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Financial Statements

The Howard Hughes Corporation

The Howard Hughes Corporation (HHC)

Real Estate

Income Statement

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Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Earnings Per Share Basic -18.66-1.843.88-3.36-1.87-0.603.215.124.071.32
Net Profit Margin -5.16-0.490.53-0.34-0.16-0.040.160.200.150.05
Earnings Per Share Diluted -18.66-1.841.17-3.36-1.87-0.601.604.733.911.32
Revenue 136.35142.72275.69376.89469.42634.57797.091,035.011,100.121,064.54
Weighted Average Shares Outstanding -37.7237.9437.9739.5839.6439.7139.8443.2543.03
Gross Profit 33.0831.3776.35132.54172.84297.70330.07423.01411.16391.59
Weighted Average Shares Outstanding (Diluted) -37.7237.9437.9739.5839.6439.7139.8443.2543.03
Sales, General and Administrative Expense 23.0221.5432.3436.5554.3596.35106.81108.77110.39133.87
Dividend per Share ----------
Operating Income -699.35-569.1527.4672.47111.21137.25116.94210.49163.89107.75
Gross Margin 0.240.220.280.350.370.470.410.410.370.37
Earnings before Tax -727.58-702.89128.85-121.40-64.2239.43150.72320.75122.6072.50
EBITDA Margin -5.18-4.790.53-0.26-0.040.210.390.470.290.26
Net Income -703.61-69.43147.18-128.29-73.79-23.53126.72202.30168.4057.01
EBIT Margin -5.33-4.910.47-0.32-0.120.120.260.370.170.15
Net Income - Discounted ops ----------
Profit Margin -5.16-0.490.53-0.34-0.16-0.040.160.200.150.05
Preferred Dividends ----------
Free Cash Flow margin -0.00-0.000.000.00-0.00-0.00-0.000.00-0.00-0.00
R&D Expenses ----------
Interest Expense 0.982.42-0.969.7638.6259.7465.7264.5782.03
Earnings Before Tax Margin -5.34-4.920.47-0.32-0.140.060.190.310.110.07
Consolidated Income -703.82-69.23148.47-127.54-73.69-23.52126.72202.33166.6257.73
EBIT -726.60-700.47128.85-120.44-54.4678.05210.46386.48187.17154.53
EBITDA -706.76-683.90145.64-96.01-20.62134.01309.46482.34319.42281.10
Income Tax Expense -23.97-633.46-18.326.899.5762.9624.00118.45-45.8015.49
Operating Expenses 732.43600.5248.8960.0861.63160.45213.13212.51247.27283.85
Cost of Revenue 103.27111.35199.34244.34296.58336.87467.02612.00688.96672.95
Net Income Com -703.61-69.43147.18-128.29-73.79-23.53126.72202.30168.4057.01
Net Income - Non-Controlling int -0.200.201.290.740.100.01-0.02-1.780.71

Balance Sheet Statement

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Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Total current liabilities ------642.00523.00497.00784.00
Other Liabilities ------122.19-48.86-30.68-11.79
Long-term debt ------2,172.002,624.002,780.003,088.00
Cash and cash equivalents 3.20284.68227.57229.20894.95560.45445.30665.51964.30724.22
Total debt 484.70318.66606.48688.311,514.621,978.812,443.962,690.752,857.953,181.21
Cash and short-term investments ------445.30665.51968.30346,724.22
Deferred revenue ----------
Inventories ----------
Tax Liabilities 848.95218.76205.91209.64218.5566.8690.62200.94160.85157.19
Goodwill and Intangible Assets ----------
Deposit Liabilities ----------
Tax assets -323.52331.77319.62320.49-----
Total non-current liabilities ----------
Total current assets ------975.001,133.001,277.001,211.00
Total liabilities 1,401.71843.601,069.991,192.052,322.722,877.763,357.693,795.873,540.514,117.67
Payables 68.0678.84129.85170.52283.99466.02515.35572.01521.72779.27
Other comprehensive income -1.74-1.63-5.58-9.57-8.22-7.71-7.89-6.79-6.96-8.13
Short-term investments --------4.00346,000.00
Retained earnings (deficit) --528.50-381.32-509.61-583.40-606.93-480.21-277.91-109.51-120.34
Property, Plant & Equipment Net 2,742.182,232.592,556.912,666.282,974.134,013.064,599.474,810.405,110.125,884.68
Total non-current assets ----------
Other Assets ----------345,748.07
Net Debt ---------2,380.30
Investments 8.2138.9535.3527.9520.5528.631.660.155.864.69
Total shareholders equity 1,502.622,178.282,324.592,305.242,238.582,223.762,360.122,567.743,182.993,132.21
Total assets 2,905.233,022.713,399.593,503.044,567.875,105.275,721.586,367.386,729.067,355.80
Long-term investments ------4.004.004.004.00
Receivables 9.1436.26106.69103.63147.24132.58149.91160.27197.85234.86
Short-term debt ------4.45-0.155.9616.52

Cash Flow Statement

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Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Insurance (repayment) of debt ----------
Net Cash/Marketcap -0.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00
Insurance (buybacks) of shares ----------
Depreciation & Amortization 19.8416.5616.7824.4333.8455.9699.0095.86132.25126.56
Dividend payments ----------
Operating Cash Flow -17.87-67.9086.51153.06129.33-58.3123.93239.10165.57210.52
Acquisitions and disposals -0.29-6.928.18-7.05-6.466.95-19.99-29.69-239.22
Free Cash Flow -39.22-179.7342.1378.70-140.74-832.14-553.28217.44-136.49-414.68
Net cash flow / Change in cash -1.76281.48-57.121.63665.75-334.50-115.15405.0049.16-240.09
Effect of forex changes on cash ----------
Financing Cash Flow 37.54461.21-103.94-70.08830.74470.27436.49199.86199.20391.17
Investment purchases and sales --------3.3722.65
Capital Expenditure -21.35-111.83-44.38-74.37-270.07-773.82-577.22-21.66-302.06-625.20
Stock-based compensation --3.074.285.788.207.286.717.3812.13
Investing Cash Flow ----------

Retained Earning Schedule

Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Retained Earnings (Previous Year) ---529-381-510-583-607-480-278-110
Net Income -704-69147-128-74-2412720216857
Stock Dividends 704-459--------68
Divident Paid ----------
Retained Earnings --529-381-510-583-607-480-278-110-120

PPE Schedule

Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Year 2009201020112012201320142015201620172018
Gross PPE -2,7422,2332,5572,6662,9744,0134,5994,8105,110
Annual Depreciation 2,764-3983691845781,8131,1642336021,400
Capital Expenditure -21-112-44-74-270-774-577-22-302-625
Net PPE 2,7422,2332,5572,6662,9744,0134,5994,8105,1105,885

Intangible and Goodwill Schedule

Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Intangible and Goodwill (Previous Year) ----------
New Purchases --------323
Intangible and Goodwill ----------

The Howard Hughes Corporation income statement is the only one that provides an overview of company sales and net income
The reasoning behind the adjustment, however, is that free cash flow is meant to measure money being spent right now, not transactions that happened in the past. This makes The Howard Hughes Corporation FCF a useful instrument for identifying growing companies with high up-front costs, which may eat into earnings now but have the potential to pay off later.