DreamWorks Animation Delivers Solid Second Quarter 2015 Results With Revenues Increasing 40% To $171 Million And Total Segment Gross Profit Improving 74% To $61 Million Versus Last Year

 

DREAMWORKS ANIMATION SKG, INC.





CONSOLIDATED STATEMENTS OF CASH FLOWS 





(Unaudited)






 Six Months Ended 


 June 30, 


2015


2014


 (in thousands) 

Operating activities




Net loss

$ (94,929)


$ (58,344)

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




Amortization and write-off of film and other inventory costs

182,239


206,493

Other impairments and write-offs

5,064


-

Amortization of intangible assets

7,049


6,436

Depreciation and amortization 

20,957


2,349

Amortization of deferred financing costs

1,200


550

Stock-based compensation expense 

10,727


8,421

Change in fair value of contingent consideration

-


(4,720)

Revenue earned against deferred revenue and other advances  

(35,608)


(32,584)

Income related to investment contributions

(4,000)


(3,989)

Loss from equity method investees

9,137


6,727

Deferred taxes, net 

1,267


(26,590)

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




Restricted cash

17,252


-

Trade accounts receivable 

(18,989)


(15,691)

Receivables from distributors

53,169


70,315

Film and other inventory costs 

(179,791)


(236,376)

Prepaid expenses and other assets 

(37,656)


(14,412)

Accounts payable and accrued liabilities 

(23,547)


(38,113)

Payable to former stockholder 

(231)


(615)

Income taxes payable/receivable, net 

107


7,353

Deferred revenue and other advances 

93,924


56,355

Net cash provided by (used in) operating activities 

7,341


(66,435)





Investing activities




Investments in unconsolidated entities

(2,298)


(13,365)

Purchases of property, plant and equipment 

(4,595)


(17,653)

Acquisitions of character and distribution rights

-


(51,000)

Acquisitions, net of cash acquired

-


(12,605)

Net cash used in investing activities 

(6,893)


(94,623)





Financing activities




Proceeds from stock option exercises

-


261

Deferred financing costs

(6,286)


-

Purchase of treasury stock 

(3,066)


(1,956)

Contingent consideration payment

(335)


-

Borrowings from revolving credit facility

385,405


110,000

Repayments of borrowings from revolving credit facility

(485,405)


(10,000)

Proceeds from lease financing obligation

185,000


-

Repayments of lease financing obligation

(1,399)


-

Capital contribution from non-controlling interest holder

15,000


-

Distributions to non-controlling interest holder

(813)


-

Net cash provided by financing activities 

88,101


98,305

Effect of exchange rate changes on cash and cash equivalents

(574)


(518)

Increase (decrease) in cash and cash equivalents 

87,975


(63,271)

Cash and cash equivalents at beginning of period

34,227


95,467

Cash and cash equivalents at end of period

$ 122,202


$  32,196





Non-cash investing activities:




Intellectual property and technology licenses granted in exchange for equity interest

$     3,945


$    3,395

Services provided in exchange for equity interest

55


600

Total non-cash investing activities

$     4,000


$    3,995





Supplemental disclosure of cash flow information:




Cash paid (refunded) during the period for income taxes, net 

$     2,897


$      (608)

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

$   14,675


$    5,273






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