|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| Cash flows from operating activities: |
|
|
| Net loss |
$ (29,711) |
$ (7,484) |
| Loss from discontinued operations attributable to MDC Partners Inc., net of taxes |
(6,294) |
(271) |
| Loss from continuing operations |
(23,417) |
(7,213) |
| Non-cash stock-based compensation |
4,445 |
4,368 |
| Adjustments to reconcile net loss from continuing operations to cash used in operating activities: |
|
|
| Depreciation |
4,537 |
3,943 |
| Amortization of intangibles |
7,763 |
6,581 |
| Amortization of deferred finance charges and debt discount |
1,494 |
577 |
| Adjustment to deferred acquisition consideration |
2,801 |
8,388 |
| Deferred income benefit |
(3,929) |
(579) |
| Earnings of non-consolidated affiliates |
(351) |
(63) |
| Other non-current assets and liabilities |
733 |
(12,188) |
| Foreign exchange |
15,219 |
5,145 |
| Changes in working capital: |
|
|
| Accounts receivable |
(97,760) |
(55,245) |
| Expenditures billable to clients |
(5,721) |
(6,177) |
| Prepaid expenses and other current assets |
(12,211) |
(9,458) |
| Accounts payable, accruals and other liabilities |
(42,651) |
(7,552) |
| Advance billings |
30,496 |
29,424 |
| Cash flows used in continuing operating activities |
(118,552) |
(40,049) |
| Discontinued operations |
(1,294) |
746 |
| Net cash used in operating activities |
(119,846) |
(39,303) |
| Cash flows used in investing activities: |
|
|
| Capital expenditures |
(5,656) |
(2,496) |
| Acquisitions, net of cash acquired |
(1,310) |
(39,951) |
| Proceeds from sale of assets |
29 |
0 |
| Other investments |
(2,318) |
(2,077) |
| Profit distributions from non-consolidated affiliates |
342 |
281 |
| Cash flows used in continuing investing activities |
(8,913) |
(44,243) |
| Discontinued operations |
(153) |
(500) |
| Net cash used in investing activities |
(9,066) |
(44,743) |
| Cash flows from (used in) financing activities: |
|
|
| Proceeds of revolving credit agreement |
19,602 |
32,292 |
| Acquisition related payments |
(11,142) |
(10,715) |
| Repayment of long-term debt |
(126) |
(72) |
| Purchase of shares |
(876) |
(3,103) |
| Distributions to noncontrolling interests |
(2,839) |
(2,276) |
| Cash overdrafts |
32,103 |
(6,853) |
| Payment of dividends |
(10,636) |
(9,724) |
| Cash flows provided by (used in) continuing financing activities |
26,086 |
(451) |
| Discontinued operations |
(40) |
(40) |
| Net cash provided by (used in) financing activities |
26,046 |
(491) |
| Effect of exchange rate changes on cash and cash equivalents |
711 |
27 |
| Decrease in cash and cash equivalents |
(102,155) |
(84,510) |
| Cash and cash equivalents at beginning of period |
119,767 |
102,007 |
| Cash and cash equivalents at end of period |
17,612 |
17,497 |
| Supplemental disclosures: |
|
|
| Cash income taxes paid |
540 |
83 |
| Cash interest paid |
367 |
334 |
| Non-cash transactions: |
|
|
| Capital leases |
42 |
0 |
| Dividends payable |
$ 1,384 |
$ 967 |