MDC Partners Earnings 2020-06-30

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

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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, 2020



	☐	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.)

330 Hudson Street, 10th Floor
New York,	New York	10013
(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 July 24, 2020 was 72,740,767 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 and Six Months Ended June 30, 2020 and 2019	4
	Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2020 and 2019	5
	Unaudited Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019	6
	Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2019	7
	Unaudited Condensed Consolidated Statements of Shareholders’ Deficit for the Three and Six Months Ended June 30, 2020 and 2019	8
	Notes to Unaudited Condensed Consolidated Financial Statements	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	49
Item 4.	Controls and Procedures	50

	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	51
Item 1A.	Risk Factors	51
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	52
Item 3.	Defaults Upon Senior Securities	52
Item 4.	Mine Safety Disclosures	52
Item 5.	Other Information	53
Item 6.	Exhibits	54
Signatures		54

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;


•	developments involving the proposal by Stagwell Media LP to enter into a business combination with the Company;


•	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 2019 Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 5, 2020 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 June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Revenue:
Services	$	259,678		$	362,130		$	587,420		$	690,921
Operating Expenses:
Cost of services sold	165,632			240,749			388,325			477,903
Office and general expenses	66,210			87,276			132,563			154,394
Depreciation and amortization	8,899			10,663			18,105			19,501
Impairment and other losses	18,839			—			19,000			—
	259,580			338,688			557,993			651,798
Operating income	98			23,442			29,427			39,123
Other Income (Expenses):
Interest expense and finance charges, net	(15,941		)	(16,413		)	(31,553		)	(33,174		)
Foreign exchange gain (loss)	5,342			2,932			(9,415		)	8,374
Other, net	5,884			(746		)	22,218			(4,128		)
	(4,715		)	(14,227		)	(18,750		)	(28,928		)
Income (loss) before income taxes and equity in earnings of non-consolidated affiliates	(4,617		)	9,215			10,677			10,195
Income tax expense (benefit)	(7,923		)	2,088			5,577			2,835
Income before equity in earnings of non-consolidated affiliates	3,306			7,127			5,100			7,360
Equity in earnings (losses) of non-consolidated affiliates	(798		)	206			(798		)	289
Net income	2,508			7,333			4,302			7,649
Net income attributable to the noncontrolling interest	(3,101		)	(3,043		)	(3,892		)	(3,472		)
Net income (loss) attributable to MDC Partners Inc.	(593		)	4,290			410			4,177
Accretion on and net income allocated to convertible preference shares	(3,509		)	(3,515		)	(6,949		)	(5,625		)
Net income (loss) attributable to MDC Partners Inc. common shareholders	$	(4,102	)	$	775		$	(6,539	)	$	(1,448	)
Income (loss) Per Common Share:
Basic
Net income (loss) attributable to MDC Partners Inc. common shareholders	$	(0.06	)	$	0.01		$	(0.09	)	$	(0.02	)
Diluted
Net income (loss) attributable to MDC Partners Inc. common shareholders	$	(0.06	)	$	0.01		$	(0.09	)	$	(0.02	)
Weighted Average Number of Common Shares Outstanding:
Basic	72,528,455			71,915,832			72,463,058			66,118,749
Diluted	72,528,455			72,024,689			72,463,058			66,118,749

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 June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Comprehensive Income (Loss)
Net income	$	2,508		$	7,333		$	4,302		$	7,649
Other comprehensive income (loss), net of applicable tax:
Foreign currency translation adjustment	1,367			(1,385		)	8,796			(6,044		)
Other comprehensive income (loss)	1,367			(1,385		)	8,796			(6,044		)
Comprehensive income (loss) for the period	3,875			5,948			13,098			1,605
Comprehensive income attributable to the noncontrolling interests	(3,511		)	(3,081		)	(3,793		)	(3,861		)
Comprehensive income (loss) attributable to MDC Partners Inc.	$	364		$	2,867		$	9,305		$	(2,256	)

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)



	June 30, 2020			December 31, 2019
				(as adjusted)
ASSETS
Current Assets:
Cash and cash equivalents	$	85,483		$	106,933
Accounts receivable, less allowance for doubtful accounts of $1,875 and $3,304	359,306			449,288
Expenditures billable to clients	19,426			30,133
Other current assets	66,318			35,613
Total Current Assets	530,533			621,967
Fixed assets, at cost, less accumulated depreciation of $134,529 and $129,579	70,787			81,054
Right of use assets - operating leases	238,230			223,622
Goodwill	706,946			731,691
Other intangible assets, net	48,904			54,893
Deferred tax assets	82,696			84,900
Other assets	27,356			30,179
Total Assets	$	1,705,452		$	1,828,306
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND SHAREHOLDERS’ DEFICIT
Current Liabilities:
Accounts payable	$	148,349		$	200,148
Accruals and other liabilities	264,572			353,575
Advance billings	136,196			171,742
Current portion of lease liabilities - operating leases	38,377			48,659
Current portion of deferred acquisition consideration	36,655			45,521
Total Current Liabilities	624,149			819,645
Long-term debt	922,537			887,630
Long-term portion of deferred acquisition consideration	2,597			29,699
Long-term lease liabilities - operating leases	267,559			219,163
Other liabilities	36,503			25,771
Total Liabilities	1,853,345			1,981,908
Redeemable Noncontrolling Interests	36,710			36,973
Commitments, Contingencies, and Guarantees (Note 9)
Shareholders’ Deficit:
Convertible preference shares, 145,000 authorized, issued and outstanding at June 30, 2020 and December 31, 2019	152,746			152,746
Common stock and other paid-in capital	98,234			101,469
Accumulated deficit	(480,368		)	(480,779		)
Accumulated other comprehensive loss (income)	4,627			(4,269		)
MDC Partners Inc. Shareholders' Deficit	(224,761		)	(230,833		)
Noncontrolling interests	40,158			40,258
Total Shareholders' Deficit	(184,603		)	(190,575		)
Total Liabilities, Redeemable Noncontrolling Interests and Shareholders' Deficit	$	1,705,452		$	1,828,306

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)



	Six Months Ended June 30,
	2020			2019
Cash flows from operating activities:
Net income	$	4,302		$	7,649
Adjustments to reconcile net income to cash used in operating activities:
Stock-based compensation	4,109			6,606
Depreciation and amortization	18,105			19,501
Impairment and other losses	19,000			—
Adjustment to deferred acquisition consideration	(2,288		)	(5,570		)
Deferred income taxes	2,114			2,835
Foreign exchange and other	(4,578		)	(6,721		)
Changes in working capital:
Accounts receivable	88,039			(21,570		)
Expenditures billable to clients	10,707			1,763
Prepaid expenses and other current assets	(4,363		)	(3,345		)
Accounts payable, accruals and other current liabilities	(127,188		)	(66,343		)
Acquisition related payments	(6,215		)	(4,376		)
Advance billings	(35,422		)	29,334
Net cash used in operating activities	(33,678		)	(40,237		)
Cash flows from investing activities:
Capital expenditures	(3,690		)	(7,923		)
Proceeds from sale of assets	19,616			23,050
Acquisitions, net of cash acquired	(729		)	(5,130		)
Other investments	(554		)	(179		)
Net cash provided by investing activities	14,643			9,818
Cash flows from financing activities:
Repayments of borrowings under revolving credit facility	(251,328		)	(834,538		)
Proceeds from borrowings under revolving credit facility	313,828			793,940
Proceeds from issuance of common and convertible preference shares, net of issuance costs	—			98,620
Acquisition related payments	(30,885		)	(24,219		)
Other	(11,050		)	(8,091		)
Repurchase of Senior Notes	(21,999		)	—
Net cash provided by (used in) financing activities	(1,434		)	25,712
Effect of exchange rate changes on cash, cash equivalents, and cash held in trusts	(981		)	4
Net decrease in cash and cash equivalents, including cash classified within current assets held for sale	(21,450		)	(4,703		)
Change in cash and cash equivalents held in trusts classified within held for sale	—			(3,307		)
Change in cash and cash equivalents classified within assets held for sale	—			4,441
Net decrease in cash and cash equivalents	(21,450		)	(3,569		)
Cash and cash equivalents at beginning of period	106,933			30,873
Cash and cash equivalents at end of period	$	85,483		$	27,304
Supplemental disclosures:
Cash income taxes paid	$	2,566		$	3,494
Cash interest paid	$	28,736		$	31,643

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
	June 30, 2020
	Convertible Preference Shares			Common Shares		Common Stock and Other Paid-in Capital			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)		MDC Partners Inc. Shareholders' Deficit			Noncontrolling Interests			Total Shareholder's Deficit
	Convertible Preference Shares			Common Shares
	Shares	Amount		Shares
Balance at March 31, 2020 (as adjusted)	145,000	$	152,746	72,483,166		$	99,587		$	(479,694	)	$	3,669	$	(223,692	)	$	39,749		$	(183,943	)
Net loss attributable to MDC Partners Inc.	—	—		—		—			(593		)	—		(593		)	—			(593		)
Other comprehensive income	—	—		—		—			—			957		957			410			1,367
Vesting of restricted awards	—	—		173,334		—			—			—		—			—			—
Shares acquired and cancelled	—	—		(69,110	)	(95		)	—			—		(95		)	—			(95		)
Stock-based compensation	—	—		—		557			—			—		557			—			557
Changes in redemption value of redeemable noncontrolling interests	—	—		—		(1,412		)	—			—		(1,412		)	—			(1,412		)
Other	—	—		—		(403		)	(81		)	1		(483		)	(1		)	(484		)
Balance at June 30, 2020	145,000	$	152,746	72,587,390		$	98,234		$	(480,368	)	$	4,627	$	(224,761	)	$	40,158		$	(184,603	)



	Six Months Ended
	June 30, 2020
	Convertible Preference Shares			Common Shares		Common Stock and Other Paid-in Capital			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)			MDC Partners Inc. Shareholders' Deficit			Noncontrolling Interests			Total Shareholder's Deficit
	Convertible Preference Shares			Common Shares
	Shares	Amount		Shares
Balance at December 31, 2019 (as adjusted)	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.	—	—		—		—			410			—			410			—			410
Other comprehensive income	—	—		—		—			—			8,895			8,895			(99		)	8,796
Vesting of restricted awards	—	—		760,561		—			—			—			—			—			—
Shares acquired and cancelled	—	—		(327,774	)	(732		)	—			—			(732		)	—			(732		)
Stock-based compensation	—	—		—		1,033			—			—			1,033			—			1,033
Changes in redemption value of redeemable noncontrolling interests	—	—		—		(2,630		)	—			—			(2,630		)	—			(2,630		)
Business acquisitions and step-up transactions, net of tax	—	—		—		(503		)	—			—			(503		)	—			(503		)
Other	—	—		—		(403		)	1			1			(401		)	(1		)	(402		)
Balance at June 30, 2020	145,000	$	152,746	72,587,390		$	98,234		$	(480,368	)	$	4,627		$	(224,761	)	$	40,158		$	(184,603	)

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 - (continued)

(thousands of United States dollars, except share amounts)



	Three Months Ended
	June 30, 2019
	Convertible Preference Shares			Common Shares		Common Stock and Other Paid-in Capital			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)			MDC Partners Inc. Shareholders' Deficit			Noncontrolling Interests		Total Shareholder's Deficit
	Convertible Preference Shares			Common Shares
	Shares	Amount		Shares
Balance at March 31, 2019 (as adjusted)	145,000	$	152,117	71,890,021		$	98,693		$	(475,639	)	$	(290	)	$	(225,119	)	$	40,223	$	(184,896	)
Net income attributable to MDC Partners Inc.	—	—		—		—			4,290			—			4,290			—		4,290
Other comprehensive loss	—	—		—		—			—			(1,423		)	(1,423		)	38		(1,385		)
Issuance of common and convertible preference shares	—	629		—		362			—			—			991			—		991
Vesting of restricted awards	—	—		76,979		—			—			—			—			—		—
Shares acquired and cancelled	—	—		(19,257	)	(22		)	—			—			(22		)	—		(22		)
Stock-based compensation	—	—		—		1,800			—			—			1,800			—		1,800
Changes in redemption value of redeemable noncontrolling interests	—	—		—		(3,190		)	—			—			(3,190		)	—		(3,190		)
Business acquisitions and step-up transactions, net of tax	—	—		—		(97		)	—			—			(97		)	—		(97		)
Changes in ownership interest	—	—		—		(91		)	—			—			(91		)	—		(91		)
Balance at June 30, 2019 (as adjusted)	145,000	$	152,746	71,947,743		$	97,455		$	(471,349	)	$	(1,713	)	$	(222,861	)	$	40,261	$	(182,600	)



	Six Months Ended
	June 30, 2019
	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 Shareholder's Deficit
	Convertible Preference Shares			Common Shares
	Shares	Amount		Shares
Balance at December 31, 2018 (as adjusted)	95,000	$	90,123	57,521,323		$	58,579		$	(475,526	)	$	4,720		$	(322,104	)	$	64,514		$	(257,590	)
Net income attributable to MDC Partners Inc.	—	—		—		—			4,177			—			4,177			—			4,177
Other comprehensive loss	—	—		—		—			—			(6,433		)	(6,433		)	389			(6,044		)
Issuance of common and convertible preference shares	50,000	62,623		14,285,714		35,997			—			—			98,620			—			98,620
Vesting of restricted awards	—	—		193,979		—			—			—			—			—			—
Shares acquired and cancelled	—	—		(53,273	)	(78		)	—			—			(78		)	—			(78		)
Stock-based compensation	—	—		—		509			—			—			509			—			509
Changes in redemption value of redeemable noncontrolling interests	—	—		—		2,729			—			—			2,729			—			2,729
Business acquisitions and step-up transactions, net of tax	—	—		—		(97		)	—			—			(97		)	—			(97		)
Changes in ownership interest	—	—		—		(184		)	—			—			(184		)	(24,642		)	(24,826		)
Balance at June 30, 2019 (as adjusted)	145,000	$	152,746	71,947,743		$	97,455		$	(471,349	)	$	(1,713	)	$	(222,861	)	$

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	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	2020-08-31	Other Events, Exhibits
8-K	2020-08-31	Other Events, Exhibits
8-K	2020-08-06	Earnings, Exhibits
8-K	2020-07-15	Other Events, Exhibits
8-K	2020-06-26	Other Events, Exhibits
8-K	2020-06-25	Officers, Shareholder Vote, Exhibits
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-20200630xexhibit311.htm
EX-31.2	mdca-20200630xexhibit312.htm
EX-32.1	mdca-20200630xexhibit321.htm
EX-32.2	mdca-20200630xexhibit3.htm
EX-99.1	mdca-20200630xexhibit9.htm

MDCA 10Q Quarterly Report

MDC Partners Earnings 2020-06-30