shareholder
dividends.
• Balance responsible development and protection
of our lands, fisheries and resources.
• Increase shareholder employment and
development opportunities.
• Support educational, cultural and social
initiatives that positively affect shareholders
and descendants.
• Help to develop economic opportunities in
the Bristol Bay region.
M anagement ' s D iscussion and A nalysis
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