XML 21 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Cash flows from operating activities:    
Net loss $ (24,924) $ (7,080)
Loss from discontinued operations attributable to MDC Partners Inc., net of taxes (300) (326)
Loss from continuing operations (24,624) (6,754)
Adjustments to reconcile net loss from continuing operations to cash (used in) provided by operating activities:    
Depreciation 4,346 4,535
Amortization of intangibles 5,655 5,768
Non-cash stock-based compensation 5,884 4,274
Amortization of deferred finance charges and debt discount 559 637
Adjustment to deferred acquisition consideration 2,675 (2,977)
Gain on disposition of assets (23) (17)
Deferred income taxes 1,100  
Earnings of non-consolidated affiliates (272) (255)
Other non-current assets and liabilities (1,118) (1,199)
Foreign exchange 898 (146)
Changes in working capital:    
Accounts receivable (17,409) (5,882)
Expenditures billable to clients (17,433) (3,247)
Prepaid expenses and other current assets 405 (1,745)
Accounts payable, accruals and other liabilities 15,295 (20,674)
Advance billings 36,466 (9,464)
Cash flows provided by (used in) continuing operating activities 12,404 (37,146)
Discontinued operations 115 80
Net cash provided by (used in) operating activities 12,519 (37,066)
Cash flows from investing activities:    
Capital expenditures (5,111) (4,863)
Acquisitions, net of cash acquired 39,261 (12,617)
Proceeds from sale of assets 22 12
Other investments (1,039) (868)
Profit distributions from affiliates   3,783
Cash flows provided by (used in) continuing investing activities 33,133 (14,553)
Discontinued operations   (159)
Net cash provided by (used in) investing activities 33,133 (14,712)
Cash flows from financing activities:    
Proceeds (repayments) from revolving credit facility (14,133) 59,741
Acquisition related payments (1,925) (7,453)
Repayment of long-term debt (46) (281)
Proceeds from exercise of options   721
Purchase of shares (2,146) (1,481)
Deferred financing costs (74) (275)
Distributions to noncontrolling partners (1,646) (4,293)
Proceeds of bank overdrafts 6,921 1,066
Payment of dividends (4,669)  
Net cash provided by (used in) financing activities (17,718) 47,745
Effect of exchange rate changes on cash and cash equivalents (73) 46
Net increase (decrease) in cash and cash equivalents 27,861 (3,987)
Cash and cash equivalents at beginning of period 8,096 10,949
Cash and cash equivalents at end of period 35,957 6,962
Supplemental disclosures:    
Cash income taxes paid 24 64
Cash interest paid 674 422
Dividends payable 9,752 387
Non-cash transactions:    
Capital leases $ 134 $ 313