Sothebys (BID)
CashFlow / Yearly
Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09Dec'08
Operating Activities:
Net (loss) income attributable to Sotheby's

108,634

118,796

74,112

43,727

117,795

130,006

108,292

171,416

160,950

-6,528

26,456

Adjustments to reconcile net (loss) income attributable to Sotheby's to net cash used by operating activities:
Gain from recognition of cumulative translation adjustment upon liquidation of foreign subsidiary

-

-

-

105

-2,058

0

0

-

-

-

-

Gain on sale of business

-

-

-

-

-

-

-

-

-

-4,146

-

Extinguishment of debt

-10,855

0

0

-

-

-

-15,020

-1,529

-6,291

1,039

-

Write-off of credit facility fees

3,982

0

0

-

-

-

-

-

-

-

-

Depreciation and amortization

27,048

24,053

21,817

19,481

20,575

19,435

17,942

17,604

16,492

21,560

24,845

Deferred income tax expense

-2,361

-27,985

-24,156

81,689

8,833

9,668

-936

-5,176

6,269

13,707

-872

Share-based payments

29,703

23,479

15,216

33,700

27,061

22,350

19,240

18,918

20,250

20,586

30,396

Net pension benefit

-3,155

-4,660

-6,895

1,577

-688

-1,160

-2,804

-5,508

-3,700

-2,288

4,045

Inventory writedowns and bad debt provisions

10,305

14,902

23,441

21,729

10,383

10,325

7,185

14,736

9,151

6,480

34,081

Antitrust related matters

-

-

-

-

-

-

-

-

-

-

-18,385

Amortization of debt issuance costs

1,736

1,690

1,619

3,072

4,606

7,361

11,489

11,359

11,109

10,255

3,303

Excess tax benefits from share-based payments

-

-

-

-

3,625

3,521

2,792

6,982

2,555

0

1,086

Loss (gain) on extinguishment of debt

-

-

-

-

-

-

-

-

-

-

7,841

Impairment loss

-

-

-

-

-

-

-

-

-

-

13,189

Equity in earnings of investees

3,591

2,508

3,262

5,327

732

15

-

-

-

-

2,139

Other

-1,246

-1,077

-794

-45

-3,223

-971

-1,407

-1,086

-154

-564

-163

Changes in assets and liabilities:
Accounts receivable

278,225

297,690

-437,398

14,190

178,335

194,665

45,581

-92,430

316,110

-178,670

-198,020

Client payables

17,337

451,186

-136,097

-268,234

79,180

299,512

-184,067

99,032

334,032

-74,472

301,073

Related party client payables (see Note 27)

0

0

-285,418

285,418

0

0

-

-

-

-

-

Inventory

-19,335

-73,709

-29,746

18,828

59,475

83,237

-12,513

883

-3,966

-35,857

20,923

Restricted cash related to interest on 2022 Senior Notes (see Note 9)

-

-

-

0

-

-

-

-

-

-

-

Increase (Decrease) in Other Operating Assets and Liabilities, Net

20,661

7,589

-7,873

27,632

-13,406

-

-

-

-

-

-

Prepaid expenses and other current assets

-

-

-

-

-

2,668

5,671

7,108

2,447

-2,979

614

Other long-term assets

-

-

-

-

-

21,066

42,619

1,378

4,411

4,861

2,844

Settlement liabilities

-

-

-

-

-

-

-

-

-

-

-4,266

Income tax receivables and deferred income tax assets

-

-

-

-

-

-6,476

4,824

2,725

-4,270

-20,223

20,489

Accrued income taxes and deferred income tax liabilities

-

-

-

-

-

2,770

-4,395

8,872

28,933

-16,722

-47,465

Accounts payable and accrued liabilities and other liabilities

-

-

-

-

-

34,885

35,221

-4,239

69,094

-42,304

-73,563

Net cash used by operating activities

-77,812

368,460

156,188

156,122

44,265

237,427

-65,380

402,983

341,738

158,521

-175,478

Investing Activities:
Funding of notes receivable

389,064

198,481

321,127

334,989

592,022

378,650

352,810

208,921

306,905

152,179

377,216

Collections of notes receivable

363,494

253,268

305,770

355,103

476,522

308,428

154,111

285,223

198,307

179,289

371,388

Capital expenditures

56,824

20,694

21,363

11,338

10,868

23,467

19,689

17,111

17,999

100,879

74,192

Acquisitions, net of cash acquired

6,094

75

54,343

0

0

-

-

-

-

-

193

Funding of investments

257

6,542

2,200

30,725

0

0

-

-

-

-

-

Proceeds from the sale of land and buildings

-

-

-

-

-

-

714

0

0

2,450

-

Distributions from investees

3,204

4,825

1,925

4,515

2,160

65

100

320

3,140

1,664

5,333

Proceeds from the sale of equity investment

0

2,125

325

275

300

1,225

0

0

-

-

-

Proceeds from company-owned life insurance

0

2,100

2,182

-

-

-

-

-

-

-

-

Settlement of net investment hedges

1,747

-29,110

3,308

0

0

-

-

-

-

-

-

(Increase) decrease in restricted cash

-

-

-

-457

4,655

-1,300

3,148

9,436

-3,777

-1,404

8,828

Proceeds from sale of business

-

-

-

-

-

-

-

-

-

2,462

-

Net cash (used) provided by investing activities

-87,288

65,636

-92,139

-16,702

-128,563

-91,099

-220,722

50,075

-119,680

-65,789

-83,708

Financing Activities:
Proceeds from credit facility borrowings

743,000

181,500

164,500

186,500

507,500

0

0

-

-

-

390,000

Repayments of credit facility borrowings

659,500

550,000

141,000

90,000

62,500

0

0

-

-

-

-

Proceeds from refinancing of York Property Mortgage

-

-

-

325,000

0

0

-

-

-

-

-

Proceeds from the settlement of Convertible Note Hedges

-

-

-

-

-

-

-

-

0

0

-

Repayments of First Mortgage Bond

14,258

39,667

7,302

223,440

3,614

3,162

3,215

3,077

1,423

0

-

Restricted cash related to York Property Mortgage (see Note 9)

-

-

-

0

0

-

-

-

-

-

-

Proceeds from the issuance of 2025 Senior Notes (see Note 11)

0

400,000

0

0

-

-

300,000

0

0

-

-

Settlement of 2022 Notes, including call premium

307,875

0

0

-

-

-

93,853

0

53,153

1,647

-

Repayments of revolving credit facility borrowings

-

-

-

-

-

-

-

-

-

-

-390,000

Repayments of senior unsecured debt

-

-

-

-

-

-

-

-

-

-

110,578

Proceeds from the issuance of 2022 Senior Notes

-

-

-

-

-

-

-

-

-

-

340,155

Debt issuance and other borrowing costs

4,482

5,729

320

9,642

5,394

0

6,286

0

0

-

-

Restricted cash related to 2022 Senior Notes, principal and premium (see Note 9)

-

-

-

0

-

-

-

-

-

-

-

Repurchases of common stock (see Note 13)

284,733

44,495

359,885

125,000

25,000

0

0

-

-

-

-

Repayment of Convertible Notes

-

-

-

-

-

197,371

0

22,465

0

0

-

Settlement of forward contract indexed to Sotheby's common stock (see Note 13)

10,500

0

0

-

-

-15,503

0

-4,350

-

-

-

Premiums paid for convertible note hedges

-

-

-

-

-

-

-

-

-

-

-40,600

Proceeds received from sale of common stock warrants

-

-

-

-

-

-

-

-

-

-

22,300

Dividends paid

0

2,375

1,743

29,784

331,535

13,754

35,223

14,851

13,620

20,434

40,651

Decrease in York Property capital lease obligation

-

-

-

-

-

-

-

-

-

49

1,796

Proceeds from exercise of employee stock options

-

-

-

-

967

4,000

966

2,566

14,031

1,269

339

Excess tax benefits from share-based payments

-

-

-

-

3,625

3,521

2,792

6,982

2,555

0

1,086

Funding of employee tax obligations upon the vesting of share-based payments

10,222

16,857

5,890

8,978

11,848

11,399

11,379

18,575

6,601

3,385

-

Contribution from noncontrolling interest

-

-

-

-

-

322

0

0

-

-

-

Net cash provided (used) by financing activities

-548,570

-77,623

-351,640

24,656

72,201

-202,291

153,802

-45,070

-58,211

-24,246

170,255

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

-10,022

11,252

-35,472

-9,208

-15,389

8,931

10,014

-1,018

-1,763

-375

-5,854

Decrease in cash, cash equivalents, and restricted cash

-723,692

367,725

-323,063

154,868

-27,486

-47,032

-122,286

406,970

162,084

68,111

-94,785