$3 B

BID Mkt cap, 22-Jun-2018

$195.8 M

Sotheby's Revenue Q1, 2018
Sotheby's Net income (Q1, 2018)-6.5 M
Sotheby's EBIT (Q1, 2018)6.9 M
Sotheby's Cash, 31-Mar-2018335.7 M
Sotheby's EV3.3 B

Sotheby's Financials

Sotheby's Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

853.7 m938.1 m961.5 m805.4 m989.4 m

Revenue growth, %

10%2%(16%)

Sales and marketing expense

19.7 m25.4 m

General and administrative expense

161.4 m173 m

Operating expense total

181.1 m819.1 m

Depreciation and amortization

24.1 m

EBIT

222.6 m226 m201.7 m122.6 m170.3 m

EBIT margin, %

26%24%21%15%17%

Interest expense

42.7 m35.2 m32.7 m30.3 m32.2 m

Interest income

2.8 m1.9 m1.8 m1.3 m1.2 m

Pre tax profit

185.7 m193 m169.3 m96.7 m141.7 m

Income tax expense

55.7 m75.8 m131.1 m26 m25.4 m

Net Income

130 m118 m43.5 m74 m118.8 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Revenue

107.9 m156.8 m335.8 m94.2 m155.7 m138 m106.5 m187.5 m195.8 m

Sales and marketing expense

3.1 m4.1 m3.8 m5 m5.9 m5.7 m

General and administrative expense

40.6 m37.3 m38.2 m37.8 m34.7 m38.1 m35.7 m39 m43.8 m

Operating expense total

142.2 m152.7 m205.4 m131.7 m137.3 m159.7 m138.5 m200.4 m188.9 m

Depreciation and amortization

7.1 m

EBIT

(34.4 m)4.1 m130.4 m(37.5 m)18.4 m(21.7 m)(32 m)(12.9 m)6.9 m

EBIT margin, %

(32%)3%39%(40%)12%(16%)(30%)(7%)4%

Interest expense

8.9 m8.8 m8.8 m8.8 m8.7 m7.4 m7.5 m7.5 m9.3 m

Interest income

431 k416 k402 k621 k129 k479 k396 k257 k365 k

Pre tax profit

(41.9 m)(30.8 m)(39.1 m)

Income tax expense

(11.7 m)331 k45.3 m(16.2 m)3.9 m(10.1 m)(12.8 m)(7.3 m)(4.1 m)

Net Income

(30.1 m)(5.9 m)77.6 m(27.7 m)5.1 m67.5 m(17.9 m)(25.9 m)88.9 m(54.5 m)(11.3 m)76.9 m(6.5 m)

Sotheby's Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

721.3 m693.8 m848.7 m496 m544.4 m

Accounts Receivable

812.6 m913.7 m875.3 m433.6 m795.2 m

Inventories

25.2 m34.1 m33.9 m159 m74.5 m

Current Assets

2 b2 b2.1 b1.3 b1.9 b

PP&E

352 m

Goodwill

50 m50.5 m

Total Assets

2.9 b3.1 b3.3 b2.5 b3.1 b

Accounts Payable

86 m90.3 m

Short-term debt

308.9 m

Current Liabilities

1.1 b1.4 b1.2 b743 m1.5 b

Long-term debt

614.8 m598.9 m653 m

Total Debt

598.9 m961.9 m

Total Liabilities

2 b2.5 b

Additional Paid-in Capital

387.5 m408.9 m435.7 m444.6 m453.4 m

Retained Earnings

790.6 m569.9 m586.2 m660.3 m779.7 m

Total Equity

1.1 b878.2 m806.7 m505.6 m616.9 m

Debt to Equity Ratio

1.2 x

Debt to Assets Ratio

0.2 x

Financial Leverage

2.5 x3.6 x4.1 x5 x5 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Cash

483.2 m322.2 m576.4 m419.6 m381.1 m613.7 m602.1 m414 m475.3 m405.8 m514.9 m516.4 m335.7 m

Inventories

98.4 m177.6 m218.9 m209.7 m258.8 m258 m218.3 m205.5 m205.1 m179.6 m150.8 m131.2 m65.3 m

Current Assets

1.1 b1.3 b2 b1.4 b1.3 b1.9 b1.3 b1.3 b1.6 b1.2 b1.3 b1.7 b1.3 b

Goodwill

47.8 m47.9 m47.8 m50.1 m50.4 m55.8 m

Total Assets

2 b2.2 b3.1 b2.5 b2.5 b3.1 b2.5 b2.4 b2.8 b2.4 b2.4 b2.8 b2.4 b

Accounts Payable

120.8 m127.4 m185.2 m89.5 m86.3 m101.3 m89.5 m126.1 m99.7 m94.4 m80.9 m91.2 m106.6 m

Short-term debt

12.4 m

Current Liabilities

375.5 m570.8 m1.3 b804.7 m759.3 m1 b447.1 m554.1 m1 b605.3 m699.4 m1.1 b1 b

Long-term debt

597.3 m563.8 m651 m

Total Debt

597.3 m563.8 m663.4 m

Total Liabilities

986 m1.4 b2.2 b1.6 b1.6 b2.2 b1.7 b1.8 b2.2 b1.8 b1.9 b2.3 b1.8 b

Additional Paid-in Capital

380.8 m388.5 m394.3 m398.9 m408.9 m418.8 m400.1 m435.5 m437.1 m439.3 m437.3 m442.6 m452.4 m

Retained Earnings

706.8 m467.1 m537.6 m502.9 m568.1 m628.6 m604 m560.4 m649.3 m594.8 m649.6 m726.5 m773.2 m

Total Equity

1 b796.5 m877.1 m827.2 m858 m946.7 m787.5 m619.1 m570.3 m515.1 m490.4 m543.1 m591 m

Financial Leverage

1.9 x2.7 x3.5 x3 x2.9 x3.3 x3.2 x3.9 x4.9 x4.6 x4.9 x5.2 x4.1 x

Sotheby's Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

130 m117.8 m43.5 m74 m

Depreciation and Amortization

19.4 m20.6 m19.5 m21.8 m24.1 m

Accounts Receivable

(190 m)(180 m)(14 m)437.4 m(297.7 m)

Inventories

(2.7 m)(9.6 m)(6.6 m)29.7 m73.7 m

Accounts Payable

Cash From Operating Activities

237.4 m44.3 m155.1 m158.4 m366.2 m

Cash From Investing Activities

(91.1 m)(128.6 m)(16.7 m)(120.4 m)

Short-term Borrowings

(197.4 m)

Dividends Paid

(13.8 m)(331.5 m)(29.8 m)(1.7 m)(2.4 m)

Cash From Financing Activities

(202.3 m)72.2 m25.7 m(356.3 m)(384 m)

Free Cash Flow

260.9 m55.1 m166.4 m137 m345.5 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q1, 2018

Net Income

(30.1 m)(5.9 m)77.6 m(27.7 m)5.1 m67.5 m(17.9 m)(25.9 m)88.9 m(54.5 m)(11.3 m)

Depreciation and Amortization

4.9 m5.1 m5.1 m5.2 m4.8 m9.6 m14.4 m5.3 m10.8 m16.2 m5.4 m7.1 m

Accounts Receivable

81.7 m626.7 m369 m34.6 m441.1 m79.7 m

Inventories

(54 m)(16.3 m)4 m(500 k)20.6 m150.8 m7 m

Cash From Operating Activities

(66.3 m)(96.7 m)(303.2 m)(47.1 m)(99.9 m)(155.6 m)

Cash From Investing Activities

(136 m)(62.8 m)(29.5 m)66 m

Dividends Paid

(16.4 m)(23.2 m)(1.7 m)(1.7 m)(1.7 m)

Cash From Financing Activities

119.3 m72.2 m(176.2 m)(312.9 m)(291.3 m)(471.6 m)

Free Cash Flow

(69.1 m)(103.4 m)(307.2 m)(57.7 m)(116.3 m)(164.7 m)

Sotheby's Ratios

USDY, 2018

EV/EBIT

475.3 x

EV/CFO

-21.1 x

EV/FCF

-19.9 x

Financial Leverage

4.1 x
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