Sotheby s First Quarter 2009 Earnings Call Outline May 7, 2009
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1 Sotheby s First Quarter 2009 Earnings Call Outline May 7, 2009 Summary: Today we are announcing first quarter 2009 revenues of $54.4 million which is a $74.8 million, or 58%, decrease from the prior year first quarter and a net loss of ($34.5) million which is a $22.1 million deterioration from the prior period. This is almost entirely due to a 71% decline in Net Auction Sales in the quarter attributable to the downturn in the global economy and international art market that began last autumn which is adversely affecting businesses across the world. Partially offsetting the substantial decline in Net Auction Sales is a 560 basis point, or 41%, improvement in auction commission margins to 19.2% in the first quarter of 2009 which is attributable to management s revenue enhancement strategies, the benefit of the buyer s premium increase that was instituted in June 2008, the significant de-risking of our business with the virtual cessation of guarantee activity, and a change in sales mix. Also partially offsetting the sales decline is a 25% improvement in operating expenses in the quarter as a result of our cost reduction initiatives, as well as the lower level of Net Auction Sales and movements in foreign currency exchange rates. Last week, we announced further cost cuts in addition to the plans we announced to you on this call last quarter. - In total, the staff reductions associated with the 2008 and 2009 restructuring plans will result in annual cost savings of $24 million and a 20% reduction in global headcount. $15 million is expected to be realized in In addition to the restructuring plans, we are implementing a number of other cost savings initiatives impacting all areas of expense which will result in targeted cost savings of over $160 million in 2009 as compared to 2008 a 30% reduction in operating expense. This is an additional $60 million above the $100 million target we communicated to you last quarter. - As a result of these further cost reductions, our breakeven is now well below $2 billion in net sales. Overall Results Net loss for the first quarter 2009 was ($34.5) million or ($0.53) per diluted share, compared to net loss of ($12.4) million or ($0.19) per diluted share, in the prior period. - This deterioration is largely due to a 71% decrease in Net Auction Sales over the period and partially offset by a 25% improvement in operating expenses and a significant improvement in auction commission margins. 1
2 Operating Revenues For the first quarter 2009, operating revenues totaled $54.4 million, a $74.8 million, or 58%, decrease from the prior year. - This revenue decline is largely due to the $476 million, or 71%, decrease in Net Auction Sales over the period. $35.5 million of the sales decline was the result of changes in foreign currency rates while the remainder is largely attributable to the downturn in the international art market and global economy that began last fall. - Also contributing to this operating revenue decline is an $11.9 million, or 72%, decrease in dealer revenues over the period largely due to a highly profitable sale of an individual painting in the prior period for which there was no comparable sale in the current period and a $49.6 million, or 43%, decrease in private sales over the period, primarily due to a lower volume of high-end private sales this quarter. - Partially offsetting these declines is a 560 basis point, or 41%, increase in first quarter auction commission margin. Direct Costs of Services Consists largely of catalogue production and distribution costs, as well as sale marketing costs and shipping expenses. For the quarter ended March 31, 2009, direct costs of services decreased $4.4 million, or 32%, to $9.2 million when compared to the prior year. This decrease is consistent with the substantially lower level of Net Auction Sales and lots offered combined with management s cost containment efforts. The comparison of direct costs of services to the prior period is favorably impacted by $1 million in costs related to the promotion of the RED charity sale in February 2008, for which there was no comparable event in the current period, as well as favorable movements in foreign currency exchange rates, which contributed $0.9 million to the decrease in direct costs of services. Partially offsetting the decrease in direct costs of services is $3.3 million in costs to promote Sotheby s first ever auctions in Doha, Qatar this March. Marketing Expenses Marketing expenses are costs related to the promotion of the Sotheby's brand, including the cost of client service initiatives and strategic sponsorships of important cultural institutions. For the three months ended March 31, 2009, marketing expenses decreased by $2.4 million, or 46%, to $2.9 million when compared to the prior period primarily as a result of our efforts to reduce discretionary spending in this area. 2
3 Salaries and Related Costs Salaries and related costs decreased $13.2 million, or 22%, to $48.0 million for the first quarter This decrease is principally due to lower levels of full-time salaries, employee benefits, payroll taxes, stock compensation costs and incentive compensation costs. Also significantly impacting the comparison of salaries and related costs to the prior period are favorable movements in foreign currency exchange rates, which contributed $6.2 million to the overall decrease. General & Administrative Costs For the first quarter 2009, general and administrative expenses decreased $15.0 million, or 33%, when compared to the same period in the prior year, largely due to the following: - A $3.6 million decrease as a result of favorable movements in foreign exchange rates. - A $4.1 million, or 26%, decrease in professional fees, partially due to a $1.5 million decrease in costs associated with our outsourced tax compliance function, as well as lower consulting fees, which is primarily attributable to our cost reduction initiatives. - A $3.3 million, or 43%, decrease in travel and entertainment costs due to a lower level of travel in pursuit of business getting opportunities, as well as our cost reduction initiatives. - A $2.5 million decrease in bad debt expense, primarily as a result of better than expected collection efforts during the first quarter of A $0.8 million decrease in client goodwill gestures, authenticity claims and other litigation-related matters. Net Interest Expense For the quarter ended March 31, 2009, net interest expense increased $4.2 million, or 79%, when compared to the prior year largely due to the incremental interest expense related to the Convertible Notes and Senior Notes issued in June 2008 as well as lower average cash and shortterm investment balances and lower interest rates earned on those balances. The overall increase in net interest expense is partially offset by $0.8 million in interest income related to a delinquent client account that was determined to be collectible in the first quarter of 2009, for which there was no comparable event in the prior year. Income Tax Expense The Company s effective income tax benefit rate for the first quarter of 2009 is 48.5%. During the first quarter of 2009, Sotheby s recognized income tax expense of $15.6 million principally attributable to the recording of a valuation allowance related to certain state and local deferred tax assets which reduced the effective income tax benefit rate by approximately 23% for the quarter. As a result, Sotheby s normalized effective tax benefit rate for the first quarter of 2009 is approximately 77.1%, compared to 35.5% in the first quarter of The comparison of the 3
4 effective tax benefit rate between periods is significantly influenced by the level and mix of earnings and losses by taxing jurisdictions, as well as by foreign tax rate differentials. Change in London Sales Calendar A brief word about our sales calendar - I want to highlight that our London Contemporary Art sales which were held in the third quarter of 2008, in early July, are now back in the second quarter of this year, at the very end of June. In July 2008, these Contemporary Art sales were approx. $242 million. NB - Liquidity Information (in millions) 3/31/09 3/31/08 Cash $28.5 $68.9 Restricted Cash $3.7 $12.5 Total Cash $32.2 $81.4 Current Assets $690.1 $1,061.2 Current Liabilities $246.6 $687.0 Credit facility borrowings $- $45.0 LT Senior debt $506.2 $- Second Quarter Sales In New York earlier this week, we held our spring sales of Impressionist and Modern Art which totaled $84 million and had our best sell through rate in two years for the category in New York of 85%. Highlighting the sales was Piet Mondrian s Composition in Black and White, with Double Lines which brought $9.3 million, well above the pre-sale high estimate of $5 million. Other strong prices were brought for pieces by Tamara de Lempicka, Claude Monet and Pierre- Auguste Renoir. Last month, our week long series of sales in Hong Kong brought $89 million, well above the presale low estimate of $79 million with Wine, Chinese Paintings and 20th Century Chinese Art highlighting the week. The overall sell through rate for the week was a satisfying 85%. Upcoming Sales Turning to our upcoming sales: Next week in New York, we will hold our spring sales of Contemporary Art. Highlighting the sales is Jeff Koons Baroque Egg with Bow (Turquoise/Magenta), a large sculpture that is modeled after a chocolate Easter egg and is the centerpiece of his Celebration series which focuses on toys, presents and other childhood objects. The work has a pre-sale estimate of $6/$8 million. Other featured works are by Robert Rauschenberg, Jean-Michel Basquiat, Martin Kippenberger and Robert Gober. The sales have a pre-sale estimate of $80/$112 million. 4
5 Competitive Environment/Outlook We are making considerable strides in right-sizing our organization for these challenging times. We have implemented revenue enhancement strategies which enabled us to increase our auction commission margin by 560 basis points in the first quarter of 2009 as compared to the prior year first quarter. Of course, some of the increase is due to sales mix, but much is also due to our concerted efforts to improve our margins. This 41% increase has brought us an incremental $11 million or 20% of our total revenues for the first quarter of 2009 which is a very significant figure. In good times and bad, one thing is certain; it is extremely challenging to forecast the top line of our business. For this reason, we must focus on our cost structure and we are expecting at least $160 million in cost savings in 2009 as compared to Unfortunately, this has meant a 20% reduction in Sotheby s global headcount. But, every area of expense is being addressed - as these actions are imperative to ensuring our continued financial strength through the challenging times ahead. Our first quarter results demonstrate an aggressive response to the ongoing global uncertainty, with costs down 25% and margins up 41%. The dynamics of the business are shifting dramatically, positioning us for strong future earnings power when the market rebounds, with more limited downside. It has been encouraging to see that demand remains positive for great works of art which are well estimated and fresh to the market. We have seen this play out a number of times this spring in all our key locations, most recently in New York over the last two days. We had two major goals for our evening sale of Impressionist and Modern Art that we would do a good job for our sellers and that the sale would be profitable. We achieved both. Very importantly for the market, 80% of the lots sold on Tuesday evening, our highest sell through rate in two years. In the day sale that followed, the sell through rate of 87% was the highest in ten years. It is not clear that people who observe our business have understood the substantive transition, as they focus on just a few marquee lots. We now see a fundamentally different business set of levers given the fact that we are not using principal to generate consignments. This high sell through rate combined with our focus on margins has led us to a more profitable sale in the Impressionist marketplace than we have enjoyed in some time. This kind of event is both highly repeatable, and at very low balance sheet risk, which is very different that our last four years. So overall we have both lowered our costs to reflect a lower level of sales, and the downside volatility is dramatically reduced, leaving us with a manageable downside and enormous upside potential when volumes pick up. Note: Estimates do not include buyer s premium. Forward Looking Statements: During the course of this call, the Company may make projections or other forward-looking statements regarding future events or the future financial performance of the Company. We wish to caution you that such projections and statements are only predictions and involve risks and uncertainties, resulting in the possibility that the actual events or performance will differ materially from such predictions. We refer you to the documents the Company files periodically with the Securities and Exchange Commission, specifically the Company s most recently filed Form 10-Q and 10-K. These documents identify important factors that could cause the actual results to differ materially from those contained in the projections or forward-looking statements. 5
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