DreamWorks Animation Reports Second Quarter 2014 Financial Results

 

DREAMWORKS ANIMATION SKG, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS 

(Unaudited)






 Six Months Ended 


 June 30, 


2014


2013


 (in thousands) 

Operating activities




Net (loss) income 

$ (58,344)


$   28,362

Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:




Amortization and write-off of film and other inventory costs(1)

206,493


178,023

Amortization of intangible assets

6,436


4,408

Stock-based compensation expense 

8,421


9,837

Amortization of deferred financing costs

550


-

Depreciation and amortization 

2,249


2,351

Change in fair value of contingent consideration

(4,720)


-

Revenue earned against deferred revenue and other advances  

(32,584)


(39,061)

Income related to investment contributions

(3,989)


(10,700)

Loss from equity method investees

6,727


1,329

Deferred taxes, net 

(26,590)


9,576

Changes in operating assets and liabilities, net of the effects of acquisitions:

-



Trade accounts receivable 

(15,691)


7,208

Receivables from distributors

70,315


(18,933)

Film and other inventory costs 

(236,376)


(210,984)

Intangible assets

-


1,015

Prepaid expenses and other assets 

(14,312)


(8,537)

Accounts payable and accrued liabilities 

(38,113)


3,694

Payable to former stockholder 

(615)


(14,929)

Income taxes payable/receivable, net 

7,353


2,212

Deferred revenue and other advances 

56,355


74,825

Net cash (used in) provided by operating activities 

(66,435)


19,696





Investing activities




Investments in unconsolidated entities

(13,365)


(14,720)

Purchases of property, plant and equipment 

(17,653)


(14,858)

Acquisitions of character and distribution rights

(51,000)


-

Acquisitions, net of cash acquired

(12,605)


(30,093)

Net cash used in investing activities 

(94,623)


(59,671)





Financing activities




Proceeds from stock option exercises

261


-

Purchase of treasury stock 

(1,956)


(25,854)

Borrowings from revolving credit facility

110,000


45,000

Repayments of borrowings from revolving credit facility

(10,000)


(10,000)

Net cash provided by financing activities 

98,305


9,146

Effect of exchange rate changes on cash and cash equivalents

(518)


428

Decrease in cash and cash equivalents 

(63,271)


(30,401)

Cash and cash equivalents at beginning of period

95,467


59,246

Cash and cash equivalents at end of period

$  32,196


$   28,845





Non-cash investing activities:




Contingent consideration portion of business acquisition purchase price

$            -


$   95,000

Intellectual property and technology licenses granted in exchange for equity interest

3,395


10,129

Services provided in exchange for equity interest

600


571

Total non-cash investing activities

$    3,995


$ 105,700





Supplemental disclosure of cash flow information:




Cash refunded during the period for income taxes, net

$       608


$     1,529

Cash paid during the period for interest, net of amounts capitalized

$    5,273


$        690


(1) Included within this amount is depreciation and amortization, interest expense and stock-based compensation previously capitalized to "Film and other inventory costs." During the six months ended June 30, 2014 and 2013, these amounts totaled $14,066 and $17,378, respectively.


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