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Vornado Realty LP cash flow, quarter by quarter

Latest: Q3 2016 · from the cash-flow statements filed with the SEC

Free cash flow$102M in Q3 2016

Operating cash flow$251M
Capital spending−$149M
Free cash flow+$102M

Analysis

In Q3 2016, Vornado Realty LP generated $251M of operating cash flow and spent $149M on capital projects, leaving free cash flow of $102M. That is $18.8M less than in Q3 2015 ($120M).

Operating cash flow was $251M against net income of $101M — 2.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$146M, prepaid and other assets −$21.6M, other non-cash +$10.9M.

Free cash flow

Vornado Realty LP: free cash flow by quarterVornado Realty LP: free cash flow by quarter−$123MQ2 2015$120MQ3 2015$77.4MQ4 2015$149MQ1 2016−$103MQ2 2016$102MQ3 2016
Operating cash flow less capital spending.
Vornado Realty LP: operating cash flow against capital spendingVornado Realty LP: operating cash flow against capital spendingOperating cash flowCapital spending−$9.9M$113MQ2 2015$259M$139MQ3 2015$229M$151MQ4 2015$277M$127MQ1 2016$46.6M$150MQ2 2016$251M$149MQ3 2016
Latest (Q3 2016): Operating cash flow $251M, Capital spending $149M.

Capital allocation, year by year

Vornado Realty LP: where the cash came from (up) and went (down), by fiscal yearVornado Realty LP: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingDividendsFY2011: Operating cash flow $702MFY2011: Net borrowing −$327MFY2011: Shares issued $264MFY2011: Asset sales $140MFY2011: Capital spending −$166MFY2011: Dividends −$509M$1.1BFY2011FY2012: Operating cash flow $825MFY2012: Net borrowing $845MFY2012: Shares issued $303MFY2012: Asset sales $446MFY2012: Capital spending −$206MFY2012: Dividends −$699M$2.4BFY2012FY2013: Operating cash flow $1.0BFY2013: Net borrowing −$1.3BFY2013: Shares issued $298MFY2013: Asset sales $1.0BFY2013: Capital spending −$469MFY2013: Dividends −$546M$2.4BFY2013FY2014: Operating cash flow $1.1BFY2014: Net borrowing $1.1BFY2014: Shares issued $19.2MFY2014: Asset sales $389MFY2014: Capital spending −$544MFY2014: Dividends −$548M$2.7BFY2014FY2015: Operating cash flow $672MFY2015: Net borrowing $1.5BFY2015: Shares issued $16.8MFY2015: Asset sales $573MFY2015: Capital spending −$491MFY2015: Dividends −$475M$2.8BFY2015
Over these 5 years operating cash flow totalled $4.4B; the largest uses were dividends ($2.8B) and capital spending ($1.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.8B
Debt$1.6B
Net cash$258M

Vornado Realty LP funds itself: free cash flow was — over the last twelve months, and $1.8B of cash and investments stands against $1.6B of debt.

Where the cash came from and went

Vornado Realty LP: sources (+) and uses (−) of cash, Q3 2016Vornado Realty LP: sources (+) and uses (−) of cash, Q3 2016Cash drawn (+) / kept (−)$291MOther financing−$271MOperating cash flow$251MCapital spending−$149MDividends−$119MOther investing−$118MNet borrowing (+) / repaid (−)$116MPartners−$11.8MAsset & business sales$7.8MShares issued$3.2MReal estate bought$6K

From profit to cash

Vornado Realty LP: net income to operating cash flow, Q3 2016Vornado Realty LP: net income to operating cash flow, Q3 2016Net income$101MDepreciation & amortization$146MStock-based pay$6.1MImpairments$465KOther non-cash$10.9MReceivables−$2.9MPayables−$104KPrepaid and other assets−$21.6MOther liabilities−$6.9MOperating cash flow$251M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2016$251M−$149M−$119M$116M$3.2M$291M$102M
Q2 2016$46.6M−$150M−$119M$315M$1.3M$29.5M−$103M
Q1 2016$277M−$127M−$119M−$22.1M$2.5M$162M$149M
Q4 2015$229M−$151M−$119M$1.2B$1.5M−$1.0B$77.4M
Q3 2015$259M−$139M−$119M$198M$1.6M−$272M$120M
Q2 2015−$9.9M−$113M−$119M$246M$1.7M$551M−$123M

Vornado Realty LP: income statement and cash flow

Vornado Realty LP, Q3 2026: revenue $468M (+3% year over year), operating margin -9.0%. The chart follows the revenue to costs, profit and cash.

Vornado Realty LP: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.