Company Quick10K Filing
Sotheby's
Price56.95 EPS2
Shares47 P/E32
MCap2,655 P/FCF-21
Net Debt535 EBIT121
TEV3,190 TEV/EBIT26
TTM 2019-09-30, in MM, except price, ratios
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-07-30
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-08-06
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-02-27
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-09
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-08
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-08
10-Q 2010-06-30 Filed 2010-08-05
10-Q 2010-03-31 Filed 2010-05-06
10-K 2009-12-31 Filed 2010-03-01
8-K 2019-12-04 Officers
8-K 2019-11-13 Officers
8-K 2019-10-28 Officers, Exhibits
8-K 2019-10-03 Enter Agreement, Leave Agreement, M&A, Off-BS Arrangement, Off-BS Arrangement, Shareholder Rights, Control, Amend Bylaw, Other Events, Exhibits
8-K 2019-09-19 Regulation FD, Exhibits
8-K 2019-09-05 Shareholder Vote, Exhibits
8-K 2019-07-30 Earnings, Exhibits
8-K 2019-07-23 Regulation FD, Exhibits
8-K 2019-07-03 Officers
8-K 2019-06-16 Enter Agreement, Other Events, Exhibits
8-K 2019-05-10 Officers, Shareholder Vote, Exhibits
8-K 2019-05-02 Earnings, Exhibits
8-K 2019-02-28 Earnings, Exhibits
8-K 2019-02-14 Shareholder Vote
8-K 2018-12-14 Enter Agreement, Other Events, Exhibits
8-K 2018-12-03 Officers, Regulation FD, Exhibits
8-K 2018-11-26 Regulation FD
8-K 2018-11-01 Earnings, Exhibits
8-K 2018-10-22 Enter Agreement
8-K 2018-09-12 Enter Agreement, Other Events, Exhibits
8-K 2018-08-29 Regulation FD
8-K 2018-08-06 Earnings, Exhibits
8-K 2018-07-02 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-05-04 Shareholder Vote
8-K 2018-05-03 Earnings, Exhibits
8-K 2018-03-27 Other Events, Exhibits
8-K 2018-03-14 Other Events
8-K 2018-03-06 Officers
8-K 2018-03-01 Earnings, Exhibits
8-K 2018-02-13 Other Events, Exhibits
8-K 2018-01-25 Other Events, Exhibits

BID 10Q Quarterly Report

Part I: Financial Information
Item 1: Financial Statements
Item 2: Management's Discussion and Analysis of Financial Condition and Results Of
Item 3: Quantitative and Qualitative Disclosures About Market Risk
Item 4: Controls and Procedures
Part Ii: Other Information
Item 1: Legal Proceedings
Item 1A: Risk Factors
Item 4: Mine Safety Disclosures
Item 6: Exhibits
EX-10.1 bid930201910qex101verb4b.htm
EX-10.2 bid930201910qex102.htm
EX-31.1 bid-9302019x10qxex311.htm
EX-31.2 bid-9302019x10qxex312.htm
EX-32.1 bid-9302019x10qxex321.htm
EX-32.2 bid-9302019x10qxex322.htm

Sotheby's Earnings 2019-09-30

Balance SheetIncome StatementCash Flow
3.32.62.01.30.70.02012201420172020
Assets, Equity
0.40.30.20.10.0-0.12012201420172020
Rev, G Profit, Net Income
0.50.30.1-0.1-0.3-0.52012201420172020
Ops, Inv, Fin

Document
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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 September 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
convertedsothebyslogo37.jpg
(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 November 8, 2019, there were 488,926 outstanding shares of common stock, par value $0.01 per share, of the registrant.




TABLE OF CONTENTS
 
 
PAGE
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2



EXPLANATORY NOTE

On June 16, 2019, Sotheby's (the “Company”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with BidFair USA Inc. (formerly a limited liability company known as BidFair USA LLC) (“Parent”) and BidFair MergeRight Inc., a Delaware corporation and a wholly owned indirect subsidiary of Parent (“Merger Sub”). On October 3, 2019, the Company completed the transactions contemplated by the Merger Agreement, and Merger Sub merged with and into the Company, with the Company continuing as the surviving corporation and a wholly-owned indirect subsidiary of Parent (the “Merger”). Accordingly, the Company is no longer a publicly traded company.  However, this report on Form 10-Q for the period ending September 30, 2019 is being filed with the Securities and Exchange Commission due to the reporting covenants of Sotheby's outstanding 4.875% Senior Notes due 2025 (the "2025 Notes"), which require that periodic and current reports be filed with the SEC as long as the 2025 Notes are outstanding. As of November 8, 2019, approximately $57.7 million of the 2025 Notes remain outstanding.











3



PART I: FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

SOTHEBY’S
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(In thousands, except per share data)
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30, 2019
 
September 30, 2018
 
September 30, 2019
 
September 30, 2018
Revenues:
 
 

 
 

 
 

 
 
Agency commissions and fees
 
$
65,850


$
96,721

 
$
535,661

 
$
553,126

Inventory sales
 
6,953

 
6,498

 
33,978

 
62,840

Finance
 
15,657

 
11,423

 
44,771

 
30,945

Other
 
4,474

 
4,519

 
13,767

 
13,682

Total revenues
 
92,934

 
119,161

 
628,177

 
660,593

Expenses:
 
 

 
 

 
 

 
 

Agency direct costs
 
15,847

 
19,622

 
121,484

 
114,344

Cost of inventory sales
 
7,425

 
6,322

 
29,926

 
64,731

Cost of finance revenues
 

 

 

 
4,056

Marketing
 
7,008

 
4,824

 
19,462

 
16,822

Salaries and related
 
69,260

 
67,274

 
256,506

 
242,711

General and administrative
 
44,612

 
42,291

 
139,721

 
131,775

Depreciation and amortization
 
7,980

 
5,714

 
23,600

 
20,157

Merger-related expenses (see Note 22)
 
4,735

 

 
10,445

 

Restructuring charges, net
 
(38
)
 
3,781

 
(88
)
 
5,927

Total expenses
 
156,829

 
149,828

 
601,056

 
600,523

Operating (loss) income
 
(63,895
)
 
(30,667
)
 
27,121

 
60,070

Interest income
 
413

 
502

 
984

 
1,349

Interest expense
 
(12,708
)
 
(10,084
)
 
(39,463
)
 
(28,291
)
Write-off of credit facility fees
 

 

 

 
(3,982
)
Extinguishment of debt
 

 

 

 
(10,855
)
Non-operating income
 
1,153

 
3,172

 
4,688

 
7,045

(Loss) income before taxes
 
(75,037
)
 
(37,077
)
 
(6,670
)
 
25,336

Income tax (benefit) expense
 
(21,144
)
 
(7,759
)
 
(322
)
 
5,943

Equity in earnings of investees
 
531

 
1,476

 
2,912

 
3,516

Net (loss) income
 
(53,362
)
 
(27,842
)
 
(3,436
)
 
22,909

Less: Net loss attributable to noncontrolling interest

(3
)
 
(4
)
 
(12
)
 
(13
)
Net (loss) income attributable to Sotheby's
 
$
(53,359
)
 
$
(27,838
)
 
$
(3,424
)
 
$
22,922

Basic (loss) earnings per share - Sotheby’s common shareholders
 
$
(1.14
)
 
$
(0.55
)
 
$
(0.07
)
 
$
0.44

Diluted (loss) earnings per share - Sotheby's common shareholders
 
$
(1.14
)
 
$
(0.55
)
 
$
(0.07
)
 
$
0.43

Weighted average basic shares outstanding
 
46,616

 
50,927

 
46,551

 
51,724

Weighted average diluted shares outstanding
 
46,616

 
50,927

 
46,551

 
52,036


See accompanying Notes to Condensed Consolidated Financial Statements

4



SOTHEBY’S
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(UNAUDITED)
(In thousands)
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30, 2019
 
September 30, 2018
 
September 30, 2019
 
September 30, 2018
Net (loss) income
 
$
(53,362
)
 
$
(27,842
)
 
$
(3,436
)
 
$
22,909

Other comprehensive loss:
 
 
 
 
 
 
 
 
Currency translation adjustments
 
(5,635
)
 
(151
)
 
(6,254
)
 
(7,157
)
Cash flow hedges
 
(220
)
 
96

 
(1,861
)
 
1,402

Net investment hedges
 
868

 
(238
)
 
1,863

 
1,502

Defined benefit pension plan
 
(12
)
 
76

 
(38
)
 
239

Total other comprehensive loss
 
(4,999
)
 
(217
)
 
(6,290
)
 
(4,014
)
Comprehensive (loss) income
 
(58,361
)
 
(28,059
)
 
(9,726
)
 
18,895

Less: Comprehensive loss attributable to noncontrolling interests
 
(3
)
 
(4
)
 
(12
)
 
(13
)
Comprehensive (loss) income attributable to Sotheby's
 
$
(58,358
)
 
$
(28,055
)
 
$
(9,714
)
 
$
18,908


See accompanying Notes to Condensed Consolidated Financial Statements



5




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

 
 
 
 

Current assets:
 
 

 
 
 
 

Cash and cash equivalents
 
$
81,695

 
$
178,579

 
$
156,272

Restricted cash (see Notes 9 and 12)
 
3,406

 
4,836

 
1,824

Accounts receivable, net of allowance for doubtful accounts of $10,174, $9,125, and $9,504
 
421,234

 
978,140

 
611,183

Notes receivable, net of allowance for credit losses of $1,410, $1,075, and $1,067
 
51,657

 
103,834

 
151,374

Inventory
 
28,096

 
43,635

 
54,024

Income tax receivables
 
32,647

 
3,353

 
29,449

Prepaid expenses and other current assets (see Note 11)
 
50,487

 
38,631

 
57,153

Total current assets
 
669,222

 
1,351,008

 
1,061,279

Notes receivable, net of allowance for credit losses of $1,525, $1,525, and $1,525
 
811,892

 
602,389

 
465,963

Fixed assets, net of accumulated depreciation and amortization of $250,142, $237,211, and $236,024
 
412,631

 
386,736

 
367,690

Operating lease right-of-use assets (see Note 6)
 
71,745

 

 

Goodwill
 
55,380

 
55,573

 
55,658

Intangible assets, net
 
10,534

 
12,993

 
13,981

Income tax receivables
 
17,781

 
16,694

 
4,535

Deferred income taxes
 
31,711

 
37,035

 
31,916

Other long-term assets (see Note 11)
 
230,385

 
226,660

 
234,449

Total assets
 
$
2,311,281

 
$
2,689,088

 
$
2,235,471

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
 
$
405,144

 
$
997,168

 
$
627,466

Accounts payable and accrued liabilities
 
80,237

 
101,366

 
101,919

Accrued salaries and related costs
 
68,736

 
92,219

 
60,047

Current portion of long-term debt, net
 
9,590

 
13,604

 
13,514

Operating lease liabilities (see Note 6)
 
16,835

 

 

Accrued income taxes
 
36,465

 
31,169

 
42,385

Other current liabilities
 
13,369

 
13,263

 
12,675

Total current liabilities
 
630,376

 
1,248,789

 
858,006

Credit facility borrowings
 
470,000

 
280,000

 
215,000

Long-term debt, net
 
635,949

 
638,786

 
640,515

Operating lease liabilities (see Note 6)
 
56,812

 

 

Accrued income taxes
 
22,446

 
19,933

 
8,708

Deferred income taxes
 
13,878

 
14,569

 
14,190

Other long-term liabilities (see Note 11)
 
39,426

 
45,517

 
46,569

Total liabilities
 
1,868,887

 
2,247,594

 
1,782,988

Commitments and contingencies (see Note 15)
 


 


 


Shareholders’ equity:
 
 

 
 

 
 

Common stock, $0.01 par value
 
716

 
711

 
711

Authorized shares — 200,000,000
 
 

 
 
 
 

Issued shares —71,646,142; 71,188,120; and 71,175,100
 
 

 
 
 
 

Outstanding shares —46,618,153; 46,346,863; and 49,017,304
 
 
 
 
 
 
Additional paid-in capital
 
484,649

 
463,623

 
456,279

Treasury stock shares, at cost — 25,027,989; 24,841,257; and 22,157,796
 
(849,784
)
 
(839,284
)
 
(740,805
)
Retained earnings
 
885,016

 
888,333

 
802,621

Accumulated other comprehensive loss
 
(78,334
)
 
(72,044
)
 
(66,480
)
Total shareholders’ equity
 
442,263

 
441,339

 
452,326

Noncontrolling interest
 
131

 
155

 
157

Total equity
 
442,394

 
441,494

 
452,483

Total liabilities and shareholders’ equity
 
$
2,311,281

 
$
2,689,088

 
$
2,235,471

See accompanying Notes to Condensed Consolidated Financial Statements

6




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

 
 
Nine Months Ended
 
 
September 30,
2019
 
September 30,
2018
Operating Activities:
 
 

 
 

Net (loss) income attributable to Sotheby's
 
$
(3,424
)
 
$
22,922

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

 
10,855

Write-off of credit facility fees
 

 
3,982

Depreciation and amortization
 
23,600

 
20,157

Amortization of operating lease right-of-use assets
 
12,806

 

Deferred income tax expense
 
5,624

 
91

Share-based payments
 
23,129

 
21,425

Net pension benefit
 
(1,979
)
 
(2,395
)
Inventory writedowns and bad debt provisions
 
5,885

 
8,496

Amortization of debt issuance costs
 
1,286

 
1,311

Equity in earnings of investees
 
(2,912
)
 
(3,516
)
Other
 
1,345

 
1,285

Changes in assets and liabilities:
 
 

 
 

Accounts receivable
 
475,538

 
88,767

Client payables
 
(582,473
)
 
(358,956
)
Inventory
 
10,016

 
11,315

Changes in other operating assets and liabilities (see Note 12)
 
(93,134
)
 
(83,323
)
Net cash used by operating activities
 
(124,693
)
 
(257,584
)
Investing Activities:
 
 

 
 

Funding of notes receivable
 
(282,828
)
 
(199,781
)
Collections of notes receivable
 
200,181

 
266,878

Capital expenditures
 
(61,386
)
 
(36,005
)
Acquisitions, net of cash acquired
 
(759