Current Assets (USD, thousands)

Cash and Cash Equivalents (USD, thousands)

Accounts Receivable (USD, thousands)

Inventory (USD, thousands)

Non-Current Assets (USD, thousands)

Property, Plant, and Equipment (PP&E) (USD, thousands)

Goodwill (USD, thousands)

Intangible Assets (USD, thousands)

Current Liabilities (USD, thousands)

Accounts Payable (USD, thousands)

Short-term Debt (USD, thousands)

Accrued Expenses (USD, thousands)

Non-Current Liabilities (USD, thousands)

Long-term Debt (USD, thousands)

Lease Liabilities (USD, thousands)

Deferred Tax Liabilities (USD, thousands)

Shareholders' Equity (USD, thousands)

Retained Earnings (USD, thousands)

Common Stock (USD, thousands)

Additional Paid-in Capital (USD, thousands)

e76a277b18222087f5b5b8ee508add0cb1ea02fdc5465fb9a5ffe0b47d6810b3

The **cash and cash equivalents** were low in Q3 2024 because of a net decrease in cash resulting from several factors. Notably, there was a major cash outflow related to discontinued operations of **$122,597 thousand**, which, along with other operating and investing activities, contributed to an overall net decrease of **$132,331 thousand** for the nine months ended September 30, 2024. Although there was a positive net cash inflow from financing activities of **$54,471 thousand**, it was not enough to offset these outflows, resulting in a lower ending balance of **$400,728 thousand** compared to **$629,714 thousand** at the end of FY 2023.  **[0001628280-24-044983_hhhsupplemental3q24.htm:9]** **[0001628280-24-044991_hhh-20240930.htm:7]** 

Why was Cash and cash equivalents so low in Q3 2024?

The documents indicate that the operating lease obligations increased from **$51,584 thousand** at the end of December 2023 to **$53,065 thousand** at the end of March 2024. However, they do not provide any specific details regarding the reasons for this change.  **[0001628280-24-021667_hhh-20240331.htm:34]** 

What caused the dramatic increase in Operating lease obligations in Q1 2024?

Howard Hughes Corporation’s total assets declined in Q3 2024 due to several factors. The decrease was primarily driven by a significant reduction in **cash and cash equivalents**, a noticeable drop in **Municipal Utility District (MUD) receivables**, and the complete removal of **assets of discontinued operations** following the spinoff of Seaport Entertainment Group Inc. Although there was an increase in **developments**, it did not fully offset the declines from the other areas, leading to an overall decrease in total assets.  **[0001628280-24-044983_hhhsupplemental3q24.htm:6]** **[0001628280-24-044983_hhhsupplemental3q24.htm:8]** 

What factors contributed to the decline in Total assets in Q3 2024?

73d67cb206812f21c2cb2c5f984f4b527af8bca48970df432afe80345e7f6b43

Total Revenue (USD, thousands)

Cost of Goods Sold (COGS) (USD, thousands)

Selling, General, and Administrative Expenses (SG&A) (USD, thousands)

Research and Development (R&D) (USD, thousands)

Depreciation and Amortization (D&A) (USD, thousands)

Interest Expense (USD, thousands)

Operating Income (EBIT) (USD, thousands)

Net Income (USD, thousands)

Earnings Per Share (EPS) - Basic

Earnings Per Share (EPS) - Diluted

a0002786cc8fe9752ab9b678b01241140ecd4939fa78e20f3326596f569fb34b

Adjustments for Non-Cash Items (USD, thousands)

Stock-Based Compensation (USD, thousands)

Changes in Working Capital (USD, thousands)

Capital Expenditures (CapEx) (USD, thousands)

Proceeds from Debt (USD, thousands)

Repayments of Debt (USD, thousands)

Share Repurchases (USD, thousands)

Dividend Payments (USD, thousands)

Net Change in Cash (USD, thousands)

a532e909163384dc0d7e4c169efee9bf9df1ff31549434fced9aa5df5ff8d501

Operating Assets

- Rental Revenue

- Other Land, Rental, and Property

Master Planned Communities

- Land Sales

- Builder Price Participation

Seaport

Strategic Developments

- Condominium Sales

Corporate

Condominium Sales

Total Revenue

50eacc9401bc407d653aa7cc472055c9a333130601bd5b24118931f58591edf3

Proceeds from mortgages, notes, and loans payable (USD, thousands)

Principal payments on mortgages, notes, and loans payable (USD, thousands)

Special Improvement District bond funds released from (held in) escrow (USD, thousands)

Taxes paid on stock options exercised and restricted stock vested (USD, thousands)

Contributions from Teravalis noncontrolling interest owner (USD, thousands)

Cash provided by (used in) financing activities of continuing operations (USD, thousands)

Cash provided by (used in) financing activities (USD, thousands)

Net change in cash, cash equivalents, and restricted cash (USD, thousands)

Interest paid, net (USD, thousands)

Interest capitalized (USD, thousands)

Income taxes paid (refunded), net (USD, thousands)

Consideration from sale of properties (USD, thousands)

Special Improvement District bond transfers associated with land sales (USD, thousands)

Capitalized stock compensation (USD, thousands)

Net income (loss) (USD, thousands)

Depreciation (USD, thousands)

Amortization (USD, thousands)

Amortization of deferred financing costs (USD, thousands)

Amortization of intangibles other than in-place leases (USD, thousands)

Straight-line rent amortization (USD, thousands)

Restricted stock and stock option amortization (USD, thousands)

Net gain on sale of properties (USD, thousands)

Equity in (earnings) losses from unconsolidated ventures, net of distributions and impairment charges (USD, thousands)

Provision for doubtful accounts (USD, thousands)

Master Planned Community development expenditures (USD, thousands)

Master Planned Community cost of sales (USD, thousands)

Condominium development expenditures (USD, thousands)

Condominium rights and units cost of sales (USD, thousands)

Accounts receivable, net change (USD, thousands)

Other assets, net change (USD, thousands)

Condominium deposits received, net change (USD, thousands)

Deferred expenses, net change (USD, thousands)

Accounts payable and other liabilities change (USD, thousands)

Cash provided by (used in) operating activities (USD, thousands)

Property and equipment expenditures (USD, thousands)

Operating property improvements (USD, thousands)

Property development and redevelopment (USD, thousands)

Acquisition of assets (USD, thousands)

Proceeds from sales of properties, net (USD, thousands)

Reimbursements under tax increment financings and grants (USD, thousands)

Distributions from unconsolidated ventures (USD, thousands)

Investments in unconsolidated ventures, net (USD, thousands)

Cash provided by (used in) investing activities (USD, thousands)

Deferred financing costs and bond issuance costs, net (USD, thousands)

Cash, cash equivalents, and restricted cash at beginning of period (USD, thousands)

Cash, cash equivalents, and restricted cash at end of period (USD, thousands)

Cash, cash equivalents, and restricted cash of continuing operations at end of period (USD, thousands)

Cash and cash equivalents (USD, thousands)

Restricted cash (USD, thousands)

Accrued property improvements, developments, and redevelopments (USD, thousands)

Deferred income taxes (USD, thousands)

7049c5a51b234f1d7569b07eddf9667a91789a5f80efbd2b412cfd13fc91b79e

Master Planned Communities assets (USD, thousands)

Buildings and equipment (USD, thousands)

Less: accumulated depreciation (USD, thousands)

Land (USD, thousands)

Developments (USD, thousands)

Net investment in real estate (USD, thousands)

Investments in unconsolidated ventures (USD, thousands)

Accounts receivable, net (USD, thousands)

Municipal Utility District (MUD) receivables, net (USD, thousands)

Deferred expenses, net (USD, thousands)

Operating lease right-of-use assets (USD, thousands)

Other assets, net (USD, thousands)

Total assets (USD, thousands)

Mortgages, notes, and loans payable, net (USD, thousands)

Operating lease obligations (USD, thousands)

Deferred tax liabilities, net (USD, thousands)

Accounts payable and other liabilities (USD, thousands)

Total liabilities (USD, thousands)

Common stock (USD, thousands)

Additional paid-in capital (USD, thousands)

Retained earnings (accumulated deficit) (USD, thousands)

Accumulated other comprehensive income (loss) (USD, thousands)

Treasury stock, at cost (USD, thousands)

Total stockholders' equity (USD, thousands)

Noncontrolling interests (USD, thousands)

Total equity (USD, thousands)

Total liabilities and equity (USD, thousands)

157436bdfbba8f7c188273f3a37ba088481de78c52fbde17776483fd68b2c070

Total Revenues (USD, thousands)

Total Expenses (USD, thousands)

Total Other Income (Loss) (USD, thousands)

Operating Income (Loss) (USD, thousands)

Interest Income (USD, thousands)

Equity in Earnings (Losses) from Unconsolidated Ventures (USD, thousands)

Income (Loss) from Continuing Operations Before Income Taxes (USD, thousands)

Income Tax Expense (Benefit) (USD, thousands)

Net Income (Loss) from Continuing Operations (USD, thousands)

Net Income (Loss) (USD, thousands)

Net (Income) Loss Attributable to Noncontrolling Interests (USD, thousands)

Net Income (Loss) Attributable to Common Stockholders (USD, thousands)

1269f5528c37731c71cd334e50caf42459e13b0475511a2d338074ef67665da2

Howard Hughes Holdings Inc (HHH)

Financials