MDC Partners Earnings 2021-03-31

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

mdca-20210331

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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 March 31, 2021


			☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to ______________

Commission File Number: 001-13718

MDC Partners Inc.

(Exact name of registrant as specified in its charter)


Canada		98-0364441
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

One World Trade Center, Floor 65
New York,	New York	10007
(Address of principal executive offices)		(Zip Code)

(646) 429-1800

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Subordinate Voting Shares, no par value	MDCA	NASDAQ

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 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	☒
Non-accelerated Filer	☐	Smaller reporting company	☒
Emerging growth 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 Exchange Act). Yes ☐ No ☒

The number of common shares outstanding as of April 30, 2021 was 77,181,293 Class A subordinate voting shares and 3,743 Class B multiple voting shares.

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MDC PARTNERS INC.

QUARTERLY REPORT ON FORM 10-Q

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		Page
	PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	4
	Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2021 and 2020	4
	Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2021 and 2020	5
	Unaudited Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020	6
	Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020	7
	Unaudited Condensed Consolidated Statements of Shareholders’ Deficit for the Three Months Ended March 31, 2021 and 2020	8
	Notes to Unaudited Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	42
Item 4.	Controls and Procedures	42

	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	43
Item 1A.	Risk Factors	43
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	43
Item 3.	Defaults Upon Senior Securities	43
Item 4.	Mine Safety Disclosures	43
Item 5.	Other Information	44
Item 6.	Exhibits	45
Signatures		46

References in this Quarterly Report on Form 10-Q to “MDC Partners,” “MDC,” the “Company,” “we,” “us” and “our” refer to MDC Partners Inc. and, unless the context otherwise requires or otherwise is expressly stated, its subsidiaries. References in this Quarterly Report on Form 10-Q to “Partner Firms” generally refer to the Company’s subsidiary agencies.

All dollar amounts are stated in U.S. dollars unless otherwise stated.

Note About Forward-Looking Statements

This document contains forward-looking statements. The Company’s representatives may also make forward-looking statements orally or in writing from time to time. Statements in this document that are not historical facts, including, statements about the Company’s beliefs and expectations, recent business and economic trends, potential acquisitions, and estimates of amounts for redeemable noncontrolling interests and deferred acquisition consideration, constitute forward-looking statements. These statements are based on current plans, estimates and projections, and are subject to change based on a number of factors, including those outlined in this section. These forward-looking statements are subject to various risks and uncertainties, many of which are outside the Company’s control. Therefore, you should not place undue reliance on such statements. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update publicly any of them in light of new information or future events, if any.

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Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Such risk factors include, but are not limited to, the following:

•risks associated with international, national and regional unfavorable economic conditions that could affect the Company or its clients, including as a result of the novel coronavirus pandemic (“COVID-19”);

•the effects of the outbreak of COVID-19, including the measures to reduce its spread, and the impact on the economy and demand for our services, which may precipitate or exacerbate other risks and uncertainties;

•an inability to realize expected benefits of the proposed redomiciliation of the Company from the federal jurisdiction of Canada to the State of Delaware (the “Redomiciliation”) and the subsequent combination of the Company’s business with the business of the subsidiaries of Stagwell Media LP (“Stagwell”) that own and operate a portfolio of marketing services companies (the “Business Combination” and, together with the Redomiciliation, the “Proposed Transaction”) or the occurrence of difficulties in connection with the Proposed Transaction;

•adverse tax consequences in connection with the Proposed Transaction for the Company, its operations and its shareholders, that may differ from the expectations of the Company, including that future changes in tax law, potential increases to corporate tax rates in the United States and disagreements with the tax authorities on the Company’s determination of value and computations of its attributes may result in increased tax costs;

•the occurrence of material Canadian federal income tax (including material “emigration tax”) as a result of the Proposed Transaction;

•the impact of uncertainty associated with the Proposed Transaction on the Company’s businesses;

•direct or indirect costs associated with the Proposed Transaction, which could be greater than expected;

•the risk that a condition to completion of the Proposed Transaction may not be satisfied and the Proposed Transaction may not be completed;

•the risk of parties challenging the Proposed Transaction or the impact of the Proposed Transaction on the Company’s debt arrangements;

•the Company’s ability to attract new clients and retain existing clients;

•reduction in client spending and changes in client advertising, marketing and corporate communications requirements;

•financial failure of the Company’s clients;

•the Company’s ability to retain and attract key employees;

•the Company’s ability to achieve the full amount of its stated cost saving initiatives;

•the Company’s implementation of strategic initiatives;

•the Company’s ability to remain in compliance with its debt agreements and the Company’s ability to finance its contingent payment obligations when due and payable, including but not limited to those relating to redeemable noncontrolling interests and deferred acquisition consideration;

•the successful completion and integration of acquisitions which complement and expand the Company’s business capabilities; and

•foreign currency fluctuations.

Investors should carefully consider these risk factors, other risk factors described herein, and the additional risk factors outlined in more detail in the Company’s 2020 Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 16, 2021 and accessible on the SEC’s website at www.sec.gov., under the caption “Risk Factors,” and in the Company’s other SEC filings.

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

MDC PARTNERS INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(thousands of United States dollars, except per share amounts)


	Three Months Ended March 31,
	2021		2020
Revenue:
Services	$	307,585	$	327,742
Operating Expenses
Cost of services sold	186,921		222,694
Office and general expenses	83,946		66,354
Depreciation and amortization	8,176		9,206
Impairment and other losses	875		161
	279,918		298,415
Operating income	27,667		29,327
Other Income (expenses):
Interest expense and finance charges, net	(19,065)		(15,611)
Foreign exchange gain (loss)	2,080		(14,757)
Other, net	614		16,334
	(16,371)		(14,034)
Income before income taxes and equity in earnings of non-consolidated affiliates	11,296		15,293
Income tax expense	1,302		13,500
Income before equity in earnings of non-consolidated affiliates	9,994		1,793
Equity in losses of non-consolidated affiliates	(493)		—
Net income	9,501		1,793
Net income attributable to the noncontrolling interest	(4,491)		(791)
Net income attributable to MDC Partners Inc.	5,010		1,002
Accretion on and net income allocated to convertible preference shares	(4,089)		(3,440)
Net income (loss) attributable to MDC Partners Inc. common shareholders	$	921	$	(2,438)
Income (loss) Per Common Share:
Basic
Net income (loss) attributable to MDC Partners Inc. common shareholders	$	0.01	$	(0.03)
Diluted
Net income (loss) attributable to MDC Partners Inc common shareholders	$	0.01	$	(0.03)
Weighted Average Number of Common Shares Outstanding:
Basic	73,392,824		72,397,661
Diluted	75,439,066		72,397,661

See notes to the Unaudited Condensed Consolidated Financial Statements.

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MDC PARTNERS INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(thousands of United States dollars)


	Three Months Ended March 31,
	2021		2020
Comprehensive Income
Net income	$	9,501	$	1,793
Other comprehensive income (loss), net of applicable tax:
Foreign currency translation adjustment	(3,507)		7,429
Other comprehensive income (loss)	(3,507)		7,429
Comprehensive income for the period	5,994		9,222
Comprehensive income attributable to the noncontrolling interests	(3,539)		(282)
Comprehensive income attributable to MDC Partners Inc.	$	2,455	$	8,940

See notes to the Unaudited Condensed Consolidated Financial Statements.

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MDC PARTNERS INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(thousands of United States dollars)


	March 31, 2021		December 31, 2020

ASSETS
Current Assets:
Cash and cash equivalents	$	113,340	$	60,757
Accounts receivable, less allowance for doubtful accounts of $4,498 and $5,473	377,670		374,892
Expenditures billable to clients	22,824		10,552
Other current assets	31,687		40,938
Total Current Assets	545,521		487,139
Fixed assets, at cost, less accumulated depreciation of $137,729 and $136,166	85,085		90,413
Right-of-use assets - operating leases	207,418		214,188
Goodwill	669,060		668,211
Other intangible assets, net	30,784		33,844

Other assets	22,845		17,517
Total Assets	$	1,560,713	$	1,511,312
LIABILITIES, RNCI, AND SHAREHOLDERS’ DEFICIT
Current Liabilities
Accounts payable	$	209,679	$	168,396
Accruals and other liabilities	242,667		274,968
Advance billings	170,159		152,956
Current portion of lease liabilities - operating leases	41,229		41,208
Current portion of deferred acquisition consideration	52,156		53,730
Total Current Liabilities	715,890		691,258
Long-term debt	864,850		843,184
Long-term portion of deferred acquisition consideration	41,244		29,335
Long-term lease liabilities - operating leases	241,375		247,243
Other liabilities	77,585		82,065
Total Liabilities	1,940,944		1,893,085
Redeemable Noncontrolling Interests	25,352		27,137
Commitments, Contingencies and Guarantees (Note 9)
Shareholders' Deficit:
Convertible preference shares, 145,000 authorized, issued and outstanding at March 31, 2021 and December 31, 2020	152,746		152,746
Common stock and other paid-in capital	106,193		104,367
Accumulated deficit	(704,741)		(709,751)
Accumulated other comprehensive income	183		2,739
MDC Partners Inc. Shareholders' Deficit	(445,619)		(449,899)
Noncontrolling interests	40,036		40,989
Total Shareholders' Deficit	(405,583)		(408,910)
Total Liabilities, Redeemable Noncontrolling Interests and Shareholders' Deficit	$	1,560,713	$	1,511,312

See notes to the Unaudited Condensed Consolidated Financial Statements.

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MDC PARTNERS INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(thousands of United States dollars)


	Three Months Ended March 31,
	2021		2020
Cash flows from operating activities:
Net income	$	9,501	$	1,793
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Stock-based compensation	(1,963)		3,070
Depreciation and amortization	8,176		9,206
Impairment and other losses	875		161
Adjustment to deferred acquisition consideration	11,685		(4,600)
Deferred income taxes	63		8,511
Foreign exchange and other	682		4,489
Changes in working capital:
Accounts receivable	(2,779)		41,148
Expenditures billable to clients	(12,272)		7,370
Prepaid expenses and other current assets	(7,615)		(3,385)
Accounts payable, accruals and other liabilities	23,977		(62,120)
Acquisition related payments	(473)		(782)
Advance billings	17,203		(24,816)
Net cash provided by (used in) operating activities	47,060		(19,955)
Cash flows from investing activities:
Capital expenditures	(13,423)		(1,546)
Proceeds from sale of assets	7,080		18,920
Acquisitions, net of cash acquired	—		(729)
Other	(689)		—
Net cash provided by (used in) investing activities	(7,032)		16,645
Cash flows from financing activities:
Repayment of borrowing under revolving credit facility	(140,950)		(125,333)
Proceeds from revolving credit facility	160,950		250,333
Acquisition related payments	(1,087)		(750)
Distributions to noncontrolling interests and other	(5,486)		(4,608)


Net cash provided by financing activities	13,427		119,642
Effect of exchange rate changes on cash and cash equivalents	(872)		(2,164)
Net increase in cash and cash equivalents	52,583		114,168
Cash and cash equivalents at beginning of period	60,757		106,933
Cash and cash equivalents at end of period	$	113,340	$	221,101
Supplemental disclosures:
Cash income taxes paid	$	251	$	849
Cash interest paid	$	317	$	145

See notes to the Unaudited Condensed Consolidated Financial Statements.

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MDC PARTNERS INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ DEFICIT

(thousands of United States dollars, except share amounts)



	Three Months Ended
	March 31, 2021
	Convertible Preference Shares			Common Shares	Common Stock and Other Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Income		MDC Partners Inc. Shareholders' Deficit		Noncontrolling Interests		Total Shareholders' Deficit


	Shares	Amount		Shares
Balance at December 31, 2020	145,000	$	152,746	73,532,848	$	104,367	$	(709,751)	$	2,739	$	(449,899)	$	40,989	$	(408,910)
Net income attributable to MDC Partners Inc.	—	—		—	—		5,010		—		5,010		—		5,010
Other comprehensive loss	—	—		—	—		—		(2,555)		(2,555)		(952)		(3,507)
Vesting of restricted awards	—	—		1,322,732	—		—		—		—		—		—
Shares acquired and cancelled	—	—		(64,520)	(202)		—		—		(202)		—		(202)
Stock-based compensation	—	—		—	1,035		—		—		1,035		—		1,035
Changes in redemption value of redeemable noncontrolling interests	—	—		—	1,681		—		—		1,681		—		1,681
Business acquisitions and step-up transactions, net of tax	—	—		—	(330)		—		—		(330)		—		(330)
Other	—	—		—	(358)		—		(1)		(359)		(1)		(360)
Balance at March 31, 2021	145,000	$	152,746	74,791,060	$	106,193	$	(704,741)	$	183	$	(445,619)	$	40,036	$	(405,583)



	Three Months Ended
	March 31, 2020
	Convertible Preference Shares			Common Shares	Common Stock and Other Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Income		MDC Partners Inc. Shareholders' Deficit		Noncontrolling Interests		Total Shareholders' Deficit


	Shares	Amount		Shares
Balance at December 31, 2019	145,000	$	152,746	72,154,603	$	101,469	$	(480,779)	$	(4,269)	$	(230,833)	$	40,258	$	(190,575)
Net income attributable to MDC Partners Inc.	—	—		—	—		1,002		—		1,002		—		1,002
Other comprehensive income (loss)	—	—		—	—		—		7,938		7,938		(509)		7,429
Vesting of restricted awards	—	—		587,227	—		—		—		—		—		—
Shares acquired and cancelled	—	—		(258,664)	(637)		—		—		(637)		—		(637)
Stock-based compensation	—	—		—	476		—		—		476		—		476
Changes in redemption value of redeemable noncontrolling interests	—	—		—	(1,218)		—		—		(1,218)		—		(1,218)
Business acquisitions and step-up transactions, net of tax	—	—		—	(503)		—		—		(503)		—		(503)
Other	—	—		—	—		82		—		82		—		82
Balance at March 31, 2020	145,000	$	152,746	72,483,166	$	99,587	$	(479,695)	$	3,669	$	(223,693)	$	39,749	$	(183,944)

See notes to the Unaudited Condensed Consolidated Financial Statements

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MDC PARTNERS INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(thousands of United States dollars, except per share amounts, unless otherwise stated)

1. Basis of Presentation and Recent Developments

MDC Partners Inc. (the “Company” or “MDC”), incorporated under the laws of Canada, is a leading provider of global marketing, advertising, activation, communications and strategic consulting solutions. Through its Networks (and underlying agencies generally referred to as “Partner Firms”), MDC delivers a wide range of customized services in order to drive growth and business performance for its clients.

The accompanying consolidated financial statements include the accounts of MDC, its subsidiaries and variable interest entities for which the Company is the primary beneficiary. MDC has prepared the unaudited condensed consolidated interim financial statements included herein in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting interim financial information on Form 10-Q. Accordingly, the financial statements have been condensed and do not include certain information and disclosures pursuant to these rules. The preparation of financial statements in conformity with GAAP requires us to make judgments, assumptions and estimates about current and future results of operations and cash flows that affect the amounts reported and disclosed. Actual results could differ from these estimates and assumptions. The consolidated results for interim periods are not necessarily indicative of results for the full year and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 10-K”).

The COVID-19 pandemic continues to negatively affect the global economy and the Company’s operations. The pandemic did not begin to impact the Company’s operations in a significant manner until the second quarter of 2020. Therefore, our first quarter of 2021 comparisons to the first quarter of 2020 are affected by the impact of the pandemic on our operations in the first quarter of 2021. Early in 2020, the Company took actions to combat the impact of COVID-19 on our operations. We will continue to monitor the worldwide public health threat, government actions to combat COVID-19 and the impact such developments may have on the overall economy, our clients and operations. If the impact of the pandemic is beyond our expectation, the Company believes it is well positioned through the actions implemented at the beginning of the pandemic to successfully work through the effects of COVID-19 in 2021. The impact of the pandemic and the corresponding actions are reflected in our judgments, assumptions and estimates in the preparation of the financial statements. The judgments, assumptions and estimates will be updated and could result in different results in the future depending on the continued impact of the COVID-19 pandemic.

The accompanying financial statements reflect all adjustments, consisting of normally recurring accruals, which in the opinion of management are necessary for a fair presentation, in all material respects, of the information contained therein. Intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made to the prior year financial information to conform to the current year presentation.

Recent Developments

On December 21, 2020, MDC and Stagwell Media LP (“Stagwell”) announced that they had entered into a definitive transaction agreement (the “Transaction Agreement”) providing for the combination of MDC with the subsidiaries of Stagwell that own and operate a portfolio of marketing services companies (the “Stagwell Entities”). The combination and related transactions, including the domestication of MDC to a Delaware corporation, are referred to as the “Transactions.” See “Item 1. Business – Recent Developments” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed on March 16, 2021, for a description of the Transactions.

On May 7, 2021, MDC’s proxy statement/prospectus on Form S-4, as filed on April 30, 2021, which describes the Transaction Agreement, the Transactions, and related ancillary agreements in more detail, was declared effective by the SEC. MDC’s Board of Directors has scheduled a special meeting of shareholders on June 22, 2021 for the Company’s shareholders to vote on proposals to approve the Transactions and related matters.

On April 26, 2021, the Company acquired the remaining 40% ownership interest of Gale Partners it did not already own for an aggregate purchase price of approximately $20,000. The purchase price will be made in a combination of cash and MDC Class A Common Shares, of which approximately $12,000 is deferred with payments due in April 2022 and 2023. As part of the closing date purchase price, the Company issued 2,131,574 Class A Common Shares to the seller in a private placement in reliance on exemptions from registration under the Securities Act of 1933, as amended.

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2. Acquisitions and Dispositions

2020 Acquisition

On July 1, 2020, the Company acquired the remaining 10% ownership interest of Veritas it did not already own for an aggregate purchase price of $2,187, of which $1,087 was a deferred cash payment. As a result of the transaction, the Company reduced noncontrolling and redeemable noncontrolling interests by $2,651. The difference between the purchase price and the noncontrolling interest of $464 was recorded in Common stock and other paid-in capital in the Unaudited Condensed Consolidated Balance Sheets.

On March 19, 2020, the Company acquired the remaining 22.5% ownership interest of KWT Global it did not already own for an aggregate purchase price of $2,118, comprised of a closing cash payment of $729 and contingent deferred acquisition payments with an estimated present value at the acquisition date of $1,389. The contingent deferred payments were based on the financial results of the underlying business from 2019 to 2020 with final payment due in 2021. As a result of the transaction, the Company reduced redeemable noncontrolling interests by $1,615. The difference between the purchase price and the redeemable noncontrolling interest of $503 was recorded in Common stock and other paid-in capital in the Unaudited Condensed Consolidated Balance Sheets.

2020 Disposition

On February 14, 2020, the Company sold substantially all the assets and certain liabilities of Sloane and Company LLC (“Sloane”), an indirectly wholly owned subsidiary of the Company, to an affiliate of The Stagwell Group LLC (“Stagwell”), for an aggregate sale price of $26,696, consisting of cash received at closing plus contingent deferred payments expected to be paid over the next two years. The sale resulted in a gain of $16,827, which is included in Other, net within the Unaudited Condensed Consolidated Statements of Operations. Sloane was included within Allison & Partners which is included within the All Other category.

3. Revenue

The Company’s revenue recognition policies are established in accordance with ASC 606, and accordingly, revenue is recognized when control of the promised goods or services is transferred to our clients, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services.

The MDC network provides an extensive range of services to our clients, offering a variety of marketing and communication capabilities including strategy, creative and production for advertising campaigns across a variety of platforms (print, digital, social media, television broadcast), public relations services including strategy, editorial, crisis support or issues management, media training, influencer engagement and events management. We also provide media buying and planning across a range of platforms (out-of-home, paid search, social media, lead generation, programmatic, television broadcast), experiential marketing and application/website design and development.

The primary source of the Company’s revenue is from agency arrangements in the form of fees for services performed, commissions, and from performance incentives or bonuses, depending on the terms of the client contract. In all circumstances, revenue is only recognized when collection is reasonably assured. Certain of the Company’s contractual arrangements have more than one performance obligation. For such arrangements, revenue is allocated to each performance obligation based on its relative stand-alone selling price. Stand-alone selling prices are determined based on the prices charged to clients or using expected cost plus margin.

The determination of our performance obligations is specific to the services included within each contract. Based on a client’s requirements within the contract, and how these services are provided, multiple services could represent separate performance obligations or be combined and considered one performance obligation. Contracts that contain services that are not significantly integrated or interdependent, and that do not significantly modify or customize each other, are considered separate performance obligations. Typically, we consider media planning, media buying, creative (or strategy), production and experiential marketing services to be separate performance obligations if included in the same contract as each of these services can be provided on a stand-alone basis, and do not significantly modify or customize each other. Public relations services and application/website design and development are typically each considered one performance obligation as there is a significant integration of these services into a combined output.

We typically satisfy our performance obligations over time, as services are performed. Fees for services are typically recognized using input methods (direct labor hours, materials and third-party costs) that correspond with efforts incurred to date in relation to total estimated efforts to complete the contract. Point in time recognition primarily relates to certain commission-based contracts, which are recognized upon the placement of advertisements in various media when the Company has no further performance obligation.

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Revenue is recognized net of sales and other taxes due to be collected and remitted to governmental authorities. The Company’s contracts typically provide for termination by either party within 30 to 90 days. Although payment terms vary by client, they are typically within 30 to 60 days. In addition, the Company generally has the right to payment for all services provided through the end of the contract or termination date.

Within each contract, we identify whether the Company is principal or agent at the performance obligation level. In arrangements where the Company has substantive control over the service before transferring it to the client, and is primarily responsible for integrating the services into the final deliverables, we act as principal. In these arrangements, revenue is recorded at the gross amount billed. Accordingly, for these contracts the Company has included reimbursed expenses in revenue. In other arrangements where a third-party supplier, rather than the Company, is primarily responsible for the integration of services into the final deliverables, and thus the Company is solely arranging for the third-party supplier to provide these services to our client, we generally act as agent and record revenue equal to the net amount retained, when the fee or commission is earned. The role of MDC’s agencies under a production services agreement is to facilitate a client’s purchasing of production capabilities from a third-party production company in accordance with the client’s strategy and guidelines. The obligation of MDC’s agencies under media buying services is to negotiate and purchase advertising media from a third-party media vendor on behalf of a client to execute its media plan. We do not obtain control prior to transferring these services to our clients; therefore, we primarily act as agent for production and media buying services.

A small portion of the Company’s contractual arrangements with clients include performance incentive provisions, which allow the Company to earn additional revenues as a result of its performance relative to both quantitative and qualitative goals. Incentive compensation is primarily estimated using the most likely amount method and is included in revenue up to the amount that is not expected to result in a reversal of a significant amount of cumulative revenue recognized. We recognize revenue related to performance incentives as we satisfy the performance obligation to which the performance incentives are related.

Disaggregated Revenue Data

The Company provides a broad range of services to a large base of clients across the full spectrum of industry verticals globally. The primary source of revenue is from agency arrangements in the form of fees for services performed, commissions, and from performance incentives or bonuses. Certain clients may engage with the Company in various geographic locations, across multiple disciplines, and through multiple Partner Firms. Representation of a client rarely means that MDC handles marketing communications for all brands or product lines of the client in every geographical location. The Company’s Partner Firms often cooperate with one another through referrals and the sharing of both services and expertise, which enables MDC to service clients’ varied marketing needs by crafting custom integrated solutions. Additionally, the Company maintains separate, independent operating companies to enable it to effectively manage potential conflicts of interest by representing competing clients across the MDC network.

The following table presents revenue disaggregated by client industry vertical for the three months ended March 31, 2021 and 2020:


		Three Months Ended March 31,
Industry	Reportable Segment	2021		2020
Food & Beverage	All	$	55,178	$	58,091
Retail	All	30,777		36,303
Consumer Products	All	45,405		39,769
Communications	All	16,990		41,045
Automotive	All	15,629		25,192
Technology	All	46,390		25,535
Healthcare	All	31,494		24,066
Financials	All	24,442		24,005
Transportation and Travel/Lodging	All	9,948		20,486
Other	All	31,332		33,250
		$	307,585	$	327,742

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MDC has historically largely focused where the Company was founded in North America, the largest market for its services in the world. The Company has expanded its global footprint to support clients looking for help to grow their businesses in new markets. MDC’s Partner Firms are located in the United States, Canada, and an additional eleven countries around the world. In the past, some clients have responded to weakening economic conditions with reductions to their marketing budgets, which included discretionary components that are easier to reduce in the short term than other operating expenses.

The following table presents revenue disaggregated by geography for the three months ended March 31, 2021 and 2020:


		Three Months Ended March 31,
Geographical Location	Reportable Segment	2021	2020
United States	All	$242,580	$264,561
Canada	All	22,650	18,256
Other	All	42,355	44,925
		$307,585	$327,742

Contract Assets and Liabilities

Contract assets consist of fees and reimbursable outside vendor costs incurred on behalf of clients when providing advertising, marketing and corporate communications services that have not yet been invoiced to clients. Unbilled service fees were $59,143 and $49,110 at March 31, 2021 and December 31, 2020, respectively, and are included as a component of Accounts receivable on the Unaudited Condensed Consolidated Balance Sheets. Outside vendor costs incurred on behalf of clients which have yet to be invoiced were $22,824 and $10,552 at March 31, 2021 and December 31, 2020, respectively, and are included on the Unaudited Condensed Consolidated Balance Sheets as Expenditures billable to clients. Such amounts are invoiced to clients at various times over the course of providing services.

Contract liabilities consist of fees billed to clients in excess of fees recognized as revenue and are classified as Advance billings and included within Accruals and other liabilities on the Company’s Unaudited Condensed Consolidated Balance Sheets. In arrangements in which we are acting as an agent, the revenue recognition related to the contract liability is presented on a net basis within the Unaudited Condensed Consolidated Statements of Operations. Advance billings at March 31, 2021 and December 31, 2020 were $170,159 and $152,956, respectively. The increase in the Advance billings balance of $17,203 for the three months ended March 31, 2021 was primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by $99,188 of revenues recognized that were included in the Advance billings balances as of December 31, 2020 and reductions due to the incurrence of third-party costs. Contract liabilities classified within Accruals and other liabilities at March 31, 2021 and December 31, 2020 were $97,075 and $112,755, respectively. The decrease in the balance of $15,680 for the three months ended March 31, 2021 was primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by $69,699 of revenues recognized that were included in the balance as of December 31, 2020 and reductions due to the incurrence of third-party costs.

Changes in the contract asset and liability balances during the three months ended March 31, 2021 were not materially impacted by write offs, impairment losses or any other factors.

The majority of our contracts are for periods of one year or less. For those contracts with a term of more than one year, we had approximately $5,799 of unsatisfied performance obligations as of March 31, 2021, of which we expect to recognize approximately 83% in 2021 and 17% in 2022.

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4. Income (Loss) Per Common Share

The following table sets forth the computation of basic and diluted income (loss) per common share:


	Three Months Ended March 31,
	2021		2020
Numerator:
Net income attributable to MDC Partners Inc.	$	5,010	$	1,002
Accretion on convertible preference shares	(3,724)		(3,440)
Net income allocated to convertible preference shares	(365)		—
Net income (loss) attributable to MDC Partners Inc. common shareholders	$	921	$	(2,438)

Adjustment to net income allocated to convertible preference shares	7		—
Net income (loss) attributable to MDC Partners Inc. common shareholders - Diluted	$	928	$	(2,438)
Denominator:
Basic weighted average number of common shares outstanding	73,392,824		72,397,661
Diluted weighted average number of common shares outstanding	75,439,066		72,397,661
Basic	$	0.01	$	(0.03)
Diluted	$	0.01	$	(0.03)

Anti-dilutive stock awards 1,920,634 2,835,770

Restricted stock and restricted stock unit awards of 0 and 2,203,717 as of March 31, 2021 and 2020, respectively, are excluded from the computation of diluted income (loss) per common share because the performance contingency necessary for vesting has not been met as of the reporting date. In addition, there were 145,000 Preference Shares outstanding which were convertible into 29,430,693 and 27,189,411 Class A common shares at March 31, 2021 and 2020, respectively. These Preference Shares were anti-dilutive for each period presented in the table above and are therefore excluded from the diluted income (loss) per common share calculation.

5. Deferred Acquisition Consideration

Deferred acquisition consideration on the balance sheet consists of deferred obligations related to contingent and fixed purchase price payments, and to a lesser extent, contingent and fixed retention payments tied to continued employment of specific personnel. Contingent deferred acquisition consideration is recorded at the acquisition date fair value and adjusted at each reporting period through operating income, for contingent purchase price payments, or net interest expense, for fixed purchase price payments. The Company accounts for certain retention payments through operating income as stock-based compensation over the required retention period.

The following table presents changes in contingent deferred acquisition consideration, which is measured at fair value on a recurring basis using significant unobservable inputs, and a reconciliation to the amounts reported on the balance sheets as of March 31, 2021 and December 31, 2020.

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	March 31,		December 31,
	2021		2020
Beginning Balance of Contingent Payments	$	82,802	$	74,671
Payments	(1,153)		(46,792)
Redemption value adjustments (1)	12,392		44,993
Additions - Acquisitions and step-up transactions	—		7,703
Other	(641)		2,227
Ending balance of contingent payments	$	93,400	$	82,802
Fixed Payments	—		263
	$	93,400	$	83,065

(1) Redemption value adjustments are fair value changes from the Company’s initial estimates of deferred acquisition payments and stock-based compensation charges relating to acquisition payments that are tied to continued employment. Redemption value adjustments are recorded within Office and general expenses on the Unaudited Condensed Consolidated Statements of Operations.

The following table presents the impact to the Company’s Statements of operations due to the redemption value adjustments for the contingent deferred acquisition consideration:


	Three Months Ended March 31,
	2021		2020
Loss (income) attributable to fair value adjustments	$	11,685	$	(4,600)
Stock-based compensation	707		2,025
Redemption value adjustments	$	12,392	$	(2,575)

6. Leases

The Company leases office space in North America, Europe, Asia, South America, and Australia. This space is primarily used for office and administrative purposes by the Company’s employees in performing professional services. These leases are classified as operating leases and expire between years 2021 through 2033. The Company’s finance leases are immaterial.

The Company’s leasing policies are established in accordance with ASC 842, and accordingly, the Company recognizes on the balance sheet at the time of lease commencement a right-of-use lease asset and a lease liability, initially measured at the present value of the lease payments. Right-of-use lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. All right-of-use lease assets are reviewed for impairment. As the Company’s implicit rate in its leases is not readily determinable, in determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the commencement date. Lease payments included in the measurement of the lease liability are comprised of noncancelable lease payments, payments based upon an index or rate, payments for optional renewal periods where it is reasonably certain the renewal period will be exercised, and payments for early termination options unless it is reasonably certain the lease will not be terminated early.

Lease costs are recognized in the Unaudited Condensed Consolidated Statements of Operations over the lease term on a straight-line basis. Leasehold improvements are depreciated on a straight-line basis over the lesser of the term of the related lease or the estimated useful life of the asset.

Some of the Company’s leases contain variable lease payments, including payments based upon an index or rate. Variable lease payments based upon an index or rate are initially measured using the index or rate in effect at the lease commencement date and are included within the lease liabilities. Lease liabilities are not remeasured as a result of changes in the index or rate, rather changes in these types of payments are recognized in the period in which the obligation for those payments is incurred. In addition, some of our leases contain variable payments for utilities, insurance, real estate tax, repairs and maintenance, and other variable operating expenses. Such amounts are not included in the measurement of the lease liability and are recognized in the period when the facts and circumstances which the variable lease payments are based upon occur.

Some of the Company’s leases include options to extend or renew the leases through 2040. The renewal and extension options are not included in the lease term as the Company is not reasonably certain that it will exercise its option.

From time to time, the Company enters into sublease arrangements both with unrelated third-parties and with our partner agencies. These leases are classified as operating leases and expire between years 2021 through 2027. Sublease income is

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recognized over the lease term on a straight-line basis. Currently, the Company subleases office space in North America, Asia, Europe and Australia.

As of March 31, 2021, the Company has entered into five operating leases for which the commencement date has not yet occurred as the premises are in the process of being prepared for occupancy by the landlord. Accordingly, these five leases represent an obligation of the Company that is not reflected within the Unaudited Condensed Consolidated Balance Sheets as of March 31, 2021. The aggregate future liability related to these leases is approximately $34,020.

The discount rate used for leases accounted for under ASC 842 is the Company’s collateralized credit adjusted borrowing rate.

The following table presents lease costs and other quantitative information for the three months ended March 31, 2021 and 2020:


	Three Months Ended March 31,
	2021		2020
Lease Cost:
Operating lease cost	$	17,127	$	16,391
Variable lease cost	2,593		4,655
Sublease rental income	(2,564)		(2,805)
Total lease cost	$	17,156	$	18,241
Additional information:
Cash paid for amounts included in the measurement of lease liabilities for operating leases
Operating cash flows	$	16,796	$	17,635

Right-of-use lease assets obtained in exchange for operating lease liabilities and other non-cash adjustments	$	3,816	$	7,119
Weighted average remaining lease term (in years) - Operating leases	7.2		7.0
Weighted average discount rate - Operating leases	10.6		8.7

In the three months ended March 31, 2021, the Company recorded a charge of $875 to reduce the carrying value of two of its right-of-use lease assets and accelerate the operating expenses of one of its right-of-use lease assets. These right-of-use lease assets related to three agencies within its Integrated Networks - Group B reportable segment. The Company evaluated the facts and circumstances related to the use of the assets which indicated that they may not be recoverable. Using adjusted quoted market prices to develop expected future cash flows, it was determined that the fair value of the assets were less than their carrying value. This impairment charge is included in Impairment and other losses within the Unaudited Condensed Consolidated Statements of Operations.

In the three months ended March 31, 2020, the Company recorded an impairment charge of $161 to reduce the carrying value of one of its right-of-use lease assets.

Operating lease expense is included in office and general expenses in the Unaudited Condensed Consolidated Statements of Operations. The Company’s lease expense for leases with a term of 12 months or less is immaterial.

The following table presents minimum future rental payments under the Company’s leases at March 31, 2021 and their reconciliation to the corresponding lease liabilities:

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	Maturity Analysis
Remaining 2021	$52,871
2022	61,447
2023	56,839
2024	50,615
2025	39,582
2026 and thereafter	152,702
Total	414,056
Less: Present value discount	(131,452)
Lease liability	$	282,604

7. Debt

As of March 31, 2021 and December 31, 2020, the Company’s indebtedness was comprised as follows:


	March 31, 2021		December 31, 2020
Revolving Credit Agreements	$	20,000	$	—
Senior Notes	870,256		870,256
Debt Issuance Cost	(25,406)		(27,072)
	$	864,850	$	843,184

Senior Notes

On March 23, 2016, MDC entered into an indenture (the “Indenture”) among MDC, its existing and future restricted subsidiaries that guarantee, are co-borrowers under, or grant liens to secure, the Credit Agreement (as defined below), as guarantors (the “Guarantors”) and The Bank of New York Mellon, as trustee, relating to the issuance by MDC of $900,000 aggregate principal amount of the senior notes due 2024 (the “Senior Notes”). The Senior Notes were sold in a private placement in reliance on exemptions from registration under the Securities Act of 1933. The Senior Notes bear interest, payable semiannually in arrears on May 1 and November 1, at a rate of 7.50% per annum. The Senior Notes mature on May 1, 2024, unless earlier redeemed or repurchased.

The Senior Notes are guaranteed on a senior unsecured basis by all of MDC’s existing and future restricted subsidiaries that guarantee, are co-borrowers under, or grant liens to secure, the Credit Agreement. The Senior Notes are unsecured and unsubordinated obligations of MDC and rank (i) equally in right of payment with all of MDC’s or any Guarantor’s existing and future senior indebtedness, (ii) senior in right of payment to MDC’s or any Guarantor’s existing and future subordinated indebtedness, (iii) effectively subordinated to all of MDC’s or any Guarantor’s existing and future secured indebtedness to the extent of the collateral securing such indebtedness, including the Credit Agreement, and (iv) structurally subordinated to all existing and future liabilities of MDC’s subsidiaries that are not Guarantors.

MDC may, at its option, redeem the Senior Notes in whole at any time or in part from time to time, at varying prices based on the timing of the redemption.

If MDC experiences certain kinds of changes of control (as defined in the Indenture), holders of the Senior Notes may require MDC to repurchase any Senior Notes held by them at a price equal to 101% of the principal amount of the Senior Notes plus accrued and unpaid interest. In addition, if MDC sells assets under certain circumstances, it must apply the proceeds from such sale and offer to repurchase the Senior Notes at a price equal to 100% of the principal amount plus accrued and unpaid interest.

The Indenture includes covenants that, among other things, restrict MDC’s ability and the ability of its restricted subsidiaries (as defined in the Indenture) to incur or guarantee additional indebtedness; pay dividends on or redeem or repurchase the capital stock of MDC; make certain types of investments; create restrictions on the payment of dividends or other amounts from MDC’s restricted subsidiaries; sell assets; enter into transactions with affiliates; create liens; enter into sale and leaseback transactions; and consolidate or merge with or into, or sell substantially all of MDC’s assets to, another person. These covenants are subject to a number of important limitations and exceptions. The Senior Notes are also subject to customary events of default, including a cross-payment default and cross-acceleration provision. The Company was in compliance with all covenants at March 31, 2021.

Revolving Credit Agreement

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The Company is party to a $211,500 secured revolving credit facility due February 3, 2022. The Company had $20,000 outstanding under the revolving credit facility as of March 31, 2021.

Advances under the Credit Agreement bear interest as follows: (i) Non-Prime Rate Loans bear interest at the Non-Prime Rate plus the Non-Prime Rate Margin and (ii) all other Obligations bear interest at the Prime Rate, plus the Prime Rate Margin. The Non-Prime Rate Margin and Prime Rate Margin will range from 2.50% to 3.00% for Non-Prime Rate Loans and from 1.75% to 2.25% for Prime Rate Loans. In addition to paying interest on outstanding principal under the Credit Agreement, MDC is required to pay an unused revolver fee to lenders under the Credit Agreement in respect of unused commitments thereunder.

The Credit Agreement, which includes financial and non-financial covenants, is guaranteed by substantially all of MDC’s present and future subsidiaries, other than immaterial subsidiaries and subject to customary exceptions, and collateralized by a portion of MDC’s outstanding receivable balance. The Company was in compliance with all of the terms and conditions of its Credit Agreement as of March 31, 2021.

At March 31, 2021 and December 31, 2020, the Company had issued undrawn outstanding letters of credit of $19,151 and $18,651, respectively.

8. Noncontrolling and Redeemable Noncontrolling Interests

When acquiring less than 100% ownership of an entity, the Company may enter into agreements that give the Company an option to purchase, or require the Company to purchase, the incremental ownership interests under certain circumstances. Where the option to purchase the incremental ownership is within the Company’s control, the amounts are recorded as noncontrolling interests in the equity section of the Company’s Unaudited Condensed Consolidated Balance Sheets. Where the incremental purchase may be required of the Company, the amounts are recorded as redeemable noncontrolling interests in mezzanine equity at their estimated acquisition date redemption value and adjusted at each reporting period for changes to their estimated redemption value through additional paid-in capital (but not less than their initial redemption value), except for foreign currency translation adjustments. On occasion, the Company may initiate a renegotiation to acquire an incremental ownership interest and the amount of consideration paid may differ materially from the amounts recorded in the Company’s Unaudited Condensed Consolidated Balance Sheets.

Noncontrolling Interests

Changes in amounts due to noncontrolling interest holders included in Accruals and other liabilities on the Unaudited Condensed Consolidated Balance Sheets for the year ended December 31, 2020 and three months ended March 31, 2021 were as follows:

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	Noncontrolling Interests
Balance at December 31, 2019	$	14,028
Income attributable to noncontrolling interests	21,774
Distributions made	(15,192)
Other	94
Balance at December 31, 2020	$	20,704
Income attributable to noncontrolling interests	4,491
Distributions made	(5,285)
Other	36
Balance at March 31, 2021	$	19,946

Changes in the Company’s ownership interests in our less than 100% owned subsidiaries during the three months ended March 31, 2021 and 2020 were as follows:


	Three Months Ended March 31,
	2021		2020
Net income attributable to MDC Partners Inc.	$	5,010	$	1,002
Transfers from the noncontrolling interest:
Decrease in MDC Partners Inc. paid-in capital for purchase of redeemable noncontrolling interests and noncontrolling interests	(330)		(503)
Net transfers from noncontrolling interests	$	(330)	$	(503)
Change from Net income attributable to MDC Partners Inc. and transfers to noncontrolling interests	$	4,680	$	499

Price	2.96	EPS	-1
Shares	72	P/E	-3
MCap	213	P/FCF	-37
Net Debt	868	EBIT	-29
TEV	1,081	TEV/EBIT	-38
TTM 2019-09-30, in MM, except price, ratios

10-Q	2021-03-31	Filed 2021-05-10
10-K	2020-12-31	Filed 2021-03-16
10-Q	2020-09-30	Filed 2020-10-29
10-Q	2020-06-30	Filed 2020-08-10
10-Q	2020-03-31	Filed 2020-05-11
10-K	2019-12-31	Filed 2020-03-05
10-Q	2019-09-30	Filed 2019-11-06
10-Q	2019-06-30	Filed 2019-08-07
10-Q	2019-03-31	Filed 2019-05-09
10-K	2018-12-31	Filed 2019-03-18
10-Q	2018-09-30	Filed 2018-11-01
10-Q	2018-06-30	Filed 2018-08-07
10-Q	2018-03-31	Filed 2018-05-10
10-K	2017-12-31	Filed 2018-03-01
10-Q	2017-09-30	Filed 2017-11-01
10-Q	2017-06-30	Filed 2017-08-14
10-K	2016-12-31	Filed 2017-03-01
10-Q	2016-09-30	Filed 2016-11-08
10-Q	2016-06-30	Filed 2016-08-03
10-Q	2016-03-31	Filed 2016-05-04
10-K	2015-12-31	Filed 2016-02-26
10-Q	2015-09-30	Filed 2015-11-03
10-Q	2015-06-30	Filed 2015-08-07
10-Q	2015-03-31	Filed 2015-04-30
10-K	2014-12-31	Filed 2015-03-02
10-Q	2014-09-30	Filed 2014-11-06
10-Q	2014-06-30	Filed 2014-08-11
10-Q	2014-03-31	Filed 2014-04-29
10-K	2013-12-31	Filed 2014-03-10
10-Q	2013-09-30	Filed 2013-11-05
10-Q	2013-06-30	Filed 2013-08-02
10-Q	2013-03-31	Filed 2013-05-08
10-K	2012-12-31	Filed 2013-03-07
10-Q	2012-09-30	Filed 2012-11-09
10-Q	2012-06-30	Filed 2012-08-02
10-Q	2012-03-31	Filed 2012-05-10
10-K	2011-12-31	Filed 2012-03-15
10-Q	2011-09-30	Filed 2011-11-03
10-Q	2011-06-30	Filed 2011-08-04
10-Q	2011-03-31	Filed 2011-05-02
10-K	2010-12-31	Filed 2011-03-14
10-Q	2010-09-30	Filed 2010-10-29
10-Q	2010-06-30	Filed 2010-07-30
10-Q	2010-03-31	Filed 2010-05-07
10-K	2009-12-31	Filed 2010-03-10

8-K	2020-10-29
8-K	2020-10-19
8-K	2020-10-06
8-K	2020-09-17
8-K	2020-08-31
8-K	2020-08-31
8-K	2020-08-06
8-K	2020-07-15
8-K	2020-06-26
8-K	2020-06-25
8-K	2020-05-29
8-K	2020-05-11
8-K	2020-04-29
8-K	2020-02-27
8-K	2020-01-20
8-K	2019-11-05
8-K	2019-09-25
8-K	2019-09-19
8-K	2019-09-09
8-K	2019-08-07
8-K	2019-06-03
8-K	2019-05-22
8-K	2019-05-07
8-K	2019-05-06
8-K	2019-04-30
8-K	2019-04-18
8-K	2019-04-08
8-K	2019-03-14
8-K	2019-01-18
8-K	2018-12-21
8-K	2018-12-11
8-K	2018-11-28
8-K	2018-11-12
8-K	2018-10-29
8-K	2018-09-20
8-K	2018-09-09
8-K	2018-08-02
8-K	2018-07-24
8-K	2018-06-18
8-K	2018-06-06
8-K	2018-05-09
8-K	2018-04-26
8-K	2018-04-02
8-K	2018-02-22

EX-31.1	mdca-20210331xex311xmpenn.htm
EX-31.2	mdca-20210331xex312xflanuto.htm
EX-32.1	mdca-20210331xex321xmpenn.htm
EX-32.2	mdca-20210331xex322xflanuto.htm

MDCA 10Q Quarterly Report

MDC Partners Earnings 2021-03-31