0000876883-19-000009.txt : 20190509 0000876883-19-000009.hdr.sgml : 20190509 20190509161842 ACCESSION NUMBER: 0000876883-19-000009 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 69 CONFORMED PERIOD OF REPORT: 20190331 FILED AS OF DATE: 20190509 DATE AS OF CHANGE: 20190509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MDC PARTNERS INC CENTRAL INDEX KEY: 0000876883 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-ADVERTISING AGENCIES [7311] IRS NUMBER: 980364441 STATE OF INCORPORATION: A6 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-13718 FILM NUMBER: 19810812 BUSINESS ADDRESS: STREET 1: 745 FIFTH AVENUE, 19TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10151 BUSINESS PHONE: 646 429 1800 MAIL ADDRESS: STREET 1: 745 FIFTH AVENUE, 19TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10151 FORMER COMPANY: FORMER CONFORMED NAME: MDC CORP INC DATE OF NAME CHANGE: 20001204 FORMER COMPANY: FORMER CONFORMED NAME: MDC COMMUNICATIONS CORP DATE OF NAME CHANGE: 19961028 FORMER COMPANY: FORMER CONFORMED NAME: MDC CORPORATION DATE OF NAME CHANGE: 19950419 10-Q 1 mdca-20190331x10q.htm 10-Q Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 10-Q
(Mark One) 
 
ý
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2019
or
 
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________ to ______________
Commission File Number: 001-13718 
MDC Partners Inc.
(Exact name of registrant as specified in its charter)
Canada
 
98-0364441
(State or other jurisdiction of
incorporation or organization)
 
(IRS Employer Identification No.)
 
 
 
745 Fifth Avenue
New York, New York
 
10151
(Address of principal executive offices)
 
(Zip Code)
(646) 429-1800
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   ý   No   ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes   ý No   ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated Filer  ¨
Accelerated filer  x
Non-accelerated Filer  ¨ 
Smaller reporting company  ¨
Emerging growth company ¨
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   ¨ No   ý
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A Subordinate Voting Shares, no par value
MDCA
NASDAQ
The number of common shares outstanding as of April 30, 2019 was 71,896,266 Class A subordinate voting shares and 3,755 Class B multiple voting shares.



MDC PARTNERS INC.
 
QUARTERLY REPORT ON FORM 10-Q
 
TABLE OF CONTENTS
 
 
 
Page
 
PART I. FINANCIAL INFORMATION
 
Item 1.
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
 
 
 
PART II. OTHER INFORMATION
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

2

PART I. FINANCIAL INFORMATION
Item 1.    Financial Statements
MDC PARTNERS INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(thousands of United States dollars, except per share amounts)
 
Three Months Ended March 31,
 
2019
 
2018
Revenue:
 

 
 

Services
$
328,791

 
$
326,968

Operating expenses:
 
 
 
Cost of services sold
237,153

 
243,030

Office and general expenses
67,118

 
83,879

Depreciation and amortization
8,838

 
12,375

Other asset impairment
—

 
2,317

 
313,109

 
341,601

Operating income (loss)
15,682

 
(14,633
)
Other Income (Expenses):
 
 
 
Interest expense and finance charges, net
(16,760
)
 
(16,083
)
Foreign exchange gain (loss)
5,442

 
(6,660
)
Other, net
(3,383
)
 
441

 
(14,701
)
 
(22,302
)
Income (loss) before income taxes and equity in earnings of non-consolidated affiliates
981

 
(36,935
)
Income tax expense (benefit)
748

 
(8,330
)
Income (loss) before equity in earnings of non-consolidated affiliates
233

 
(28,605
)
Equity in earnings of non-consolidated affiliates
83

 
86

Net income (loss)
316

 
(28,519
)
Net income attributable to the noncontrolling interests
(429
)
 
(897
)
Net loss attributable to MDC Partners Inc.
(113
)
 
(29,416
)
Accretion on convertible preference shares
(2,383
)
 
(2,027
)
Net loss attributable to MDC Partners Inc. common shareholders
$
(2,496
)
 
$
(31,443
)
Loss Per Common Share:
 

 
 

Basic
 


 

Net loss attributable to MDC Partners Inc. common shareholders
$
(0.04
)
 
$
(0.56
)
Diluted
 
 
 
Net loss attributable to MDC Partners Inc. common shareholders
$
(0.04
)
 
$
(0.56
)
Weighted Average Number of Common Shares Outstanding:
 

 
 

  Basic
60,258,102

 
56,415,042

  Diluted
60,258,102

 
56,415,042

Stock-based compensation expense is included in the following line items above:
 

 
 

Cost of services sold
$
4,545

 
$
3,347

Office and general expenses
(1,573
)
 
1,690

Total
$
2,972

 
$
5,037

See notes to the unaudited condensed consolidated financial statements.

3

MDC PARTNERS INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(thousands of United States dollars)
 
Three Months Ended March 31,
 
2019
 
2018
Comprehensive Income (Loss)
 

 
 

Net income (loss)
$
316

 
$
(28,519
)
Other comprehensive income (loss), net of applicable tax:
 

 
 

Foreign currency translation adjustment
(4,659
)
 
2,278

Other comprehensive income (loss)
(4,659
)
 
2,278

Comprehensive loss for the period
(4,343
)
 
(26,241
)
Comprehensive loss (income) attributable to the noncontrolling interests
(780
)
 
204

Comprehensive loss attributable to MDC Partners Inc.
$
(5,123
)
 
$
(26,037
)
See notes to the unaudited condensed consolidated financial statements.

4

MDC PARTNERS INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(thousands of United States dollars)
 
March 31,
2019
 
December 31,
2018
 
(Unaudited)
 
 
ASSETS
 

 
 

Current Assets:
 

 
 

Cash and cash equivalents
$
26,372

 
$
30,873

Accounts receivable, less allowance for doubtful accounts of $2,066 and $1,879
438,648

 
395,200

Expenditures billable to clients
46,663

 
42,369

Assets held for sale
11,861

 
78,913

Other current assets
44,689

 
42,499

Total Current Assets
568,233

 
589,854

Fixed assets, at cost, less accumulated depreciation of $133,879 and $128,546
85,456

 
88,189

Right of use assets - operating leases
246,643

 
—

Investment in non-consolidated affiliates
6,586

 
6,556

Goodwill
742,775

 
740,955

Other intangible assets, net, less accumulated amortization of $164,347 and $161,868
64,858

 
67,765

Deferred tax assets
92,439

 
92,741

Other assets
26,129

 
25,513

Total Assets
$
1,833,119

 
$
1,611,573

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND SHAREHOLDERS’ DEFICIT
 

 
 

Current Liabilities:
 

 
 

Accounts payable
$
214,694

 
$
221,995

Accruals and other liabilities
251,300

 
313,141

Liabilities held for sale
11,218

 
35,967

Advance billings
171,151

 
138,505

Current portion of lease liabilities - operating leases
44,129

 
—

Current portion of deferred acquisition consideration
36,521

 
32,928

Total Current Liabilities
729,013

 
742,536

Long-term debt
919,050

 
954,107

Long-term portion of deferred acquisition consideration
39,862

 
50,767

Long-term lease liabilities - operating leases
248,609

 
—

Other Liabilities
17,523

 
54,255

Deferred tax liabilities
5,329

 
5,329

Total Liabilities
1,959,386

 
1,806,994

Redeemable Noncontrolling Interests
48,006

 
51,546

Commitments, Contingencies and Guarantees (Note 13)


 


Shareholders' Deficit:


 


Convertible preference shares, 145,000 authorized, issued and outstanding at March 31, 2019 and 95,000 at December 31, 2018
152,117

 
90,123

Common stock and other paid-in capital
98,693

 
58,579

Accumulated deficit
(465,016
)
 
(464,903
)
Accumulated other comprehensive (loss) income
(290
)
 
4,720

MDC Partners Inc. Shareholders' Deficit
(214,496
)
 
(311,481
)
Noncontrolling Interests
40,223

 
64,514

Total Shareholders' Deficit
(174,273
)
 
(246,967
)
Total Liabilities, Redeemable Noncontrolling Interests and Shareholders' Deficit
$
1,833,119

 
$
1,611,573

See notes to the unaudited condensed consolidated financial statements.

5

MDC PARTNERS INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(thousands of United States dollars)


 
Three Months Ended March 31,
 
2019
 
2018
Cash flows used in operating activities:
 

 
 

Net income (loss)
$
316

 
$
(28,519
)
Adjustments to reconcile income (loss) to cash provided by (used in) operating activities:


 


Stock-based compensation
2,972

 
5,037

Depreciation
6,359

 
8,402

Amortization of intangibles
2,479

 
3,973

Amortization of deferred finance charges and debt discount
826

 
807

Other asset impairment
—

 
2,317

Adjustment to deferred acquisition consideration
(7,643
)
 
2,586

Deferred income taxes
748

 
(10,786
)
Loss on sale of assets
3,592

 
19

Earnings of non-consolidated affiliates
(83
)
 
(86
)
Other and non-current assets and liabilities
(1,755
)
 
(1,004
)
Foreign exchange
(5,188
)
 
6,864

Changes in working capital:
 
 
 
Accounts receivable
(29,957
)
 
12,358

Expenditures billable to clients
(4,294
)
 
(26,739
)
Prepaid expenses and other current assets
(3,373
)
 
(9,734
)
Accounts payable, accruals and other current liabilities
(75,105
)
 
(76,826
)
Acquisition related payments
(3,657
)
 
(6,665
)
Advance billings
32,563

 
56,963

Net cash used in operating activities
(81,200
)

(61,033
)
Cash flows provided by (used in) investing activities:


 


Capital expenditures
(3,606
)
 
(3,799
)
Proceeds from sale of assets
23,050

 
—

Acquisitions, net of cash acquired
(1,050
)
 
—

Other investments
(293
)
 
(69
)
Net cash provided by (used in) investing activities
18,101


(3,868
)
Cash flows provided by financing activities:
 

 
 

Repayments of revolving credit facility
(466,437
)
 
(250,800
)
Proceeds from revolving credit facility
431,097

 
309,816

Proceeds from issuance of common and convertible preference shares, net of issuance costs
97,629

 
—

Acquisition related payments
—

 
(7,422
)
Distributions to noncontrolling interests
(1,501
)
 
(3,295
)
Payment of dividends
—

 
(146
)
Purchase of shares
—

 
(456
)
Other
(35
)
 
(79
)
Net cash provided by financing activities
60,753


47,618

Effect of exchange rate changes on cash, cash equivalents, and cash held in trusts
(576
)
 
306


6

 
Three Months Ended March 31,
 
2019
 
2018
Net decrease in cash, cash equivalents, and cash held in trusts including cash classified within assets held for sale
(2,922
)
 
(16,977
)
Change in cash and cash equivalents held in trusts classified within held for sale
(3,307
)
 
(165
)
Change in cash and cash equivalents classified within assets held for sale
1,728

 
—

Net decrease in cash and cash equivalents
(4,501
)
 
(17,142
)
Cash, cash equivalents, and cash held in trusts at beginning of period
30,873

 
50,811

Cash, cash equivalents, and cash held in trusts at end of period
$
26,372

 
$
33,669

Supplemental disclosures:
 

 
 

Cash income taxes paid
$
1,677

 
$
1,333

Cash interest paid
$
1,629

 
$
649

See notes to the unaudited condensed consolidated financial statements.

7

MDC PARTNERS INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ DEFICIT
(thousands of United States dollars)
 
Convertible Preference Shares
 
Common Shares
Common Stock and Other Paid-in Capital
 
Accumulated
Deficit
 
Accumulated Other Comprehensive Income
 
MDC Partners Inc.
Shareholders’
Deficit
 
Noncontrolling
Interests
 
Total
Shareholders’
Deficit
 
 
 
 
 
 
 
 
Shares
 
Amount
 
Shares
 
 
 
 
 
Balance at December 31, 2018
95,000

 
$
90,123

 
57,521,323

$
58,579

 
$
(464,903
)
 
$
4,720

 
$
(311,481
)
 
$
64,514

 
$
(246,967
)
Net loss attributable to MDC Partners Inc.
—

 
—

 
—

—

 
(113
)
 
—

 
(113
)
 
—

 
(113
)
Other comprehensive income (loss)
—

 
—

 
—

—

 
—

 
(5,010
)
 
(5,010
)
 
351

 
(4,659
)
Issuance of common and convertible preference shares
50,000

 
61,994

 
14,285,714

35,635

 
—

 
—

 
97,629

 
—

 
97,629

Issuance of restricted stock
—

 
—

 
117,000

—

 
—

 
—

 
—

 
—

 
—

Shares acquired and cancelled
—

 
—

 
(34,016
)
(56
)
 
—

 
—

 
(56
)
 
—

 
(56
)
Stock-based compensation
—

 
—

 
—

(1,291
)
 
—

 
—

 
(1,291
)
 
—

 
(1,291
)
Changes in redemption value of redeemable noncontrolling interests
—

 
—

 
—

5,919

 
—

 
—

 
5,919

 
 
 
5,919

Changes in ownership interest
—

 
—

 
—

(93
)
 
—

 
—

 
(93
)
 
(24,642
)
 
(24,735
)
Balance at March 31, 2019
145,000

 
$
152,117

 
71,890,021

$
98,693

 
$
(465,016
)
 
$
(290
)
 
$
(214,496
)
 
$
40,223

 
$
(174,273
)
 
Convertible Preference Shares
 
Common Shares
Common Stock and Other Paid-in Capital
 
Accumulated
Deficit
 
Accumulated Other Comprehensive Income
 
MDC Partners Inc.
Shareholders’
Deficit
 
Noncontrolling
Interests
 
Total
Shareholders’
Deficit
 
 
 
 
 
 
 
 
Shares
 
Amount
 
Shares
 
 
 
 
 
Balance at December 31, 2017
95,000

 
$
90,220

 
56,375,131

$
38,191

 
$
(340,000
)
 
$
(1,954
)
 
$
(213,543
)
 
$
58,030

 
$
(155,513
)
Net loss attributable to MDC Partners Inc.
—

 
—

 
—

—

 
(29,416
)
 
—

 
(29,416
)
 
—

 
(29,416
)
Other comprehensive income (loss)
—

 
—

 
—

—

 
—

 
3,379

 
3,379

 
(1,101
)
 
2,278

Expenses for convertible preference shares
—

 
(97
)
 
—

—

 
—

 
—

 
(97
)
 
—

 
(97
)
Issuance of restricted stock
—

 
—

 
109,444

—

 
—

 
—

 
—

 
—

 
—

Shares acquired and cancelled
—

 
—

 
(48,508
)
(455
)
 
—

 
—

 
(455
)
 
—

 
(455
)
Stock-based compensation
—

 
—

 
—

2,217

 
—

 
—

 
2,217

 
—

 
2,217

Changes in redemption value of redeemable noncontrolling interests
—

 
—

 
—

(375
)
 
—

 
—

 
(375
)
 
—

 
(375
)
Business acquisitions and step-up transactions, net of tax
—

 
—

 
—

(1,166
)
 
—

 
—

 
(1,166
)
 
—

 
(1,166
)
Changes in ownership interest
—

 
—

 
—

—

 
—

 
—

 
—

 
(5,965
)
 
(5,965
)
Cumulative effect of adoption of ASC 606
—

 
—

 
—

—

 
(1,170
)
 
—

 
(1,170
)
 
—

 
(1,170
)
Balance at March 31, 2018
95,000

 
$
90,123

 
56,436,067

$
38,412

 
(370,586
)
 
$
1,425

 
$
(240,626
)
 
$
50,964

 
$
(189,662
)

See notes to the unaudited condensed consolidated financial statements.

8

MDC PARTNERS INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(thousands of United States dollars, except per share amounts, unless otherwise stated)
1. Basis of Presentation and Recent Developments
The accompanying consolidated financial statements include the accounts of MDC Partners Inc. (the “Company” or “MDC”), its subsidiaries and variable interest entities for which the Company is the primary beneficiary. References herein to “Partner Firms” generally refer to the Company’s subsidiary agencies.
MDC Partners Inc. has prepared the unaudited condensed consolidated interim financial statements included herein in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting interim financial information on Form 10-Q. Accordingly, the financial statements have been condensed and do not include certain information and disclosures pursuant to these rules. The preparation of financial statements in conformity with GAAP requires us to make judgments, assumptions and estimates that affect the amounts reported and disclosed. Actual results could differ from these estimates and assumptions. The consolidated results for interim periods are not necessarily indicative of results for the full year and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (“2018 Form 10-K”).
The accompanying financial statements reflect all adjustments, consisting of normally recurring accruals, which in the opinion of management are necessary for a fair presentation, in all material respects, of the information contained therein. Intercompany balances and transactions have been eliminated in consolidation.
Certain reclassifications have been made to the prior year financial information to conform to the current year presentation.
Due to changes in the composition of certain business and the Company’s internal management and reporting structure during 2019, reportable segment results for the 2018 periods presented have been recast to reflect the reclassification of certain businesses between segments. See Note 12 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for further information.
Recent Developments
Issuance of Shares and Appointment of Chief Executive Officer
On March 14, 2019, the Company entered into a securities purchase agreement with Stagwell Agency Holdings LLC (“Stagwell Holdings”), an affiliate of Stagwell Group LLC (“Stagwell”). See Note 8 of the Notes to the Unaudited Condensed Consolidated Financial Statements for additional information regarding the issuance of the Class A and Series 6 convertible preference shares.
Effective March 18, 2019, the Company’s Board of Directors (the “Board”) appointed Mark Penn as the Chief Executive Officer and as a director of the Board. Mr. Penn is manager of Stagwell. Effective April 18, 2019, Mr. Penn was also appointed as Chairman of the Board.
Amendment to Credit Agreement
On March 12, 2019 , the Company, Maxxcom Inc. (a subsidiary of the Company) (“Maxxcom”) and each of their subsidiaries party thereto entered into an amendment (the “Amendment”) to the existing senior secured revolving credit facility, dated as of May 3, 2016 (as amended, the “Credit Agreement”), among the Company, Maxxcom Inc., a Delaware corporation, each of their subsidiaries party thereto, Wells Fargo Capital Finance, LLC, as agent (“Wells Fargo”), and the lenders from time to time party thereto. See Note 7 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for additional information regarding the amendments to the Credit Agreement.
Sale of Kingsdale
On March 8, 2019, the Company consummated the sale of its equity interest in Kingsdale. See Note 4 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for additional information regarding the sale of Kingsdale.

2. Revenue
The Company’s revenue recognition policies are established in accordance with the Revenue Recognition topics of ASC 606, and accordingly, revenue is recognized when control of the promised goods or services is transferred to our clients, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services.
The MDC network provides an extensive range of services to our clients offering a variety of marketing and communication capabilities including strategy, creative and production for advertising campaigns across a variety of platforms (print, digital, social

9

media, television broadcast), public relations services including strategy, editorial, crisis support or issues management, media training, influencer engagement and events management. We also provide media buying and planning across a range of platforms (out-of-home, paid search, social media, lead generation, programmatic, television broadcast), experiential marketing and application/website design and development.
The primary source of the Company’s revenue is from agency arrangements in the form of fees for services performed, commissions, and from performance incentives or bonuses, depending on the terms of the client contract. In all circumstances, revenue is only recognized when collection is reasonably assured. Certain of the Company’s contractual arrangements have more than one performance obligation. For such arrangements, revenue is allocated to each performance obligation based on its relative stand-alone selling price. Stand-alone selling prices are determined based on the prices charged to clients or using expected cost plus margin.
The determination of our performance obligations is specific to the services included within each contract. Based on a client’s requirements within the contract, and how these services are provided, multiple services could represent separate performance obligations or be combined and considered one performance obligation. Contracts that contain services that are not significantly integrated nor interdependent, nor that significantly modify or customize each other, are considered separate performance obligations. Typically, we consider media planning, media buying, creative (or strategy), production and experiential marketing services to be separate performance obligations if included in the same contract as each of these services can be provided on a stand-alone basis, and do not significantly modify or customize each other. Public relations services and application/website design and development are typically each considered one performance obligation as there is a significant integration of these services into a combined output.
We typically satisfy our performance obligations over time, as services are performed. Fees for services are typically recognized using input methods (direct labor hours, materials and third-party costs) that correspond with efforts incurred to date in relation to total estimated efforts to complete the contract. Point in time recognition primarily relates to certain commission-based contracts, which are recognized upon the placement of advertisements in various media when the Company has no further performance obligation.                                            
Revenue is recognized net of sales and other taxes due to be collected and remitted to governmental authorities. The Company’s contracts typically provide for termination by either party within 30 to 90 days. Although payment terms vary by client, they are typically within 30 to 60 days. In addition, the Company generally has the right to payment for all services provided through the end of the contract or termination date.
Within each contract, we identify whether the Company is principal or agent at the performance obligation level. In arrangements where the Company has substantive control over the service before transferring it to the client, and is primarily responsible for integrating the services into the final deliverables, we act as principal. In these arrangements, revenue is recorded at the gross amount billed. Accordingly, for these contracts the Company has included reimbursed expenses in revenue. In other arrangements where a third-party supplier, rather than the Company is primarily responsible for the integration of services into the final deliverables, and thus the Company is solely arranging for the third-party supplier to provide these services to our client, we generally act as agent and record revenue equal to the net amount retained, when the fee or commission is earned. The role of MDC’s agencies under a production services agreement is to facilitate a client’s purchasing of production capabilities from a third-party production company in accordance with the client’s strategy and guidelines. The obligation of MDC’s agencies under media buying services is to negotiate and purchase advertising media from a third-party media vendor on behalf of a client to execute its media plan. We do not obtain control prior to transferring these services to our clients; therefore, we primarily act as agent for production and media buying services.                                    
A small portion of the Company’s contractual arrangements with clients include performance incentive provisions, which allow the Company to earn additional revenues as a result of its performance relative to both quantitative and qualitative goals. Incentive compensation is primarily estimated using the most likely amount method and is included in revenue up to the amount that is not expected to result in a reversal of a significant amount of cumulative revenue recognized. We recognize revenue related to performance incentives as we satisfy the performance obligation to which the performance incentives are related.
Disaggregated Revenue Data
The Company provides a broad range of services to a large base of clients across the full spectrum of industry verticals on a global basis. The primary source of revenue is from agency arrangements in the form of fees for services performed, commissions, and from performance incentives or bonuses. Certain clients may engage with the Company in various geographic locations, across multiple disciplines, and through multiple Partner Firms. Representation of a client rarely means that MDC handles marketing communications for all brands or product lines of the client in every geographical location. The Company’s Partner firms often cooperate with one another through referrals and the sharing of both services and expertise, which enables MDC to service clients’ varied marketing needs by crafting custom integrated solutions. Additionally, the Company maintains separate, independent operating companies to enable it to effectively manage potential conflicts of interest by representing competing clients across the MDC network.

10

The following table presents revenue disaggregated by client industry vertical for the three months ended March 31, 2019 and 2018:
 
 
 
Three months ended March 31,
Industry
Reportable Segment
 
2019
 
2018
Food & Beverage
All
 
$
66,663

 
$
64,285

Retail
All
 
32,580

 
35,772

Consumer Products
All
 
35,001

 
31,802

Communications
All
 
39,798

 
29,657

Automotive
All
 
18,191

 
20,494

Technology
All
 
26,616

 
34,144

Healthcare
All
 
23,297

 
33,170

Financials
All
 
25,126

 
21,838

Transportation and Travel/Lodging
All
 
17,441

 
14,848

Other
All
 
44,078

 
40,958



 
$
328,791

 
$
326,968


MDC has historically largely focused where the Company was founded in North America, the largest market for its services in the world. In recent years the Company has expanded its global footprint to support clients looking for help to grow their businesses in new markets. Today, MDC’s Partner Firms are located in the United States, Canada, and an additional twelve countries around the world. In the past, some clients have responded to weakening economic conditions with reductions to their marketing budgets, which included discretionary components that are easier to reduce in the short term than other operating expenses.

The following table presents revenue disaggregated by geography:

Three Months Ended March 31,
Geographic Location
Reportable Segment
 
2019

2018
United States
All
 
$
263,017


$
256,524

Canada
All, excluding Media Services
 
22,378


26,379

Other
All, excluding Media Services
 
43,396


44,065



 
$
328,791


$
326,968


Contract assets and liabilities
Contract assets consist of fees and reimbursable outside vendor costs incurred on behalf of clients when providing advertising, marketing and corporate communications services that have not yet been invoiced to clients. Unbilled service fees were $87,054 and $64,362 at March 31, 2019 and December 31, 2018, respectively, and are included as a component of accounts receivable on the unaudited condensed consolidated balance sheets. Outside vendor costs incurred on behalf of clients which have yet to be invoiced were $46,663 and $42,369 at March 31, 2019 and December 31, 2018, respectively, and are included on the unaudited condensed consolidated balance sheets as expenditures billable to clients. Such amounts are invoiced to clients at various times over the course of providing services.
Contract liabilities consist of fees billed to clients in excess of fees recognized as revenue and are classified as advance billings on the Company’s unaudited condensed consolidated balance sheets. Advance billings at March 31, 2019 and December 31, 2018 were $171,151 and $138,505, respectively. The increase in the advance billings balance of $32,646 for the three months ended March 31, 2019 is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by $60,941 of revenues recognized that were included in the advance billings balances as of December 31, 2018 and reductions due to the incurrence of third-party costs.
Changes in the contract asset and liability balances during the three months ended March 31, 2019 and December 31, 2018 were not materially impacted by write offs, impairment losses or any other factors.

11

3. Loss Per Common Share
The following table sets forth the computation of basic and diluted loss per common share:
 
Three Months Ended 
 March 31,
 
2019

2018
Numerator:
 

 

Net loss attributable to MDC Partners Inc.
$
(113
)
 
$
(29,416
)
Accretion on convertible preference shares
(2,383
)

(2,027
)
Net loss attributable to MDC Partners Inc. common shareholders
$
(2,496
)

$
(31,443
)
Denominator:




Basic weighted average number of common shares outstanding
60,258,102


56,415,042

Diluted weighted average number of common shares outstanding
60,258,102


56,415,042

Basic
$
(0.04
)

$
(0.56
)
Diluted
$
(0.04
)
 
$
(0.56
)
Anti-dilutive stock awards          1,633,464 1,560,856

Restricted stock and restricted stock unit awards of 257,280 and 1,343,781 for the three months ended March 31, 2019 and 2018, respectively, which are contingent upon the Company meeting a cumulative three year earnings target and contingent upon continued employment, are excluded from the computation of diluted income per common share as the contingencies were not satisfied at March 31, 2019 and 2018, respectively. In addition, there were 95,000 shares of Preference Shares outstanding which were convertible into 15,081,035 and 10,337,949 Class A common shares at March 31, 2019 and 2018, respectively and 50,000 Preference Shares outstanding which were convertible into 10,037,778 Class A common shares at March 31, 2019. These Preference Shares were anti-dilutive for the three months ended March 31, 2019 and 2018 and are therefore excluded from the diluted loss per common share calculation.

4. Acquisitions and Dispositions
2019 Disposition
On March 8, 2019, the Company consummated the sale of Kingsdale, an operating segment with operations in Toronto and New York City, that provides shareholder services. As consideration for the sale, the Company was paid cash plus the assumption of certain liabilities totaling approximately $50 million in the aggregate. The sale resulted in a loss of approximately $3 million, which is included in Other, net within the Unaudited Condensed Consolidated Statement of Operations.
2018 Acquisitions
On September 7, 2018, a subsidiary of the Company purchased 100% interests of OneChocolate Communications Limited and OneChocolate Communications LLC, PR (“OneChocolate”) a digital marketing consultancy headquartered in London, UK, for an aggregate purchase price of $3,231, working capital of $966 and additional deferred acquisition payments estimated present value of $2,146. OneChocolate’s results are reflected in the Allison & Partners operating segment which is included in the Specialist Communications reportable segment which had an immaterial impact on our results.
On July 1, 2018, the Company acquired the remaining 14.87% and 3% of membership interests of Doner Partners, LLC and Source Marketing LLC respectively for an aggregate purchase price of $7,618, comprised of a closing cash payment of $3,279 and additional deferred acquisition payments with an estimated present value of $4,305 as of December 31, 2018. As of the acquisition date, the fair value of the additional interests acquired was $16,361 for Doner Partners LLC. The fair values were measured using a discounted cash flow model. As a result of the transaction, the Company reduced noncontrolling interest by $11,946 and redeemable noncontrolling interest by $933.
On April 2, 2018, the Company purchased 51% of the membership interests of Instrument LLC (“Instrument”), a digital creative agency based in Portland, Oregon, for an aggregate purchase price of $35,591. The acquisition is expected to facilitate the Company’s growth and help to build its portfolio of modern, innovative and digital-first agencies. The purchase price consisted of a cash payment of $28,561 and the issuance of 1,011,561 shares of the Company’s Class A subordinate voting stock with an acquisition date fair value of $7,030. The Company issued these shares in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) of the Securities Act.

12

The purchase price allocation for Instrument resulted in tangible assets of $10,304, identifiable intangibles of $23,130, consisting primarily of customer lists and a trade name, and goodwill of $32,776. In addition, the Company has recorded $27,357 as the fair value of noncontrolling interests, which was derived from the Company’s purchase price less a discount related to the noncontrolling parties’ lack of control. The identified assets have a weighted average useful life of approximately six years and will be amortized in a manner represented by the pattern in which the economic benefits of such assets are expected to be realized. The goodwill is tax deductible. Instruments’ results are included in the All Other category from a segment reporting perspective. The Company has a controlling financial interest in Instrument through its majority voting interest, and as such, has aggregated the acquired Partner Firm’s financial data into the Company’s consolidated financial statements. The operating results of Instrument in the current year is not material.
Effective January 1, 2018, the Company acquired the remaining 24.5% ownership interest of Allison & Partners LLC for an aggregate purchase price of $10,023, comprised of a closing cash payment of $300 and additional deferred acquisition payments with an estimated present value at the acquisition date of $9,723. The deferred payments are based on the future financial results of the underlying business from 2017 to 2020 with final payments due in 2021. As of the acquisition date, the fair value of the additional interest acquired was $20,096. The fair value was measured using a discounted cash flow model. As a result of the transaction, the Company reduced redeemable noncontrolling interests by $8,857. The difference between the purchase price and the noncontrolling interest of $1,166 was recorded in additional paid-in capital.

5. Deferred Acquisition Consideration
Deferred acquisition consideration on the balance sheet consists of deferred obligations related to contingent and fixed purchase price payments, and to a lesser extent, contingent and fixed retention payments tied to continued employment of specific personnel. Contingent deferred acquisition consideration is recorded at the acquisition date fair value and adjusted at each reporting period through operating income, for contingent purchase price payments, net interest expense, and fixed purchase price payments. The Company accounts for retention payments through operating income as stock-based compensation over the required retention period.
The following table presents changes in contingent deferred acquisition consideration, which is measured at fair value on a recurring basis using significant unobservable inputs, and a reconciliation to the amounts reported on the balance sheets as of March 31, 2019 and December 31, 2018.
 
March 31,
 
December 31,
 
2019
 
2018
Beginning Balance of contingent payments
$
82,598

 
$
119,086

Payments
(275
)
 
(54,947
)
Redemption value adjustments (1)
(6,834
)
 
3,512

Additions - acquisitions and step up transactions
—

 
14,943

Foreign translation adjustment
59

 
4

Ending balance of contingent payments
$
75,548

 
$
82,598

Fixed payments
835

 
1,097

 
$
76,383

 
$
83,695

    
(1) Redemption value adjustments are fair value changes from the Company’s initial estimates of deferred acquisition payments and stock-based compensation charges relating to acquisition payments that are tied to continued employment. Redemption value adjustments are recorded within cost of services sold and office and general expenses on the unaudited condensed Consolidated Statements of Operations.
The following table presents the impact to the Company’s statement of operations due to the redemption value adjustments for the contingent deferred acquisition consideration:
 
Three months ended March 31,
 
2019
 
2018
Income (loss) attributable to fair value adjustments
$
(7,643
)
 
$
2,586

Stock-based compensation
809

 
2,361

Redemption value adjustments
$
(6,834
)
 
$
4,947


13

6. Leases

Effective January 1, 2019, the Company adopted FASB ASC Topic 842, Leases (“ASC 842”). As a result, comparative prior periods have not been adjusted and continue to be reported under FASB ASC Topic 840, Leases. See Note 14 of the Notes to the Consolidated Financial Statements included herein for additional information regarding the Company’s adoption of ASC 842. The policies described herein refer to those in effect as of January 1, 2019.
The Company leases office space in North America, Europe, Asia, South America, and Australia. This space is primarily used for office and administrative purposes by the Company’s employees in performing professional services. These leases are classified as operating leases and expire between years 2019 through 2032. Finance leases are considered to be immaterial to the Company.
The Company’s leasing policies are established in accordance with ASC 842, and accordingly, the Company recognizes on the balance sheet at the time of lease commencement a right-of-use asset and a lease liability, initially measured at the present value of the lease payments. Right-of-use lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. All right-of-use assets are reviewed for impairment. As the Company’s implicit rate in its leases is not readily determinable, in determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the commencement date. Lease payments included in the measurement of the lease liability are comprised of noncancelable lease payments, payments based upon an index or rate, payments for optional renewal periods where it is reasonably certain the renewal period will be exercised, and payments for early termination options unless it is reasonably certain the lease will not be terminated early.
Lease costs are recognized in the Consolidated Statement of Operations over the lease term on a straight-line basis. Leasehold improvements are depreciated on a straight-line basis over the lesser of the term of the related lease or the estimated useful life of the asset. 
Some of the Company’s leases contain variable lease payments, including payments based upon an index or rate. Variable lease payments based upon an index or rate are initially measured using the index or rate in effect at the lease commencement date and are included within the lease liabilities. Lease liabilities are not remeasured as a result of changes in the index or rate, rather changes in these types of payments are recognized in the period in which the obligation for those payments is incurred. In addition, some of our leases contain variable payments for utilities, insurance, real estate tax, repairs and maintenance, and other variable operating expenses. Such amounts are not included in the measurement of the lease liability and are recognized in the period when the facts and circumstances on which the variable lease payments are based upon occur.
The Company’s leases include options to extend or renew the lease through 2040. The renewal and extension options are not included in the lease term as the Company is not reasonably certain that it will exercise its option.
From time to time, the Company enters into sublease arrangements both with unrelated third-parties and with our partner agencies. These leases are classified as operating leases and expire between years 2019 through 2024. Sublease income is recognized over the lease term on a straight-line basis. Currently, the Company subleases office space in North America, Europe and Asia.
As of March 31, 2019, the Company has entered into certain operating leases for which the commencement date has not yet occurred as these lease spaces are in the process of being prepared by the landlord for occupancy. Accordingly, these leases represent obligations of the Company that are not on the Consolidated Balance Sheet as of March 31, 2019. The future liability related to these leases is approximately $8 million.
The discount rate used for leases accounted for under ASC 842 is the Company’s collateralized credit adjusted borrowing rate.

14

The following table presents lease costs and other quantitative information for the three months ended March 31, 2019:

 
Three Months Ended March 31,
 
2019
Lease Cost:
 
Operating lease cost
$
16,441

Variable lease cost
4,964

Sublease rental income
(1,599
)
Total lease cost
$
19,806

Additional information:
 
Cash paid for amounts included in the measurement of lease liabilities for operating leases

Operating cash flows
$
15,652

 
 
Right-of-use assets obtained in exchange for operating lease liabilities
$
256,818

Weighted average remaining lease term (in years) - Operating leases
7.3

Weighted average discount rate - Operating leases
8.7


Operating lease expense is included in office and general expenses in the unaudited condensed Consolidated Statement of Operations. Short term lease expense is immaterial to the Company. Rental expense for the three months ended March 31, 2018 was $17,560 offset by $713 in sublease rental income.
 
The following table presents minimum future rental payments under the Company’s leases at March 31, 2019 and their reconciliation to the corresponding lease liabilities:

 
Maturity Analysis
Remaining 2019
$
50,672

2020
65,996

2021
56,032

2022
46,124

2023
42,778

Thereafter
140,202

Total
401,804

Less: Present value discount
$
(109,066
)
Lease liability
$
292,738


15

7. Debt
As of March 31, 2019 and December 31, 2018, the Company’s indebtedness was comprised as follows:

March 31,
2019

December 31, 2018
Revolving credit agreement
$
32,803

 
$
68,143

6.50% Notes due 2024
900,000

 
900,000

Debt issuance costs
(13,753
)
 
(14,036
)
 
$
919,050

 
$
954,107

6.50% Notes
On March 23, 2016, MDC entered into an indenture (the “Indenture”) among MDC, its existing and future restricted subsidiaries that guarantee, are co-borrowers under, or grant liens to secure, the Credit Agreement, as guarantors (the “Guarantors”) and The Bank of New York Mellon, as trustee, relating to the issuance by MDC of $900,000 aggregate principal amount of the senior unsecured notes due 2024 (the “6.50% Notes”) . The 6.50% Notes were sold in a private placement in reliance on exceptions from registration under the Securities Act of 1933. The 6.50% Notes bear interest, payable semiannually in arrears on May 1 and November 1, at a rate of 6.50% per annum. The 6.50% Notes mature on May 1, 2024, unless earlier redeemed or repurchased.
MDC may, at its option, redeem the 6.50% Notes in whole at any time or in part from time to time, on and after May 1, 2019, at varying prices based on the timing of the redemption.
The Indenture includes covenants that are subject to a number of important limitations and exceptions. The 6.50% Notes are also subject to customary events of default, including a cross-payment default and cross-acceleration provision. The Company was in compliance with all covenants at March 31, 2019.
Credit Agreement
The Company is party to a $250,000 secured revolving credit facility due May 3, 2021. The amounts outstanding under the revolving credit facility as of March 31, 2019 and December 31, 2018 are presented in the table above and additional details are provided below.
On March 12, 2019 (the “Amendment Effective Date”), the Company, Maxxcom Inc. and each of their subsidiaries party thereto entered into an Amendment to the existing senior secured revolving credit facility, dated as of May 3, 2016 (as amended, the “Credit Agreement”), among the Company, Maxxcom, each of their subsidiaries party thereto, Wells Fargo, and the lenders from time to time party thereto. Advances under the Credit Agreement are to be used for working capital and general corporate purposes, in each case pursuant to the terms of the Credit Agreement.
The Amendment provides financial covenant relief by increasing the total leverage ratio applicable on each testing date after the Amendment Effective Date through the period ending December 31, 2020 from 5.5:1.0 to 6.25:1.0. The total leverage ratio applicable on each testing date after December 31, 2020 will revert to 5.5:1.0.
In connection with the Amendment, the Company reduced the aggregate maximum amount of revolving commitments provided by the lenders under the Credit Agreement to $250.0 million from $325.0 million.
Advances under the Credit Agreement bear interest as follows: (a)(i) LIBOR Rate Loans bear interest at the LIBOR Rate and (ii) Base Rate Loans bear interest at the Base Rate, plus (b) an applicable margin. The initial applicable margin for borrowing is 0.75% in the case of Base Rate Loans and 1.50% in the case of LIBOR Rate Loans. In addition to paying interest on outstanding principal under the Credit Agreement, MDC is required to pay an unused revolver fee to lenders under the Credit Agreement in respect of unused commitments thereunder.
The Credit Agreement, which includes financial and non-financial covenants, is guaranteed by substantially all of MDC’s present and future subsidiaries, other than immaterial subsidiaries and subject to customary exceptions and collateralized by a portion of MDC’s outstanding receivable balance. The Company is currently in compliance with all of the terms and conditions of its Credit Agreement.
At March 31, 2019 and December 31, 2018, the Company had issued $4,701 of undrawn outstanding letters of credit.


16

8. Share Capital
The authorized share capital of the Company is as follows:
Series 6 Convertible Preference Shares
On March 14, 2019 (the “Series 6 Issue Date”), the Company entered into a securities purchase agreement with Stagwell Holdings, an affiliate of Stagwell, pursuant to which Stagwell Holdings agreed to purchase, (i) 14,285,714 newly authorized Class A shares (the “Stagwell Class A Shares”) for an aggregate contractual purchase price of $50,000 and (ii) 50,000 newly authorized Series 6 convertible preference shares (“Series 6 Preference Shares”) for an aggregate contractual purchase price of $50 million. The Company received proceeds of approximately $97,629, net of fees and estimated expenses, which were primarily used to pay down existing debt under the Company’s credit facility and for general corporate purposes. The proceeds allocated to the Stagwell Class A Shares were $35,635 and to Series 6 Preference Shares were $61,994 based on their relative fair value calculated by utilizing a Monte Carlo Simulation model. In connection with the closing of the transaction, the Company increased the size of its Board and appointed one nominee designated by the Purchaser. Except as required by law, the Series 6 Preference Shares do not have voting rights and are not redeemable at the option of the Purchaser.
The holders of the Series 6 Preference Shares have the right to convert their Series 6 Preference Shares in whole at any time and from time to time, and in part at any time and from time to time, into a number of Class A Shares equal to the then-applicable liquidation preference divided by the applicable conversion price at such time (the “Conversion Price”). The initial liquidation per share preference of each Series 6 Preference Share is $1,000. The initial Conversion Price is $5.00 per Series 6 Preference Share, subject to customary adjustments for share splits and combinations, dividends, recapitalizations and other matters, including weighted average anti-dilution protection for certain issuances of equity or equity-linked securities.
The Series 6 Preference Shares’ liquidation preference accretes at 8.0% per annum, compounded quarterly until the five-year anniversary of the Series 6 Issue Date. During the three months ended March 31, 2019, the Series 6 Preference Shares had accretion of $189, bringing the aggregate liquidation preference to $50,189 as of March 31, 2019. The accretion is considered in the calculation of net income (loss) attributable to MDC Partners Inc. common shareholders. See Note 3 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for further information regarding the Series 6 Preference Shares.
Holders of the Series 6 Preference Shares are entitled to dividends in an amount equal to any dividends that would otherwise have been payable on the Class A Shares issued upon conversion of the Series 6 Preference Shares. The Series 6 Preference Shares are convertible at the Company’s option (i) on and after the two-year anniversary of the Series 6 Issue Date, if the closing trading price of the Class A Shares over a specified period prior to conversion is at least 125% of the Conversion Price or (ii) after the fifth anniversary of the Issue Date, if the closing trading price of the Class A Shares over a specified period prior to conversion is at least equal to the Conversion Price.
Following certain change in control transactions of the Company in which holders of Series 6 Preference Shares are not entitled to receive cash or qualifying listed securities with a value at least equal to the liquidation preference plus accrued and unpaid dividends, (i) holders will be entitled to cash dividends on the liquidation preference at an increasing rate (beginning at 7%), and (ii) the Company will have a right to redeem the Series 6 Preference Shares for cash at the greater of their liquidation preference plus accrued and unpaid dividends or their as-converted value.

Series 4 Convertible Preference Shares
On March 7, 2017 (the “Series 4 Issue Date”), the Company issued 95,000 newly created Preference Shares (“Series 4 Preference Shares”) to affiliates of The Goldman Sachs Group, Inc. (collectively, the “Purchaser”) pursuant to a $95,000 private placement. The Company received proceeds of approximately $90,123, net of fees and estimated expenses, which were primarily used to pay down existing debt under the Company’s credit facility and for general corporate purposes. In connection with the closing of the transaction, the Company increased the size of its Board and appointed one nominee designated by the Purchaser. Except as required by law, the Series 4 Preference Shares do not have voting rights and are not redeemable at the option of the Purchaser.
Subsequent to the ninetieth day following the Series 4 Issue Date, the holders of the Series 4 Preference Shares have the right to convert their Series 4 Preference Shares in whole at any time and from time to time and in part at any time and from time to time into a number of Class A Shares equal to the then-applicable liquidation preference divided by the applicable conversion price at such time (the “Conversion Price”). The initial liquidation per share preference of each Series 4 Preference Share is $1,000. The Conversion Price of a Series 4 Preference Share is subject to customary adjustments for share splits and combinations, dividends, recapitalizations and other matters, including weighted average anti-dilution protection for certain issuances of equity or equity-linked securities. In connection with the anti-dilution protection provision triggered by the issuance of equity securities to Stagwell, the Conversion Price per Series 4 Preference Share was reduced to $7.42 from the initial Conversion Price of $10.00.

17

The Series 4 Preference Shares’ liquidation preference accretes at 8.0% per annum, compounded quarterly until the five-year anniversary of the Series 4 Issue Date. During the three months ended March 31, 2019, the Series 4 Preference Shares accreted at a monthly rate of approximately $7.70 per Series 4 Preference Share, for total accretion of $2,194, bringing the aggregate liquidation preference to $111,901 as of March 31, 2019. The accretion is considered in the calculation of net income (loss) attributable to MDC Partners Inc. common shareholders. See Note 3 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for further information regarding the Series 4 Preference Shares.
Holders of the Series 4 Preference Shares are entitled to dividends in an amount equal to any dividends that would otherwise have been payable on the Class A Shares issued upon conversion of the Series 4 Preference Shares. The Series 4 Preference Shares are convertible at the Company’s option (i) on and after the two-year anniversary of the Issue Date, if the closing trading price of the Class A Shares over a specified period prior to conversion is at least 125% of the Conversion Price or (ii) after the fifth anniversary of the Series 4 Issue Date, if the closing trading price of the Class A Shares over a specified period prior to conversion is at least equal to the Conversion Price.
Following certain change in control transactions of the Company in which holders of Series 4 Preference Shares are not entitled to receive cash or qualifying listed securities with a value at least equal to the liquidation preference plus accrued and unpaid dividends, (i) holders will be entitled to cash dividends on the liquidation preference at an increasing rate (beginning at 7%), and (ii) the Company will have a right to redeem the Series 4 Preference Shares for cash at the greater of their liquidation preference plus accrued and unpaid dividends or their as-converted value.
Class A Common Shares (“Class A Shares”)
An unlimited number of subordinate voting shares, carrying one vote each, entitled to dividends equal to or greater than Class B Shares, convertible at the option of the holder into one Class B Share for each Class A Share after the occurrence of certain events related to an offer to purchase all Class B shares. There were 71,886,266 (including the Class A Shares issued to Stagwell) and 57,517,568 Class A Shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively.
Class B Common Shares (“Class B Shares”)
An unlimited number of voting shares, carrying 20 votes each, convertible at any time at the option of the holder into one Class A share for each Class B share. There were 3,755 Class B Shares issued and outstanding as of March 31, 2019 and December 31, 2018.

9. Noncontrolling and Redeemable Noncontrolling Interests
When acquiring less than 100% ownership of an entity, the Company may enter into agreements that give the Company an option to purchase, or require the Company to purchase, the incremental ownership interests under certain circumstances. Where the option to purchase the incremental ownership is within the Company’s control, the amounts are recorded as noncontrolling interests in the equity section of the Company’s balance sheet. Where the incremental purchase may be required of the Company, the amounts are recorded as redeemable noncontrolling interests in mezzanine equity at their estimated acquisition date redemption value and adjusted at each reporting period for changes to their estimated redemption value through additional paid-in capital (but not less than their initial redemption value), except for foreign currency translation adjustments. On occasion, the Company may initiate a renegotiation to acquire an incremental ownership interest and the amount of consideration paid may differ materially from the amounts recorded in the Company’s unaudited condensed Consolidated Balance Sheet.

18

Noncontrolling Interests
Changes in amounts due to noncontrolling interest holders included in accruals and other liabilities on the unaudited condensed Consolidated Balance Sheets for the year ended December 31, 2018 and three months ended March 31, 2019 were as follows:
 
Noncontrolling
Interests
Balance, December 31, 2017
$
11,030

Income attributable to noncontrolling interests
11,785

Distributions made
(13,419
)
Other (1)
(118
)
Balance, December 31, 2018
$
9,278

Income attributable to noncontrolling interests
429

Distributions made
(1,501
)
Other (1)
43

Balance, March 31, 2019
$
8,249

(1)
Other consists of cumulative translation adjustments.
Changes in the Company’s ownership interests in our less than 100% owned subsidiaries during the three months ended March 31, 2019 and 2018 were as follows:
 
Three Months Ended March 31,
 
2019
 
2018
Net loss attributable to MDC Partners Inc.
$
(113
)
 
$
(29,416
)
Transfers from the noncontrolling interest:
 
 
 
Decrease in MDC Partners Inc. paid-in capital for purchase of equity interests in excess of redeemable noncontrolling interests and noncontrolling interests
—

 
(1,166
)
Net transfers from noncontrolling interests
$
—

 
$
(1,166
)
Change from net loss attributable to MDC Partners Inc. and transfers to noncontrolling interests
$
(113
)
 
$
(30,582
)
Redeemable Noncontrolling Interests
The following table presents changes in redeemable noncontrolling interests:
 
Three Months Ended March 31, 2019
 
Year Ended December 31, 2018
Beginning Balance
$
51,546

 
$
62,886

Redemptions
—

 
(11,943
)
Granted
—

 
—

Changes in redemption value
(3,574
)
 
1,067

Currency translation adjustments
34

 
(464
)
Ending Balance
$
48,006

 
$
51,546

The noncontrolling shareholders’ ability to exercise any such option right is subject to the satisfaction of certain conditions, including conditions requiring notice in advance of exercise and specific employment termination conditions. In addition, these rights cannot be exercised prior to specified staggered exercise dates. The exercise of these rights at their earliest contractual date would result in obligations of the Company to fund the related amounts during 2019 to 2024. It is not determinable, at this time, if or when the owners of these rights will exercise all or a portion of these rights.
The redeemable noncontrolling interest of $48,006 as of March 31, 2019, consists of $15,618 assuming that the subsidiaries perform over the relevant future periods at their discounted cash flows earnings level and such rights are exercised, $28,921 upon termination of such owner’s employment with the applicable subsidiary or death and $3,467 representing the initial redemption

19

value (required floor) recorded for certain acquisitions in excess of the amount the Company would have to pay should the Company acquire the remaining ownership interests for such subsidiaries.
These adjustments will not impact the calculation of earnings (loss) per share if the redemption values are less than the estimated fair values. For the three months ended March 31, 2019 and 2018, there was no related impact on the Company’s loss per share calculation.  

10. Fair Value Measurements
A fair value measurement assumes a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability.
In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. The hierarchy for observable and unobservable inputs used to measure fair value into three broad levels are described below: 
•
Level 1 - Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.
•
Level 2 - Observable prices that are based on inputs not quoted on active markets, but corroborated by market data.
•
Level 3 - Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.
Financial Liabilities that are not Measured at Fair Value on a Recurring Basis
The following table presents certain information for our financial liability that is not measured at fair value on a recurring basis at March 31, 2019 and December 31, 2018:
 
March 31, 2019

December 31, 2018
 
Carrying
Amount

Fair Value

Carrying
Amount

Fair Value
Liabilities:
 


 


 


 

6.50% Senior Notes due 2024
$
900,000

 
$
750,375

 
$
900,000

 
$
834,750

Our long-term debt includes fixed rate debt. The fair value of this instrument is based on quoted market prices in markets that are not active. Therefore, this debt is classified as Level 2 within the fair value hierarchy.
Financial Liabilities Measured at Fair Value on a Recurring Basis
Contingent deferred acquisition consideration are recorded at the acquisition date fair value and adjusted at each reporting period. The estimated liability is determined in accordance with various contractual valuation formulas that may be dependent upon future events, such as the growth rate of the earnings of the relevant subsidiary during the contractual period and, in some cases, the currency exchange rate as of the date of payment (Level 3). See Note 5 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for additional information regarding contingent deferred acquisition consideration.
At March 31, 2019 and December 31, 2018, the carrying amount of the Company’s financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, approximated fair value because of their short-term maturity.
Non-financial Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis
Certain non-financial assets are measured at fair value on a nonrecurring basis, primarily goodwill and intangible assets (a Level 3 fair value assessment). Accordingly, these assets are not measured and adjusted to fair value on an ongoing basis but are subject to periodic evaluations for potential impairment. The Company did not recognize an impairment of goodwill or intangible assets in the three months ended March 31, 2019 or March 31, 2018.

11. Supplemental Information
Accounts Payable, Accruals and Other Liabilities
At March 31, 2019 and December 31, 2018, accruals and other liabilities included accrued media of $137,975 and $180,586, respectively; and also included amounts due to noncontrolling interest holders for their share of profits. See Note 9 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for additional information regarding noncontrolling interest holders share of profits.

20

Goodwill and Indefinite Lived Intangibles
Goodwill and indefinite life intangible assets (trademarks) acquired as a result of a business combination which are not subject to amortization are tested for impairment annually as of October 1st of each year, or more frequently if indicators of potential impairment exist. For goodwill, impairment is assessed at the reporting unit level. For the three months ended March 31, 2019 and the year ended December 31, 2018, goodwill was $742,775 and $740,955, respectively.

Income Taxes
Our tax provision for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items arising in the quarter.
Income tax expense for the three months ended March 31, 2019 was $748 (on income of $981 resulting in an effective tax rate of 76.3%) compared to a benefit of $8,330 (on a loss of $36,935 resulting in an effective tax rate of 22.6%) for the three months ended March 31, 2018.  The effective tax rate of 76.3% was primarily related to the impact of certain discrete items recognized for the three months ended March 31, 2019.

12. Segment Information
The Company determines an operating segment if a component (i) engages in business activities from which it earns revenues and incurs expenses, (ii) has discrete financial information, and is (iii) regularly reviewed by the Chief Operating Decision Maker (“CODM”) to make decisions regarding resource allocation for the segment and assess its performance. Once operating segments are identified, the Company performs an analysis to determine if aggregation of operating segments is applicable. This determination is based upon a quantitative analysis of the expected and historic average long-term profitability for each operating segment, together with a qualitative assessment to determine if operating segments have similar operating characteristics.
Due to changes in the composition of certain business and the Company’s internal management and reporting structure during 2019, reportable segment results for the 2018 periods presented have been recast to reflect the reclassification of certain businesses between segments. The changes were as follows:
•
Doner, previously within the Global Integrated Agencies reportable segment is now included within the Domestic Creative Agencies reportable segment.
•
HL Group Partners, previously within the Specialist Communications reportable segment, and Redscout, previously within the All Other category, are now included in the Yes & Company operating segment. The Yes & Company operating segment previously within the Media Services reportable segment is now included within the Domestic Creative Agencies reportable segment.
•
Attention, previously within the Forsman & Bodenfors operating segment has operationally merged into MDC Media Partners, which is included within the Media Services reportable segment.
The four reportable segments that result from applying the aggregation criteria are as follows: “Global Integrated Agencies”; “Domestic Creative Agencies”; “Specialist Communications”; and “Media Services.” In addition, the Company combines and discloses those operating segments that do not meet the aggregation criteria as “All Other.” The Company also reports corporate expenses, as further detailed below, as “Corporate.” All segments follow the same basis of presentation and accounting policies as those described throughout the Notes to the Unaudited Condensed Consolidated Financial Statements included herein and Note 2 of the Company’s Form 10-K for the year ended December 31, 2018.
•
The Global Integrated Agencies reportable segment is comprised of the Company’s four global, integrated operating segments (72andSunny, Anomaly, Crispin Porter + Bogusky, and Forsman & Bodenfors) serving multinational clients around the world. These operating segments share similar characteristics related to (i) the nature of their services; (ii) the type of global clients and the methods used to provide services; and (iii) the extent to which they may be impacted by global economic and geopolitical risks. In addition, these operating segments compete with each other for new business and from time to time have business move between them. The Company believes the historic and expected average long-term profitability is similar among the operating segments aggregated in the Global Integrated Agencies reportable segment.
The operating segments within the Global Integrated Agencies reportable segment provides a range of different services for its clients, including strategy, creative and production for advertising campaigns across a variety of platforms (print, digital, social media, television broadcast).
•
The Domestic Creative Agencies reportable segment is comprised of seven operating segments that are primarily national advertising agencies (Colle + McVoy, Doner, Laird + Partners, Mono Advertising, Union, Yamamoto, and Yes & Company) leveraging creative capabilities at their core. These operating segments share similar characteristics related to (i) the

21

nature of their services; (ii) the type of domestic client accounts and the methods used to provide services; and (iii) the extent to which they may be impacted by domestic economic and policy factors within North America. In addition, these operating segments compete with each other for new business and from time to time have business move between them. The Company believes the historic and expected average long- term profitability is similar among the operating segments aggregated in the Domestic Creative Agencies reportable segment.
The operating segments within the Domestic Creative Agencies reportable segment provide similar services as the Global Integrated Agencies.

•
The Specialist Communications reportable segment is comprised of four operating segments that are each communications agencies (Allison & Partners, Hunter, KWT Global, and Veritas) with core service offerings in public relations and related communications services. These operating segments share similar characteristics related to (i) the nature of their services; (ii) the type of client accounts and the methods used to provide services; (iii) the extent to which they may be impacted by domestic economic and policy factors within North America; and (iv) the regulatory environment regarding public relations and social media. In addition, these operating segments compete with each other for new business and from time to time have business move between them. The Company believes the historic and expected average long-term profitability is similar among the operating segments aggregated in the Specialist Communications reportable segment.
The operating segments within the Specialist Communications reportable segment provide public relations and communications services including strategy, editorial, crisis support or issues management, media training, influencer engagement, and events management.

•
The Media Services reportable segment is comprised of a single operating segment known as MDC Media Partners. MDC Media Partners, which operates primarily in North America, performs media buying and planning as their core competency across a range of platforms (out-of-home, paid search, social media, lead generation, programmatic, television broadcast).
•
All Other consists of the Company’s remaining operating segments that provide a range of diverse marketing communication services, but generally do not have similar services offerings or financial characteristics as those aggregated in the reportable segments. The All Other category includes 6Degrees Communications, Concentric Partners, Gale Partners, Kenna, Kingsdale (through the date of sale on March 8, 2019), Instrument, Relevent, Team, Vitro, and Y Media Labs. The nature of the specialist services provided by these operating segments vary among each other and from those operating segments aggregated into the reportable segments. This results in these operating segments having current and long-term performance expectations inconsistent with those operating segments aggregated in the reportable segments. The operating segments within All Other provide a range of diverse marketing communication services, including application and website design and development, data and analytics, experiential marketing, customer research management, creative services, and branding.
•
Corporate consists of corporate office expenses incurred in connection with the strategic resources provided to the operating segments, as well as certain other centrally managed expenses that are not fully allocated to the operating segments. These office and general expenses include (i) salaries and related expenses for corporate office employees, including employees dedicated to supporting the operating segments, (ii) occupancy expenses relating to properties occupied by all corporate office employees, (iii) other office and general expenses including professional fees for the financial statement audits and other public company costs, and (iv) certain other professional fees managed by the corporate office. Additional expenses managed by the corporate office that are directly related to the operating segments are allocated to the appropriate reportable segment and the All Other category.

22

 
Three Months Ended 
 March 31,
 
2019
 
2018
Revenue:
 
 
 
Global Integrated Agencies
$
129,719

 
$
129,524

Domestic Creative Agencies
67,007

 
66,654

Specialist Communications
38,953

 
38,824

Media Services
20,179

 
24,684

All Other
72,933

 
67,282

Total
$
328,791

 
$
326,968

 
 
 
 
Segment operating income (loss):
 
 
 
Global Integrated Agencies
$
3,770

 
$
(13,593
)
Domestic Creative Agencies
5,477

 
2,878

Specialist Communications
7,077

 
3,728

Media Services
(1,834
)
 
(19
)
All Other
6,014

 
6,445

Corporate
(4,822
)
 
(14,072
)
Total
$
15,682

 
$
(14,633
)
 
 
 
 
Other Income (Expenses):
 
 
 
Interest expense and finance charges, net
(16,760
)
 
(16,083
)
Foreign exchange gain (loss)
5,442

 
(6,660
)
Other, net
(3,383
)
 
441

Income (loss) before income taxes and equity in earnings (losses) of non-consolidated affiliates
981

 
(36,935
)
Income tax expense (benefit)
748

 
(8,330
)
Income (loss) before equity in earnings (losses) of non-consolidated affiliates
233

 
(28,605
)
Equity in earnings of non-consolidated affiliates
83

 
86

Net income (loss)
316

 
(28,519
)
Net income attributable to the noncontrolling interest
(429
)
 
(897
)
Net loss attributable to MDC Partners Inc.
$
(113
)
 
$
(29,416
)




23

 
Three Months Ended 
 March 31,
 
2019
 
2018
Depreciation and amortization:
 
 
 
Global Integrated Agencies
$
4,065

 
$
7,410

Domestic Creative Agencies
1,239

 
1,293

Specialist Communications
567

 
966

Media Services
691

 
637

All Other
2,059

 
1,845

Corporate
217

 
224

Total
$
8,838

 
$
12,375

 
 
 
 
 
 
 
 
Stock-based compensation:
 
 
 
Global Integrated Agencies
$
3,767

 
$
2,460

Domestic Creative Agencies
464

 
410

Specialist Communications
26

 
187

Media Services
—

 
74

All Other
288

 
658

Corporate
(1,573
)
 
1,248

Total
$
2,972

 
$
5,037

 
 
 
 
Capital expenditures:
 
 
 
Global Integrated Agencies
$
1,418

 
$
2,243

Domestic Creative Agencies
694

 
903

Specialist Communications
251

 
236

Media Services
41

 
184

All Other
1,201

 
225

Corporate
1

 
8

Total
$
3,606

 
$
3,799


The Company’s CODM does not use segment assets to allocate resources or to assess performance of the segments and therefore, total segment assets have not been disclosed.
See Note 2 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for a summary of the Company’s revenue by geographic region for three months ended March 31, 2019 and 2018.

13. Commitments, Contingencies, and Guarantees
Legal Proceedings. The Company’s operating entities are involved in legal proceedings of various types. While any litigation contains an element of uncertainty, the Company has no reason to believe that the outcome of such proceedings or claims will have a material adverse effect on the financial condition or results of operations of the Company.
Deferred Acquisition Consideration and Options to Purchase. See Notes 5 and 9 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for information regarding potential payments associated with deferred acquisition consideration and the acquisition of noncontrolling shareholders’ ownership interest in subsidiaries.
Natural Disasters. Certain of the Company’s operations are located in regions of the United States which typically are subject to hurricanes. During the three months ended March 31, 2019 and 2018, these operations did not incur any material costs related to damages resulting from hurricanes.

24

Guarantees. Generally, the Company has indemnified the purchasers of certain assets in the event that a third party asserts a claim against the purchaser that relates to a liability retained by the Company. These types of indemnification guarantees typically extend for a number of years. Historically, the Company has not made any significant indemnification payments under such agreements and no amount has been accrued in the accompanying consolidated financial statements with respect to these indemnification guarantees. The Company continues to monitor the conditions that are subject to guarantees and indemnifications to identify whether it is probable that a loss has occurred and would recognize any such losses under any guarantees or indemnifications in the period when those losses are probable and estimable.
Commitments.  At March 31, 2019, the Company had $4,701 of undrawn letters of credit.

14. New Accounting Pronouncements
Adopted In The Current Reporting Period
Effective January 1, 2019, the Company adopted ASC 842. As a result, comparative prior periods have not been adjusted and continue to be reported under FASB ASC Topic 840, Leases. With the adoption of ASC 842, the Company has elected to apply the package of practical expedients: (1) whether a contract is or contains a lease, (2) the classification of existing leases, and (3) whether previously capitalized costs continue to qualify as initial indirect costs. Additionally, the Company elected the practical expedient to not separate non-lease components from lease components for all operating leases.
The adoption of ASC 842 had a material impact on the Company’s unaudited condensed Consolidated Balance Sheet, resulting in the recognition, on January 1, 2019, of a lease liability of $299,243 which represents the present value of the remaining lease payments, and a right-of-use asset of $254,245 which represents the lease liability, offset by adjustments as appropriate under ASC 842. The adoption of ASC 842 did not have a material impact on the Company’s other unaudited condensed consolidated financial statements.


Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations
Unless otherwise indicated, references to the “Company” or “MDC” mean MDC Partners Inc. and its subsidiaries, and references to a “fiscal year” means the Company’s year commencing on January 1 of that year and ending December 31 of that year (e.g., fiscal 2019 means the period beginning January 1, 2019, and ending December 31, 2019).
The Company reports its financial results in accordance with generally accepted accounting principles of the United States of America (“U.S. GAAP”). In addition, the Company has included certain non-U.S. GAAP financial measures and ratios, which it believes provide useful supplemental information to both management and readers of this report in measuring the financial performance and financial condition of the Company. These measures do not have a standardized meaning prescribed by U.S. GAAP and should not be construed as an alternative to other titled measures determined in accordance with U.S. GAAP.
Two such non-U.S. GAAP measures are “organic revenue growth” or “organic revenue decline” that refer to the positive or negative results, respectively, of subtracting both the foreign exchange and acquisition (disposition) components from total revenue growth. The acquisition (disposition) component is calculated by aggregating the prior period revenue for any acquired businesses, less the prior period revenue of any businesses that were disposed of in the current period. The organic revenue growth (decline) component reflects the constant currency impact (a) of the change in revenue of the Partner Firms which the Company has held throughout each of the comparable periods presented and (b) “non-GAAP acquisitions (dispositions), net.” Non-GAAP acquisitions (dispositions), net consists of (i) for acquisitions during the current year, the revenue effect from such acquisition as if the acquisition had been owned during the equivalent period in the prior year and (ii) for acquisitions during the previous year, the revenue effect from such acquisitions as if they had been owned during that entire year or same period as the current reportable period, taking into account their respective pre-acquisition revenues for the applicable periods and (iii) for dispositions, the revenue effect from such disposition as if they had been disposed of during the equivalent period in the prior year. The Company believes that isolating the impact of acquisition activity and foreign currency impacts is an important and informative component to understand the overall change in the Company’s consolidated revenue. The change in the consolidated revenue that remains after these adjustments illustrates the underlying financial performance of the Company’s businesses. Specifically, it represents the impact of the Company’s management oversight, investments and resources dedicated to supporting the businesses’ growth strategy and operations. In addition, it reflects the network benefit of inclusion in the broader portfolio of firms that includes, but is not limited to, cross-selling and sharing of best practices. This approach isolates changes in performance of the business that take place under the Company’s stewardship, whether favorable or unfavorable, and thereby reflects the potential benefits and risks associated with owning and managing a talent-driven services business.

25

Accordingly, during the first twelve months of ownership by the Company, the organic growth measure may credit the Company with growth from an acquired business that is dependent on work performed prior to the acquisition date, and may include the impact of prior work in progress, existing contracts and backlog of the acquired businesses. It is the presumption of the Company that positive developments that may have taken place at an acquired business during the period preceding the acquisition will continue to result in value creation in the post-acquisition period.
While the Company believes that the methodology used in the calculation of organic revenue change is entirely consistent with our closest U.S. competitors, the calculations may not be comparable to similarly titled measures presented by other publicly traded companies in other industries. Additional information regarding the Company’s acquisition activity as it relates to potential revenue growth is provided in Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” under “Certain Factors Affecting our Business.”
The following discussion focuses on the operating performance of the Company for the three months ended March 31, 2019 and 2018 and the financial condition of the Company as of March 31, 2019. This analysis should be read in conjunction with the interim unaudited condensed consolidated financial statements presented in this interim report and the annual audited consolidated financial statements and Management’s Discussion and Analysis presented in the Annual Report for the year ended December 31, 2018 as reported on the Form 10-K (the “Annual Report on Form 10-K”). All amounts are in dollars unless otherwise stated. Amounts reported in millions herein are computed based on the amounts in thousands. As a result, the sum of the components, and related calculations, reported in millions may not equal the total amounts due to rounding.
Recent Developments
Issuance of Shares and Appointment of Chief Executive Officer

On March 14, 2019, the Company entered into a securities purchase agreement with Stagwell Agency Holdings LLC (“Stagwell Holdings”), an affiliate of Stagwell Group LLC (“Stagwell”). See Note 8 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for additional information regarding the issuance of the Class A and Series 6 convertible preference shares.
Effective March 18, 2019, the Company’s Board of Directors (the “Board”) appointed Mark Penn as the Chief Executive Officer and as a director of the Board. Mr. Penn is manager of Stagwell. Effective April 18, 2019, Mr. Penn was also appointed as Chairman of the Board.
Amendment to Credit Agreement
On March 12, 2019 , the Company, Maxxcom Inc. (a subsidiary of the Company) (“Maxxcom”) and each of their subsidiaries party thereto entered into an amendment (the “Amendment”) to the existing senior secured revolving credit facility, dated as of May 3, 2016 (as amended, the “Credit Agreement”), among the Company, Maxxcom Inc., a Delaware corporation, each of their subsidiaries party thereto, Wells Fargo Capital Finance, LLC, as agent (“Wells Fargo”), and the lenders from time to time party thereto. See Note 7 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for additional information regarding the amendments to the Credit Agreement.
Sale of Kingsdale
On March 8, 2019, the Company consummated the sale of its equity interest in Kingsdale. See Note 4 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for additional information regarding the sale of Kingsdale.
Executive Summary
MDC conducts its business through its network of Partner Firms, the “Advertising and Communications Group,” who provide a comprehensive array of marketing and communications services for clients both domestically and globally. The Company’s objective is to create shareholder value by building, growing and acquiring market-leading Partner Firms that deliver innovative, value-added marketing, activation, communications and strategic consulting to their clients. Management believes that shareholder value is maximized with an operating philosophy of “Perpetual Partnership” with proven committed industry leaders in marketing communications.
MDC manages its business by monitoring several financial and non-financial performance indicators. The key indicators that we focus on are revenues, operating expenses and capital expenditures. Revenue growth is analyzed by reviewing a mix of measurements, including (i) growth by major geographic location, (ii) growth by client industry vertical, (iii) growth from existing clients and the addition of new clients, (iv) growth by primary discipline (v) growth from currency changes, and (vi) growth from acquisitions. In addition to monitoring the foregoing financial indicators, the Company assesses and monitors several non-financial performance indicators relating to the business performance of our Partner Firms. These indicators may include a Partner Firm’s recent new client win/loss record; the depth and scope of a pipeline of potential new client account activity; the overall quality of

26

the services provided to clients; and the relative strength of the Partner Firm’s next generation team that is in place as part of a potential succession plan to succeed the current senior executive team.
As discussed in Note 12 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for the Company aggregates operating segments that meet the aggregation criteria detailed in ASC 280 into one of the four reportable segments and combines and discloses those operating segments that do not meet the aggregation criteria in the All Other category. Due to changes in the composition of certain business and the Company’s internal management and reporting structure during 2019, reportable segment results for the 2018 periods presented have been recast to reflect the reclassification of certain businesses between segments. See Note 12 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for a description of each of our reportable segments and All Other category and further information regarding the reclassification of certain businesses between segments.
In addition, MDC reports its corporate office expenses incurred in connection with the strategic resources provided to the Partner Firms, as well as certain other centrally managed expenses that are not fully allocated to the operating segments as Corporate. Corporate provides client and business development support to the Partner Firms as well as certain strategic resources, including accounting, administrative, financial, real estate, human resource and legal functions. Additional expenses managed by the corporate office that are directly related to the Partner Firms are allocated to the appropriate reportable segment and the All Other category.
Certain Factors Affecting Our Business
See the Executive Summary section of Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 for information regarding certain factors affecting our business.



27

Results of Operations:

 
Three Months Ended 
 March 31,
 
2019
 
2018
Revenue:
(Dollars in Thousands)
Global Integrated Agencies
$
129,719

 
$
129,524

Domestic Creative Agencies
67,007

 
66,654

Specialist Communications
38,953

 
38,824

Media Services
20,179

 
24,684

All Other
72,933

 
67,282

Total
$
328,791

 
$
326,968

 
 
 
 
Segment operating income (loss):
 
 
 
Global Integrated Agencies
$
3,770

 
$
(13,593
)
Domestic Creative Agencies
5,477

 
2,878

Specialist Communications
7,077

 
3,728

Media Services
(1,834
)
 
(19
)
All Other
6,014

 
6,445

Corporate
(4,822
)
 
(14,072
)
Total
$
15,682

 
$
(14,633
)
 
 
 
 
Other Income (Expenses):
 
 
 
Interest expense and finance charges, net
(16,760
)
 
(16,083
)
Foreign exchange gain (loss)
5,442

 
(6,660
)
Other, net
(3,383
)
 
441

Income (loss) before income taxes and equity in earnings (losses) of non-consolidated affiliates
981

 
(36,935
)
Income tax expense (benefit)
748

 
(8,330
)
Income (loss) before equity in earnings (losses) of non-consolidated affiliates
233

 
(28,605
)
Equity in earnings of non-consolidated affiliates
83

 
86

Net income (loss)
316

 
(28,519
)
Net income attributable to the noncontrolling interest
(429
)
 
(897
)
Net loss attributable to MDC Partners Inc.
$
(113
)
 
$
(29,416
)



28


 
Three Months Ended 
 March 31,
 
2019
 
2018
Depreciation and amortization:
(Dollars in Thousands)
Global Integrated Agencies
$
4,065

 
$
7,410

Domestic Creative Agencies
1,239

 
1,293

Specialist Communications
567

 
966

Media Services
691

 
637

All Other
2,059

 
1,845

Corporate
217

 
224

Total
$
8,838

 
$
12,375

 
 
 
 
 
 
 
 
Stock-based compensation:
 
 
 
Global Integrated Agencies
$
3,767

 
$
2,460

Domestic Creative Agencies
464

 
410

Specialist Communications
26

 
187

Media Services
—

 
74

All Other
288

 
658

Corporate
(1,573
)
 
1,248

Total
$
2,972

 
$
5,037

 
 
 
 
Capital expenditures:
 
 
 
Global Integrated Agencies
$
1,418

 
$
2,243

Domestic Creative Agencies
694

 
903

Specialist Communications
251

 
236

Media Services
41

 
184

All Other
1,201

 
225

Corporate
1

 
8

Total
$
3,606

 
$
3,799



29


THREE MONTHS ENDED MARCH 31, 2019 COMPARED TO THREE MONTHS ENDED MARCH 31, 2018

Consolidated Results of Operations

Revenues
Revenue was $328.8 million for the three months ended March 31, 2019 compared to revenue of $327.0 million for the three months ended March 31, 2018. See the Advertising and Communications Group section below for a discussion regarding consolidated revenues for the three months ended March 31, 2019 compared to the three months ended March 31, 2018.
Operating Income
Operating income for the three months ended March 31, 2019 was $15.7 million, compared to loss of $14.6 million for the three months ended March 31, 2018, representing a change of $30.3 million. The change was primarily driven by an increase in operating income in the Advertising and Communications Group of $21.1 million. Additionally, Corporate operating expenses decreased by $9.3 million, primarily related to lower compensation expense, stock-based compensation and professional fees as well as an impairment charge of $2.3 million recognized in 2018.
Other, Net
Other, net, for the three months ended March 31, 2019 was loss of $3.4 million compared to income of $0.4 million for the three months ended March 31, 2018, primarily driven by a loss on the sale of Kingsdale.
Foreign Exchange Gain (Loss)
Foreign exchange gain for the three months ended March 31, 2019 was $5.4 million compared to loss of $6.7 million for the three months ended March 31, 2018. The decline in the foreign exchange loss is primarily attributable to the strengthening of the Canadian dollar against the U.S. dollar. The change primarily related to U.S. dollar denominated indebtedness that is an obligation of our Canadian parent company.
Interest Expense and Finance Charges, Net
Interest expense and finance charges, net, for the three months ended March 31, 2019 was $16.8 million compared to $16.1 million for the three months ended March 31, 2018, representing an increase of $0.8 million.
Income Tax Expense (Benefit)
Income tax expense for the three months ended March 31, 2019 was $0.7 million (on income of $1.0 million resulting in an effective tax rate of 76.3%) compared to a benefit of $8.3 million (on a loss of $36.9 million resulting in an effective tax rate of 22.6%) for the three months ended March 31, 2018.  The effective tax rate of 76.3% was primarily related to the impact of certain discrete items recognized for the three months ended March 31, 2019.
Equity in Earnings of Non-Consolidated Affiliates
Equity in earnings of non-consolidated affiliates represents the income or losses attributable to equity method investments. Income recorded for the three months ended March 31, 2019 and 2018 remained flat at $0.1 million.
Noncontrolling Interests
The effect of noncontrolling interests for the three months ended March 31, 2019 was $0.4 million compared to $0.9 million for the three months ended March 31, 2018.

Net Income (Loss) Attributable to MDC Partners Inc. Common Shareholders
As a result of the foregoing, net loss attributable to MDC Partners Inc. common shareholders for the three months ended March 31, 2019 was $2.5 million, or $0.04 diluted loss per share, compared to net loss attributable to MDC Partners Inc. common shareholders of $31.4 million, or $0.56 diluted loss per share, for the three months ended March 31, 2018.
Advertising and Communications Group
The following discussion provides additional detailed disclosure for each of the Company’s four (4) reportable segments, plus the “All Other” category, within the Advertising and Communications Group.
Revenue was $328.8 million for the three months ended March 31, 2019 compared to revenue of $327.0 million for the three months ended March 31, 2018, representing an increase of $1.8 million.

30

The change in revenue included a negative foreign exchange impact of $5.1 million, or 1.6% and a decrease in revenue from existing Partner Firms of $6.9 million, or 2.1%, partially offset by revenue from acquired Partner Firms of $15.7 million, or 4.8%. The decline in revenue from existing Partner Firms was attributable to client losses and a reduction in spending by certain clients, partially offset by new client wins. Additionally, the change in revenue was driven by a decline in categories including automotive and retailers, offset by growth in technology.
Revenue growth was mixed through the geographic regions with growth in the United States of 2.5%, offset by a decline in Canada of 15.2%, 1.5% in the other regions outside of North America partially attributable to the strengthening of the U.S. dollar.
The Company also utilizes non-GAAP metrics called organic revenue growth (decline) and non-GAAP acquisitions (dispositions), net, as defined above. For the three months ended March 31, 2019, organic revenue decreased by $2.9 million, or 0.9%, of which $6.9 million, or 2.1% pertained to Partner Firms the Company has owned throughout each of the comparable periods presented. The remaining revenue growth of $4.0 million, or 1.2%, was generated from acquired Partner Firms.
The components of the fluctuations in revenues for the three months ended March 31, 2019 compared to the three months ended March 31, 2018 are as follows:
 
Total
 
United States
 
Canada
 
Other
 
$
 
%
 
$
 
%
 
$
 
%
 
$
 
%
 
(Dollars in Thousands)
March 31, 2018
$
326,968

 
 
 
$
256,524

 
 
 
$
26,379

 
 
 
$
44,065

 
 
Components of revenue change:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange impact
(5,139
)
 
(1.6
)%
 
—

 
—
 %
 
(1,252
)
 
(4.7
)%
 
(3,887
)
 
(8.8
)%
Non-GAAP acquisitions (dispositions), net
9,852

 
3.0
 %
 
$
10,738

 
4.2
 %
 
(1,737
)
 
(6.6
)%
 
851

 
1.9
 %
Organic revenue growth (decline)
(2,890
)
 
(0.9
)%
 
(4,245
)
 
(1.7
)%
 
(1,012
)
 
(3.8
)%
 
2,367

 
5.4
 %
Total Change
$
1,823

 
0.6
 %
 
$
6,493

 
2.5
 %
 
$
(4,001
)
 
(15.2
)%
 
$
(669
)
 
(1.5
)%
March 31, 2019
$
328,791

 
 
 
$
263,017

 
 
 
$
22,378

 
 
 
$
43,396

 
 
The table below provides a reconciliation between the revenue in the Advertising and Communications Group from acquired businesses in the statement of operations to non-GAAP acquisitions (dispositions), net for the three months ended March 31, 2019:
 
Specialist Communications
 
All Other
 
Total
 
(Dollars in Thousands)
GAAP revenue from 2018 acquisitions
$
1,243

 
$
14,442

 
$
15,685

Contribution to non-GAAP organic revenue (growth) decline
(203
)
—

(3,805
)
—

(4,008
)
Prior year revenue from dispositions
—

 
(1,825
)
 
(1,825
)
Non-GAAP acquisitions (dispositions), net
$
1,040

 
$
8,812

 
$
9,852


The geographic mix in revenues for the three months ended March 31, 2019 and 2018 is as follows:
 
2019
 
2018
United States
80.0
%
 
78.5
%
Canada
6.8
%
 
8.0
%
Other
13.2
%
 
13.5
%
The United States and Canada had organic revenue decline of 1.7% and 3.8%, respectively. Organic revenue growth outside of North America was 5.4%. Organic revenue performance in the United States and Canada was attributable to client losses and a reduction in spending by some clients, partially offset by a contribution from new client wins.
The negative foreign exchange impact of $5.1 million, or 1.6%, was attributed to the strengthening of the U.S. dollar against the Canadian dollar and Swedish Króna.

31

The change in expenses and operating profit as a percentage of revenue in the Advertising and Communications Group for the three months ended March 31, 2019 and 2018 was as follows:
 
 
2019
 
2018
 
Change
Advertising and Communications Group
 
$
 
% of
Revenue
 
$
 
% of
Revenue
 
$
 
%
 
 
(Dollars in Thousands)
Revenue
 
$
328,791

 
 
 
$
326,968

 
 
 
$
1,823

 
0.6
 %
Operating expenses
 
 
 
 
 
 
 
 
 
 
 
 
Cost of services sold
 
237,421

 
72.2
%
 
243,030

 
74.3
 %
 
(5,609
)
 
(2.3
)%
Office and general expenses
 
62,246

 
18.9
%
 
72,348

 
22.1
 %
 
(10,102
)
 
(14.0
)%
Depreciation and amortization
 
8,620

 
2.6
%
 
12,151

 
3.7
 %
 
(3,531
)
 
(29.1
)%
 
 
$
308,287

 
93.8
%
 
$
327,529

 
100.2
 %
 
$
(19,242
)
 
(5.9
)%
Operating profit (loss)
 
$
20,504

 
6.2
%
 
$
(561
)
 
(0.2
)%
 
$
21,065

 
NM (1)

(1) NM - Not meaningful
The change in operating profit was attributable to lower operating expenses, as outlined below.
The change in the categories of expenses as a percentage of revenue in the Advertising and Communications Group for the three months ended March 31, 2019 and 2018 was as follows:
 
 
2019
 
2018
 
Change
Advertising and Communications Group
 
$
 
% of
Revenue
 
$
 
% of
Revenue
 
$
 
%
 
 
(Dollars in Thousands)
Direct costs (1)
 
$
56,450

 
17.2
 %
 
$
48,514

 
14.8
%
 
$
7,936

 
16.4
 %
Staff costs (2)
 
201,558

 
61.3
 %
 
213,074

 
65.2
%
 
(11,516
)
 
(5.4
)%
Administrative cost
 
44,757

 
13.6
 %
 
47,415

 
14.5
%
 
(2,658
)
 
(5.6
)%
Deferred acquisition consideration
 
(7,643
)
 
(2.3
)%
 
2,586

 
0.8
%
 
(10,229
)
 
(395.6
)%
Stock-based compensation
 
4,545

 
1.4
 %
 
3,789

 
1.2
%
 
756

 
20.0
 %
Depreciation and amortization
 
8,620

 
2.6
 %
 
12,151

 
3.7
%
 
(3,531
)
 
(29.1
)%
Total operating expenses
 
$
308,287

 
93.8
 %
 
$
327,529

 
100.2
%
 
$
(19,242
)
 
(5.9
)%
(1)
Excludes staff costs.
(2)
Excludes stock-based compensation and is comprised of amounts reported in both cost of services and office and general expenses.
The decrease in staff costs was primarily attributed to staffing reductions at Partner Firms, and lower costs to support the operations of Partner Firms.
Deferred acquisition consideration change for the three months ended March 31, 2019 was primarily attributed to the aggregate performance of certain Partner Firms in 2019 relative to the previously projected expectations.



32

Global Integrated Agencies
The change in expenses and operating profit as a percentage of revenue in the Global Integrated Agencies reportable segment for the three months ended March 31, 2019 and 2018 was as follows:
 
 
2019
 
2018
 
Change
Global Integrated Agencies
 
$
 
% of
Revenue
 
$
 
% of
Revenue
 
$
 
%
 
 
(Dollars in Thousands)
Revenue
 
$
129,719

 
 
 
$
129,524

 
 
 
$
195

 
0.2
 %
Operating expenses
 
 
 
 
 
 
 
 
 
 
 
 
Cost of services sold
 
97,276

 
75.0
%
 
103,037

 
79.6
 %
 
(5,761
)
 
(5.6
)%
Office and general expenses
 
24,608

 
19.0
%
 
32,670

 
25.2
 %
 
(8,062
)
 
(24.7
)%
Depreciation and amortization
 
4,065

 
3.1
%
 
7,410

 
5.7
 %
 
(3,345
)
 
(45.1
)%
 
 
$
125,949

 
97.1
%
 
$
143,117

 
110.5
 %
 
$
(17,168
)
 
(12.0
)%
Operating profit (loss)
 
$
3,770

 
2.9
%
 
$
(13,593
)
 
(10.5
)%
 
$
17,363

 
(127.7
)%
The change in revenue includes an increase in revenue from existing Partner Firms of $3.8 million, or 2.9%, due to net client wins, offset by cutbacks and spending delays from several existing clients and a negative impact from foreign exchange of $3.6 million, or 2.8%.
The change in operating profit was primarily attributed to lower operating expenses, as outlined below.
The change in the categories of expenses as a percentage of revenue in the Global Integrated Agencies reportable segment for the three months ended March 31, 2019 and 2018 was as follows:
 
 
2019
 
2018
 
Change
Global Integrated Agencies
 
$
 
% of
Revenue
 
$
 
% of
Revenue
 
$
 
%
 
 
(Dollars in Thousands)
Direct costs (1)
 
$
14,496

 
11.2
 %
 
$
6,501

 
5.0
%
 
$
7,995

 
123.0
 %
Staff costs (2)
 
89,242

 
68.8
 %
 
102,401

 
79.1
%
 
(13,159
)
 
(12.9
)%
Administrative
 
19,343

 
14.9
 %
 
22,911

 
17.7
%
 
(3,568
)
 
(15.6
)%
Deferred acquisition consideration
 
(4,964
)
 
(3.8
)%
 
1,434

 
1.1
%
 
(6,398
)
 
(446.2
)%
Stock-based compensation
 
3,767

 
2.9
 %
 
2,460

 
1.9
%
 
1,307

 
53.1
 %
Depreciation and amortization
 
4,065

 
3.1
 %
 
7,410

 
5.7
%
 
(3,345
)
 
(45.1
)%
Total operating expenses
 
$
125,949

 
97.1
 %
 
$
143,117

 
110.5
%
 
$
(17,168
)
 
(12.0
)%
(1)
Excludes staff costs.
(2)
Excludes stock-based compensation and is comprised of amounts reported in both cost of services and office and general expenses.
The decrease in staff costs was attributed to staffing reductions at certain Partner Firms.
Deferred acquisition consideration change for the three months ended March 31, 2019 was primarily attributed to the aggregate performance of certain Partner Firms in 2019 relative to the previously projected expectations.

33

Domestic Creative Agencies
The change in expenses and operating profit as a percentage of revenue in the Domestic Creative Agencies reportable segment for the three months ended March 31, 2019 and 2018 was as follows:
 
 
2019
 
2018
 
Change
Domestic Creative Agencies
 
$
 
% of
Revenue
 
$
 
% of
Revenue
 
$
 
%
 
 
(Dollars in Thousands)
Revenue
 
$
67,007

 
 
 
$
66,654

 
 
 
$
353

 
0.5
 %
Operating expenses
 
 
 
 
 
 
 
 
 
 
 
 
Cost of services sold
 
47,724

 
71.2
%
 
48,595

 
72.9
%
 
(871
)
 
(1.8
)%
Office and general expenses
 
12,567

 
18.8
%
 
13,888

 
20.8
%
 
(1,321
)
 
(9.5
)%
Depreciation and amortization
 
1,239

 
1.8
%
 
1,293

 
1.9
%
 
(54
)
 
(4.2
)%
 
 
$
61,530

 
91.8
%
 
$
63,776

 
95.7
%
 
$
(2,246
)
 
(3.5
)%
Operating profit
 
$
5,477

 
8.2
%
 
$
2,878

 
4.3
%
 
$
2,599

 
90.3
 %
The increase in operating profit was primarily attributed lower operating expenses, as outlined below.
The change in the categories of expenses as a percentage of revenue in the Domestic Creative Agencies reportable segment for the three months ended March 31, 2019 and 2018 was as follows:
 
 
2019
 
2018
 
Change
Domestic Creative Agencies
 
$
 
% of
Revenue
 
$
 
% of
Revenue
 
$
 
%
 
 
(Dollars in Thousands)
Direct costs (1)
 
$
14,687

 
21.9
 %
 
$
10,873

 
16.3
%
 
$
3,814

 
35.1
 %
Staff costs (2)
 
37,869

 
56.5
 %
 
42,400

 
63.6
%
 
(4,531
)
 
(10.7
)%
Administrative
 
7,874

 
11.8
 %
 
8,571

 
12.9
%
 
(697
)
 
(8.1
)%
Deferred acquisition consideration
 
(603
)
 
(0.9
)%
 
229

 
0.3
%
 
(832
)
 
(363.3
)%
Stock-based compensation
 
464

 
0.7
 %
 
410

 
0.6
%
 
54

 
13.2
 %
Depreciation and amortization
 
1,239

 
1.8
 %
 
1,293

 
1.9
%
 
(54
)
 
(4.2
)%
Total operating expenses
 
$
61,530

 
91.8
 %
 
$
63,776

 
95.7
%
 
$
(2,246
)
 
(3.5
)%
(1)
Excludes staff costs.
(2)
Excludes stock-based compensation and is comprised of amounts reported in both cost of services and office and general expenses.
The decrease in staff costs was attributed to staffing reductions at certain Partner Firms.


34

Specialist Communications
The change in expenses and operating profit as a percentage of revenue in the Specialist Communications reportable segment for the three months ended March 31, 2019 and 2018 was as follows:
 
 
2019
 
2018
 
Change
Specialist Communications
 
$
 
% of
Revenue
 
$
 
% of
Revenue
 
$
 
%
 
 
(Dollars in Thousands)
Revenue
 
$
38,953

 
 
 
$
38,824

 
 
 
$
129

 
0.3
 %
Operating expenses
 
 
 
 
 
 
 
 
 
 
 
 
Cost of services sold
 
25,873

 
66.4
%
 
26,743

 
68.9
%
 
(870
)
 
(3.3
)%
Office and general expenses
 
5,436

 
14.0
%
 
7,387

 
19.0
%
 
(1,951
)
 
(26.4
)%
Depreciation and amortization
 
567

 
1.5
%
 
966

 
2.5
%
 
(399
)
 
(41.3
)%
 
 
$
31,876

 
81.8
%
 
$
35,096

 
90.4
%
 
$
(3,220
)
 
(9.2
)%
Operating profit
 
$
7,077

 
18.2
%
 
$
3,728

 
9.6
%
 
$
3,349

 
89.8
 %
The increase in operating profit was primarily attributed to lower operating expenses, as outlined below.
The change in the categories of expenses as a percentage of revenue in the Specialist Communications reportable segment for the three months ended March 31, 2019 and 2018 was as follows:
 
 
2019
 
2018
 
Change
Specialist Communications
 
$
 
% of
Revenue
 
$
 
% of
Revenue
 
$
 
%
 
 
(Dollars in Thousands)
Direct costs (1)
 
$
7,824

 
20.1
 %
 
$
9,479

 
24.4
%
 
$
(1,655
)
 
(17.5
)%
Staff costs (2)
 
20,171

 
51.8
 %
 
18,964

 
48.8
%
 
1,207

 
6.4
 %
Administrative
 
5,082

 
13.0
 %
 
4,992

 
12.9
%
 
90

 
1.8
 %
Deferred acquisition consideration
 
(1,794
)
 
(4.6
)%
 
508

 
1.3
%
 
(2,302
)
 
(453.1
)%
Stock-based compensation
 
26

 
0.1
 %
 
187

 
0.5
%
 
(161
)
 
(86.1
)%
Depreciation and amortization
 
567

 
1.5
 %
 
966

 
2.5
%
 
(399
)
 
(41.3
)%
Total operating expenses
 
$
31,876

 
81.8
 %
 
$
35,096

 
90.4
%
 
$
(3,220
)
 
(9.2
)%
(1)
Excludes staff costs.
(2)
Excludes stock-based compensation and is comprised of amounts reported in both cost of services and office and general expenses.
Deferred acquisition consideration change for the three months ended March 31, 2019 was primarily attributed to the aggregate performance of certain Partner Firms in 2019 relative to the previously projected expectations.
Media Services
The change in expenses and operating profit as a percentage of revenue in the Media Services reportable segment for the three months ended March 31, 2019 and 2018 was as follows:

35

 
 
2019
 
2018
 
Change
Media Services
 
$
 
% of
Revenue
 
$
 
% of
Revenue
 
$
 
%
 
 
(Dollars in Thousands)
Revenue
 
$
20,179

 
 
 
$
24,684

 
 
 
$
(4,505
)
 
(18.3
)%
Operating expenses
 
 
 
 
 
 
 
 
 
 
 
 
Cost of services sold
 
14,794

 
73.3
 %
 
16,775

 
68.0
 %
 
(1,981
)
 
(11.8
)%
Office and general expenses
 
6,528

 
32.4
 %
 
7,291

 
29.5
 %
 
(763
)
 
(10.5
)%
Depreciation and amortization
 
691

 
3.4
 %
 
637

 
2.6
 %
 
54

 
8.5
 %
 
 
$
22,013

 
109.1
 %
 
$
24,703

 
100.1
 %
 
$
(2,690
)
 
(10.9
)%
Operating loss
 
$
(1,834
)
 
(9.1
)%
 
$
(19
)
 
(0.1
)%
 
$
(1,815
)
 
NM

The decrease in operating profit was primarily attributable to the decline in revenue, partially offset by lower operating expenses, as outlined below. The decline in revenue was primarily driven by net client losses as well as spending cutbacks from certain clients.
The change in the categories of expenses as a percentage of revenue in the Media Services reportable segment for the three months ended March 31, 2019 and 2018 was as follows:
 
 
2019
 
2018
 
Change
Media Services
 
$
 
% of
Revenue
 
$
 
% of
Revenue
 
$
 
%
 
 
(Dollars in Thousands)
Direct costs (1)
 
$
3,929

 
19.5
%
 
$
3,804

 
15.4
%
 
$
125

 
3.3
 %
Staff costs (2)
 
12,476

 
61.8
%
 
15,751

 
63.8
%
 
(3,275
)
 
(20.8
)%
Administrative
 
4,230

 
21.0
%
 
4,355

 
17.6
%
 
(125
)
 
(2.9
)%
Deferred acquisition consideration
 
687

 
3.4
%
 
82

 
0.3
%
 
605

 
737.8
 %
Stock-based compensation
 
—

 
—
%
 
74

 
0.3
%
 
(74
)
 
(100.0
)%
Depreciation and amortization
 
691

 
3.4
%
 
637

 
2.6
%
 
54

 
8.5
 %
Total operating expenses
 
$
22,013

 
109.1
%
 
$
24,703

 
100.1
%
 
$
(2,690
)
 
(10.9
)%
(1)
Excludes staff costs.
(2)
Excludes stock-based compensation and is comprised of amounts reported in both cost of services and office and general expenses.
The decrease in staff costs was attributed to staffing reductions at certain Partner Firms.

36


All Other
The change in expenses and operating profit as a percentage of revenue in the All Other category for the three months ended March 31, 2019 and 2018 was as follows:
 
 
2019
 
2018
 
Change
All Other
 
$
 
% of
Revenue
 
$
 
% of
Revenue
 
$
 
%
 
 
(Dollars in Thousands)
Revenue
 
$
72,933

 
 
 
$
67,282

 
 
 
$
5,651

 
8.4
 %
Operating expenses
 
 
 
 
 
 
 
 
 
 
 
 
Cost of services sold
 
51,754

 
71.0
%
 
47,881

 
71.2
%
 
3,873

 
8.1
 %
Office and general expenses
 
13,106

 
18.0
%
 
11,111

 
16.5
%
 
1,995

 
18.0
 %
Depreciation and amortization
 
2,059

 
2.8
%
 
1,845

 
2.7
%
 
214

 
11.6
 %
 
 
$
66,919

 
91.8
%
 
$
60,837

 
90.4
%
 
$
6,082

 
10.0
 %
Operating profit
 
$
6,014

 
8.2
%
 
$
6,445

 
9.6
%
 
$
(431
)
 
(6.7
)%
The increase in revenue was primarily attributable to revenue contributions of $13.3 million from an acquired Partner Firm, offset by decline from existing Partner Firms of $7.1 million, or 10.6%, primarily in transportation and travel/lodging and healthcare and negative foreign exchange impact of $0.6 million, or 1.2%.
The change in the categories of expenses as a percentage of revenue in the All Other category for the three months ended March 31, 2019 and 2018 was as follows:
 
 
2019
 
2018
 
Change
All Other
 
$
 
% of
Revenue
 
$
 
% of
Revenue
 
$
 
%
 
 
(Dollars in Thousands)
Direct costs (1)
 
$
15,515

 
21.3
 %
 
$
17,857

 
26.5
%
 
$
(2,342
)
 
(13.1
)%
Staff costs (2)
 
41,798

 
57.3
 %
 
33,559

 
49.9
%
 
8,239

 
24.6
 %
Administrative
 
8,228

 
11.3
 %
 
6,586

 
9.8
%
 
1,642

 
24.9
 %
Deferred acquisition consideration
 
(969
)
 
(1.3
)%
 
332

 
0.5
%
 
(1,301
)
 
(391.9
)%
Stock-based compensation
 
288

 
0.4
 %
 
658

 
1.0
%
 
(370
)
 
(56.2
)%
Depreciation and amortization
 
2,059

 
2.8
 %
 
1,845

 
2.7
%
 
214

 
11.6
 %
Total operating expenses
 
$
66,919

 
91.8
 %
 
$
60,837

 
90.4
%
 
$
6,082

 
10.0
 %
(1)
Excludes staff costs.
(2)
Excludes stock-based compensation and is comprised of amounts reported in both cost of services and office and general expenses.
The increase in staff costs was primarily attributed to contributions from an acquired Partner Firm and increased staffing for certain Partner Firms to support revenue growth.
Deferred acquisition consideration change for the three months ended March 31, 2019 was primarily attributed to the aggregate performance of certain Partner Firms in 2019 relative to the previously projected expectations.


37

Corporate
The change in operating expenses for Corporate for the three months ended March 31, 2019 and 2018 was as follows:
 
 
2019
 
2018
 
Variance
Corporate
 
$
 
$
 
$
 
%
 
 
(Dollars in Thousands)
Staff costs (1)
 
$
2,525

 
$
5,364

 
$
(2,839
)
 
(52.9
)%
Administrative
 
3,653

 
4,919

 
(1,266
)
 
(25.7
)%
Stock-based compensation
 
(1,573
)
 
1,248

 
(2,821
)
 
(226.0
)%
Depreciation and amortization
 
217

 
224

 
(7
)
 
(3.1
)%
Other asset impairment
 
—

 
2,317

 
(2,317
)
 
(100.0
)%
Total operating expenses
 
$
4,822

 
$
14,072

 
$
(9,250
)
 
(65.7
)%
(1)
Excludes stock-based compensation.
Staff costs declined as a result of lower compensation expense primarily associated with reductions in staff.
The decrease in administrative costs was primarily related to lower professional fees as the prior year included fees related to the implementation of a new accounting pronouncement.
Stock-based compensation was a credit in the three months ended of 2019 due to the reversal of expense previously recognized in connection with the forfeiture of a performance based equity award.


38

Liquidity and Capital Resources:
Liquidity
The following table provides summary information about the Company’s liquidity position:

As of and for the three months ended March 31, 2019

As of and for the three months ended March 31, 2018

As of and for the year ended December 31, 2018
 
(In Thousands, Except for Long-Term Debt to
Shareholders’ Equity Ratio)

Cash and cash equivalents
$
26,372


$
29,202


$
30,873

Working capital (deficit)
$
(160,780
)

$
(195,925
)

$
(152,682
)
Cash provided by (used in) operating activities
$
(81,200
)
 
$
(61,033
)

$
17,280

Cash provided by (used in) investing activities
$
18,101

 
$
(3,868
)

$
(50,431
)
Cash provided by financing activities
$
60,753

 
$
47,618


$
21,434

Ratio of long-term debt to shareholders' deficit
(5.27
)

(4.97
)

(3.87
)
The Company intends to maintain sufficient cash and/or available borrowings to fund operations for the next twelve months. The Company has historically been able to maintain and expand its business using cash generated from operating activities, funds available under its Credit Agreement, and other initiatives, such as obtaining additional debt and equity financing. At March 31, 2019, the Company had $32.8 million of borrowings outstanding and $201.3 million available under the Credit Agreement.
The Company’s obligations extending beyond twelve months primarily consist of deferred acquisition payments, capital expenditures, scheduled lease obligation payments, and interest payments on borrowings under the Company’s 6.50% Senior Notes due 2024. Based on the current outlook, the Company believes future cash flows from operations, together with the Company’s existing cash balance and availability of funds under the Company’s Credit Agreement, will be sufficient to meet the Company’s anticipated cash needs for the foreseeable future. The Company’s ability to make scheduled deferred acquisition payments, principal and interest payments, to refinance indebtedness or to fund planned capital expenditures will depend on future performance, which is subject to general economic conditions, the competitive environment and other factors, including those described in the Company’s 2018 Annual Report on Form 10-K and in the Company’s other SEC filings.
As market conditions warrant, the Company may from time to time seek to purchase its notes, in privately negotiated or open market transactions, by tender offer or otherwise. Subject to any applicable limitations contained in the agreements governing its indebtedness, any purchase made by the Company may be funded by the net proceeds from any asset dispositions or the use of cash on its balance sheet. The amounts involved in any such purchase transactions, individually or in the aggregate, may be material.
Working Capital
At March 31, 2019, the Company had a working capital deficit of $160.8 million compared to a deficit of $152.7 million at December 31, 2018. The Company’s working capital is impacted by seasonality in media buying, amounts spent by clients, and timing of amounts received from clients and subsequently paid to suppliers. Media buying is impacted by the timing of certain events, such as major sporting competitions and national holidays, and there can be a quarter to quarter lag between the time amounts received from clients for the media buying are subsequently paid to suppliers. The Company intends to maintain sufficient cash or availability of funds under the Credit Agreement at any particular time to adequately fund working capital should there be a need to do so from time to time.
Cash Flows
Operating Activities
Cash flows used in operating activities for the three months ended March 31, 2019 was 81.2 million, primarily reflecting unfavorable working capital requirements, driven by media and other supplier payments.
Cash flows used in operating activities for the three months ended March 31, 2018 was $61.0 million, primarily reflecting unfavorable working capital requirements, driven by media and other supplier payments as well as net income (loss) adjusted to reconcile to net cash used in operating activities.



Investing Activities

39

During the three months ended March 31, 2019, cash flows provided by investing activities was $18.1 million, which primarily consisted of proceeds of $23.1 million from the sale of the Company’s equity interest in Kingsdale, partially offset by $3.6 million of capital expenditures related primarily to computer equipment, furniture and fixtures, and leasehold improvements.
During the three months ended March 31, 2018, cash flows used in investing activities was $3.9 million, primarily consisting of capital expenditures related primarily to computer equipment, furniture and fixtures, and leasehold improvements of $3.8 million.
Financing Activities
During the three months ended March 31, 2019, cash flows provided by financing activities was $60.8 million, driven by $100.0 million in proceeds from the issuance of common and preferred shares, partially offset by $35.3 million in net repayments under the Credit Agreement.
During the three months ended March 31, 2018, cash flows provided by financing activities was $47.6 million, primarily driven by $59.0 million in net borrowings under the Credit Agreement and $7.4 million of acquisition related payments.
Total Debt
Debt, net of debt issuance costs, as of March 31, 2019 was $919.1 million as compared to $954.1 million outstanding at December 31, 2018. The decrease of $35.1 million in debt was primarily a result of the Company’s net repayments on the Credit Agreement. See Note 7 of the Notes to the Unaudited Condensed Consolidated Financial Statements for information regarding the Company’s $900 million aggregate principal amount of its senior unsecured notes due 2024 and $250 million senior secured revolving credit agreement due May 3, 2021 (the “Credit Agreement”).
The Company is currently in compliance with all of the terms and conditions of the Credit Agreement, and management believes, based on its current financial projections, that the Company will be in compliance with its covenants over the next twelve months.
If the Company loses all or a substantial portion of its lines of credit under the Credit Agreement, or if the Company uses the maximum available amount under the Credit Agreement, it will be required to seek other sources of liquidity. If the Company were unable to find these sources of liquidity, for example through an equity offering or access to the capital markets, the Company’s ability to fund its working capital needs and any contingent obligations with respect to acquisitions and redeemable noncontrolling interests would be adversely affected.
Pursuant to the Credit Agreement, the Company must comply with certain financial covenants including, among other things, covenants for (i) senior leverage ratio, (ii) total leverage ratio, (iii) fixed charges ratio, and (iv) minimum earnings before interest, taxes and depreciation and amortization, in each case as such term is specifically defined in the Credit Agreement. For the period ended March 31, 2019, the Company’s calculation of each of these covenants, and the specific requirements under the Credit Agreement, respectively, were calculated based on the trailing twelve months as follows:
 
March 31, 2019
Total Senior Leverage Ratio
0.14

Maximum per covenant
2.00

 
 

Total Leverage Ratio
5.05

Maximum per covenant
6.25

 
 

Fixed Charges Ratio
2.38

Minimum per covenant
1.00

 
 

Earnings before interest, taxes, depreciation and amortization
$
183,779

Minimum per covenant
$
105,000

These ratios and measures are not based on generally accepted accounting principles and are not presented as alternative measures of operating performance or liquidity. Some of these ratios and measures include, among other things, pro forma adjustments for acquisitions, one-time charges, and other items, as defined in the Credit Agreement. They are presented here to demonstrate compliance with the covenants in the Credit Agreement, as non-compliance with such covenants could have a material adverse effect on the Company.

40

Commitments, Contingencies, and Guarantees
The Company’s agencies enter into contractual commitments with media providers and agreements with production companies on behalf of our clients at levels that exceed the revenue from services. Some of our agencies purchase media for clients and act as an agent for a disclosed principal. These commitments are included in accounts payable when the media services are delivered by the media providers. MDC takes precautions against default on payment for these services and has historically had a very low incidence of default. MDC is still exposed to the risk of significant uncollectible receivables from our clients. The risk of a material loss could significantly increase in periods of severe economic downturn.
Deferred acquisition consideration on the balance sheet consists of deferred obligations related to contingent and fixed purchase price payments, and to a lesser extent, contingent and fixed retention payments tied to continued employment of specific personnel. See Note 5 of the Notes to the Unaudited Condensed Consolidated Financial Statements for additional information regarding contingent deferred acquisition consideration.
The following table presents the changes in the deferred acquisition consideration by segment for the three months ended March 31, 2019:
 
March 31, 2019
 
Global Integrated Agencies
 
Domestic Creative Agencies
 
Specialist Communication Agencies
 
Media Services
 
All Other
 
Total
 
(Dollars in Thousands)
Beginning Balance of contingent payments
$
47,880

 
$
3,747

 
$
13,193

 
$
2,689

 
$
15,089

 
$
82,598

Payments
—

 
—

 
—

 
—

 
(275
)
 
(275
)
Redemption value adjustments (1)
(4,964
)
 
(603
)
 
(1,794
)
 
687

 
(969
)
 
(7,643
)
Stock-based compensation
644

 
—

 
—

 
—

 
165

 
809

Foreign translation adjustment
—

 
—

 
—

 
—

 
59

 
59

Ending Balance of contingent payments
43,560

 
3,144

 
11,399

 
3,376

 
14,069

 
75,548

Fixed payments, net
262

 
573

 
—

 
—

 
—

 
835

 
$
43,822

 
$
3,717

 
$
11,399

 
$
3,376

 
$
14,069

 
$
76,383


(1)
Redemption value adjustments are fair value changes from the Company’s initial estimates of deferred acquisition payments and stock-based compensation charges relating to acquisition payments that are tied to continued employment.
Deferred acquisition consideration excludes future payments with an estimated fair value of $14.2 million that are contingent upon employment terms as well as financial performance and will be expensed as stock-based compensation over the required retention period. Of this amount, the Company estimates $1.2 million will be paid in the current year and $13 million will be paid in one to three years
When acquiring less than 100% ownership of an entity, the Company may enter into agreements that give the Company an option to purchase, or require the Company to purchase, the incremental ownership interests under certain circumstances. Where the incremental purchase may be required of the Company, the amounts are recorded as redeemable noncontrolling interests in mezzanine equity. See Note 9 of the Notes to the Unaudited Condensed Consolidated Financial Statements for additional information regarding redeemable noncontrolling interest.
The Company intends to finance the cash portion of these contingent payment obligations using available cash from operations, borrowings under the Credit Agreement (and refinancings thereof), and, if necessary, through the incurrence of additional debt and/or issuance of additional equity. The ultimate amount payable and the incremental operating income in the future relating to these transactions will vary because it is dependent on the future results of operations of the subject businesses and the timing of when these rights are exercised.

41

The following table summarizes the potential timing of the consideration and incremental operating income before depreciation and amortization based on assumptions as described above:
Consideration (4)
 
2019
 
2020
 
2021
 
2022
 
2023 &
Thereafter
 
Total
 
 
 
(Dollars in Thousands)
 
Cash
 
$
4,485

 
$
1,375

 
$
3,757

 
$
2,754

 
$
3,118

 
$
15,489

 
Shares
 
15

 
31

 
43

 
28

 
12

 
$
129

 
 
 
$
4,500

 
$
1,406

 
$
3,800

 
$
2,782

 
$
3,130

 
$
15,618

(1) 
Operating income before depreciation and amortization to be received (2)
 
$
1,829

 
$
57

 
$
1,761

 
$
—

 
$
227

 
$
3,874

 
Cumulative operating income before depreciation and amortization (3)
 
$
1,829

 
$
1,886

 
$
3,647

 
$
3,647

 
$
3,874

 
 
(5) 
(1)
This amount is in addition to (i) the $28.9 million of options to purchase only exercisable upon termination not within the control of the Company, or death, and (ii) the $3.5 million excess of the initial redemption value recorded in redeemable noncontrolling interests over the amount the Company would be required to pay to the holders should the Company acquire the remaining ownership interests.
(2)
This financial measure is presented because it is the basis of the calculation used in the underlying agreements relating to the put rights and is based on actual operating results. This amount represents additional amounts to be attributable to MDC Partners Inc., commencing in the year the put is exercised.
(3)
Cumulative operating income before depreciation and amortization represents the cumulative amounts to be received by the Company.
(4)
The timing of consideration to be paid varies by contract and does not necessarily correspond to the date of the exercise of the put.
(5)
Amounts are not presented as they would not be meaningful due to multiple periods included.

Critical Accounting Policies
See the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 for information regarding the Company’s critical accounting policies.

New Accounting Pronouncements
Information regarding new accounting pronouncements can be found in Note 14 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein.
Risks and Uncertainties
This document contains forward-looking statements. The Company’s representatives may also make forward-looking statements orally from time to time. Statements in this document that are not historical facts, including, without limitation, statements about the Company’s beliefs and expectations, recent business and economic trends, potential acquisitions, and estimates of amounts for redeemable noncontrolling interests and deferred acquisition consideration, constitute forward-looking statements. Words such as “estimates,” “expects,” “contemplates,” “will,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts,” “may,” “should” and variations of such words or similar expressions are intended to identify forward-looking statements. These statements are based on current plans, estimates and projections, and are subject to change based on a number of factors, including those outlined in this section. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update publicly any of them in light of new information or future events, if any.
Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Such risk factors include, but are not limited to, the following:
•
risks associated with severe effects of international, national and regional economic conditions;
•
the Company’s ability to attract new clients and retain existing clients;
•
the spending patterns and financial success of the Company’s clients;

42

•
the Company’s ability to retain and attract key employees;
•
the Company’s ability to remain in compliance with its debt agreements and the Company’s ability to finance its contingent payment obligations when due and payable, including but not limited to redeemable noncontrolling interests and deferred acquisition consideration;
•
the successful completion and integration of acquisitions which complement and expand the Company’s business capabilities; and
•
foreign currency fluctuations
Investors should carefully consider these risk factors, and the risk factors outlined in more detail in Company’s Annual Report for the year ended December 31, 2018 under the caption “Risk Factors,” and in the Company’s other SEC filings.
Website Access to Company Reports
MDC Partners Inc.’s Internet website address is www.mdc-partners.com. The Company’s Annual Reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and any amendments to those reports filed or furnished pursuant to section 13(a) or 15(d) of the Exchange Act, will be made available free of charge through the Company’s website as soon as reasonably practical after those reports are electronically filed with, or furnished to, the Securities and Exchange Commission.  The information found on, or otherwise accessible through, the Company’s website is not incorporated into, and does not form a part of, this quarterly report on Form 10-Q. From time to time, the Company may use its website as a channel of distribution of material company information.
Item 3.    Quantitative and Qualitative Disclosures About Market Risk
The Company is exposed to market risk related to interest rates, foreign currencies and impairment risk.
Debt Instruments:  At March 31, 2019, the Company’s debt obligations consisted of amounts outstanding under its Credit Agreement and the Senior Notes. The Senior Notes bear a fixed 6.50% interest rate. The Credit Agreement bears interest at variable rates based upon the Eurodollar rate, U.S. bank prime rate and U.S. base rate, at the Company’s option. The Company’s ability to obtain the required bank syndication commitments depends in part on conditions in the bank market at the time of syndication. Given that there were $32.8 million borrowings under the Credit Agreement, as of March 31, 2019, a 1.0% increase or decrease in the weighted average interest rate, which was 4.89% at March 31, 2019, would have an interest impact of approximately $0.3 million.
Foreign Exchange:  While the Company primarily conducts business in markets that use the U.S. dollar, the Canadian dollar, the Euro and the British Pound, its non-U.S. operations transact business in numerous different currencies. The Company’s results of operations are subject to risk from the translation to the U.S. dollar of the revenue and expenses of its non-U.S. operations. The effects of currency exchange rate fluctuations on the translation of the Company’s results of operations are discussed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in Note 2 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. For the most part, revenues and expenses incurred related to the non-U.S. operations are denominated in their functional currency. This minimizes the impact that fluctuations in exchange rates will have on profit margins. Translation of intercompany debt, which is not intended to be repaid, is included in cumulative translation adjustments. Translation of current intercompany balances are included in net earnings. The Company generally does not enter into foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of adverse fluctuations in foreign currency exchange rates.
The Company is exposed to foreign currency fluctuations relating to its intercompany balances between the U.S. and Canada. For every one cent change in the foreign exchange rate between the U.S. and Canada, the impact to the Company’s financial statements would be approximately $3.0 million.
Impairment Risk: At March 31, 2019, the Company had goodwill of $742.8 million and other intangible assets of $64.9 million. The Company reviews goodwill and other intangible assets with indefinite lives not subject to amortization for impairment annually as of October 1st of each year or more frequently if indicators of potential impairment exist. See the Critical Accounting Policies and Estimates section in the Company’s 2018 Form 10-K for information related to impairment testing and the risk of potential impairment charges in future periods.
Item 4.    Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures designed to ensure that information required to be included in our SEC reports is recorded, processed, summarized and reported within the applicable time periods specified by the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer (“CEO”), who is our principal executive officer, and Chief Financial Officer (“CFO”), who is our principal financial officer, as appropriate,

43

to allow timely decisions regarding required disclosures. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can provide only reasonable assurance of achieving their control objectives. However, our disclosure controls and procedures are designed to provide reasonable assurances of achieving our control objectives.
We conducted an evaluation, under the supervision and with the participation of our management, including our CEO, CFO and management Disclosure Committee, of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report pursuant to Rule 13a-15(e) and 15(d)-15(e) of the Exchange Act. Based on that evaluation, our CEO and CFO concluded that, as of March 31, 2019, our disclosure controls and procedures are effective to ensure that decisions can be made timely with respect to required disclosures, as well as ensuring that the recording, processing, summarization and reporting of information required to be included in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 is appropriate.
Changes in Internal Control Over Financial Reporting
Except as described below, there have been no changes in our internal controls over financial reporting during the three months ended March 31, 2019 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
We implemented the new lease standard under ASC 842 as of January 1, 2019. The Company has substantially centralized the accounting and disclosure requirements under ASC 842 utilizing a newly implemented third-party software solution. In connection with these changes, we implemented certain modifications to our internal controls over financial reporting, including the documentation of our policy for the new accounting for leases, implementation of processes to address various judgments and assessments necessary during the life of a lease; as well as implementing new controls to capture the expanded disclosures required under ASC 842.

44

PART II. OTHER INFORMATION
 
Item 1.    Legal Proceedings
The Company’s operating entities are involved in legal proceedings of various types. While any litigation contains an element of uncertainty, the Company has no reason to believe that the outcome of such proceedings or claims will have a material adverse effect on its financial condition or results of operations.
Item 1A.    Risk Factors
There are no material changes in the risk factors set forth in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.
Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds
Purchase of Equity Securities by the Issuer and Affiliated Purchasers
For the three months ended March 31, 2019, the Company made no open market purchases of its Class A shares or its Class B shares. Pursuant to its Credit Agreement and the indenture governing the 6.50% Notes, the Company is currently limited from repurchasing its shares in the open market.
During 2019, the Company’s employees surrendered Class A shares in connection with the required tax withholding resulting from the vesting of restricted stock. The Company paid these withholding taxes on behalf of the related employees. These Class A shares were subsequently retired and no longer remain outstanding as of March 31, 2019. The following table details those shares withheld during the first quarter of 2019:
Period
 
Total Number of Shares Purchased
 
Average Price Paid Per Share
 
Total Number of Shares Purchased as Part of Publicly Announced Program
 
Maximum Number of Shares That May Yet Be Purchased Under the Program
1/1/2019 - 1/31/2019
 
$
—

 
$
—

 
$
—

 
$
—

2/1/2019 - 2/28/2019
 
19,559

 
2.94

 
—

 
—

3/1/2019 - 3/31/2019
 
14,457

 
2.50

 
—

 
—

Total
 
$
34,016

 
$
2.85

 
$
—

 
$
—


Item 3.    Defaults Upon Senior Securities
None.
Item 4.    Mine Safety Disclosures
Not applicable.
Item 5.    Other Information
Separation and Release Agreement with David Doft
On May 8, 2019, the Company and David Doft mutually agreed to separate his employment as the Company’s Executive Vice President, Chief Financial Officer.  In connection with his pending departure, Mr. Doft entered into a Separation and Release Agreement, a copy of which is attached hereto as Exhibit 10.5 (the “CFO Separation Agreement”). Pursuant to the CFO Separation Agreement, Mr. Doft will remain as an executive of the Company until his termination date on or about July 31, 2019.  During that period of time, he will coordinate an appropriate transition of duties and responsibilities to Frank Lanuto, the Company’s newly-appointed Chief Financial Officer. Effective on his termination date, Mr. Doft will receive the severance benefits described in his employment agreement for a termination without cause, including a cash payment equal to $1,655,000, in addition to payment of his previously disclosed 2018 retention bonus; vesting of his outstanding restricted shares of the Company’s Class A subordinate voting stock; and eligibility to receive a pro-rated amount of his previously granted 2018 LTIP Award, each as further described in, and subject to the terms and conditions of, the CFO Separation Agreement. In addition, Mr. Doft provided the Company with a release of claims, reaffirmed his restrictive covenants and agreed to mutual non-disparagement provisions.

Separation and Release Agreement with Mitchell Gendel

On May 6, 2019, the Company and Mitchell Gendel mutually agreed to separate his employment as the Company’s Executive Vice President, General Counsel and Corporate Secretary.  In connection with his pending departure, Mr. Gendel entered into a Separation and Release Agreement, a copy of which is attached hereto as Exhibit 10.6 (the “GC Separation Agreement”). Pursuant to the GC Separation Agreement, Mr. Gendel will remain as an executive of the Company until his termination date on

45

or about July 31, 2019.  During that period of time, he will coordinate an appropriate transition of duties and responsibilities to Jonathan Mirsky, the Company’s newly-appointed General Counsel. Effective on his termination date, Mr. Gendel will receive the severance benefits described in his employment agreement for a termination without cause, including a cash payment equal to $1,550,000, in addition to payment of his previously disclosed 2018 retention bonus; vesting of his outstanding restricted shares of the Company’s Class A subordinate voting stock; and eligibility to receive a pro-rated amount of his previously granted 2018 LTIP Award, each as further described in, and subject to the terms and conditions of, the GC Separation Agreement. In addition, Mr. Gendel provided the Company with a release of claims, reaffirmed his restrictive covenants and agreed to mutual non-disparagement provisions.


Item 6.    Exhibits
The exhibits required by this item are listed on the Exhibit Index.

46

EXHIBIT INDEX
 
Exhibit No.
 
Description
 
Articles of Amendment, dated March 14, 2019 (incorporated by reference to Exhibit 3.1 to the Company's Form 8-K filed on March 15, 2019).

 
Consent and First Amendment to the Second Amended and Restated Credit Agreement, dated as of May 3, 2016, among the Company, Maxxcom Inc., a Delaware corporation, each of their subsidiaries party thereto, Wells Fargo Bank, N.A., as agent, and the lenders from time to time party thereto (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed on March 15, 2019).
 
Securities Purchase Agreement, by and between the Company and Stagwell Agency Holdings LLC, dated as of March 14, 2019 (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K filed on March 15, 2019).
 
Employment Agreement, effective March 18, 2019, by and between the Company and Mark Penn (incorporated by reference to Exhibit 10.3 to the Company’s Form 8-K filed on March 15, 2019).

 
Agreement, dated April 19, 2019, by and between the Company and FrontFour Capital Group LLC, on behalf of itself and its affiliates (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on April 22, 2019).
 
Separation and Release Agreement, dated as of May 8, 2019, by and between the Company and David Doft.*
 
Separation and Release Agreement, dated as of May 6, 2019, by and between the Company and Mitchell Gendel.*
 
Certification by Chief Executive Officer pursuant to Rules 13a - 14(a) and 15d - 14(a) under the Securities Exchange Act of 1934 and Section 302 of the Sarbanes-Oxley Act of 2002.*
 
Certification by Chief Financial Officer pursuant to Rules 13a - 14(a) and 15d - 14(a) under the Securities Exchange Act of 1934 and Section 302 of the Sarbanes-Oxley Act of 2002.*
 
Certification by Chief Executive Officer pursuant to 18 USC. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
 
Certification by Chief Financial Officer pursuant to 18 USC. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
 
Schedule of Advertising and Communications Companies.*
101
 
Interactive data file.*
* Filed electronically herewith.

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
MDC PARTNERS INC.
 
/s/ David Doft
David Doft
Chief Financial Officer and Authorized Signatory
 
May 9, 2019

47
 EX-10.5 2 mdca-20190331xexhibit105.htm EXHIBIT 10.5 Exhibit



Exhibit 10.6

Execution Copy
SEPARATION AGREEMENT AND GENERAL RELEASE

SEPARATION AGREEMENT AND GENERAL RELEASE between MDC Partners Inc. (“MDC” or the “Company”) and David Doft (“Executive”), dated as of May 9, 2019 (this “Agreement and Release”). In consideration of the mutual covenants herein contained, the parties agree as follows:
    
1.
Termination of Employment; Transition Period.

a.
By mutual agreement, Executive and MDC have determined that Executive will continue as a full-time employee from the date hereof through the date on which the Company’s files its Quarterly Report on Form 10-Q for the period ending June 30, 2019, expected to be on or about July 31, 2019 but not later than August 9, 2019 (the “Termination Date”), subject to Executive’s performance of transition duties and responsibilities outlined in Section 1(b) below.

b.
During the period of time from the date hereof until the Termination Date (the “Transition Period”), the Executive will coordinate in good faith with the Company’s newly-appointed Chief Financial Officer on an appropriate transition of duties and responsibilities to the benefit of the Company. For the avoidance of doubt, the Executive shall modify his title to Executive Vice President and report to the new Chief Financial Officer of the Company during the Transition Period.

c.
Following the Termination Date and continuing through the filing of the Company’s Form 10-K for the year ending December 31, 2019, Executive agrees to provide consulting services reasonably requested by MDC in connection with the transition of any ongoing matters to the Company’s new Chief Financial Officer. In consideration of such consulting services, MDC shall pay to Executive additional compensation at an hourly market-based rate in amount to be agreed to in writing by the parties.

d.
Notwithstanding the forgoing, in the event that, prior to the Termination Date, Executive’s employment is terminated on account of death, Disability (as defined in the Employment Agreement, defined below) or termination by the Company without Cause (as defined in the Employment Agreement), then the Executive’s rights to severance and other compensation payments and benefits shall be the same as those set forth in this Agreement and Release, and the date of such termination shall be treated as the Termination Date for all purposes hereunder. For the avoidance of doubt, the matters contemplated by, or resulting from execution of, this Agreement and Release shall not constitute the basis for a termination for Good Reason.


2.    Severance Payments. Subject to Executive’s execution and compliance with this Agreement and Release, and execution and non-revocation of the release set forth in Exhibit A (as set forth herein), MDC shall pay to Executive the following amounts (collectively, the “Severance Payments”):

a.
an amount equal to (i) Executive’s accrued but unpaid base salary through the Termination Date, to be paid in the same manner as Executive’s base salary and benefit were previously paid in the ordinary course; and (ii) solely to the extent the Termination Date is prior to July 31, 2019, an amount equal to the base salary Executive would have earned had his employment continued through July 31, 2019;



1


b.
in accordance with that certain retention bonus letter agreement between MDC and the Executive dated December 21, 2018, an aggregate amount equal to $650,000, which amount shall be paid by MDC not later than 5 business days after the date hereof;

c.
in accordance with that certain Employment Agreement between MDC and the Executive dated July 19, 2007 (as amended on March 5, 2011, the “Employment Agreement”), an aggregate amount equal to $1,655,000, which amount shall be paid by MDC not later than 10 business days after the Termination Date;

d.
not later than 10 days after the Termination Date, MDC will pay Executive an additional amount in respect of accrued and unused vacation days in 2019 under MDC’s current policy;

e.
MDC shall provide Executive with continued participation on the same basis in the health benefit plans in which the Executive is currently participating (the “Continued Plans”) for a period to end on the earlier of (i) the one-year anniversary of the Termination Date and (ii) the date on which the Executive is eligible to receive coverage and benefits under the same type of plan of a subsequent employer; and

f.
MDC will reimburse Executive for all outstanding business expenses incurred in the course of his employment prior to the Termination Date.

The Severance Payments shall be subject to required federal, state and local tax withholdings by the MDC. In connection with Executive’s execution and delivery of this Agreement and Release, MDC hereby agrees that the repayment obligations under that certain Incentive/Retention Agreement signed by Executive dated February 23, 2018, shall be deemed terminated and of no further force and effect as of the Termination Date.




3.    Outstanding LTIP Grants
 
a.
Effective on the Termination Date, all of Executive’s unvested and outstanding restricted shares of MDC Class A stock previously granted to him by MDC shall be deemed fully vested, including 80,000 unvested restricted shares granted on January 31, 2017 and 53,476 unvested restricted shares granted on February 28, 2018.
b.
Executive shall remain eligible to receive a cash payout from MDC pursuant to the terms and conditions of that certain 2018 LTIP Award Agreement between MDC and Executive dated as of February 23, 2018 (the “2018 LTIP Award”). Payment of the amount due under the 2018 LTIP Award shall be calculated in light of Executive’s termination without “Cause” as of July 31, 2019, provided that the amount to be paid by the Company to the Executive shall be equal to not less than 52.7% of the 2018 LTIP Award amount (or $263,500, representing nineteen months employed during the applicable three-year measurement period). Payment by MDC of the final amount due under the 2018 LTIP Award will be made on the “Performance Award Payment Date” specified in the underlying award agreement and shall also be conditioned upon and subject to Executive’s ongoing compliance with the terms and conditions of this Agreement following the Termination Date.
4.    No 2019 Bonus Eligibility. Notwithstanding the provisions of the Employment Agreement to the contrary, Executive will not remain eligible to receive a pro-rata portion of his “Annual Discretionary Bonus” with respect to calendar year 2019.

5.    Release of Claims. By signing this Agreement and Release, Executive, on behalf of himself and his current, former, and future heirs, executors, administrators, attorneys, agents and assigns, releases and waives


2


all legal claims in law or in equity of any kind whatsoever that Executive has or may have against Company, its parents, subsidiaries and affiliates, and their respective officers, directors, employees, shareholders, members, agents, attorneys, trustees, fiduciaries, representatives, benefit plans and plan administrators, successors and/or assigns, and all persons or entities acting by, through, under, or in concert with any or all of them (collectively, the “Released Parties”). This release and waiver covers all rights, claims, actions and suits of all kinds and descriptions that Executive now has or has ever had, whether known or unknown or based on facts now known or unknown, fixed or contingent, against the Released Parties, occurring from the beginning of time up to and including the date that Executive executes this Agreement and Release, including, without limitation:

a.    any claims for wrongful termination, defamation, invasion of privacy, intentional infliction of emotional distress, or any other common law claims;

b.    any claims for the breach of any written, implied or oral contract between Executive and MDC;

c.    any claims of discrimination, harassment or retaliation based on such things as age, national origin, ancestry, race, religion, sex, sexual orientation, or physical or mental disability or medical condition;

d.    any claims for payments of any nature, including but not limited to wages, overtime pay, vacation pay, severance pay, commissions, bonuses and benefits or the monetary equivalent of benefits, but not including any claims for unemployment or workers’ compensation benefits, or for the consideration being expressly provided to Executive pursuant to this Agreement and Release; and

e.    all claims that Executive has or that may arise under the common law and all federal, state and local statutes, ordinances, rules, regulations and orders, including but not limited to any claim or cause of action based on the Fair Labor Standards Act, Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Family and Medical Leave Act, the Americans with Disabilities Act, the Civil Rights Acts of 1866, 1871 and 1991, the Rehabilitation Act of 1973, the National Labor Relations Act, the Executive Retirement Income Security Act of 1974, the Worker Adjustment and Retraining Notification Act, the Vietnam Era Veterans' Readjustment Assistance Act of 1974, Executive Order 11246, and any state laws governing employee rights, as each of them has been or may be amended.


This Agreement and Release shall be binding upon and inure to the benefit of Executive and the Released Parties and any other individual or entity who may claim any interest in the matter through Executive. Executive also acknowledges that he has not assigned any of his rights to make the aforementioned claims or demands.
By way of further clarification, Executive shall not be entitled to receive any of the Severance Payments under this Agreement and Release unless Executive executes and delivers to the Company the Release of Claims in the form of Exhibit A hereto upon or following the Termination Date.

6.    Attorney Review; Review Period; Revocation Period. Executive is hereby advised that he should consult with an attorney prior to executing this Agreement and Release. Executive is also advised that he has twenty-one (21) days from the date this Agreement and Release is delivered to him within which to consider whether he will sign it. If Executive signs this Agreement and Release, he acknowledges that he understands that he may revoke this Agreement within seven (7) after he has signed it by notifying Company in writing that he has revoked this Agreement. Such notice shall be addressed to Chief Financial Officer, c/o MDC Partners Inc., 745 Fifth Ave., NY, NY 10151.



3


7.    Intellectual Property Rights. Executive acknowledges and agrees that all concepts, writings and proposals submitted to and accepted by MDC ("Intellectual Property") which relate to the business of MDC and which have been conceived or made by him during the period of his employment, either alone or with others, are the sole and exclusive property of MDC. As of the date hereof, Executive hereby assigns in favor of MDC all the Intellectual Property covered hereby. On or subsequent to the date hereof, Executive shall execute any and all other papers and lawful documents required or necessary to vest sole rights, title and interest in the MDC or its nominee of the Intellectual Property.

8.    Non-Admission. This Agreement and Release shall not in any way be construed as an admission by MDC of any liability for any reason, including, without limitation, based on any claim that MDC has committed any wrongful or discriminatory act.

9.    Mutual Non-Disparagement. Executive agrees that he will not say, write or cause to be said or written, any statement that may be considered defamatory, derogatory or disparaging of any of the Released Parties. MDC agrees to use commercially reasonable efforts to cause its senior executives to not say, write or cause to be said or written, any statement that may be considered defamatory, derogatory or disparaging of the Executive.

10.    Confidentiality; Return of Company Property. Executive acknowledges that he has had access to confidential, proprietary business information of MDC as a result of employment, and Executive hereby agrees not to retain and/or use such information personally or for the benefit of others. Executive also agrees not to disclose to anyone any confidential information at any time in the future so long as it remains confidential. Executive further agrees to keep the terms and the existence of this Agreement and Release confidential and not to discuss it with anyone other than his attorney, tax advisor or as may be required by law. Executive covenants that he will promptly return all MDC property in his possession to MDC on or prior to the Termination Date, provided that the Executive shall be permitted to retain his 2017 iPhone device once all Company information has been deleted.

11.    Entire Agreement; No Other Promises. Except as to any confidentiality, non-compete and/or non-solicitation agreements signed by Executive upon or during his employment with MDC, Executive hereby acknowledges and represents that this Agreement and Release contains the entire agreement between Executive and MDC, and it supersedes any and all previous agreements concerning the subject matter hereof. Executive further acknowledges and represents that neither MDC nor any of its agents, representatives or employees have made any promise, representation or warranty whatsoever, express, implied or statutory, not contained herein, concerning the subject matter hereof, to induce Executive to execute this Agreement and Release, and Executive acknowledges that he has not executed this Agreement and Release in reliance on any such promise, representation or warranty.

12.     Confirmation of Restrictive Covenants. Executive hereby acknowledges and reaffirms all of his restrictive covenants set forth in Section 8 of that the Employment Agreement, which covenants shall remain in full force and effect following the Termination Date.



4


13.    Equitable Relief. Executive acknowledges that a remedy at law for any breach or attempted breach of this Agreement will be inadequate and agrees that MDC shall be entitled to specific performance and injunctive and other equitable relief in the case of any such breach or attempted breach. It is also agreed that, in addition to any other remedies, in the event of a material breach of this Agreement by Executive, MDC may withhold and retain all or any portion of the Severance Payments. In the event of a breach of the terms of this Agreement by any party, the non-breaching party shall be entitled to all damages allowed under applicable law, as well as legal fees incurred in connection with enforcement of this Agreement.

14.    Severability. If any term or condition of this Agreement and Release shall be held to be invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, this Agreement and Release shall be construed without such term or condition. If at the time of enforcement of any provision of this Agreement, a court shall hold that the duration, scope or area restriction of any provision hereof is unreasonable under circumstances now or then existing, the parties hereto agree that the maximum duration, scope or area reasonable under the circumstances shall be substituted by the court for the stated duration, scope or area.

15.    Indemnification. Subject to Section 124 of the Canada Business Corporations Act (the “Act”), the Company shall indemnify and hold harmless, the Executive to the maximum extent permitted by the Act, from and against (a) any liability and all costs, charges and expenses that Executive sustains or incurs in respect of any action, suit or proceeding that is proposed, threatened or commenced against Executive in respect of anything done or permitted by the Executive in respect of the execution of the duties of his office; and (b) all other costs, charges and expenses that the Executive sustains or incurs in respect of the affairs of the Company. To the extent permitted by the Act, the Company will advance or reimburse any expenses, including reasonable attorneys’ fees, incurred by the Executive in investigating and defending any actual or threatened action, suit or proceeding for which Executive may be entitled to indemnification under this Section 15.

16.    Choice of Law and Forum.    This Agreement and Release shall be construed and enforced in accordance with, and governed by, the laws of the State of New York, without regard to its choice of law provisions. Any dispute under this Agreement and Release shall be adjudicated by a court of competent jurisdiction in the city of New York.

17.    Amendment. This Agreement and Release may not be amended or modified in any way, except pursuant to a written instrument signed by both parties.


***



5


HAVING READ AND UNDERSTOOD THE RELEASE, CONSULTED COUNSEL OR VOLUNTARILY ELECTED NOT TO CONSULT COUNSEL, AND HAVING HAD SUFFICIENT TIME TO CONSIDER WHETHER TO ENTER INTO THIS AGREEMENT AND RELEASE, THE PARTIES HERETO HAVE EXECUTED THIS AGREEMENT AND RELEASE AS OF THE DAY AND YEAR FIRST WRITTEN BELOW.




___________________________________________________
David Doft

Dated: May 9, 2019

                

MDC PARTNERS INC.

By: __________________________________________
Mitchell Gendel, EVP and General Counsel



6


Exhibit A
Release of Claims
(i)      I, David Doft, in consideration of and subject to the performance by MDC Partners Inc. (together with its subsidiaries, the “Company”), of its material obligations under the Separation and Release Agreement with the Company, dated May __, 2019 (the “Agreement”), do hereby release and forever discharge, as of the date hereof, the Company and its affiliates and its and all of their respective present and former directors, officers, agents, representatives, employees, successors, assigns and direct or indirect owners (collectively, the “Released Parties”) to the extent provided below. Defined terms used herein that are not otherwise defined shall have the meanings set forth in the Agreement.
(ii)      I have agreed that I will not receive the payments and benefits specified in Section 2 or 3 of the Agreement (A) unless I execute this Release of Claims and do not revoke it within the time period permitted hereafter or (B) if I breach this Release of Claims. I also acknowledge and represent that I have received all payments and benefits that I am entitled to receive (as of the date hereof) by virtue of employment with the Company, other than as provided in the Agreement.
(iii)      Except as provided in paragraph (v) below, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release and forever discharge the Company and the other Released Parties from any and all claims, lawsuits, controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in equity, both past and present (through the date of this General Release) and whether known or unknown, suspected, or claimed against the Company or any of the Released Parties which I, my spouse, or any of my heirs, executors, administrators or assigns, may have, which arise out of or are connected with my employment with, or my separation or termination from, the Company (including, but not limited to, any allegation, claim or violation, arising under: Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 967, as amended (including the Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Civil Rights Act of 1866, as amended; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable Executive Order Programs; the Fair Labor Standards Act; or their state or local counterparts; or under any other federal, state or local civil or human rights law, or under any other local, state, or federal law, regulation or ordinance; or under any public policy, contract or tort, or under common law; or arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim for costs, fees, or other expenses, including attorneys’ fees incurred in these matters) (all of the foregoing collectively referred to herein as the “Claims”); provided that the foregoing release shall not extend to, and in no event shall the “Claims” which are being released hereunder include, (a) any rights to reimbursement or indemnification in my capacity as an officer, director or employee of the Company or any of its Subsidiaries under the governing documents of the Company or such Subsidiary, any reimbursement or indemnification agreement with the Company, any insurance policy or


7


applicable law, in accordance with the terms thereof, as a matter of law, or otherwise, or under any power that the Company may have to indemnify me or hold me harmless, (b) my rights to payments or benefits due under Section 3 and Section 4 of the Agreement, (c) my rights as a stockholder of the Company or (d) my rights to enforce the terms of this Release of Claims.
(iv)      I represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other matter covered by paragraph iii above.
(v)      I agree that this Release of Claims does not waive or release any rights or claims that I may have under the Age Discrimination in Employment Act of 1967 which arise after the date I execute this Release of Claims. I acknowledge and agree that my separation from employment with the Company shall not serve as the basis for any claim or action (including, without limitation, any claim under the Age Discrimination in Employment Act of 1967).
(vi)      In signing this Release of Claims, I acknowledge and intend that it shall be effective as a bar to each and every one of the Claims hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims (notwithstanding any state statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied. I acknowledge and agree that this waiver is an essential and material term of this Release of Claims and that without such waiver the Company would not have agreed to the terms of the Agreement. I further agree that in the event I should bring a Claim seeking damages against the Company, or in the event I should seek to recover against the Company in any Claim brought by a governmental agency on my behalf, this Release of Claims shall serve as a complete defense to such Claims. I further agree that I am not aware of any pending charge or complaint of the type described in paragraph (iii) as of the execution of this Release of Claims.
(vii)      I agree that neither this Release of Claims, nor the furnishing of the consideration for this Release of Claims, shall be deemed or construed at any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct.
(viii)      I agree that I will forfeit all amounts payable by the Company pursuant to Section 2 and 3 of the Agreement if I challenge the validity of this Release of Claims. I also agree that if I violate this General Release by suing the Company or the other Released Parties, I will return all payments received by me pursuant to the Agreement.
(ix)      Whenever possible, each provision of this Release of Claims shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Release of Claims is held to be invalid, illegal or unenforceable in any respect under arty applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Release of Claims shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.
BY SIGNING THIS RELEASE OF CLAIMS, I REPRESENT AND AGREE THAT:


8


(a)      I HAVE READ IT CAREFULLY;
(b)      I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED; TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED;
(c)      I VOLUNTARILY CONSENT TO EVERYTHING IN IT;
I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION; I HAVE HAD AT LEAST 21 DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE OF CLAIMS SUBSTANTIALLY IN ITS FINAL FORM, TO CONSIDER IT AND THE CHANGES MADE SINCE THE FINAL VERSION OF THIS RELEASE OF CLAIMS ARE NOT MATERIAL AND WILL NOT RESTART THE REQUIRED 21-DAY PERIOD;
(d)      [omitted]
(e)      I UNDERSTAND THAT I HAVE SEVEN DAYS AFTER THE EXECUTION OF THIS RELEASE OF CLAIMS TO REVOKE IT AND THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED;
(f)      I HAVE SIGNED THIS RELEASE OF CLAIMS KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT TO IT; AND
(g)      I AGREE THAT THE PROVISIONS OF THIS RELEASE OF CLAIMS MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY A REPRESENTATIVE OF THE COMPANY AND BY ME.
DATE: ______, 2019

____________/s/________
    
David Doft



9
 EX-10.6 3 mdca-20190331xexhibit106.htm EXHIBIT 10.6 Exhibit



Exhibit 10.6

Execution Copy
SEPARATION AGREEMENT AND GENERAL RELEASE

SEPARATION AGREEMENT AND GENERAL RELEASE between MDC Partners Inc. (“MDC” or the “Company”) and Mitchell Gendel (“Executive”), dated as of May 6, 2019 (this “Agreement and Release”). In consideration of the mutual covenants herein contained, the parties agree as follows:
    
1.
Termination of Employment; Transition Period.

a.
By mutual agreement, Executive and MDC have determined that Executive will continue as a full-time employee from the date hereof through the date on which the Company’s files its Quarterly Report on Form 10-Q for the period ending June 30, 2019, expected to be on or about July 31, 2019 but not later than August 9, 2019 (the “Termination Date”), subject to Executive’s performance of transition duties and responsibilities outlined in Section 1(b) below.

b.
During the period of time from June 17, 2019 until the Termination Date (the “Transition Period”), the Executive will coordinate in good faith with the Company’s newly-appointed General Counsel on an appropriate transition of duties and responsibilities to the benefit of the Company. For the avoidance of doubt, the Executive shall modify his title to Executive Vice President and report to the new General Counsel of the Company during the Transition Period.

c.
Following the Termination Date and continuing through the filing of the Company’s Form 10-K for the year ending December 31, 2019, Executive agrees to provide consulting services reasonably requested by MDC in connection with the transition of any ongoing legal matters to the Company’s new General Counsel. In consideration of such consulting services, MDC shall pay to Executive additional compensation at an hourly market-based rate in amount to be agreed to in writing by the parties.

i.
Notwithstanding the forgoing, in the event that, prior to the Termination Date, Executive’s employment is terminated on account of death, Disability (as defined in the Employment Agreement, defined below) or termination by the Company without Cause (as defined in the Employment Agreement), then the Executive’s rights to severance and other compensation payments and benefits shall be the same as those set forth in this Agreement and Release, and the date of such termination shall be treated as the Termination Date for all purposes hereunder. For the avoidance of doubt, the matters contemplated by, or resulting from execution of, this Agreement and Release shall not constitute the basis for a termination for Good Reason.


2.    Severance Payments. Subject to Executive’s execution and compliance with this Agreement and Release, and execution and non-revocation of the release set forth in Exhibit A (as set forth herein), MDC shall pay to Executive the following amounts (collectively, the “Severance Payments”):

a.
an amount equal to (i) Executive’s accrued but unpaid base salary through the Termination Date, to be paid in the same manner as Executive’s base salary and benefit were previously paid in the ordinary course; and (ii) solely to the extent the Termination Date is prior to July 31, 2019, an amount equal to the base salary Executive would have earned had his employment continued through July 31, 2019;


1



b.
in accordance with that certain retention bonus letter agreement between MDC and the Executive dated December 21, 2018, an aggregate amount equal to $650,000, which amount shall be paid by MDC not later than 5 business days after the Termination Date;

c.
in accordance with that certain Employment Agreement between MDC and the Executive dated July 6, 2007 (as amended on March 5, 2011, the “Employment Agreement”), an aggregate amount equal to $1,550,000, which amount shall be paid by MDC not later than 10 business days after the Termination Date;

d.
not later than 10 days after the Termination Date, MDC will pay Executive an additional amount in respect of accrued and unused vacation days in 2019 under MDC’s current policy;

e.
MDC shall provide Executive with continued participation on the same basis in the health benefit plans in which the Executive is currently participating (the “Continued Plans”) for a period to end on the earlier of (i) the one-year anniversary of the Termination Date and (ii) the date on which the Executive is eligible to receive coverage and benefits under the same type of plan of a subsequent employer; and

f.
MDC will reimburse Executive for all outstanding business expenses incurred in the course of his employment prior to the Termination Date.

The Severance Payments shall be subject to required federal, state and local tax withholdings by the MDC. In connection with Executive’s execution and delivery of this Agreement and Release, MDC hereby agrees that the repayment obligations under that certain Incentive/Retention Agreement signed by Executive dated February 23, 2018, shall be deemed terminated and of no further force and effect as of the Termination Date.




3.    Outstanding LTIP Grants
 
a.
Effective on the Termination Date, all of Executive’s unvested and outstanding restricted shares of MDC Class A stock previously granted to him by MDC shall be deemed fully vested, including 80,000 unvested restricted shares granted on January 31, 2017 and 53,476 unvested restricted shares granted on February 28, 2018.
b.
Executive shall remain eligible to receive a cash payout from MDC pursuant to the terms and conditions of that certain 2018 LTIP Award Agreement between MDC and Executive dated as of February 23, 2018 (the “2018 LTIP Award”). Payment of the amount due under the 2018 LTIP Award shall be calculated in light of Executive’s termination without “Cause” as of July 31, 2019, provided that the amount to be paid by the Company to the Executive shall be equal to not less than 52.7% of the 2018 LTIP Award amount (or $263,500, representing nineteen months employed during the applicable three-year measurement period). Payment by MDC of the final amount due under the 2018 LTIP Award will be made on the “Performance Award Payment Date” specified in the underlying award agreement and shall also be conditioned upon and subject to Executive’s ongoing compliance with the terms and conditions of this Agreement following the Termination Date.
4.    No 2019 Bonus Eligibility. Notwithstanding the provisions of the Employment Agreement to the contrary, Executive will not remain eligible to receive a pro-rata portion of his “Annual Discretionary Bonus” with respect to calendar year 2019.



2


5.    Release of Claims. By signing this Agreement and Release, Executive, on behalf of himself and his current, former, and future heirs, executors, administrators, attorneys, agents and assigns, releases and waives all legal claims in law or in equity of any kind whatsoever that Executive has or may have against Company, its parents, subsidiaries and affiliates, and their respective officers, directors, employees, shareholders, members, agents, attorneys, trustees, fiduciaries, representatives, benefit plans and plan administrators, successors and/or assigns, and all persons or entities acting by, through, under, or in concert with any or all of them (collectively, the “Released Parties”). This release and waiver covers all rights, claims, actions and suits of all kinds and descriptions that Executive now has or has ever had, whether known or unknown or based on facts now known or unknown, fixed or contingent, against the Released Parties, occurring from the beginning of time up to and including the date that Executive executes this Agreement and Release, including, without limitation:

a.    any claims for wrongful termination, defamation, invasion of privacy, intentional infliction of emotional distress, or any other common law claims;

b.    any claims for the breach of any written, implied or oral contract between Executive and MDC;

c.    any claims of discrimination, harassment or retaliation based on such things as age, national origin, ancestry, race, religion, sex, sexual orientation, or physical or mental disability or medical condition;

d.    any claims for payments of any nature, including but not limited to wages, overtime pay, vacation pay, severance pay, commissions, bonuses and benefits or the monetary equivalent of benefits, but not including any claims for unemployment or workers’ compensation benefits, or for the consideration being expressly provided to Executive pursuant to this Agreement and Release; and

e.    all claims that Executive has or that may arise under the common law and all federal, state and local statutes, ordinances, rules, regulations and orders, including but not limited to any claim or cause of action based on the Fair Labor Standards Act, Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Family and Medical Leave Act, the Americans with Disabilities Act, the Civil Rights Acts of 1866, 1871 and 1991, the Rehabilitation Act of 1973, the National Labor Relations Act, the Executive Retirement Income Security Act of 1974, the Worker Adjustment and Retraining Notification Act, the Vietnam Era Veterans' Readjustment Assistance Act of 1974, Executive Order 11246, and any state laws governing employee rights, as each of them has been or may be amended.


This Agreement and Release shall be binding upon and inure to the benefit of Executive and the Released Parties and any other individual or entity who may claim any interest in the matter through Executive. Executive also acknowledges that he has not assigned any of his rights to make the aforementioned claims or demands.
By way of further clarification, Executive shall not be entitled to receive any of the Severance Payments under this Agreement and Release unless Executive executes and delivers to the Company the Release of Claims in the form of Exhibit A hereto upon or following the Termination Date.

6.    Attorney Review; Review Period; Revocation Period. Executive is hereby advised that he should consult with an attorney prior to executing this Agreement and Release. Executive is also advised that he has twenty-one (21) days from the date this Agreement and Release is delivered to him within which to consider whether he will sign it. If Executive signs this Agreement and Release, he acknowledges that he understands that he may revoke this Agreement within seven (7) after he has signed it by notifying Company in writing that he has revoked this Agreement. Such notice shall be addressed to Chief Financial Officer, c/o MDC Partners Inc., 745 Fifth Ave., NY, NY 10151.

7.    Intellectual Property Rights. Executive acknowledges and agrees that all concepts, writings and proposals submitted to and accepted by MDC ("Intellectual Property") which relate to the business of MDC


3


and which have been conceived or made by him during the period of his employment, either alone or with others, are the sole and exclusive property of MDC. As of the date hereof, Executive hereby assigns in favor of MDC all the Intellectual Property covered hereby. On or subsequent to the date hereof, Executive shall execute any and all other papers and lawful documents required or necessary to vest sole rights, title and interest in the MDC or its nominee of the Intellectual Property.

8.    Non-Admission. This Agreement and Release shall not in any way be construed as an admission by MDC of any liability for any reason, including, without limitation, based on any claim that MDC has committed any wrongful or discriminatory act.

9.    Mutual Non-Disparagement. Executive agrees that he will not say, write or cause to be said or written, any statement that may be considered defamatory, derogatory or disparaging of any of the Released Parties. MDC agrees to use commercially reasonable efforts to cause its senior executives to not say, write or cause to be said or written, any statement that may be considered defamatory, derogatory or disparaging of the Executive.

10.    Confidentiality; Return of Company Property. Executive acknowledges that he has had access to confidential, proprietary business information of MDC as a result of employment, and Executive hereby agrees not to retain and/or use such information personally or for the benefit of others. Executive also agrees not to disclose to anyone any confidential information at any time in the future so long as it remains confidential. Executive further agrees to keep the terms and the existence of this Agreement and Release confidential and not to discuss it with anyone other than his attorney, tax advisor or as may be required by law. Executive covenants that he will promptly return all MDC property in his possession to MDC on or prior to the Termination Date, provided that the Executive shall be permitted to retain his 2017 iPhone device once all Company information has been deleted.

11.    Entire Agreement; No Other Promises. Except as to any confidentiality, non-compete and/or non-solicitation agreements signed by Executive upon or during his employment with MDC, Executive hereby acknowledges and represents that this Agreement and Release contains the entire agreement between Executive and MDC, and it supersedes any and all previous agreements concerning the subject matter hereof. Executive further acknowledges and represents that neither MDC nor any of its agents, representatives or employees have made any promise, representation or warranty whatsoever, express, implied or statutory, not contained herein, concerning the subject matter hereof, to induce Executive to execute this Agreement and Release, and Executive acknowledges that he has not executed this Agreement and Release in reliance on any such promise, representation or warranty.

12.     Confirmation of Restrictive Covenants. Executive hereby acknowledges and reaffirms all of his restrictive covenants set forth in Section 8 of that the Employment Agreement, which covenants shall remain in full force and effect following the Termination Date.

13.    Equitable Relief. Executive acknowledges that a remedy at law for any breach or attempted breach of this Agreement will be inadequate and agrees that MDC shall be entitled to specific performance and injunctive and other equitable relief in the case of any such breach or attempted breach. It is also agreed that, in addition to any other remedies, in the event of a material breach of this Agreement by Executive, MDC may withhold and retain all or any portion of the Severance Payments. In the event of a breach of the terms of this Agreement by any party, the non-breaching party shall be entitled to all damages allowed under applicable law, as well as legal fees incurred in connection with enforcement of this Agreement.

14.    Severability. If any term or condition of this Agreement and Release shall be held to be invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, this Agreement and Release shall be construed without such term or condition. If at the time of enforcement of any provision of this Agreement, a court shall hold that the duration, scope or area restriction of any provision hereof is unreasonable under circumstances now or then existing, the parties hereto agree that the maximum duration, scope or area reasonable under the circumstances shall be substituted by the court for the stated duration, scope or area.

15.    Indemnification. Subject to Section 124 of the Canada Business Corporations Act (the “Act”), the Company shall indemnify and hold harmless, the Executive to the maximum extent permitted by the Act, from and against (a) any liability and all costs, charges and expenses that Executive sustains or incurs in respect of any


4


action, suit or proceeding that is proposed, threatened or commenced against Executive in respect of anything done or permitted by the Executive in respect of the execution of the duties of his office; and (b) all other costs, charges and expenses that the Executive sustains or incurs in respect of the affairs of the Company. To the extent permitted by the Act, the Company will advance or reimburse any expenses, including reasonable attorneys’ fees, incurred by the Executive in investigating and defending any actual or threatened action, suit or proceeding for which Executive may be entitled to indemnification under this Section 15.

16.    Choice of Law and Forum.    This Agreement and Release shall be construed and enforced in accordance with, and governed by, the laws of the State of New York, without regard to its choice of law provisions. Any dispute under this Agreement and Release shall be adjudicated by a court of competent jurisdiction in the city of New York.

17.    Amendment. This Agreement and Release may not be amended or modified in any way, except pursuant to a written instrument signed by both parties.


***



5


HAVING READ AND UNDERSTOOD THE RELEASE, CONSULTED COUNSEL OR VOLUNTARILY ELECTED NOT TO CONSULT COUNSEL, AND HAVING HAD SUFFICIENT TIME TO CONSIDER WHETHER TO ENTER INTO THIS AGREEMENT AND RELEASE, THE PARTIES HERETO HAVE EXECUTED THIS AGREEMENT AND RELEASE AS OF THE DAY AND YEAR FIRST WRITTEN BELOW.




___________________________________________________
Mitchell Gendel

Dated: May __, 2019

                

MDC PARTNERS INC.

By: __________________________________________
Authorized Signatory:



6


Exhibit A
Release of Claims
(i)      I, Mitchell Gendel, in consideration of and subject to the performance by MDC Partners Inc. (together with its subsidiaries, the “Company”), of its material obligations under the Separation and Release Agreement with the Company, dated May __, 2019 (the “Agreement”), do hereby release and forever discharge, as of the date hereof, the Company and its affiliates and its and all of their respective present and former directors, officers, agents, representatives, employees, successors, assigns and direct or indirect owners (collectively, the “Released Parties”) to the extent provided below. Defined terms used herein that are not otherwise defined shall have the meanings set forth in the Agreement.
(ii)      I have agreed that I will not receive the payments and benefits specified in Section 2 or 3 of the Agreement (A) unless I execute this Release of Claims and do not revoke it within the time period permitted hereafter or (B) if I breach this Release of Claims. I also acknowledge and represent that I have received all payments and benefits that I am entitled to receive (as of the date hereof) by virtue of employment with the Company, other than as provided in the Agreement.
(iii)      Except as provided in paragraph (v) below, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release and forever discharge the Company and the other Released Parties from any and all claims, lawsuits, controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in equity, both past and present (through the date of this General Release) and whether known or unknown, suspected, or claimed against the Company or any of the Released Parties which I, my spouse, or any of my heirs, executors, administrators or assigns, may have, which arise out of or are connected with my employment with, or my separation or termination from, the Company (including, but not limited to, any allegation, claim or violation, arising under: Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 967, as amended (including the Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Civil Rights Act of 1866, as amended; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable Executive Order Programs; the Fair Labor Standards Act; or their state or local counterparts; or under any other federal, state or local civil or human rights law, or under any other local, state, or federal law, regulation or ordinance; or under any public policy, contract or tort, or under common law; or arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim for costs, fees, or other expenses, including attorneys’ fees incurred in these matters) (all of the foregoing collectively referred to herein as the “Claims”); provided that the foregoing release shall not extend to, and in no event shall the “Claims” which are being released hereunder include, (a) any rights to reimbursement or indemnification in my capacity as an officer, director or employee of the Company or any of its Subsidiaries under the governing documents of the Company or such Subsidiary, any reimbursement or indemnification agreement with the Company, any insurance policy or applicable law, in accordance with the terms thereof, as a matter of law, or otherwise, or under any power that the Company may have to indemnify me or hold me harmless, (b) my rights to payments or benefits due under Section 3 and Section 4 of the Agreement, (c) my rights as a stockholder of the Company or (d) my rights to enforce the terms of this Release of Claims.
(iv)      I represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other matter covered by paragraph iii above.
(v)      I agree that this Release of Claims does not waive or release any rights or claims that I may have under the Age Discrimination in Employment Act of 1967 which arise after the date I execute this Release of Claims. I acknowledge and agree that my separation from employment with the Company shall not serve as the basis for any claim or action (including, without limitation, any claim under the Age Discrimination in Employment Act of 1967).
(vi)      In signing this Release of Claims, I acknowledge and intend that it shall be effective as a bar to each and every one of the Claims hereinabove mentioned or implied. I expressly consent that this General Release shall be


7


given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims (notwithstanding any state statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied. I acknowledge and agree that this waiver is an essential and material term of this Release of Claims and that without such waiver the Company would not have agreed to the terms of the Agreement. I further agree that in the event I should bring a Claim seeking damages against the Company, or in the event I should seek to recover against the Company in any Claim brought by a governmental agency on my behalf, this Release of Claims shall serve as a complete defense to such Claims. I further agree that I am not aware of any pending charge or complaint of the type described in paragraph (iii) as of the execution of this Release of Claims.
(vii)      I agree that neither this Release of Claims, nor the furnishing of the consideration for this Release of Claims, shall be deemed or construed at any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct.
(viii)      I agree that I will forfeit all amounts payable by the Company pursuant to Section 2 and 3 of the Agreement if I challenge the validity of this Release of Claims. I also agree that if I violate this General Release by suing the Company or the other Released Parties, I will return all payments received by me pursuant to the Agreement.
(ix)      Whenever possible, each provision of this Release of Claims shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Release of Claims is held to be invalid, illegal or unenforceable in any respect under arty applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Release of Claims shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.
BY SIGNING THIS RELEASE OF CLAIMS, I REPRESENT AND AGREE THAT:
(a)      I HAVE READ IT CAREFULLY;
(b)      I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED; TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED;
(c)      I VOLUNTARILY CONSENT TO EVERYTHING IN IT;
I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION; I HAVE HAD AT LEAST 21 DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE OF CLAIMS SUBSTANTIALLY IN ITS FINAL FORM, TO CONSIDER IT AND THE CHANGES MADE SINCE THE FINAL VERSION OF THIS RELEASE OF CLAIMS ARE NOT MATERIAL AND WILL NOT RESTART THE REQUIRED 21-DAY PERIOD;
(d)      [omitted]
(e)      I UNDERSTAND THAT I HAVE SEVEN DAYS AFTER THE EXECUTION OF THIS RELEASE OF CLAIMS TO REVOKE IT AND THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED;
(f)      I HAVE SIGNED THIS RELEASE OF CLAIMS KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT TO IT; AND


8


(g)      I AGREE THAT THE PROVISIONS OF THIS RELEASE OF CLAIMS MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY A REPRESENTATIVE OF THE COMPANY AND BY ME.
DATE: ______, 2019

____________/s/________
    
Mitchell Gendel



9
 EX-31.1 4 mdca-20190331xexhibit311.htm EXHIBIT 31.1 Exhibit


Exhibit 31.1
 
Certification Pursuant to Rules 13a-14(a) and 15d-14(a) as Adopted Pursuant to Section
302 of the Sarbanes-Oxley Act of 2002
 
I, Mark Penn, certify that:

1.
I have reviewed this quarterly report on Form 10-Q for the quarter ended March 31, 2019 of MDC Partners Inc.;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
Date: May 9, 2019
 
/s/ MARK PENN
 
By:
Mark Penn
 
Title:
Chairman and Chief Executive Officer
  


 EX-31.2 5 mdca-20190331xexhibit312.htm EXHIBIT 31.2 Exhibit


Exhibit 31.2
 
Certification Pursuant to Rules 13a-14(a) and 15d-14(a) as Adopted Pursuant to Section
302 of the Sarbanes-Oxley Act of 2002
 
I, David B. Doft, certify that:

1.
I have reviewed this quarterly report on Form 10-Q for the quarter ended March 31, 2019 of MDC Partners Inc.;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
Date: May 9, 2019
 
/s/ DAVID B. DOFT 
 
By:
David B. Doft
 
Title:
Chief Financial Officer
  



 EX-32.1 6 mdca-20190331xexhibit321.htm EXHIBIT 32.1 Exhibit


Exhibit 32.1
 
Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
 
In connection with the quarterly report of MDC Partners Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mark Penn, Chairman and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to my knowledge, that:
 
(1)
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: May 9, 2019
 
 
 
/s/ MARK PENN
 
By:
Mark Penn

 
Title:
Chairman and Chief Executive Officer
 
 


 EX-32.2 7 mdca-20190331xexhibit322.htm EXHIBIT 32.2 Exhibit


Exhibit 32.2
 
Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
 
In connection with the quarterly report of MDC Partners Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2019 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David B. Doft, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to my knowledge, that:
 
(1)
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: May 9, 2019
 
 
 
/s/ DAVID B. DOFT
 
By:
David B. Doft
 
Title:
Chief Financial Officer
 



 EX-99.1 8 mdca-20190331xexhibit991.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1
MDC PARTNERS INC.
SCHEDULE OF ADVERTISING AND COMMUNICATIONS COMPANIES
MDC maintains a majority or 100% ownership position in substantially all of its operating partner companies, with management of the partner companies owning the remaining equity.  MDC generally has rights to increase its ownership of non-wholly owned subsidiaries to 100% over a defined period of time.
 
 
Year of Initial
 
 
Company
 
Investment
 
Locations
Consolidated:
 
 
 
 
Global Integrated Agencies:
 
 
 
 
72andSunny
 
2010
 
Los Angeles, New York, Netherlands, UK, Australia, Singapore
Anomaly
 
2011
 
New York, Los Angeles, Netherlands, Canada, UK, China, Germany
Crispin Porter + Bogusky
 
2001
 
 Miami, Boulder, Los Angeles, UK,
Denmark, Brazil, China
Forsman & Bodenfors
 
2016
 
Sweden, New York, Canada, China, UK, Los Angeles, Singapore
The Media Kitchen
 
2010
 
New York, Canada, UK
Domestic Creative Agencies:
 
 
 
 
Colle + McVoy
 
1999
 
Minneapolis
Doner
 
2012
 
Detroit, Cleveland, Los Angeles, UK
Laird + Partners
 
2011
 
New York
Mono Advertising
 
2004
 
Minneapolis, San Francisco
Union
 
2013
 
Canada
Yamamoto
 
2000
 
Minneapolis
Civilian
 
2000
 
Chicago
Yes & Company
 
2018
 
New York
Bruce Mau Design
 
2004
 
Canada, New York
Hello Design
 
2004
 
Los Angeles
HL Group Partners
 
2007
 
New York, Los Angeles, China
Northstar Research Partners
 
1998
 
Canada, New York, UK, Indonesia
Redscout
 
2007
 
New York, San Francisco, UK
Varick Media Management
 
2010
 
New York
Specialist Communications:
 
 
 
 
Allison & Partners
 
2010
 
San Francisco, Los Angeles, New York and other US Locations, China, France, Singapore, UK, Japan, Germany
Luntz Global
 
2014
 
Washington, D.C.
Sloane & Company
 
2010
 
New York
Hunter
 
2014
 
New York, UK
KWT Global
 
2010
 
New York, UK, Canada
Veritas
 
1993
 
Canada
Media Services:
 
 
 
 
MDC Media Partners
 
2010
 
 
Assembly
 
2010
 
New York, Detroit, Atlanta, Los Angeles
Attention
 
2009
 
New York, Los Angeles
EnPlay
 
2015
 
New York
Trade X
 
2011
 
New York
Unique Influence
 
2015
 
Austin
All Other:
 
 
 
 
6degrees Communications
 
1993
 
Canada
Concentric Partners
 
2011
 
New York, UK
Gale Partners
 
2014
 
Canada, New York, India, Singapore
Instrument
 
2018
 
Portland
Kenna
 
2010
 
Canada
Relevent
 
2010
 
New York
TEAM
 
2010
 
Ft. Lauderdale
Vitro
 
2004
 
San Diego, Austin
Y Media Labs
 
2015
 
Redwood City, New York, India


 EX-101.INS 9 mdca-20190331.xml XBRL INSTANCE DOCUMENT 0000876883 2019-01-01 2019-03-31 0000876883 mdca:ByLocationMember 2019-01-01 2019-03-31 0000876883 mdca:IndustryVerticalMember 2019-01-01 2019-03-31 0000876883 mdca:Series4ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2019-04-30 0000876883 us-gaap:CommonClassAMember 2019-04-30 0000876883 us-gaap:CommonClassBMember 2019-04-30 0000876883 2018-01-01 2018-03-31 0000876883 us-gaap:CostOfSalesMember 2019-01-01 2019-03-31 0000876883 us-gaap:GeneralAndAdministrativeExpenseMember 2018-01-01 2018-03-31 0000876883 us-gaap:CostOfSalesMember 2018-01-01 2018-03-31 0000876883 us-gaap:GeneralAndAdministrativeExpenseMember 2019-01-01 2019-03-31 0000876883 2019-03-31 0000876883 2018-12-31 0000876883 us-gaap:RevolvingCreditFacilityMember mdca:WellsFargoCapitalFinanceLlcMember 2018-01-01 2018-03-31 0000876883 us-gaap:RevolvingCreditFacilityMember mdca:WellsFargoCapitalFinanceLlcMember 2019-01-01 2019-03-31 0000876883 2018-03-31 0000876883 mdca:Series4ConvertiblePreferredStockMember 2019-01-01 2019-03-31 0000876883 mdca:Series4ConvertiblePreferredStockMember 2018-01-01 2018-03-31 0000876883 2017-12-31 0000876883 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0000876883 us-gaap:CommonStockMember 2018-03-31 0000876883 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0000876883 us-gaap:PreferredStockMember 2018-01-01 2018-03-31 0000876883 us-gaap:CommonStockMember 2018-01-01 2018-03-31 0000876883 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0000876883 us-gaap:ParentMember 2018-01-01 2018-03-31 0000876883 us-gaap:PreferredStockMember 2017-12-31 0000876883 us-gaap:PreferredStockMember 2018-03-31 0000876883 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-03-31 0000876883 us-gaap:RetainedEarningsMember 2017-12-31 0000876883 us-gaap:ParentMember 2018-03-31 0000876883 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-03-31 0000876883 us-gaap:RetainedEarningsMember 2018-03-31 0000876883 us-gaap:ParentMember 2017-12-31 0000876883 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0000876883 us-gaap:NoncontrollingInterestMember 2017-12-31 0000876883 us-gaap:CommonStockMember 2017-12-31 0000876883 us-gaap:NoncontrollingInterestMember 2018-03-31 0000876883 us-gaap:RetainedEarningsMember 2018-01-01 2018-03-31 0000876883 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2018-01-01 2018-03-31 0000876883 us-gaap:ParentMember 2018-12-31 0000876883 us-gaap:ParentMember 2019-01-01 2019-03-31 0000876883 us-gaap:PreferredStockMember 2019-01-01 2019-03-31 0000876883 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2019-01-01 2019-03-31 0000876883 us-gaap:CommonStockMember 2019-03-31 0000876883 us-gaap:PreferredStockMember 2018-12-31 0000876883 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000876883 us-gaap:CommonStockMember 2019-01-01 2019-03-31 0000876883 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0000876883 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0000876883 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-03-31 0000876883 us-gaap:RetainedEarningsMember 2019-03-31 0000876883 us-gaap:NoncontrollingInterestMember 2018-12-31 0000876883 us-gaap:RetainedEarningsMember 2018-12-31 0000876883 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000876883 us-gaap:PreferredStockMember 2019-03-31 0000876883 us-gaap:ParentMember 2019-03-31 0000876883 us-gaap:CommonStockMember 2018-12-31 0000876883 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0000876883 us-gaap:NoncontrollingInterestMember 2019-03-31 0000876883 mdca:TechnologyMember 2019-01-01 2019-03-31 0000876883 mdca:TechnologyMember 2018-01-01 2018-03-31 0000876883 mdca:CommunicationsMember 2019-01-01 2019-03-31 0000876883 us-gaap:RetailMember 2018-01-01 2018-03-31 0000876883 mdca:OtherMember 2019-01-01 2019-03-31 0000876883 mdca:FoodBeverageMember 2019-01-01 2019-03-31 0000876883 mdca:ConsumerProductsMember 2019-01-01 2019-03-31 0000876883 mdca:FinancialsMember 2018-01-01 2018-03-31 0000876883 mdca:CommunicationsMember 2018-01-01 2018-03-31 0000876883 us-gaap:RetailMember 2019-01-01 2019-03-31 0000876883 mdca:AutomotiveMember 2018-01-01 2018-03-31 0000876883 mdca:AutomotiveMember 2019-01-01 2019-03-31 0000876883 mdca:ConsumerProductsMember 2018-01-01 2018-03-31 0000876883 mdca:FoodBeverageMember 2018-01-01 2018-03-31 0000876883 mdca:OtherMember 2018-01-01 2018-03-31 0000876883 mdca:TransportationandTravelLodgingMember 2019-01-01 2019-03-31 0000876883 mdca:TransportationandTravelLodgingMember 2018-01-01 2018-03-31 0000876883 us-gaap:HealthCareMember 2019-01-01 2019-03-31 0000876883 mdca:FinancialsMember 2019-01-01 2019-03-31 0000876883 us-gaap:HealthCareMember 2018-01-01 2018-03-31 0000876883 country:CA 2018-01-01 2018-03-31 0000876883 country:US 2018-01-01 2018-03-31 0000876883 country:US 2019-01-01 2019-03-31 0000876883 mdca:OtherGeographicalLocationMember 2018-01-01 2018-03-31 0000876883 country:CA 2019-01-01 2019-03-31 0000876883 mdca:OtherGeographicalLocationMember 2019-01-01 2019-03-31 0000876883 2018-07-01 2018-09-30 0000876883 mdca:Series4ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2018-01-01 2018-03-31 0000876883 mdca:Series4ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2019-03-31 0000876883 mdca:Series6ConvertiblePreferredSharesMember us-gaap:PreferredStockMember 2019-03-31 0000876883 mdca:Series4ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2018-03-31 0000876883 mdca:ContingentRestrictedStockUnitsRSUsMember 2018-01-01 2018-03-31 0000876883 mdca:ContingentRestrictedStockUnitsRSUsMember 2019-01-01 2019-03-31 0000876883 mdca:OneChocolateDomain 2018-09-07 2018-09-07 0000876883 mdca:AllisonPartnersLLCMember 2018-01-01 2018-01-01 0000876883 mdca:AllisonPartnersLLCMember 2018-01-01 0000876883 mdca:InstrumentLLCMember 2018-04-02 0000876883 mdca:DonerDomain 2018-07-01 0000876883 mdca:DonerandSourceDomain 2018-07-01 2018-07-01 0000876883 mdca:InstrumentLLCMember us-gaap:CommonClassAMember us-gaap:CommonStockMember 2018-04-02 2018-04-02 0000876883 mdca:Aggregate2018StepupTransactionMemberMember 2018-12-31 0000876883 mdca:KingsdalePartnersLpMember 2019-03-08 2019-03-08 0000876883 mdca:Aggregate2018StepupTransactionMemberMember 2018-04-02 2018-04-02 0000876883 mdca:InstrumentLLCMember 2018-04-02 2018-04-02 0000876883 mdca:OneChocolateDomain 2018-12-31 0000876883 mdca:DonerDomain 2018-01-01 2018-12-31 0000876883 mdca:SourceDomain 2018-07-01 0000876883 mdca:KingsdalePartnersLpMember 2019-01-01 2019-03-31 0000876883 mdca:OneChocolateDomain 2018-09-07 0000876883 mdca:ContingentPaymentMember 2019-01-01 2019-03-31 0000876883 mdca:ContingentPaymentMember 2018-01-01 2018-03-31 0000876883 2018-01-01 2018-12-31 0000876883 mdca:FixedpaymentsMember 2019-03-31 0000876883 mdca:FixedpaymentsMember 2018-12-31 0000876883 mdca:A6.50Notesdue2024Member 2019-03-31 0000876883 mdca:A6.50Notesdue2024Member 2018-12-31 0000876883 mdca:A6.50Notesdue2024Member us-gaap:SeniorNotesMember 2016-03-23 0000876883 mdca:A6.50Notesdue2024Member us-gaap:SeniorNotesMember 2018-09-30 0000876883 mdca:AmendmentCreditAgreementMember us-gaap:LineOfCreditMember 2019-03-12 0000876883 mdca:WellsFargoCapitalFinanceLlcMember us-gaap:BaseRateMember 2016-05-03 0000876883 mdca:A6.50Notesdue2024Member us-gaap:SeniorNotesMember 2018-01-01 2018-06-30 0000876883 mdca:A6.50Notesdue2024Member us-gaap:SeniorNotesMember 2016-03-23 2016-03-23 0000876883 mdca:WellsFargoCapitalFinanceLlcMember mdca:NonPrimeRateandPrimeRateonEuropeanAdvancesMember 2016-05-03 0000876883 mdca:A6.50Notesdue2024Member mdca:WellsFargoCapitalFinanceLlcMember us-gaap:ScenarioForecastMember 2024-05-01 2024-05-01 0000876883 us-gaap:RevolvingCreditFacilityMember mdca:WellsFargoCapitalFinanceLlcMember 2016-05-03 0000876883 mdca:AmendmentCreditAgreementMember us-gaap:LineOfCreditMember us-gaap:ScenarioForecastMember 2020-12-31 0000876883 mdca:Series4ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2018-01-01 2018-09-30 0000876883 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2018-09-30 0000876883 mdca:Series4ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2019-03-14 0000876883 us-gaap:AdditionalPaidInCapitalMember 2019-03-14 2019-03-14 0000876883 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2019-03-14 2019-03-14 0000876883 mdca:Series6ConvertiblePreferredSharesMember us-gaap:PreferredStockMember 2019-01-01 2019-03-31 0000876883 mdca:Series6ConvertiblePreferredSharesMember us-gaap:PreferredStockMember 2019-03-14 2019-03-14 0000876883 us-gaap:PreferredStockMember 2019-03-14 2019-03-14 0000876883 mdca:Series4ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2017-03-07 0000876883 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2019-03-31 0000876883 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2019-03-31 0000876883 mdca:Series4ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2019-01-01 2019-03-31 0000876883 mdca:Series6ConvertiblePreferredSharesMember us-gaap:PreferredStockMember 2019-03-14 0000876883 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2018-12-31 0000876883 mdca:Series4ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2017-03-07 2017-03-07 0000876883 mdca:ContingentConsiderationLiabilitySettlementsDomain mdca:Series4ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2019-03-14 2019-03-14 0000876883 mdca:Series4ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2017-12-31 0000876883 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2017-12-31 0000876883 mdca:AcquisitionValueinexcessofRedemptionValueMember 2019-03-31 0000876883 mdca:TerminationdisabilityordeathMember 2019-03-31 0000876883 mdca:VestingoverperiodMember 2019-03-31 0000876883 mdca:A6.50Notesdue2024Member us-gaap:FairValueInputsLevel1Member us-gaap:SeniorNotesMember 2018-12-31 0000876883 mdca:A6.50Notesdue2024Member us-gaap:FairValueInputsLevel1Member us-gaap:SeniorNotesMember 2019-03-31 0000876883 mdca:DomesticCreativeAgenciesMember 2018-01-01 2018-03-31 0000876883 mdca:AllOtherMember 2018-01-01 2018-03-31 0000876883 mdca:AllOtherMember 2019-01-01 2019-03-31 0000876883 mdca:GlobalIntegratedAgenciesMember 2019-01-01 2019-03-31 0000876883 mdca:DomesticCreativeAgenciesMember 2019-01-01 2019-03-31 0000876883 mdca:MediaServicesMember 2019-01-01 2019-03-31 0000876883 mdca:GlobalIntegratedAgenciesMember 2018-01-01 2018-03-31 0000876883 mdca:MediaServicesMember 2018-01-01 2018-03-31 0000876883 us-gaap:CorporateNonSegmentMember 2018-01-01 2018-03-31 0000876883 mdca:SpecializedCommunicationsMember 2019-01-01 2019-03-31 0000876883 mdca:SpecializedCommunicationsMember 2018-01-01 2018-03-31 0000876883 us-gaap:CorporateNonSegmentMember 2019-01-01 2019-03-31 0000876883 2018-01-01 2018-09-30 0000876883 us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 xbrli:pure mdca:vote xbrli:shares iso4217:USD xbrli:shares mdca:operating_segment iso4217:USD mdca:reportable_segment false --12-31 Q1 2019 2019-03-31 10-Q 0000876883 145000 71896266 3755 false Accelerated Filer MDC PARTNERS INC false MDCA 2027000 2027000 2383000 11030000 9278000 8249000 313141000 251300000 180586000 137975000 2586000 -7643000 -118000 43000 1166000 0 2361000 809000 4305 966 933000 0 1728000 -165000 -3307000 -17142000 -4501000 20 1 2019-05-01 224000 1845000 1293000 7410000 637000 966000 12375000 217000 2059000 1239000 4065000 691000 567000 8838000 42369000 46663000 4000 59000 -28605000 233000 -9078000 -76826000 -75105000 26739000 4294000 -375000 5919000 5919000 5919000 100000 8000000 -30582000 -113000 0.080 0.080 7.70 1.25 1.25 10.00 7.42 5.00 P5Y P2Y 0.07 -464000 34000 1067000 -3574000 11943000 0 95000 50000000 90123000 -97000 -97000 -97000 221995000 214694000 395200000 438648000 128546000 134519000 4720000 -290000 P6Y 0 0 0 2217000 2217000 2217000 -1291000 -1291000 -1291000 1879000 2066000 807000 826000 3973000 2479000 1560856 1343781 1633464 257280 2317000 0 1611573000 1833119000 589854000 568233000 78913000 11861000 0.245 0.51 1 0.1487 0.03 10023000 35591000 3231000 7618000 20096 16361 10304000 2586000 -7643000 83695000 1097000 76383000 835000 9723000 32928000 36521000 50767000 39862000 30873000 26372000 50811000 33669000 30873000 26372000 -16977000 -2922000 56375131 56436067 57521323 71890021 58579000 98693000 -26037000 -5123000 -204000 780000 -26241000 -4343000 10337949 15081035 10037778 243030000 237153000 341601000 313109000 138505000 171151000 900000 0.0650 0.0650 0.0075 0.0150 2024-05-01 2024-05-01 954107000 919050000 14036000 13753000 -10786000 748000 32646000 60941000 92741000 92439000 5329000 5329000 8402000 6359000 12375000 8838000 -0.56 -0.04 -0.56 -0.04 306000 -576000 0.226 0.763 6556000 6586000 4947000 3512000 -6834000 14943000 0 54947000 275000 119086000 82598000 75548000 161868000 164347000 23130000 -6660000 5442000 -6864000 5188000 -19000 -3592000 3000000 83879000 67118000 740955000 742775000 32776 -31443000 -2496000 -36935000 981000 -0.56 -0.04 -0.56 -0.04 86000 83000 -8330000 748000 1333000 1677000 -12358000 29957000 56963000 32563000 1004000 1755000 9734000 3373000 67765000 64858000 16083000 16760000 649000 1629000 19806000 401804000 140202000 42778000 46124000 56032000 65996000 50672000 109066000 4701000 1806994000 1959386000 1611573000 1833119000 742536000 729013000 35967000 11218000 325000000.0 250000000.0 250000000 900000000 900000000 834750000 750375000 954107000 919050000 68143000 32803000 64514000 40223000 -5965000 -5965000 -24735000 -24642000 8857000 11946000 1166000 1166000 1166000 1 47618000 60753000 -3868000 18101000 -61033000 -81200000 -29416000 -29416000 -113000 897000 11785000 429000 -31443000 -2496000 -1170000 -1170000 -1170000 1166000 27357000 0 0 -22302000 -14701000 7 4 4 4 -14072000 6445000 2878000 -13593000 -19000 3728000 -14633000 -4822000 6014000 5477000 3770000 -1834000 7077000 15682000 17560000 16441000 292738000 299243000 0 44129000 0 248609000 15652000 0 246643000 254245000 0.087 P7Y3M18D 42499000 44689000 25513000 26129000 2278000 -4659000 2278000 3379000 -1101000 3379000 -4659000 -5010000 351000 -5010000 54255000 17523000 441000 -3383000 7422000 0 6665000 3657000 69000 293000 456000 0 146000 0 300000 3279000 28561000 0 1050000 8000 225000 903000 2243000 184000 236000 3799000 1000 1201000 694000 1418000 41000 251000 3606000 3295000 13419000 1501000 2194000 189000 0.07 1000 1000 111901000 50189000 95000 145000 95000 145000 95000 145000 90123000 152117000 50000000 50000000 95000000 50000000 97629000 0 97629000 309816000 431097000 0 23050000 -28519000 316000 88189000 85456000 5.5 5.5 6.25 62886000 51546000 48006000 3467 28921 15618 250800000 466437000 79000 35000 -464903000 -465016000 67282000 66654000 129524000 24684000 38824000 326968000 20494000 29657000 31802000 21838000 64285000 40958000 34144000 14848000 33170000 35772000 26379000 256524000 44065000 72933000 67007000 129719000 20179000 38953000 328791000 18191000 39798000 35001000 25126000 66663000 44078000 26616000 17441000 23297000 32580000 22378000 263017000 43396000 256818000 900000000 900000000 1248000 658000 410000 2460000 74000 187000 5037000 3347000 1690000 -1573000 288000 464000 3767000 0 26000 2972000 4545000 -1573000 95000 3755 95000 95000 57517568 95000 95000 50000 71886266 3755 145000 1011561 14285714 14285714 50000 109444 117000 7030000 61994000 35635000 97629000 35635000 97629000 61994000 0 48508 34016 455000 455000 455000 56000 56000 56000 -311481000 -214496000 -155513000 -1954000 38191000 58030000 -213543000 90220000 -340000000 -189662000 1425000 38412000 50964000 -240626000 90123000 -370586000 -246967000 4720000 58579000 64514000 -311481000 90123000 -464903000 -174273000 -290000 98693000 40223000 -214496000 152117000 -465016000 713000 1599000 -375000 -375000 64362000 87054000 4964000 56415042 60258102 60258102 56415042 60258102 60258102 <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Changes in amounts due to noncontrolling interest holders included in accruals and other liabilities on the unaudited condensed Consolidated Balance Sheets for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2019</font><font style="font-family:inherit;font-size:10pt;"> were as follows:</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:76.5625%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:81%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Noncontrolling<br clear="none"/>Interests</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Balance, December 31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">11,030</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Income attributable to noncontrolling interests</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">11,785</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Distributions made</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(13,419</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Other </font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(118</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Balance, December 31, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">9,278</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Income attributable to noncontrolling interests</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">429</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Distributions made</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,501</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Other</font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">&#160;(1)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">43</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Balance, March 31, 2019</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">8,249</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Changes in the Company&#8217;s ownership interests in our less than 100% owned subsidiaries during the three months ended March 31, 2019 and 2018 were as follows:</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:82.421875%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:75%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Three Months Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net loss attributable to MDC Partners Inc.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(113</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(29,416</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Transfers from the noncontrolling interest:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Decrease in MDC Partners Inc. paid-in capital for purchase of equity interests in excess of redeemable noncontrolling interests and noncontrolling interests</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,166</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net transfers from noncontrolling interests</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,166</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Change from net loss attributable to MDC Partners Inc. and transfers to noncontrolling interests</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(113</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(30,582</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Supplemental Information</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Accounts Payable, Accruals and Other Liabilities</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">At </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, accruals and other liabilities included accrued media of </font><font style="font-family:inherit;font-size:10pt;">$137,975</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$180,586</font><font style="font-family:inherit;font-size:10pt;">, respectively; and also included amounts due to noncontrolling interest holders for their share of profits. See Note 9 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for additional information regarding noncontrolling interest holders share of profits. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Goodwill and Indefinite Lived Intangibles</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Goodwill and indefinite life intangible assets (trademarks) acquired as a result of a business combination which are not subject to amortization are tested for impairment annually as of October 1st of each year, or more frequently if indicators of potential impairment exist. For goodwill, impairment is assessed at the reporting unit level. For the&#160;</font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2019</font><font style="font-family:inherit;font-size:10pt;">&#160;and the year ended&#160;</font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, goodwill was&#160;</font><font style="font-family:inherit;font-size:10pt;">$742,775</font><font style="font-family:inherit;font-size:10pt;"> and&#160;</font><font style="font-family:inherit;font-size:10pt;">$740,955</font><font style="font-family:inherit;font-size:10pt;">, respectively. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Income Taxes</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our tax provision for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items arising in the quarter. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income tax expense for the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2019</font><font style="font-family:inherit;font-size:10pt;"> was </font><font style="font-family:inherit;font-size:10pt;">$748</font><font style="font-family:inherit;font-size:10pt;"> (on income of </font><font style="font-family:inherit;font-size:10pt;">$981</font><font style="font-family:inherit;font-size:10pt;"> resulting in an effective tax rate of </font><font style="font-family:inherit;font-size:10pt;">76.3%</font><font style="font-family:inherit;font-size:10pt;">) compared to a benefit of </font><font style="font-family:inherit;font-size:10pt;">$8,330</font><font style="font-family:inherit;font-size:10pt;"> (on a loss of </font><font style="font-family:inherit;font-size:10pt;">$36,935</font><font style="font-family:inherit;font-size:10pt;"> resulting in an effective tax rate of </font><font style="font-family:inherit;font-size:10pt;">22.6%</font><font style="font-family:inherit;font-size:10pt;">) for the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2018</font><font style="font-family:inherit;font-size:10pt;">. &#160;The effective tax rate of </font><font style="font-family:inherit;font-size:10pt;">76.3%</font><font style="font-family:inherit;font-size:10pt;"> was primarily related to the impact of certain discrete items recognized for the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2019</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Acquisitions and Dispositions</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">2019 Disposition </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> On March 8, 2019, the Company consummated the sale of Kingsdale, an operating segment with operations in Toronto and New York City, that provides shareholder services. As consideration for the sale, the Company was paid cash plus the assumption of certain liabilities totaling approximately </font><font style="font-family:inherit;font-size:10pt;">$50 million</font><font style="font-family:inherit;font-size:10pt;"> in the aggregate. The sale resulted in a loss of approximately </font><font style="font-family:inherit;font-size:10pt;">$3 million</font><font style="font-family:inherit;font-size:10pt;">, which is included in Other, net within the Unaudited Condensed Consolidated Statement of Operations.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">2018 Acquisitions</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> On September 7, 2018, a subsidiary of the Company purchased </font><font style="font-family:inherit;font-size:10pt;">100%</font><font style="font-family:inherit;font-size:10pt;"> interests of OneChocolate Communications Limited and OneChocolate Communications LLC, PR (&#8220;OneChocolate&#8221;) a digital marketing consultancy headquartered in London, UK, for an aggregate purchase price of </font><font style="font-family:inherit;font-size:10pt;">$3,231</font><font style="font-family:inherit;font-size:10pt;">, working capital of </font><font style="font-family:inherit;font-size:10pt;">$966</font><font style="font-family:inherit;font-size:10pt;"> and additional deferred acquisition payments estimated present value of $2,146. OneChocolate&#8217;s results are reflected in the Allison &amp; Partners operating segment which is included in the Specialist Communications reportable segment which had an immaterial impact on our results.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On July 1, 2018, the Company acquired the remaining </font><font style="font-family:inherit;font-size:10pt;">14.87%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">3%</font><font style="font-family:inherit;font-size:10pt;"> of membership interests of Doner Partners, LLC and Source Marketing LLC respectively for an aggregate purchase price of </font><font style="font-family:inherit;font-size:10pt;">$7,618</font><font style="font-family:inherit;font-size:10pt;">, comprised of a closing cash payment of </font><font style="font-family:inherit;font-size:10pt;">$3,279</font><font style="font-family:inherit;font-size:10pt;"> and additional deferred acquisition payments with an estimated present value of </font><font style="font-family:inherit;font-size:10pt;">$4,305</font><font style="font-family:inherit;font-size:10pt;"> as of December 31, 2018. As of the acquisition date, the fair value of the additional interests acquired was </font><font style="font-family:inherit;font-size:10pt;">$16,361</font><font style="font-family:inherit;font-size:10pt;"> for Doner Partners LLC. The fair values were measured using a discounted cash flow model. As a result of the transaction, the Company reduced noncontrolling interest by </font><font style="font-family:inherit;font-size:10pt;">$11,946</font><font style="font-family:inherit;font-size:10pt;"> and redeemable noncontrolling interest by </font><font style="font-family:inherit;font-size:10pt;">$933</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On April 2, 2018, the Company purchased </font><font style="font-family:inherit;font-size:10pt;">51%</font><font style="font-family:inherit;font-size:10pt;"> of the membership interests of Instrument LLC (&#8220;Instrument&#8221;), a digital creative agency based in Portland, Oregon, for an aggregate purchase price of </font><font style="font-family:inherit;font-size:10pt;">$35,591</font><font style="font-family:inherit;font-size:10pt;">. The acquisition is expected to facilitate the Company&#8217;s growth and help to build its portfolio of modern, innovative and digital-first agencies. The purchase price consisted of a cash payment of </font><font style="font-family:inherit;font-size:10pt;">$28,561</font><font style="font-family:inherit;font-size:10pt;"> and the issuance of </font><font style="font-family:inherit;font-size:10pt;">1,011,561</font><font style="font-family:inherit;font-size:10pt;"> shares of the Company&#8217;s Class A subordinate voting stock with an acquisition date fair value of </font><font style="font-family:inherit;font-size:10pt;">$7,030</font><font style="font-family:inherit;font-size:10pt;">. The Company issued these shares in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) of the Securities Act. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The purchase price allocation for Instrument resulted in tangible assets of </font><font style="font-family:inherit;font-size:10pt;">$10,304</font><font style="font-family:inherit;font-size:10pt;">, identifiable intangibles of </font><font style="font-family:inherit;font-size:10pt;">$23,130</font><font style="font-family:inherit;font-size:10pt;">, consisting primarily of customer lists and a trade name, and goodwill of </font><font style="font-family:inherit;font-size:10pt;">$32,776</font><font style="font-family:inherit;font-size:10pt;">. In addition, the Company has recorded </font><font style="font-family:inherit;font-size:10pt;">$27,357</font><font style="font-family:inherit;font-size:10pt;"> as the fair value of noncontrolling interests, which was derived from the Company&#8217;s purchase price less a discount related to the noncontrolling parties&#8217; lack of control. The identified assets have a weighted average useful life of approximately </font><font style="font-family:inherit;font-size:10pt;">six years</font><font style="font-family:inherit;font-size:10pt;"> and will be amortized in a manner represented by the pattern in which the economic benefits of such assets are expected to be realized. The goodwill is tax deductible. Instruments&#8217; results are included in the All Other category from a segment reporting perspective. The Company has a controlling financial interest in Instrument through its majority voting interest, and as such, has aggregated the acquired Partner Firm&#8217;s financial data into the Company&#8217;s consolidated financial statements. The operating results of Instrument in the current year is not material.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effective January 1, 2018, the Company acquired the remaining </font><font style="font-family:inherit;font-size:10pt;">24.5%</font><font style="font-family:inherit;font-size:10pt;"> ownership interest of Allison &amp; Partners LLC for an aggregate purchase price of </font><font style="font-family:inherit;font-size:10pt;">$10,023</font><font style="font-family:inherit;font-size:10pt;">, comprised of a closing cash payment of </font><font style="font-family:inherit;font-size:10pt;">$300</font><font style="font-family:inherit;font-size:10pt;"> and additional deferred acquisition payments with an estimated present value at the acquisition date of </font><font style="font-family:inherit;font-size:10pt;">$9,723</font><font style="font-family:inherit;font-size:10pt;">. The deferred payments are based on the future financial results of the underlying business from 2017 to 2020 with final payments due in 2021. As of the acquisition date, the fair value of the additional interest acquired was </font><font style="font-family:inherit;font-size:10pt;">$20,096</font><font style="font-family:inherit;font-size:10pt;">. The fair value was measured using a discounted cash flow model. As a result of the transaction, the Company reduced redeemable noncontrolling interests by </font><font style="font-family:inherit;font-size:10pt;">$8,857</font><font style="font-family:inherit;font-size:10pt;">. The difference between the purchase price and the noncontrolling interest of </font><font style="font-family:inherit;font-size:10pt;">$1,166</font><font style="font-family:inherit;font-size:10pt;"> was recorded in additional paid-in capital.</font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Deferred Acquisition Consideration</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred acquisition consideration on the balance sheet consists of deferred obligations related to contingent and fixed purchase price payments, and to a lesser extent, contingent and fixed retention payments tied to continued employment of specific personnel. Contingent deferred acquisition consideration is recorded at the acquisition date fair value and adjusted at each reporting period through operating income, for contingent purchase price payments, net interest expense, and fixed purchase price payments. The Company accounts for retention payments through operating income as stock-based compensation over the required retention period.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> The following table presents changes in contingent deferred acquisition consideration, which is measured at fair value on a recurring basis using significant unobservable inputs, and a reconciliation to the amounts reported on the balance sheets as of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:48px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:69.140625%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:63%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">March 31,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">December 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Beginning Balance of contingent payments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">82,598</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">119,086</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Payments</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(275</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(54,947</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Redemption value adjustments </font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(6,834</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,512</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Additions - acquisitions and step up transactions</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">14,943</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Foreign translation adjustment</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">59</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Ending balance of contingent payments</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">75,548</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">82,598</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Fixed payments</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">835</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,097</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">76,383</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">83,695</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-left:4px;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font><font style="font-family:inherit;font-size:10pt;"> Redemption value adjustments are fair value changes from the Company&#8217;s initial estimates of deferred acquisition payments and stock-based compensation charges relating to acquisition payments that are tied to continued employment. Redemption value adjustments are recorded within cost of services sold and office and general expenses on the unaudited condensed Consolidated Statements of Operations.</font></div><div style="line-height:120%;padding-left:4px;padding-bottom:8px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents the impact to the Company&#8217;s statement of operations due to the redemption value adjustments for the contingent deferred acquisition consideration:</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:12px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:66.796875%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:63%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Three months ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Income (loss) attributable to fair value adjustments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(7,643</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,586</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Stock-based compensation</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">809</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,361</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Redemption value adjustments</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(6,834</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,947</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Commitments, Contingencies, and Guarantees</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Legal Proceedings. </font><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s operating entities are involved in legal proceedings of various types. While any litigation contains an element of uncertainty, the Company has no reason to believe that the outcome of such proceedings or claims will have a material adverse effect on the financial condition or results of operations of the Company. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Deferred Acquisition Consideration and Options to Purchase. </font><font style="font-family:inherit;font-size:10pt;">See Notes 5 and 9 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for information regarding potential payments associated with deferred acquisition consideration and the acquisition of noncontrolling shareholders&#8217; ownership interest in subsidiaries.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Natural Disasters.</font><font style="font-family:inherit;font-size:10pt;"> Certain of the Company&#8217;s operations are located in regions of the United States which typically are subject to hurricanes. During the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2019 and 2018</font><font style="font-family:inherit;font-size:10pt;">, these operations did not incur any material costs related to damages resulting from hurricanes.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Guarantees</font><font style="font-family:inherit;font-size:10pt;">. Generally, the Company has indemnified the purchasers of certain assets in the event that a third party asserts a claim against the purchaser that relates to a liability retained by the Company. These types of indemnification guarantees typically extend for a number of years. Historically, the Company has not made any significant indemnification payments under such agreements and no amount has been accrued in the accompanying consolidated financial statements with respect to these indemnification guarantees. The Company continues to monitor the conditions that are subject to guarantees and indemnifications to identify whether it is probable that a loss has occurred and would recognize any such losses under any guarantees or indemnifications in the period when those losses are probable and estimable.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Commitments. &#160;</font><font style="font-family:inherit;font-size:10pt;">At </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">, the Company had </font><font style="font-family:inherit;font-size:10pt;">$4,701</font><font style="font-family:inherit;font-size:10pt;"> of undrawn letters of credit.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Debt</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of March 31, 2019 and December 31, 2018, the Company&#8217;s indebtedness was comprised as follows:</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:86.63414634146342%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:69%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">March&#160;31, <br clear="none"/>2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">December 31, 2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Revolving credit agreement</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">32,803</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">68,143</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6.50% Notes due 2024</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">900,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">900,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Debt issuance costs</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(13,753</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(14,036</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">919,050</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">954,107</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">6.50% Notes</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On </font><font style="font-family:inherit;font-size:10pt;">March&#160;23, 2016</font><font style="font-family:inherit;font-size:10pt;">, MDC entered into an indenture (the &#8220;Indenture&#8221;) among MDC, its existing and future restricted subsidiaries that guarantee, are co-borrowers under, or grant liens to secure, the Credit Agreement, as guarantors (the &#8220;Guarantors&#8221;) and The Bank of New York Mellon, as trustee, relating to the issuance by MDC of </font><font style="font-family:inherit;font-size:10pt;">$900,000</font><font style="font-family:inherit;font-size:10pt;"> aggregate principal amount of the senior unsecured notes due </font><font style="font-family:inherit;font-size:10pt;">2024</font><font style="font-family:inherit;font-size:10pt;"> (the &#8220;6.50% Notes&#8221;) . The </font><font style="font-family:inherit;font-size:10pt;">6.50%</font><font style="font-family:inherit;font-size:10pt;"> Notes were sold in a private placement in reliance on exceptions from registration under the Securities Act of 1933. The </font><font style="font-family:inherit;font-size:10pt;">6.50%</font><font style="font-family:inherit;font-size:10pt;"> Notes bear interest, payable semiannually in arrears on May 1 and November 1, at a rate of </font><font style="font-family:inherit;font-size:10pt;">6.50%</font><font style="font-family:inherit;font-size:10pt;"> per annum. The </font><font style="font-family:inherit;font-size:10pt;">6.50%</font><font style="font-family:inherit;font-size:10pt;"> Notes mature on </font><font style="font-family:inherit;font-size:10pt;">May&#160;1, 2024</font><font style="font-family:inherit;font-size:10pt;">, unless earlier redeemed or repurchased. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">MDC may, at its option, redeem the </font><font style="font-family:inherit;font-size:10pt;">6.50%</font><font style="font-family:inherit;font-size:10pt;"> Notes in whole at any time or in part from time to time, on and after </font><font style="font-family:inherit;font-size:10pt;">May&#160;1, 2019</font><font style="font-family:inherit;font-size:10pt;">, at varying prices based on the timing of the redemption. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Indenture includes covenants that are subject to a number of important limitations and exceptions. The </font><font style="font-family:inherit;font-size:10pt;">6.50%</font><font style="font-family:inherit;font-size:10pt;"> Notes are also subject to customary events of default, including a cross-payment default and cross-acceleration provision. The Company was in compliance with all covenants at </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Credit Agreement</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is party to a </font><font style="font-family:inherit;font-size:10pt;">$250,000</font><font style="font-family:inherit;font-size:10pt;"> secured revolving credit facility due May&#160;3, 2021. The amounts outstanding under the revolving credit facility as of March 31, 2019 and December 31, 2018 are presented in the table above and additional details are provided below. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On March 12, 2019 (the &#8220;Amendment Effective Date&#8221;), the Company, Maxxcom Inc. and each of their subsidiaries party thereto entered into an Amendment to the existing senior secured revolving credit facility, dated as of May 3, 2016 (as amended, the &#8220;Credit Agreement&#8221;), among the Company, Maxxcom, each of their subsidiaries party thereto, Wells Fargo, and the lenders from time to time party thereto. Advances under the Credit Agreement are to be used for working capital and general corporate purposes, in each case pursuant to the terms of the Credit Agreement.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Amendment provides financial covenant relief by increasing the total leverage ratio applicable on each testing date after the Amendment Effective Date through the period ending December 31, 2020 from </font><font style="font-family:inherit;font-size:10pt;">5.5</font><font style="font-family:inherit;font-size:10pt;">:1.0 to </font><font style="font-family:inherit;font-size:10pt;">6.25</font><font style="font-family:inherit;font-size:10pt;">:1.0. The total leverage ratio applicable on each testing date after December 31, 2020 will revert to </font><font style="font-family:inherit;font-size:10pt;">5.5</font><font style="font-family:inherit;font-size:10pt;">:1.0.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> In connection with the Amendment, the Company reduced the aggregate maximum amount of revolving commitments provided by the lenders under the Credit Agreement to </font><font style="font-family:inherit;font-size:10pt;">$250.0 million</font><font style="font-family:inherit;font-size:10pt;"> from </font><font style="font-family:inherit;font-size:10pt;">$325.0 million</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Advances under the Credit Agreement bear interest as follows: (a)(i) LIBOR Rate Loans bear interest at the LIBOR Rate and (ii) Base Rate Loans bear interest at the Base Rate, plus (b) an applicable margin. The initial applicable margin for borrowing is </font><font style="font-family:inherit;font-size:10pt;">0.75%</font><font style="font-family:inherit;font-size:10pt;"> in the case of Base Rate Loans and </font><font style="font-family:inherit;font-size:10pt;">1.50%</font><font style="font-family:inherit;font-size:10pt;"> in the case of LIBOR Rate Loans. In addition to paying interest on outstanding principal under the Credit Agreement, MDC is required to pay an unused revolver fee to lenders under the Credit Agreement in respect of unused commitments thereunder.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Credit Agreement, which includes financial and non-financial covenants, is guaranteed by substantially all of MDC&#8217;s present and future subsidiaries, other than immaterial subsidiaries and subject to customary exceptions and collateralized by a portion of MDC&#8217;s outstanding receivable balance. The Company is currently in compliance with all of the terms and conditions of its Credit Agreement. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">At </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> and December 31, 2018, the Company had issued </font><font style="font-family:inherit;font-size:10pt;">$4,701</font><font style="font-family:inherit;font-size:10pt;"> of undrawn outstanding letters of credit.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents revenue disaggregated by geography:</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents revenue disaggregated by client industry vertical for the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2019 and 2018</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:174%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:501px;border-collapse:collapse;text-align:left;"><tr><td colspan="10" rowspan="1"></td></tr><tr><td style="width:192px;" rowspan="1" colspan="1"></td><td style="width:117px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:79px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:79px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Three months ended March 31,<br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Industry</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Reportable Segment</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Food &amp; Beverage</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">66,663</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">64,285</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Retail</font></div></td><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">32,580</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">35,772</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Consumer Products</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">35,001</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">31,802</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Communications</font></div></td><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">39,798</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">29,657</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Automotive</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">18,191</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">20,494</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Technology</font></div></td><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">26,616</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">34,144</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Healthcare</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">23,297</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">33,170</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Financials</font></div></td><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">25,126</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">21,838</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Transportation and Travel/Lodging</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">17,441</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">14,848</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:normal;">Other</font></div></td><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">44,078</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">40,958</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">328,791</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">326,968</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Share Capital</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The authorized share capital of the Company is as follows:</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Series 6 Convertible Preference Shares</font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On March 14, 2019 (the &#8220;Series 6 Issue Date&#8221;), the Company entered into a securities purchase agreement with Stagwell Holdings, an affiliate of Stagwell, pursuant to which Stagwell Holdings agreed to purchase, (i) </font><font style="font-family:inherit;font-size:10pt;">14,285,714</font><font style="font-family:inherit;font-size:10pt;"> newly authorized Class A shares (the &#8220;Stagwell Class A Shares&#8221;) for an aggregate contractual purchase price of </font><font style="font-family:inherit;font-size:10pt;">$50,000</font><font style="font-family:inherit;font-size:10pt;"> and (ii) </font><font style="font-family:inherit;font-size:10pt;">50,000</font><font style="font-family:inherit;font-size:10pt;"> newly authorized Series 6 convertible preference shares (&#8220;Series 6 Preference Shares&#8221;) for an aggregate contractual purchase price of </font><font style="font-family:inherit;font-size:10pt;">$50 million</font><font style="font-family:inherit;font-size:10pt;">. The Company received proceeds of approximately </font><font style="font-family:inherit;font-size:10pt;">$97,629</font><font style="font-family:inherit;font-size:10pt;">, net of fees and estimated expenses, which were primarily used to pay down existing debt under the Company&#8217;s credit facility and for general corporate purposes. The proceeds allocated to the Stagwell Class A Shares were </font><font style="font-family:inherit;font-size:10pt;">$35,635</font><font style="font-family:inherit;font-size:10pt;"> and to Series 6 Preference Shares were </font><font style="font-family:inherit;font-size:10pt;">$61,994</font><font style="font-family:inherit;font-size:10pt;"> based on their relative fair value calculated by utilizing a Monte Carlo Simulation model. In connection with the closing of the transaction, the Company increased the size of its Board and appointed one nominee designated by the Purchaser. Except as required by law, the Series 6 Preference Shares do not have voting rights and are not redeemable at the option of the Purchaser.</font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The holders of the Series 6 Preference Shares have the right to convert their Series 6 Preference Shares in whole at any time and from time to time, and in part at any time and from time to time, into a number of Class A Shares equal to the then-applicable liquidation preference divided by the applicable conversion price at such time (the &#8220;Conversion Price&#8221;). The initial liquidation per share preference of each Series 6 Preference Share is </font><font style="font-family:inherit;font-size:10pt;">$1,000</font><font style="font-family:inherit;font-size:10pt;">. The initial Conversion Price is </font><font style="font-family:inherit;font-size:10pt;">$5.00</font><font style="font-family:inherit;font-size:10pt;"> per Series 6 Preference Share, subject to customary adjustments for share splits and combinations, dividends, recapitalizations and other matters, including weighted average anti-dilution protection for certain issuances of equity or equity-linked securities. </font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Series 6 Preference Shares&#8217; liquidation preference accretes at </font><font style="font-family:inherit;font-size:10pt;">8.0%</font><font style="font-family:inherit;font-size:10pt;"> per annum, compounded quarterly until the </font><font style="font-family:inherit;font-size:10pt;">five</font><font style="font-family:inherit;font-size:10pt;">-year anniversary of the Series 6 Issue Date. During the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2019</font><font style="font-family:inherit;font-size:10pt;">, the Series 6 Preference Shares had accretion of </font><font style="font-family:inherit;font-size:10pt;">$189</font><font style="font-family:inherit;font-size:10pt;">, bringing the aggregate liquidation preference to </font><font style="font-family:inherit;font-size:10pt;">$50,189</font><font style="font-family:inherit;font-size:10pt;"> as of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">. The accretion is considered in the calculation of net income (loss) attributable to MDC Partners Inc. common shareholders. See Note 3 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for further information regarding the Series 6 Preference Shares.</font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Holders of the Series 6 Preference Shares are entitled to dividends in an amount equal to any dividends that would otherwise have been payable on the Class A Shares issued upon conversion of the Series 6 Preference Shares. The Series 6 Preference Shares are convertible at the Company&#8217;s option (i) on and after the </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;">-year anniversary of the Series 6 Issue Date, if the closing trading price of the Class A Shares over a specified period prior to conversion is at least </font><font style="font-family:inherit;font-size:10pt;">125%</font><font style="font-family:inherit;font-size:10pt;"> of the Conversion Price or (ii) after the fifth anniversary of the Issue Date, if the closing trading price of the Class A Shares over a specified period prior to conversion is at least equal to the Conversion Price.</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Following certain change in control transactions of the Company in which holders of Series 6 Preference Shares are not entitled to receive cash or qualifying listed securities with a value at least equal to the liquidation preference plus accrued and unpaid dividends, (i) holders will be entitled to cash dividends on the liquidation preference at an increasing rate (beginning at </font><font style="font-family:inherit;font-size:10pt;">7%</font><font style="font-family:inherit;font-size:10pt;">), and (ii) the Company will have a right to redeem the Series 6 Preference Shares for cash at the greater of their liquidation preference plus accrued and unpaid dividends or their as-converted value.</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Series 4 Convertible Preference Shares</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On </font><font style="font-family:inherit;font-size:10pt;">March&#160;7, 2017</font><font style="font-family:inherit;font-size:10pt;"> (the &#8220;Series 4 Issue Date&#8221;), the Company issued </font><font style="font-family:inherit;font-size:10pt;">95,000</font><font style="font-family:inherit;font-size:10pt;"> newly created Preference Shares (&#8220;Series 4 Preference Shares&#8221;) to affiliates of The Goldman Sachs Group, Inc. (collectively, the &#8220;Purchaser&#8221;) pursuant to a </font><font style="font-family:inherit;font-size:10pt;">$95,000</font><font style="font-family:inherit;font-size:10pt;"> private placement. The Company received proceeds of approximately </font><font style="font-family:inherit;font-size:10pt;">$90,123</font><font style="font-family:inherit;font-size:10pt;">, net of fees and estimated expenses, which were primarily used to pay down existing debt under the Company&#8217;s credit facility and for general corporate purposes. In connection with the closing of the transaction, the Company increased the size of its Board and appointed one nominee designated by the Purchaser. Except as required by law, the Series 4 Preference Shares do not have voting rights and are not redeemable at the option of the Purchaser.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subsequent to the ninetieth day following the Series 4 Issue Date, the holders of the Series 4 Preference Shares have the right to convert their Series 4 Preference Shares in whole at any time and from time to time and in part at any time and from time to time into a number of Class A Shares equal to the then-applicable liquidation preference divided by the applicable conversion price at such time (the &#8220;Conversion Price&#8221;). The initial liquidation per share preference of each Series 4 Preference Share is </font><font style="font-family:inherit;font-size:10pt;">$1,000</font><font style="font-family:inherit;font-size:10pt;">. The Conversion Price of a Series 4 Preference Share is subject to customary adjustments for share splits and combinations, dividends, recapitalizations and other matters, including weighted average anti-dilution protection for certain issuances of equity or equity-linked securities. In connection with the anti-dilution protection provision triggered by the issuance of equity securities to Stagwell, the Conversion Price per Series 4 Preference Share was reduced to </font><font style="font-family:inherit;font-size:10pt;">$7.42</font><font style="font-family:inherit;font-size:10pt;"> from the initial Conversion Price of </font><font style="font-family:inherit;font-size:10pt;">$10.00</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Series 4 Preference Shares&#8217; liquidation preference accretes at </font><font style="font-family:inherit;font-size:10pt;">8.0%</font><font style="font-family:inherit;font-size:10pt;"> per annum, compounded quarterly until the five-year anniversary of the Series 4 Issue Date. During the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2019</font><font style="font-family:inherit;font-size:10pt;">, the Series 4 Preference Shares accreted at a monthly rate of approximately </font><font style="font-family:inherit;font-size:10pt;">$7.70</font><font style="font-family:inherit;font-size:10pt;"> per Series 4 Preference Share, for total accretion of </font><font style="font-family:inherit;font-size:10pt;">$2,194</font><font style="font-family:inherit;font-size:10pt;">, bringing the aggregate liquidation preference to </font><font style="font-family:inherit;font-size:10pt;">$111,901</font><font style="font-family:inherit;font-size:10pt;"> as of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">. The accretion is considered in the calculation of net income (loss) attributable to MDC Partners Inc. common shareholders. See Note 3 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for further information regarding the Series 4 Preference Shares.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Holders of the Series 4 Preference Shares are entitled to dividends in an amount equal to any dividends that would otherwise have been payable on the Class A Shares issued upon conversion of the Series 4 Preference Shares. The Series 4 Preference Shares are convertible at the Company&#8217;s option (i) on and after the two-year anniversary of the Issue Date, if the closing trading price of the Class A Shares over a specified period prior to conversion is at least </font><font style="font-family:inherit;font-size:10pt;">125%</font><font style="font-family:inherit;font-size:10pt;"> of the Conversion Price or (ii) after the fifth anniversary of the Series 4 Issue Date, if the closing trading price of the Class A Shares over a specified period prior to conversion is at least equal to the Conversion Price.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Following certain change in control transactions of the Company in which holders of Series 4 Preference Shares are not entitled to receive cash or qualifying listed securities with a value at least equal to the liquidation preference plus accrued and unpaid dividends, (i) holders will be entitled to cash dividends on the liquidation preference at an increasing rate (beginning at </font><font style="font-family:inherit;font-size:10pt;">7%</font><font style="font-family:inherit;font-size:10pt;">), and (ii) the Company will have a right to redeem the Series 4 Preference Shares for cash at the greater of their liquidation preference plus accrued and unpaid dividends or their as-converted value.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Class A Common Shares (&#8220;Class A Shares&#8221;)</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">An unlimited number of subordinate voting shares, carrying </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> vote each, entitled to dividends equal to or greater than Class B Shares, convertible at the option of the holder into one Class B Share for each Class A Share after the occurrence of certain events related to an offer to purchase all Class B shares. There were </font><font style="font-family:inherit;font-size:10pt;">71,886,266</font><font style="font-family:inherit;font-size:10pt;"> (including the Class A Shares issued to Stagwell) and </font><font style="font-family:inherit;font-size:10pt;">57,517,568</font><font style="font-family:inherit;font-size:10pt;"> Class A Shares issued and outstanding as of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Class B Common Shares (&#8220;Class B Shares&#8221;)</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">An unlimited number of voting shares, carrying </font><font style="font-family:inherit;font-size:10pt;">20</font><font style="font-family:inherit;font-size:10pt;"> votes each, convertible at any time at the option of the holder into one Class A share for each Class B share. There were </font><font style="font-family:inherit;font-size:10pt;">3,755</font><font style="font-family:inherit;font-size:10pt;"> Class B Shares issued and outstanding as of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Loss Per Common Share</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table sets forth the computation of basic and diluted loss per common share:</font></div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:76.5625%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:71%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Three Months Ended&#160;<br clear="none"/>&#160;March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Numerator:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net loss attributable to MDC Partners Inc.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(113</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(29,416</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Accretion on convertible preference shares</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(2,383</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(2,027</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net loss attributable to MDC Partners Inc. common shareholders</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(2,496</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(31,443</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Denominator:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Basic weighted average number of common shares outstanding</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">60,258,102</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">56,415,042</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Diluted weighted average number of common shares outstanding</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">60,258,102</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">56,415,042</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Basic</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(0.04</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(0.56</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Diluted</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(0.04</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(0.56</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> Anti-dilutive stock awards &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family:inherit;font-size:10pt;">1,633,464</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">1,560,856</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Restricted stock and restricted stock unit awards of </font><font style="font-family:inherit;font-size:10pt;">257,280</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">1,343,781</font><font style="font-family:inherit;font-size:10pt;"> for the three months ended March 31, 2019 and 2018, respectively, which are contingent upon the Company meeting a cumulative three year earnings target and contingent upon continued employment, are excluded from the computation of diluted income per common share as the contingencies were not satisfied at March 31, 2019 and 2018, respectively. In addition, there were </font><font style="font-family:inherit;font-size:10pt;">95,000</font><font style="font-family:inherit;font-size:10pt;"> shares of Preference Shares outstanding which were convertible into </font><font style="font-family:inherit;font-size:10pt;">15,081,035</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">10,337,949</font><font style="font-family:inherit;font-size:10pt;"> Class A common shares at March 31, 2019 and 2018, respectively and </font><font style="font-family:inherit;font-size:10pt;">50,000</font><font style="font-family:inherit;font-size:10pt;"> Preference Shares outstanding which were convertible into </font><font style="font-family:inherit;font-size:10pt;">10,037,778</font><font style="font-family:inherit;font-size:10pt;"> Class A common shares at March 31, 2019. These Preference Shares were anti-dilutive for the three months ended March 31, 2019 and 2018 and are therefore excluded from the diluted loss per common share calculation.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents certain information for our financial liability that is not measured at fair value on a recurring basis at </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td style="width:45%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">March 31, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">December 31, 2018</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Carrying<br clear="none"/>Amount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Fair&#160;Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Carrying<br clear="none"/>Amount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Fair&#160;Value</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Liabilities:</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6.50% Senior Notes due 2024</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">900,000</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">750,375</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">900,000</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">834,750</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Fair Value Measurements</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A fair value measurement assumes a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. The hierarchy for observable and unobservable inputs used to measure fair value into three broad levels are described below:&#160;</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 1 - Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 2 - Observable prices that are based on inputs not quoted on active markets, but corroborated by market data.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 3 - Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Liabilities that are not Measured at Fair Value on a Recurring Basis</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents certain information for our financial liability that is not measured at fair value on a recurring basis at </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td style="width:45%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">March 31, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">December 31, 2018</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Carrying<br clear="none"/>Amount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Fair&#160;Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Carrying<br clear="none"/>Amount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Fair&#160;Value</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Liabilities:</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6.50% Senior Notes due 2024</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">900,000</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">750,375</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">900,000</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">834,750</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our long-term debt includes fixed rate debt. The fair value of this instrument is based on quoted market prices in markets that are not active. Therefore, this debt is classified as Level 2 within the fair value hierarchy.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Liabilities Measured at Fair Value on a Recurring Basis</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Contingent deferred acquisition consideration are recorded at the acquisition date fair value and adjusted at each reporting period. The estimated liability is determined in accordance with various contractual valuation formulas that may be dependent upon future events, such as the growth rate of the earnings of the relevant subsidiary during the contractual period and, in some cases, the currency exchange rate as of the date of payment (Level 3). See Note 5 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for additional information regarding contingent deferred acquisition consideration.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">At </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, the carrying amount of the Company&#8217;s financial instruments, including cash and cash equivalents, accounts receivable and&#160;accounts payable, approximated fair value because of their short-term maturity. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Non-financial Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain non-financial assets are measured at fair value on a nonrecurring basis, primarily goodwill and intangible assets (a Level 3 fair value assessment). Accordingly, these assets are not measured and adjusted to fair value on an ongoing basis but are subject to periodic evaluations for potential impairment. The Company did not recognize an impairment of goodwill or intangible assets in the three months ended March 31, 2019 or March 31, 2018.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents lease costs and other quantitative information for the three months ended March 31, 2019:</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:73.2421875%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:74%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:24%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Three Months Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2019</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:normal;">Lease Cost:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Operating lease cost</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">16,441</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Variable lease cost</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,964</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Sublease rental income</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,599</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total lease cost</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">19,806</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:normal;">Additional information:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Cash paid for amounts included in the measurement of lease liabilities for operating leases</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Operating cash flows</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">15,652</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Right-of-use assets obtained in exchange for operating lease liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">256,818</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Weighted average remaining lease term (in years) - Operating leases</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7.3</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Weighted average discount rate - Operating leases</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">8.7</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents minimum future rental payments under the Company&#8217;s leases at March 31, 2019 and their reconciliation to the corresponding lease liabilities: </font></div><div style="line-height:120%;padding-bottom:10px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:10px;text-align:center;padding-left:0px;text-indent:0px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:73.2421875%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:74%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:24%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Maturity Analysis</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Remaining 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">50,672</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2020</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">65,996</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2021</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">56,032</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2022</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">46,124</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2023</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">42,778</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Thereafter</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">140,202</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">401,804</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Less: Present value discount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(109,066</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Lease liability</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">292,738</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Leases</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effective January 1, 2019, the Company adopted FASB ASC Topic 842, Leases (&#8220;ASC 842&#8221;). As a result, comparative prior periods have not been adjusted and continue to be reported under FASB ASC Topic 840, Leases. See Note 14 of the Notes to the Consolidated Financial Statements included herein for additional information regarding the Company&#8217;s adoption of ASC 842. The policies described herein refer to those in effect as of January 1, 2019.</font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company leases office space in North America, Europe, Asia, South America, and Australia. This space is primarily used for office and administrative purposes by the Company&#8217;s employees in performing professional services. These leases are classified as operating leases and expire between years 2019 through 2032. Finance leases are considered to be immaterial to the Company. </font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s leasing policies are established in accordance with ASC 842, and accordingly, the Company recognizes on the balance sheet at the time of lease commencement a right-of-use asset and a lease liability, initially measured at the present value of the lease payments. Right-of-use lease assets represent the Company&#8217;s right to use an underlying asset for the lease term and lease liabilities represent the Company&#8217;s obligation to make lease payments arising from the lease. All right-of-use assets are reviewed for impairment. As the Company&#8217;s implicit rate in its leases is not readily determinable, in determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the commencement date. Lease payments included in the measurement of the lease liability are comprised of noncancelable lease payments, payments based upon an index or rate, payments for optional renewal periods where it is reasonably certain the renewal period will be exercised, and payments for early termination options unless it is reasonably certain the lease will not be terminated early.</font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Lease costs are recognized in the Consolidated Statement of Operations over the lease term on a straight-line basis. Leasehold improvements are depreciated on a straight-line basis over the lesser of the term of the related lease or the estimated useful life of the asset.&#160;</font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Some of the Company&#8217;s leases contain variable lease payments, including payments based upon an index or rate. Variable lease payments based upon an index or rate are initially measured using the index or rate in effect at the lease commencement date and are included within the lease liabilities. Lease liabilities are not remeasured as a result of changes in the index or rate, rather changes in these types of payments are recognized in the period in which the obligation for those payments is incurred. In addition, some of our leases contain variable payments for utilities, insurance, real estate tax, repairs and maintenance, and other variable operating expenses. Such amounts are not included in the measurement of the lease liability and are recognized in the period when the facts and circumstances on which the variable lease payments are based upon occur.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s leases include options to extend or renew the lease through 2040. The renewal and extension options are not included in the lease term as the Company is not reasonably certain that it will exercise its option.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">From time to time, the Company enters into sublease arrangements both with unrelated third-parties and with our partner agencies. These leases are classified as operating leases and expire between years 2019 through 2024. Sublease income is recognized over the lease term on a straight-line basis. Currently, the Company subleases office space in North America, Europe and Asia. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of March 31, 2019, the Company has entered into certain operating leases for which the commencement date has not yet occurred as these lease spaces are in the process of being prepared by the landlord for occupancy. Accordingly, these leases represent obligations of the Company that are not on the Consolidated Balance Sheet as of March 31, 2019. The future liability related to these leases is approximately </font><font style="font-family:inherit;font-size:10pt;">$8 million</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The discount rate used for leases accounted for under ASC 842 is the Company&#8217;s collateralized credit adjusted borrowing rate. </font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents lease costs and other quantitative information for the three months ended March 31, 2019:</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:73.2421875%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:74%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:24%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Three Months Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2019</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:normal;">Lease Cost:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Operating lease cost</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">16,441</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Variable lease cost</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,964</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Sublease rental income</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,599</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total lease cost</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">19,806</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:normal;">Additional information:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Cash paid for amounts included in the measurement of lease liabilities for operating leases</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Operating cash flows</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">15,652</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Right-of-use assets obtained in exchange for operating lease liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">256,818</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Weighted average remaining lease term (in years) - Operating leases</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7.3</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Weighted average discount rate - Operating leases</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">8.7</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating lease expense is included in office and general expenses in the unaudited condensed Consolidated Statement of Operations. Short term lease expense is immaterial to the Company. Rental expense for the three months ended March 31, 2018 was </font><font style="font-family:inherit;font-size:10pt;">$17,560</font><font style="font-family:inherit;font-size:10pt;"> offset by </font><font style="font-family:inherit;font-size:10pt;">$713</font><font style="font-family:inherit;font-size:10pt;"> in sublease rental income. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents minimum future rental payments under the Company&#8217;s leases at March 31, 2019 and their reconciliation to the corresponding lease liabilities: </font></div><div style="line-height:120%;padding-bottom:10px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:10px;text-align:center;padding-left:0px;text-indent:0px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:73.2421875%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:74%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:24%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Maturity Analysis</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Remaining 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">50,672</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2020</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">65,996</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2021</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">56,032</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2022</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">46,124</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2023</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">42,778</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Thereafter</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">140,202</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">401,804</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Less: Present value discount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(109,066</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Lease liability</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">292,738</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"></font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">When acquiring less than </font><font style="font-family:inherit;font-size:10pt;">100%</font><font style="font-family:inherit;font-size:10pt;"> ownership of an entity, the Company may enter into agreements that give the Company an option to purchase, or require the Company to purchase, the incremental ownership interests under certain circumstances. Where the option to purchase the incremental ownership is within the Company&#8217;s control, the amounts are recorded as noncontrolling interests in the equity section of the Company&#8217;s balance sheet. Where the incremental purchase may be required of the Company, the amounts are recorded as redeemable noncontrolling interests in mezzanine equity at their estimated acquisition date redemption value and adjusted at each reporting period for changes to their estimated redemption value through additional paid-in capital (but not less than their initial redemption value), except for foreign currency translation adjustments. On occasion, the Company may initiate a renegotiation to acquire an incremental ownership interest and the amount of consideration paid may differ materially from the amounts recorded in the Company&#8217;s unaudited condensed Consolidated Balance Sheet. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Noncontrolling Interests</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Changes in amounts due to noncontrolling interest holders included in accruals and other liabilities on the unaudited condensed Consolidated Balance Sheets for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2019</font><font style="font-family:inherit;font-size:10pt;"> were as follows:</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:76.5625%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:81%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Noncontrolling<br clear="none"/>Interests</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Balance, December 31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">11,030</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Income attributable to noncontrolling interests</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">11,785</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Distributions made</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(13,419</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Other </font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(118</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Balance, December 31, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">9,278</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Income attributable to noncontrolling interests</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">429</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Distributions made</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,501</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Other</font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">&#160;(1)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">43</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Balance, March 31, 2019</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">8,249</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other consists of cumulative translation adjustments.</font></div></td></tr></table><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Changes in the Company&#8217;s ownership interests in our less than 100% owned subsidiaries during the three months ended March 31, 2019 and 2018 were as follows:</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:82.421875%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:75%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Three Months Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net loss attributable to MDC Partners Inc.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(113</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(29,416</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Transfers from the noncontrolling interest:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Decrease in MDC Partners Inc. paid-in capital for purchase of equity interests in excess of redeemable noncontrolling interests and noncontrolling interests</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,166</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net transfers from noncontrolling interests</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,166</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Change from net loss attributable to MDC Partners Inc. and transfers to noncontrolling interests</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(113</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(30,582</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Redeemable Noncontrolling Interests</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents changes in redeemable noncontrolling interests:</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:94.3359375%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:65%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Three Months Ended March 31, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Year Ended December 31, 2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Beginning Balance</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">51,546</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">62,886</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Redemptions</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(11,943</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Granted</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Changes in redemption value</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(3,574</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,067</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Currency translation adjustments</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">34</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(464</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Ending Balance</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">48,006</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">51,546</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The noncontrolling shareholders&#8217; ability to exercise any such option right is subject to the satisfaction of certain conditions, including conditions requiring notice in advance of exercise and specific employment termination conditions. In addition, these rights cannot be exercised prior to specified staggered exercise dates. The exercise of these rights at their earliest contractual date would result in obligations of the Company to fund the related amounts during 2019 to 2024. It is not determinable, at this time, if or when the owners of these rights will exercise all or a portion of these rights.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The redeemable noncontrolling interest of </font><font style="font-family:inherit;font-size:10pt;">$48,006</font><font style="font-family:inherit;font-size:10pt;"> as of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">, consists of </font><font style="font-family:inherit;font-size:10pt;">$15,618</font><font style="font-family:inherit;font-size:10pt;"> assuming that the subsidiaries perform over the relevant future periods at their&#160;discounted cash flows earnings level and such rights are exercised, </font><font style="font-family:inherit;font-size:10pt;">$28,921</font><font style="font-family:inherit;font-size:10pt;"> upon termination of such owner&#8217;s employment with the applicable subsidiary or death and </font><font style="font-family:inherit;font-size:10pt;">$3,467</font><font style="font-family:inherit;font-size:10pt;"> representing the initial redemption value (required floor) recorded for certain acquisitions in excess of the amount the Company would have to pay should the Company acquire the remaining ownership interests for such subsidiaries. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">These adjustments will not impact the calculation of earnings (loss) per share if the redemption values are less than the estimated fair values. For the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2019 and 2018</font><font style="font-family:inherit;font-size:10pt;">, there was </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> related impact on the Company&#8217;s loss per share calculation.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">New Accounting Pronouncements</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Adopted In The Current Reporting Period</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effective January 1, 2019, the Company adopted ASC 842. As a result, comparative prior periods have not been adjusted and continue to be reported under FASB ASC Topic 840, Leases. With the adoption of ASC 842, the Company has elected to apply the package of practical expedients: (1) whether a contract is or contains a lease, (2) the classification of existing leases, and (3) whether previously capitalized costs continue to qualify as initial indirect costs. Additionally, the Company elected the practical expedient to not separate non-lease components from lease components for all operating leases. </font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The adoption of ASC 842 had a material impact on the Company&#8217;s unaudited condensed Consolidated Balance Sheet, resulting in the recognition, on January 1, 2019, of a lease liability of </font><font style="font-family:inherit;font-size:10pt;">$299,243</font><font style="font-family:inherit;font-size:10pt;"> which represents the present value of the remaining lease payments, and a right-of-use asset of </font><font style="font-family:inherit;font-size:10pt;">$254,245</font><font style="font-family:inherit;font-size:10pt;"> which represents the lease liability, offset by adjustments as appropriate under ASC 842. The adoption of ASC 842 did not have a material impact on the Company&#8217;s other unaudited condensed consolidated financial statements.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation and Recent Developments</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying consolidated financial statements include the accounts of MDC Partners Inc. (the &#8220;Company&#8221; or &#8220;MDC&#8221;), its subsidiaries and variable interest entities for which the Company is the primary beneficiary. References herein to &#8220;Partner Firms&#8221; generally refer to the Company&#8217;s subsidiary agencies.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">MDC Partners Inc. has prepared the unaudited condensed consolidated interim financial statements included herein in accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) and pursuant to the rules and regulations of the Securities and Exchange Commission (the &#8220;SEC&#8221;) for reporting interim financial information on Form 10-Q. Accordingly, the financial statements have been condensed and do not include certain information and disclosures pursuant to these rules. The preparation of financial statements in conformity with GAAP requires us to make judgments, assumptions and estimates that affect the amounts reported and disclosed. Actual results could differ from these estimates and assumptions. The consolidated results for interim periods are not necessarily indicative of results for the full year and should be read in conjunction with the Company&#8217;s Annual Report on Form&#160;10-K for the year ended December&#160;31, 2018 (&#8220;2018 Form 10-K&#8221;). </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying financial statements reflect all adjustments, consisting of normally recurring accruals, which in the opinion of management are necessary for a fair presentation, in all material respects, of the information contained therein. Intercompany balances and transactions have been eliminated in consolidation. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain reclassifications have been made to the prior year financial information to conform to the current year presentation. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Due to changes in the composition of certain business and the Company&#8217;s internal management and reporting structure during 2019, reportable segment results for the 2018 periods presented have been recast to reflect the reclassification of certain businesses between segments. See Note 12 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for further information.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recent Developments</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Issuance of Shares and Appointment of Chief Executive Officer </font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On March 14, 2019, the Company entered into a securities purchase agreement with Stagwell Agency Holdings LLC (&#8220;Stagwell Holdings&#8221;), an affiliate of Stagwell Group LLC (&#8220;Stagwell&#8221;). See Note 8 of the Notes to the Unaudited Condensed Consolidated Financial Statements for additional information regarding the issuance of the Class A and Series 6 convertible preference shares.</font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effective March 18, 2019, the Company&#8217;s Board of Directors (the &#8220;Board&#8221;) appointed Mark Penn as the Chief Executive Officer and as a director of the Board. Mr. Penn is manager of Stagwell. Effective April 18, 2019, Mr. Penn was also appointed as Chairman of the Board.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-style:italic;">Amendment to Credit Agreement</font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On March 12, 2019 , the Company, Maxxcom Inc. (a subsidiary of the Company) (&#8220;Maxxcom&#8221;) and each of their subsidiaries party thereto entered into an amendment (the &#8220;Amendment&#8221;) to the existing senior secured revolving credit facility, dated as of May 3, 2016 (as amended, the &#8220;Credit Agreement&#8221;), among the Company, Maxxcom Inc., a Delaware corporation, each of their subsidiaries party thereto, Wells Fargo Capital Finance, LLC, as agent (&#8220;Wells Fargo&#8221;), and the lenders from time to time party thereto. See Note 7 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for additional information regarding the amendments to the Credit Agreement.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Sale of Kingsdale</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On March 8, 2019, the Company consummated the sale of its equity interest in Kingsdale. See Note 4 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for additional information regarding the sale of Kingsdale.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents changes in redeemable noncontrolling interests:</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:94.3359375%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:65%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Three Months Ended March 31, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Year Ended December 31, 2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Beginning Balance</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">51,546</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">62,886</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Redemptions</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(11,943</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Granted</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Changes in redemption value</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(3,574</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,067</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Currency translation adjustments</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">34</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(464</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Ending Balance</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">48,006</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">51,546</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> Revenue </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> The Company&#8217;s revenue recognition policies are established in accordance with the Revenue Recognition topics of ASC 606, and accordingly, revenue is recognized when control of the promised goods or services is transferred to our clients, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The MDC network provides an extensive range of services to our clients offering a variety of marketing and communication capabilities including strategy, creative and production for advertising campaigns across a variety of platforms (print, digital, social media, television broadcast), public relations services including strategy, editorial, crisis support or issues management, media training, influencer engagement and events management. We also provide media buying and planning across a range of platforms (out-of-home, paid search, social media, lead generation, programmatic, television broadcast), experiential marketing and application/website design and development. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> The primary source of the Company&#8217;s revenue is from agency arrangements in the form of fees for services performed, commissions, and from performance incentives or bonuses, depending on the terms of the client contract. In all circumstances, revenue is only recognized when collection is reasonably assured. Certain of the Company&#8217;s contractual arrangements have more than one performance obligation. For such arrangements, revenue is allocated to each performance obligation based on its relative stand-alone selling price. Stand-alone selling prices are determined based on the prices charged to clients or using expected cost plus margin.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The determination of our performance obligations is specific to the services included within each contract. Based on a client&#8217;s requirements within the contract, and how these services are provided, multiple services could represent separate performance obligations or be combined and considered one performance obligation. Contracts that contain services that are not significantly integrated nor interdependent, nor that significantly modify or customize each other, are considered separate performance obligations. Typically, we consider media planning, media buying, creative (or strategy), production and experiential marketing services to be separate performance obligations if included in the same contract as each of these services can be provided on a stand-alone basis, and do not significantly modify or customize each other. Public relations services and application/website design and development are typically each considered one performance obligation as there is a significant integration of these services into a combined output. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We typically satisfy our performance obligations over time, as services are performed. Fees for services are typically recognized using input methods (direct labor hours, materials and third-party costs) that correspond with efforts incurred to date in relation to total estimated efforts to complete the contract. Point in time recognition primarily relates to certain commission-based contracts, which are recognized upon the placement of advertisements in various media when the Company has no further performance obligation.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Revenue is recognized net of sales and other taxes due to be collected and remitted to governmental authorities. The Company&#8217;s contracts typically provide for termination by either party within&#160;30&#160;to&#160;90&#160;days. Although payment terms vary by client, they are typically within&#160;30&#160;to&#160;60&#160;days. In addition, the Company generally has the right to payment for all services provided through the end of the contract or termination date.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Within each contract, we identify whether the Company is principal or agent at the performance obligation level. In arrangements where the Company has substantive control over the service before transferring it to the client, and is primarily responsible for integrating the services into the final deliverables, we act as principal. In these arrangements, revenue is recorded at the gross amount billed. Accordingly, for these contracts the Company has included reimbursed expenses in revenue. In other arrangements where a third-party supplier, rather than the Company is primarily responsible for the integration of services into the final deliverables, and thus the Company is solely arranging for the third-party supplier to provide these services to our client, we generally act as agent and record revenue equal to the net amount retained, when the fee or commission is earned. The role of MDC&#8217;s agencies under a production services agreement is to facilitate a client&#8217;s purchasing of production capabilities from a third-party production company in accordance with the client&#8217;s strategy and guidelines. The obligation of MDC&#8217;s agencies under media buying services is to negotiate and purchase advertising media from a third-party media vendor on behalf of a client to execute its media plan. We do not obtain control prior to transferring these services to our clients; therefore, we primarily act as agent for production and media buying services.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A small portion of the Company&#8217;s contractual arrangements with clients include performance incentive provisions, which allow the Company to earn additional revenues as a result of its performance relative to both quantitative and qualitative goals. Incentive compensation is primarily estimated using the most likely amount method and is included in revenue up to the amount that is not expected to result in a reversal of a significant amount of cumulative revenue recognized. We recognize revenue related to performance incentives as we satisfy the performance obligation to which the performance incentives are related.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Disaggregated Revenue Data</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company provides a broad range of services to a large base of clients across the full spectrum of industry verticals on a global basis. The primary source of revenue is from agency arrangements in the form of fees for services performed, commissions, and from performance incentives or bonuses. Certain clients may engage with the Company in various geographic locations, across multiple disciplines, and through multiple Partner Firms. Representation of a client rarely means that MDC handles marketing communications for all brands or product lines of the client in every geographical location. The Company&#8217;s Partner firms often cooperate with one another through referrals and the sharing of both services and expertise, which enables MDC to service clients&#8217; varied marketing needs by crafting custom integrated solutions. Additionally, the Company maintains separate, independent operating companies to enable it to effectively manage potential conflicts of interest by representing competing clients across the MDC network. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents revenue disaggregated by client industry vertical for the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2019 and 2018</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:174%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:501px;border-collapse:collapse;text-align:left;"><tr><td colspan="10" rowspan="1"></td></tr><tr><td style="width:192px;" rowspan="1" colspan="1"></td><td style="width:117px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:79px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:79px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Three months ended March 31,<br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Industry</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Reportable Segment</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Food &amp; Beverage</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">66,663</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">64,285</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Retail</font></div></td><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">32,580</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">35,772</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Consumer Products</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">35,001</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">31,802</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Communications</font></div></td><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">39,798</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">29,657</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Automotive</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">18,191</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">20,494</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Technology</font></div></td><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">26,616</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">34,144</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Healthcare</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">23,297</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">33,170</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Financials</font></div></td><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">25,126</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">21,838</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Transportation and Travel/Lodging</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">17,441</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">14,848</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:normal;">Other</font></div></td><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">44,078</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">40,958</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">328,791</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">326,968</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:174%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">MDC has historically largely focused where the Company was founded in North America, the largest market for its services in the world. In recent years the Company has expanded its global footprint to support clients looking for help to grow their businesses in new markets. Today, MDC&#8217;s Partner Firms are located in the United States, Canada, and an additional twelve countries around the world. In the past, some clients have responded to weakening economic conditions with reductions to their marketing budgets, which included discretionary components that are easier to reduce in the short term than other operating expenses.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents revenue disaggregated by geography: </font></div><div style="line-height:120%;text-align:center;text-indent:24px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:528px;border-collapse:collapse;text-align:left;"><tr><td colspan="10" rowspan="1"></td></tr><tr><td style="width:137px;" rowspan="1" colspan="1"></td><td style="width:133px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:113px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:113px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Three Months Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Geographic Location</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Reportable Segment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">United States</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">263,017</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">256,524</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Canada</font></div></td><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All, excluding Media Services</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">22,378</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">26,379</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Other</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All, excluding Media Services</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">43,396</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">44,065</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">328,791</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">326,968</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Contract assets and liabilities</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Contract assets consist of fees and reimbursable outside vendor costs incurred on behalf of clients when providing advertising, marketing and corporate communications services that have not yet been invoiced to clients. Unbilled service fees were </font><font style="font-family:inherit;font-size:10pt;">$87,054</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$64,362</font><font style="font-family:inherit;font-size:10pt;"> at </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, respectively, and are included as a component of accounts receivable on the unaudited condensed consolidated balance sheets. Outside vendor costs incurred on behalf of clients which have yet to be invoiced were </font><font style="font-family:inherit;font-size:10pt;">$46,663</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$42,369</font><font style="font-family:inherit;font-size:10pt;"> at </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, respectively, and are included on the unaudited condensed consolidated balance sheets as expenditures billable to clients. Such amounts are invoiced to clients at various times over the course of providing services.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Contract liabilities consist of fees billed to clients in excess of fees recognized as revenue and are classified as advance billings on the Company&#8217;s unaudited condensed consolidated balance sheets. Advance billings at </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> were </font><font style="font-family:inherit;font-size:10pt;">$171,151</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$138,505</font><font style="font-family:inherit;font-size:10pt;">, respectively. The increase in the advance billings balance of </font><font style="font-family:inherit;font-size:10pt;">$32,646</font><font style="font-family:inherit;font-size:10pt;"> for the three months ended March 31, 2019 is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by </font><font style="font-family:inherit;font-size:10pt;">$60,941</font><font style="font-family:inherit;font-size:10pt;"> of revenues recognized that were included in the advance billings balances as of December 31, 2018 and reductions due to the incurrence of third-party costs. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Changes in the contract asset and liability balances during the three months ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> were not materially impacted by write offs, impairment losses or any other factors.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents changes in contingent deferred acquisition consideration, which is measured at fair value on a recurring basis using significant unobservable inputs, and a reconciliation to the amounts reported on the balance sheets as of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:48px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:69.140625%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:63%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">March 31,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">December 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Beginning Balance of contingent payments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">82,598</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">119,086</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Payments</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(275</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(54,947</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Redemption value adjustments </font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(6,834</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,512</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Additions - acquisitions and step up transactions</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">14,943</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Foreign translation adjustment</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">59</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Ending balance of contingent payments</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">75,548</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">82,598</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Fixed payments</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">835</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,097</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">76,383</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">83,695</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-left:4px;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font><font style="font-family:inherit;font-size:10pt;"> Redemption value adjustments are fair value changes from the Company&#8217;s initial estimates of deferred acquisition payments and stock-based compensation charges relating to acquisition payments that are tied to continued employment. Redemption value adjustments are recorded within cost of services sold and office and general expenses on the unaudited condensed Consolidated Statements of Operations.</font></div><div style="line-height:120%;padding-left:4px;padding-bottom:8px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents the impact to the Company&#8217;s statement of operations due to the redemption value adjustments for the contingent deferred acquisition consideration:</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:12px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:66.796875%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:63%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Three months ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Income (loss) attributable to fair value adjustments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(7,643</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,586</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Stock-based compensation</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">809</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,361</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Redemption value adjustments</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(6,834</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,947</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:86.63414634146342%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:69%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">March&#160;31, <br clear="none"/>2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">December 31, 2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Revolving credit agreement</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">32,803</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">68,143</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6.50% Notes due 2024</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">900,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">900,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Debt issuance costs</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(13,753</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(14,036</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">919,050</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">954,107</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table sets forth the computation of basic and diluted loss per common share:</font></div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:76.5625%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:71%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Three Months Ended&#160;<br clear="none"/>&#160;March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Numerator:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net loss attributable to MDC Partners Inc.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(113</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(29,416</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Accretion on convertible preference shares</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(2,383</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(2,027</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net loss attributable to MDC Partners Inc. common shareholders</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(2,496</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(31,443</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Denominator:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Basic weighted average number of common shares outstanding</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">60,258,102</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">56,415,042</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Diluted weighted average number of common shares outstanding</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">60,258,102</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">56,415,042</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Basic</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(0.04</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(0.56</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Diluted</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(0.04</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(0.56</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:69.65853658536585%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:59%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Three Months Ended&#160;<br clear="none"/>&#160;March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Revenue:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Global Integrated Agencies</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">129,719</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">129,524</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Domestic Creative Agencies</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">67,007</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">66,654</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Specialist Communications</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">38,953</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">38,824</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Media Services</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">20,179</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">24,684</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All Other</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">72,933</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">67,282</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">328,791</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">326,968</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Segment operating income (loss):</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Global Integrated Agencies</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,770</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(13,593</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Domestic Creative Agencies</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,477</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,878</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Specialist Communications</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7,077</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,728</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Media Services</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,834</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(19</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All Other</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6,014</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6,445</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Corporate</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(4,822</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(14,072</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">15,682</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(14,633</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Other Income (Expenses):</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Interest expense and finance charges, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(16,760</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(16,083</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Foreign exchange gain (loss)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,442</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(6,660</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Other, net</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(3,383</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">441</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Income (loss) before income taxes and equity in earnings (losses) of non-consolidated affiliates</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">981</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(36,935</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Income tax expense (benefit)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">748</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(8,330</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Income (loss) before equity in earnings (losses) of non-consolidated affiliates</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">233</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(28,605</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Equity in earnings of non-consolidated affiliates</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">83</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">86</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net income (loss)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">316</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(28,519</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net income attributable to the noncontrolling interest</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(429</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(897</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Net loss attributable to MDC Partners Inc.</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(113</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(29,416</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:69.65853658536585%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:59%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Three Months Ended&#160;<br clear="none"/>&#160;March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Depreciation and amortization:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Global Integrated Agencies</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,065</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7,410</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Domestic Creative Agencies</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,239</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,293</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Specialist Communications</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">567</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">966</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Media Services</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">691</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">637</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All Other</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,059</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,845</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Corporate</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">217</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">224</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">8,838</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">12,375</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Stock-based compensation:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Global Integrated Agencies</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,767</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,460</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Domestic Creative Agencies</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">464</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">410</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Specialist Communications </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">26</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">187</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Media Services</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">74</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All Other</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">288</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">658</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Corporate</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,573</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,248</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,972</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,037</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Capital expenditures:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Global Integrated Agencies</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,418</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,243</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Domestic Creative Agencies</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">694</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">903</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Specialist Communications </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">251</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">236</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Media Services</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">41</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">184</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All Other</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,201</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">225</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Corporate</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">8</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,606</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,799</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Segment Information</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company determines an operating segment if a component (i) engages in business activities from which it earns revenues and incurs expenses, (ii) has discrete financial information, and is (iii) regularly reviewed by the Chief Operating Decision Maker (&#8220;CODM&#8221;) to make decisions regarding resource allocation for the segment and assess its performance. Once operating segments are identified, the Company performs an analysis to determine if aggregation of operating segments is applicable. This determination is based upon a quantitative analysis of the expected and historic average long-term profitability for each operating segment, together with a qualitative assessment to determine if operating segments have similar operating characteristics. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Due to changes in the composition of certain business and the Company&#8217;s internal management and reporting structure during 2019, reportable segment results for the 2018 periods presented have been recast to reflect the reclassification of certain businesses between segments. The changes were as follows:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Doner, previously within the Global Integrated Agencies reportable segment is now included within the Domestic Creative Agencies reportable segment.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">HL Group Partners, previously within the Specialist Communications reportable segment, and Redscout, previously within the All Other category, are now included in the Yes &amp; Company operating segment. The Yes &amp; Company operating segment previously within the Media Services reportable segment is now included within the Domestic Creative Agencies reportable segment. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Attention, previously within the Forsman &amp; Bodenfors operating segment has operationally merged into MDC Media Partners, which is included within the Media Services reportable segment. </font></div></td></tr></table><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The </font><font style="font-family:inherit;font-size:10pt;">four</font><font style="font-family:inherit;font-size:10pt;"> reportable segments that result from applying the aggregation criteria are as follows: &#8220;Global Integrated Agencies&#8221;; &#8220;Domestic Creative Agencies&#8221;; &#8220;Specialist Communications&#8221;; and &#8220;Media Services.&#8221; In addition, the Company combines and discloses those operating segments that do not meet the aggregation criteria as &#8220;All Other.&#8221; The Company also reports corporate expenses, as further detailed below, as &#8220;Corporate.&#8221; All segments follow the same basis of presentation and accounting policies as those described throughout the Notes to the Unaudited Condensed Consolidated Financial Statements included herein and Note 2 of the Company&#8217;s Form 10-K for the year ended December 31, 2018.</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The&#160;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Global Integrated Agencies</font><font style="font-family:inherit;font-size:10pt;">&#160;reportable segment is comprised of the Company&#8217;s </font><font style="font-family:inherit;font-size:10pt;">four</font><font style="font-family:inherit;font-size:10pt;"> global, integrated operating segments (72andSunny, Anomaly, Crispin Porter + Bogusky, and Forsman &amp; Bodenfors) serving multinational clients around the world. These operating segments share similar characteristics related to (i) the nature of their services; (ii) the type of global clients and the methods used to provide services; and (iii) the extent to which they may be impacted by global economic and geopolitical risks. In addition, these operating segments compete with each other for new business and from time to time have business move between them. The Company believes the historic and expected average long-term profitability is similar among the operating segments aggregated in the Global Integrated Agencies reportable segment.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:10px;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The operating segments within the Global Integrated Agencies</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font><font style="font-family:inherit;font-size:10pt;">reportable segment provides a range of different services for its clients, including strategy, creative and production for advertising campaigns across a variety of platforms (print, digital, social media, television broadcast). </font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;Domestic Creative Agencies&#160;</font><font style="font-family:inherit;font-size:10pt;">reportable segment is comprised of </font><font style="font-family:inherit;font-size:10pt;">seven</font><font style="font-family:inherit;font-size:10pt;"> operating segments that are primarily national advertising agencies (Colle + McVoy, Doner, Laird + Partners, Mono Advertising, Union, Yamamoto, and Yes &amp; Company) leveraging creative capabilities at their core. These operating segments share similar characteristics related to (i) the nature of their services; (ii) the type of domestic client accounts and the methods used to provide services; and (iii) the extent to which they may be impacted by domestic economic and policy factors within North America. In addition, these operating segments compete with each other for new business and from time to time have business move between them. The Company believes the historic and expected average long- term profitability is similar among the operating segments aggregated in the Domestic Creative Agencies reportable segment.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The operating segments within the Domestic Creative Agencies reportable segment provide similar services as the Global Integrated Agencies.</font></div><div style="line-height:120%;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The&#160;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Specialist Communications&#160;</font><font style="font-family:inherit;font-size:10pt;">reportable segment is comprised of </font><font style="font-family:inherit;font-size:10pt;">four</font><font style="font-family:inherit;font-size:10pt;"> operating segments that are each communications agencies (Allison &amp; Partners, Hunter, KWT Global, and Veritas) with core service offerings in public relations and related communications services. These operating segments share similar characteristics related to (i) the nature of their services; (ii) the type of client accounts and the methods used to provide services; (iii) the extent to which they may be impacted by domestic economic and policy factors within North America; and (iv) the regulatory environment regarding public relations and social media. In addition, these operating segments compete with each other for new business and from time to time have business move between them. The Company believes the historic and expected average long-term profitability is similar among the operating segments aggregated in the Specialist Communications reportable segment.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The operating segments within the Specialist Communications reportable segment provide public relations and communications services including strategy, editorial, crisis support or issues management, media training, influencer engagement, and events management.</font></div><div style="line-height:120%;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The&#160;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Media Services</font><font style="font-family:inherit;font-size:10pt;">&#160;reportable segment is comprised of a single operating segment known as MDC Media Partners. MDC Media Partners, which operates primarily in North America, performs media buying and planning as their core competency across a range of platforms (out-of-home, paid search, social media, lead generation, programmatic, television broadcast). </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">All Other</font><font style="font-family:inherit;font-size:10pt;">&#160;consists of the Company&#8217;s remaining operating segments that provide a range of diverse marketing communication services, but generally do not have similar services offerings or financial characteristics as those aggregated in the reportable segments. The All Other category includes 6Degrees Communications, Concentric Partners, Gale Partners, Kenna, Kingsdale (through the date of sale on March 8, 2019), Instrument, Relevent, Team, Vitro, and Y Media Labs. The nature of the specialist services provided by these operating segments vary among each other and from those operating segments aggregated into the reportable segments. This results in these operating segments having current and long-term performance expectations inconsistent with those operating segments aggregated in the reportable segments. The operating segments within All Other&#160;provide a range of diverse marketing communication services, including application and website design and development, data and analytics, experiential marketing, customer research management, creative services, and branding. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Corporate</font><font style="font-family:inherit;font-size:10pt;"> consists of corporate office expenses incurred in connection with the strategic resources provided to the operating segments, as well as certain other centrally managed expenses that are not fully allocated to the operating segments. These office and general expenses include (i) salaries and related expenses for corporate office employees, including employees dedicated to supporting the operating segments, (ii) occupancy expenses relating to properties occupied by all corporate office employees, (iii) other office and general expenses including professional fees for the financial statement audits and other public company costs, and (iv) certain other professional fees managed by the corporate office. Additional expenses managed by the corporate office that are directly related to the operating segments are allocated to the appropriate reportable segment and the All Other category. </font></div></td></tr></table><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:69.65853658536585%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:59%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Three Months Ended&#160;<br clear="none"/>&#160;March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Revenue:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Global Integrated Agencies</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">129,719</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">129,524</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Domestic Creative Agencies</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">67,007</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">66,654</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Specialist Communications</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">38,953</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">38,824</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Media Services</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">20,179</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">24,684</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All Other</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">72,933</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">67,282</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">328,791</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">326,968</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Segment operating income (loss):</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Global Integrated Agencies</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,770</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(13,593</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Domestic Creative Agencies</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,477</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,878</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Specialist Communications</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7,077</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,728</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Media Services</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,834</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(19</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All Other</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6,014</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6,445</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Corporate</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(4,822</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(14,072</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">15,682</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(14,633</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Other Income (Expenses):</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Interest expense and finance charges, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(16,760</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(16,083</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Foreign exchange gain (loss)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,442</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(6,660</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Other, net</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(3,383</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">441</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Income (loss) before income taxes and equity in earnings (losses) of non-consolidated affiliates</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">981</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(36,935</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Income tax expense (benefit)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">748</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(8,330</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Income (loss) before equity in earnings (losses) of non-consolidated affiliates</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">233</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(28,605</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Equity in earnings of non-consolidated affiliates</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">83</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">86</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net income (loss)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">316</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(28,519</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net income attributable to the noncontrolling interest</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(429</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(897</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Net loss attributable to MDC Partners Inc.</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(113</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(29,416</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:69.65853658536585%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:59%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Three Months Ended&#160;<br clear="none"/>&#160;March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Depreciation and amortization:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Global Integrated Agencies</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,065</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7,410</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Domestic Creative Agencies</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,239</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,293</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Specialist Communications</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">567</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">966</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Media Services</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">691</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">637</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All Other</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,059</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,845</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Corporate</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">217</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">224</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">8,838</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">12,375</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Stock-based compensation:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Global Integrated Agencies</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,767</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,460</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Domestic Creative Agencies</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">464</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">410</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Specialist Communications </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">26</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">187</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Media Services</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">74</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All Other</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">288</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">658</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Corporate</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,573</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,248</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,972</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,037</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Capital expenditures:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Global Integrated Agencies</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,418</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,243</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Domestic Creative Agencies</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">694</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">903</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Specialist Communications </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">251</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">236</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Media Services</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">41</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">184</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">All Other</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,201</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">225</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Corporate</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">8</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,606</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,799</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s CODM does not use segment assets to allocate resources or to assess performance of the segments and therefore, total segment assets have not been disclosed.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">See Note 2 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for a summary of the Company&#8217;s revenue by geographic region for </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2019 and 2018</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div> EX-101.SCH 10 mdca-20190331.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2105100 - Disclosure - Acquisitions and Dispositions link:presentationLink link:calculationLink link:definitionLink 2405402 - Disclosure - Acquisitions and Dispositions (Details Textual) link:presentationLink link:calculationLink link:definitionLink 2101100 - Disclosure - Basis of Presentation link:presentationLink link:calculationLink link:definitionLink 2116100 - Disclosure - Commitments, Contingencies and Guarantees link:presentationLink link:calculationLink link:definitionLink 2416401 - Disclosure - Commitments, Contingencies and Guarantees (Details Textual) link:presentationLink link:calculationLink link:definitionLink 2108100 - Disclosure - Debt link:presentationLink link:calculationLink link:definitionLink 2408402 - Disclosure - Debt (Details) link:presentationLink link:calculationLink link:definitionLink 2408403 - Disclosure - Debt (Details Textual) link:presentationLink link:calculationLink link:definitionLink 2308301 - Disclosure - Debt (Tables) link:presentationLink link:calculationLink link:definitionLink 2106100 - Disclosure - Deferred Acquisition Consideration link:presentationLink link:calculationLink link:definitionLink 2406402 - Disclosure - Deferred Acquisition Consideration (Details) link:presentationLink link:calculationLink link:definitionLink 2306301 - Disclosure - Deferred Acquisition Consideration (Tables) link:presentationLink link:calculationLink link:definitionLink 0001000 - Document - Document And Entity Information link:presentationLink link:calculationLink link:definitionLink 2112100 - Disclosure - Fair Value Measurements link:presentationLink link:calculationLink link:definitionLink 2412402 - Disclosure - Fair Value Measurements (Details) link:presentationLink link:calculationLink link:definitionLink 2312301 - Disclosure - Fair Value Measurements (Tables) link:presentationLink link:calculationLink link:definitionLink 2107100 - Disclosure - Leases link:presentationLink link:calculationLink link:definitionLink 2407404 - Disclosure - Leases - Additional Information (Details) link:presentationLink link:calculationLink link:definitionLink 2407402 - Disclosure - Leases - Lease Costs and Other Quantitative Information (Details) link:presentationLink link:calculationLink link:definitionLink 2407403 - Disclosure - Leases - Minimum Future Rental Payments (Details) link:presentationLink link:calculationLink link:definitionLink 2407403 - Disclosure - Leases - Minimum Future Rental Payments (Details) link:presentationLink link:calculationLink link:definitionLink 2307301 - Disclosure - Leases (Tables) link:presentationLink link:calculationLink link:definitionLink 2104100 - Disclosure - Loss Per Common Share link:presentationLink link:calculationLink link:definitionLink 2404402 - Disclosure - Loss Per Common Share (Details) link:presentationLink link:calculationLink link:definitionLink 2404403 - Disclosure - Loss Per Common Share (Details Textual) link:presentationLink link:calculationLink link:definitionLink 2304301 - Disclosure - Loss Per Common Share (Tables) link:presentationLink link:calculationLink link:definitionLink 2117100 - Disclosure - New Accounting Pronouncements link:presentationLink link:calculationLink link:definitionLink 2417402 - Disclosure - New Accounting Pronouncements (Details) link:presentationLink link:calculationLink link:definitionLink 2110100 - Disclosure - Noncontrolling and Redeemable Noncontrolling Interests link:presentationLink link:calculationLink link:definitionLink 2410402 - Disclosure - Noncontrolling and Redeemable Noncontrolling Interests - Changes in Amounts Due to Noncontrolling Interest (Details) link:presentationLink link:calculationLink link:definitionLink 2410403 - Disclosure - Noncontrolling and Redeemable Noncontrolling Interests - Changes in Noncontrolling Interests (Details) link:presentationLink link:calculationLink link:definitionLink 2410404 - Disclosure - Noncontrolling and Redeemable Noncontrolling Interests - Changes in Redeemable Noncontrolling Interests (Details) link:presentationLink link:calculationLink link:definitionLink 2410405 - Disclosure - Noncontrolling and Redeemable Noncontrolling Interests (Details Textual) link:presentationLink link:calculationLink link:definitionLink 2310301 - Disclosure - Noncontrolling and Redeemable Noncontrolling Interests (Tables) link:presentationLink link:calculationLink link:definitionLink 2103100 - Disclosure - Revenue link:presentationLink link:calculationLink link:definitionLink 2403403 - Disclosure - Revenue - Contract Assets and Liabilities (Details) link:presentationLink link:calculationLink link:definitionLink 2403402 - Disclosure - Revenue - Disaggregation of Revenue (Details) link:presentationLink link:calculationLink link:definitionLink 2303301 - Disclosure - Revenue (Tables) link:presentationLink link:calculationLink link:definitionLink 2115100 - Disclosure - Segment Information link:presentationLink link:calculationLink link:definitionLink 2415402 - Disclosure - Segment Information (Details 1) link:presentationLink link:calculationLink link:definitionLink 2315301 - Disclosure - Segment Information (Tables) link:presentationLink link:calculationLink link:definitionLink 2109100 - Disclosure - Share Capital link:presentationLink link:calculationLink link:definitionLink 2409401 - Disclosure - Share Capital (Details Textual) link:presentationLink link:calculationLink link:definitionLink 2113100 - Disclosure - Supplemental Information link:presentationLink link:calculationLink link:definitionLink 2413401 - Disclosure - Supplemental Information (Details) link:presentationLink link:calculationLink link:definitionLink 1004000 - Statement - UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS link:presentationLink link:calculationLink link:definitionLink 1004501 - Statement - UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 1005000 - Statement - UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS link:presentationLink link:calculationLink link:definitionLink 1001000 - Statement - UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS link:presentationLink link:calculationLink link:definitionLink 1006000 - Statement - UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT link:presentationLink link:calculationLink link:definitionLink 1002000 - Statement - UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 11 mdca-20190331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 12 mdca-20190331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 13 mdca-20190331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Business Combinations [Abstract] Schedule of Changes in Contingent Deferred Acquisition Consideration Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] Share Capital [Abstract] Share Capital [Abstract] Share Capital Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Earnings Per Share [Abstract] Loss Per Common Share Earnings Per Share [Text Block] Schedule of Stock by Class [Table] Schedule of Stock by Class [Table] Class of Stock [Axis] Class of Stock [Axis] Class of Stock [Domain] Class of Stock [Domain] Series 4 Convertible Preferred Stock Series 4 Convertible Preferred Stock [Member] Series 4 Convertible Preferred Stock [Member] Equity Components [Axis] Equity Components [Axis] Equity Component [Domain] Equity Component [Domain] MDC Partners Inc. Shareholders' Deficit Parent [Member] Convertible Preferred Stock Preferred Stock [Member] Class of Stock [Line Items] Class of Stock [Line Items] Net loss attributable to MDC Partners Inc. Net Income (Loss) Attributable to Parent Numerator Numerator [Abstract] Accretion on convertible preference shares Accretion on Convertible Preferred Shares Accretion on Convertible Preferred Shares Net loss attributable to MDC Partners Inc. common shareholders Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent Denominator Denominator [Abstract] Denominator for basic income (loss) per common share - weighted average common shares Weighted Average Number of Shares Outstanding, Basic Denominator for diluted income (loss) per common share - adjusted weighted shares and assumed conversions Weighted Average Number of Shares Outstanding, Diluted Income (loss) from continuing operations attributable to MDC Partners Inc. common shareholders (usd per share) Income (Loss) from Continuing Operations, Per Basic Share Income (loss) from continuing operations attributable to MDC Partners Inc. common shareholders (usd per share) Income (Loss) from Continuing Operations, Per Diluted Share Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Organization, Consolidation and Presentation of Financial Statements [Abstract] Accrued media Accrued Media Cost, Current Accrued Media Cost, Current Goodwill Goodwill Income tax expense (benefit) Income Tax Expense (Benefit) Income (loss) before income taxes and equity in earnings of non-consolidated affiliates Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest Effective tax rate (percent) Effective Income Tax Rate Reconciliation, Percent Increase in income tax expense (benefit) Income Tax Expense (Benefit), Change Income Tax Expense (Benefit), Change Statement of Comprehensive Income [Abstract] Comprehensive income (loss) Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] Net loss Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Other comprehensive income (loss), net of applicable tax: Other Comprehensive Income (Loss), Net of Tax [Abstract] Foreign currency translation adjustment Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax Other comprehensive income (loss) Other Comprehensive Income (Loss), Net of Tax Comprehensive loss for the period Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest Comprehensive loss (income) attributable to the noncontrolling interests Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest Comprehensive loss attributable to MDC Partners Inc. Comprehensive Income (Loss), Net of Tax, Attributable to Parent Revenue from Contract with Customer [Abstract] Revenue Revenue from Contract with Customer [Text Block] Noncontrolling Interest [Abstract] Change In Noncontrolling Interest [Table Text Block] Change In Noncontrolling Interest [Table Text Block] Change In Noncontrolling Interest [Table Text Block] Noncontrolling Interest [Table Text Block] Noncontrolling Interest [Table Text Block] Noncontrolling Interest [Table Text Block] Redeemable Noncontrolling Interest [Table Text Block] Redeemable Noncontrolling Interest [Table Text Block] Unbilled service fees Unbilled Contracts Receivable Unbilled outside vendor costs, billable to clients Expenditures Billable Current Gross amount of merchandise or goods which are partially completed, are generally comprised of raw materials, labor and factory overhead costs, and which require further materials, labor and overhead to be converted into finished goods, and which generally require the use of estimates to determine percentage complete and pricing. Advance billings Customer Advances, Current Increase in advance billings Deferred Revenue, Additions Revenue recognized Deferred Revenue, Revenue Recognized Debt Disclosure [Abstract] Debt [Table] Debt [Table] Debt Instrument [Axis] Debt Instrument [Axis] Debt Instrument, Name [Domain] Debt Instrument, Name [Domain] 6.50% Notes due 2024 6.50% Notes due 2024 [Member] 6.50% Notes due 2024 [Member] Debt [Line Items] Debt [Line Items] Revolving credit agreement Long-term Line of Credit, Noncurrent Senior Notes Senior Notes Debt issuance costs Debt Issuance Costs, Net Debt, Long-term and Short-term, Combined Amount, Total Debt, Long-term and Short-term, Combined Amount Schedule of Debt Schedule of Debt [Table Text Block] Segment Reporting [Abstract] Segment Information Segment Reporting Disclosure [Text Block] Schedule of Segment Reporting Information, by Segment [Table] Schedule of Segment Reporting Information, by Segment [Table] Consolidation Items [Axis] Consolidation Items [Axis] Consolidation Items [Domain] Consolidation Items [Domain] Corporate, Non-Segment Corporate, Non-Segment [Member] Segments [Axis] Segments [Axis] Segments [Domain] Segments [Domain] Global Integrated Agencies Global Integrated Agencies [Member] Global Integrated Agencies [Member] Domestic Creative Agencies Domestic Creative Agencies [Member] Domestic Creative Agencies [Member] Specialized Communications Specialized Communications [Member] Specialized Communications [Member] Media Services Media Services [Member] Media Services [Member] All Other All Other [Member] All Other Segment Reporting Information [Line Items] Segment Reporting Information [Line Items] Number of reportable segments Number of Reportable Segments Number of operating segments Number of Operating Segments Revenue Revenues Segment operating income (loss) Operating Income (Loss) Interest expense and finance charges Interest and Debt Expense Foreign exchange transaction gain (loss) Foreign Currency Transaction Gain (Loss), before Tax Other, net Other Nonoperating Income (Expense) Income (loss) before equity in earnings (losses) of non-consolidated affiliates Income Loss From Continuing Operations Before Equity In Earnings Of Non-consolidated Affiliates Income (Loss) From Continuing Operations before Equity in Earnings of Non-Consolidated Affiliates Equity in earnings (losses) of non-consolidated affiliates Income (Loss) from Equity Method Investments Net income (loss) Net income attributable to the noncontrolling interest Net Income (Loss) Attributable to Noncontrolling Interest Net income (loss) attributable to MDC Partners Inc. Depreciation and amortization Depreciation, Depletion, Amortization and Impairment, Nonproduction Depreciation, Depletion, Amortization and Impairment, Nonproduction Stock-based compensation Share-based Compensation Capital expenditures Payments to Acquire Property, Plant, and Equipment Fair Value Disclosures [Abstract] Fair Value of Financial Liability Measured on a Non-recurring Basis Fair Value Measurements, Nonrecurring [Table Text Block] Statement of Stockholders' Equity [Abstract] Statement [Table] Statement [Table] Common Stock Common Stock [Member] Additional Paid-in Capital Additional Paid-in Capital [Member] Accumulated Deficit Retained Earnings [Member] AOCI Attributable to Parent [Member] AOCI Attributable to Parent [Member] Accumulated Other Comprehensive Income (Loss) AOCI Including Portion Attributable to Noncontrolling Interest [Member] Noncontrolling Interest Noncontrolling Interest [Member] Statement [Line Items] Statement [Line Items] Increase (Decrease) in Stockholders' Equity [Roll Forward] Increase (Decrease) in Stockholders' Equity [Roll Forward] Balance Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Balance (in shares) Shares, Outstanding Common stock, balance (in shares) Common Stock, Shares, Outstanding Temporary Equity, Accretion to Redemption Value Temporary Equity, Accretion to Redemption Value Other comprehensive income (loss) Issuance of common and preference shares (in shares) Stock Issued During Period, Shares, New Issues Issuance of common and convertible preference shares Stock Issued During Period, Value, New Issues Expenses for convertible preference shares Stock Issued During Period, Value, Convertible Preferred Shares Stock Issued During Period, Value, Convertible Preferred Shares Issuance of restricted stock Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures Issuance of restricted stock (in shares) Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures Shares acquired and cancelled Stock Repurchased and Retired During Period, Value Shares acquired and cancelled (in shares) Stock Repurchased and Retired During Period, Shares Stock-based compensation Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition Changes in redemption value of redeemable noncontrolling interests Increase (Decrease) in Redemption Value of Redeemable Noncontrolling Interests Increase (Decrease) in Redemption Value of Redeemable Noncontrolling Interests Business acquisitions and step-up transactions, net of tax Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests Changes in ownership interest Noncontrolling Interest, Change in Redemption Value Cumulative effect of adoption of ASC 606 New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification Transfer to charges in excess of capital and other Adjustments to Additional Paid in Capital, Other Balance Balance (in shares) Common stock, balance (in shares) Commitments and Contingencies Disclosure [Abstract] Investment commitments Investment Commitments Amount of fund to be committed towards investments. Amount of letters of credit outstanding Letters of Credit Outstanding, Amount Disaggregation of Revenue [Table] Disaggregation of Revenue [Table] Product and Service [Axis] Product and Service [Axis] Product and Service [Domain] Product and Service [Domain] Food & Beverage Food & Beverage [Member] Food & Beverage [Member] Retail Retail [Member] Consumer Products Consumer Products [Member] Consumer Products [Member] Communications Communications [Member] Communications [Member] Automotive Automotive [Member] Automotive [Member] Technology Technology [Member] Technology [Member] Healthcare Health Care [Member] Financials Financials [Member] Financials [Member] Transportation and Travel/Lodging Transportation and Travel/Lodging [Member] Transportation and Travel/Lodging [Member] Other Other [Member] Other [Member] Geographical [Axis] Geographical [Axis] Geographical [Domain] Geographical [Domain] United States UNITED STATES Canada CANADA Other Other Geographical Location [Member] Disaggregation of Revenue [Line Items] Disaggregation of Revenue [Line Items] Services Share Capital [Table] Share Capital [Table] Business Acquisition [Axis] Business Acquisition [Axis] Business Acquisition, Acquiree [Domain] Business Acquisition, Acquiree [Domain] Contingent Consideration, Liability Settlements [Domain] Contingent Consideration, Liability Settlements [Domain] Contingent Consideration, Liability Settlements [Domain] Preferred Stock Common Class A Common Class A [Member] Series 6 Convertible Preferred Stock Series 6 Convertible Preferred Shares [Member] Series 6 Convertible Preferred Shares [Member] Common Class B Common Class B [Member] Share Capital [Line Items] Share Capital [Line Items] Stock Issued During Period, Shares, Issued for Services Stock Issued During Period, Shares, Issued for Services Proceeds from Issuance of Common Stock Proceeds from Issuance of Common Stock Stock Issued During Period, Shares, Issued For Services, Convertible Preferred Shares Stock Issued During Period, Shares, Issued For Services, Convertible Preferred Shares Stock Issued During Period, Shares, Issued For Services, Convertible Preferred Shares Proceeds from issuance of common and convertible preference shares, net of issuance costs Proceeds from Issuance of Convertible Preferred Stock Preferred Stock, Liquidation Preference Per Share Preferred Stock, Liquidation Preference Per Share Preferred Stock, Conversion Price Per Preference Share Preferred Stock, Conversion Price Per Preference Share Preferred Stock, Conversion Price per Preference Share Preferred Stock, Accretion Percentage, Preference Preferred Stock, Accretion Percentage, Preference Preferred Stock, Accretion Percentage, Preference Preferred Stock, Accretion Rate, Preference Per Share Preferred Stock, Accretion Rate, Preference Per Share Preferred Stock, Accretion Rate, Preference Per Share Preferred Stock, Convertible Preference Shares, Accretion Period Preferred Stock, Convertible Preference Shares, Accretion Period Preferred Stock, Convertible Preference Shares, Accretion Period Preferred Stock, Accretion of Redemption Discount Preferred Stock, Accretion of Redemption Discount Preferred Stock, Liquidation Preference, Value Preferred Stock, Liquidation Preference, Value Shares outstanding (shares) Common stock, voting rights, number of votes per share Common Stock, Voting Rights, Number of Votes per Share Common Stock, Voting Rights, Number of Votes per Share Preferred Stock, Convertible Preference Shares, Convertible at Company's Option, Term Preferred Stock, Convertible Preference Shares, Convertible at Company's Option, Term Preferred Stock, Convertible Preference Shares, Convertible at Company's Option, Term Preferred Stock, Conversion Basis, Common Stock Class A Closing Trade Price Preferred Stock, Conversion Basis, Common Stock Class A Closing Trade Price Preferred Stock, Conversion Basis, Common Stock Class A Closing Trade Price Preferred Stock, Liquidation Preference Percentage Rate, Change of Control of the Company Preferred Stock, Liquidation Preference Percentage Rate, Change of Control of the Company Preferred Stock, Liquidation Preference Percentage Rate, Change of Control of the Company Preferred Stock, Dividend Rate, Percentage Preferred Stock, Dividend Rate, Percentage Stock issued during period, convertible preferred (shares) Stock Issued During Period, Shares, Convertible Preferred Shares Stock Issued During Period, Shares, Convertible Preferred Shares Noncontrolling Interest [Table] Noncontrolling Interest [Table] Vesting [Axis] Vesting [Axis] Vesting [Domain] Vesting [Domain] Vesting over period [Member] Vesting over period [Member] Vesting over period [Member] Termination, disability, or death [Member] Termination, disability, or death [Member] Termination, disability, or death [Member] Acquisition Value in excess of Redemption Value [Member] Acquisition Value in excess of Redemption Value [Member] Acquisition Value in excess of Redemption Value [Member] Noncontrolling Interest [Line Items] Noncontrolling Interest [Line Items] Noncontrolling interest, ownership percentage by Parent (percent) Noncontrolling Interest, Ownership Percentage by Parent Redeemable Noncontrolling Interest, Equity, Fair Value Redeemable Noncontrolling Interest, Equity, Fair Value Commitments, Contingencies and Guarantees Commitments Contingencies and Guarantees [Text Block] Schedule of Segment Reporting Information, by Segment Schedule of Segment Reporting Information, by Segment [Table Text Block] Debt Debt Disclosure [Text Block] Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Award Type [Axis] Award Type [Axis] Equity Award [Domain] Equity Award [Domain] Contingent Restricted Stock Units (RSUs) Contingent Restricted Stock Units (RSUs) [Member] Contingent Restricted Stock Units (RSUs) [Member] Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Antidilutive securities excluded from computation of earnings per share (shares) Convertible preferred stock, common shares issuable upon conversion (shares) Convertible Preferred Stock, Shares Issued upon Conversion Industry Vertical Industry Vertical [Member] Industry Vertical [Member] By Location By Location [Member] By Location [Member] Disaggregation of Revenue Disaggregation of Revenue [Table Text Block] Net loss attributable to MDC Partners Inc. Decrease in MDC Partners Inc. paid-in capital for purchase of equity interests in excess of redeemable noncontrolling interests and noncontrolling interests Adjustments to Additional Paid in Capital, Changes due to Business Combinations Adjustments to Additional Paid in Capital, Changes due to Business Combinations Change from net loss attributable to MDC Partners Inc. and transfers to noncontrolling interests Net Income Loss Including Transfer from Non Controlling Interests Net Income Loss Including Transfer from Non Controlling Interests Noncontrolling and Redeemable Noncontrolling Interests Noncontrolling Interest Disclosure [Text Block] Schedule of Business Acquisitions, by Acquisition [Table] Schedule of Business Acquisitions, by Acquisition [Table] Disposal Group Name [Axis] Disposal Group Name [Axis] Disposal Group Name [Domain] Disposal Group Name [Domain] Kingsdale Partners LP [Member] Kingsdale Partners LP [Member] Common Class A [Member] Legal Entity [Axis] Legal Entity [Axis] Entity [Domain] Entity [Domain] OneChocolate [Domain] OneChocolate [Domain] OneChocolate [Domain] Doner [Domain] Doner [Domain] Doner [Domain] Source [Domain] Source [Domain] Source [Domain] Doner and Source [Domain] Doner and Source [Domain] Doner and Source [Domain] Common Stock [Member] Aggregate 2018 Step-up Transaction [Member] [Member] Aggregate 2018 Step-up Transaction [Member] [Member] Aggregate 2018 Step-up Transaction [Member] [Member] Instrument LLC [Member] Instrument LLC [Member] Instrument LLC [Member] Allison & Partners LLC Allison & Partners LLC [Member] Allison & Partners LLC [Member] Business Acquisition [Line Items] Business Acquisition [Line Items] Proceeds from Divestiture of Businesses Proceeds from Divestiture of Businesses Remaining ownership interest acquired (percent) Business Acquisition, Percentage of Voting Interests Acquired Stock Issued During Period, Shares, Acquisitions Stock Issued During Period, Shares, Acquisitions Stock Issued During Period, Value, Acquisitions Stock Issued During Period, Value, Acquisitions Business Combination, Consideration Transferred, Other Business Combination, Consideration Transferred, Other Finite-lived Intangible Assets Acquired Finite-lived Intangible Assets Acquired Aggregate purchase price Business Combination, Consideration Transferred Business Acquisition Working Capital Payments Business Acquisition Working Capital Payments Working capital payments relating to business acquisition. Closing cash payment Payments to Acquire Businesses, Gross Business Acquisition Deferred Acquisition Consideration Business Acquisition Deferred Acquisition Consideration The potential payments under the contingent consideration arrangement including cash and shares that are deferred as of the acquisition date. Deferred acquisition consideration Business Combination, Contingent Consideration, Liability Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination Granted Noncontrolling Interest, Increase from Business Combination Acquired Finite-lived Intangible Assets, Weighted Average Useful Life Acquired Finite-lived Intangible Assets, Weighted Average Useful Life Loss on disposition of business Gain (Loss) on Disposition of Business Reduction in noncontrolling interests Business Combination, Acquisition of Less than 100 Percent, Redeemable Noncontrolling Interest, Fair Value Business Combination, Acquisition of Less than 100 Percent, Redeemable Noncontrolling Interest, Fair Value Leases [Abstract] Leases not yet commenced, liability Lessee, Operating Lease, Lease Not yet Commenced, Liability Lessee, Operating Lease, Lease Not yet Commenced, Liability Operating lease cost Operating Lease, Cost Sublease rental income Sublease Income Lease Costs and Other Quantitative Information Lease, Cost [Table Text Block] Minimum Future Rental Payments Lessee, Operating Lease, Liability, Maturity [Table Text Block] Scenario [Axis] Scenario [Axis] Scenario, Unspecified [Domain] Scenario, Unspecified [Domain] Forecast Scenario, Forecast [Member] Long-term Debt, Type [Axis] Long-term Debt, Type [Axis] Long-term Debt, Type [Domain] Long-term Debt, Type [Domain] Senior Notes Senior Notes [Member] Line of Credit [Member] Line of Credit [Member] Lender Name [Axis] Lender Name [Axis] Line of Credit Facility, Lender [Domain] Line of Credit Facility, Lender [Domain] Wells Fargo Capital Finance, LLC Wells Fargo Capital Finance, Llc [Member] Amendment, Credit Agreement [Member] Amendment, Credit Agreement [Member] Amendment, Credit Agreement [Member] Revolving Credit Facility [Member] Revolving Credit Facility [Member] Variable Rate [Axis] Variable Rate [Axis] Variable Rate [Domain] Variable Rate [Domain] Base Rate Base Rate [Member] Non-Prime Rate and Prime Rate on European Advances Non-Prime Rate and Prime Rate on European Advances [Member] Non-Prime Rate and Prime Rate on European Advances [Member] Aggregate principal amount Debt Instrument, Face Amount Interest rate, stated percentage Debt Instrument, Interest Rate, Stated Percentage Debt instrument, maturity date Debt Instrument, Maturity Date Debt instrument, redemption date, one Debt Instrument, Redemption Date, One The first set in the series of latest date, before maturity, on which the issuer can call the outstanding debt instrument for repayment or conversion to equity, which may be presented in a variety of ways (year only, month and year, day, month and year, quarter, etc.). Maximum borrowing capacity Line of Credit Facility, Maximum Borrowing Capacity Ratio of Indebtedness to Net Capital Ratio of Indebtedness to Net Capital Amount outstanding under the line of credit Variable lease cost Variable Lease, Cost Sublease rental income Total lease cost Lease, Cost Operating cash flows Operating Lease, Payments Right-of-use assets obtained in exchange for new operating lease liabilities Right-of-Use Asset Obtained in Exchange for Operating Lease Liability Weighted average remaining lease term (in years) - Operating leases Operating Lease, Weighted Average Remaining Lease Term Weighted average discount rate - Operating leases Operating Lease, Weighted Average Discount Rate, Percent Contingent Consideration by Type [Axis] Contingent Consideration by Type [Axis] Contingent Consideration Type [Domain] Contingent Consideration Type [Domain] Fixed payments Fixed payments [Member] Fixed payments [Member] Contingent Payment Contingent Payment [Member] Additional contingent purchase price obligations that are based on the achievement of specific thresholds of future earnings of the acquired entity, and, in certain cases, the growth rate of those earnings. Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] Beginning balance of contingent payments Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value Payments Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements Redemption value adjustments Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings Additions Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases Foreign translation adjustment Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Foreign Currency Translation Adjustment Amount of foreign currency translation adjustment arising from liabilities measured at fair value on a recurring basis using unobservable inputs (level 3). Ending balance of contingent payments Income (loss) attributable to fair value adjustments Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability Stock-based compensation Adjustments to deferred acquisition consideration included in share-based compensation Adjustments to deferred acquisition consideration included in share-based compensation New Accounting Pronouncements and Changes in Accounting Principles [Abstract] New Accounting Pronouncements New Accounting Pronouncements and Changes in Accounting Principles [Text Block] Schedule of Calculation of Numerator and Denominator in Earnings Per Share Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Beginning balance Accrued and Other Liabilities Attributable To Noncontrolling Interest Carrying value as of the balance sheet date of accrued and other liabilities attributable to noncontrolling interest during the reporting period. Income attributable to noncontrolling interests Distributions made Payments to Noncontrolling Interests Other Adjustments To Noncontrolling Interest Other transactions related to noncontrolling interest. Ending balance Remaining 2019 Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year 2020 Lessee, Operating Lease, Liability, Payments, Due Year Two 2021 Lessee, Operating Lease, Liability, Payments, Due Year Three 2022 Lessee, Operating Lease, Liability, Payments, Due Year Four 2023 Lessee, Operating Lease, Liability, Payments, Due Year Five Thereafter Lessee, Operating Lease, Liability, Payments, Due after Year Five Total Lessee, Operating Lease, Liability, Payments, Due Less: Present value discount Lessee, Operating Lease, Liability, Undiscounted Excess Amount Lease liability Operating Lease, Liability New Accounting Pronouncements or Change in Accounting Principle [Table] New Accounting Pronouncements or Change in Accounting Principle [Table] Adjustments for New Accounting Pronouncements [Axis] Adjustments for New Accounting Pronouncements [Axis] Type of Adoption [Domain] Type of Adoption [Domain] Accounting Standards Update 2016-02 - ASC 842 Accounting Standards Update 2016-02 [Member] New Accounting Pronouncements or Change in Accounting Principle [Line Items] New Accounting Pronouncements or Change in Accounting Principle [Line Items] Operating lease right-of-use asset Operating Lease, Right-of-Use Asset Supplemental Information Additional Financial Information Disclosure [Text Block] Statement of Financial Position [Abstract] ASSETS Assets [Abstract] Current Assets: Assets, Current [Abstract] Cash and cash equivalents Cash and Cash Equivalents, at Carrying Value Accounts receivable, less allowance for doubtful accounts of $2,066 and $1,879 Accounts Receivable, Net, Current Expenditures billable to clients Assets held for sale Assets Held-for-sale, Not Part of Disposal Group, Current Other current assets Other Assets, Current Total Current Assets Assets, Current Fixed assets, at cost, less accumulated depreciation of $133,879 and $128,546 Property, Plant and Equipment, Net Right of use assets - operating leases Investment in non-consolidated affiliates Equity Method Investments Goodwill Other intangible assets, net, less accumulated amortization of $164,347 and $161,868 Intangible Assets, Net (Excluding Goodwill) Deferred tax assets Deferred Tax Assets, Net of Valuation Allowance, Noncurrent Other assets Other Assets, Noncurrent Total Assets Assets LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND SHAREHOLDERS’ DEFICIT Liabilities and Equity [Abstract] Current Liabilities: Liabilities, Current [Abstract] Accounts payable Accounts Payable, Current Accruals and other liabilities Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities Liabilities held for sale Disposal Group, Including Discontinued Operation, Liabilities, Current Current portion of lease liabilities - operating leases Operating Lease, Liability, Current Current portion of deferred acquisition consideration Business Combination, Contingent Consideration, Liability, Current Total Current Liabilities Liabilities, Current Long-term debt Long-term Debt, Excluding Current Maturities Long-term portion of deferred acquisition consideration Business Combination, Contingent Consideration, Liability, Noncurrent Long-term lease liabilities - operating leases Operating Lease, Liability, Noncurrent Other Liabilities Other Liabilities, Noncurrent Deferred tax liabilities Deferred Tax Liabilities, Net, Noncurrent Total Liabilities Liabilities Redeemable Noncontrolling Interests Commitments, Contingencies and Guarantees (Note 13) Commitments and Contingencies Shareholders' Deficit: Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] Convertible preference shares, 145,000 authorized, issued and outstanding at March 31, 2019 and 95,000 at December 31, 2018 Preferred Stock, Value, Issued Common stock and other paid-in capital Common Stock, Value, Issued Accumulated deficit Retained Earnings (Accumulated Deficit) Accumulated other comprehensive (loss) income Accumulated Other Comprehensive Income (Loss), Net of Tax MDC Partners Inc. Shareholders' Deficit Stockholders' Equity Attributable to Parent Noncontrolling Interests Stockholders' Equity Attributable to Noncontrolling Interest Total Shareholders' Deficit Total Liabilities, Redeemable Noncontrolling Interests and Shareholders' Deficit Liabilities and Equity Fair Value Measurements Fair Value Disclosures [Text Block] Income Statement [Abstract] Income Statement Location [Axis] Income Statement Location [Axis] Income Statement Location [Domain] Income Statement Location [Domain] Cost of services sold Cost of Sales [Member] Office and general expenses General and Administrative Expense [Member] Revenue: Revenues [Abstract] Operating expenses: Costs and Expenses [Abstract] Cost of services sold Cost of Goods and Services Sold Office and general expenses General and Administrative Expense Depreciation and amortization Depreciation, Depletion and Amortization, Nonproduction Other asset impairment Asset Impairment Charges Costs and Expenses, Total Costs and Expenses Operating income (loss) Other income (expense): Nonoperating Income (Expense) [Abstract] Interest expense and finance charges, net Other, net Nonoperating Income (Expense), Total Nonoperating Income (Expense) Income (loss) before income taxes and equity in earnings of non-consolidated affiliates Income (loss) before equity in earnings of non-consolidated affiliates Equity in earnings of non-consolidated affiliates Net income (loss) Net income attributable to the noncontrolling interests Net loss attributable to MDC Partners Inc. Net loss attributable to MDC Partners Inc. common shareholders Net Income (Loss) Available to Common Stockholders, Basic Loss Per Common Share: Basic and diluted Earnings Per Share, Basic and Diluted [Abstract] Earnings Per Share, Basic Earnings Per Share, Basic Earnings Per Share, Diluted Earnings Per Share, Diluted Weighted Average Number of Common Shares Outstanding: Weighted Average Number Of Shares Outstanding For Basic and Diluted [Abstract] Weighted Average Number of Shares Outstanding, Basic Weighted Average Number of Shares Outstanding, Diluted Stock-based compensation Basis of Presentation Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Fair Value, by Balance Sheet Grouping [Table] Fair Value, by Balance Sheet Grouping [Table] Fair Value Hierarchy and NAV [Axis] Fair Value Hierarchy and NAV [Axis] Fair Value Hierarchy and NAV [Domain] Fair Value Hierarchy and NAV [Domain] Fair Value, Inputs, Level 1 Fair Value, Inputs, Level 1 [Member] Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] Liabilities: Liabilities [Abstract] Long term debt, Carrying Amount Long-term Debt Long term debt, Fair Value Long-term Debt, Fair Value Statement of Cash Flows [Abstract] Revolving Credit Facility Cash flows from operating activities: Net Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile income (loss) to cash provided by (used in) operating activities: Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Depreciation Depreciation Amortization of intangibles Amortization of Intangible Assets Amortization of deferred finance charges and debt discount Amortization of Debt Issuance Costs and Discounts Adjustment to deferred acquisition consideration Adjustment To Deferred Acquisition Consideration The amount of expense related to the remeasurement of the deferred acquisition consideration. Deferred income taxes Deferred Income Tax Expense (Benefit) Loss on sale of assets Gain (Loss) on Disposition of Assets Earnings of non-consolidated affiliates Other and non-current assets and liabilities Increase (Decrease) in Other Noncurrent Assets and Liabilities, Net Foreign exchange Foreign Currency Transaction Gain (Loss), Unrealized Changes in working capital: Increase (Decrease) in Operating Capital [Abstract] Accounts receivable Increase (Decrease) in Accounts Receivable Expenditures billable to clients Increase Decrease In Expenditures Billable To Clients The increase (decrease) during the reporting period in expenditures billable to clients. Prepaid expenses and other current assets Increase (Decrease) in Prepaid Expense and Other Assets Accounts payable, accruals and other current liabilities Increase Decrease In Accounts Payable Accrued Expenses and Other Liabilities The net change during the reporting period in the aggregate amount of accounts payable accrued expenses and other liabilities incurred but not paid. Acquisition related payments Payment for Contingent Consideration Liability, Operating Activities Advance billings Increase (Decrease) in Deferred Revenue Net cash used in operating activities Net Cash Provided by (Used in) Operating Activities Cash flows provided by (used in) investing activities: Net Cash Provided by (Used in) Investing Activities [Abstract] Capital expenditures Proceeds from sale of assets Proceeds from Sale of Productive Assets Acquisitions, net of cash acquired Payments to Acquire Businesses, Net of Cash Acquired Other investments Payments for (Proceeds from) Other Investing Activities Net cash provided by (used in) investing activities Net Cash Provided by (Used in) Investing Activities Cash flows provided by financing activities: Net Cash Provided by (Used in) Financing Activities [Abstract] Repayments of revolving credit facility Repayments of Lines of Credit Proceeds from revolving credit facility Proceeds from (Repayments of) Lines of Credit Acquisition related payments Payment for Contingent Consideration Liability, Financing Activities Distributions to noncontrolling interests Payment of dividends Payments of Dividends Purchase of shares Payments for Repurchase of Common Stock Other Repayments of Long-term Debt Net cash provided by financing activities Net Cash Provided by (Used in) Financing Activities Effect of exchange rate changes on cash, cash equivalents, and cash held in trusts Effect of Exchange Rate on Cash and Cash Equivalents Net decrease in cash, cash equivalents, and cash held in trusts including cash classified within assets held for sale Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect Change in cash and cash equivalents held in trusts classified within held for sale Cash, Cash Equivalents, Restricted Cash And Restricted Cash Equivalents From Trusts, Increase Decrease From Cash Classified As Assets Held For Sale Cash, Cash Equivalents, Restricted Cash And Restricted Cash Equivalents From Trusts, Increase Decrease From Cash Classified As Assets Held For Sale Change in cash and cash equivalents classified within assets held for sale Cash, Cash Equivalents, Restricted Cash And Restricted Cash Equivalents, Decrease From Cash Classified As Assets Held For Sale Cash, Cash Equivalents, Restricted Cash And Restricted Cash Equivalents, Decrease From Cash Classified As Assets Held For Sale Net decrease in cash and cash equivalents Cash, Cash Equivalents, Restricted Cash And Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rage Effect, Net Of Cash Classified Within Assets Held For Sale Cash, Cash Equivalents, Restricted Cash And Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rage Effect, Net Of Cash Classified Within Assets Held For Sale Cash, cash equivalents, and cash held in trusts at beginning of period Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Cash, cash equivalents, and cash held in trusts at end of period Supplemental disclosures: Supplemental Cash Flow Information [Abstract] Cash income taxes paid Income Taxes Paid Cash interest paid Interest Paid, Including Capitalized Interest, Operating and Investing Activities Allowance for doubtful accounts Allowance for Doubtful Accounts Receivable, Current Fixed assets, accumulated depreciation Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Other intangible assets, accumulated depreciation Finite-Lived Intangible Assets, Accumulated Amortization Preference shares, authorized (in shares) Preferred Stock, Shares Authorized Preference shares, issued (in shares) Preferred Stock, Shares Issued Preference shares, outstanding (in shares) Preferred Stock, Shares Outstanding Document And Entity Information [Abstract] Document Information [Table] Document Information [Table] Document Information [Line Items] Document Information [Line Items] Entity Registrant Name Entity Registrant Name Entity Central Index Key Entity Central Index Key Current Fiscal Year End Date Current Fiscal Year End Date Entity Filer Category Entity Filer Category Trading Symbol Trading Symbol Entity Emerging Growth Company Entity Emerging Growth Company Document Type Document Type Entity Small Business Entity Small Business Document Fiscal Year Focus Document Fiscal Year Focus Document Period End Date Document Period End Date Document Fiscal Period Focus Document Fiscal Period Focus Amendment Flag Amendment Flag Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Acquisitions and Dispositions Business Combination Disclosure [Text Block] Leases Lessee, Operating Leases [Text Block] Deferred Acquisition Consideration Beginning Balance Redemptions Redeemable noncontrolling interest, redemptions, value Redeemable noncontrolling interest, redemptions, value Changes in redemption value Redeemable noncontrolling interest, changes in redemption value Redeemable noncontrolling interest, changes in redemption value Currency translation adjustments Redeemable Noncontrolling Interest Currency Adjustments Adjustments to redeemable noncontrolling interest resulting from foreign currency translation adjustments. Ending Balance EX-101.PRE 14 mdca-20190331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT XML 15 R1.htm IDEA: XBRL DOCUMENT v3.19.1
Document And Entity Information - shares
 3 Months Ended
Mar. 31, 2019
Apr. 30, 2019
Document Information [Line Items]    
Entity Registrant Name MDC PARTNERS INC  
Entity Central Index Key 0000876883  
Current Fiscal Year End Date --12-31  
Entity Filer Category Accelerated Filer  
Trading Symbol MDCA  
Entity Emerging Growth Company false  
Document Type 10-Q  
Entity Small Business false  
Document Fiscal Year Focus 2019  
Document Period End Date Mar. 31, 2019  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Common Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   71,896,266
Common Class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   3,755
Convertible Preferred Stock | Series 4 Convertible Preferred Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   145,000
XML 16 R2.htm IDEA: XBRL DOCUMENT v3.19.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Revenue:    
Services $ 328,791 $ 326,968
Operating expenses:    
Cost of services sold 237,153 243,030
Office and general expenses 67,118 83,879
Depreciation and amortization 8,838 12,375
Other asset impairment 0 2,317
Costs and Expenses, Total 313,109 341,601
Operating income (loss) 15,682 (14,633)
Other income (expense):    
Interest expense and finance charges, net (16,760) (16,083)
Other, net (3,383) 441
Foreign exchange transaction gain (loss) 5,442 (6,660)
Nonoperating Income (Expense), Total (14,701) (22,302)
Income (loss) before income taxes and equity in earnings of non-consolidated affiliates 981 (36,935)
Income tax expense (benefit) 748 (8,330)
Income (loss) before equity in earnings of non-consolidated affiliates 233 (28,605)
Equity in earnings of non-consolidated affiliates 83 86
Net income (loss) 316 (28,519)
Net income attributable to the noncontrolling interests (429) (897)
Net loss attributable to MDC Partners Inc. (113) (29,416)
Accretion on convertible preference shares (2,383) (2,027)
Net loss attributable to MDC Partners Inc. common shareholders $ (2,496) $ (31,443)
Basic and diluted    
Earnings Per Share, Basic $ (0.04) $ (0.56)
Earnings Per Share, Diluted $ (0.04) $ (0.56)
Weighted Average Number of Common Shares Outstanding:    
Weighted Average Number of Shares Outstanding, Basic 60,258,102 56,415,042
Weighted Average Number of Shares Outstanding, Diluted 60,258,102 56,415,042
Stock-based compensation $ 2,972 $ 5,037
Cost of services sold    
Weighted Average Number of Common Shares Outstanding:    
Stock-based compensation 4,545 3,347
Office and general expenses    
Weighted Average Number of Common Shares Outstanding:    
Stock-based compensation $ (1,573) $ 1,690
XML 17 R3.htm IDEA: XBRL DOCUMENT v3.19.1
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Comprehensive income (loss)    
Net loss $ 316 $ (28,519)
Other comprehensive income (loss), net of applicable tax:    
Foreign currency translation adjustment (4,659) 2,278
Other comprehensive income (loss) (4,659) 2,278
Comprehensive loss for the period (4,343) (26,241)
Comprehensive loss (income) attributable to the noncontrolling interests (780) 204
Comprehensive loss attributable to MDC Partners Inc. $ (5,123) $ (26,037)
XML 18 R4.htm IDEA: XBRL DOCUMENT v3.19.1
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Current Assets:    
Cash and cash equivalents $ 26,372 $ 30,873
Accounts receivable, less allowance for doubtful accounts of $2,066 and $1,879 438,648 395,200
Expenditures billable to clients 46,663 42,369
Assets held for sale 11,861 78,913
Other current assets 44,689 42,499
Total Current Assets 568,233 589,854
Fixed assets, at cost, less accumulated depreciation of $133,879 and $128,546 85,456 88,189
Right of use assets - operating leases 246,643 0
Investment in non-consolidated affiliates 6,586 6,556
Goodwill 742,775 740,955
Other intangible assets, net, less accumulated amortization of $164,347 and $161,868 64,858 67,765
Deferred tax assets 92,439 92,741
Other assets 26,129 25,513
Total Assets 1,833,119 1,611,573
Current Liabilities:    
Accounts payable 214,694 221,995
Accruals and other liabilities 251,300 313,141
Liabilities held for sale 11,218 35,967
Advance billings 171,151 138,505
Current portion of lease liabilities - operating leases 44,129 0
Current portion of deferred acquisition consideration 36,521 32,928
Total Current Liabilities 729,013 742,536
Long-term debt 919,050 954,107
Long-term portion of deferred acquisition consideration 39,862 50,767
Long-term lease liabilities - operating leases 248,609 0
Other Liabilities 17,523 54,255
Deferred tax liabilities 5,329 5,329
Total Liabilities 1,959,386 1,806,994
Redeemable Noncontrolling Interests 48,006 51,546
Commitments, Contingencies and Guarantees (Note 13)
Shareholders' Deficit:    
Convertible preference shares, 145,000 authorized, issued and outstanding at March 31, 2019 and 95,000 at December 31, 2018 152,117 90,123
Common stock and other paid-in capital 98,693 58,579
Accumulated deficit (465,016) (464,903)
Accumulated other comprehensive (loss) income (290) 4,720
MDC Partners Inc. Shareholders' Deficit (214,496) (311,481)
Noncontrolling Interests 40,223 64,514
Total Shareholders' Deficit (174,273) (246,967)
Total Liabilities, Redeemable Noncontrolling Interests and Shareholders' Deficit $ 1,833,119 $ 1,611,573
XML 19 R5.htm IDEA: XBRL DOCUMENT v3.19.1
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 2,066 $ 1,879
Fixed assets, accumulated depreciation 134,519 128,546
Other intangible assets, accumulated depreciation $ 164,347 $ 161,868
Preference shares, authorized (in shares) 145,000 95,000
Preference shares, issued (in shares) 145,000 95,000
Preference shares, outstanding (in shares) 145,000 95,000
XML 20 R6.htm IDEA: XBRL DOCUMENT v3.19.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Dec. 31, 2018
Cash flows from operating activities:      
Net loss $ 316 $ (28,519)  
Adjustments to reconcile income (loss) to cash provided by (used in) operating activities:      
Stock-based compensation 2,972 5,037  
Depreciation 6,359 8,402  
Amortization of intangibles 2,479 3,973  
Amortization of deferred finance charges and debt discount 826 807  
Other asset impairment 0 2,317  
Adjustment to deferred acquisition consideration (7,643) 2,586  
Deferred income taxes 748 (10,786)  
Loss on sale of assets 3,592 19  
Earnings of non-consolidated affiliates (83) (86)  
Other and non-current assets and liabilities (1,755) (1,004)  
Foreign exchange (5,188) 6,864  
Changes in working capital:      
Accounts receivable (29,957) 12,358  
Expenditures billable to clients (4,294) (26,739)  
Prepaid expenses and other current assets (3,373) (9,734)  
Accounts payable, accruals and other current liabilities (75,105) (76,826)  
Acquisition related payments (3,657) (6,665)  
Advance billings 32,563 56,963  
Net cash used in operating activities (81,200) (61,033)  
Cash flows provided by (used in) investing activities:      
Capital expenditures (3,606) (3,799)  
Proceeds from sale of assets 23,050 0  
Acquisitions, net of cash acquired (1,050) 0  
Other investments (293) (69)  
Net cash provided by (used in) investing activities 18,101 (3,868)  
Cash flows provided by financing activities:      
Acquisition related payments 0 (7,422)  
Distributions to noncontrolling interests (1,501) (3,295) $ (13,419)
Payment of dividends 0 (146)  
Purchase of shares 0 (456)  
Other (35) (79)  
Net cash provided by financing activities 60,753 47,618  
Effect of exchange rate changes on cash, cash equivalents, and cash held in trusts (576) 306  
Net decrease in cash, cash equivalents, and cash held in trusts including cash classified within assets held for sale (2,922) (16,977)  
Change in cash and cash equivalents classified within assets held for sale 1,728 0  
Net decrease in cash and cash equivalents (4,501) (17,142)  
Cash, cash equivalents, and cash held in trusts at beginning of period 30,873 50,811 50,811
Cash, cash equivalents, and cash held in trusts at end of period 26,372 33,669 $ 30,873
Supplemental disclosures:      
Cash income taxes paid 1,677 1,333  
Cash interest paid 1,629 649  
Wells Fargo Capital Finance, LLC | Revolving Credit Facility      
Cash flows provided by financing activities:      
Repayments of revolving credit facility (466,437) (250,800)  
Proceeds from revolving credit facility 431,097 309,816  
Change in cash and cash equivalents held in trusts classified within held for sale (3,307) (165)  
Series 4 Convertible Preferred Stock      
Cash flows provided by financing activities:      
Proceeds from issuance of common and convertible preference shares, net of issuance costs $ 97,629 $ 0  
XML 21 R7.htm IDEA: XBRL DOCUMENT v3.19.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT - USD ($)
$ in Thousands
Total
Convertible Preferred Stock
Common Stock
Additional Paid-in Capital
Accumulated Deficit
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss)
MDC Partners Inc. Shareholders' Deficit
Noncontrolling Interest
Balance at Dec. 31, 2017 $ (155,513) $ 90,220   $ 38,191 $ (340,000) $ (1,954)   $ (213,543) $ 58,030
Balance (in shares) at Dec. 31, 2017   95,000              
Common stock, balance (in shares) at Dec. 31, 2017     56,375,131            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net loss attributable to MDC Partners Inc. (29,416)             (29,416)  
Temporary Equity, Accretion to Redemption Value       (375)       (375)  
Other comprehensive income (loss) 2,278           $ 3,379 3,379 (1,101)
Expenses for convertible preference shares (97) $ (97)           (97)  
Issuance of restricted stock (in shares)     109,444            
Shares acquired and cancelled (455)     (455)       (455)  
Shares acquired and cancelled (in shares)     (48,508)            
Stock-based compensation 2,217     2,217       2,217  
Changes in redemption value of redeemable noncontrolling interests (375)                
Business acquisitions and step-up transactions, net of tax (1,166)     (1,166)       (1,166)  
Changes in ownership interest (5,965)               (5,965)
Cumulative effect of adoption of ASC 606 (1,170)       (1,170)     (1,170)  
Balance at Mar. 31, 2018 (189,662) $ 90,123   38,412 (370,586) 1,425   (240,626) 50,964
Balance (in shares) at Mar. 31, 2018   95,000              
Common stock, balance (in shares) at Mar. 31, 2018     56,436,067            
Balance at Dec. 31, 2018 (246,967) $ 90,123   58,579 (464,903) 4,720   (311,481) 64,514
Balance (in shares) at Dec. 31, 2018   95,000              
Common stock, balance (in shares) at Dec. 31, 2018     57,521,323            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net loss attributable to MDC Partners Inc. (113)                
Other comprehensive income (loss) (4,659)           $ (5,010) (5,010) 351
Issuance of common and preference shares (in shares)   50,000 14,285,714            
Issuance of common and convertible preference shares 97,629 $ 61,994   35,635       97,629  
Issuance of restricted stock 0                
Issuance of restricted stock (in shares)     117,000            
Shares acquired and cancelled (56)     (56)       (56)  
Shares acquired and cancelled (in shares)     (34,016)            
Stock-based compensation (1,291)     (1,291)       (1,291)  
Changes in redemption value of redeemable noncontrolling interests 5,919     5,919       5,919  
Changes in ownership interest (24,735)               (24,642)
Transfer to charges in excess of capital and other 0     0       0  
Balance at Mar. 31, 2019 $ (174,273) $ 152,117   $ 98,693 $ (465,016) $ (290)   $ (214,496) $ 40,223
Balance (in shares) at Mar. 31, 2019   145,000              
Common stock, balance (in shares) at Mar. 31, 2019     71,890,021            
XML 22 R8.htm IDEA: XBRL DOCUMENT v3.19.1
Basis of Presentation
 3 Months Ended
Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation and Recent Developments
The accompanying consolidated financial statements include the accounts of MDC Partners Inc. (the “Company” or “MDC”), its subsidiaries and variable interest entities for which the Company is the primary beneficiary. References herein to “Partner Firms” generally refer to the Company’s subsidiary agencies.
MDC Partners Inc. has prepared the unaudited condensed consolidated interim financial statements included herein in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting interim financial information on Form 10-Q. Accordingly, the financial statements have been condensed and do not include certain information and disclosures pursuant to these rules. The preparation of financial statements in conformity with GAAP requires us to make judgments, assumptions and estimates that affect the amounts reported and disclosed. Actual results could differ from these estimates and assumptions. The consolidated results for interim periods are not necessarily indicative of results for the full year and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (“2018 Form 10-K”).
The accompanying financial statements reflect all adjustments, consisting of normally recurring accruals, which in the opinion of management are necessary for a fair presentation, in all material respects, of the information contained therein. Intercompany balances and transactions have been eliminated in consolidation.
Certain reclassifications have been made to the prior year financial information to conform to the current year presentation.
Due to changes in the composition of certain business and the Company’s internal management and reporting structure during 2019, reportable segment results for the 2018 periods presented have been recast to reflect the reclassification of certain businesses between segments. See Note 12 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for further information.
Recent Developments
Issuance of Shares and Appointment of Chief Executive Officer
On March 14, 2019, the Company entered into a securities purchase agreement with Stagwell Agency Holdings LLC (“Stagwell Holdings”), an affiliate of Stagwell Group LLC (“Stagwell”). See Note 8 of the Notes to the Unaudited Condensed Consolidated Financial Statements for additional information regarding the issuance of the Class A and Series 6 convertible preference shares.
Effective March 18, 2019, the Company’s Board of Directors (the “Board”) appointed Mark Penn as the Chief Executive Officer and as a director of the Board. Mr. Penn is manager of Stagwell. Effective April 18, 2019, Mr. Penn was also appointed as Chairman of the Board.
Amendment to Credit Agreement
On March 12, 2019 , the Company, Maxxcom Inc. (a subsidiary of the Company) (“Maxxcom”) and each of their subsidiaries party thereto entered into an amendment (the “Amendment”) to the existing senior secured revolving credit facility, dated as of May 3, 2016 (as amended, the “Credit Agreement”), among the Company, Maxxcom Inc., a Delaware corporation, each of their subsidiaries party thereto, Wells Fargo Capital Finance, LLC, as agent (“Wells Fargo”), and the lenders from time to time party thereto. See Note 7 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for additional information regarding the amendments to the Credit Agreement.
Sale of Kingsdale
On March 8, 2019, the Company consummated the sale of its equity interest in Kingsdale. See Note 4 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for additional information regarding the sale of Kingsdale.
XML 23 R9.htm IDEA: XBRL DOCUMENT v3.19.1
Revenue
 3 Months Ended
Mar. 31, 2019
Revenue from Contract with Customer [Abstract]  
Revenue
Revenue
The Company’s revenue recognition policies are established in accordance with the Revenue Recognition topics of ASC 606, and accordingly, revenue is recognized when control of the promised goods or services is transferred to our clients, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services.
The MDC network provides an extensive range of services to our clients offering a variety of marketing and communication capabilities including strategy, creative and production for advertising campaigns across a variety of platforms (print, digital, social media, television broadcast), public relations services including strategy, editorial, crisis support or issues management, media training, influencer engagement and events management. We also provide media buying and planning across a range of platforms (out-of-home, paid search, social media, lead generation, programmatic, television broadcast), experiential marketing and application/website design and development.
The primary source of the Company’s revenue is from agency arrangements in the form of fees for services performed, commissions, and from performance incentives or bonuses, depending on the terms of the client contract. In all circumstances, revenue is only recognized when collection is reasonably assured. Certain of the Company’s contractual arrangements have more than one performance obligation. For such arrangements, revenue is allocated to each performance obligation based on its relative stand-alone selling price. Stand-alone selling prices are determined based on the prices charged to clients or using expected cost plus margin.
The determination of our performance obligations is specific to the services included within each contract. Based on a client’s requirements within the contract, and how these services are provided, multiple services could represent separate performance obligations or be combined and considered one performance obligation. Contracts that contain services that are not significantly integrated nor interdependent, nor that significantly modify or customize each other, are considered separate performance obligations. Typically, we consider media planning, media buying, creative (or strategy), production and experiential marketing services to be separate performance obligations if included in the same contract as each of these services can be provided on a stand-alone basis, and do not significantly modify or customize each other. Public relations services and application/website design and development are typically each considered one performance obligation as there is a significant integration of these services into a combined output.
We typically satisfy our performance obligations over time, as services are performed. Fees for services are typically recognized using input methods (direct labor hours, materials and third-party costs) that correspond with efforts incurred to date in relation to total estimated efforts to complete the contract. Point in time recognition primarily relates to certain commission-based contracts, which are recognized upon the placement of advertisements in various media when the Company has no further performance obligation.                                            
Revenue is recognized net of sales and other taxes due to be collected and remitted to governmental authorities. The Company’s contracts typically provide for termination by either party within 30 to 90 days. Although payment terms vary by client, they are typically within 30 to 60 days. In addition, the Company generally has the right to payment for all services provided through the end of the contract or termination date.
Within each contract, we identify whether the Company is principal or agent at the performance obligation level. In arrangements where the Company has substantive control over the service before transferring it to the client, and is primarily responsible for integrating the services into the final deliverables, we act as principal. In these arrangements, revenue is recorded at the gross amount billed. Accordingly, for these contracts the Company has included reimbursed expenses in revenue. In other arrangements where a third-party supplier, rather than the Company is primarily responsible for the integration of services into the final deliverables, and thus the Company is solely arranging for the third-party supplier to provide these services to our client, we generally act as agent and record revenue equal to the net amount retained, when the fee or commission is earned. The role of MDC’s agencies under a production services agreement is to facilitate a client’s purchasing of production capabilities from a third-party production company in accordance with the client’s strategy and guidelines. The obligation of MDC’s agencies under media buying services is to negotiate and purchase advertising media from a third-party media vendor on behalf of a client to execute its media plan. We do not obtain control prior to transferring these services to our clients; therefore, we primarily act as agent for production and media buying services.                                    
A small portion of the Company’s contractual arrangements with clients include performance incentive provisions, which allow the Company to earn additional revenues as a result of its performance relative to both quantitative and qualitative goals. Incentive compensation is primarily estimated using the most likely amount method and is included in revenue up to the amount that is not expected to result in a reversal of a significant amount of cumulative revenue recognized. We recognize revenue related to performance incentives as we satisfy the performance obligation to which the performance incentives are related.
Disaggregated Revenue Data
The Company provides a broad range of services to a large base of clients across the full spectrum of industry verticals on a global basis. The primary source of revenue is from agency arrangements in the form of fees for services performed, commissions, and from performance incentives or bonuses. Certain clients may engage with the Company in various geographic locations, across multiple disciplines, and through multiple Partner Firms. Representation of a client rarely means that MDC handles marketing communications for all brands or product lines of the client in every geographical location. The Company’s Partner firms often cooperate with one another through referrals and the sharing of both services and expertise, which enables MDC to service clients’ varied marketing needs by crafting custom integrated solutions. Additionally, the Company maintains separate, independent operating companies to enable it to effectively manage potential conflicts of interest by representing competing clients across the MDC network.
The following table presents revenue disaggregated by client industry vertical for the three months ended March 31, 2019 and 2018:
 
 
 
Three months ended March 31,
Industry
Reportable Segment
 
2019
 
2018
Food & Beverage
All
 
$
66,663

 
$
64,285

Retail
All
 
32,580

 
35,772

Consumer Products
All
 
35,001

 
31,802

Communications
All
 
39,798

 
29,657

Automotive
All
 
18,191

 
20,494

Technology
All
 
26,616

 
34,144

Healthcare
All
 
23,297

 
33,170

Financials
All
 
25,126

 
21,838

Transportation and Travel/Lodging
All
 
17,441

 
14,848

Other
All
 
44,078

 
40,958



 
$
328,791

 
$
326,968



MDC has historically largely focused where the Company was founded in North America, the largest market for its services in the world. In recent years the Company has expanded its global footprint to support clients looking for help to grow their businesses in new markets. Today, MDC’s Partner Firms are located in the United States, Canada, and an additional twelve countries around the world. In the past, some clients have responded to weakening economic conditions with reductions to their marketing budgets, which included discretionary components that are easier to reduce in the short term than other operating expenses.

The following table presents revenue disaggregated by geography:

Three Months Ended March 31,
Geographic Location
Reportable Segment
 
2019

2018
United States
All
 
$
263,017


$
256,524

Canada
All, excluding Media Services
 
22,378


26,379

Other
All, excluding Media Services
 
43,396


44,065



 
$
328,791


$
326,968


Contract assets and liabilities
Contract assets consist of fees and reimbursable outside vendor costs incurred on behalf of clients when providing advertising, marketing and corporate communications services that have not yet been invoiced to clients. Unbilled service fees were $87,054 and $64,362 at March 31, 2019 and December 31, 2018, respectively, and are included as a component of accounts receivable on the unaudited condensed consolidated balance sheets. Outside vendor costs incurred on behalf of clients which have yet to be invoiced were $46,663 and $42,369 at March 31, 2019 and December 31, 2018, respectively, and are included on the unaudited condensed consolidated balance sheets as expenditures billable to clients. Such amounts are invoiced to clients at various times over the course of providing services.
Contract liabilities consist of fees billed to clients in excess of fees recognized as revenue and are classified as advance billings on the Company’s unaudited condensed consolidated balance sheets. Advance billings at March 31, 2019 and December 31, 2018 were $171,151 and $138,505, respectively. The increase in the advance billings balance of $32,646 for the three months ended March 31, 2019 is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by $60,941 of revenues recognized that were included in the advance billings balances as of December 31, 2018 and reductions due to the incurrence of third-party costs.
Changes in the contract asset and liability balances during the three months ended March 31, 2019 and December 31, 2018 were not materially impacted by write offs, impairment losses or any other factors.
XML 24 R10.htm IDEA: XBRL DOCUMENT v3.19.1
Loss Per Common Share
 3 Months Ended
Mar. 31, 2019
Earnings Per Share [Abstract]  
Loss Per Common Share
Loss Per Common Share
The following table sets forth the computation of basic and diluted loss per common share:
 
Three Months Ended 
 March 31,
 
2019

2018
Numerator:
 

 

Net loss attributable to MDC Partners Inc.
$
(113
)
 
$
(29,416
)
Accretion on convertible preference shares
(2,383
)

(2,027
)
Net loss attributable to MDC Partners Inc. common shareholders
$
(2,496
)

$
(31,443
)
Denominator:




Basic weighted average number of common shares outstanding
60,258,102


56,415,042

Diluted weighted average number of common shares outstanding
60,258,102


56,415,042

Basic
$
(0.04
)

$
(0.56
)
Diluted
$
(0.04
)
 
$
(0.56
)

Anti-dilutive stock awards          1,633,464 1,560,856

Restricted stock and restricted stock unit awards of 257,280 and 1,343,781 for the three months ended March 31, 2019 and 2018, respectively, which are contingent upon the Company meeting a cumulative three year earnings target and contingent upon continued employment, are excluded from the computation of diluted income per common share as the contingencies were not satisfied at March 31, 2019 and 2018, respectively. In addition, there were 95,000 shares of Preference Shares outstanding which were convertible into 15,081,035 and 10,337,949 Class A common shares at March 31, 2019 and 2018, respectively and 50,000 Preference Shares outstanding which were convertible into 10,037,778 Class A common shares at March 31, 2019. These Preference Shares were anti-dilutive for the three months ended March 31, 2019 and 2018 and are therefore excluded from the diluted loss per common share calculation.
XML 25 R11.htm IDEA: XBRL DOCUMENT v3.19.1
Acquisitions and Dispositions
 3 Months Ended
Mar. 31, 2019
Business Combinations [Abstract]  
Acquisitions and Dispositions
Acquisitions and Dispositions
2019 Disposition
On March 8, 2019, the Company consummated the sale of Kingsdale, an operating segment with operations in Toronto and New York City, that provides shareholder services. As consideration for the sale, the Company was paid cash plus the assumption of certain liabilities totaling approximately $50 million in the aggregate. The sale resulted in a loss of approximately $3 million, which is included in Other, net within the Unaudited Condensed Consolidated Statement of Operations.
2018 Acquisitions
On September 7, 2018, a subsidiary of the Company purchased 100% interests of OneChocolate Communications Limited and OneChocolate Communications LLC, PR (“OneChocolate”) a digital marketing consultancy headquartered in London, UK, for an aggregate purchase price of $3,231, working capital of $966 and additional deferred acquisition payments estimated present value of $2,146. OneChocolate’s results are reflected in the Allison & Partners operating segment which is included in the Specialist Communications reportable segment which had an immaterial impact on our results.
On July 1, 2018, the Company acquired the remaining 14.87% and 3% of membership interests of Doner Partners, LLC and Source Marketing LLC respectively for an aggregate purchase price of $7,618, comprised of a closing cash payment of $3,279 and additional deferred acquisition payments with an estimated present value of $4,305 as of December 31, 2018. As of the acquisition date, the fair value of the additional interests acquired was $16,361 for Doner Partners LLC. The fair values were measured using a discounted cash flow model. As a result of the transaction, the Company reduced noncontrolling interest by $11,946 and redeemable noncontrolling interest by $933.
On April 2, 2018, the Company purchased 51% of the membership interests of Instrument LLC (“Instrument”), a digital creative agency based in Portland, Oregon, for an aggregate purchase price of $35,591. The acquisition is expected to facilitate the Company’s growth and help to build its portfolio of modern, innovative and digital-first agencies. The purchase price consisted of a cash payment of $28,561 and the issuance of 1,011,561 shares of the Company’s Class A subordinate voting stock with an acquisition date fair value of $7,030. The Company issued these shares in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) of the Securities Act.
The purchase price allocation for Instrument resulted in tangible assets of $10,304, identifiable intangibles of $23,130, consisting primarily of customer lists and a trade name, and goodwill of $32,776. In addition, the Company has recorded $27,357 as the fair value of noncontrolling interests, which was derived from the Company’s purchase price less a discount related to the noncontrolling parties’ lack of control. The identified assets have a weighted average useful life of approximately six years and will be amortized in a manner represented by the pattern in which the economic benefits of such assets are expected to be realized. The goodwill is tax deductible. Instruments’ results are included in the All Other category from a segment reporting perspective. The Company has a controlling financial interest in Instrument through its majority voting interest, and as such, has aggregated the acquired Partner Firm’s financial data into the Company’s consolidated financial statements. The operating results of Instrument in the current year is not material.
Effective January 1, 2018, the Company acquired the remaining 24.5% ownership interest of Allison & Partners LLC for an aggregate purchase price of $10,023, comprised of a closing cash payment of $300 and additional deferred acquisition payments with an estimated present value at the acquisition date of $9,723. The deferred payments are based on the future financial results of the underlying business from 2017 to 2020 with final payments due in 2021. As of the acquisition date, the fair value of the additional interest acquired was $20,096. The fair value was measured using a discounted cash flow model. As a result of the transaction, the Company reduced redeemable noncontrolling interests by $8,857. The difference between the purchase price and the noncontrolling interest of $1,166 was recorded in additional paid-in capital.
Deferred Acquisition Consideration
Deferred acquisition consideration on the balance sheet consists of deferred obligations related to contingent and fixed purchase price payments, and to a lesser extent, contingent and fixed retention payments tied to continued employment of specific personnel. Contingent deferred acquisition consideration is recorded at the acquisition date fair value and adjusted at each reporting period through operating income, for contingent purchase price payments, net interest expense, and fixed purchase price payments. The Company accounts for retention payments through operating income as stock-based compensation over the required retention period.
The following table presents changes in contingent deferred acquisition consideration, which is measured at fair value on a recurring basis using significant unobservable inputs, and a reconciliation to the amounts reported on the balance sheets as of March 31, 2019 and December 31, 2018.
 
March 31,
 
December 31,
 
2019
 
2018
Beginning Balance of contingent payments
$
82,598

 
$
119,086

Payments
(275
)
 
(54,947
)
Redemption value adjustments (1)
(6,834
)
 
3,512

Additions - acquisitions and step up transactions
—

 
14,943

Foreign translation adjustment
59

 
4

Ending balance of contingent payments
$
75,548

 
$
82,598

Fixed payments
835

 
1,097

 
$
76,383

 
$
83,695

    
(1) Redemption value adjustments are fair value changes from the Company’s initial estimates of deferred acquisition payments and stock-based compensation charges relating to acquisition payments that are tied to continued employment. Redemption value adjustments are recorded within cost of services sold and office and general expenses on the unaudited condensed Consolidated Statements of Operations.
The following table presents the impact to the Company’s statement of operations due to the redemption value adjustments for the contingent deferred acquisition consideration:
 
Three months ended March 31,
 
2019
 
2018
Income (loss) attributable to fair value adjustments
$
(7,643
)
 
$
2,586

Stock-based compensation
809

 
2,361

Redemption value adjustments
$
(6,834
)
 
$
4,947
XML 26 R12.htm IDEA: XBRL DOCUMENT v3.19.1
Deferred Acquisition Consideration
 3 Months Ended
Mar. 31, 2019
Business Combinations [Abstract]  
Deferred Acquisition Consideration
Acquisitions and Dispositions
2019 Disposition
On March 8, 2019, the Company consummated the sale of Kingsdale, an operating segment with operations in Toronto and New York City, that provides shareholder services. As consideration for the sale, the Company was paid cash plus the assumption of certain liabilities totaling approximately $50 million in the aggregate. The sale resulted in a loss of approximately $3 million, which is included in Other, net within the Unaudited Condensed Consolidated Statement of Operations.
2018 Acquisitions
On September 7, 2018, a subsidiary of the Company purchased 100% interests of OneChocolate Communications Limited and OneChocolate Communications LLC, PR (“OneChocolate”) a digital marketing consultancy headquartered in London, UK, for an aggregate purchase price of $3,231, working capital of $966 and additional deferred acquisition payments estimated present value of $2,146. OneChocolate’s results are reflected in the Allison & Partners operating segment which is included in the Specialist Communications reportable segment which had an immaterial impact on our results.
On July 1, 2018, the Company acquired the remaining 14.87% and 3% of membership interests of Doner Partners, LLC and Source Marketing LLC respectively for an aggregate purchase price of $7,618, comprised of a closing cash payment of $3,279 and additional deferred acquisition payments with an estimated present value of $4,305 as of December 31, 2018. As of the acquisition date, the fair value of the additional interests acquired was $16,361 for Doner Partners LLC. The fair values were measured using a discounted cash flow model. As a result of the transaction, the Company reduced noncontrolling interest by $11,946 and redeemable noncontrolling interest by $933.
On April 2, 2018, the Company purchased 51% of the membership interests of Instrument LLC (“Instrument”), a digital creative agency based in Portland, Oregon, for an aggregate purchase price of $35,591. The acquisition is expected to facilitate the Company’s growth and help to build its portfolio of modern, innovative and digital-first agencies. The purchase price consisted of a cash payment of $28,561 and the issuance of 1,011,561 shares of the Company’s Class A subordinate voting stock with an acquisition date fair value of $7,030. The Company issued these shares in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) of the Securities Act.
The purchase price allocation for Instrument resulted in tangible assets of $10,304, identifiable intangibles of $23,130, consisting primarily of customer lists and a trade name, and goodwill of $32,776. In addition, the Company has recorded $27,357 as the fair value of noncontrolling interests, which was derived from the Company’s purchase price less a discount related to the noncontrolling parties’ lack of control. The identified assets have a weighted average useful life of approximately six years and will be amortized in a manner represented by the pattern in which the economic benefits of such assets are expected to be realized. The goodwill is tax deductible. Instruments’ results are included in the All Other category from a segment reporting perspective. The Company has a controlling financial interest in Instrument through its majority voting interest, and as such, has aggregated the acquired Partner Firm’s financial data into the Company’s consolidated financial statements. The operating results of Instrument in the current year is not material.
Effective January 1, 2018, the Company acquired the remaining 24.5% ownership interest of Allison & Partners LLC for an aggregate purchase price of $10,023, comprised of a closing cash payment of $300 and additional deferred acquisition payments with an estimated present value at the acquisition date of $9,723. The deferred payments are based on the future financial results of the underlying business from 2017 to 2020 with final payments due in 2021. As of the acquisition date, the fair value of the additional interest acquired was $20,096. The fair value was measured using a discounted cash flow model. As a result of the transaction, the Company reduced redeemable noncontrolling interests by $8,857. The difference between the purchase price and the noncontrolling interest of $1,166 was recorded in additional paid-in capital.
Deferred Acquisition Consideration
Deferred acquisition consideration on the balance sheet consists of deferred obligations related to contingent and fixed purchase price payments, and to a lesser extent, contingent and fixed retention payments tied to continued employment of specific personnel. Contingent deferred acquisition consideration is recorded at the acquisition date fair value and adjusted at each reporting period through operating income, for contingent purchase price payments, net interest expense, and fixed purchase price payments. The Company accounts for retention payments through operating income as stock-based compensation over the required retention period.
The following table presents changes in contingent deferred acquisition consideration, which is measured at fair value on a recurring basis using significant unobservable inputs, and a reconciliation to the amounts reported on the balance sheets as of March 31, 2019 and December 31, 2018.
 
March 31,
 
December 31,
 
2019
 
2018
Beginning Balance of contingent payments
$
82,598

 
$
119,086

Payments
(275
)
 
(54,947
)
Redemption value adjustments (1)
(6,834
)
 
3,512

Additions - acquisitions and step up transactions
—

 
14,943

Foreign translation adjustment
59

 
4

Ending balance of contingent payments
$
75,548

 
$
82,598

Fixed payments
835

 
1,097

 
$
76,383

 
$
83,695

    
(1) Redemption value adjustments are fair value changes from the Company’s initial estimates of deferred acquisition payments and stock-based compensation charges relating to acquisition payments that are tied to continued employment. Redemption value adjustments are recorded within cost of services sold and office and general expenses on the unaudited condensed Consolidated Statements of Operations.
The following table presents the impact to the Company’s statement of operations due to the redemption value adjustments for the contingent deferred acquisition consideration:
 
Three months ended March 31,
 
2019
 
2018
Income (loss) attributable to fair value adjustments
$
(7,643
)
 
$
2,586

Stock-based compensation
809

 
2,361

Redemption value adjustments
$
(6,834
)
 
$
4,947
XML 27 R13.htm IDEA: XBRL DOCUMENT v3.19.1
Leases
 3 Months Ended
Mar. 31, 2019
Leases [Abstract]  
Leases
Leases

Effective January 1, 2019, the Company adopted FASB ASC Topic 842, Leases (“ASC 842”). As a result, comparative prior periods have not been adjusted and continue to be reported under FASB ASC Topic 840, Leases. See Note 14 of the Notes to the Consolidated Financial Statements included herein for additional information regarding the Company’s adoption of ASC 842. The policies described herein refer to those in effect as of January 1, 2019.
The Company leases office space in North America, Europe, Asia, South America, and Australia. This space is primarily used for office and administrative purposes by the Company’s employees in performing professional services. These leases are classified as operating leases and expire between years 2019 through 2032. Finance leases are considered to be immaterial to the Company.
The Company’s leasing policies are established in accordance with ASC 842, and accordingly, the Company recognizes on the balance sheet at the time of lease commencement a right-of-use asset and a lease liability, initially measured at the present value of the lease payments. Right-of-use lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. All right-of-use assets are reviewed for impairment. As the Company’s implicit rate in its leases is not readily determinable, in determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the commencement date. Lease payments included in the measurement of the lease liability are comprised of noncancelable lease payments, payments based upon an index or rate, payments for optional renewal periods where it is reasonably certain the renewal period will be exercised, and payments for early termination options unless it is reasonably certain the lease will not be terminated early.
Lease costs are recognized in the Consolidated Statement of Operations over the lease term on a straight-line basis. Leasehold improvements are depreciated on a straight-line basis over the lesser of the term of the related lease or the estimated useful life of the asset. 
Some of the Company’s leases contain variable lease payments, including payments based upon an index or rate. Variable lease payments based upon an index or rate are initially measured using the index or rate in effect at the lease commencement date and are included within the lease liabilities. Lease liabilities are not remeasured as a result of changes in the index or rate, rather changes in these types of payments are recognized in the period in which the obligation for those payments is incurred. In addition, some of our leases contain variable payments for utilities, insurance, real estate tax, repairs and maintenance, and other variable operating expenses. Such amounts are not included in the measurement of the lease liability and are recognized in the period when the facts and circumstances on which the variable lease payments are based upon occur.
The Company’s leases include options to extend or renew the lease through 2040. The renewal and extension options are not included in the lease term as the Company is not reasonably certain that it will exercise its option.
From time to time, the Company enters into sublease arrangements both with unrelated third-parties and with our partner agencies. These leases are classified as operating leases and expire between years 2019 through 2024. Sublease income is recognized over the lease term on a straight-line basis. Currently, the Company subleases office space in North America, Europe and Asia.
As of March 31, 2019, the Company has entered into certain operating leases for which the commencement date has not yet occurred as these lease spaces are in the process of being prepared by the landlord for occupancy. Accordingly, these leases represent obligations of the Company that are not on the Consolidated Balance Sheet as of March 31, 2019. The future liability related to these leases is approximately $8 million.
The discount rate used for leases accounted for under ASC 842 is the Company’s collateralized credit adjusted borrowing rate.
The following table presents lease costs and other quantitative information for the three months ended March 31, 2019:

 
Three Months Ended March 31,
 
2019
Lease Cost:
 
Operating lease cost
$
16,441

Variable lease cost
4,964

Sublease rental income
(1,599
)
Total lease cost
$
19,806

Additional information:
 
Cash paid for amounts included in the measurement of lease liabilities for operating leases

Operating cash flows
$
15,652

 
 
Right-of-use assets obtained in exchange for operating lease liabilities
$
256,818

Weighted average remaining lease term (in years) - Operating leases
7.3

Weighted average discount rate - Operating leases
8.7



Operating lease expense is included in office and general expenses in the unaudited condensed Consolidated Statement of Operations. Short term lease expense is immaterial to the Company. Rental expense for the three months ended March 31, 2018 was $17,560 offset by $713 in sublease rental income.
 
The following table presents minimum future rental payments under the Company’s leases at March 31, 2019 and their reconciliation to the corresponding lease liabilities:

 
Maturity Analysis
Remaining 2019
$
50,672

2020
65,996

2021
56,032

2022
46,124

2023
42,778

Thereafter
140,202

Total
401,804

Less: Present value discount
$
(109,066
)
Lease liability
$
292,738
XML 28 R14.htm IDEA: XBRL DOCUMENT v3.19.1
Debt
 3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Debt
Debt
As of March 31, 2019 and December 31, 2018, the Company’s indebtedness was comprised as follows:

March 31,
2019

December 31, 2018
Revolving credit agreement
$
32,803

 
$
68,143

6.50% Notes due 2024
900,000

 
900,000

Debt issuance costs
(13,753
)
 
(14,036
)
 
$
919,050

 
$
954,107


6.50% Notes
On March 23, 2016, MDC entered into an indenture (the “Indenture”) among MDC, its existing and future restricted subsidiaries that guarantee, are co-borrowers under, or grant liens to secure, the Credit Agreement, as guarantors (the “Guarantors”) and The Bank of New York Mellon, as trustee, relating to the issuance by MDC of $900,000 aggregate principal amount of the senior unsecured notes due 2024 (the “6.50% Notes”) . The 6.50% Notes were sold in a private placement in reliance on exceptions from registration under the Securities Act of 1933. The 6.50% Notes bear interest, payable semiannually in arrears on May 1 and November 1, at a rate of 6.50% per annum. The 6.50% Notes mature on May 1, 2024, unless earlier redeemed or repurchased.
MDC may, at its option, redeem the 6.50% Notes in whole at any time or in part from time to time, on and after May 1, 2019, at varying prices based on the timing of the redemption.
The Indenture includes covenants that are subject to a number of important limitations and exceptions. The 6.50% Notes are also subject to customary events of default, including a cross-payment default and cross-acceleration provision. The Company was in compliance with all covenants at March 31, 2019.
Credit Agreement
The Company is party to a $250,000 secured revolving credit facility due May 3, 2021. The amounts outstanding under the revolving credit facility as of March 31, 2019 and December 31, 2018 are presented in the table above and additional details are provided below.
On March 12, 2019 (the “Amendment Effective Date”), the Company, Maxxcom Inc. and each of their subsidiaries party thereto entered into an Amendment to the existing senior secured revolving credit facility, dated as of May 3, 2016 (as amended, the “Credit Agreement”), among the Company, Maxxcom, each of their subsidiaries party thereto, Wells Fargo, and the lenders from time to time party thereto. Advances under the Credit Agreement are to be used for working capital and general corporate purposes, in each case pursuant to the terms of the Credit Agreement.
The Amendment provides financial covenant relief by increasing the total leverage ratio applicable on each testing date after the Amendment Effective Date through the period ending December 31, 2020 from 5.5:1.0 to 6.25:1.0. The total leverage ratio applicable on each testing date after December 31, 2020 will revert to 5.5:1.0.
In connection with the Amendment, the Company reduced the aggregate maximum amount of revolving commitments provided by the lenders under the Credit Agreement to $250.0 million from $325.0 million.
Advances under the Credit Agreement bear interest as follows: (a)(i) LIBOR Rate Loans bear interest at the LIBOR Rate and (ii) Base Rate Loans bear interest at the Base Rate, plus (b) an applicable margin. The initial applicable margin for borrowing is 0.75% in the case of Base Rate Loans and 1.50% in the case of LIBOR Rate Loans. In addition to paying interest on outstanding principal under the Credit Agreement, MDC is required to pay an unused revolver fee to lenders under the Credit Agreement in respect of unused commitments thereunder.
The Credit Agreement, which includes financial and non-financial covenants, is guaranteed by substantially all of MDC’s present and future subsidiaries, other than immaterial subsidiaries and subject to customary exceptions and collateralized by a portion of MDC’s outstanding receivable balance. The Company is currently in compliance with all of the terms and conditions of its Credit Agreement.
At March 31, 2019 and December 31, 2018, the Company had issued $4,701 of undrawn outstanding letters of credit.
XML 29 R15.htm IDEA: XBRL DOCUMENT v3.19.1
Share Capital
 3 Months Ended
Mar. 31, 2019
Share Capital [Abstract]  
Share Capital
Share Capital
The authorized share capital of the Company is as follows:
Series 6 Convertible Preference Shares
On March 14, 2019 (the “Series 6 Issue Date”), the Company entered into a securities purchase agreement with Stagwell Holdings, an affiliate of Stagwell, pursuant to which Stagwell Holdings agreed to purchase, (i) 14,285,714 newly authorized Class A shares (the “Stagwell Class A Shares”) for an aggregate contractual purchase price of $50,000 and (ii) 50,000 newly authorized Series 6 convertible preference shares (“Series 6 Preference Shares”) for an aggregate contractual purchase price of $50 million. The Company received proceeds of approximately $97,629, net of fees and estimated expenses, which were primarily used to pay down existing debt under the Company’s credit facility and for general corporate purposes. The proceeds allocated to the Stagwell Class A Shares were $35,635 and to Series 6 Preference Shares were $61,994 based on their relative fair value calculated by utilizing a Monte Carlo Simulation model. In connection with the closing of the transaction, the Company increased the size of its Board and appointed one nominee designated by the Purchaser. Except as required by law, the Series 6 Preference Shares do not have voting rights and are not redeemable at the option of the Purchaser.
The holders of the Series 6 Preference Shares have the right to convert their Series 6 Preference Shares in whole at any time and from time to time, and in part at any time and from time to time, into a number of Class A Shares equal to the then-applicable liquidation preference divided by the applicable conversion price at such time (the “Conversion Price”). The initial liquidation per share preference of each Series 6 Preference Share is $1,000. The initial Conversion Price is $5.00 per Series 6 Preference Share, subject to customary adjustments for share splits and combinations, dividends, recapitalizations and other matters, including weighted average anti-dilution protection for certain issuances of equity or equity-linked securities.
The Series 6 Preference Shares’ liquidation preference accretes at 8.0% per annum, compounded quarterly until the five-year anniversary of the Series 6 Issue Date. During the three months ended March 31, 2019, the Series 6 Preference Shares had accretion of $189, bringing the aggregate liquidation preference to $50,189 as of March 31, 2019. The accretion is considered in the calculation of net income (loss) attributable to MDC Partners Inc. common shareholders. See Note 3 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for further information regarding the Series 6 Preference Shares.
Holders of the Series 6 Preference Shares are entitled to dividends in an amount equal to any dividends that would otherwise have been payable on the Class A Shares issued upon conversion of the Series 6 Preference Shares. The Series 6 Preference Shares are convertible at the Company’s option (i) on and after the two-year anniversary of the Series 6 Issue Date, if the closing trading price of the Class A Shares over a specified period prior to conversion is at least 125% of the Conversion Price or (ii) after the fifth anniversary of the Issue Date, if the closing trading price of the Class A Shares over a specified period prior to conversion is at least equal to the Conversion Price.
Following certain change in control transactions of the Company in which holders of Series 6 Preference Shares are not entitled to receive cash or qualifying listed securities with a value at least equal to the liquidation preference plus accrued and unpaid dividends, (i) holders will be entitled to cash dividends on the liquidation preference at an increasing rate (beginning at 7%), and (ii) the Company will have a right to redeem the Series 6 Preference Shares for cash at the greater of their liquidation preference plus accrued and unpaid dividends or their as-converted value.

Series 4 Convertible Preference Shares
On March 7, 2017 (the “Series 4 Issue Date”), the Company issued 95,000 newly created Preference Shares (“Series 4 Preference Shares”) to affiliates of The Goldman Sachs Group, Inc. (collectively, the “Purchaser”) pursuant to a $95,000 private placement. The Company received proceeds of approximately $90,123, net of fees and estimated expenses, which were primarily used to pay down existing debt under the Company’s credit facility and for general corporate purposes. In connection with the closing of the transaction, the Company increased the size of its Board and appointed one nominee designated by the Purchaser. Except as required by law, the Series 4 Preference Shares do not have voting rights and are not redeemable at the option of the Purchaser.
Subsequent to the ninetieth day following the Series 4 Issue Date, the holders of the Series 4 Preference Shares have the right to convert their Series 4 Preference Shares in whole at any time and from time to time and in part at any time and from time to time into a number of Class A Shares equal to the then-applicable liquidation preference divided by the applicable conversion price at such time (the “Conversion Price”). The initial liquidation per share preference of each Series 4 Preference Share is $1,000. The Conversion Price of a Series 4 Preference Share is subject to customary adjustments for share splits and combinations, dividends, recapitalizations and other matters, including weighted average anti-dilution protection for certain issuances of equity or equity-linked securities. In connection with the anti-dilution protection provision triggered by the issuance of equity securities to Stagwell, the Conversion Price per Series 4 Preference Share was reduced to $7.42 from the initial Conversion Price of $10.00.
The Series 4 Preference Shares’ liquidation preference accretes at 8.0% per annum, compounded quarterly until the five-year anniversary of the Series 4 Issue Date. During the three months ended March 31, 2019, the Series 4 Preference Shares accreted at a monthly rate of approximately $7.70 per Series 4 Preference Share, for total accretion of $2,194, bringing the aggregate liquidation preference to $111,901 as of March 31, 2019. The accretion is considered in the calculation of net income (loss) attributable to MDC Partners Inc. common shareholders. See Note 3 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for further information regarding the Series 4 Preference Shares.
Holders of the Series 4 Preference Shares are entitled to dividends in an amount equal to any dividends that would otherwise have been payable on the Class A Shares issued upon conversion of the Series 4 Preference Shares. The Series 4 Preference Shares are convertible at the Company’s option (i) on and after the two-year anniversary of the Issue Date, if the closing trading price of the Class A Shares over a specified period prior to conversion is at least 125% of the Conversion Price or (ii) after the fifth anniversary of the Series 4 Issue Date, if the closing trading price of the Class A Shares over a specified period prior to conversion is at least equal to the Conversion Price.
Following certain change in control transactions of the Company in which holders of Series 4 Preference Shares are not entitled to receive cash or qualifying listed securities with a value at least equal to the liquidation preference plus accrued and unpaid dividends, (i) holders will be entitled to cash dividends on the liquidation preference at an increasing rate (beginning at 7%), and (ii) the Company will have a right to redeem the Series 4 Preference Shares for cash at the greater of their liquidation preference plus accrued and unpaid dividends or their as-converted value.
Class A Common Shares (“Class A Shares”)
An unlimited number of subordinate voting shares, carrying one vote each, entitled to dividends equal to or greater than Class B Shares, convertible at the option of the holder into one Class B Share for each Class A Share after the occurrence of certain events related to an offer to purchase all Class B shares. There were 71,886,266 (including the Class A Shares issued to Stagwell) and 57,517,568 Class A Shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively.
Class B Common Shares (“Class B Shares”)
An unlimited number of voting shares, carrying 20 votes each, convertible at any time at the option of the holder into one Class A share for each Class B share. There were 3,755 Class B Shares issued and outstanding as of March 31, 2019 and December 31, 2018.
XML 30 R16.htm IDEA: XBRL DOCUMENT v3.19.1
Noncontrolling and Redeemable Noncontrolling Interests
 3 Months Ended
Mar. 31, 2019
Noncontrolling Interest [Abstract]  
Noncontrolling and Redeemable Noncontrolling Interests
When acquiring less than 100% ownership of an entity, the Company may enter into agreements that give the Company an option to purchase, or require the Company to purchase, the incremental ownership interests under certain circumstances. Where the option to purchase the incremental ownership is within the Company’s control, the amounts are recorded as noncontrolling interests in the equity section of the Company’s balance sheet. Where the incremental purchase may be required of the Company, the amounts are recorded as redeemable noncontrolling interests in mezzanine equity at their estimated acquisition date redemption value and adjusted at each reporting period for changes to their estimated redemption value through additional paid-in capital (but not less than their initial redemption value), except for foreign currency translation adjustments. On occasion, the Company may initiate a renegotiation to acquire an incremental ownership interest and the amount of consideration paid may differ materially from the amounts recorded in the Company’s unaudited condensed Consolidated Balance Sheet.
Noncontrolling Interests
Changes in amounts due to noncontrolling interest holders included in accruals and other liabilities on the unaudited condensed Consolidated Balance Sheets for the year ended December 31, 2018 and three months ended March 31, 2019 were as follows:
 
Noncontrolling
Interests
Balance, December 31, 2017
$
11,030

Income attributable to noncontrolling interests
11,785

Distributions made
(13,419
)
Other (1)
(118
)
Balance, December 31, 2018
$
9,278

Income attributable to noncontrolling interests
429

Distributions made
(1,501
)
Other (1)
43

Balance, March 31, 2019
$
8,249


(1)
Other consists of cumulative translation adjustments.
Changes in the Company’s ownership interests in our less than 100% owned subsidiaries during the three months ended March 31, 2019 and 2018 were as follows:
 
Three Months Ended March 31,
 
2019
 
2018
Net loss attributable to MDC Partners Inc.
$
(113
)
 
$
(29,416
)
Transfers from the noncontrolling interest:
 
 
 
Decrease in MDC Partners Inc. paid-in capital for purchase of equity interests in excess of redeemable noncontrolling interests and noncontrolling interests
—

 
(1,166
)
Net transfers from noncontrolling interests
$
—

 
$
(1,166
)
Change from net loss attributable to MDC Partners Inc. and transfers to noncontrolling interests
$
(113
)
 
$
(30,582
)

Redeemable Noncontrolling Interests
The following table presents changes in redeemable noncontrolling interests:
 
Three Months Ended March 31, 2019
 
Year Ended December 31, 2018
Beginning Balance
$
51,546

 
$
62,886

Redemptions
—

 
(11,943
)
Granted
—

 
—

Changes in redemption value
(3,574
)
 
1,067

Currency translation adjustments
34

 
(464
)
Ending Balance
$
48,006

 
$
51,546


The noncontrolling shareholders’ ability to exercise any such option right is subject to the satisfaction of certain conditions, including conditions requiring notice in advance of exercise and specific employment termination conditions. In addition, these rights cannot be exercised prior to specified staggered exercise dates. The exercise of these rights at their earliest contractual date would result in obligations of the Company to fund the related amounts during 2019 to 2024. It is not determinable, at this time, if or when the owners of these rights will exercise all or a portion of these rights.
The redeemable noncontrolling interest of $48,006 as of March 31, 2019, consists of $15,618 assuming that the subsidiaries perform over the relevant future periods at their discounted cash flows earnings level and such rights are exercised, $28,921 upon termination of such owner’s employment with the applicable subsidiary or death and $3,467 representing the initial redemption value (required floor) recorded for certain acquisitions in excess of the amount the Company would have to pay should the Company acquire the remaining ownership interests for such subsidiaries.
These adjustments will not impact the calculation of earnings (loss) per share if the redemption values are less than the estimated fair values. For the three months ended March 31, 2019 and 2018, there was no related impact on the Company’s loss per share calculation.
XML 31 R17.htm IDEA: XBRL DOCUMENT v3.19.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Fair Value Measurements
A fair value measurement assumes a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability.
In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. The hierarchy for observable and unobservable inputs used to measure fair value into three broad levels are described below: 
•
Level 1 - Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.
•
Level 2 - Observable prices that are based on inputs not quoted on active markets, but corroborated by market data.
•
Level 3 - Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.
Financial Liabilities that are not Measured at Fair Value on a Recurring Basis
The following table presents certain information for our financial liability that is not measured at fair value on a recurring basis at March 31, 2019 and December 31, 2018:
 
March 31, 2019

December 31, 2018
 
Carrying
Amount

Fair Value

Carrying
Amount

Fair Value
Liabilities:
 


 


 


 

6.50% Senior Notes due 2024
$
900,000

 
$
750,375

 
$
900,000

 
$
834,750


Our long-term debt includes fixed rate debt. The fair value of this instrument is based on quoted market prices in markets that are not active. Therefore, this debt is classified as Level 2 within the fair value hierarchy.
Financial Liabilities Measured at Fair Value on a Recurring Basis
Contingent deferred acquisition consideration are recorded at the acquisition date fair value and adjusted at each reporting period. The estimated liability is determined in accordance with various contractual valuation formulas that may be dependent upon future events, such as the growth rate of the earnings of the relevant subsidiary during the contractual period and, in some cases, the currency exchange rate as of the date of payment (Level 3). See Note 5 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for additional information regarding contingent deferred acquisition consideration.
At March 31, 2019 and December 31, 2018, the carrying amount of the Company’s financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, approximated fair value because of their short-term maturity.
Non-financial Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis
Certain non-financial assets are measured at fair value on a nonrecurring basis, primarily goodwill and intangible assets (a Level 3 fair value assessment). Accordingly, these assets are not measured and adjusted to fair value on an ongoing basis but are subject to periodic evaluations for potential impairment. The Company did not recognize an impairment of goodwill or intangible assets in the three months ended March 31, 2019 or March 31, 2018.
XML 32 R18.htm IDEA: XBRL DOCUMENT v3.19.1
Supplemental Information
 3 Months Ended
Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental Information
Supplemental Information
Accounts Payable, Accruals and Other Liabilities
At March 31, 2019 and December 31, 2018, accruals and other liabilities included accrued media of $137,975 and $180,586, respectively; and also included amounts due to noncontrolling interest holders for their share of profits. See Note 9 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for additional information regarding noncontrolling interest holders share of profits.
Goodwill and Indefinite Lived Intangibles
Goodwill and indefinite life intangible assets (trademarks) acquired as a result of a business combination which are not subject to amortization are tested for impairment annually as of October 1st of each year, or more frequently if indicators of potential impairment exist. For goodwill, impairment is assessed at the reporting unit level. For the three months ended March 31, 2019 and the year ended December 31, 2018, goodwill was $742,775 and $740,955, respectively.

Income Taxes
Our tax provision for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items arising in the quarter.
Income tax expense for the three months ended March 31, 2019 was $748 (on income of $981 resulting in an effective tax rate of 76.3%) compared to a benefit of $8,330 (on a loss of $36,935 resulting in an effective tax rate of 22.6%) for the three months ended March 31, 2018.  The effective tax rate of 76.3% was primarily related to the impact of certain discrete items recognized for the three months ended March 31, 2019.
XML 33 R19.htm IDEA: XBRL DOCUMENT v3.19.1
Segment Information
 3 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
Segment Information
Segment Information
The Company determines an operating segment if a component (i) engages in business activities from which it earns revenues and incurs expenses, (ii) has discrete financial information, and is (iii) regularly reviewed by the Chief Operating Decision Maker (“CODM”) to make decisions regarding resource allocation for the segment and assess its performance. Once operating segments are identified, the Company performs an analysis to determine if aggregation of operating segments is applicable. This determination is based upon a quantitative analysis of the expected and historic average long-term profitability for each operating segment, together with a qualitative assessment to determine if operating segments have similar operating characteristics.
Due to changes in the composition of certain business and the Company’s internal management and reporting structure during 2019, reportable segment results for the 2018 periods presented have been recast to reflect the reclassification of certain businesses between segments. The changes were as follows:
•
Doner, previously within the Global Integrated Agencies reportable segment is now included within the Domestic Creative Agencies reportable segment.
•
HL Group Partners, previously within the Specialist Communications reportable segment, and Redscout, previously within the All Other category, are now included in the Yes & Company operating segment. The Yes & Company operating segment previously within the Media Services reportable segment is now included within the Domestic Creative Agencies reportable segment.
•
Attention, previously within the Forsman & Bodenfors operating segment has operationally merged into MDC Media Partners, which is included within the Media Services reportable segment.
The four reportable segments that result from applying the aggregation criteria are as follows: “Global Integrated Agencies”; “Domestic Creative Agencies”; “Specialist Communications”; and “Media Services.” In addition, the Company combines and discloses those operating segments that do not meet the aggregation criteria as “All Other.” The Company also reports corporate expenses, as further detailed below, as “Corporate.” All segments follow the same basis of presentation and accounting policies as those described throughout the Notes to the Unaudited Condensed Consolidated Financial Statements included herein and Note 2 of the Company’s Form 10-K for the year ended December 31, 2018.
•
The Global Integrated Agencies reportable segment is comprised of the Company’s four global, integrated operating segments (72andSunny, Anomaly, Crispin Porter + Bogusky, and Forsman & Bodenfors) serving multinational clients around the world. These operating segments share similar characteristics related to (i) the nature of their services; (ii) the type of global clients and the methods used to provide services; and (iii) the extent to which they may be impacted by global economic and geopolitical risks. In addition, these operating segments compete with each other for new business and from time to time have business move between them. The Company believes the historic and expected average long-term profitability is similar among the operating segments aggregated in the Global Integrated Agencies reportable segment.
The operating segments within the Global Integrated Agencies reportable segment provides a range of different services for its clients, including strategy, creative and production for advertising campaigns across a variety of platforms (print, digital, social media, television broadcast).
•
The Domestic Creative Agencies reportable segment is comprised of seven operating segments that are primarily national advertising agencies (Colle + McVoy, Doner, Laird + Partners, Mono Advertising, Union, Yamamoto, and Yes & Company) leveraging creative capabilities at their core. These operating segments share similar characteristics related to (i) the nature of their services; (ii) the type of domestic client accounts and the methods used to provide services; and (iii) the extent to which they may be impacted by domestic economic and policy factors within North America. In addition, these operating segments compete with each other for new business and from time to time have business move between them. The Company believes the historic and expected average long- term profitability is similar among the operating segments aggregated in the Domestic Creative Agencies reportable segment.
The operating segments within the Domestic Creative Agencies reportable segment provide similar services as the Global Integrated Agencies.

•
The Specialist Communications reportable segment is comprised of four operating segments that are each communications agencies (Allison & Partners, Hunter, KWT Global, and Veritas) with core service offerings in public relations and related communications services. These operating segments share similar characteristics related to (i) the nature of their services; (ii) the type of client accounts and the methods used to provide services; (iii) the extent to which they may be impacted by domestic economic and policy factors within North America; and (iv) the regulatory environment regarding public relations and social media. In addition, these operating segments compete with each other for new business and from time to time have business move between them. The Company believes the historic and expected average long-term profitability is similar among the operating segments aggregated in the Specialist Communications reportable segment.
The operating segments within the Specialist Communications reportable segment provide public relations and communications services including strategy, editorial, crisis support or issues management, media training, influencer engagement, and events management.

•
The Media Services reportable segment is comprised of a single operating segment known as MDC Media Partners. MDC Media Partners, which operates primarily in North America, performs media buying and planning as their core competency across a range of platforms (out-of-home, paid search, social media, lead generation, programmatic, television broadcast).
•
All Other consists of the Company’s remaining operating segments that provide a range of diverse marketing communication services, but generally do not have similar services offerings or financial characteristics as those aggregated in the reportable segments. The All Other category includes 6Degrees Communications, Concentric Partners, Gale Partners, Kenna, Kingsdale (through the date of sale on March 8, 2019), Instrument, Relevent, Team, Vitro, and Y Media Labs. The nature of the specialist services provided by these operating segments vary among each other and from those operating segments aggregated into the reportable segments. This results in these operating segments having current and long-term performance expectations inconsistent with those operating segments aggregated in the reportable segments. The operating segments within All Other provide a range of diverse marketing communication services, including application and website design and development, data and analytics, experiential marketing, customer research management, creative services, and branding.
•
Corporate consists of corporate office expenses incurred in connection with the strategic resources provided to the operating segments, as well as certain other centrally managed expenses that are not fully allocated to the operating segments. These office and general expenses include (i) salaries and related expenses for corporate office employees, including employees dedicated to supporting the operating segments, (ii) occupancy expenses relating to properties occupied by all corporate office employees, (iii) other office and general expenses including professional fees for the financial statement audits and other public company costs, and (iv) certain other professional fees managed by the corporate office. Additional expenses managed by the corporate office that are directly related to the operating segments are allocated to the appropriate reportable segment and the All Other category.
 
Three Months Ended 
 March 31,
 
2019
 
2018
Revenue:
 
 
 
Global Integrated Agencies
$
129,719

 
$
129,524

Domestic Creative Agencies
67,007

 
66,654

Specialist Communications
38,953

 
38,824

Media Services
20,179

 
24,684

All Other
72,933

 
67,282

Total
$
328,791

 
$
326,968

 
 
 
 
Segment operating income (loss):
 
 
 
Global Integrated Agencies
$
3,770

 
$
(13,593
)
Domestic Creative Agencies
5,477

 
2,878

Specialist Communications
7,077

 
3,728

Media Services
(1,834
)
 
(19
)
All Other
6,014

 
6,445

Corporate
(4,822
)
 
(14,072
)
Total
$
15,682

 
$
(14,633
)
 
 
 
 
Other Income (Expenses):
 
 
 
Interest expense and finance charges, net
(16,760
)
 
(16,083
)
Foreign exchange gain (loss)
5,442

 
(6,660
)
Other, net
(3,383
)
 
441

Income (loss) before income taxes and equity in earnings (losses) of non-consolidated affiliates
981

 
(36,935
)
Income tax expense (benefit)
748

 
(8,330
)
Income (loss) before equity in earnings (losses) of non-consolidated affiliates
233

 
(28,605
)
Equity in earnings of non-consolidated affiliates
83

 
86

Net income (loss)
316

 
(28,519
)
Net income attributable to the noncontrolling interest
(429
)
 
(897
)
Net loss attributable to MDC Partners Inc.
$
(113
)
 
$
(29,416
)



 
Three Months Ended 
 March 31,
 
2019
 
2018
Depreciation and amortization:
 
 
 
Global Integrated Agencies
$
4,065

 
$
7,410

Domestic Creative Agencies
1,239

 
1,293

Specialist Communications
567

 
966

Media Services
691

 
637

All Other
2,059

 
1,845

Corporate
217

 
224

Total
$
8,838

 
$
12,375

 
 
 
 
 
 
 
 
Stock-based compensation:
 
 
 
Global Integrated Agencies
$
3,767

 
$
2,460

Domestic Creative Agencies
464

 
410

Specialist Communications
26

 
187

Media Services
—

 
74

All Other
288

 
658

Corporate
(1,573
)
 
1,248

Total
$
2,972

 
$
5,037

 
 
 
 
Capital expenditures:
 
 
 
Global Integrated Agencies
$
1,418

 
$
2,243

Domestic Creative Agencies
694

 
903

Specialist Communications
251

 
236

Media Services
41

 
184

All Other
1,201

 
225

Corporate
1

 
8

Total
$
3,606

 
$
3,799



The Company’s CODM does not use segment assets to allocate resources or to assess performance of the segments and therefore, total segment assets have not been disclosed.
See Note 2 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for a summary of the Company’s revenue by geographic region for three months ended March 31, 2019 and 2018.
XML 34 R20.htm IDEA: XBRL DOCUMENT v3.19.1
Commitments, Contingencies and Guarantees
 3 Months Ended
Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
Commitments, Contingencies and Guarantees
Commitments, Contingencies, and Guarantees
Legal Proceedings. The Company’s operating entities are involved in legal proceedings of various types. While any litigation contains an element of uncertainty, the Company has no reason to believe that the outcome of such proceedings or claims will have a material adverse effect on the financial condition or results of operations of the Company.
Deferred Acquisition Consideration and Options to Purchase. See Notes 5 and 9 of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for information regarding potential payments associated with deferred acquisition consideration and the acquisition of noncontrolling shareholders’ ownership interest in subsidiaries.
Natural Disasters. Certain of the Company’s operations are located in regions of the United States which typically are subject to hurricanes. During the three months ended March 31, 2019 and 2018, these operations did not incur any material costs related to damages resulting from hurricanes.
Guarantees. Generally, the Company has indemnified the purchasers of certain assets in the event that a third party asserts a claim against the purchaser that relates to a liability retained by the Company. These types of indemnification guarantees typically extend for a number of years. Historically, the Company has not made any significant indemnification payments under such agreements and no amount has been accrued in the accompanying consolidated financial statements with respect to these indemnification guarantees. The Company continues to monitor the conditions that are subject to guarantees and indemnifications to identify whether it is probable that a loss has occurred and would recognize any such losses under any guarantees or indemnifications in the period when those losses are probable and estimable.
Commitments.  At March 31, 2019, the Company had $4,701 of undrawn letters of credit.
XML 35 R21.htm IDEA: XBRL DOCUMENT v3.19.1
New Accounting Pronouncements
 3 Months Ended
Mar. 31, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
New Accounting Pronouncements
New Accounting Pronouncements
Adopted In The Current Reporting Period
Effective January 1, 2019, the Company adopted ASC 842. As a result, comparative prior periods have not been adjusted and continue to be reported under FASB ASC Topic 840, Leases. With the adoption of ASC 842, the Company has elected to apply the package of practical expedients: (1) whether a contract is or contains a lease, (2) the classification of existing leases, and (3) whether previously capitalized costs continue to qualify as initial indirect costs. Additionally, the Company elected the practical expedient to not separate non-lease components from lease components for all operating leases.
The adoption of ASC 842 had a material impact on the Company’s unaudited condensed Consolidated Balance Sheet, resulting in the recognition, on January 1, 2019, of a lease liability of $299,243 which represents the present value of the remaining lease payments, and a right-of-use asset of $254,245 which represents the lease liability, offset by adjustments as appropriate under ASC 842. The adoption of ASC 842 did not have a material impact on the Company’s other unaudited condensed consolidated financial statements.
XML 36 R22.htm IDEA: XBRL DOCUMENT v3.19.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2019
By Location  
Disaggregation of Revenue [Line Items]  
Disaggregation of Revenue
The following table presents revenue disaggregated by geography:
Industry Vertical  
Disaggregation of Revenue [Line Items]  
Disaggregation of Revenue
The following table presents revenue disaggregated by client industry vertical for the three months ended March 31, 2019 and 2018:
 
 
 
Three months ended March 31,
Industry
Reportable Segment
 
2019
 
2018
Food & Beverage
All
 
$
66,663

 
$
64,285

Retail
All
 
32,580

 
35,772

Consumer Products
All
 
35,001

 
31,802

Communications
All
 
39,798

 
29,657

Automotive
All
 
18,191

 
20,494

Technology
All
 
26,616

 
34,144

Healthcare
All
 
23,297

 
33,170

Financials
All
 
25,126

 
21,838

Transportation and Travel/Lodging
All
 
17,441

 
14,848

Other
All
 
44,078

 
40,958



 
$
328,791

 
$
326,968
XML 37 R23.htm IDEA: XBRL DOCUMENT v3.19.1
Loss Per Common Share (Tables)
 3 Months Ended
Mar. 31, 2019
Earnings Per Share [Abstract]  
Schedule of Calculation of Numerator and Denominator in Earnings Per Share
The following table sets forth the computation of basic and diluted loss per common share:
 
Three Months Ended 
 March 31,
 
2019

2018
Numerator:
 

 

Net loss attributable to MDC Partners Inc.
$
(113
)
 
$
(29,416
)
Accretion on convertible preference shares
(2,383
)

(2,027
)
Net loss attributable to MDC Partners Inc. common shareholders
$
(2,496
)

$
(31,443
)
Denominator:




Basic weighted average number of common shares outstanding
60,258,102


56,415,042

Diluted weighted average number of common shares outstanding
60,258,102


56,415,042

Basic
$
(0.04
)

$
(0.56
)
Diluted
$
(0.04
)
 
$
(0.56
)
XML 38 R24.htm IDEA: XBRL DOCUMENT v3.19.1
Deferred Acquisition Consideration (Tables)
 3 Months Ended
Mar. 31, 2019
Business Combinations [Abstract]  
Schedule of Changes in Contingent Deferred Acquisition Consideration
The following table presents changes in contingent deferred acquisition consideration, which is measured at fair value on a recurring basis using significant unobservable inputs, and a reconciliation to the amounts reported on the balance sheets as of March 31, 2019 and December 31, 2018.
 
March 31,
 
December 31,
 
2019
 
2018
Beginning Balance of contingent payments
$
82,598

 
$
119,086

Payments
(275
)
 
(54,947
)
Redemption value adjustments (1)
(6,834
)
 
3,512

Additions - acquisitions and step up transactions
—

 
14,943

Foreign translation adjustment
59

 
4

Ending balance of contingent payments
$
75,548

 
$
82,598

Fixed payments
835

 
1,097

 
$
76,383

 
$
83,695

    
(1) Redemption value adjustments are fair value changes from the Company’s initial estimates of deferred acquisition payments and stock-based compensation charges relating to acquisition payments that are tied to continued employment. Redemption value adjustments are recorded within cost of services sold and office and general expenses on the unaudited condensed Consolidated Statements of Operations.
The following table presents the impact to the Company’s statement of operations due to the redemption value adjustments for the contingent deferred acquisition consideration:
 
Three months ended March 31,
 
2019
 
2018
Income (loss) attributable to fair value adjustments
$
(7,643
)
 
$
2,586

Stock-based compensation
809

 
2,361

Redemption value adjustments
$
(6,834
)
 
$
4,947
XML 39 R25.htm IDEA: XBRL DOCUMENT v3.19.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2019
Leases [Abstract]  
Lease Costs and Other Quantitative Information
The following table presents lease costs and other quantitative information for the three months ended March 31, 2019:

 
Three Months Ended March 31,
 
2019
Lease Cost:
 
Operating lease cost
$
16,441

Variable lease cost
4,964

Sublease rental income
(1,599
)
Total lease cost
$
19,806

Additional information:
 
Cash paid for amounts included in the measurement of lease liabilities for operating leases

Operating cash flows
$
15,652

 
 
Right-of-use assets obtained in exchange for operating lease liabilities
$
256,818

Weighted average remaining lease term (in years) - Operating leases
7.3

Weighted average discount rate - Operating leases
8.7
Minimum Future Rental Payments
The following table presents minimum future rental payments under the Company’s leases at March 31, 2019 and their reconciliation to the corresponding lease liabilities:

 
Maturity Analysis
Remaining 2019
$
50,672

2020
65,996

2021
56,032

2022
46,124

2023
42,778

Thereafter
140,202

Total
401,804

Less: Present value discount
$
(109,066
)
Lease liability
$
292,738
XML 40 R26.htm IDEA: XBRL DOCUMENT v3.19.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Schedule of Debt

March 31,
2019

December 31, 2018
Revolving credit agreement
$
32,803

 
$
68,143

6.50% Notes due 2024
900,000

 
900,000

Debt issuance costs
(13,753
)
 
(14,036
)
 
$
919,050

 
$
954,107
XML 41 R27.htm IDEA: XBRL DOCUMENT v3.19.1
Noncontrolling and Redeemable Noncontrolling Interests (Tables)
 3 Months Ended
Mar. 31, 2019
Noncontrolling Interest [Abstract]  
Change In Noncontrolling Interest [Table Text Block]
Changes in amounts due to noncontrolling interest holders included in accruals and other liabilities on the unaudited condensed Consolidated Balance Sheets for the year ended December 31, 2018 and three months ended March 31, 2019 were as follows:
 
Noncontrolling
Interests
Balance, December 31, 2017
$
11,030

Income attributable to noncontrolling interests
11,785

Distributions made
(13,419
)
Other (1)
(118
)
Balance, December 31, 2018
$
9,278

Income attributable to noncontrolling interests
429

Distributions made
(1,501
)
Other (1)
43

Balance, March 31, 2019
$
8,249
Noncontrolling Interest [Table Text Block]
Changes in the Company’s ownership interests in our less than 100% owned subsidiaries during the three months ended March 31, 2019 and 2018 were as follows:
 
Three Months Ended March 31,
 
2019
 
2018
Net loss attributable to MDC Partners Inc.
$
(113
)
 
$
(29,416
)
Transfers from the noncontrolling interest:
 
 
 
Decrease in MDC Partners Inc. paid-in capital for purchase of equity interests in excess of redeemable noncontrolling interests and noncontrolling interests
—

 
(1,166
)
Net transfers from noncontrolling interests
$
—

 
$
(1,166
)
Change from net loss attributable to MDC Partners Inc. and transfers to noncontrolling interests
$
(113
)
 
$
(30,582
)
Redeemable Noncontrolling Interest [Table Text Block]
The following table presents changes in redeemable noncontrolling interests:
 
Three Months Ended March 31, 2019
 
Year Ended December 31, 2018
Beginning Balance
$
51,546

 
$
62,886

Redemptions
—

 
(11,943
)
Granted
—

 
—

Changes in redemption value
(3,574
)
 
1,067

Currency translation adjustments
34

 
(464
)
Ending Balance
$
48,006

 
$
51,546
XML 42 R28.htm IDEA: XBRL DOCUMENT v3.19.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
Fair Value of Financial Liability Measured on a Non-recurring Basis
The following table presents certain information for our financial liability that is not measured at fair value on a recurring basis at March 31, 2019 and December 31, 2018:
 
March 31, 2019

December 31, 2018
 
Carrying
Amount

Fair Value

Carrying
Amount

Fair Value
Liabilities:
 


 


 


 

6.50% Senior Notes due 2024
$
900,000

 
$
750,375

 
$
900,000

 
$
834,750
XML 43 R29.htm IDEA: XBRL DOCUMENT v3.19.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
 
Three Months Ended 
 March 31,
 
2019
 
2018
Revenue:
 
 
 
Global Integrated Agencies
$
129,719

 
$
129,524

Domestic Creative Agencies
67,007

 
66,654

Specialist Communications
38,953

 
38,824

Media Services
20,179

 
24,684

All Other
72,933

 
67,282

Total
$
328,791

 
$
326,968

 
 
 
 
Segment operating income (loss):
 
 
 
Global Integrated Agencies
$
3,770

 
$
(13,593
)
Domestic Creative Agencies
5,477

 
2,878

Specialist Communications
7,077

 
3,728

Media Services
(1,834
)
 
(19
)
All Other
6,014

 
6,445

Corporate
(4,822
)
 
(14,072
)
Total
$
15,682

 
$
(14,633
)
 
 
 
 
Other Income (Expenses):
 
 
 
Interest expense and finance charges, net
(16,760
)
 
(16,083
)
Foreign exchange gain (loss)
5,442

 
(6,660
)
Other, net
(3,383
)
 
441

Income (loss) before income taxes and equity in earnings (losses) of non-consolidated affiliates
981

 
(36,935
)
Income tax expense (benefit)
748

 
(8,330
)
Income (loss) before equity in earnings (losses) of non-consolidated affiliates
233

 
(28,605
)
Equity in earnings of non-consolidated affiliates
83

 
86

Net income (loss)
316

 
(28,519
)
Net income attributable to the noncontrolling interest
(429
)
 
(897
)
Net loss attributable to MDC Partners Inc.
$
(113
)
 
$
(29,416
)



 
Three Months Ended 
 March 31,
 
2019
 
2018
Depreciation and amortization:
 
 
 
Global Integrated Agencies
$
4,065

 
$
7,410

Domestic Creative Agencies
1,239

 
1,293

Specialist Communications
567

 
966

Media Services
691

 
637

All Other
2,059

 
1,845

Corporate
217

 
224

Total
$
8,838

 
$
12,375

 
 
 
 
 
 
 
 
Stock-based compensation:
 
 
 
Global Integrated Agencies
$
3,767

 
$
2,460

Domestic Creative Agencies
464

 
410

Specialist Communications
26

 
187

Media Services
—

 
74

All Other
288

 
658

Corporate
(1,573
)
 
1,248

Total
$
2,972

 
$
5,037

 
 
 
 
Capital expenditures:
 
 
 
Global Integrated Agencies
$
1,418

 
$
2,243

Domestic Creative Agencies
694

 
903

Specialist Communications
251

 
236

Media Services
41

 
184

All Other
1,201

 
225

Corporate
1

 
8

Total
$
3,606

 
$
3,799
XML 44 R30.htm IDEA: XBRL DOCUMENT v3.19.1
Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Disaggregation of Revenue [Line Items]    
Services $ 328,791 $ 326,968
United States    
Disaggregation of Revenue [Line Items]    
Services 263,017 256,524
Canada    
Disaggregation of Revenue [Line Items]    
Services 22,378 26,379
Other    
Disaggregation of Revenue [Line Items]    
Services 43,396 44,065
Food & Beverage    
Disaggregation of Revenue [Line Items]    
Services 66,663 64,285
Retail    
Disaggregation of Revenue [Line Items]    
Services 32,580 35,772
Consumer Products    
Disaggregation of Revenue [Line Items]    
Services 35,001 31,802
Communications    
Disaggregation of Revenue [Line Items]    
Services 39,798 29,657
Automotive    
Disaggregation of Revenue [Line Items]    
Services 18,191 20,494
Technology    
Disaggregation of Revenue [Line Items]    
Services 26,616 34,144
Healthcare    
Disaggregation of Revenue [Line Items]    
Services 23,297 33,170
Financials    
Disaggregation of Revenue [Line Items]    
Services 25,126 21,838
Transportation and Travel/Lodging    
Disaggregation of Revenue [Line Items]    
Services 17,441 14,848
Other    
Disaggregation of Revenue [Line Items]    
Services $ 44,078 $ 40,958
XML 45 R31.htm IDEA: XBRL DOCUMENT v3.19.1
Revenue - Contract Assets and Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
Dec. 31, 2018
Revenue from Contract with Customer [Abstract]    
Unbilled service fees $ 87,054 $ 64,362
Unbilled outside vendor costs, billable to clients 46,663 42,369
Advance billings 171,151 $ 138,505
Increase in advance billings 32,646  
Revenue recognized $ 60,941  
XML 46 R32.htm IDEA: XBRL DOCUMENT v3.19.1
Loss Per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2019
Sep. 30, 2018
Mar. 31, 2018
Class of Stock [Line Items]      
Net loss attributable to MDC Partners Inc. $ (113)   $ (29,416)
Numerator      
Accretion on convertible preference shares $ (2,383)   (2,027)
Net loss attributable to MDC Partners Inc. common shareholders   $ (2,496) $ (31,443)
Denominator      
Denominator for basic income (loss) per common share - weighted average common shares 60,258,102 60,258,102 56,415,042
Denominator for diluted income (loss) per common share - adjusted weighted shares and assumed conversions 60,258,102 60,258,102 56,415,042
Income (loss) from continuing operations attributable to MDC Partners Inc. common shareholders (usd per share) $ (0.04)   $ (0.56)
Income (loss) from continuing operations attributable to MDC Partners Inc. common shareholders (usd per share) $ (0.04)   $ (0.56)
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 1,633,464   1,560,856
MDC Partners Inc. Shareholders' Deficit      
Class of Stock [Line Items]      
Net loss attributable to MDC Partners Inc.     $ (29,416)
Series 4 Convertible Preferred Stock | Convertible Preferred Stock      
Numerator      
Accretion on convertible preference shares     $ (2,027)
XML 47 R33.htm IDEA: XBRL DOCUMENT v3.19.1
Loss Per Common Share (Details Textual) - shares
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Dec. 31, 2018
Dec. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (shares) 1,633,464 1,560,856    
Contingent Restricted Stock Units (RSUs)        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (shares) 257,280 1,343,781    
Convertible Preferred Stock        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Shares outstanding (shares) 145,000 95,000 95,000 95,000
Series 4 Convertible Preferred Stock | Convertible Preferred Stock        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Shares outstanding (shares) 95,000     95,000
Convertible preferred stock, common shares issuable upon conversion (shares) 15,081,035 10,337,949    
Series 6 Convertible Preferred Stock | Convertible Preferred Stock        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Shares outstanding (shares) 50,000      
Convertible preferred stock, common shares issuable upon conversion (shares) 10,037,778      
XML 48 R34.htm IDEA: XBRL DOCUMENT v3.19.1
Acquisitions and Dispositions (Details Textual) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 08, 2019
Sep. 07, 2018
Jul. 01, 2018
Apr. 02, 2018
Jan. 01, 2018
Mar. 31, 2019
Mar. 31, 2018
Dec. 31, 2018
Business Acquisition [Line Items]                
Goodwill           $ 742,775,000   $ 740,955,000
Deferred acquisition consideration           76,383,000   83,695,000
Business acquisitions and step-up transactions, net of tax             $ (1,166,000)  
Granted           0   0
Aggregate 2018 Step-up Transaction [Member] [Member]                
Business Acquisition [Line Items]                
Closing cash payment       $ 3,279,000        
Business Acquisition Deferred Acquisition Consideration               4,305
Instrument LLC [Member]                
Business Acquisition [Line Items]                
Remaining ownership interest acquired (percent)       51.00%        
Business Combination, Consideration Transferred, Other       $ 10,304,000        
Finite-lived Intangible Assets Acquired       23,130,000        
Goodwill       32,776        
Aggregate purchase price       35,591,000        
Closing cash payment       28,561,000        
Granted       $ 27,357,000        
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life       6 years        
Allison & Partners LLC                
Business Acquisition [Line Items]                
Remaining ownership interest acquired (percent)         24.50%      
Aggregate purchase price         $ 10,023,000      
Closing cash payment         300,000      
Deferred acquisition consideration         9,723,000      
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination         20,096      
Business acquisitions and step-up transactions, net of tax         (8,857,000)      
Granted         $ 1,166,000      
OneChocolate [Domain]                
Business Acquisition [Line Items]                
Remaining ownership interest acquired (percent)   100.00%            
Aggregate purchase price   $ 3,231,000            
Business Acquisition Working Capital Payments               966
Doner [Domain]                
Business Acquisition [Line Items]                
Remaining ownership interest acquired (percent)     14.87%          
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination               $ 16,361
Source [Domain]                
Business Acquisition [Line Items]                
Remaining ownership interest acquired (percent)     3.00%          
Doner and Source [Domain]                
Business Acquisition [Line Items]                
Aggregate purchase price     $ 7,618,000          
Business acquisitions and step-up transactions, net of tax     (11,946,000)          
Reduction in noncontrolling interests     $ 933,000          
Common Class A [Member] | Common Stock [Member] | Instrument LLC [Member]                
Business Acquisition [Line Items]                
Stock Issued During Period, Shares, Acquisitions       1,011,561        
Stock Issued During Period, Value, Acquisitions       $ 7,030,000        
Kingsdale Partners LP [Member]                
Business Acquisition [Line Items]                
Proceeds from Divestiture of Businesses           $ 50,000,000    
Loss on disposition of business $ (3,000,000)              
XML 49 R35.htm IDEA: XBRL DOCUMENT v3.19.1
Deferred Acquisition Consideration (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Dec. 31, 2018
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Beginning balance of contingent payments $ 82,598 $ 119,086 $ 119,086
Payments (275)   (54,947)
Redemption value adjustments (6,834) 4,947 3,512
Additions 0   14,943
Foreign translation adjustment 59   4
Ending balance of contingent payments 75,548   82,598
Deferred acquisition consideration 76,383   83,695
Stock-based compensation 809 2,361  
Fixed payments      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Deferred acquisition consideration 835   $ 1,097
Contingent Payment      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Income (loss) attributable to fair value adjustments $ (7,643) $ 2,586  
XML 50 R36.htm IDEA: XBRL DOCUMENT v3.19.1
Leases - Lease Costs and Other Quantitative Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Leases [Abstract]    
Operating lease cost $ 16,441 $ 17,560
Variable lease cost 4,964  
Sublease rental income (1,599) $ (713)
Total lease cost 19,806  
Operating cash flows 15,652  
Right-of-use assets obtained in exchange for new operating lease liabilities $ 256,818  
Weighted average remaining lease term (in years) - Operating leases 7 years 3 months 18 days  
Weighted average discount rate - Operating leases 8.70%  
XML 51 R37.htm IDEA: XBRL DOCUMENT v3.19.1
Leases - Minimum Future Rental Payments (Details)
$ in Thousands
Mar. 31, 2019
USD ($)
Leases [Abstract]  
Remaining 2019 $ 50,672
2020 65,996
2021 56,032
2022 46,124
2023 42,778
Thereafter 140,202
Total 401,804
Less: Present value discount (109,066)
Lease liability $ 292,738
XML 52 R38.htm IDEA: XBRL DOCUMENT v3.19.1
Leases - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Leases [Abstract]    
Leases not yet commenced, liability $ 8,000  
Operating lease cost 16,441 $ 17,560
Sublease rental income $ 1,599 $ 713
XML 53 R39.htm IDEA: XBRL DOCUMENT v3.19.1
Debt (Details) - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Debt [Line Items]    
Revolving credit agreement $ 32,803,000 $ 68,143,000
Debt issuance costs (13,753,000) (14,036,000)
Debt, Long-term and Short-term, Combined Amount, Total 919,050,000 954,107,000
6.50% Notes due 2024    
Debt [Line Items]    
Senior Notes $ 900,000,000 $ 900,000,000
XML 54 R40.htm IDEA: XBRL DOCUMENT v3.19.1
Debt (Details Textual)
 6 Months Ended
May 01, 2024
Mar. 23, 2016
USD ($)
Jun. 30, 2018
Dec. 31, 2020
Mar. 31, 2019
USD ($)
Mar. 12, 2019
USD ($)
Dec. 31, 2018
USD ($)
Sep. 30, 2018
May 03, 2016
USD ($)
Debt [Line Items]                  
Amount outstanding under the line of credit         $ 32,803,000   $ 68,143,000    
Amount of letters of credit outstanding         $ 4,701,000        
Wells Fargo Capital Finance, LLC | Base Rate                  
Debt [Line Items]                  
Interest rate, stated percentage                 1.50%
Wells Fargo Capital Finance, LLC | Non-Prime Rate and Prime Rate on European Advances                  
Debt [Line Items]                  
Interest rate, stated percentage                 0.75%
Wells Fargo Capital Finance, LLC | Revolving Credit Facility [Member]                  
Debt [Line Items]                  
Maximum borrowing capacity                 $ 325,000,000.0
Ratio of Indebtedness to Net Capital                 5.5
Senior Notes | 6.50% Notes due 2024                  
Debt [Line Items]                  
Aggregate principal amount   $ 900,000              
Interest rate, stated percentage   6.50%           6.50%  
Debt instrument, maturity date   May 01, 2024              
Debt instrument, redemption date, one     May 01, 2019            
Line of Credit [Member] | Amendment, Credit Agreement [Member]                  
Debt [Line Items]                  
Maximum borrowing capacity           $ 250,000,000.0      
Ratio of Indebtedness to Net Capital           6.25      
Forecast | Wells Fargo Capital Finance, LLC | 6.50% Notes due 2024                  
Debt [Line Items]                  
Debt instrument, maturity date May 01, 2024                
Forecast | Line of Credit [Member] | Amendment, Credit Agreement [Member]                  
Debt [Line Items]                  
Ratio of Indebtedness to Net Capital       5.5          
XML 55 R41.htm IDEA: XBRL DOCUMENT v3.19.1
Share Capital (Details Textual)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Mar. 14, 2019
USD ($)
$ / shares
shares
Mar. 07, 2017
USD ($)
$ / shares
shares
Mar. 31, 2019
USD ($)
vote
$ / shares
shares
Mar. 31, 2018
USD ($)
shares
Sep. 30, 2018
vote
Dec. 31, 2018
shares
Dec. 31, 2017
shares
Share Capital [Line Items]              
Issuance of common and convertible preference shares     $ 97,629        
Expenses for convertible preference shares       $ (97)      
Series 4 Convertible Preferred Stock              
Share Capital [Line Items]              
Proceeds from issuance of common and convertible preference shares, net of issuance costs     97,629 $ 0      
Preferred Stock              
Share Capital [Line Items]              
Proceeds from issuance of common and convertible preference shares, net of issuance costs $ 97,629            
Issuance of common and convertible preference shares     $ 61,994        
Shares outstanding (shares) | shares     145,000 95,000   95,000 95,000
Expenses for convertible preference shares       $ (97)      
Preferred Stock | Series 4 Convertible Preferred Stock              
Share Capital [Line Items]              
Proceeds from issuance of common and convertible preference shares, net of issuance costs   $ 95,000          
Preferred Stock, Liquidation Preference Per Share | $ / shares   $ 1,000          
Preferred Stock, Conversion Price Per Preference Share | $ / shares $ 7.42 $ 10.00          
Preferred Stock, Accretion Percentage, Preference   8.00%          
Preferred Stock, Accretion Rate, Preference Per Share | $ / shares     $ 7.70        
Preferred Stock, Accretion of Redemption Discount     $ 2,194        
Preferred Stock, Liquidation Preference, Value     $ 111,901        
Shares outstanding (shares) | shares     95,000       95,000
Expenses for convertible preference shares   $ 90,123          
Preferred Stock, Conversion Basis, Common Stock Class A Closing Trade Price         125.00%    
Preferred Stock, Liquidation Preference Percentage Rate, Change of Control of the Company         7.00%    
Stock issued during period, convertible preferred (shares) | shares   95,000          
Preferred Stock | Series 6 Convertible Preferred Stock              
Share Capital [Line Items]              
Stock Issued During Period, Shares, Issued For Services, Convertible Preferred Shares | shares 50,000,000            
Proceeds from issuance of common and convertible preference shares, net of issuance costs $ 50,000            
Preferred Stock, Liquidation Preference Per Share | $ / shares $ 1,000            
Preferred Stock, Conversion Price Per Preference Share | $ / shares $ 5.00            
Preferred Stock, Accretion Percentage, Preference 8.00%            
Preferred Stock, Convertible Preference Shares, Accretion Period 5 years            
Preferred Stock, Accretion of Redemption Discount     $ 189        
Preferred Stock, Liquidation Preference, Value     $ 50,189        
Shares outstanding (shares) | shares     50,000        
Preferred Stock, Convertible Preference Shares, Convertible at Company's Option, Term 2 years            
Preferred Stock, Conversion Basis, Common Stock Class A Closing Trade Price 125.00%            
Preferred Stock, Dividend Rate, Percentage 7.00%            
Additional Paid-in Capital              
Share Capital [Line Items]              
Issuance of common and convertible preference shares $ 35,635   $ 35,635        
Common Stock | Common Class A              
Share Capital [Line Items]              
Stock Issued During Period, Shares, Issued for Services | shares 14,285,714            
Proceeds from Issuance of Common Stock $ 50,000            
Shares outstanding (shares) | shares     71,886,266     57,517,568  
Common stock, voting rights, number of votes per share | vote     1        
Common Stock | Common Class B              
Share Capital [Line Items]              
Shares outstanding (shares) | shares     3,755       3,755
Common stock, voting rights, number of votes per share | vote         20    
Contingent Consideration, Liability Settlements [Domain] | Preferred Stock | Series 4 Convertible Preferred Stock              
Share Capital [Line Items]              
Issuance of common and convertible preference shares $ 61,994            
XML 56 R42.htm IDEA: XBRL DOCUMENT v3.19.1
Noncontrolling and Redeemable Noncontrolling Interests - Changes in Amounts Due to Noncontrolling Interest (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Dec. 31, 2018
Noncontrolling Interest [Abstract]      
Beginning balance $ 9,278 $ 11,030 $ 11,030
Income attributable to noncontrolling interests 429 897 11,785
Distributions made (1,501) $ (3,295) (13,419)
Other 43   (118)
Ending balance $ 8,249   $ 9,278
XML 57 R43.htm IDEA: XBRL DOCUMENT v3.19.1
Noncontrolling and Redeemable Noncontrolling Interests - Changes in Noncontrolling Interests (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Noncontrolling Interest [Line Items]    
Net loss attributable to MDC Partners Inc. $ (113) $ (29,416)
Change from net loss attributable to MDC Partners Inc. and transfers to noncontrolling interests 113 30,582
MDC Partners Inc. Shareholders' Deficit    
Noncontrolling Interest [Line Items]    
Net loss attributable to MDC Partners Inc.   (29,416)
Decrease in MDC Partners Inc. paid-in capital for purchase of equity interests in excess of redeemable noncontrolling interests and noncontrolling interests $ 0 $ 1,166
XML 58 R44.htm IDEA: XBRL DOCUMENT v3.19.1
Noncontrolling and Redeemable Noncontrolling Interests - Changes in Redeemable Noncontrolling Interests (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2019
Dec. 31, 2018
Noncontrolling Interest [Abstract]    
Beginning Balance $ 51,546 $ 62,886
Redemptions 0 (11,943)
Granted 0 0
Changes in redemption value (3,574) 1,067
Currency translation adjustments 34 (464)
Ending Balance $ 48,006 $ 51,546
XML 59 R45.htm IDEA: XBRL DOCUMENT v3.19.1
Noncontrolling and Redeemable Noncontrolling Interests (Details Textual) - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Noncontrolling Interest [Line Items]      
Noncontrolling interest, ownership percentage by Parent (percent) 100.00%    
Redeemable Noncontrolling Interest, Equity, Fair Value $ 48,006,000 $ 51,546,000 $ 62,886,000
Vesting over period [Member]      
Noncontrolling Interest [Line Items]      
Redeemable Noncontrolling Interest, Equity, Fair Value 15,618    
Termination, disability, or death [Member]      
Noncontrolling Interest [Line Items]      
Redeemable Noncontrolling Interest, Equity, Fair Value 28,921    
Acquisition Value in excess of Redemption Value [Member]      
Noncontrolling Interest [Line Items]      
Redeemable Noncontrolling Interest, Equity, Fair Value $ 3,467    
XML 60 R46.htm IDEA: XBRL DOCUMENT v3.19.1
Fair Value Measurements (Details) - 6.50% Notes due 2024 - Fair Value, Inputs, Level 1 - Senior Notes - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Liabilities:    
Long term debt, Carrying Amount $ 900,000 $ 900,000
Long term debt, Fair Value $ 750,375 $ 834,750
XML 61 R47.htm IDEA: XBRL DOCUMENT v3.19.1
Supplemental Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Accrued media $ 137,975   $ 180,586
Goodwill 742,775   $ 740,955
Income tax expense (benefit) 748 $ (8,330)  
Income (loss) before income taxes and equity in earnings of non-consolidated affiliates $ 981 $ (36,935)  
Effective tax rate (percent) 76.30% 22.60%  
Increase in income tax expense (benefit) $ (9,078)    
XML 62 R48.htm IDEA: XBRL DOCUMENT v3.19.1
Segment Information (Details 1)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2019
USD ($)
operating_segment
Mar. 31, 2018
USD ($)
Sep. 30, 2018
reportable_segment
Dec. 31, 2018
USD ($)
Segment Reporting Information [Line Items]        
Number of reportable segments | reportable_segment     4  
Revenue $ 328,791 $ 326,968    
Segment operating income (loss) 15,682 (14,633)    
Interest expense and finance charges (16,760) (16,083)    
Foreign exchange transaction gain (loss) 5,442 (6,660)    
Other, net (3,383) 441    
Income (loss) before income taxes and equity in earnings of non-consolidated affiliates 981 (36,935)    
Income tax expense (benefit) 748 (8,330)    
Income (loss) before equity in earnings (losses) of non-consolidated affiliates 233 (28,605)    
Equity in earnings (losses) of non-consolidated affiliates 83 86    
Net income (loss) 316 (28,519)    
Net income attributable to the noncontrolling interest (429) (897)   $ (11,785)
Net income (loss) attributable to MDC Partners Inc. (113) (29,416)    
Depreciation and amortization 8,838 12,375    
Stock-based compensation 2,972 5,037    
Capital expenditures $ 3,606 3,799    
Global Integrated Agencies        
Segment Reporting Information [Line Items]        
Number of operating segments | operating_segment 4      
Revenue $ 129,719 129,524    
Segment operating income (loss) 3,770 (13,593)    
Depreciation and amortization 4,065 7,410    
Stock-based compensation 3,767 2,460    
Capital expenditures $ 1,418 2,243    
Domestic Creative Agencies        
Segment Reporting Information [Line Items]        
Number of operating segments | operating_segment 7      
Revenue $ 67,007 66,654    
Segment operating income (loss) 5,477 2,878    
Depreciation and amortization 1,239 1,293    
Stock-based compensation 464 410    
Capital expenditures $ 694 903    
Specialized Communications        
Segment Reporting Information [Line Items]        
Number of operating segments | operating_segment 4      
Revenue $ 38,953 38,824    
Segment operating income (loss) 7,077 3,728    
Depreciation and amortization 567 966    
Stock-based compensation 26 187    
Capital expenditures 251 236    
Media Services        
Segment Reporting Information [Line Items]        
Revenue 20,179 24,684    
Segment operating income (loss) (1,834) (19)    
Depreciation and amortization 691 637    
Stock-based compensation 0 74    
Capital expenditures 41 184    
All Other        
Segment Reporting Information [Line Items]        
Revenue 72,933 67,282    
Segment operating income (loss) 6,014 6,445    
Depreciation and amortization 2,059 1,845    
Stock-based compensation 288 658    
Capital expenditures 1,201 225    
Corporate, Non-Segment        
Segment Reporting Information [Line Items]        
Segment operating income (loss) (4,822) (14,072)    
Depreciation and amortization 217 224    
Stock-based compensation (1,573) 1,248    
Capital expenditures $ 1 $ 8    
XML 63 R49.htm IDEA: XBRL DOCUMENT v3.19.1
Commitments, Contingencies and Guarantees (Details Textual)
$ in Thousands
Mar. 31, 2019
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Investment commitments $ 100
Amount of letters of credit outstanding $ 4,701
XML 64 R50.htm IDEA: XBRL DOCUMENT v3.19.1
New Accounting Pronouncements (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Jan. 01, 2019
Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Lease liability $ 292,738    
Operating lease right-of-use asset $ 246,643   $ 0
Accounting Standards Update 2016-02 - ASC 842      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Lease liability   $ 299,243  
Operating lease right-of-use asset   $ 254,245  
EXCEL 65 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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how.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 67 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 68 FilingSummary.xml IDEA: XBRL DOCUMENT 3.19.1 html 163 256 1 false 61 0 false 7 false false R1.htm 0001000 - Document - Document And Entity Information Sheet http://www.mdc-partners.com/role/DocumentAndEntityInformation Document And Entity Information Cover 1 false false R2.htm 1001000 - Statement - UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Sheet http://www.mdc-partners.com/role/UnauditedCondensedConsolidatedStatementsOfOperations UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Statements 2 false false R3.htm 1002000 - Statement - UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Sheet http://www.mdc-partners.com/role/UnauditedConsolidatedStatementsOfComprehensiveIncomeLoss UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Statements 3 false false R4.htm 1004000 - Statement - UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS Sheet http://www.mdc-partners.com/role/UnauditedCondensedConsolidatedBalanceSheets UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS Statements 4 false false R5.htm 1004501 - Statement - UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) Sheet http://www.mdc-partners.com/role/UnauditedCondensedConsolidatedBalanceSheetsParenthetical UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) Statements 5 false false R6.htm 1005000 - Statement - UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Sheet http://www.mdc-partners.com/role/UnauditedCondensedConsolidatedStatementsOfCashFlows UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Statements 6 false false R7.htm 1006000 - Statement - UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT Sheet http://www.mdc-partners.com/role/UnauditedCondensedConsolidatedStatementsOfShareholdersDeficit UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT Statements 7 false false R8.htm 2101100 - Disclosure - Basis of Presentation Sheet http://www.mdc-partners.com/role/BasisOfPresentation Basis of Presentation Notes 8 false false R9.htm 2103100 - Disclosure - Revenue Sheet http://www.mdc-partners.com/role/Revenue Revenue Notes 9 false false R10.htm 2104100 - Disclosure - Loss Per Common Share Sheet http://www.mdc-partners.com/role/LossPerCommonShare Loss Per Common Share Notes 10 false false R11.htm 2105100 - Disclosure - Acquisitions and Dispositions Sheet http://www.mdc-partners.com/role/AcquisitionsAndDispositions Acquisitions and Dispositions Notes 11 false false R12.htm 2106100 - Disclosure - Deferred Acquisition Consideration Sheet http://www.mdc-partners.com/role/DeferredAcquisitionConsideration Deferred Acquisition Consideration Notes 12 false false R13.htm 2107100 - Disclosure - Leases Sheet http://www.mdc-partners.com/role/Leases Leases Notes 13 false false R14.htm 2108100 - Disclosure - Debt Sheet http://www.mdc-partners.com/role/Debt Debt Notes 14 false false R15.htm 2109100 - Disclosure - Share Capital Sheet http://www.mdc-partners.com/role/ShareCapital Share Capital Notes 15 false false R16.htm 2110100 - Disclosure - Noncontrolling and Redeemable Noncontrolling Interests Sheet http://www.mdc-partners.com/role/NoncontrollingAndRedeemableNoncontrollingInterests Noncontrolling and Redeemable Noncontrolling Interests Notes 16 false false R17.htm 2112100 - Disclosure - Fair Value Measurements Sheet http://www.mdc-partners.com/role/FairValueMeasurements Fair Value Measurements Notes 17 false false R18.htm 2113100 - Disclosure - Supplemental Information Sheet http://www.mdc-partners.com/role/SupplementalInformation Supplemental Information Notes 18 false false R19.htm 2115100 - Disclosure - Segment Information Sheet http://www.mdc-partners.com/role/SegmentInformation Segment Information Notes 19 false false R20.htm 2116100 - Disclosure - Commitments, Contingencies and Guarantees Sheet http://www.mdc-partners.com/role/CommitmentsContingenciesAndGuarantees Commitments, Contingencies and Guarantees Notes 20 false false R21.htm 2117100 - Disclosure - New Accounting Pronouncements Sheet http://www.mdc-partners.com/role/NewAccountingPronouncements New Accounting Pronouncements Notes 21 false false R22.htm 2303301 - Disclosure - Revenue (Tables) Sheet http://www.mdc-partners.com/role/RevenueTables Revenue (Tables) Tables http://www.mdc-partners.com/role/Revenue 22 false false R23.htm 2304301 - Disclosure - Loss Per Common Share (Tables) Sheet http://www.mdc-partners.com/role/LossPerCommonShareTables Loss Per Common Share (Tables) Tables http://www.mdc-partners.com/role/LossPerCommonShare 23 false false R24.htm 2306301 - Disclosure - Deferred Acquisition Consideration (Tables) Sheet http://www.mdc-partners.com/role/DeferredAcquisitionConsiderationTables Deferred Acquisition Consideration (Tables) Tables http://www.mdc-partners.com/role/DeferredAcquisitionConsideration 24 false false R25.htm 2307301 - Disclosure - Leases (Tables) Sheet http://www.mdc-partners.com/role/LeasesTables Leases (Tables) Tables http://www.mdc-partners.com/role/Leases 25 false false R26.htm 2308301 - Disclosure - Debt (Tables) Sheet http://www.mdc-partners.com/role/DebtTables Debt (Tables) Tables http://www.mdc-partners.com/role/Debt 26 false false R27.htm 2310301 - Disclosure - Noncontrolling and Redeemable Noncontrolling Interests (Tables) Sheet http://www.mdc-partners.com/role/NoncontrollingAndRedeemableNoncontrollingInterestsTables Noncontrolling and Redeemable Noncontrolling Interests (Tables) Tables http://www.mdc-partners.com/role/NoncontrollingAndRedeemableNoncontrollingInterests 27 false false R28.htm 2312301 - Disclosure - Fair Value Measurements (Tables) Sheet http://www.mdc-partners.com/role/FairValueMeasurementsTables Fair Value Measurements (Tables) Tables http://www.mdc-partners.com/role/FairValueMeasurements 28 false false R29.htm 2315301 - Disclosure - Segment Information (Tables) Sheet http://www.mdc-partners.com/role/SegmentInformationTables Segment Information (Tables) Tables http://www.mdc-partners.com/role/SegmentInformation 29 false false R30.htm 2403402 - Disclosure - Revenue - Disaggregation of Revenue (Details) Sheet http://www.mdc-partners.com/role/RevenueDisaggregationOfRevenueDetails Revenue - Disaggregation of Revenue (Details) Details 30 false false R31.htm 2403403 - Disclosure - Revenue - Contract Assets and Liabilities (Details) Sheet http://www.mdc-partners.com/role/RevenueContractAssetsAndLiabilitiesDetails Revenue - Contract Assets and Liabilities (Details) Details 31 false false R32.htm 2404402 - Disclosure - Loss Per Common Share (Details) Sheet http://www.mdc-partners.com/role/LossPerCommonShareDetails Loss Per Common Share (Details) Details http://www.mdc-partners.com/role/LossPerCommonShareTables 32 false false R33.htm 2404403 - Disclosure - Loss Per Common Share (Details Textual) Sheet http://www.mdc-partners.com/role/LossPerCommonShareDetailsTextual Loss Per Common Share (Details Textual) Details http://www.mdc-partners.com/role/LossPerCommonShareTables 33 false false R34.htm 2405402 - Disclosure - Acquisitions and Dispositions (Details Textual) Sheet http://www.mdc-partners.com/role/AcquisitionsAndDispositionsDetailsTextual Acquisitions and Dispositions (Details Textual) Details http://www.mdc-partners.com/role/AcquisitionsAndDispositions 34 false false R35.htm 2406402 - Disclosure - Deferred Acquisition Consideration (Details) Sheet http://www.mdc-partners.com/role/DeferredAcquisitionConsiderationDetails Deferred Acquisition Consideration (Details) Details http://www.mdc-partners.com/role/DeferredAcquisitionConsiderationTables 35 false false R36.htm 2407402 - Disclosure - Leases - Lease Costs and Other Quantitative Information (Details) Sheet http://www.mdc-partners.com/role/LeasesLeaseCostsAndOtherQuantitativeInformationDetails Leases - Lease Costs and Other Quantitative Information (Details) Details 36 false false R37.htm 2407403 - Disclosure - Leases - Minimum Future Rental Payments (Details) Sheet http://www.mdc-partners.com/role/LeasesMinimumFutureRentalPaymentsDetails Leases - Minimum Future Rental Payments (Details) Details 37 false false R38.htm 2407404 - Disclosure - Leases - Additional Information (Details) Sheet http://www.mdc-partners.com/role/LeasesAdditionalInformationDetails Leases - Additional Information (Details) Details 38 false false R39.htm 2408402 - Disclosure - Debt (Details) Sheet http://www.mdc-partners.com/role/DebtDetails Debt (Details) Details http://www.mdc-partners.com/role/DebtTables 39 false false R40.htm 2408403 - Disclosure - Debt (Details Textual) Sheet http://www.mdc-partners.com/role/DebtDetailsTextual Debt (Details Textual) Details http://www.mdc-partners.com/role/DebtTables 40 false false R41.htm 2409401 - Disclosure - Share Capital (Details Textual) Sheet http://www.mdc-partners.com/role/ShareCapitalDetailsTextual Share Capital (Details Textual) Details http://www.mdc-partners.com/role/ShareCapital 41 false false R42.htm 2410402 - Disclosure - Noncontrolling and Redeemable Noncontrolling Interests - Changes in Amounts Due to Noncontrolling Interest (Details) Sheet http://www.mdc-partners.com/role/NoncontrollingAndRedeemableNoncontrollingInterestsChangesInAmountsDueToNoncontrollingInterestDetails Noncontrolling and Redeemable Noncontrolling Interests - Changes in Amounts Due to Noncontrolling Interest (Details) Details 42 false false R43.htm 2410403 - Disclosure - Noncontrolling and Redeemable Noncontrolling Interests - Changes in Noncontrolling Interests (Details) Sheet http://www.mdc-partners.com/role/NoncontrollingAndRedeemableNoncontrollingInterestsChangesInNoncontrollingInterestsDetails Noncontrolling and Redeemable Noncontrolling Interests - Changes in Noncontrolling Interests (Details) Details 43 false false R44.htm 2410404 - Disclosure - Noncontrolling and Redeemable Noncontrolling Interests - Changes in Redeemable Noncontrolling Interests (Details) Sheet http://www.mdc-partners.com/role/NoncontrollingAndRedeemableNoncontrollingInterestsChangesInRedeemableNoncontrollingInterestsDetails Noncontrolling and Redeemable Noncontrolling Interests - Changes in Redeemable Noncontrolling Interests (Details) Details 44 false false R45.htm 2410405 - Disclosure - Noncontrolling and Redeemable Noncontrolling Interests (Details Textual) Sheet http://www.mdc-partners.com/role/NoncontrollingAndRedeemableNoncontrollingInterestsDetailsTextual Noncontrolling and Redeemable Noncontrolling Interests (Details Textual) Details http://www.mdc-partners.com/role/NoncontrollingAndRedeemableNoncontrollingInterestsTables 45 false false R46.htm 2412402 - Disclosure - Fair Value Measurements (Details) Sheet http://www.mdc-partners.com/role/FairValueMeasurementsDetails Fair Value Measurements (Details) Details http://www.mdc-partners.com/role/FairValueMeasurementsTables 46 false false R47.htm 2413401 - Disclosure - Supplemental Information (Details) Sheet http://www.mdc-partners.com/role/SupplementalInformationDetails Supplemental Information (Details) Details http://www.mdc-partners.com/role/SupplementalInformation 47 false false R48.htm 2415402 - Disclosure - Segment Information (Details 1) Sheet http://www.mdc-partners.com/role/SegmentInformationDetails1 Segment Information (Details 1) Details http://www.mdc-partners.com/role/SegmentInformationTables 48 false false R49.htm 2416401 - Disclosure - Commitments, Contingencies and Guarantees (Details Textual) Sheet http://www.mdc-partners.com/role/CommitmentsContingenciesAndGuaranteesDetailsTextual Commitments, Contingencies and Guarantees (Details Textual) Details http://www.mdc-partners.com/role/CommitmentsContingenciesAndGuarantees 49 false false R50.htm 2417402 - Disclosure - New Accounting Pronouncements (Details) Sheet http://www.mdc-partners.com/role/NewAccountingPronouncementsDetails New Accounting Pronouncements (Details) Details 50 false false All Reports Book All Reports mdca-20190331.xml mdca-20190331.xsd mdca-20190331_cal.xml mdca-20190331_def.xml mdca-20190331_lab.xml mdca-20190331_pre.xml http://fasb.org/us-gaap/2018-01-31 http://xbrl.sec.gov/dei/2018-01-31 http://xbrl.sec.gov/country/2017-01-31 http://fasb.org/srt/2018-01-31 true true ZIP 70 0000876883-19-000009-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000876883-19-000009-xbrl.zip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end