MDC PARTNERS INC - ACCELERATING DOMESTIC AND GLOBAL NEW BUSINESS WINS -
NEW YORK, Oct. 28, 2015 /PRNewswire/ --
THIRD QUARTER HIGHLIGHTS:
-- Revenue increased to $328.4 million from $309.4 million, an increase of
6.1%
-- Net loss attributable to MDC Partners of ($8.6) million versus ($4.9)
million in the same period last year
-- Organic revenue increased 5.7%, after a roughly 400 basis points
reduction from significantly lower billable pass-through costs
-- Adjusted EBITDA increased to $53.5 million from $42.9 million, an
increase of 24.6% (see Schedules 2 and 3)
-- Adjusted EBITDA margin of 16.3% versus 13.9% in the same period last
year (see Schedules 2 and 3)
-- Adjusted EBITDA Available for General Capital Purposes increased to
$30.9 million from $15.4 million, an increase of 100.3% (see Schedule 6)
-- Net New Business wins totaled $34.1 million
-- Declared cash dividend of $0.21 per share
YEAR-TO-DATE HIGHLIGHTS:
-- Revenue increased to $967.2 million from $883.6 million, an increase of
9.5%
-- Net loss attributable to MDC Partners of ($11.1) million versus income
of $2.7 million in the same period last year
-- Organic revenue increased 7.1%, after a roughly 170 basis points
reduction from significantly lower billable pass-through costs
-- Adjusted EBITDA increased to $132.1 million versus $127.6 million, an
increase of 3.5% (see Schedules 4 and 5)
-- Adjusted EBITDA margin of 13.7% versus 14.4% in the same period last
year (see Schedules 4 and 5)
-- Adjusted EBITDA Available for General Capital Purposes increased to
$68.9 million from $67.7 million, an increase of 1.8% (see Schedule 6)
-- Net New Business wins totaled $89.4 million
(NASDAQ: MDCA) (TSX: MDZ.A) - MDC Partners Inc. ("MDC Partners" or the "Company") today announced financial results for the three and nine months ended September 30, 2015.
Scott Kauffman, Chairman and Chief Executive Officer of MDC Partners, said, "Our partners are defining the future of this industry by building solutions that unite creativity and technology. This is translating into significant market share gains and an accelerating number of both domestic and global new business wins. The $89 million of net new business we posted in the first nine months of the year is converting into solid financial results. Year-to-date, we delivered an industry leading 7.1% organic revenue growth, $132 million in Adjusted EBITDA and strong cash flow generation that is sufficient to satisfy our dividend, invest behind our partners, build on our M&A strategy, and continue to de-lever our balance sheet. We are confident that our business momentum, as well as the actions we are taking to make our company more efficient, position us for superior financial performance in the years to come."
Guidance for 2015 is reaffirmed as follows:
Implied
2014 2015 Year over Year
Actuals Guidance Change
------- -------- ------
Revenue $1.22 billion $1.30 - $1.33 billion +6.5% to +8.5%
Adjusted EBITDA $179.4 million $195 - $205 million +8.7% to +14.3%
Implied Adjusted EBITDA Margin 14.7% 15.0% to 15.4% +35 to +75 basis points
Adjusted EBITDA Available for $98.8 million $109 - $119 million +10.3% to +20.4%
General Capital Purposes
Consolidated revenue for the third quarter of 2015 was $328.4 million, an increase of 6.1%, compared to $309.4 million in the third quarter of 2014. Adjusted EBITDA for the third quarter of 2015 was $53.5 million, an increase of 24.6% compared to $42.9 million in the third quarter of 2014. Net loss attributable to MDC Partners in the third quarter was ($8.6) million compared to ($4.9) million in the third quarter of 2014. Diluted loss per share from continuing operations attributable to MDC Partners common shareholders for the third quarter of 2015 was ($0.15) compared to ($0.07) per share in the third quarter of 2014. Adjusted EBITDA Available for General Capital Purposes was $30.9 million in the third quarter of 2015, an increase of 100.3% compared to $15.4 million in the third quarter of 2014.
For the nine-month period ended September 30, 2015, consolidated revenue was $967.2 million, an increase of 9.5% compared to $883.6 million in the nine months ended September 30, 2014. Adjusted EBITDA for the nine months ended September 30, 2015 was $132.1 million, an increase of 3.5% compared to $127.6 million in the same period of 2014. Net loss attributable to MDC Partners in the nine months ended September 30, 2015 was ($11.1) million compared to income of $2.7 million in the same period of 2014. Diluted loss per share from continuing operations attributable to MDC Partners common shareholders for the nine months ended September 30, 2015 was ($0.10) compared to diluted income per share of $0.11 in the same period of 2014. Adjusted EBITDA Available for General Capital Purposes was $68.9 million in the nine months ended September 30, 2015, an increase of 1.8% compared to $67.7 million in the same period of 2014.
David Doft, CFO of MDC Partners, said, "Our topline grew nicely despite a $7 million decline in billable pass-through revenue in the quarter, which did not affect profitability. Net new business wins also accelerated to $34 million in the quarter. The volatility of working capital that we saw this quarter is due to the success of our growing media business, and should reverse in the seasonally stronger fourth quarter. We expect to finish the year out of the revolver and with a healthy positive cash position. We are reiterating guidance despite proactively taking a number of operational efficiency actions that will negatively impact this year, but will position us for accelerated performance in 2016 and beyond."
MDC Partners Announces $0.21 per Share Quarterly Cash Dividend
MDC Partners today also announced that its Board of Directors has declared a cash dividend of $0.21 per share on all of its outstanding Class A shares and Class B shares. The quarterly dividend will be payable on or about November 25, 2015, to shareholders of record at the close of business on November 11, 2015.
Voluntary Delisting from Toronto Stock Exchange
The Company announced today that it has applied for a voluntary delisting of its Class A Subordinate Voting Shares from the Toronto Stock Exchange ("TSX") in Canada. Effective at the close of markets on November 11, 2015, the Company's shares will no longer be traded on the TSX but will continue to trade on NASDAQ under the symbol "MDCA". Canadian shareholders will be able to continue to trade their shares on NASDAQ. The Company believes that the relatively low trading volume of its shares on the TSX over a sustained period no longer justifies the financial and administrative costs associated with maintaining a dual listing. The TSX has neither approved nor disapproved the information contained herein.
Shareholders are encouraged to contact Canadian Stock Transfer Trust Company, the transfer agent and registrar for the Company's stock, at 1-800-387-0825 or 1-416-643-5500 for further information.
Conference Call
Management will host a conference call on Wednesday, October 28, 2015, at 4:30 p.m. (ET) to discuss results. Access the conference call by dialing 1-412-902-4266 or toll free 1-888-346-6216. An investor presentation has been posted on our website www.mdc-partners.com and may be referred to during the conference call.
A recording of the conference call will be available one hour after the call until 9:00 a.m. (ET), November 4, 2015, by dialing 1-412-317-0088 or toll free 1-877-344-7529 (passcode 10075056), or by visiting our website at www.mdc-partners.com.
About MDC Partners Inc.
MDC Partners is one of the fastest-growing and most influential marketing and communications networks in the world. Its 50+ advertising, public relations, branding, digital, social and event marketing agencies are responsible for some of the most memorable and engaging campaigns for the world's most respected brands. By leveraging technology, data analytics, insights, and strategic consulting solutions, MDC Partners drives measurable results and optimizes return on marketing investment for over 1,500 clients worldwide.
As "The Place Where Great Talent Lives," MDC Partners is known for its unique partnership model, empowering the most entrepreneurial and innovative talent to drive competitive advantage and business growth for clients. For more information about MDC Partners and its partner firms, visit www.mdc-partners.com and follow us on Twitter: http://www.twitter.com/mdcpartners.
Non-GAAP Financial Measures
In addition to its reported results, MDC Partners has included in this earnings release certain financial results that the Securities and Exchange Commission defines as "non-GAAP financial measures." Management believes that such non-GAAP financial measures, when read in conjunction with the Company's reported results, can provide useful supplemental information for investors analyzing period to period comparisons of the Company's results. These non-GAAP financial measures relate to: (1) presenting Adjusted EBITDA and EBITDA margin (as defined) for the three and nine months ended September 30, 2015, and 2014; and (2) presenting Adjusted EBITDA Available for General Capital Purposes for the three and nine months ended September 30, 2015, and 2014. Included in this earnings release are tables reconciling MDC Partners' reported results to arrive at these non-GAAP financial measures.
This press release contains forward-looking statements. The Company's representatives may also make forward-looking statements orally from time to time. Statements in this press release that are not historical facts, including statements about the Company's beliefs and expectations, earnings guidance, recent business and economic trends, potential acquisitions, estimates of amounts for deferred acquisition consideration and "put" option rights, 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. 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.
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 the SEC's ongoing investigation and the related
class action litigation claims;
-- risks associated with severe effects of international, national and
regional economic downturn;
-- the Company's ability to attract new clients and retain existing
clients;
-- the spending patterns and financial success of the Company's clients;
-- the Company's ability to retain and attract key employees;
-- 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
"put" option right and deferred acquisition consideration;
-- the successful completion and integration of acquisitions which
complement and expand the Company's business capabilities; and
-- foreign currency fluctuations.
The Company's business strategy includes ongoing efforts to engage in acquisitions of ownership interests in entities in the marketing communications services industry. The Company intends to finance these acquisitions by using available cash from operations, from borrowings under its credit facility and through incurrence of bridge or other debt financing, any of which may increase the Company's leverage ratios, or by issuing equity, which may have a dilutive impact on existing shareholders proportionate ownership. At any given time the Company may be engaged in a number of discussions that may result in one or more acquisitions. These opportunities require confidentiality and may involve negotiations that require quick responses by the Company. Although there is uncertainty that any of these discussions will result in definitive agreements or the completion of any transactions, the announcement of any such transaction may lead to increased volatility in the trading price of the Company's securities.
Investors should carefully consider these risk factors and the additional risk factors outlined in more detail in the Annual Report on Form 10-K under the caption "Risk Factors" and in the Company's other SEC filings.
SCHEDULE 1
MDC PARTNERS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(US$ in 000s, except share and per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2015 2014 2015 2014
---- ---- ---- ----
Revenue $328,415 $309,391 $967,243 $883,601
Operating Expenses:
Cost of services sold 212,925 205,549 648,386 575,892
Office and general expenses 78,786 70,815 206,169 213,587
Depreciation and amortization 13,086 11,684 39,393 32,083
304,797 288,048 893,948 821,562
------- ------- ------- -------
Operating profit 23,618 21,343 73,295 62,039
Other Income (Expense):
Other, net (15,623) (9,641) (29,315) (8,648)
Interest expense and finance charges (14,638) (14,022) (43,022) (40,663)
Interest income 114 105 338 287
--- --- --- ---
Income (loss) from continuing operations before income taxes
and equity in non-consolidated affiliates (6,529) (2,215) 1,296 13,015
Income tax expense (benefit) (1,191) (266) (566) 2,764
------ ---- ---- -----
Income (loss) from continuing operations before equity in
non-consolidated affiliates (5,338) (1,949) 1,862 10,251
Equity in earnings of non-consolidated affiliates 172 81 627 223
--- --- --- ---
Income (loss) from continuing operations (5,166) (1,868) 2,489 10,474
Loss from discontinued operations attributable to
MDC Partners Inc., net of taxes (1,316) (1,369) (6,281) (2,976)
------ ------ ------ ------
Net income (loss) (6,482) (3,237) (3,792) 7,498
Net income attributable to the noncontrolling interests (2,122) (1,685) (7,343) (4,796)
------ ------ ------ ------
Net income (loss) attributable to MDC Partners Inc. ($8,604) ($4,922) ($11,135) $2,702
======= ======= ======== ======
Income (loss) Per Common Share:
Basic:
Income (loss) from continuing operations attributable to MDC
Partners Inc. common shareholders ($0.15) ($0.07) ($0.10) $0.11
Discontinued operations attributable to MDC
Partners Inc. common shareholders ($0.02) ($0.03) ($0.12) ($0.06)
------ ------ ------ ------
Net income (loss) attributable to MDC Partners Inc.
common shareholders ($0.17) ($0.10) ($0.22) $0.05
====== ====== ====== =====
Diluted:
Income (loss) from continuing operations attributable to MDC
Partners Inc. common shareholders ($0.15) ($0.07) ($0.10) $0.11
Discontinued operations attributable to MDC
Partners Inc. common shareholders ($0.03) ($0.03) ($0.13) ($0.06)
------ ------ ------ ------
Net Income (loss) attributable to MDC Partners Inc.
common shareholders ($0.18) ($0.10) ($0.23) $0.05
====== ====== ====== =====
Weighted Average Number of Common Shares Outstanding:
Basic 49,915,807 49,630,532 49,843,980 49,506,427
Diluted 49,915,807 49,630,532 49,843,980 50,134,263
SCHEDULE 2
MDC PARTNERS INC.
UNAUDITED RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
(US$ in 000s, except percentages)
For the Three Months Ended September 30, 2015
Strategic Performance
Marketing Marketing
Services Services Corporate Total
-------- -------- --------- -----
Revenue $264,552 $63,863 $ - $328,415
======== ======= ================== ========
Net loss attributable to MDC Partners Inc. ($8,604)
Adjustments to reconcile to Operating profit (loss):
Net income attributable to the noncontrolling interests 2,122
Loss from discontinued operations attributable to
MDC Partners Inc., net of taxes 1,316
Equity in earnings of non-consolidated affiliates (172)
Income tax benefit (1,191)
Interest expense and finance charges, net 14,524
Other, net 15,623
------
Operating profit (loss) $36,807 $2,951 ($16,140) $23,618
margin 13.9% 4.6% 7.2%
Additional adjustments to reconcile to Adjusted EBITDA:
Depreciation and amortization 6,445 5,577 1,064 13,086
Stock-based compensation 2,594 508 164 3,266
Acquisition deal costs 88 21 619 728
Deferred acquisition consideration adjustments to P&L 4,378 549 - 4,927
Profit distributions from non-consolidated affiliates 30 37 30 97
Other items, net ** - - 7,751 7,751
--- --- ----- -----
Adjusted EBITDA * $50,342 $9,643 ($6,512) $53,473
margin 19.0% 15.1% 16.3%
* Adjusted EBITDA is a non-GAAP
measure, but as shown above it
represents operating profit (loss)
plus depreciation and
amortization, stock-based
compensation, acquisition deal
costs, deferred acquisition
consideration adjustments, profit
distributions from affiliates, and
other non-recurring items.
** Other items includes (i) one-time
gains related to the former CEO's
repayment to the Company for
certain perquisites and expenses
($1.9 million), (ii) legal fees
and related expenses relating to
the ongoing SEC investigation
($2.7 million) and (iii) one-time
charge for the balance of prior
cash bonus award amounts paid to
the former CEO and CAO ($5.8
million) that will not be
recovered; and (iv) write-off of
certain assets related to the CEO
and CAO termination ($1.1
million).
SCHEDULE 3
MDC PARTNERS INC.
UNAUDITED RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
(US$ in 000s, except percentages)
For the Three Months Ended September 30, 2014
Strategic Performance
Marketing Marketing
Services Services Corporate Total
-------- -------- --------- -----
Revenue $238,419 $70,972 $ - $309,391
======== ======= ================== ========
Net loss attributable to MDC Partners Inc. ($4,922)
Adjustments to reconcile to Operating profit (loss):
Net income attributable to the noncontrolling interests 1,685
Loss from discontinued operations attributable to
MDC Partners Inc., net of taxes 1,369
Equity in earnings of non-consolidated affiliates (81)
Income tax benefit (266)
Interest expense and finance charges, net 13,917
Other, net 9,641
-----
Operating profit (loss) $26,333 $6,368 ($11,358) $21,343
margin 11.0% 9.0% 6.9%
Additional adjustments to reconcile to Adjusted EBITDA:
Depreciation and amortization 6,895 4,368 421 11,684
Stock-based compensation 1,816 477 1,144 3,437
Acquisition deal costs 742 192 724 1,658
Deferred acquisition consideration adjustments to P&L 3,874 (1,251) - 2,623
Profit distributions from non-consolidated affiliates - 38 2,127 2,165
--- --- ----- -----
Adjusted EBITDA * $39,660 $10,192 ($6,942) $42,910
margin 16.6% 14.4% 13.9%
* Adjusted EBITDA is a non-GAAP
measure, but as shown above it
represents operating profit (loss)
plus depreciation and
amortization, stock-based
compensation, acquisition deal
costs, deferred acquisition
consideration adjustments and
profit distributions from
affiliates.
SCHEDULE 4
MDC PARTNERS INC.
UNAUDITED RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
(US$ in 000s, except percentages)
For the Nine Months Ended September 30, 2015
Strategic Performance
Marketing Marketing
Services Services Corporate Total
-------- -------- --------- -----
Revenue $775,079 $192,164 $ - $967,243
======== ======== ================== ========
Net loss attributable to MDC Partners Inc. ($11,135)
Adjustments to reconcile to Operating profit (loss):
Net income attributable to the noncontrolling interests 7,343
Loss from discontinued operations attributable to
MDC Partners Inc., net of taxes 6,281
Equity in earnings of non-consolidated affiliates (627)
Income tax benefit (566)
Interest expense and finance charges, net 42,684
Other, net 29,315
------
Operating profit (loss) $89,072 $20,019 ($35,796) $73,295
margin 11.5% 10.4% 7.6%
Additional adjustments to reconcile to Adjusted EBITDA:
Depreciation and amortization 19,360 16,797 3,236 39,393
Stock-based compensation 9,205 2,467 1,353 13,025
Acquisition deal costs 752 117 1,575 2,444
Deferred acquisition consideration adjustments to P&L 3,726 (9,292) - (5,566)
Profit distributions from non-consolidated affiliates 334 243 150 727
Other items, net ** - - 8,795 8,795
--- --- ----- -----
Adjusted EBITDA * $122,449 $30,351 ($20,687) $132,113
margin 15.8% 15.8% 13.7%
* Adjusted EBITDA is a non-GAAP
measure, but as shown above it
represents operating profit (loss)
plus depreciation and
amortization, stock-based
compensation, acquisition deal
costs, deferred acquisition
consideration adjustments, profit
distributions from affiliates, and
other non-recurring items.
** Other items includes (i) one-time
gains related to the former CEO's
repayment to the Company for
certain perquisites and expenses
($10.5 million), (ii) legal fees
and related expenses relating to
the ongoing SEC investigation
($12.4 million) and (iii) one-
time charge for the balance of
prior cash bonus award amounts
paid to the former CEO and CAO
($5.8 million) that will not be
recovered; and (iv) write-off of
certain assets related to the CEO
and CAO termination ($1.1
million).
SCHEDULE 5
MDC PARTNERS INC.
UNAUDITED RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
(US$ in 000s, except percentages)
For the Nine Months Ended September 30, 2014
Strategic Performance
Marketing Marketing
Services Services Corporate Total
-------- -------- --------- -----
Revenue $683,340 $200,261 $ - $883,601
======== ======== ================== ========
Net income attributable to MDC Partners Inc. $2,702
Adjustments to reconcile to Operating profit (loss):
Net income attributable to the noncontrolling interests 4,796
Loss from discontinued operations attributable to
MDC Partners Inc., net of taxes 2,976
Equity in earnings of non-consolidated affiliates (223)
Income tax expense 2,764
Interest expense and finance charges, net 40,376
Other, net 8,648
-----
Operating profit (loss) $86,330 $10,090 ($34,381) $62,039
margin 12.6% 5.0% 7.0%
Additional adjustments to reconcile to Adjusted EBITDA:
Depreciation and amortization 17,182 13,545 1,356 32,083
Stock-based compensation 6,067 2,684 3,482 12,233
Acquisition deal costs 1,338 978 1,397 3,713
Deferred acquisition consideration adjustments to P&L 9,440 5,276 - 14,716
Profit distributions from non-consolidated affiliates - 321 2,481 2,802
--- --- ----- -----
Adjusted EBITDA * $120,357 $32,894 ($25,665) $127,586
margin 17.6% 16.4% 14.4%
* Adjusted EBITDA is a non-GAAP
measure, but as shown above it
represents operating profit (loss)
plus depreciation and
amortization, stock-based
compensation, acquisition deal
costs, deferred acquisition
consideration adjustments and
profit distributions from
affiliates.
SCHEDULE 6
MDC PARTNERS INC.
UNAUDITED ADJUSTED EBITDA AVAILABLE FOR GENERAL CAPITAL PURPOSES
(US$ in 000s)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2015 2014 2015 2014
---- ---- ---- ----
Adjusted EBITDA (1) $53,473 $42,910 $132,113 $127,586
Net income attributable to noncontrolling interests (2,122) (1,685) (7,343) (4,796)
Capital expenditures, net (2) (6,902) (12,978) (16,014) (18,078)
Cash taxes (685) (241) (1,400) (359)
Cash interest, net & other (3) (12,879) (12,589) (38,423) (36,643)
------- ------- ------- -------
Adjusted EBITDA Available for General Capital Purposes (4) $30,885 $15,417 $68,933 $67,710
======= ======= ======= =======
(1) Adjusted EBITDA is a non GAAP measure.
See schedules 2 through 5 for a
reconciliation of Net income (loss) to
Adjusted EBITDA.
(2) Capital expenditures, net represents
capital expenditures net of landlord
reimbursements.
(3) Cash interest, net & other represents
the quarterly accrual of cash interest
under our Senior Notes.
(4) Adjusted EBITDA Available for General
Capital Purposes is a non-GAAP
measure, and represents funds available
for repayment of debt, acquisitions,
deferred acquisition consideration,
dividends, and other general corporate
initiatives.
SCHEDULE 7
MDC PARTNERS INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(US$ in 000s)
September 30, December 31,
2015 2014
---- ----
Assets
Current Assets:
Cash and cash equivalents $15,758 $113,348
Cash held in trusts 5,667 6,419
Accounts receivable, net 418,725 355,295
Expenditures billable to clients 56,715 40,202
Other current assets 30,465 36,978
------ ------
Total Current Assets 527,330 552,242
Fixed assets, net 62,109 60,240
Investment in non-consolidated
affiliates 10,805 6,110
Goodwill 869,869 851,373
Other intangible assets, net 74,833 86,121
Deferred tax assets 21,849 18,758
Other assets 50,406 74,046
------ ------
Total Assets $1,617,201 $1,648,890
========== ==========
Liabilities, Redeemable Noncontrolling Interests and Shareholders' Deficit
Current Liabilities:
Accounts payable $293,491 $316,285
Trust liability 5,667 6,419
Accruals and other liabilities 313,349 264,854
Advance billings 134,867 142,608
Current portion of long term debt 508 534
Current portion of deferred
acquisition consideration 105,986 90,804
------- ------
Total Current Liabilities 853,868 821,504
Long-term debt, less current portion 826,678 742,593
Long-term portion of deferred
acquisition consideration 185,741 114,564
Other liabilities 43,782 45,861
Deferred tax liabilities 83,869 77,997
Total Liabilities 1,993,938 1,802,519
--------- ---------
Redeemable Noncontrolling Interests 71,326 194,951
------ -------
Shareholders' Deficit
Common shares 269,558 265,818
Charges in excess of capital (302,385) (209,668)
Accumulated deficit (500,768) (489,633)
Accumulated other comprehensive income
(loss) 5,519 (7,752)
----- ------
MDC Partners Inc. Shareholders'
Deficit (528,076) (441,235)
Noncontrolling Interests 80,013 92,655
------ ------
Total Shareholders' Deficit (448,063) (348,580)
-------- --------
Total Liabilities, Redeemable
Noncontrolling
Interests and Shareholders' Deficit $1,617,201 $1,648,890
========== ==========
SCHEDULE 8
MDC PARTNERS INC.
UNAUDITED SUMMARY CASH FLOW DATA
(US$ in 000s)
Nine Months Ended September 30,
-------------------------------
2015 2014
---- ----
Cash flows provided by (used in) continuing operating activities ($9,147) $38,955
Discontinued operations (1,342) (3,571)
------ ------
Net cash provided by (used in) operating activities (10,489) 35,384
------- ------
Cash flows used in continuing investing activities (42,723) (77,267)
Discontinued operations 17,101 (1,956)
------ ------
Net cash used in investing activities (25,622) (79,223)
------- -------
Net cash used in continuing financing activities (63,633) (15,472)
Discontinued operations (40) (40)
--- ---
Net cash used in financing activities (63,673) (15,512)
------- -------
Effect of exchange rate changes on cash and cash equivalents 2,194 (194)
----- ----
Net decrease in cash and cash equivalents ($97,590) ($59,545)
-------- --------
FOR: MDC Partners Inc. CONTACT: Matt Chesler, CFA
745 Fifth Avenue, 19th
Floor VP, Investor Relations
New York, NY 10151 646-412-6877
mchesler@mdc-partners.com
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