Howard Hughes Corp (HHC) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Total revenues [+]	1,608.5	1,427.9	699.5	1,300.5	1,064.5	1,100.1	1,035.0	797.1
Tenant reimbursements							44.3	39.5
Land sales								187.4
Lease / rental					257.3	183.0	173.3	150.8
Other real estate								27.1
Revenue growth [+]	12.6%	104.1%	-46.2%	22.2%	-3.2%	6.3%	29.8%	25.6%
Master Planned Communities	-0.3%	44.3%	-26.6%	25.0%			10.2%	-36.7%
Cost of goods sold [+]	371.4	349.4	279.6	331.3	280.2	134.3	147.6	152.5
Maintenance and operations costs						13.4	12.4	10.7
Real estate taxes and insurance	54.0	55.4	52.8	36.9	32.2	29.2	26.8	24.1
Real estate services and land sales costs							42.4	44.9
Other direct costs	317.4	294.0	226.8	294.5	248.0	91.7	66.0	72.8
Gross profit	1,237.1	1,078.5	419.9	969.2	784.3	965.8	887.4	644.6
Gross margin	76.9%	75.5%	60.0%	74.5%	73.7%	87.8%	85.7%	80.9%
Selling, general and administrative [+]	81.8	82.0	109.4	185.6	139.8	110.4	108.8	106.8
Sales and marketing				23.1	29.2	20.5	22.2	25.5
General and administrative	81.8	82.0	109.4	162.5	110.6	89.9	86.6	81.3
Equity in earnings	-14.5	-9.9	271.1	30.6	40.0	25.5	56.8	3.7
Other operating expenses	585.8	562.6	261.3	477.5	411.1	500.8	391.8	320.0
EBITDA [+]	551.6	421.3	319.6	335.3	273.3	380.1	443.7	221.5
EBITDA growth	30.9%	31.8%	-4.7%	22.7%	-28.1%	-14.3%	100.3%	-10.0%
EBITDA margin	34.3%	29.5%	45.7%	25.8%	25.7%	34.6%	42.9%	27.8%
Depreciation	180.2	185.4	198.6	143.7	113.5	116.4	81.9	82.3
EBITA	371.4	235.8	121.0	191.6	159.8	263.7	361.8	139.2
EBITA margin	23.1%	16.5%	17.3%	14.7%	15.0%	24.0%	35.0%	17.5%
Amortization of intangibles	16.8	16.9	18.2	10.7	13.0	15.9	14.0	16.7
EBIT [+]	354.6	219.0	102.8	180.9	146.8	247.9	347.8	122.5
EBIT growth	61.9%	113.0%	-43.2%	23.3%	-40.8%	-28.7%	184.0%	-35.6%
EBIT margin	22.0%	15.3%	14.7%	13.9%	13.8%	22.5%	33.6%	15.4%
Non-recurring items [+]		-13.1	-48.7				-35.7
Asset impairment		-13.1	-48.7				-35.7
Interest expense, net [+]	107.1	129.9	129.9	95.6	73.5	60.5	64.4	59.2
Interest expense	110.9	130.0	132.3	105.4	82.0	64.6	65.7	59.7
Interest income	3.8	0.1	2.4	9.8	8.5	4.0	1.4	0.6
Other income (expense), net [+]	-2.4	-38.0	-13.2	18.2		-66.5	1.6	87.4
Gain (loss) on sale of assets							-1.1	29.1
Gain (loss) on debt retirement	-2.4	-38.0	-13.2	4.6		-46.4
Change in fair value of warrants						-43.4	-24.4	58.3
Other	1.9	-11.5	0.1	12.2	-0.9	3.2	-11.5	-1.8
Pre-tax income	245.1	64.1	8.5	103.5	73.2	120.8	320.8	150.7
Income taxes	60.5	15.2	11.7	29.2	15.5	-45.8	118.5	24.0
Tax rate	24.7%	23.6%	137.4%	28.2%	21.2%		36.9%	15.9%
Minority interest	-0.1	7.2	-23.0	-0.3	-0.7	1.8	0.0
Net income	184.5	56.1	-26.2	74.0	57.0	168.4	202.3	126.7
Net margin	11.5%	3.9%	-3.7%	5.7%	5.4%	15.3%	19.5%	15.9%

Basic EPS [+]	$3.65	$1.03	($0.50)	$1.71	$1.32	$4.07	$5.12	$2,963.91
Growth	255.5%	-306.4%	-129.0%	29.4%	-67.5%	-20.5%	-99.8%	-597.1%
Diluted EPS [+]	$3.65	$1.03	($0.50)	$1.71	$1.32	$3.91	$4.73	$3.21
Growth	255.6%	-306.2%	-129.2%	29.5%	-66.3%	-17.5%	47.5%	-638.4%

Shares outstanding (basic) [+]	50.5	54.6	52.5	43.1	43.0	41.4	39.5	0.0
Growth	-7.5%	3.9%	21.8%	0.2%	4.0%	4.7%	92270.3%	8.3%
Shares outstanding (diluted) [+]	50.6	54.6	52.5	43.3	43.2	43.1	42.7	39.5
Growth	-7.5%	4.0%	21.3%	0.2%	0.3%	0.8%	8.3%	0.0%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.