THE HOWARD HUGHES CORPORATION HHC Cash Flow

The howard hughes corporation (HHC)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
Cash Flows from Operating Activities:
Net (loss) income
-125,082	-1,001	30,043	13,328	31,925	37,924	23,847	-5,879	1,834	147,328	10,516	3,120	5,659	43,595	7,996	6,970	143,765	25,881	156,212	50,585	-105,959	31,929	45,615	-14,733	-86,331	18,538	7,433	-76,496	-23,170	-819	-50,192	34,990	-111,522	31,942	165,022	65,993	-114,487
Adjustments to reconcile net (loss) income to cash provided by (used in) operating activities:
Depreciation
57,349	37,370	37,412	36,011	32,905	36,171	26,537	25,960	24,850	32,318	32,304	30,239	21,540	21,044	19,708	21,630	19,496	24,018	21,102	20,068	17,087	19,353	11,750	10,234	9,346	9,440	8,770	5,944	5,483	5,393	5,209	4,639	4,214	2,777	5,800	2,687	2,748
Amortization
4,075	3,100	2,712	1,786	3,086	1,996	5,092	2,957	3,002	3,741	3,595	4,531	3,984	3,574	3,614	3,322	3,476	3,402	3,896	5,001	4,423	1,605	1,268	1,239	1,163	1,195	1,216	836	961	1,321	1,555	1,254	844	413	1,409	497	451
Amortization of deferred financing costs
4,114	3,600	3,457	2,468	2,201	-77	5,997	1,958	1,469	1,281	1,366	1,302	1,638	1,592	1,638	2,062	1,685	1,630	912	1,623	1,569	1,451	1,278	635	1,014	1,892	722	194	144	1,467	106	-311	156	1,378	116	1,986	-1,709
Amortization of intangibles other than in-place leases
170	170	170	170	278	629	546	170	336	-256	-280	-308	-483	-524	-623	-524	-186	-217	207	51	421	206	173	128	161	-58	79	-68	260	359	-174	-45	-44	1,502	-1,250	12	33
Straight-line rent amortization
2,870	819	1,645	1,640	1,548	3,037	3,633	2,862	3,052	-1,224	4,072	1,262	1,291	733	1,481	2,395	2,792	1,730	528	841	1,886	-	-1,824	239	472	1,565	1,382	775	-70	378	861	-747	265	-163	465	-77	835
Deferred income taxes
-34,625	4,627	8,368	4,120	10,703	11,574	7,179	-2,806	248	-76,947	9,044	15,552	8,888	11,610	16,161	25,356	60,571	-1,913	16,930	4,008	2,127	17,085	411	43,049	4,465	-11,360	3,841	13,675	2,196	-2,006	1,842	884	3,728	-14,470	-8,032	879	2,423
Allocated Share-based Compensation Expense
1,152	9,600	3,672	3,161	3,069	3,295	3,128	3,021	2,684	2,431	1,547	1,501	1,906	383	1,654	1,948	2,722	2,015	2,037	1,536	1,696	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net gain on sale of lease receivable
38,124	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net gain on sales and acquisitions of properties
-	-	-	-	-	-	-	-	-	46,116	237	0	32,215	25,971	70	0	140,479	-	-	-	-	0	0	0	2,373	-	-	-	-	-	-	-	-	-	-	-	-
Sales-type Lease, Selling Profit (Loss)
-64,155	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment charges
48,738	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on acquisition of partner's interest in Millennium Six Pines Apartments
-	-	-	-	-	-	-	-	-	-	0	0	5,490	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Fair Value Adjustment of Warrants
-	-	-	-	-	-	-	-	-	0	0	30,881	12,562	2,780	7,300	44,150	-29,820	-870	-123,640	-42,620	108,810	-78,600	-24,690	67,370	96,440	330,693	-4,479	-111,200	-33,027	-22,293	-64,303	23,430	-121,851	822	169,897	-195,180	126,045
Equity in earnings from real estate and other affiliates, net of distributions
5,817	-2,675	2,831	4,823	4,606	-5,665	6,943	13,999	9,532	-10,875	6,760	9,159	4,281	-2,623	13,740	9,156	-944	244	11	-173	-1,264	-25,888	4,243	6,680	3,743	1,713	-33	5,511	-70	49	58	-223	151	717	146	1,928	1,619
Provision for doubtful accounts
-3,115	222	2,180	1,520	-2	1,661	2,282	1,359	776	982	448	745	535	1,035	1,940	-352	3,041	948	1,007	1,266	809	1,111	119	31	143	-74	204	277	429	-	-	-	-	-409	-141	304	11
Master Planned Communities land acquisitions
0	0	0	0	752	0	1,011	2,048	506	2,976	0	0	1,415	25	0	0	69	1,265	4,100	827	1,101	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Master Planned Communities development expenditures
64,895	58,073	60,890	63,071	56,772	53,504	51,597	48,311	42,092	56,342	45,772	47,350	43,623	43,091	35,823	36,210	34,468	67,722	45,430	46,525	37,343	47,655	37,918	26,728	28,434	38,529	27,577	34,155	33,329	34,403	25,506	22,951	24,284	24,265	32,607	14,519	18,687
Master Planned Communities cost of sales
16,783	41,389	33,300	27,996	16,744	14,220	52,125	23,748	23,189	28,794	25,184	29,913	23,327	27,465	19,290	25,860	15,450	3,412	20,900	23,010	21,782	24,841	26,763	38,466	20,815	39,494	24,470	26,178	22,553	27,092	21,036	21,514	17,857	20	35,421	48,354	-18,416
Condominium development expenditures
60,688	46,097	68,395	56,566	40,559	54,521	91,890	63,709	78,964	59,630	101,684	105,220	86,279	85,173	90,325	90,859	64,363	53,944	57,869	45,061	34,439	41,632	16,537	12,217	5,604	-	-	-	-	-	-	-	-	-	-	-	-
Condominium rights and unit cost of sales
97,901	4,435	7,009	220,621	137,694	220,849	6,168	28,816	6,729	85,152	86,531	106,195	60,483	81,566	83,218	79,726	74,815	64,859	50,756	53,582	22,409	44,207	2,026	2,191	1,571	-	-	-	-	-	-	-	-	-	-	-	-
Percentage of completion revenue recognition from sale of condominium rights
-	-	-	-	-	-	-	-	-	122,043	113,852	148,211	80,145	123,021	115,407	125,112	122,094	104,922	78,992	86,513	34,857	72,049	4,032	4,358	3,126	-	-	-	-	-	-	-	-	-	-	-	-
Reduction (increase) in tax indemnity receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7,467	730	-7,499	-1,904	-	-	-	-	-	-	-	-
Net changes:
Accounts and notes receivable
-9,596	-27,063	-7,725	4,590	5,679	-70,199	38,515	-625	6,100	-22,432	-1,330	2,906	-3,178	-29,328	-3,197	7,794	-4,564	-51,420	77	-1,765	2,880	-19,021	-2,343	-4,065	-19,780	-4,085	-2,931	-2,391	3,472	-38,287	-3,602	-5,912	-3,770	-29,322	4,334	-2,587	75
Prepaid expenses and other assets
31,565	-6,974	4,930	778	-1,881	6,387	-2,747	4,892	-1,590	-2,990	2,241	21,381	-16,509	826	3,369	523	-3,139	-7,969	25,358	-16,832	1,312	2,875	4,613	-2,136	959	13,734	-367	-11,313	-463	-2,942	1,023	-4,982	2,791	-5,499	-340	3,416	387
Increase (Decrease) in Condominium Deposits
46,200	24,688	11,942	10,302	-115,774	34,979	25,176	7,144	40,762	65,549	218,480	20,025	11,847	25,625	388,503	34,192	17,381	29,880	33,578	8,851	9,572	14,185	21,762	65,413	37,827	-	-	-	-	-	-	-	-	-	-	-	-
Change in restricted cash operating accounts
-	-	-	-	-	-	-	-	-	-	-	-	0	-	4,873	127	-4,785	5,012	83	3,192	-1,707	-29,066	5,911	-2,718	4,943	-1,064	5,595	1,552	11,121	19,415	3,452	-8,704	1,001	-	-	-	-
Deferred expenses
9,176	22,890	1,652	10,770	17,191	6,528	4,344	3,066	3,759	3,941	1,543	7,990	1,682	5,562	1,690	1,081	578	6,181	5,802	1,332	-1,572	4,613	9,976	18,959	3,093	12,208	6,396	3,157	-2,397	-382	647	298	1,432	-1,276	380	430	62
Accounts payable and accrued expenses
-47,443	36,822	7,030	40,695	-57,286	34,970	6,529	29,062	-49,885	44,788	3,919	18,583	-59,109	-27,303	5,779	-33,543	8,745	-9,198	50,095	-3,295	-7,735	19,158	23,795	-6,060	320	14,560	11,691	-10,858	4,940	30,453	5,167	-7,315	-13,193	17,109	2,627	7,304	-7,538
Condominium deposits held in escrow
-	-	-	-	-	-	-	-	-	-	-	-	-	-	388,503	34,192	17,381	29,880	33,578	8,851	9,572	14,185	21,762	65,413	37,827	-	-	-	-	-	-	-	-	-	-	-	-
Condominium deposits released from escrow
-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,913	5,054	10,607	45,638	41,661	68,819	21,606	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other, net
-	-	-	-	-	-	-	-	-	1,000	-436	319	-128	-232	975	3,003	532	594	-1,294	360	-35	-168	4,077	8,189	-3,378	670	449	-1,096	-570	1,187	-289	-477	487	1,200	-3,799	5,198	58
Cash used in operating activities
-73,181	70,536	-23,061	219,940	-59,683	350,338	-27,993	-25,404	-86,421	189,885	122,243	-49,142	-97,419	457,386	-81,448	-94,474	-42,361	-8,714	33,601	20,945	-21,902	-74,274	6,691	-16,957	26,225	20,566	19,351	72,776	16,639	93,804	29,709	30,429	-878	64,556	4,959	12,323	4,670
Cash Flows from Investing Activities:
Property and equipment expenditures
270	1,556	2,783	1,434	1,178	-182	1,702	1,670	1,295	1,032	1,122	2,255	2,559	1,013	1,310	1,484	5,855	5,934	5,642	1,642	2,221	2,308	1,696	2,464	2,053	5,241	21,704	3,260	1,563	-	-	-	-	-	-	-	-
Operating property improvements
10,419	-	-	-	25,854	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property development and redevelopment
144,422	630,161	7,318	-112,129	148,894	532,552	10,640	12,174	17,600	356,495	3,624	4,245	4,722	8,063	6,472	3,042	2,670	2,553	1,455	2,544	1,857	2,718	1,874	830	877	-5,392	13,007	7,303	2,313	-	-	-	-	-	-	-	-
Property development and redevelopment
-	-	-	-	-	-	188,941	108,002	90,682	-	63,661	83,515	111,674	100,826	87,567	103,358	110,918	89,793	124,669	145,494	218,550	291,506	175,369	154,549	137,579	94,252	45,083	41,672	40,064	32,359	6,545	12,431	7,605	10,177	6,450	9,425	9,140
Reimbursement of development cost
-	-	-	-	-	-	-	-	-	1,612	0	568	10,597	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition of assets
-	-	-	-	-	-	-	-	-	7,895	0	0	15,404	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sales of properties
-	-	-	-	-	-	-	-	-	51,824	560	0	36,000	32,660	0	0	378,257	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reimbursements under Tax Increment Financings
1,625	3,659	1,344	1,880	0	5,803	4,529	588	11,731	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Notes issued to real estate and other affiliates and third party
-	-	-	-	-	0	0	1,012	2,783	-	-	-	-	0	0	0	25,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions from real estate and other affiliates
1,232	1,122	0	0	315	660	-431	755	748	0	0	0	0	0	4,548	4,932	7,070	-	-	-	8,933	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	79
Proceeds from dispositions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,453	0	5,500	-	-	-	-	-	-	-	-	-	-	-	-
Investments in real estate and other affiliates, net
952	-413	960	5,287	222	1,590	783	244	0	-2,441	3,579	0	0	109	-866	5,315	6,498	1,536	134	65	436	2,319	1,812	1,310	807	-	-	-	1,537	-	-	-	345	-	-	32	10
Proceeds from repayment of note to Real Estate Affiliate
-	-	-	-	-	-	-	-	-	-	-	-667	-724	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Maturity of long-term investment
-	-	-	-	-	-	-	-	-	-228	37	103	3,455	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash used in investing activities
-153,206	-697,091	-181,660	-178,313	-175,833	-187,622	-253,038	-301,230	-99,881	-70,564	-69,998	-90,011	-85,031	-99,874	-95,883	-77,372	239,171	-104,814	-105,581	-152,749	-212,424	-280,470	-175,019	-150,208	-140,759	-82,788	-74,981	-79,958	-56,598	-61,023	-19,277	7,902	-8,951	-26,848	5,775	-9,536	-9,071
Cash Flows from Financing Activities:
Proceeds from mortgages, notes and loans payable
256,770	653,397	229,423	347,649	61,614	95,307	777,341	237,007	62,967	67,853	33,594	455,180	944,663	112,844	215,100	108,945	98,616	213,480	59,520	173,256	137,566	183,507	249,995	115,240	48,811	759,314	266,213	26,262	68,313	23,582	9,001	35,610	217	-	-	-	-
Proceeds from issuance of common stock
593,698	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of Long-term Debt
5,115	190,408	32,526	158,968	4,587	181,646	615,243	17,514	24,059	219,889	44,899	203,962	881,476	270,306	58,504	2,511	1,981	63,742	25,166	9,977	4,923	74,739	11,862	31,443	2,138	7,850	211,042	3,826	57,003	18,639	885	28,843	7,465	165,879	203,099	36,311	1,738
Purchase of treasury stock
-	-	-	-	-	1,448	0	0	57,267	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Premium paid to redeem 2021 Senior Notes
-	-	-	-	-	-	-	-	-	0	0	0	39,966	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions (contributions) to noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1	62
Special Improvement District bond funds released from (held in) escrow
1,126	4,300	841	0	936	4,999	1,584	1,238	230	29,579	4,497	1,021	581	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred financing costs and bond issuance costs, net
2,276	5,171	807	13,318	343	-752	14,605	1,817	163	883	1,922	2,168	9,215	853	3,375	231	1,072	2,315	356	1,218	396	-	-	-	-	-	-	-	-	833	-18	784	515	-	-	-	-
Taxes paid on stock options exercised and restricted stock vested
662	4,462	899	88	0	63	698	1,521	1,713	2,471	172	4,440	4,589	-64	64	391	840	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance of management warrants
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,000
Stock options exercised
1,424	327	2,718	490	0	404	2,117	2,277	6,950	2,989	610	7,838	11,271	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Contributions from noncontrolling interest
0	0	0	43,902	40,987	30,646	0	69,000	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Preferred dividend payment on behalf of REIT subsidiary
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	12	-	-	-	-	-	-	-	-
Cash provided by financing activities
844,965	404,061	198,750	219,667	98,607	-51,049	157,210	298,060	-13,055	-117,236	41,696	253,469	21,269	-160,250	159,572	105,812	94,723	108,182	33,998	162,061	132,247	109,589	234,366	79,646	46,673	746,410	53,194	19,842	11,298	-76,438	8,134	5,983	-7,763	-103,505	6,673	-7,312	200
Net change in cash, cash equivalents and restricted cash
618,578	-222,494	-5,971	261,294	-136,909	111,667	-123,821	-28,574	-199,357	2,085	93,941	114,316	-161,181	197,262	-17,759	-66,034	291,533	-5,346	-37,982	30,257	-102,079	-245,155	66,038	-87,519	-67,861	684,188	-2,436	12,660	-28,661	-43,657	18,566	44,314	-17,592	-65,797	17,407	-4,525	-4,201
Supplemental Disclosure of Cash Flow Information:
Interest paid
62,679	30,958	56,270	28,792	52,905	27,359	54,365	22,317	45,652	18,988	49,468	17,569	42,997	46,021	20,331	42,099	15,236	38,491	12,345	37,989	10,471	34,880	7,989	34,577	7,051	7,372	7,827	8,053	7,348	12,459	6,114	4,214	6,070	6,886	7,862	3,813	3,597
Interest capitalized
19,041	17,892	18,129	18,611	18,370	19,460	21,336	19,622	17,500	17,312	20,604	18,986	16,305	18,146	17,517	14,722	13,959	11,984	12,163	11,810	11,264	11,753	10,795	12,684	11,281	10,933	8,335	8,333	9,869	7,834	6,484	6,561	6,692	7,375	7,980	4,483	4,224
Income taxes (refunded) paid, net
0	-1,729	0	1,430	-1,839	0	0	70	0	-6,962	-14,292	1,444	429	4,957	3,167	2,886	181	725	526	1,857	210	-	-	-	-	141	213	1,029	885	236	142	692	132	-	-	-	-
Non-Cash Transactions:
Property developments and redevelopments
-28,221	-	-4,310	12,687	24,774	-	-62,873	62,873	0	-	-	-	-	-	-	-	-	-18,277	11,213	1,000	3,534	21,252	-8,442	-76,927	25,550	-142,372	29,294	10,333	17,136	-3,600	7,639	2,634	1,711	-	-	-	-5,687
Special Improvement District bond transfers associated with land sales
3	-	-	10	74	391	5,057	2,635	2,854	4,034	3,859	3,463	2,542	2,134	2,142	3,354	32	16,661	-1,226	1,226	2,114	1,290	980	4,257	2,259	2,827	4,726	3,677	3,146	-5,722	500	1,211	978	-	-	-	-
Accrued interest on construction loan borrowing
4,773	5,527	2,654	1,113	860	1,409	4,381	1,542	252	-3,419	2,456	1,511	1,011	638	743	576	2,429	1,247	257	454	905	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
MPC Land contributed to Real Estate Affiliate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	3	15,231	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Special Improvement District bond transfer to Real Estate Affiliate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-1,518	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capitalized stock compensation
0	118	359	525	441	543	970	388	533	537	-181	234	531	551	621	589	798	-	-	-	-	-	-	-	1,764	-	1,533	1,435	1,143	1,128	1,080	1,198	871	-	-	-	-
Initial recognition of ASC 842 Operating lease ROU asset
-	-	-	-	72,106	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Initial recognition of ASC 842 Operating lease obligation
-	-	-	-	71,888	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Building
-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Senior Notes
Gain (Loss) on Extinguishment of Debt
-	-	-	-	-	-	-	-	-	0	0	0	-46,410	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-