The Green Bay Packers’ profit fell by nearly 50 percent in the last fiscal year as the team missed the playoffs for the first time in a decade.

President and CEO Mark Murphy said the outlook for the Packers remains strong as the NFL’s only publicly owned team released its 2018 financial statement on Monday.

The Packers announced a profit from operations of $34.1 million, a steep decline from $65.4 million a year earlier. Expenses soared 11.9 percent, from $376.1 million to $420.9 million, a byproduct of player salaries, coaching changes and travel costs. Revenue increased just 3.1 percent from $441.4 million to $454.9 million.