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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
 
 
 
 
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934
For the transition period from_______ to _______
Commission File Number 1-9750
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13030737&doc=11
(Exact name of registrant as specified in its charter)
Delaware
 
38-2478409
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
1334 York Avenue
 

New York,
New York
 
10021
(Address of principal executive offices)
 
(Zip Code)
Registrant's telephone number, including area code: (212) 606-7000
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, $0.01 par value
BID
NYSE
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of the Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer

Accelerated filer


Emerging growth company
Non-accelerated filer

Smaller reporting company
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes      No  
As of July 26, 2019, there were 46,613,443 outstanding shares of common stock, par value $0.01 per share, of the registrant.
________________________________________________________________________________________________




TABLE OF CONTENTS
 
 
PAGE
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2



PART I: FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

SOTHEBY’S
CONDENSED CONSOLIDATED INCOME STATEMENTS
(UNAUDITED)
(In thousands, except per share data)
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30, 2019
 
June 30, 2018
 
June 30, 2019
 
June 30, 2018
Revenues:
 
 

 
 

 
 

 
 
Agency commissions and fees
 
$
322,144

 
$
290,879

 
$
469,811

 
$
456,405

Inventory sales
 
18,259

 
40,106

 
27,025

 
56,342

Finance
 
15,848

 
9,641

 
29,114

 
19,522

Other
 
5,527

 
5,010

 
9,293

 
9,163

Total revenues
 
361,778

 
345,636

 
535,243

 
541,432

Expenses:
 
 

 
 

 
 

 
 

Agency direct costs
 
73,834

 
59,449

 
105,637

 
94,722

Cost of inventory sales
 
15,335

 
42,414

 
22,501

 
58,409

Cost of finance revenues
 

 
1,793

 

 
4,056

Marketing
 
6,546

 
6,276

 
12,454

 
11,998

Salaries and related
 
110,601

 
96,718

 
187,246

 
175,437

General and administrative
 
47,267

 
45,671

 
95,109

 
89,484

Depreciation and amortization
 
7,929

 
7,343

 
15,620

 
14,443

Merger-related expenses (see Note 22)
 
5,710

 

 
5,710

 

Restructuring charges, net
 
(31
)
 
2,146

 
(50
)
 
2,146

Total expenses
 
267,191

 
261,810

 
444,227

 
450,695

Operating income
 
94,587

 
83,826

 
91,016

 
90,737

Interest income
 
286

 
482

 
571

 
847

Interest expense
 
(13,604
)
 
(8,894
)
 
(26,755
)
 
(18,207
)
Write-off of credit facility fees
 

 
(3,982
)
 

 
(3,982
)
Extinguishment of debt
 

 

 

 
(10,855
)
Non-operating income
 
1,687

 
2,449

 
3,535

 
3,873

Income before taxes
 
82,956

 
73,881

 
68,367

 
62,413

Income tax expense
 
26,808

 
17,838

 
20,822

 
13,702

Equity in earnings of investees
 
853

 
1,234

 
2,381

 
2,040

Net income
 
57,001

 
57,277

 
49,926

 
50,751

Less: Net loss attributable to noncontrolling interest

(5
)
 
(5
)
 
(9
)
 
(9
)
Net income attributable to Sotheby's
 
$
57,006

 
$
57,282

 
$
49,935

 
$
50,760

Basic earnings per share - Sotheby’s common shareholders
 
$
1.21

 
$
1.09

 
$
1.06

 
$
0.96

Diluted earnings per share - Sotheby's common shareholders
 
$
1.20

 
$
1.08

 
$
1.05

 
$
0.95

Weighted average basic shares outstanding
 
46,614

 
51,780

 
46,518

 
52,122

Weighted average diluted shares outstanding
 
47,124

 
52,210

 
47,077

 
52,491


See accompanying Notes to Condensed Consolidated Financial Statements

3



SOTHEBY’S
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(In thousands)
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30, 2019
 
June 30, 2018
 
June 30, 2019
 
June 30, 2018
Net income
 
$
57,001

 
$
57,277

 
$
49,926

 
$
50,751

Other comprehensive loss:
 
 
 
 
 
 
 
 
Currency translation adjustments
 
(1,866
)
 
(14,206
)
 
(619
)
 
(7,006
)
Cash flow hedges
 
(1,428
)
 
136

 
(1,641
)
 
1,306

Net investment hedges
 
1,041

 
3,350

 
995

 
1,740

Defined benefit pension plan
 
(13
)
 
81

 
(26
)
 
163

Total other comprehensive loss
 
(2,266
)
 
(10,639
)
 
(1,291
)
 
(3,797
)
Comprehensive income
 
54,735

 
46,638

 
48,635

 
46,954

Less: Comprehensive loss attributable to noncontrolling interests
 
(5
)
 
(5
)
 
(9
)
 
(9
)
Comprehensive income attributable to Sotheby's
 
$
54,740

 
$
46,643

 
$
48,644

 
$
46,963


See accompanying Notes to Condensed Consolidated Financial Statements



4




SOTHEBY’S
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands)
 
 
June 30,
2019
 
December 31, 2018
 
June 30,
2018
 
 
 
 
A S S E T S
 
 

 
 
 
 

Current assets:
 
 

 
 
 
 

Cash and cash equivalents
 
$
132,137

 
$
178,579

 
$
432,357

Restricted cash (see Notes 9 and 12)
 
38,016

 
4,836

 
28,979

Accounts receivable, net of allowance for doubtful accounts of $9,411, $9,125, and $9,667
 
900,362

 
978,140

 
1,088,569

Notes receivable, net of allowance for credit losses of $1,271, $1,075, and $1,132
 
39,889

 
103,834

 
92,770

Inventory
 
32,204

 
43,635

 
32,639

Income tax receivables
 
19,374

 
3,353

 
18,051

Prepaid expenses and other current assets (see Note 11)
 
41,279

 
38,631

 
43,262

Total current assets
 
1,203,261

 
1,351,008

 
1,736,627

Notes receivable, net of allowance for credit losses of $1,525, $1,525, and $1,525
 
714,918

 
602,389

 
390,507

Fixed assets, net of accumulated depreciation and amortization of $248,057, $237,211, and $239,705
 
405,657

 
386,736

 
356,162

Operating lease right-of-use assets (see Note 6)
 
77,636

 

 

Goodwill
 
55,540

 
55,573

 
55,670

Intangible assets, net
 
11,354

 
12,993

 
14,613

Income tax receivables
 
17,964

 
16,694

 
327

Deferred income taxes
 
31,849

 
37,035

 
27,948

Other long-term assets (see Note 11)
 
232,409

 
226,660

 
229,813

Total assets
 
$
2,750,588

 
$
2,689,088

 
$
2,811,667

L I A B I L I T I E S  A N D  S H A R E H O L D E R S’  E Q U I T Y
 
 

 
 

 
 

Current liabilities:
 
 

 
 

 
 

Client payables
 
$
901,779

 
$
997,168

 
$
1,191,581

Accounts payable and accrued liabilities
 
94,752

 
101,366

 
104,608

Accrued salaries and related costs
 
71,887

 
92,219

 
62,160

Current portion of long-term debt, net
 
9,409

 
13,604

 
13,423

Operating lease liabilities (see Note 6)
 
17,129

 

 

Accrued income taxes
 
49,782

 
31,169

 
23,012

Other current liabilities
 
14,478

 
13,263

 
11,785

Total current liabilities
 
1,159,216

 
1,248,789

 
1,406,569

Credit facility borrowings
 
320,000

 
280,000

 
63,000

Long-term debt, net
 
639,689

 
638,786

 
648,411

Operating lease liabilities (see Note 6)
 
62,015

 

 

Accrued income taxes
 
22,648

 
19,933

 
26,737

Deferred income taxes
 
14,008

 
14,569

 
14,035

Other long-term liabilities (see Note 11)
 
39,789

 
45,517

 
46,171

Total liabilities
 
2,257,365

 
2,247,594

 
2,204,923

Commitments and contingencies (see Note 15)
 


 


 


Shareholders’ equity:
 
 

 
 

 
 

Common stock, $0.01 par value
 
716

 
711

 
711

Authorized shares — 200,000,000
 
 

 
 
 
 

Issued shares —71,640,967; 71,188,120; and 71,173,857
 
 

 
 
 
 

Outstanding shares —46,612,978; 46,346,863; and 51,613,065
 
 
 
 
 
 
Additional paid-in capital
 
477,107

 
463,623

 
458,712

Treasury stock shares, at cost — 25,027,989; 24,841,257; and 19,560,792
 
(849,784
)
 
(839,284
)
 
(617,048
)
Retained earnings
 
938,375

 
888,333

 
830,459

Accumulated other comprehensive loss
 
(73,335
)
 
(72,044
)
 
(66,263
)
Total shareholders’ equity
 
493,079

 
441,339

 
606,571

Noncontrolling interest
 
144

 
155

 
173

Total equity
 
493,223

 
441,494

 
606,744

Total liabilities and shareholders’ equity
 
$
2,750,588

 
$
2,689,088

 
$
2,811,667

See accompanying Notes to Condensed Consolidated Financial Statements

5




SOTHEBY’S
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)

 
 
Six Months Ended
 
 
June 30,
2019
 
June 30,
2018
Operating Activities:
 
 

 
 

Net income attributable to Sotheby's
 
$
49,935

 
$
50,760

Adjustments to reconcile net income attributable to Sotheby's to net cash (used) provided by operating activities:
 
 
 
 
Extinguishment of debt
 

 
10,855

Write-off of credit facility fees
 

 
3,982

Depreciation and amortization
 
15,620

 
14,443

Amortization of operating lease right-of-use assets
 
8,419

 

Deferred income tax expense
 
4,821

 
2,873

Share-based payments
 
15,917

 
14,689

Net pension benefit
 
(1,341
)
 
(1,626
)
Inventory writedowns and bad debt provisions
 
2,204

 
8,106

Amortization of debt issuance costs
 
862

 
877

Equity in earnings of investees
 
(2,381
)
 
(2,040
)
Other
 
1,013

 
947

Changes in assets and liabilities:
 
 

 
 

Accounts receivable
 
19,478

 
(285,172
)
Client payables
 
(94,600
)
 
205,791

Inventory
 
9,920

 
33,680

Changes in other operating assets and liabilities (see Note 12)
 
(37,100
)
 
(41,370
)
Net cash (used) provided by operating activities
 
(7,233
)
 
16,795

Investing Activities:
 
 

 
 

Funding of notes receivable
 
(153,528
)
 
(66,608
)
Collections of notes receivable
 
165,348

 
161,192

Capital expenditures
 
(43,468
)
 
(19,075
)
Acquisitions, net of cash acquired
 
(759
)
 
(5,702
)
Funding of investments
 
(411
)
 
(64
)
Distributions from investees
 
2,050

 
2,179

Settlement of net investment hedges
 
548

 
(5,921
)
Net cash (used) provided by investing activities
 
(30,220
)
 
66,001

Financing Activities:
 
 

 
 

Proceeds from credit facility borrowings
 
725,000

 
108,000

Repayments of credit facility borrowings
 
(685,000
)
 
(241,500
)
Repayments of York Property Mortgage
 
(4,154
)
 
(3,978
)
Settlement of 2022 Senior Notes, including call premium
 

 
(307,875
)
Debt issuance and other borrowing costs
 
(71
)
 
(3,457
)
Repurchases of common stock (see Note 13)
 
(10,500
)
 
(62,497
)
Settlement of forward contract indexed to Sotheby's common stock (see Note 13)
 
10,500

 

Funding of employee tax obligations upon the vesting of share-based payments
 
(11,666
)
 
(9,903
)
Net cash provided (used) by financing activities
 
24,109

 
(521,210
)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
 
(83
)
 
(6,734
)
Decrease in cash, cash equivalents, and restricted cash
 
(13,427
)
 
(445,148
)
Cash, cash equivalents, and restricted cash at beginning of period
 
200,234

 
923,926

Cash, cash equivalents, and restricted cash at end of period
 
$
186,807

 
$
478,778

Supplemental information on non-cash investing and financing activities:
See Note 5 for information regarding non-cash transfers between Accounts Receivable (net) and Notes Receivable (net).
See Notes 1 and 6 for information regarding non-cash investing and financing activities related to leases.
See Note 10 for information regarding derivative financial instruments designated as net investment hedges.
See accompanying Notes to Condensed Consolidated Financial Statements

6



SOTHEBY'S
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
SIX MONTHS ENDED JUNE 30, 2019 AND 2018
(In thousands)

 
Common
Stock
 
Additional
Paid-In
Capital
 
Treasury Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total
Balance at January 1, 2019
$
711

 
$
463,623

 
$
(839,284
)
 
$
888,333

 
$
(72,044
)
 
$
441,339

Net loss attributable to Sotheby's
 
 
 
 
 
 
(7,071
)
 
 
 
(7,071
)
Other comprehensive income
 
 
 
 
 
 
 
 
975

 
975

Common stock shares withheld to satisfy employee tax obligations
 
 
(11,597
)
 
 
 
 
 
 
 
(11,597
)
Restricted stock units vested, net
5

 
(5
)
 
 
 
 
 
 
 

Amortization of share-based payment expense
 
 
7,598

 
 
 
 
 
 
 
7,598

Shares and deferred stock units issued to directors
 
 
344

 
 
 
 
 
 
 
344

Forward contract indexed to Sotheby's common stock
 
 
10,500

 
(10,500
)
 
 
 
 
 

Other
 
 
 
 
 
 
106

 
 
 
106

Balance at March 31, 2019
716

 
470,463

 
(849,784
)
 
881,368

 
(71,069
)
 
431,694

Net income attributable to Sotheby's
 
 
 
 
 
 
57,006

 
 
 
57,006

Other comprehensive loss
 
 
 
 
 
 
 
 
(2,266
)
 
(2,266
)
Common stock shares withheld to satisfy employee tax obligations
 
 
(69
)
 
 
 
 
 
 
 
(69
)
Amortization of share-based payment expense
 
 
8,319

 
 
 
 
 
 
 
8,319

Modification of share-based payment award (see Note 18)
 
 
(1,981
)
 
 
 
 
 
 
 
(1,981
)
Shares and deferred stock units issued to directors
 
 
375

 
 
 
 
 
 
 
375

Other
 
 
 
 
 
 
1

 
 
 
1

Balance at June 30, 2019
$
716

 
$
477,107

 
$
(849,784
)
 
$
938,375

 
$
(73,335
)
 
$
493,079

 
Common
Stock
 
Additional
Paid-In
Capital
 
Treasury Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total
Balance at January 1, 2018
$
709

 
$
453,364

 
$
(554,551
)
 
$
779,699

 
$
(62,466
)
 
$
616,755

Net loss attributable to Sotheby's
 
 
 
 
 
 
(6,522
)
 
 
 
(6,522
)
Other comprehensive income
 
 
 
 
 
 
 
 
6,842

 
6,842

Common stock shares withheld to satisfy employee tax obligations
 
 
(9,548
)
 
 
 
 
 
 
 
(9,548
)
Restricted stock units vested, net
2

 
(2
)
 
 
 
 
 
 
 

Amortization of share-based payment expense
 
 
8,377

 
 
 
 
 
 
 
8,377

Shares and deferred stock units issued to directors
 
 
250

 
 
 
 
 
 
 
250

Repurchases of common stock
 
 
 
 
(25,340
)
 
 
 
 
 
(25,340
)
Balance at March 31, 2018
711

 
452,441

 
(579,891
)
 
773,177

 
(55,624
)
 
590,814

Net income attributable to Sotheby's
 
 
 
 
 
 
57,282

 
 
 
57,282

Other comprehensive loss
 
 
 
 
 
 
 
 
(10,639
)
 
(10,639
)
Common stock shares withheld to satisfy employee tax obligations