SOTHEBYS BID Cash Flow

Sothebys (BID)

CashFlow / TTM

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
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Operating Activities:
Net (loss) income attributable to Sotheby's
82,288	107,809	108,085	108,634	99,631	103,990	123,599	118,796	107,589	76,598	88,671	74,112	-2,543	34,033	12,641	43,727	128,883	119,051	129,111	117,795	134,545	132,140	146,237	130,006	105,344	102,910	96,611	108,292	113,681	116,527	158,331	171,416	196,185	206,543	165,548	160,950	0	0	0
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
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2,058	2,058	2,058	2,058	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Extinguishment of debt
0	0	0	-10,855	-10,855	-10,855	-10,855	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation and amortization
30,491	28,225	27,639	27,048	27,443	27,436	25,769	24,053	22,370	22,089	21,905	21,817	21,251	20,706	19,995	19,481	19,649	19,925	20,210	20,575	20,563	20,331	20,066	19,435	18,940	18,705	18,238	17,942	18,045	17,816	17,723	17,604	16,991	16,382	16,222	16,492	0	0	0
Deferred income tax expense
3,172	-413	3,912	-2,361	-37,290	-36,663	-40,798	-27,985	2,184	9,083	-21,236	-24,156	50,911	45,641	86,994	81,689	12,380	11,213	13,103	8,833	15,162	14,135	5,820	9,668	641	-40	-69	-936	-2,507	-8,832	-10,336	-5,176	-1,900	12,759	11,875	6,269	0	0	0
Share-based payments
31,407	30,931	28,924	29,703	27,481	26,153	25,787	23,479	22,591	19,743	15,755	15,216	20,391	23,953	31,577	33,700	33,069	31,401	28,467	27,061	23,780	25,575	24,165	22,350	21,826	19,833	18,752	19,240	18,055	17,596	19,108	18,918	18,468	20,013	19,130	20,250	0	0	0
Net pension benefit
-2,739	-2,870	-3,008	-3,155	-3,336	-3,839	-4,278	-4,660	-5,589	-6,256	-6,846	-6,895	-4,631	-2,293	-66	1,577	1,020	446	-125	-688	-826	-938	-1,046	-1,160	-1,626	-2,020	-2,415	-2,804	-3,348	-4,067	-4,792	-5,508	-5,145	-4,671	-4,158	-3,700	0	0	0
Inventory writedowns and bad debt provisions
7,694	4,403	8,551	10,305	14,271	15,538	14,684	14,902	20,856	22,940	22,034	23,441	17,959	15,875	23,320	21,729	17,757	20,892	12,249	10,383	10,333	9,041	10,885	10,325	9,342	9,606	6,435	7,185	9,548	12,177	12,958	14,736	13,081	10,933	10,666	9,151	0	0	0
Amortization of debt issuance costs
1,711	1,721	1,657	1,736	1,761	1,740	1,727	1,690	1,654	1,653	1,652	1,619	1,534	1,563	2,302	3,072	4,676	5,126	4,866	4,606	3,564	3,564	5,319	7,361	9,387	11,392	11,602	11,489	11,353	11,197	11,328	11,359	11,407	11,464	11,237	11,109	0	0	0
Excess tax benefits from share-based payments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,077	1,067	1,590	3,625	3,635	4,431	3,927	3,521	2,966	2,201	2,205	2,792	3,056	3,046	3,042	6,982	0	0	0	-	-	-	-
Equity in earnings of investees
2,987	3,932	4,313	3,591	3,990	3,415	2,647	2,508	3,489	3,808	3,533	3,262	1,181	2,788	4,579	5,327	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Other
-1,306	-1,312	-1,575	-1,246	-1,679	-1,571	-1,173	-1,077	-914	-528	-831	-794	-737	-986	-264	-45	-1,462	-1,635	-2,237	-3,223	-2,191	-2,231	-1,662	-971	-668	-1,136	-1,522	-1,407	-1,467	-1,077	-863	-1,086	-554	-842	-2,458	-154	0	0	0
Changes in assets and liabilities:
Accounts receivable
-108,546	-26,425	156,326	278,225	238,801	223,670	265,692	297,690	-26,154	-43,586	-116,185	-437,398	199,773	61,232	72,255	14,190	-130,801	-95,678	92,269	178,335	193,115	77,781	-26,762	194,665	-194,041	-18,899	163,379	45,581	123,112	-54,728	-66,945	-92,430	79,116	335,181	125,095	316,110	0	0	0
Client payables
-206,180	-283,054	-66,594	17,337	259,463	326,609	251,364	451,186	-19,150	85,978	215,085	-136,097	162,490	34,539	-33,339	-268,234	-92,124	-166,070	29,045	79,180	147,079	62,390	28,044	299,512	-57,208	24,730	95,433	-184,067	-112,747	-125,220	-84,312	99,032	149,006	936,028	-137,019	334,032	0	0	0
Related party client payables (see Note 27)
-	-	-	-	-	-	-	-	-	-	-	-285,418	882	10,555	54,444	285,418	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Inventory
-18,036	4,425	-11,648	-19,335	3,398	-86,363	-75,649	-73,709	-97,548	-51,272	-30,761	-29,746	-18,079	-34,669	-32,392	18,828	37,254	78,977	105,060	59,475	120,199	117,621	83,260	83,237	-5,120	-8,590	-12,847	-12,513	-5,305	-2,861	-1,291	883	-4,014	-14,181	-6,055	-3,966	0	0	0
Increase (Decrease) in Other Operating Assets and Liabilities, Net
30,472	16,391	25,573	20,661	-26,864	5,652	-15,265	7,589	92,451	55,299	-13,006	-7,873	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Prepaid expenses and other current assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	5,354	7,271	8,427	2,668	2,175	7,479	4,321	5,671	14,577	3,548	-32	7,108	9,158	6,282	8,730	2,447	0	0	0
Other long-term assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	20,073	22,175	22,470	21,066	598	40,179	39,960	42,619	44,636	874	3,251	1,378	7,424	11,235	5,358	4,411	0	0	0
Income tax receivables and deferred income tax assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	17,046	5,793	-7,038	-6,476	4,315	13,079	9,060	4,824	3,644	2,870	4,148	2,725	2,159	-3,496	7,137	-4,270	0	0	0
Accrued income taxes and deferred income tax liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	14,194	22,409	12,658	2,770	4,237	27	1,838	-4,395	5,395	-1,821	3,423	8,872	7,746	65,132	-9,544	28,933	0	0	0
Accounts payable and accrued liabilities and other liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	29,601	23,491	-36,190	34,885	2,011	78,054	119,246	35,221	31,290	-40,373	-9,525	-4,239	36,357	56,936	-12,655	69,094	0	0	0
Net cash used by operating activities
55,079	-101,840	-59,841	-77,812	186,615	330,998	232,457	368,460	180,299	257,552	439,826	156,188	152,924	175,315	130,247	156,122	197,426	41,524	35,034	44,265	42,127	80,956	135,379	237,427	317,689	243,904	176,135	-65,380	-93,488	44,857	174,125	402,983	346,930	337,238	234,129	341,738	0	0	0
Investing Activities:
Funding of notes receivable
472,111	475,984	473,347	389,064	246,020	163,193	183,024	198,481	256,768	263,617	263,496	321,127	262,552	232,335	300,093	334,989	424,794	556,179	642,075	592,022	601,207	561,803	399,470	378,650	315,124	318,355	316,798	352,810	356,300	281,666	252,339	208,921	274,699	279,195	282,822	306,905	0	0	0
Collections of notes receivable
296,797	367,650	341,895	363,494	313,247	289,581	304,083	253,268	280,642	214,693	182,726	305,770	355,194	407,686	450,065	355,103	407,067	392,661	461,978	476,522	423,322	404,003	331,203	308,428	224,570	220,829	183,458	154,111	217,102	205,720	237,438	285,223	230,075	241,681	240,546	198,307	0	0	0
Capital expenditures
82,205	81,217	68,989	56,824	42,237	31,349	25,145	20,694	19,350	19,142	22,143	21,363	21,023	19,194	13,939	11,338	10,105	10,019	9,969	10,868	13,829	17,960	21,369	23,467	23,454	20,242	18,540	19,689	17,560	17,153	17,243	17,111	19,379	19,591	20,457	17,999	0	0	0
Acquisitions, net of cash acquired
1,076	1,151	1,151	6,094	5,777	5,777	5,777	75	2,574	3,625	3,746	54,343	51,844	50,718	50,597	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Funding of investments
675	604	407	257	0	0	0	-	-	-	-	-	-	-	-	30,725	30,725	30,725	30,725	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from the sale of land and buildings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	714	714	714	714	0	0	0	0	-	-	-	-
Distributions from investees
2,338	3,075	3,570	3,204	3,066	4,454	4,809	4,825	4,675	3,650	3,625	1,925	2,925	2,840	3,915	4,515	3,665	3,785	2,185	2,160	2,010	940	640	65	65	0	0	100	100	100	420	320	1,610	2,300	2,235	3,140	0	0	0
Proceeds from the sale of equity investment
-	-	-	-	-	-	-	-	-	-	-	325	300	300	300	275	325	325	325	300	625	550	1,275	1,225	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from company-owned life insurance
-	-	-	-	-	-	-	2,100	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Settlement of net investment hedges
-	-	-	-	-	-	-	-29,110	-29,110	-28,665	-25,902	3,308	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
-	-	0	-	-	-	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
(Increase) decrease in restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	891	-16,710	-7,789	-457	2,585	-13,733	1,405	4,655	-1,422	38,521	8,335	-1,300	473	-11,026	2,893	3,148	-17,437	-22,026	-5,227	9,436	-8,235	16,992	-15,102	-3,777	0	0	0
Net cash (used) provided by investing activities
-254,559	-183,509	-200,112	-87,288	19,984	86,741	90,290	65,636	9,277	-50,190	-99,888	-92,139	16,601	122,226	97,440	-16,702	-57,152	-186,419	-219,686	-128,563	-187,657	-212,791	-96,056	-91,099	-113,616	-105,942	-154,773	-220,722	-138,507	-70,259	-25,783	50,075	-54,158	-71,797	-45,396	-119,680	0	0	0
Financing Activities:
Proceeds from credit facility borrowings
1,315,000	1,360,000	958,000	743,000	473,000	261,000	221,000	181,500	93,500	130,000	138,500	164,500	116,500	87,500	147,500	186,500	231,000	324,500	393,000	507,500	449,000	345,000	185,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of credit facility borrowings
1,060,000	1,103,000	593,000	659,500	692,000	729,500	704,500	550,000	212,500	122,000	111,000	141,000	143,000	157,000	128,000	90,000	100,500	76,500	76,500	62,500	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of First Mortgage Bond
10,187	14,434	14,344	14,258	14,172	39,835	39,750	39,667	39,583	7,501	7,419	7,302	7,223	225,150	224,279	223,440	222,575	3,716	3,663	3,614	3,530	3,505	3,467	3,162	3,407	3,051	3,032	3,215	3,157	3,395	3,316	3,077	0	0	0	-	-	-	-
Restricted cash related to York Property Mortgage (see Note 9)
-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Settlement of 2022 Notes, including call premium
0	0	0	307,875	307,875	307,875	307,875	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Debt issuance and other borrowing costs
420	1,096	4,465	4,482	9,774	9,163	5,810	5,729	328	343	327	320	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repurchases of common stock (see Note 13)
108,979	232,736	274,232	284,733	190,556	73,052	65,496	44,495	113,994	111,665	212,299	359,885	311,084	407,160	272,586	125,000	100,000	0	0	25,000	25,000	25,000	25,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Settlement of forward contract indexed to Sotheby's common stock (see Note 13)
-9,500	0	0	10,500	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends paid
-	-	-	-	-	-	-	2,375	2,375	2,375	2,367	1,743	8,364	15,088	22,067	29,784	30,080	30,272	30,186	331,535	331,531	331,456	324,563	13,754	25,675	24,272	29,704	35,223	20,944	18,931	16,919	14,851	13,800	13,610	13,631	13,620	0	0	0
Proceeds from exercise of employee stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	967	918	2,438	2,812	4,000	4,049	2,777	3,121	966	966	718	2,541	2,566	6,617	7,250	5,359	14,031	0	0	0
Excess tax benefits from share-based payments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,077	1,067	1,590	3,625	3,635	4,431	3,927	3,521	2,966	2,201	2,205	2,792	3,056	3,046	3,042	6,982	0	0	0	-	-	-	-
Funding of employee tax obligations upon the vesting of share-based payments
11,942	11,985	12,331	10,222	10,004	12,187	12,433	16,857	16,885	15,313	14,888	5,890	5,832	5,231	4,670	8,978	8,938	8,910	10,604	11,848	11,835	11,822	10,197	11,399	11,430	11,475	11,427	11,379	11,348	11,440	11,496	18,575	18,575	18,752	19,048	6,601	0	0	0
Contribution from noncontrolling interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	322	322	322	322	0	0	0	0	-	-	-	-	-	-	-	-
Net cash provided (used) by financing activities
132,972	-3,251	59,628	-548,570	-360,881	-510,612	-514,872	-77,623	-288,564	-126,915	-209,800	-351,640	-338,843	-407,548	-189,830	24,656	54,976	198,203	268,243	72,201	81,706	-19,865	-353,307	-202,291	-309,782	-15,505	161,346	153,802	263,173	-48,117	-44,263	-45,070	-90,250	-71,193	-72,665	-58,211	0	0	0
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
-7,428	-3,371	-16,527	-10,022	-5,166	-3,341	16,786	11,252	-2,745	-11,326	-29,312	-35,472	-26,886	-28,377	-4,904	-9,208	-12,838	-16,065	-24,744	-15,389	278	28,588	28,002	8,931	3,122	-6,288	-18,782	10,014	12,194	-9,274	5,590	-1,018	-5,739	9,384	3,652	-1,763	0	0	0
Decrease in cash, cash equivalents, and restricted cash
-73,936	-291,971	-216,852	-723,692	-159,448	-96,214	-175,339	367,725	-101,733	69,121	100,826	-323,063	-196,204	-138,384	32,953	154,868	182,412	37,243	58,847	-27,486	-63,546	-123,112	-285,982	-47,032	-102,587	116,169	163,926	-122,286	43,372	-82,793	109,669	406,970	196,783	203,632	119,720	162,084	0	0	0