SOTHEBYS BID Cash Flow

Sothebys (BID)

CashFlow / Quarterly

Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Liability for Conversion Option Reclassified to Stockholders Equity
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	21,800	-	-	-	-	-	-	-	-	-	-	-	-
Operating Activities:
Net (loss) income attributable to Sotheby's
-53,359	57,006	-7,071	85,712	-27,838	57,282	-6,522	76,709	-23,479	76,891	-11,325	65,502	-54,470	88,964	-25,884	-11,153	-17,894	67,572	5,202	74,003	-27,726	77,632	-6,114	90,753	-30,131	91,729	-22,345	66,091	-32,565	85,430	-10,664	71,480	-29,719	127,234	2,421	96,249	-19,361	86,239	-2,177
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
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-4,116	0	0	2,058	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Extinguishment of debt
0	0	0	0	0	0	-10,855	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation and amortization
7,980	7,929	7,691	6,891	5,714	7,343	7,100	7,286	5,707	5,676	5,384	5,603	5,426	5,492	5,296	5,037	4,881	4,781	4,782	5,205	5,157	5,066	5,147	5,193	4,925	4,801	4,516	4,698	4,690	4,334	4,220	4,801	4,461	4,241	4,101	4,188	3,852	4,081	4,371
Deferred income tax expense
803	-1,549	6,370	-2,452	-2,782	2,776	97	-37,381	-2,155	-1,359	12,910	-7,212	4,744	-31,678	9,990	67,855	-526	9,675	4,685	-1,454	-1,693	11,565	415	4,875	-2,720	3,250	4,263	-4,152	-3,401	3,221	3,396	-5,723	-9,726	1,717	8,556	-2,447	4,933	833	2,950
Share-based payments
7,212	8,319	7,598	8,278	6,736	6,312	8,377	6,056	5,408	5,946	6,069	5,168	2,560	1,958	5,530	10,343	6,122	9,582	7,653	9,712	4,454	6,648	6,247	6,431	6,249	5,238	4,432	5,907	4,256	4,157	4,920	4,722	3,797	5,669	4,730	4,272	5,342	4,786	5,850
Net pension benefit
-638	-666	-675	-760	-769	-804	-822	-941	-1,272	-1,243	-1,204	-1,870	-1,939	-1,833	-1,253	394	399	394	390	-163	-175	-177	-173	-301	-287	-285	-287	-767	-681	-680	-676	-1,311	-1,400	-1,405	-1,392	-948	-926	-892	-934
Inventory writedowns and bad debt provisions
3,681	817	1,387	1,809	390	4,965	3,141	5,775	1,657	4,111	3,359	11,729	3,741	3,205	4,766	6,247	1,657	10,650	3,175	2,275	4,792	2,007	1,309	2,225	3,500	3,851	749	1,242	3,764	680	1,499	3,605	6,393	1,461	3,277	1,950	4,245	1,194	1,762
Amortization of debt issuance costs
424	490	372	425	434	426	451	450	413	413	414	414	412	412	381	329	441	1,151	1,151	1,933	891	891	891	891	891	2,646	2,933	2,917	2,896	2,856	2,820	2,781	2,740	2,987	2,851	2,829	2,797	2,760	2,723
Excess tax benefits from share-based payments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-11	-19	1,086	21	-21	504	3,121	31	775	0	2,715	-524	10	4	3,302	-260	0	0	7,242	-	-	-	-
Equity in earnings of investees
531	853	1,528	75	1,476	1,234	806	474	901	466	667	1,455	1,220	191	396	-626	2,827	1,982	1,144	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	36	208
Other
-332	-424	-589	39	-338	-687	-260	-394	-230	-289	-164	-231	156	-592	-127	-174	-93	130	92	-1,591	-266	-472	-894	-559	-306	97	-203	-256	-774	-289	-88	-316	-384	-75	-311	216	-672	-1,691	1,993
Changes in assets and liabilities:
Accounts receivable
-456,060	182,164	-201,642	366,992	-373,939	364,915	-79,743	327,568	-389,070	406,937	-47,745	3,724	-406,502	334,338	-368,958	640,895	-545,043	345,361	-427,023	495,904	-509,920	533,308	-340,957	510,684	-625,254	428,765	-119,530	121,978	-450,112	611,043	-237,328	199,509	-627,952	598,826	-262,813	371,055	-371,887	388,740	-71,798
Client payables
-487,873	178,007	-272,607	376,293	-564,747	394,467	-188,676	618,419	-497,601	319,222	11,146	148,083	-392,473	448,329	-340,036	446,670	-520,424	380,451	-574,931	622,780	-594,370	575,566	-524,796	690,679	-679,059	541,220	-253,328	333,959	-597,121	611,923	-532,828	405,279	-609,594	652,831	-349,484	455,253	177,428	-420,216	121,567
Related party client payables (see Note 27)
-	-	-	-	-	-	-	-	-	-	-	-882	-9,673	-43,889	-230,974	285,418	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Inventory
-96	-10,604	684	-8,020	22,365	-26,677	-7,003	14,713	-67,396	-15,963	-5,063	-9,126	-21,120	4,548	-4,048	2,541	-37,710	6,825	47,172	20,967	4,013	32,908	1,587	81,691	1,435	-1,453	1,564	-6,666	-2,035	-5,710	1,898	542	409	-4,140	4,072	-4,355	-9,758	3,986	6,161
Increase (Decrease) in Other Operating Assets and Liabilities, Net
56,034	-43,616	80,716	-62,662	41,953	-34,434	75,804	-110,187	74,469	-55,351	98,658	-25,325	37,317	-123,656	103,791	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Prepaid expenses and other current assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,438	2,419	-	10,100	-2,441	7,313	-9,618	12,017	-1,285	1,554	-10,111	17,321	-4,443	2,904	-1,205	6,292	-8,023	10,044	845	3,416	-5,575	3,761
Other long-term assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2,993	262	-	-1,396	-868	2,259	20,078	706	-573	855	-390	40,287	-792	3,514	1,627	-3,475	1,585	1,641	7,673	336	-4,292	694
Income tax receivables and deferred income tax assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2,366	12,878	-	18,994	11,216	11,189	-24,353	7,741	-1,615	11,751	-13,562	16,505	-5,634	7,515	-14,742	15,731	-4,356	6,092	-15,308	10,076	6,277	-5,315
Accrued income taxes and deferred income tax liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	25,573	-7,030	-	-14,488	32,954	-12,856	8,584	-6,273	23,203	-22,744	10,051	-10,483	25,014	-28,977	19,841	-17,699	30,258	-23,528	18,715	39,687	-44,418	14,949
Accounts payable and accrued liabilities and other liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	53,592	-84,410	-	-41,296	66,960	-56,642	60,579	-47,406	7,279	14,433	27,705	28,637	48,471	-69,592	23,774	-43,026	79,319	-64,306	64,370	-22,447	9,728	17,443
Net cash used by operating activities
-117,460	130,399	-137,632	179,772	-274,379	172,398	-155,603	444,199	-129,996	73,857	-19,600	256,038	-52,743	256,131	-303,238	252,774	-30,352	211,063	-277,363	294,078	-186,254	204,573	-268,132	291,940	-147,425	258,996	-166,084	372,202	-221,210	191,227	-407,599	344,094	-82,865	320,495	-178,741	288,041	-92,557	217,386	-71,132
Investing Activities:
Funding of notes receivable
129,300	51,515	102,013	189,283	133,173	48,878	17,730	46,239	50,346	68,709	33,187	104,526	57,195	68,588	90,818	45,951	26,978	136,346	125,714	135,756	158,363	222,242	75,661	144,941	118,959	59,909	54,841	81,415	122,190	58,352	90,853	84,905	47,556	29,025	47,435	150,683	52,052	32,652	71,518
Collections of notes receivable
34,833	90,028	75,320	96,616	105,686	64,273	96,919	46,369	82,020	78,775	46,104	73,743	16,071	46,808	169,148	123,167	68,563	89,187	74,186	175,131	54,157	158,504	88,730	121,931	34,838	85,704	65,955	38,073	31,097	48,333	36,608	101,064	19,715	80,051	84,393	45,916	31,321	78,916	42,154
Capital expenditures
17,918	22,160	21,308	20,819	16,930	9,932	9,143	6,232	6,042	3,728	4,692	4,888	5,834	6,729	3,912	4,548	4,005	1,474	1,311	3,315	3,919	1,424	2,210	6,276	8,050	4,833	4,308	6,263	4,838	3,131	5,457	4,134	4,431	3,221	5,325	6,402	4,643	4,087	2,867
Acquisitions, net of cash acquired
0	0	759	317	75	0	5,702	0	75	0	0	2,499	1,126	121	50,597	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Funding of investments
71	261	150	193	0	64	0	-	-	-	-	-	-	-	-	0	0	0	30,725	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from the sale of land and buildings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	714	0	0	0	0	-	-	-	-
Distributions from investees
0	0	2,050	288	737	495	1,684	150	2,125	850	1,700	0	1,100	825	0	1,000	1,015	1,900	600	150	1,135	300	575	0	65	0	0	0	0	0	100	0	0	320	0	1,290	690	255	905
Proceeds from the sale of equity investment
-	-	-	-	-	-	-	-	-	-	-	75	75	75	100	50	75	75	75	100	75	75	50	425	0	800	0	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from company-owned life insurance
-	-	-	-	-	-	-	0	0	0	2,100	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Settlement of net investment hedges
-	-	-	-	-	-	-	0	0	100	-29,210	0	445	2,863	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
-	-	0	-	-	-	64	-	-	-	-75	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
(Increase) decrease in restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-16,952	15,319	-25,138	27,662	-34,553	24,240	-17,806	30,704	-50,871	39,378	-14,556	24,627	-10,928	9,192	-24,191	26,400	-22,427	23,111	-23,936	5,815	-27,016	39,910	-9,273	-11,856	-1,789	7,816	2,052
Net cash (used) provided by investing activities
-110,742	16,640	-46,860	-113,597	-39,692	37	65,964	-6,325	27,065	3,586	41,310	-62,684	-32,402	-46,112	49,059	46,056	73,223	-70,898	-65,083	5,606	-56,044	-104,165	26,040	-53,488	-81,178	12,570	30,997	-76,005	-73,504	-36,261	-34,952	6,210	-5,256	8,215	40,906	-98,023	-22,895	34,616	-33,378
Financing Activities:
Proceeds from credit facility borrowings
170,000	465,000	260,000	420,000	215,000	63,000	45,000	150,000	3,000	23,000	5,500	62,000	39,500	31,500	31,500	14,000	10,500	91,500	70,500	58,500	104,000	160,000	185,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of credit facility borrowings
20,000	575,000	110,000	355,000	63,000	65,000	176,500	387,500	100,500	40,000	22,000	50,000	10,000	29,000	52,000	52,000	24,000	0	14,000	62,500	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of First Mortgage Bond
3,989	2,053	2,101	2,044	8,236	1,963	2,015	1,958	33,899	1,878	1,932	1,874	1,817	1,796	1,815	1,795	219,744	925	976	930	885	872	927	846	860	834	622	1,091	504	815	805	1,033	742	736	566	-	-	-	-
Restricted cash related to York Property Mortgage (see Note 9)
-	-	-	-	-	-	-	-	-	-	-	-	1,319	2,282	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Settlement of 2022 Notes, including call premium
0	0	0	0	0	0	307,875	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Debt issuance and other borrowing costs
75	0	71	274	751	3,369	88	5,566	140	16	7	165	155	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repurchases of common stock (see Note 13)
0	0	10,500	98,479	123,757	41,496	21,001	4,302	6,253	33,940	0	73,801	3,924	134,574	147,586	25,000	100,000	0	0	0	0	0	25,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Settlement of forward contract indexed to Sotheby's common stock (see Note 13)
0	0	-10,500	1,000	9,500	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends paid
-	-	-	-	-	-	-	0	0	8	2,367	0	0	0	1,743	6,621	6,724	6,979	9,460	6,917	6,916	6,893	310,809	6,913	6,841	0	0	18,834	5,438	5,432	5,519	4,555	3,425	3,420	3,451	3,504	3,235	3,441	3,440
Proceeds from exercise of employee stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	967	-49	1,520	374	2,155	0	248	718	0	0	0	2,541	25	4,051	633	650	8,697
Excess tax benefits from share-based payments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-11	-19	1,086	21	-21	504	3,121	31	775	0	2,715	-524	10	4	3,302	-260	0	0	7,242	-	-	-	-
Funding of employee tax obligations upon the vesting of share-based payments
-25	394	11,272	301	18	740	9,163	83	2,201	986	13,587	111	629	561	4,589	53	28	0	8,897	13	0	1,694	10,141	0	-13	69	11,343	31	32	21	11,295	0	124	77	18,374	0	301	373	5,927
Contribution from noncontrolling interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	322	0	0	0	0	-	-	-	-	-	-	-	-
Net cash provided (used) by financing activities
145,961	-112,447	136,556	-37,098	9,738	-49,568	-471,642	150,591	-139,993	-53,828	-34,393	-60,350	21,656	-136,713	-176,233	-47,553	-47,049	81,005	38,253	-17,233	96,178	151,045	-157,789	-7,728	-5,393	-182,397	-6,773	-115,219	288,884	-5,546	-14,317	-5,848	-22,406	-1,692	-15,124	-51,028	-3,349	-3,164	-670
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
-3,269	-1,005	922	-4,076	788	-14,161	7,427	780	2,613	5,966	1,893	-13,217	-5,968	-12,020	-4,267	-4,631	-7,459	11,453	-8,571	-8,261	-10,686	2,774	784	7,406	17,624	2,188	-18,287	1,597	8,214	-10,306	10,509	3,777	-13,254	4,558	3,901	-944	1,869	-1,174	-1,514
Decrease in cash, cash equivalents, and restricted cash
-85,510	33,587	-47,014	25,001	-303,545	108,706	-553,854	589,245	-240,311	29,581	-10,790	119,787	-69,457	61,286	-434,679	246,646	-11,637	232,623	-312,764	274,190	-156,806	254,227	-399,097	238,130	-216,372	91,357	-160,147	182,575	2,384	139,114	-446,359	348,233	-123,781	331,576	-149,058	138,046	-116,932	247,664	-106,694