THE HOWARD HUGHES CORPORATION HHC Cash Flow

The howard hughes corporation (HHC)

CashFlow / TTM

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
-82,712	74,295	113,220	107,024	87,817	57,726	167,130	153,799	162,798	166,623	62,890	60,370	64,220	202,326	184,612	332,828	376,443	126,719	132,767	22,170	-43,148	-23,520	-36,911	-75,093	-136,856	-73,695	-93,052	-150,677	-39,191	-127,543	-94,782	120,432	151,435	148,470	0	0	0
Adjustments to reconcile net (loss) income to cash provided by (used in) operating activities:
Depreciation
168,142	143,698	142,499	131,624	121,573	113,518	109,665	115,432	119,711	116,401	105,127	92,531	83,922	81,878	84,852	86,246	84,684	82,275	77,610	68,258	58,424	50,683	40,770	37,790	33,500	29,637	25,590	22,029	20,724	19,455	16,839	17,430	15,478	14,012	0	0	0
Amortization
11,673	10,684	9,580	11,960	13,131	13,047	14,792	13,295	14,869	15,851	15,684	15,703	14,494	13,986	13,814	14,096	15,775	16,722	14,925	12,297	8,535	5,275	4,865	4,813	4,410	4,208	4,334	4,673	5,091	4,974	4,066	3,920	3,163	2,770	0	0	0
Amortization of deferred financing costs
13,639	11,726	8,049	10,589	10,079	9,347	10,705	6,074	5,418	5,587	5,898	6,170	6,930	6,977	7,015	6,289	5,850	5,734	5,555	5,921	4,933	4,378	4,819	4,263	3,822	2,952	2,527	1,911	1,406	1,418	1,329	1,339	3,636	1,771	0	0	0
Amortization of intangibles other than in-place leases
680	788	1,247	1,623	1,623	1,681	796	-30	-508	-1,327	-1,595	-1,938	-2,154	-1,857	-1,550	-720	-145	462	885	851	928	668	404	310	114	213	630	377	400	96	1,239	163	220	297	0	0	0
Straight-line rent amortization
6,974	5,652	7,870	9,858	11,080	12,584	8,323	8,762	7,162	5,401	7,358	4,767	5,900	7,401	8,398	7,445	5,891	4,985	0	0	0	-	452	3,658	4,194	3,652	2,465	1,944	422	757	216	-180	490	1,060	0	0	0
Deferred income taxes
-17,510	27,818	34,765	33,576	26,650	16,195	-72,326	-70,461	-52,103	-43,463	45,094	52,211	62,015	113,698	100,175	100,944	79,596	21,152	40,150	23,631	62,672	65,010	36,565	39,995	10,621	8,352	17,706	15,707	2,916	4,448	-8,016	-17,890	-17,895	-19,200	0	0	0
Allocated Share-based Compensation Expense
17,585	19,502	13,197	12,653	12,513	12,128	11,264	9,683	8,163	7,385	5,337	5,444	5,891	6,707	8,339	8,722	8,310	7,284	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net gain on sale of lease receivable
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net gain on sales and acquisitions of properties
-	-	-	-	-	-	-	-	-	78,568	58,423	58,256	58,256	166,520	0	0	0	-	-	-	-	2,373	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Sales-type Lease, Selling Profit (Loss)
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment charges
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on acquisition of partner's interest in Millennium Six Pines Apartments
-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Fair Value Adjustment of Warrants
-	-	-	-	-	-	-	-	-	43,443	46,223	53,523	66,792	24,410	20,760	-110,180	-196,950	-58,320	-136,050	-37,100	72,890	60,520	469,813	490,024	311,454	181,987	-170,999	-230,823	-96,193	-185,017	-161,902	72,298	-146,312	101,584	0	0	0
Equity in earnings from real estate and other affiliates, net of distributions
10,796	9,585	6,595	10,707	19,883	24,809	19,599	19,416	14,576	9,325	17,577	24,557	24,554	19,329	22,196	8,467	-862	-1,182	-27,314	-23,082	-16,229	-11,222	16,379	12,103	10,934	7,121	5,457	5,548	-186	35	703	791	2,942	4,410	0	0	0
Provision for doubtful accounts
807	3,920	5,359	5,461	5,300	6,078	5,399	3,565	2,951	2,710	2,763	4,255	3,158	5,664	5,577	4,644	6,262	4,030	4,193	3,305	2,070	1,404	219	304	550	836	0	0	0	-	-	-	-	-235	0	0	0
Master Planned Communities land acquisitions
0	752	752	1,763	3,811	3,565	6,541	5,530	3,482	4,391	1,440	1,440	1,440	94	1,334	5,434	6,261	7,293	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Master Planned Communities development expenditures
246,929	238,806	234,237	224,944	210,184	195,504	198,342	192,517	191,556	193,087	179,836	169,887	158,747	149,592	174,223	183,830	194,145	197,020	176,953	169,441	149,644	140,735	131,609	121,268	128,695	133,590	129,464	127,393	116,189	107,144	97,006	104,107	95,675	90,078	0	0	0
Master Planned Communities cost of sales
119,468	119,429	92,260	111,085	106,837	113,282	127,856	100,915	107,080	107,218	105,889	99,995	95,942	88,065	64,012	65,622	62,772	69,104	90,533	96,396	111,852	110,885	125,538	123,245	110,957	112,695	100,293	96,859	92,195	87,499	60,427	74,812	101,652	65,379	0	0	0
Condominium development expenditures
231,746	211,617	220,041	243,536	250,679	289,084	294,193	303,987	345,498	352,813	378,356	366,997	352,636	330,720	299,491	267,035	221,237	191,313	179,001	137,669	104,825	75,990	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Condominium rights and unit cost of sales
329,966	369,759	586,173	585,332	393,527	262,562	126,865	207,228	284,607	338,361	334,775	331,462	304,993	319,325	302,618	270,156	244,012	191,606	170,954	122,224	70,833	49,995	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Percentage of completion revenue recognition from sale of condominium rights
-	-	-	-	-	-	-	-	-	464,251	465,229	466,784	443,685	485,634	467,535	431,120	392,521	305,284	272,411	197,451	115,296	83,565	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Reduction (increase) in tax indemnity receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,206	0	0	0	-	-	-	-	-	-	-	-
Net changes:
Accounts and notes receivable
-39,794	-24,519	-67,655	-21,415	-26,630	-26,209	21,558	-18,287	-14,756	-24,034	-30,930	-32,797	-27,909	-29,295	-51,387	-48,113	-57,672	-50,228	-17,829	-20,249	-22,549	-45,209	-30,273	-30,861	-29,187	-5,935	-40,137	-40,808	-44,329	-51,571	-42,606	-34,670	-31,345	-27,500	0	0	0
Prepaid expenses and other assets
30,299	-3,147	10,214	2,537	6,651	6,942	-2,435	2,553	19,042	4,123	7,939	9,067	-11,791	1,579	-7,216	14,773	-2,582	1,869	12,713	-8,032	6,664	6,311	17,170	12,190	3,013	1,591	-15,085	-13,695	-7,364	-4,110	-6,667	-8,030	368	-2,036	0	0	0
Increase (Decrease) in Condominium Deposits
93,132	-68,842	-58,551	-45,317	-48,475	108,061	138,631	331,935	344,816	315,901	275,977	446,000	460,167	465,701	469,956	115,031	89,690	81,881	66,186	54,370	110,932	139,187	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Change in restricted cash operating accounts
-	-	-	-	-	-	-	-	-	-	-	-	9,390	-	5,227	437	3,502	6,580	-27,498	-21,670	-27,580	-20,930	7,072	6,756	11,026	17,204	37,683	35,540	25,284	15,164	0	0	0	-	-	-	-
Deferred expenses
44,488	52,503	36,141	38,833	31,129	17,697	15,110	12,309	17,233	15,156	16,777	16,924	10,015	8,911	9,530	13,642	13,893	11,743	10,175	14,349	31,976	36,641	44,236	40,656	24,854	19,364	6,774	1,025	-1,834	1,995	1,101	834	966	-404	0	0	0
Accounts payable and accrued expenses
37,104	27,261	25,409	24,908	13,275	20,676	30,494	27,884	17,405	8,181	-63,910	-62,050	-114,176	-46,322	-28,217	16,099	46,347	29,867	58,223	31,923	29,158	37,213	32,615	20,511	15,713	20,333	36,226	29,702	33,245	15,112	1,768	-772	13,847	19,502	0	0	0
Condominium deposits held in escrow
-	-	-	-	-	-	-	-	-	-	-	-	-	-	469,956	115,031	89,690	81,881	66,186	54,370	110,932	139,187	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Condominium deposits released from escrow
-	-	-	-	-	-	-	-	-	-	-	-	-	-	63,212	102,960	166,725	177,724	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other, net
-	-	-	-	-	-	-	-	-	755	-477	934	3,618	4,278	5,104	2,835	192	-375	-1,137	4,234	12,063	8,720	9,558	5,930	-3,355	-547	-30	-768	-149	908	921	-2,589	3,086	2,657	0	0	0
Cash used in operating activities
194,234	207,732	487,534	482,602	237,258	210,520	50,067	200,303	176,565	165,567	433,068	229,377	184,045	239,103	-226,997	-111,948	3,471	23,930	-41,630	-68,540	-106,442	-58,315	36,525	49,185	138,918	129,332	202,570	212,928	170,581	153,064	123,816	99,066	80,960	86,508	0	0	0
Cash Flows from Investing Activities:
Property and equipment expenditures
6,043	6,951	5,213	4,132	4,368	4,485	5,699	5,119	5,704	6,968	6,949	7,137	6,366	9,662	14,583	18,915	19,073	15,439	11,813	7,867	8,689	8,521	11,454	31,462	32,258	31,768	0	0	0	-	-	-	-	-	-	-	-
Operating property improvements
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property development and redevelopment
669,772	674,244	576,635	579,957	704,260	572,966	396,909	389,893	381,964	369,086	20,654	23,502	22,299	20,247	14,737	9,720	9,222	8,409	8,574	8,993	7,279	6,299	-1,811	9,322	15,795	17,231	0	0	0	-	-	-	-	-	-	-	-
Property development and redevelopment
-	-	-	-	-	-	0	0	348,094	-	359,676	383,582	403,425	402,669	391,636	428,738	470,874	578,506	780,219	830,919	839,974	759,003	561,749	431,463	318,586	221,071	159,178	120,640	91,399	58,940	36,758	36,663	33,657	35,192	0	0	0
Reimbursement of development cost
-	-	-	-	-	-	-	-	-	12,777	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition of assets
-	-	-	-	-	-	-	-	-	23,299	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sales of properties
-	-	-	-	-	-	-	-	-	88,384	69,220	68,660	68,660	410,917	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reimbursements under Tax Increment Financings
8,508	6,883	9,027	12,212	10,920	22,651	16,848	12,319	11,731	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Notes issued to real estate and other affiliates and third party
-	-	-	-	-	3,795	0	0	0	-	-	-	-	25,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions from real estate and other affiliates
2,354	1,437	975	544	1,299	1,732	1,072	1,503	748	0	0	4,548	9,480	16,550	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Proceeds from dispositions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Investments in real estate and other affiliates, net
6,786	6,056	8,059	7,882	2,839	2,617	-1,414	1,382	1,138	1,138	3,688	-757	4,558	11,056	12,483	13,483	8,233	2,171	2,954	4,632	5,877	6,248	0	0	0	-	-	-	0	-	-	-	0	-	-	0	0
Proceeds from repayment of note to Real Estate Affiliate
-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Maturity of long-term investment
-	-	-	-	-	-	-	-	-	3,367	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash used in investing activities
-1,210,270	-1,232,897	-723,428	-794,806	-917,723	-841,771	-724,713	-541,673	-330,454	-315,604	-344,914	-370,799	-358,160	-33,958	-38,898	-48,596	-123,973	-575,568	-751,224	-820,662	-818,121	-746,456	-548,774	-448,736	-378,486	-294,325	-272,560	-216,856	-128,996	-81,349	-47,174	-22,122	-39,560	-39,680	0	0	0
Cash Flows from Financing Activities:
Proceeds from mortgages, notes and loans payable
1,487,239	1,292,083	733,993	1,281,911	1,171,269	1,172,622	1,145,168	401,421	619,594	1,501,290	1,546,281	1,727,787	1,381,552	535,505	636,141	480,561	544,872	583,822	553,849	744,324	686,308	597,553	1,173,360	1,189,578	1,100,600	1,120,102	384,370	127,158	136,506	68,410	0	0	0	-	-	-	-
Proceeds from issuance of common stock
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of Long-term Debt
387,017	386,489	377,727	960,444	818,990	838,462	876,705	306,361	492,809	1,350,226	1,400,643	1,414,248	1,212,797	333,302	126,738	93,400	100,866	103,808	114,805	101,501	122,967	120,182	53,293	252,473	224,856	279,721	290,510	80,353	105,370	55,832	203,072	405,286	412,754	407,027	0	0	0
Purchase of treasury stock
-	-	-	-	-	58,715	57,267	57,267	57,267	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Premium paid to redeem 2021 Senior Notes
-	-	-	-	-	-	-	-	-	39,966	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions (contributions) to noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Special Improvement District bond funds released from (held in) escrow
6,267	6,077	6,776	7,519	8,757	8,051	32,631	35,544	35,327	35,678	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred financing costs and bond issuance costs, net
21,572	19,639	13,716	27,514	16,013	15,833	17,468	4,785	5,136	14,188	14,158	15,611	13,674	5,531	6,993	3,974	4,961	4,285	0	0	0	-	-	-	-	-	-	-	-	2,114	0	0	0	-	-	-	-
Taxes paid on stock options exercised and restricted stock vested
6,111	5,449	1,050	849	2,282	3,995	6,403	5,877	8,796	11,672	9,137	9,029	4,980	1,231	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance of management warrants
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Stock options exercised
4,959	3,535	3,612	3,011	4,798	11,748	14,333	12,826	18,387	22,708	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Contributions from noncontrolling interest
43,902	84,889	115,535	115,535	140,633	99,646	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Preferred dividend payment on behalf of REIT subsidiary
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12	0	0	0	-	-	-	-	-	-	-	-
Cash provided by financing activities
1,667,443	921,085	465,975	424,435	502,828	391,166	324,979	209,465	164,874	199,198	156,184	274,060	126,403	199,857	468,289	342,715	398,964	436,488	437,895	638,263	555,848	470,274	1,107,095	925,923	866,119	830,744	7,896	-37,164	-51,023	-70,084	-97,151	-98,612	-111,907	-103,944	0	0	0
Net change in cash, cash equivalents and restricted cash
651,407	-104,080	230,081	112,231	-177,637	-240,085	-349,667	-131,905	10,985	49,161	244,338	132,638	-47,712	405,002	202,394	182,171	278,462	-115,150	-354,959	-250,939	-368,715	-334,497	594,846	526,372	626,551	665,751	-62,094	-41,092	-9,438	1,631	-20,509	-21,668	-70,507	-57,116	0	0	0
Supplemental Disclosure of Cash Flow Information:
Interest paid
178,699	168,925	165,326	163,421	156,946	149,693	141,322	136,425	131,677	129,022	156,055	126,918	151,448	123,687	116,157	108,171	104,061	99,296	95,685	91,329	87,917	84,497	56,989	56,827	30,303	30,600	35,687	33,974	30,135	28,857	23,284	25,032	24,631	22,158	0	0	0
Interest capitalized
73,673	73,002	74,570	77,777	78,788	77,918	75,770	75,038	74,402	73,207	74,041	70,954	66,690	64,344	58,182	52,828	49,916	47,221	46,990	45,622	46,496	46,513	45,693	43,233	38,882	37,470	34,371	32,520	30,748	27,571	27,112	28,608	26,530	24,062	0	0	0
Income taxes (refunded) paid, net
-299	-2,138	-409	-409	-1,769	70	-6,892	-21,184	-19,810	-19,381	-7,462	9,997	11,439	11,191	6,959	4,318	3,289	3,318	0	0	0	-	-	-	-	2,268	2,363	2,292	1,955	1,202	0	0	0	-	-	-	-
Non-Cash Transactions:
Property developments and redevelopments
0	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-2,530	36,999	17,344	-60,583	-38,567	-202,191	-164,455	-77,195	-85,609	53,163	31,508	23,809	8,384	0	0	0	-	-	-	0
Special Improvement District bond transfers associated with land sales
0	-	-	5,532	8,157	10,937	14,580	13,382	14,210	13,898	11,998	10,281	10,172	7,662	22,189	18,821	16,693	18,775	3,404	5,610	8,641	8,786	10,323	14,069	13,489	14,376	5,827	1,601	-865	-3,033	0	0	0	-	-	-	-
Accrued interest on construction loan borrowing
14,067	10,154	6,036	7,763	8,192	7,584	2,756	831	800	1,559	5,616	3,903	2,968	4,386	4,995	4,509	4,387	2,863	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
MPC Land contributed to Real Estate Affiliate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	15,234	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Special Improvement District bond transfer to Real Estate Affiliate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,518	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capitalized stock compensation
1,002	1,443	1,868	2,479	2,342	2,434	2,428	1,277	1,123	1,121	1,135	1,937	2,292	2,559	0	0	0	-	-	-	-	-	-	-	0	-	5,239	4,786	4,549	4,277	0	0	0	-	-	-	-
Initial recognition of ASC 842 Operating lease ROU asset
-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Initial recognition of ASC 842 Operating lease obligation
-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Building
-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Senior Notes
Gain (Loss) on Extinguishment of Debt
-	-	-	-	-	-	-	-	-	-46,410	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-