DreamWorks Delivers Outstanding Fourth Quarter And Year-End 2015 Results Highlighted By Strong Growth Across Core Business Segments

 

DREAMWORKS ANIMATION SKG, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)



Year Ended December 31,


2015


2014


(in thousands)

Operating activities




Net loss

$

(53,964)



$

(308,321)


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




Amortization and write-off of film and other inventory costs

441,207



625,567


Other impairments and write-offs

11,933



19,591


Amortization of intangible and other assets

23,596



14,544


Depreciation and amortization

30,196



6,491


Amortization of deferred financing costs

2,302



1,173


Amortization of deferred gain on sale-leaseback transaction

(1,993)




Stock-based compensation expense

21,156



19,302


Change in fair value of contingent consideration



(16,500)


Revenue earned against deferred revenue and other advances

(109,072)



(65,193)


Income related to investment contributions

(6,284)



(8,429)


Loss from equity method investees

15,491



13,808


Deferred taxes, net

1,062



222,066


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




Restricted cash

25,201



(25,000)


Trade accounts receivable

(107,175)



(20,866)


Receivables from distributors

39,569



9,456


Film and other inventory costs

(411,444)



(484,285)


Prepaid expenses and other assets

(60,613)



(32,827)


Accounts payable and accrued liabilities

14,804



22,627


Payable to former stockholder

10,321



(251,854)


Income taxes payable/receivable, net

(1,657)



(836)


Deferred revenue and other advances

167,873



97,041


Net cash provided by (used in) operating activities

52,509



(162,445)


Investing activities




Investments in unconsolidated entities

(18,136)



(20,645)


Purchases of property, plant and equipment

(22,729)



(34,358)


Acquisitions of character and distribution rights



(51,000)


Acquisitions, net of cash acquired



(12,605)


Net cash used in investing activities

(40,865)



(118,608)


Financing activities




Proceeds from stock option exercises



12,167


Deferred financing costs

(6,286)




Purchase of treasury stock

(10,645)



(10,318)


Borrowings from revolving credit facility

425,405



250,000


Repayments of borrowings from revolving credit facility

(580,405)



(35,000)


Proceeds from lease financing obligation

199,203




Repayments of lease financing obligation

(1,378)




Contingent consideration payment

(335)



(79,665)


Proceeds from sale of non-controlling equity interest in ATV



81,250


Capital contributions from non-controlling interest holders

40,000




Distributions to non-controlling interest holder

(998)



(227)


Net cash provided by financing activities

64,561



218,207


















Effect of exchange rate changes on cash and cash equivalents

382



1,606


Increase (decrease) in cash and cash equivalents

76,587



(61,240)


Cash and cash equivalents at beginning of year

34,227



95,467


Cash and cash equivalents at end of year

$

110,814



$

34,227






Non-cash investing activities:




Intellectual property and technology licenses granted in exchange for equity interest

$

6,085



$

7,730


Services provided in exchange for equity interest

199



776


Total non-cash investing activities

$

6,284



$

8,506


Supplemental disclosure of cash flow information:




Cash paid during the year for income taxes, net

$

4,994



$

1,209


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

$

23,719



$

14,325



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