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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ARC Document Solutions Inc | NYSE:ARC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.02 | 0.76% | 2.66 | 2.68 | 2.64 | 2.65 | 42,102 | 01:00:00 |
ý
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
20-1700361
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer
|
¨
|
Accelerated filer
|
ý
|
|
|
|
|
Non-accelerated filer
|
¨
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
¨
|
|
|
|
|
|
|
Emerging growth company
|
¨
|
PART I—FINANCIAL INFORMATION
|
|
Item 1. Condensed Consolidated Financial Statements
|
|
Condensed Consolidated Balance Sheets as of June 30, 2017 and December 31, 2016 (Unaudited)
|
|
Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2017 and 2016 (Unaudited)
|
|
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2017 and 2016 (Unaudited)
|
|
Condensed Consolidated Statements of Equity for the six months ended June 30, 2017 and 2016 (Unaudited)
|
|
Condensed Consolidated Statements of Cash Flows for the three and six months ended June 30, 2017 and 2016 (Unaudited)
|
|
Notes to Condensed Consolidated Financial Statements (Unaudited)
|
|
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
Item 3. Quantitative and Qualitative Disclosures About Market Risk
|
|
Item 4. Controls and Procedures
|
|
PART II—OTHER INFORMATION
|
|
Item 1. Legal Proceedings
|
|
Item 1A. Risk Factors
|
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
|
Item 6. Exhibits
|
|
Signatures
|
|
Exhibit Index
|
|
Exhibit 31.1
|
|
Exhibit 31.2
|
|
Exhibit 32.1
|
|
Exhibit 32.2
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
December 31,
|
||||
(In thousands, except per share data)
|
2017
|
|
2016
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
26,604
|
|
|
$
|
25,239
|
|
Accounts receivable, net of allowances for accounts receivable of
$2,376
and $2,060
|
59,565
|
|
|
59,735
|
|
||
Inventories, net
|
18,733
|
|
|
18,184
|
|
||
Prepaid expenses
|
5,613
|
|
|
3,861
|
|
||
Other current assets
|
5,265
|
|
|
4,785
|
|
||
Total current assets
|
115,780
|
|
|
111,804
|
|
||
Property and equipment, net of accumulated depreciation of
$206,959
and $201,192
|
64,078
|
|
|
60,735
|
|
||
Goodwill
|
138,688
|
|
|
138,688
|
|
||
Other intangible assets, net
|
11,094
|
|
|
13,202
|
|
||
Deferred income taxes
|
39,397
|
|
|
42,667
|
|
||
Other assets
|
2,345
|
|
|
2,185
|
|
||
Total assets
|
$
|
371,382
|
|
|
$
|
369,281
|
|
Liabilities and Equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
22,246
|
|
|
$
|
24,782
|
|
Accrued payroll and payroll-related expenses
|
12,951
|
|
|
12,219
|
|
||
Accrued expenses
|
16,532
|
|
|
16,138
|
|
||
Current portion of long-term debt and capital leases
|
15,162
|
|
|
13,773
|
|
||
Total current liabilities
|
66,891
|
|
|
66,912
|
|
||
Long-term debt and capital leases
|
136,805
|
|
|
143,400
|
|
||
Other long-term liabilities
|
2,639
|
|
|
2,148
|
|
||
Total liabilities
|
206,335
|
|
|
212,460
|
|
||
Commitments and contingencies (Note 6)
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
ARC Document Solutions, Inc. stockholders’ equity:
|
|
|
|
||||
Preferred stock, $0.001 par value, 25,000 shares authorized;
0
shares issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.001 par value, 150,000 shares authorized;
47,880
and 47,428 shares issued and
46,440
and 45,988 shares outstanding
|
48
|
|
|
47
|
|
||
Additional paid-in capital
|
119,467
|
|
|
117,749
|
|
||
Retained earnings
|
47,455
|
|
|
41,822
|
|
||
Accumulated other comprehensive loss
|
(3,139
|
)
|
|
(3,793
|
)
|
||
|
163,831
|
|
|
155,825
|
|
||
Less cost of common stock in treasury,
1,440
shares
|
5,909
|
|
|
5,909
|
|
||
Total ARC Document Solutions, Inc. stockholders’ equity
|
157,922
|
|
|
149,916
|
|
||
Noncontrolling interest
|
7,125
|
|
|
6,905
|
|
||
Total equity
|
165,047
|
|
|
156,821
|
|
||
Total liabilities and equity
|
$
|
371,382
|
|
|
$
|
369,281
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
(In thousands, except per share data)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Service sales
|
$
|
89,870
|
|
|
$
|
92,581
|
|
|
$
|
176,834
|
|
|
$
|
183,216
|
|
Equipment and supplies sales
|
12,410
|
|
|
11,189
|
|
|
24,177
|
|
|
24,104
|
|
||||
Total net sales
|
102,280
|
|
|
103,770
|
|
|
201,011
|
|
|
207,320
|
|
||||
Cost of sales
|
67,794
|
|
|
67,378
|
|
|
135,687
|
|
|
137,191
|
|
||||
Gross profit
|
34,486
|
|
|
36,392
|
|
|
65,324
|
|
|
70,129
|
|
||||
Selling, general and administrative expenses
|
25,550
|
|
|
25,503
|
|
|
50,697
|
|
|
51,859
|
|
||||
Amortization of intangible assets
|
1,082
|
|
|
1,232
|
|
|
2,197
|
|
|
2,545
|
|
||||
Goodwill impairment
|
—
|
|
|
73,920
|
|
|
—
|
|
|
73,920
|
|
||||
Restructuring expense
|
—
|
|
|
5
|
|
|
—
|
|
|
7
|
|
||||
Income (loss) from operations
|
7,854
|
|
|
(64,268
|
)
|
|
12,430
|
|
|
(58,202
|
)
|
||||
Other income, net
|
(22
|
)
|
|
(15
|
)
|
|
(41
|
)
|
|
(38
|
)
|
||||
Loss on extinguishment of debt
|
40
|
|
|
44
|
|
|
106
|
|
|
90
|
|
||||
Interest expense, net
|
1,594
|
|
|
1,526
|
|
|
3,149
|
|
|
2,972
|
|
||||
Income (loss) before income tax provision (benefit)
|
6,242
|
|
|
(65,823
|
)
|
|
9,216
|
|
|
(61,226
|
)
|
||||
Income tax provision (benefit)
|
2,522
|
|
|
(10,015
|
)
|
|
3,748
|
|
|
(8,046
|
)
|
||||
Net income (loss)
|
3,720
|
|
|
(55,808
|
)
|
|
5,468
|
|
|
(53,180
|
)
|
||||
Income attributable to the noncontrolling interest
|
(84
|
)
|
|
(96
|
)
|
|
(48
|
)
|
|
(150
|
)
|
||||
Net income (loss) attributable to ARC Document Solutions, Inc. shareholders
|
$
|
3,636
|
|
|
$
|
(55,904
|
)
|
|
$
|
5,420
|
|
|
$
|
(53,330
|
)
|
Earnings (loss) per share attributable to ARC Document Solutions, Inc. shareholders:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.08
|
|
|
$
|
(1.22
|
)
|
|
$
|
0.12
|
|
|
$
|
(1.15
|
)
|
Diluted
|
$
|
0.08
|
|
|
$
|
(1.22
|
)
|
|
$
|
0.12
|
|
|
$
|
(1.15
|
)
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
45,792
|
|
|
45,955
|
|
|
45,716
|
|
|
46,285
|
|
||||
Diluted
|
46,258
|
|
|
45,955
|
|
|
46,329
|
|
|
46,285
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
(In thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income (loss)
|
$
|
3,720
|
|
|
$
|
(55,808
|
)
|
|
$
|
5,468
|
|
|
$
|
(53,180
|
)
|
Other comprehensive income (loss), net of tax
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments, net of tax
|
309
|
|
|
(935
|
)
|
|
740
|
|
|
(623
|
)
|
||||
Fair value adjustment of derivatives, net of tax
|
45
|
|
|
(2
|
)
|
|
86
|
|
|
(97
|
)
|
||||
Other comprehensive income (loss), net of tax
|
354
|
|
|
(937
|
)
|
|
826
|
|
|
(720
|
)
|
||||
Comprehensive income (loss)
|
4,074
|
|
|
(56,745
|
)
|
|
6,294
|
|
|
(53,900
|
)
|
||||
Comprehensive income (loss) attributable to noncontrolling interest
|
202
|
|
|
(116
|
)
|
|
220
|
|
|
(14
|
)
|
||||
Comprehensive income (loss) attributable to ARC Document Solutions, Inc. shareholders
|
$
|
3,872
|
|
|
$
|
(56,629
|
)
|
|
$
|
6,074
|
|
|
$
|
(53,886
|
)
|
|
ARC Document Solutions, Inc. Shareholders
|
|
|
|
|
|||||||||||||||||||||||||
|
Common Stock
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|||||||||||||||||
(In thousands, except per share data)
|
Shares
|
|
Par
Value
|
|
Additional Paid-in
Capital
|
|
Retained Earnings
|
|
Other Comprehensive
Loss
|
|
Common Stock in
Treasury
|
|
Noncontrolling
Interest
|
|
Total
|
|||||||||||||||
Balance at December 31, 2015
|
47,130
|
|
|
$
|
47
|
|
|
$
|
115,089
|
|
|
$
|
89,687
|
|
|
$
|
(2,097
|
)
|
|
$
|
(612
|
)
|
|
$
|
7,020
|
|
|
$
|
209,134
|
|
Stock-based compensation
|
229
|
|
|
—
|
|
|
1,423
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,423
|
|
|||||||
Issuance of common stock under Employee Stock Purchase Plan
|
19
|
|
|
—
|
|
|
70
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
70
|
|
|||||||
Stock options exercised
|
12
|
|
|
—
|
|
|
30
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30
|
|
|||||||
Tax deficiency from stock-based compensation
|
|
|
|
|
|
|
(118
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(118
|
)
|
|||||||
Treasury shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,097
|
)
|
|
—
|
|
|
(5,097
|
)
|
|||||||
Comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net (loss) income
|
—
|
|
|
—
|
|
|
—
|
|
|
(53,330
|
)
|
|
—
|
|
|
—
|
|
|
150
|
|
|
(53,180
|
)
|
|||||||
Foreign currency translation adjustments, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(459
|
)
|
|
—
|
|
|
(164
|
)
|
|
(623
|
)
|
|||||||
Fair value adjustment of derivatives, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(97
|
)
|
|
—
|
|
|
—
|
|
|
(97
|
)
|
|||||||
Comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(53,900
|
)
|
||||||||||||||
Balance at June 30, 2016
|
47,390
|
|
|
$
|
47
|
|
|
$
|
116,494
|
|
|
$
|
36,357
|
|
|
$
|
(2,653
|
)
|
|
$
|
(5,709
|
)
|
|
$
|
7,006
|
|
|
$
|
151,542
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
ARC Document Solutions, Inc. Shareholders
|
|
|
|
|
|||||||||||||||||||||||||
|
Common Stock
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|||||||||||||||||
(In thousands, except per share data)
|
Shares
|
|
Par
Value
|
|
Additional Paid-in
Capital
|
|
Retained
Earnings
|
|
Other Comprehensive
Loss
|
|
Common Stock in
Treasury
|
|
Noncontrolling
Interest
|
|
Total
|
|||||||||||||||
Balance at December 31, 2016
|
47,428
|
|
|
$
|
47
|
|
|
$
|
117,749
|
|
|
$
|
41,822
|
|
|
$
|
(3,793
|
)
|
|
$
|
(5,909
|
)
|
|
$
|
6,905
|
|
|
$
|
156,821
|
|
Stock-based compensation
|
403
|
|
|
1
|
|
|
1,552
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,553
|
|
|||||||
ASU 2016-09 adoption adjustment
|
—
|
|
|
—
|
|
|
29
|
|
|
213
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
242
|
|
|||||||
Issuance of common stock under Employee Stock Purchase Plan
|
23
|
|
|
—
|
|
|
66
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
66
|
|
|||||||
Stock options exercised
|
26
|
|
|
—
|
|
|
71
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
71
|
|
|||||||
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
5,420
|
|
|
—
|
|
|
—
|
|
|
48
|
|
|
5,468
|
|
|||||||
Foreign currency translation adjustments, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
568
|
|
|
—
|
|
|
172
|
|
|
740
|
|
|||||||
Fair value adjustment of derivatives, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
86
|
|
|
—
|
|
|
—
|
|
|
86
|
|
|||||||
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,294
|
|
||||||||||||||
Balance at June 30, 2017
|
47,880
|
|
|
$
|
48
|
|
|
$
|
119,467
|
|
|
$
|
47,455
|
|
|
$
|
(3,139
|
)
|
|
$
|
(5,909
|
)
|
|
$
|
7,125
|
|
|
$
|
165,047
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
(In thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Cash flows from operating activities
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
$
|
3,720
|
|
|
$
|
(55,808
|
)
|
|
$
|
5,468
|
|
|
$
|
(53,180
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|
|
|
||||||||
Allowance for accounts receivable
|
353
|
|
|
249
|
|
|
561
|
|
|
320
|
|
||||
Depreciation
|
7,271
|
|
|
6,658
|
|
|
14,410
|
|
|
13,335
|
|
||||
Amortization of intangible assets
|
1,082
|
|
|
1,232
|
|
|
2,197
|
|
|
2,545
|
|
||||
Amortization of deferred financing costs
|
83
|
|
|
115
|
|
|
177
|
|
|
233
|
|
||||
Goodwill impairment
|
—
|
|
|
73,920
|
|
|
—
|
|
|
73,920
|
|
||||
Stock-based compensation
|
816
|
|
|
651
|
|
|
1,553
|
|
|
1,423
|
|
||||
Deferred income taxes
|
2,248
|
|
|
(10,066
|
)
|
|
3,425
|
|
|
(8,317
|
)
|
||||
Deferred tax valuation allowance
|
45
|
|
|
(87
|
)
|
|
34
|
|
|
(15
|
)
|
||||
Loss on early extinguishment of debt
|
40
|
|
|
44
|
|
|
106
|
|
|
90
|
|
||||
Other non-cash items, net
|
(163
|
)
|
|
(119
|
)
|
|
(136
|
)
|
|
(453
|
)
|
||||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
||||||||
Accounts receivable
|
(95
|
)
|
|
(124
|
)
|
|
(148
|
)
|
|
(1,388
|
)
|
||||
Inventory
|
1,026
|
|
|
(1,199
|
)
|
|
(508
|
)
|
|
(2,767
|
)
|
||||
Prepaid expenses and other assets
|
(1,956
|
)
|
|
(1,063
|
)
|
|
(2,158
|
)
|
|
(666
|
)
|
||||
Accounts payable and accrued expenses
|
4,018
|
|
|
2,177
|
|
|
449
|
|
|
(3,197
|
)
|
||||
Net cash provided by operating activities
|
18,488
|
|
|
16,580
|
|
|
25,430
|
|
|
21,883
|
|
||||
Cash flows from investing activities
|
|
|
|
|
|
|
|
||||||||
Capital expenditures
|
(2,899
|
)
|
|
(2,645
|
)
|
|
(4,911
|
)
|
|
(5,150
|
)
|
||||
Other
|
262
|
|
|
481
|
|
|
394
|
|
|
707
|
|
||||
Net cash used in investing activities
|
(2,637
|
)
|
|
(2,164
|
)
|
|
(4,517
|
)
|
|
(4,443
|
)
|
||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
||||||||
Proceeds from stock option exercises
|
3
|
|
|
19
|
|
|
71
|
|
|
30
|
|
||||
Proceeds from issuance of common stock under Employee Stock Purchase Plan
|
30
|
|
|
31
|
|
|
66
|
|
|
70
|
|
||||
Share repurchases
|
—
|
|
|
(2,364
|
)
|
|
—
|
|
|
(5,097
|
)
|
||||
Contingent consideration on prior acquisitions
|
(81
|
)
|
|
(302
|
)
|
|
(151
|
)
|
|
(367
|
)
|
||||
Early extinguishment of long-term debt
|
(5,650
|
)
|
|
(4,600
|
)
|
|
(14,150
|
)
|
|
(9,000
|
)
|
||||
Payments on long-term debt agreements and capital leases
|
(4,106
|
)
|
|
(3,220
|
)
|
|
(7,914
|
)
|
|
(6,341
|
)
|
||||
Borrowings under revolving credit facilities
|
1,000
|
|
|
—
|
|
|
2,500
|
|
|
—
|
|
||||
Payments under revolving credit facilities
|
(175
|
)
|
|
—
|
|
|
(300
|
)
|
|
—
|
|
||||
Payment of deferred financing costs
|
—
|
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
||||
Net cash used in financing activities
|
(8,979
|
)
|
|
(10,436
|
)
|
|
(19,878
|
)
|
|
(20,735
|
)
|
||||
Effect of foreign currency translation on cash balances
|
63
|
|
|
(321
|
)
|
|
330
|
|
|
(216
|
)
|
||||
Net change in cash and cash equivalents
|
6,935
|
|
|
3,659
|
|
|
1,365
|
|
|
(3,511
|
)
|
||||
Cash and cash equivalents at beginning of period
|
19,669
|
|
|
16,793
|
|
|
25,239
|
|
|
23,963
|
|
||||
Cash and cash equivalents at end of period
|
$
|
26,604
|
|
|
$
|
20,452
|
|
|
$
|
26,604
|
|
|
$
|
20,452
|
|
Supplemental disclosure of cash flow information
|
|
|
|
|
|
|
|
||||||||
Noncash investing and financing activities
|
|
|
|
|
|
|
|
||||||||
Capital lease obligations incurred
|
$
|
6,390
|
|
|
$
|
5,742
|
|
|
$
|
14,310
|
|
|
$
|
8,607
|
|
Contingent liabilities in connection with acquisition of businesses
|
$
|
27
|
|
|
$
|
—
|
|
|
$
|
27
|
|
|
$
|
89
|
|
Liabilities in connection with deferred financing fees
|
$
|
—
|
|
|
$
|
76
|
|
|
$
|
—
|
|
|
$
|
76
|
|
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
2017
|
|
2016
|
||||||||
Service Sales
|
|
|
|
|
|
|
||||||||
CDIM
|
$
|
53,684
|
|
|
$
|
54,860
|
|
$
|
104,942
|
|
|
$
|
108,525
|
|
MPS
|
33,050
|
|
|
34,055
|
|
65,544
|
|
|
67,286
|
|
||||
AIM
|
3,136
|
|
|
3,666
|
|
6,348
|
|
|
7,405
|
|
||||
Total service sales
|
89,870
|
|
|
92,581
|
|
176,834
|
|
|
183,216
|
|
||||
Equipment and supplies sales
|
12,410
|
|
|
11,189
|
|
24,177
|
|
|
24,104
|
|
||||
Total net sales
|
$
|
102,280
|
|
|
$
|
103,770
|
|
$
|
201,011
|
|
|
$
|
207,320
|
|
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||
|
2017
|
|
2016
|
2017
|
|
2016
|
||||
Weighted average common shares outstanding during the period—basic
|
45,792
|
|
|
45,955
|
|
45,716
|
|
|
46,285
|
|
Effect of dilutive stock options
|
466
|
|
|
—
|
|
613
|
|
|
—
|
|
Weighted average common shares outstanding during the period—diluted
|
46,258
|
|
|
45,955
|
|
46,329
|
|
|
46,285
|
|
|
Gross
Goodwill |
|
Accumulated
Impairment Loss |
|
Net
Carrying Amount |
||||||
|
|
|
|
|
|
||||||
January 1, 2016
|
$
|
405,558
|
|
|
$
|
192,950
|
|
|
$
|
212,608
|
|
Additions
|
—
|
|
|
—
|
|
|
—
|
|
|||
Goodwill impairment
|
—
|
|
|
73,920
|
|
|
(73,920
|
)
|
|||
December 31, 2016
|
405,558
|
|
|
266,870
|
|
|
138,688
|
|
|||
Additions
|
—
|
|
|
—
|
|
|
—
|
|
|||
Goodwill impairment
|
—
|
|
|
—
|
|
|
—
|
|
|||
June 30, 2017
|
$
|
405,558
|
|
|
$
|
266,870
|
|
|
$
|
138,688
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
||||||||||||
Amortizable other intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Customer relationships
|
$
|
99,295
|
|
|
$
|
88,592
|
|
|
$
|
10,703
|
|
|
$
|
99,104
|
|
|
$
|
86,305
|
|
|
$
|
12,799
|
|
Trade names and trademarks
|
20,298
|
|
|
19,907
|
|
|
391
|
|
|
20,281
|
|
|
19,878
|
|
|
403
|
|
||||||
|
$
|
119,593
|
|
|
$
|
108,499
|
|
|
$
|
11,094
|
|
|
$
|
119,385
|
|
|
$
|
106,183
|
|
|
$
|
13,202
|
|
2017 (excluding the six months ended June 30, 2017)
|
$
|
2,101
|
|
2018
|
3,856
|
|
|
2019
|
3,135
|
|
|
2020
|
1,525
|
|
|
2021
|
170
|
|
|
Thereafter
|
307
|
|
|
|
$
|
11,094
|
|
•
|
Future reversals of existing taxable temporary differences;
|
•
|
Future taxable income exclusive of reversing temporary differences and carryforwards;
|
•
|
Taxable income in prior carryback years; and
|
•
|
Tax-planning strategies.
|
•
|
Nature, frequency, and severity of recent losses;
|
•
|
Duration of statutory carryforward periods;
|
•
|
Historical experience with tax attributes expiring unused; and
|
•
|
Near- and medium-term financial outlook.
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Term A loan facility maturing 2019 net of deferred financing fees of
$756
and $1,039;
3.26%
and 2.86% interest rate at June 30, 2017 and December 31, 2016
|
|
$
|
106,094
|
|
|
$
|
119,961
|
|
Borrowings from revolving loan facility under the Term A Credit Agreement;
3.19%
and 2.64% interest rate at June 30, 2017 and December 31, 2016
|
|
3,150
|
|
|
950
|
|
||
Various capital leases; weighted average interest rate of
5.2%
and 5.6% at June 30, 2017 and December 31, 2016; principal and interest payable monthly through June 2022
|
|
42,700
|
|
|
36,231
|
|
||
Various other notes payable with a weighted average interest rate of
10.8%
and 10.7% at June 30, 2017 and December 31, 2016; principal and interest payable monthly through November 2019
|
|
23
|
|
|
31
|
|
||
|
|
151,967
|
|
|
157,173
|
|
||
Less current portion
|
|
(15,162
|
)
|
|
(13,773
|
)
|
||
|
|
$
|
136,805
|
|
|
$
|
143,400
|
|
|
|
|
Fair Value
|
||||||
|
Balance Sheet Classification
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Derivative designated as hedging instrument under ASC 815
|
|
|
|
|
|
||||
Interest rate cap contracts - current portion
|
Other current assets
|
|
$
|
22
|
|
|
$
|
39
|
|
Interest rate cap contracts - long-term portion
|
Other assets
|
|
—
|
|
|
—
|
|
||
Total derivatives designated as hedging instruments
|
|
|
$
|
22
|
|
|
$
|
39
|
|
|
|
Amount of Loss Reclassified from AOCL into Income
|
||||||||||||||||||||||||||||||
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||||||||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||||||||||
|
|
Effective Portion
|
|
Ineffective Portion
|
|
Effective Portion
|
|
Ineffective Portion
|
|
Effective Portion
|
|
Ineffective Portion
|
|
Effective Portion
|
|
Ineffective Portion
|
||||||||||||||||
Location of Loss Reclassified from AOCL into Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest expense
|
|
$
|
88
|
|
|
$
|
—
|
|
|
$
|
43
|
|
|
$
|
—
|
|
|
$
|
158
|
|
|
$
|
—
|
|
|
$
|
64
|
|
|
$
|
—
|
|
|
|
|
Significant Other Unobservable Inputs
|
||||||||||||||||||||||
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
|
|
Level 2
|
|
Level 3
|
|
Total Losses
|
|
Level 2
|
|
Level 3
|
|
Total Losses
|
||||||||||||
Recurring Fair Value Measure
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Interest rate cap contracts
|
|
$
|
22
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
39
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Contingent purchase price consideration for acquired businesses
|
|
$
|
—
|
|
|
$
|
318
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
402
|
|
|
$
|
—
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Beginning balance
|
$
|
350
|
|
|
$
|
868
|
|
|
$
|
402
|
|
|
$
|
1,059
|
|
Additions related to acquisitions
|
34
|
|
|
—
|
|
|
34
|
|
|
104
|
|
||||
Payments
|
(81
|
)
|
|
(302
|
)
|
|
(151
|
)
|
|
(367
|
)
|
||||
Adjustments included in earnings
|
11
|
|
|
27
|
|
|
23
|
|
|
(195
|
)
|
||||
Foreign currency translation adjustments
|
4
|
|
|
11
|
|
|
10
|
|
|
3
|
|
||||
Ending balance
|
$
|
318
|
|
|
$
|
604
|
|
|
$
|
318
|
|
|
$
|
604
|
|
•
|
They do not reflect our cash expenditures, or future requirements for capital expenditures and contractual commitments;
|
•
|
They do not reflect changes in, or cash requirements for, our working capital needs;
|
•
|
They do not reflect the significant interest expense, or the cash requirements necessary, to service interest or principal payments on our debt;
|
•
|
Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and
|
•
|
Other companies, including companies in our industry, may calculate these measures differently than we do, limiting their usefulness as comparative measures.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
(In thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Cash flows provided by operating activities
|
$
|
18,488
|
|
|
$
|
16,580
|
|
|
$
|
25,430
|
|
|
$
|
21,883
|
|
Changes in operating assets and liabilities, net of effect of business acquisitions
|
(2,993
|
)
|
|
209
|
|
|
2,365
|
|
|
8,018
|
|
||||
Non-cash expenses, including depreciation, amortization and goodwill impairment
|
(11,775
|
)
|
|
(72,597
|
)
|
|
(22,327
|
)
|
|
(83,081
|
)
|
||||
Income tax provision (benefit)
|
2,522
|
|
|
(10,015
|
)
|
|
3,748
|
|
|
(8,046
|
)
|
||||
Interest expense, net
|
1,594
|
|
|
1,526
|
|
|
3,149
|
|
|
2,972
|
|
||||
Income attributable to the noncontrolling interest
|
(84
|
)
|
|
(96
|
)
|
|
(48
|
)
|
|
(150
|
)
|
||||
Depreciation and amortization
|
8,353
|
|
|
7,890
|
|
|
16,607
|
|
|
15,880
|
|
||||
EBITDA
|
16,105
|
|
|
(56,503
|
)
|
|
28,924
|
|
|
(42,524
|
)
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
(In thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income (loss) attributable to ARC Document Solutions, Inc.
|
$
|
3,636
|
|
|
$
|
(55,904
|
)
|
|
$
|
5,420
|
|
|
$
|
(53,330
|
)
|
Interest expense, net
|
1,594
|
|
|
1,526
|
|
|
3,149
|
|
|
2,972
|
|
||||
Income tax provision (benefit)
|
2,522
|
|
|
(10,015
|
)
|
|
3,748
|
|
|
(8,046
|
)
|
||||
Depreciation and amortization
|
8,353
|
|
|
7,890
|
|
|
16,607
|
|
|
15,880
|
|
||||
EBITDA
|
16,105
|
|
|
(56,503
|
)
|
|
28,924
|
|
|
(42,524
|
)
|
||||
Loss on extinguishment of debt
|
40
|
|
|
44
|
|
|
106
|
|
|
90
|
|
||||
Goodwill impairment
|
—
|
|
|
73,920
|
|
|
—
|
|
|
73,920
|
|
||||
Restructuring expense
(1)
|
—
|
|
|
5
|
|
|
—
|
|
|
7
|
|
||||
Stock-based compensation
|
816
|
|
|
651
|
|
|
1,553
|
|
|
1,423
|
|
||||
Adjusted EBITDA
|
$
|
16,961
|
|
|
$
|
18,117
|
|
|
$
|
30,583
|
|
|
$
|
32,916
|
|
(1)
|
In October 2012, we initiated a restructuring plan which included the closure or downsizing of the Company's service center locations, as well as a reduction in headcount. Restructuring expenses in 2016 primarily consist of revised estimated lease termination and obligation costs resulting from facilities closed in 2013.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||
|
2017 (1)
|
|
2016 (1)
|
|
2017 (1)
|
|
2016 (1)
|
||||
Net income (loss) margin attributable to ARC
|
3.6
|
%
|
|
(53.9
|
)%
|
|
2.7
|
%
|
|
(25.7
|
)%
|
Interest expense, net
|
1.6
|
|
|
1.5
|
|
|
1.6
|
|
|
1.5
|
|
Income tax provision (benefit)
|
2.5
|
|
|
(9.7
|
)
|
|
1.9
|
|
|
(3.9
|
)
|
Depreciation and amortization
|
8.2
|
|
|
7.6
|
|
|
8.3
|
|
|
7.7
|
|
EBITDA margin
|
15.7
|
|
|
(54.5
|
)
|
|
14.4
|
|
|
(20.5
|
)
|
Loss on extinguishment of debt
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
Goodwill impairment
|
—
|
|
|
71.2
|
|
|
—
|
|
|
35.7
|
|
Restructuring expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Stock-based compensation
|
0.8
|
|
|
0.6
|
|
|
0.8
|
|
|
0.7
|
|
Adjusted EBITDA margin
|
16.6
|
%
|
|
17.5
|
%
|
|
15.2
|
%
|
|
15.9
|
%
|
(1)
|
Column does not foot due to rounding
|
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||
(In thousands, except per share amounts)
|
2017
|
|
2016
|
2017
|
|
2016
|
||||||||
Net income (loss) attributable to ARC Document Solutions, Inc.
|
$
|
3,636
|
|
|
$
|
(55,904
|
)
|
$
|
5,420
|
|
|
$
|
(53,330
|
)
|
Loss on extinguishment of debt
|
40
|
|
|
44
|
|
106
|
|
|
90
|
|
||||
Goodwill impairment
|
—
|
|
|
73,920
|
|
—
|
|
|
73,920
|
|
||||
Restructuring expense
|
—
|
|
|
5
|
|
—
|
|
|
7
|
|
||||
Income tax benefit related to above items
|
(16
|
)
|
|
(13,350
|
)
|
(42
|
)
|
|
(13,369
|
)
|
||||
Deferred tax valuation allowance and other discrete tax items
|
51
|
|
|
95
|
|
79
|
|
|
203
|
|
||||
Unaudited adjusted net income attributable to ARC Document Solutions, Inc.
|
$
|
3,711
|
|
|
$
|
4,810
|
|
$
|
5,563
|
|
|
$
|
7,521
|
|
|
|
|
|
|
|
|
||||||||
Actual:
|
|
|
|
|
|
|
||||||||
Earnings (loss) per share attributable to ARC Document Solutions, Inc. shareholders:
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.08
|
|
|
$
|
(1.22
|
)
|
$
|
0.12
|
|
|
$
|
(1.15
|
)
|
Diluted
|
$
|
0.08
|
|
|
$
|
(1.22
|
)
|
$
|
0.12
|
|
|
$
|
(1.15
|
)
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
||||||||
Basic
|
45,792
|
|
|
45,955
|
|
45,716
|
|
|
46,285
|
|
||||
Diluted
|
46,258
|
|
|
45,955
|
|
46,329
|
|
|
46,285
|
|
||||
Adjusted:
|
|
|
|
|
|
|
||||||||
Earnings per share attributable to ARC Document Solutions, Inc. shareholders:
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.08
|
|
|
$
|
0.10
|
|
$
|
0.12
|
|
|
$
|
0.16
|
|
Diluted
|
$
|
0.08
|
|
|
$
|
0.10
|
|
$
|
0.12
|
|
|
$
|
0.16
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
||||||||
Basic
|
45,792
|
|
|
45,955
|
|
45,716
|
|
|
46,285
|
|
||||
Diluted
|
46,258
|
|
|
46,568
|
|
46,329
|
|
|
46,889
|
|
|
Three Months Ended June 30,
|
|
Increase (decrease)
|
|
Six Months Ended
June 30, |
|
Increase (decrease)
|
||||||||||||||||||||||
(In millions, except percentages)
|
2017
|
|
2016 (1)
|
|
$
|
|
%
|
|
2017 (1)
|
|
2016
|
|
$
|
|
%
|
||||||||||||||
CDIM
|
$
|
53.7
|
|
|
$
|
54.9
|
|
|
$
|
(1.2
|
)
|
|
(2.1
|
)%
|
|
$
|
104.9
|
|
|
$
|
108.5
|
|
|
$
|
(3.6
|
)
|
|
(3.3
|
)%
|
MPS
|
33.1
|
|
|
34.1
|
|
|
(1.0
|
)
|
|
(3.0
|
)%
|
|
65.5
|
|
|
67.3
|
|
|
(1.7
|
)
|
|
(2.6
|
)%
|
||||||
AIM
|
3.1
|
|
|
3.7
|
|
|
(0.5
|
)
|
|
(14.5
|
)%
|
|
6.3
|
|
|
7.4
|
|
|
(1.1
|
)
|
|
(14.3
|
)%
|
||||||
Total service sales
|
89.9
|
|
|
92.6
|
|
|
(2.7
|
)
|
|
(2.9
|
)%
|
|
176.8
|
|
|
183.2
|
|
|
(6.4
|
)
|
|
(3.5
|
)%
|
||||||
Equipment and supplies sales
|
12.4
|
|
|
11.2
|
|
|
1.2
|
|
|
10.9
|
%
|
|
24.2
|
|
|
24.1
|
|
|
0.1
|
|
|
0.3
|
%
|
||||||
Total net sales
|
$
|
102.3
|
|
|
$
|
103.8
|
|
|
$
|
(1.5
|
)
|
|
(1.4
|
)%
|
|
$
|
201.0
|
|
|
$
|
207.3
|
|
|
$
|
(6.3
|
)
|
|
(3.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gross profit
|
$
|
34.5
|
|
|
$
|
36.4
|
|
|
$
|
(1.9
|
)
|
|
(5.2
|
)%
|
|
$
|
65.3
|
|
|
$
|
70.1
|
|
|
$
|
(4.8
|
)
|
|
(6.9
|
)%
|
Selling, general and administrative expenses
|
$
|
25.6
|
|
|
$
|
25.5
|
|
|
$
|
—
|
|
|
0.2
|
%
|
|
$
|
50.7
|
|
|
$
|
51.9
|
|
|
$
|
(1.2
|
)
|
|
(2.2
|
)%
|
Amortization of intangibles
|
$
|
1.1
|
|
|
$
|
1.2
|
|
|
$
|
(0.2
|
)
|
|
(12.2
|
)%
|
|
$
|
2.2
|
|
|
$
|
2.5
|
|
|
$
|
(0.3
|
)
|
|
(13.7
|
)%
|
Goodwill impairment
|
$
|
—
|
|
|
$
|
73.9
|
|
|
$
|
(73.9
|
)
|
|
(100.0
|
)%
|
|
$
|
—
|
|
|
$
|
73.9
|
|
|
$
|
(73.9
|
)
|
|
(100.0
|
)%
|
Restructuring expense
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(100.0
|
)%
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(100.0
|
)%
|
Loss on extinguishment of debt
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(9.1
|
)%
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
17.8
|
%
|
Interest expense, net
|
$
|
1.6
|
|
|
$
|
1.5
|
|
|
$
|
0.1
|
|
|
4.5
|
%
|
|
$
|
3.1
|
|
|
$
|
3.0
|
|
|
$
|
0.2
|
|
|
6.0
|
%
|
Income tax provision (benefit)
|
$
|
2.5
|
|
|
$
|
(10.0
|
)
|
|
$
|
12.5
|
|
|
(125.2
|
)%
|
|
$
|
3.7
|
|
|
$
|
(8.0
|
)
|
|
$
|
11.8
|
|
|
(146.6
|
)%
|
Net income (loss) attributable to ARC
|
$
|
3.6
|
|
|
$
|
(55.9
|
)
|
|
$
|
59.5
|
|
|
(106.5
|
)%
|
|
$
|
5.4
|
|
|
$
|
(53.3
|
)
|
|
$
|
58.8
|
|
|
(110.2
|
)%
|
Adjusted net income attributable to ARC
|
$
|
3.7
|
|
|
$
|
4.8
|
|
|
$
|
(1.1
|
)
|
|
(22.8
|
)%
|
|
$
|
5.6
|
|
|
$
|
7.5
|
|
|
$
|
(2.0
|
)
|
|
(26.0
|
)%
|
EBITDA
|
$
|
16.1
|
|
|
$
|
(56.5
|
)
|
|
$
|
72.6
|
|
|
(128.5
|
)%
|
|
$
|
28.9
|
|
|
$
|
(42.5
|
)
|
|
$
|
71.4
|
|
|
(168.0
|
)%
|
Adjusted EBITDA
|
$
|
17.0
|
|
|
$
|
18.1
|
|
|
$
|
(1.2
|
)
|
|
(6.4
|
)%
|
|
$
|
30.6
|
|
|
$
|
32.9
|
|
|
$
|
(2.3
|
)
|
|
(7.1
|
)%
|
(1)
|
Column does not foot due to rounding
|
|
As Percentage of Net Sales
|
As Percentage of Net Sales
|
||||||||
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||
|
2017 (1)
|
|
2016 (1)
|
2017 (1)
|
|
2016 (1)
|
||||
Net Sales
|
100.0
|
%
|
|
100.0
|
%
|
100.0
|
%
|
|
100.0
|
%
|
Cost of sales
|
66.3
|
|
|
64.9
|
|
67.5
|
|
|
66.2
|
|
Gross profit
|
33.7
|
|
|
35.1
|
|
32.5
|
|
|
33.8
|
|
Selling, general and administrative expenses
|
25.0
|
|
|
24.6
|
|
25.2
|
|
|
25.0
|
|
Amortization of intangibles
|
1.1
|
|
|
1.2
|
|
1.1
|
|
|
1.2
|
|
Goodwill impairment
|
—
|
|
|
71.2
|
|
—
|
|
|
35.7
|
|
Restructuring expense
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
Income (loss) from operations
|
7.7
|
|
|
(61.9
|
)
|
6.2
|
|
|
(28.1
|
)
|
Loss on extinguishment of debt
|
—
|
|
|
—
|
|
0.1
|
|
|
—
|
|
Interest expense, net
|
1.6
|
|
|
1.5
|
|
1.6
|
|
|
1.5
|
|
Income (loss) before income tax provision (benefit)
|
6.1
|
|
|
(63.4
|
)
|
4.6
|
|
|
(29.5
|
)
|
Income tax provision (benefit)
|
2.5
|
|
|
(9.7
|
)
|
1.9
|
|
|
(3.9
|
)
|
Net income (loss)
|
3.6
|
|
|
(53.8
|
)
|
2.7
|
|
|
(25.7
|
)
|
Income attributable to the noncontrolling interest
|
(0.1
|
)
|
|
(0.1
|
)
|
—
|
|
|
(0.1
|
)
|
Net income (loss) attributable to ARC
|
3.6
|
%
|
|
(53.9
|
)%
|
2.7
|
%
|
|
(25.7
|
)%
|
EBITDA
|
15.7
|
%
|
|
(54.5
|
)%
|
14.4
|
%
|
|
(20.5
|
)%
|
Adjusted EBITDA
|
16.6
|
%
|
|
17.5
|
%
|
15.2
|
%
|
|
15.9
|
%
|
(1)
|
Column does not foot due to rounding
|
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||
(In thousands)
|
2017
|
|
2016
|
2017
|
|
2016
|
||||||||
Net cash provided by operating activities
|
$
|
18,488
|
|
|
$
|
16,580
|
|
$
|
25,430
|
|
|
$
|
21,883
|
|
Net cash used in investing activities
|
$
|
(2,637
|
)
|
|
$
|
(2,164
|
)
|
$
|
(4,517
|
)
|
|
$
|
(4,443
|
)
|
Net cash used in financing activities
|
$
|
(8,979
|
)
|
|
$
|
(10,436
|
)
|
$
|
(19,878
|
)
|
|
$
|
(20,735
|
)
|
(In thousands)
|
June 30, 2017
|
|
December 31, 2016
|
||||
Cash and cash equivalents
|
$
|
26,604
|
|
|
$
|
25,239
|
|
Working capital
|
$
|
48,889
|
|
|
$
|
44,892
|
|
|
|
|
|
||||
Borrowings from term loan facility
(1) (2)
|
$
|
109,244
|
|
|
$
|
120,911
|
|
Other debt obligations
|
42,723
|
|
|
36,262
|
|
||
Total debt obligations
|
$
|
151,967
|
|
|
$
|
157,173
|
|
(Dollars in thousands)
|
Number of
Reporting
Units
|
|
Representing
Goodwill of
|
|||
No goodwill balance
|
5
|
|
|
$
|
—
|
|
Reporting unit failing step one that continues to carry a goodwill balance
|
1
|
|
|
17,637
|
|
|
Fair value of reporting units exceeds their carrying values by more than 100%
|
2
|
|
|
121,051
|
|
|
|
8
|
|
|
$
|
138,688
|
|
•
|
Future reversals of existing taxable temporary differences;
|
•
|
Future taxable income exclusive of reversing temporary differences and carryforwards;
|
•
|
Taxable income in prior carryback years; and
|
•
|
Tax-planning strategies.
|
•
|
Nature, frequency, and severity of recent losses;
|
•
|
Duration of statutory carryforward periods;
|
•
|
Historical experience with tax attributes expiring unused; and
|
•
|
Near- and medium-term financial outlook.
|
(In thousands, except for price per share)
|
|
(a) Total Number of
Shares Purchased (1) |
|
(b) Average Price Paid per Share ($)
|
|
(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
(d) Approximate Dollar Value of Shares That May Yet Be Purchased Under The Plans or Programs (1)
|
||||||
Period
|
|
|
|
|
|
|
|
|
||||||
April 1, 2017—April 30, 2017
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
9,629
|
|
May 1, 2017—May 31, 2017
|
|
1
|
|
|
$
|
3.37
|
|
|
1
|
|
|
$
|
9,627
|
|
June 1, 2017—June 30, 2017
|
|
2
|
|
|
$
|
2.94
|
|
|
2
|
|
|
$
|
9,621
|
|
Total
|
|
3
|
|
|
|
|
|
3
|
|
|
|
(1)
|
On February 8, 2016, we announced that the Company's Board of Directors approved a stock repurchase program that authorizes the Company to purchase up to $15.0 million of the Company's outstanding common stock through December 31, 2017.
|
Exhibit
Number
|
|
Description
|
|
|
|
31.1
|
|
Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
|
|
|
|
31.2
|
|
Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
|
|
|
|
32.1
|
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
|
|
|
|
32.2
|
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
|
|
|
|
101.INS
|
|
XBRL Instance Document *
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema *
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase *
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase *
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase *
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase *
|
*
|
Filed herewith
|
ARC DOCUMENT SOLUTIONS, INC.
|
|
/s/ KUMARAKULASINGAM SURIYAKUMAR
|
Kumarakulasingam Suriyakumar
|
Chairman, President and Chief Executive Officer
|
|
/s/ JORGE AVALOS
|
Jorge Avalos
|
Chief Financial Officer
|
Exhibit
Number
|
|
Description
|
|
|
|
31.1
|
|
Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
|
|
|
|
31.2
|
|
Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
|
|
|
|
32.1
|
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
|
|
|
|
32.2
|
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
|
|
|
|
101.INS
|
|
XBRL Instance Document *
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema *
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase *
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase *
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase *
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase *
|
*
|
Filed herewith
|
1 Year ARC Document Solutions Chart |
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