SOTHEBYS Cashflow Statement | Understand Stock

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Financial Statements

Income Statement Balance Sheet Cashflow Statement

Consolidated Statements of Cash Flows

In millions of USD, except per-share amounts

	FY2018 12 months to Dec 31, 2018	FY2017 12 months to Dec 31, 2017	FY2016 12 months to Dec 31, 2016	FY2015 12 months to Dec 31, 2015	FY2014 12 months to Dec 31, 2014
Operating Activities:
Net income attributable to Sotheby's
Adjustments to reconcile net income attributable to Sotheby's to net cash (used) provided by operating activities:
Extinguishment of debt
Write-off of credit facility fees
Depreciation and amortization
Recognition of cumulative translation adjustment upon liquidation of foreign subsidiary
Gain from recognition of cumulative translation adjustment upon liquidation of foreign subsidiary
Deferred income tax benefit
Share-based payments
Net pension benefit
Inventory writedowns and bad debt provisions
Amortization of debt issuance costs
Excess tax benefits from share-based payments
Equity in earnings of investees
Other

Changes in assets and liabilities:
Accounts receivable
Client payables
Related party client payables (see Note 27)
Inventory (see Note 13)
Prepaid expenses and other current assets
Other long-term assets
Income tax receivables and deferred income tax assets
Accrued income taxes and deferred income tax liabilities
Accounts payable and accrued liabilities and other liabilities
Restricted cash related to interest on 2022 Senior Notes (see Note 9)
Changes in other operating assets and liabilities (see Note 15)
Net cash (used) provided by operating activities
Investing Activities:
Funding of notes receivable
Collections of notes receivable
Capital expenditures
Proceeds from the sale of land and buildings
Acquisitions, net of cash acquired (see Notes 8 and 9)
Funding of investments
Distributions from investees
Proceeds from the sale of equity investment
Proceeds from company-owned life insurance
Settlement of net investment hedges (see Note 12)
(Increase) decrease in restricted cash
Net cash (used) provided by investing activities

Financing Activities:
Proceeds from credit facility borrowings
Repayments of credit facility borrowings
Proceeds from refinancing of York Property Mortgage
Repayments of York Property Mortgage
Repayment of Convertible Notes
Restricted cash related to York Property Mortgage (see Note 9)
Proceeds from the issuance of 2025 Senior Notes (see Note 11)
Restricted cash related to 2022 Senior Notes, principal and premium (see Note 9)
Settlement of 2022 Senior Notes, including call premium (see Note 11)
Debt issuance and other borrowing costs
Repurchases of common stock
Dividends paid
Proceeds from exercise of employee stock options
Excess tax benefits from share-based payments
Funding of employee tax obligations upon the vesting of share-based payments
Contribution from noncontrolling interest
Net cash used by financing activities

Effect of exchange rate changes on cash and cash equivalents
Increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
(Decrease) increase in cash, cash equivalents and restricted cash
Cash, cash equivalents, and restricted cash at beginning of period
Cash, cash equivalents, and restricted cash at end of period

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