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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 September 30, 2017 and December 31, 2016 (Unaudited)
|
|
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2017 and 2016 (Unaudited)
|
|
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2017 and 2016 (Unaudited)
|
|
Condensed Consolidated Statements of Equity for the nine months ended September 30, 2017 and 2016 (Unaudited)
|
|
Condensed Consolidated Statements of Cash Flows for the three and nine months ended September 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
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
December 31,
|
||||
(In thousands, except per share data)
|
2017
|
|
2016
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
26,363
|
|
|
$
|
25,239
|
|
Accounts receivable, net of allowances for accounts receivable of
$2,495
and $2,060
|
59,006
|
|
|
59,735
|
|
||
Inventories, net
|
19,095
|
|
|
18,184
|
|
||
Prepaid expenses
|
5,008
|
|
|
3,861
|
|
||
Other current assets
|
5,034
|
|
|
4,785
|
|
||
Total current assets
|
114,506
|
|
|
111,804
|
|
||
Property and equipment, net of accumulated depreciation of
$205,435
and $201,192
|
65,645
|
|
|
60,735
|
|
||
Goodwill
|
121,051
|
|
|
138,688
|
|
||
Other intangible assets, net
|
10,087
|
|
|
13,202
|
|
||
Deferred income taxes
|
41,364
|
|
|
42,667
|
|
||
Other assets
|
2,590
|
|
|
2,185
|
|
||
Total assets
|
$
|
355,243
|
|
|
$
|
369,281
|
|
Liabilities and Equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
25,027
|
|
|
$
|
24,782
|
|
Accrued payroll and payroll-related expenses
|
10,908
|
|
|
12,219
|
|
||
Accrued expenses
|
15,041
|
|
|
16,138
|
|
||
Current portion of long-term debt and capital leases
|
20,268
|
|
|
13,773
|
|
||
Total current liabilities
|
71,244
|
|
|
66,912
|
|
||
Long-term debt and capital leases
|
128,917
|
|
|
143,400
|
|
||
Other long-term liabilities
|
3,329
|
|
|
2,148
|
|
||
Total liabilities
|
203,490
|
|
|
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;
47,891
and 47,428 shares issued and
46,451
and 45,988 shares outstanding
|
48
|
|
|
47
|
|
||
Additional paid-in capital
|
120,204
|
|
|
117,749
|
|
||
Retained earnings
|
32,681
|
|
|
41,822
|
|
||
Accumulated other comprehensive loss
|
(2,545
|
)
|
|
(3,793
|
)
|
||
|
150,388
|
|
|
155,825
|
|
||
Less cost of common stock in treasury,
1,440
shares
|
5,909
|
|
|
5,909
|
|
||
Total ARC Document Solutions, Inc. stockholders’ equity
|
144,479
|
|
|
149,916
|
|
||
Noncontrolling interest
|
7,274
|
|
|
6,905
|
|
||
Total equity
|
151,753
|
|
|
156,821
|
|
||
Total liabilities and equity
|
$
|
355,243
|
|
|
$
|
369,281
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(In thousands, except per share data)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Service sales
|
$
|
85,625
|
|
|
$
|
89,178
|
|
|
$
|
262,459
|
|
|
$
|
272,394
|
|
Equipment and supplies sales
|
10,833
|
|
|
11,265
|
|
|
35,010
|
|
|
35,369
|
|
||||
Total net sales
|
96,458
|
|
|
100,443
|
|
|
297,469
|
|
|
307,763
|
|
||||
Cost of sales
|
67,231
|
|
|
67,713
|
|
|
202,918
|
|
|
204,904
|
|
||||
Gross profit
|
29,227
|
|
|
32,730
|
|
|
94,551
|
|
|
102,859
|
|
||||
Selling, general and administrative expenses
|
25,843
|
|
|
24,893
|
|
|
76,540
|
|
|
76,752
|
|
||||
Amortization of intangible assets
|
1,053
|
|
|
1,160
|
|
|
3,250
|
|
|
3,705
|
|
||||
Goodwill impairment
|
17,637
|
|
|
—
|
|
|
17,637
|
|
|
73,920
|
|
||||
Restructuring expense
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
||||
(Loss) income from operations
|
(15,306
|
)
|
|
6,677
|
|
|
(2,876
|
)
|
|
(51,525
|
)
|
||||
Other income, net
|
(19
|
)
|
|
(16
|
)
|
|
(60
|
)
|
|
(54
|
)
|
||||
Loss on extinguishment and modification of debt
|
124
|
|
|
66
|
|
|
230
|
|
|
156
|
|
||||
Interest expense, net
|
1,530
|
|
|
1,563
|
|
|
4,679
|
|
|
4,535
|
|
||||
(Loss) income before income tax (benefit) provision
|
(16,941
|
)
|
|
5,064
|
|
|
(7,725
|
)
|
|
(56,162
|
)
|
||||
Income tax (benefit) provision
|
(2,174
|
)
|
|
2,162
|
|
|
1,574
|
|
|
(5,884
|
)
|
||||
Net (loss) income
|
(14,767
|
)
|
|
2,902
|
|
|
(9,299
|
)
|
|
(50,278
|
)
|
||||
Income attributable to the noncontrolling interest
|
(7
|
)
|
|
(61
|
)
|
|
(55
|
)
|
|
(211
|
)
|
||||
Net (loss) income attributable to ARC Document Solutions, Inc. shareholders
|
$
|
(14,774
|
)
|
|
$
|
2,841
|
|
|
$
|
(9,354
|
)
|
|
$
|
(50,489
|
)
|
(Loss) earnings per share attributable to ARC Document Solutions, Inc. shareholders:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.32
|
)
|
|
$
|
0.06
|
|
|
$
|
(0.20
|
)
|
|
$
|
(1.10
|
)
|
Diluted
|
$
|
(0.32
|
)
|
|
$
|
0.06
|
|
|
$
|
(0.20
|
)
|
|
$
|
(1.10
|
)
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
45,834
|
|
|
45,599
|
|
|
45,756
|
|
|
46,055
|
|
||||
Diluted
|
45,834
|
|
|
46,189
|
|
|
45,756
|
|
|
46,055
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(In thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net (loss) income
|
$
|
(14,767
|
)
|
|
$
|
2,902
|
|
|
$
|
(9,299
|
)
|
|
$
|
(50,278
|
)
|
Other comprehensive income (loss), net of tax
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments, net of tax
|
681
|
|
|
(250
|
)
|
|
1,421
|
|
|
(873
|
)
|
||||
Fair value adjustment of derivatives, net of tax
|
55
|
|
|
47
|
|
|
141
|
|
|
(50
|
)
|
||||
Other comprehensive income (loss), net of tax
|
736
|
|
|
(203
|
)
|
|
1,562
|
|
|
(923
|
)
|
||||
Comprehensive (loss) income
|
(14,031
|
)
|
|
2,699
|
|
|
(7,737
|
)
|
|
(51,201
|
)
|
||||
Comprehensive income attributable to noncontrolling interest
|
149
|
|
|
36
|
|
|
369
|
|
|
22
|
|
||||
Comprehensive (loss) income attributable to ARC Document Solutions, Inc. shareholders
|
$
|
(14,180
|
)
|
|
$
|
2,663
|
|
|
$
|
(8,106
|
)
|
|
$
|
(51,223
|
)
|
|
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
|
|
|
—
|
|
|
2,073
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,073
|
|
|||||||
Issuance of common stock under Employee Stock Purchase Plan
|
28
|
|
|
—
|
|
|
96
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
96
|
|
|||||||
Stock options exercised
|
28
|
|
|
—
|
|
|
76
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
76
|
|
|||||||
Tax deficiency from stock-based compensation
|
|
|
|
|
|
|
(70
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(70
|
)
|
|||||||
Treasury shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,297
|
)
|
|
—
|
|
|
(5,297
|
)
|
|||||||
Comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net (loss) income
|
—
|
|
|
—
|
|
|
—
|
|
|
(50,489
|
)
|
|
—
|
|
|
—
|
|
|
211
|
|
|
(50,278
|
)
|
|||||||
Foreign currency translation adjustments, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(684
|
)
|
|
—
|
|
|
(189
|
)
|
|
(873
|
)
|
|||||||
Fair value adjustment of derivatives, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(50
|
)
|
|
—
|
|
|
—
|
|
|
(50
|
)
|
|||||||
Comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(51,201
|
)
|
||||||||||||||
Balance at September 30, 2016
|
47,415
|
|
|
$
|
47
|
|
|
$
|
117,264
|
|
|
$
|
39,198
|
|
|
$
|
(2,831
|
)
|
|
$
|
(5,909
|
)
|
|
$
|
7,042
|
|
|
$
|
154,811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
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
|
|
|
2,250
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,251
|
|
|||||||
ASU 2016-09 adoption adjustment
|
—
|
|
|
—
|
|
|
29
|
|
|
213
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
242
|
|
|||||||
Issuance of common stock under Employee Stock Purchase Plan
|
33
|
|
|
—
|
|
|
103
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
103
|
|
|||||||
Stock options exercised
|
27
|
|
|
—
|
|
|
73
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
73
|
|
|||||||
Comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net (loss) income
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,354
|
)
|
|
—
|
|
|
—
|
|
|
55
|
|
|
(9,299
|
)
|
|||||||
Foreign currency translation adjustments, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,107
|
|
|
—
|
|
|
314
|
|
|
1,421
|
|
|||||||
Fair value adjustment of derivatives, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
141
|
|
|
—
|
|
|
—
|
|
|
141
|
|
|||||||
Comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,737
|
)
|
||||||||||||||
Balance at September 30, 2017
|
47,891
|
|
|
$
|
48
|
|
|
$
|
120,204
|
|
|
$
|
32,681
|
|
|
$
|
(2,545
|
)
|
|
$
|
(5,909
|
)
|
|
$
|
7,274
|
|
|
$
|
151,753
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(In thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Cash flows from operating activities
|
|
|
|
|
|
|
|
||||||||
Net (loss) income
|
$
|
(14,767
|
)
|
|
$
|
2,902
|
|
|
$
|
(9,299
|
)
|
|
$
|
(50,278
|
)
|
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
||||||||
Allowance for accounts receivable
|
306
|
|
|
324
|
|
|
867
|
|
|
644
|
|
||||
Depreciation
|
7,377
|
|
|
6,697
|
|
|
21,787
|
|
|
20,032
|
|
||||
Amortization of intangible assets
|
1,053
|
|
|
1,160
|
|
|
3,250
|
|
|
3,705
|
|
||||
Amortization of deferred financing costs
|
69
|
|
|
111
|
|
|
246
|
|
|
344
|
|
||||
Goodwill impairment
|
17,637
|
|
|
—
|
|
|
17,637
|
|
|
73,920
|
|
||||
Stock-based compensation
|
699
|
|
|
650
|
|
|
2,251
|
|
|
2,073
|
|
||||
Deferred income taxes
|
(2,380
|
)
|
|
2,299
|
|
|
1,045
|
|
|
(6,018
|
)
|
||||
Deferred tax valuation allowance
|
454
|
|
|
(1
|
)
|
|
488
|
|
|
(16
|
)
|
||||
Loss on extinguishment and modification of debt
|
124
|
|
|
66
|
|
|
230
|
|
|
156
|
|
||||
Other non-cash items, net
|
(205
|
)
|
|
(87
|
)
|
|
(340
|
)
|
|
(540
|
)
|
||||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
||||||||
Accounts receivable
|
554
|
|
|
(897
|
)
|
|
406
|
|
|
(2,285
|
)
|
||||
Inventory
|
(142
|
)
|
|
(429
|
)
|
|
(650
|
)
|
|
(3,196
|
)
|
||||
Prepaid expenses and other assets
|
1,029
|
|
|
1,179
|
|
|
(1,129
|
)
|
|
513
|
|
||||
Accounts payable and accrued expenses
|
(482
|
)
|
|
(1,811
|
)
|
|
(33
|
)
|
|
(5,008
|
)
|
||||
Net cash provided by operating activities
|
11,326
|
|
|
12,163
|
|
|
36,756
|
|
|
34,046
|
|
||||
Cash flows from investing activities
|
|
|
|
|
|
|
|
||||||||
Capital expenditures
|
(2,335
|
)
|
|
(2,430
|
)
|
|
(7,246
|
)
|
|
(7,580
|
)
|
||||
Other
|
72
|
|
|
135
|
|
|
466
|
|
|
842
|
|
||||
Net cash used in investing activities
|
(2,263
|
)
|
|
(2,295
|
)
|
|
(6,780
|
)
|
|
(6,738
|
)
|
||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
||||||||
Proceeds from stock option exercises
|
2
|
|
|
46
|
|
|
73
|
|
|
76
|
|
||||
Proceeds from issuance of common stock under Employee Stock Purchase Plan
|
37
|
|
|
26
|
|
|
103
|
|
|
96
|
|
||||
Share repurchases
|
—
|
|
|
(200
|
)
|
|
—
|
|
|
(5,297
|
)
|
||||
Contingent consideration on prior acquisitions
|
(63
|
)
|
|
(86
|
)
|
|
(214
|
)
|
|
(453
|
)
|
||||
Early extinguishment of long-term debt
|
—
|
|
|
(7,000
|
)
|
|
(14,150
|
)
|
|
(16,000
|
)
|
||||
Payments on long-term debt agreements and capital leases
|
(52,146
|
)
|
|
(3,310
|
)
|
|
(60,060
|
)
|
|
(9,651
|
)
|
||||
Borrowings under revolving credit facilities
|
52,350
|
|
|
—
|
|
|
54,850
|
|
|
—
|
|
||||
Payments under revolving credit facilities
|
(9,375
|
)
|
|
—
|
|
|
(9,675
|
)
|
|
—
|
|
||||
Payment of deferred financing costs
|
(270
|
)
|
|
(76
|
)
|
|
(270
|
)
|
|
(106
|
)
|
||||
Net cash used in financing activities
|
(9,465
|
)
|
|
(10,600
|
)
|
|
(29,343
|
)
|
|
(31,335
|
)
|
||||
Effect of foreign currency translation on cash balances
|
161
|
|
|
(80
|
)
|
|
491
|
|
|
(296
|
)
|
||||
Net change in cash and cash equivalents
|
(241
|
)
|
|
(812
|
)
|
|
1,124
|
|
|
(4,323
|
)
|
||||
Cash and cash equivalents at beginning of period
|
26,604
|
|
|
20,452
|
|
|
25,239
|
|
|
23,963
|
|
||||
Cash and cash equivalents at end of period
|
$
|
26,363
|
|
|
$
|
19,640
|
|
|
$
|
26,363
|
|
|
$
|
19,640
|
|
Supplemental disclosure of cash flow information
|
|
|
|
|
|
|
|
||||||||
Noncash investing and financing activities
|
|
|
|
|
|
|
|
||||||||
Capital lease obligations incurred
|
$
|
6,404
|
|
|
$
|
3,738
|
|
|
$
|
20,714
|
|
|
$
|
12,345
|
|
Contingent liabilities in connection with acquisition of businesses
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
27
|
|
|
$
|
85
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Service Sales
|
|
|
|
|
|
|
|
||||||||
CDIM
|
$
|
50,089
|
|
|
$
|
53,228
|
|
|
$
|
155,031
|
|
|
$
|
161,753
|
|
MPS
|
32,153
|
|
|
32,796
|
|
|
97,697
|
|
|
100,082
|
|
||||
AIM
|
3,383
|
|
|
3,154
|
|
|
9,731
|
|
|
10,559
|
|
||||
Total service sales
|
85,625
|
|
|
89,178
|
|
|
262,459
|
|
|
272,394
|
|
||||
Equipment and supplies sales
|
10,833
|
|
|
11,265
|
|
|
35,010
|
|
|
35,369
|
|
||||
Total net sales
|
$
|
96,458
|
|
|
$
|
100,443
|
|
|
$
|
297,469
|
|
|
$
|
307,763
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Weighted average common shares outstanding during the period—basic
|
45,834
|
|
|
45,599
|
|
|
45,756
|
|
|
46,055
|
|
Effect of dilutive stock options
|
—
|
|
|
590
|
|
|
—
|
|
|
—
|
|
Weighted average common shares outstanding during the period—diluted
|
45,834
|
|
|
46,189
|
|
|
45,756
|
|
|
46,055
|
|
|
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
|
—
|
|
|
17,637
|
|
|
(17,637
|
)
|
|||
September 30, 2017
|
$
|
405,558
|
|
|
$
|
284,507
|
|
|
$
|
121,051
|
|
|
September 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
|
$
|
99,484
|
|
|
$
|
89,789
|
|
|
$
|
9,695
|
|
|
$
|
99,104
|
|
|
$
|
86,305
|
|
|
$
|
12,799
|
|
Trade names and trademarks
|
20,283
|
|
|
19,891
|
|
|
392
|
|
|
20,281
|
|
|
19,878
|
|
|
403
|
|
||||||
|
$
|
119,767
|
|
|
$
|
109,680
|
|
|
$
|
10,087
|
|
|
$
|
119,385
|
|
|
$
|
106,183
|
|
|
$
|
13,202
|
|
2017 (excluding the nine months ended September 30, 2017)
|
$
|
1,027
|
|
2018
|
3,875
|
|
|
2019
|
3,151
|
|
|
2020
|
1,539
|
|
|
2021
|
178
|
|
|
Thereafter
|
317
|
|
|
|
$
|
10,087
|
|
•
|
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.
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Term A loan facility maturing 2022 net of deferred financing fees of
$811
and $1,039;
3.07%
and 2.86% interest rate at September 30, 2017 and December 31, 2016
|
|
$
|
58,064
|
|
|
$
|
119,961
|
|
Borrowings from revolving loan facility under the Term A Credit Agreement;
3.23%
and 2.64% interest rate at September 30, 2017 and December 31, 2016
|
|
46,125
|
|
|
950
|
|
||
Various capital leases; weighted average interest rate of
4.6%
and 5.6% at September 30, 2017 and December 31, 2016; principal and interest payable monthly through September 2022
|
|
44,975
|
|
|
36,231
|
|
||
Various other notes payable with a weighted average interest rate of
10.8%
and 10.7% at September 30, 2017 and December 31, 2016; principal and interest payable monthly through November 2019
|
|
21
|
|
|
31
|
|
||
|
|
149,185
|
|
|
157,173
|
|
||
Less current portion
|
|
(20,268
|
)
|
|
(13,773
|
)
|
||
|
|
$
|
128,917
|
|
|
$
|
143,400
|
|
|
|
|
Fair Value
|
||||||
|
Balance Sheet Classification
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Derivative designated as hedging instrument under ASC 815
|
|
|
|
|
|
||||
Interest rate cap contracts - current portion
|
Other current assets
|
|
$
|
10
|
|
|
$
|
39
|
|
Interest rate cap contracts - long-term portion
|
Other assets
|
|
—
|
|
|
—
|
|
||
Total derivatives designated as hedging instruments
|
|
|
$
|
10
|
|
|
$
|
39
|
|
|
|
Amount of Loss Reclassified from AOCL into Income
|
||||||||||||||||||||||||||||||
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 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
|
|
$
|
103
|
|
|
$
|
—
|
|
|
$
|
68
|
|
|
$
|
—
|
|
|
$
|
261
|
|
|
$
|
—
|
|
|
$
|
132
|
|
|
$
|
—
|
|
|
Significant Other Unobservable Inputs
|
||||||||||||||
|
September 30, 2017
|
|
September 30, 2016
|
||||||||||||
|
Level 3
|
|
Total Losses
|
|
Level 3
|
|
Total Losses
|
||||||||
Nonrecurring Fair Value Measure
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
$
|
121,051
|
|
|
$
|
17,637
|
|
|
$
|
138,688
|
|
|
$
|
73,920
|
|
|
|
|
|
|
|
|
|
|
|
|
Significant Other Unobservable Inputs
|
||||||||||||||||||||||
|
|
|
September 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
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
39
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Contingent purchase price consideration for acquired businesses
|
|
$
|
—
|
|
|
$
|
258
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
402
|
|
|
$
|
—
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Beginning balance
|
$
|
318
|
|
|
$
|
604
|
|
|
$
|
402
|
|
|
$
|
1,059
|
|
Additions related to acquisitions
|
—
|
|
|
—
|
|
|
34
|
|
|
104
|
|
||||
Payments
|
(70
|
)
|
|
(86
|
)
|
|
(221
|
)
|
|
(453
|
)
|
||||
Adjustments included in earnings
|
3
|
|
|
15
|
|
|
26
|
|
|
(180
|
)
|
||||
Foreign currency translation adjustments
|
7
|
|
|
8
|
|
|
17
|
|
|
11
|
|
||||
Ending balance
|
$
|
258
|
|
|
$
|
541
|
|
|
$
|
258
|
|
|
$
|
541
|
|
•
|
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
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(In thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Cash flows provided by operating activities
|
$
|
11,326
|
|
|
$
|
12,163
|
|
|
$
|
36,756
|
|
|
$
|
34,046
|
|
Changes in operating assets and liabilities, net of effect of business acquisitions
|
(959
|
)
|
|
1,958
|
|
|
1,406
|
|
|
9,976
|
|
||||
Non-cash expenses, including depreciation, amortization and goodwill impairment
|
(25,134
|
)
|
|
(11,219
|
)
|
|
(47,461
|
)
|
|
(94,300
|
)
|
||||
Income tax (benefit) provision
|
(2,174
|
)
|
|
2,162
|
|
|
1,574
|
|
|
(5,884
|
)
|
||||
Interest expense, net
|
1,530
|
|
|
1,563
|
|
|
4,679
|
|
|
4,535
|
|
||||
Income attributable to the noncontrolling interest
|
(7
|
)
|
|
(61
|
)
|
|
(55
|
)
|
|
(211
|
)
|
||||
Depreciation and amortization
|
8,430
|
|
|
7,857
|
|
|
25,037
|
|
|
23,737
|
|
||||
EBITDA
|
$
|
(6,988
|
)
|
|
$
|
14,423
|
|
|
$
|
21,936
|
|
|
$
|
(28,101
|
)
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(In thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net (loss) income attributable to ARC Document Solutions, Inc.
|
$
|
(14,774
|
)
|
|
$
|
2,841
|
|
|
$
|
(9,354
|
)
|
|
$
|
(50,489
|
)
|
Interest expense, net
|
1,530
|
|
|
1,563
|
|
|
4,679
|
|
|
4,535
|
|
||||
Income tax (benefit) provision
|
(2,174
|
)
|
|
2,162
|
|
|
1,574
|
|
|
(5,884
|
)
|
||||
Depreciation and amortization
|
8,430
|
|
|
7,857
|
|
|
25,037
|
|
|
23,737
|
|
||||
EBITDA
|
(6,988
|
)
|
|
14,423
|
|
|
21,936
|
|
|
(28,101
|
)
|
||||
Loss on extinguishment and modification of debt
|
124
|
|
|
66
|
|
|
230
|
|
|
156
|
|
||||
Goodwill impairment
|
17,637
|
|
|
—
|
|
|
17,637
|
|
|
73,920
|
|
||||
Restructuring expense
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
||||
Stock-based compensation
|
699
|
|
|
650
|
|
|
2,251
|
|
|
2,073
|
|
||||
Adjusted EBITDA
|
$
|
11,472
|
|
|
$
|
15,139
|
|
|
$
|
42,054
|
|
|
$
|
48,055
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
2017 (1)
|
|
2016
|
|
2017 (1)
|
|
2016 (1)
|
||||
Net (loss) income margin attributable to ARC Document Solutions, Inc.
|
(15.3
|
)%
|
|
2.8
|
%
|
|
(3.1
|
)%
|
|
(16.4
|
)%
|
Interest expense, net
|
1.6
|
|
|
1.6
|
|
|
1.6
|
|
|
1.5
|
|
Income tax (benefit) provision
|
(2.3
|
)
|
|
2.2
|
|
|
0.5
|
|
|
(1.9
|
)
|
Depreciation and amortization
|
8.7
|
|
|
7.8
|
|
|
8.4
|
|
|
7.7
|
|
EBITDA margin
|
(7.2
|
)
|
|
14.4
|
|
|
7.4
|
|
|
(9.1
|
)
|
Loss on extinguishment and modification of debt
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
Goodwill impairment
|
18.3
|
|
|
—
|
|
|
5.9
|
|
|
24.0
|
|
Restructuring expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Stock-based compensation
|
0.7
|
|
|
0.6
|
|
|
0.8
|
|
|
0.7
|
|
Adjusted EBITDA margin
|
11.9
|
%
|
|
15.1
|
%
|
|
14.1
|
%
|
|
15.6
|
%
|
(1)
|
Column does not foot due to rounding
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(In thousands, except per share amounts)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net (loss) income attributable to ARC Document Solutions, Inc.
|
$
|
(14,774
|
)
|
|
$
|
2,841
|
|
|
$
|
(9,354
|
)
|
|
$
|
(50,489
|
)
|
Loss on extinguishment and modification of debt
|
124
|
|
|
66
|
|
|
230
|
|
|
156
|
|
||||
Goodwill impairment
|
17,637
|
|
|
—
|
|
|
17,637
|
|
|
73,920
|
|
||||
Restructuring expense
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
||||
Income tax benefit related to above items
|
(3,144
|
)
|
|
(26
|
)
|
|
(3,186
|
)
|
|
(13,395
|
)
|
||||
Deferred tax valuation allowance and other discrete tax items
|
515
|
|
|
138
|
|
|
594
|
|
|
341
|
|
||||
Adjusted net income attributable to ARC Document Solutions, Inc.
|
$
|
358
|
|
|
$
|
3,019
|
|
|
$
|
5,921
|
|
|
$
|
10,540
|
|
|
|
|
|
|
|
|
|
||||||||
Actual:
|
|
|
|
|
|
|
|
||||||||
(Loss) earnings per share attributable to ARC Document Solutions, Inc. shareholders:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.32
|
)
|
|
$
|
0.06
|
|
|
$
|
(0.20
|
)
|
|
$
|
(1.10
|
)
|
Diluted
|
$
|
(0.32
|
)
|
|
$
|
0.06
|
|
|
$
|
(0.20
|
)
|
|
$
|
(1.10
|
)
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
45,834
|
|
|
45,599
|
|
|
45,756
|
|
|
46,055
|
|
||||
Diluted
|
45,834
|
|
|
46,189
|
|
|
45,756
|
|
|
46,055
|
|
||||
Adjusted:
|
|
|
|
|
|
|
|
||||||||
Earnings per share attributable to ARC Document Solutions, Inc. shareholders:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.01
|
|
|
$
|
0.07
|
|
|
$
|
0.13
|
|
|
$
|
0.23
|
|
Diluted
|
$
|
0.01
|
|
|
$
|
0.07
|
|
|
$
|
0.13
|
|
|
$
|
0.23
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
45,834
|
|
|
45,599
|
|
|
45,756
|
|
|
46,055
|
|
||||
Diluted
|
46,342
|
|
|
46,189
|
|
|
46,335
|
|
|
46,655
|
|
|
Three Months Ended September 30,
|
|
Increase (decrease)
|
|
Nine Months Ended
September 30, |
|
Increase (decrease)
|
||||||||||||||||||||||
(In millions, except percentages)
|
2017 (1)
|
|
2016 (1)
|
|
$
|
|
%
|
|
2017 (1)
|
|
2016 (1)
|
|
$
|
|
%
|
||||||||||||||
CDIM
|
$
|
50.1
|
|
|
$
|
53.2
|
|
|
$
|
(3.1
|
)
|
|
(5.9
|
)%
|
|
$
|
155.0
|
|
|
$
|
161.8
|
|
|
$
|
(6.7
|
)
|
|
(4.2
|
)%
|
MPS
|
32.2
|
|
|
32.8
|
|
|
(0.6
|
)
|
|
(2.0
|
)%
|
|
97.7
|
|
|
100.1
|
|
|
(2.4
|
)
|
|
(2.4
|
)%
|
||||||
AIM
|
3.4
|
|
|
3.2
|
|
|
0.2
|
|
|
7.3
|
%
|
|
9.7
|
|
|
10.6
|
|
|
(0.8
|
)
|
|
(7.8
|
)%
|
||||||
Total service sales
|
85.6
|
|
|
89.2
|
|
|
(3.6
|
)
|
|
(4.0
|
)%
|
|
262.5
|
|
|
272.4
|
|
|
(9.9
|
)
|
|
(3.6
|
)%
|
||||||
Equipment and supplies sales
|
10.8
|
|
|
11.3
|
|
|
(0.4
|
)
|
|
(3.8
|
)%
|
|
35.0
|
|
|
35.4
|
|
|
(0.4
|
)
|
|
(1.0
|
)%
|
||||||
Total net sales
|
$
|
96.5
|
|
|
$
|
100.4
|
|
|
$
|
(4.0
|
)
|
|
(4.0
|
)%
|
|
$
|
297.5
|
|
|
$
|
307.8
|
|
|
$
|
(10.3
|
)
|
|
(3.3
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gross profit
|
$
|
29.2
|
|
|
$
|
32.7
|
|
|
$
|
(3.5
|
)
|
|
(10.7
|
)%
|
|
$
|
94.6
|
|
|
$
|
102.9
|
|
|
$
|
(8.3
|
)
|
|
(8.1
|
)%
|
Selling, general and administrative expenses
|
$
|
25.8
|
|
|
$
|
24.9
|
|
|
$
|
1.0
|
|
|
3.8
|
%
|
|
$
|
76.5
|
|
|
$
|
76.8
|
|
|
$
|
(0.2
|
)
|
|
(0.3
|
)%
|
Amortization of intangibles
|
$
|
1.1
|
|
|
$
|
1.2
|
|
|
$
|
(0.1
|
)
|
|
(9.2
|
)%
|
|
$
|
3.3
|
|
|
$
|
3.7
|
|
|
$
|
(0.5
|
)
|
|
(12.3
|
)%
|
Goodwill impairment
|
$
|
17.6
|
|
|
$
|
—
|
|
|
$
|
17.6
|
|
|
—
|
%
|
|
$
|
17.6
|
|
|
$
|
73.9
|
|
|
$
|
(56.3
|
)
|
|
(76.1
|
)%
|
Loss on extinguishment and modification of debt
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
87.9
|
%
|
|
$
|
0.2
|
|
|
$
|
0.2
|
|
|
$
|
0.1
|
|
|
47.4
|
%
|
Interest expense, net
|
$
|
1.5
|
|
|
$
|
1.6
|
|
|
$
|
—
|
|
|
(2.1
|
)%
|
|
$
|
4.7
|
|
|
$
|
4.5
|
|
|
$
|
0.1
|
|
|
3.2
|
%
|
Income tax (benefit) provision
|
$
|
(2.2
|
)
|
|
$
|
2.2
|
|
|
$
|
(4.3
|
)
|
|
(200.6
|
)%
|
|
$
|
1.6
|
|
|
$
|
(5.9
|
)
|
|
$
|
7.5
|
|
|
(126.8
|
)%
|
Net (loss) income attributable to ARC
|
$
|
(14.8
|
)
|
|
$
|
2.8
|
|
|
$
|
(17.6
|
)
|
|
(620.0
|
)%
|
|
$
|
(9.4
|
)
|
|
$
|
(50.5
|
)
|
|
$
|
41.1
|
|
|
(81.5
|
)%
|
Non-GAAP
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Adjusted net income attributable to ARC
(2)
|
$
|
0.4
|
|
|
$
|
3.0
|
|
|
$
|
(2.7
|
)
|
|
(88.1
|
)%
|
|
$
|
5.9
|
|
|
$
|
10.5
|
|
|
$
|
(4.6
|
)
|
|
(43.8
|
)%
|
EBITDA
(2)
|
$
|
(7.0
|
)
|
|
$
|
14.4
|
|
|
$
|
(21.4
|
)
|
|
(148.5
|
)%
|
|
$
|
21.9
|
|
|
$
|
(28.1
|
)
|
|
$
|
50.0
|
|
|
(178.1
|
)%
|
Adjusted EBITDA
(2)
|
$
|
11.5
|
|
|
$
|
15.1
|
|
|
$
|
(3.7
|
)
|
|
(24.2
|
)%
|
|
$
|
42.1
|
|
|
$
|
48.1
|
|
|
$
|
(6.0
|
)
|
|
(12.5
|
)%
|
(1)
|
Column does not foot due to rounding
|
(2)
|
See "Non-GAAP Financial Measures" on pg. 24 for additional information.
|
|
As Percentage of Net Sales
|
|
As Percentage of Net Sales
|
||||||||
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
|
2017 (1)
|
|
2016 (1)
|
|
2017 (1)
|
|
2016 (1)
|
||||
Net Sales
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Cost of sales
|
69.7
|
|
|
67.4
|
|
|
68.2
|
|
|
66.6
|
|
Gross profit
|
30.3
|
|
|
32.6
|
|
|
31.8
|
|
|
33.4
|
|
Selling, general and administrative expenses
|
26.8
|
|
|
24.8
|
|
|
25.7
|
|
|
24.9
|
|
Amortization of intangibles
|
1.1
|
|
|
1.2
|
|
|
1.1
|
|
|
1.2
|
|
Goodwill impairment
|
18.3
|
|
|
—
|
|
|
5.9
|
|
|
24.0
|
|
(Loss) income from operations
|
(15.9
|
)
|
|
6.6
|
|
|
(1.0
|
)
|
|
(16.7
|
)
|
Loss on extinguishment and modification of debt
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
Interest expense, net
|
1.6
|
|
|
1.6
|
|
|
1.6
|
|
|
1.5
|
|
(Loss) income before income tax provision (benefit)
|
(17.6
|
)
|
|
5.0
|
|
|
(2.6
|
)
|
|
(18.2
|
)
|
Income tax (benefit) provision
|
(2.3
|
)
|
|
2.2
|
|
|
0.5
|
|
|
(1.9
|
)
|
Net (loss) income
|
(15.3
|
)
|
|
2.9
|
|
|
(3.1
|
)
|
|
(16.3
|
)
|
Income attributable to the noncontrolling interest
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
Net (loss) income attributable to ARC
|
(15.3
|
)%
|
|
2.8
|
%
|
|
(3.1
|
)%
|
|
(16.4
|
)%
|
Non-GAAP
(2)
|
|
|
|
|
|
|
|
||||
EBITDA
(2)
|
(7.2
|
)%
|
|
14.4
|
%
|
|
7.4
|
%
|
|
(9.1
|
)%
|
Adjusted EBITDA
(2)
|
11.9
|
%
|
|
15.1
|
%
|
|
14.1
|
%
|
|
15.6
|
%
|
(1)
|
Column does not foot due to rounding
|
(2)
|
See "Non-GAAP Financial Measures" on pg. 24 for additional information.
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(In thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net cash provided by operating activities
|
$
|
11,326
|
|
|
$
|
12,163
|
|
|
$
|
36,756
|
|
|
$
|
34,046
|
|
Net cash used in investing activities
|
$
|
(2,263
|
)
|
|
$
|
(2,295
|
)
|
|
$
|
(6,780
|
)
|
|
$
|
(6,738
|
)
|
Net cash used in financing activities
|
$
|
(9,465
|
)
|
|
$
|
(10,600
|
)
|
|
$
|
(29,343
|
)
|
|
$
|
(31,335
|
)
|
(In thousands)
|
September 30, 2017
|
|
December 31, 2016
|
||||
Cash and cash equivalents
|
$
|
26,363
|
|
|
$
|
25,239
|
|
Working capital
|
$
|
43,262
|
|
|
$
|
44,892
|
|
|
|
|
|
||||
Borrowings from term loan facility
(1) (2)
|
$
|
104,189
|
|
|
$
|
120,911
|
|
Other debt obligations
|
44,996
|
|
|
36,262
|
|
||
Total debt obligations
|
$
|
149,185
|
|
|
$
|
157,173
|
|
(Dollars in thousands)
|
Number of
Reporting
Units
|
|
Representing
Goodwill of
|
|||
No goodwill balance
|
6
|
|
|
$
|
—
|
|
Fair value of reporting units exceeds their carrying values by more than 100%
|
2
|
|
|
121,051
|
|
|
|
8
|
|
|
$
|
121,051
|
|
•
|
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
|
|
|
|
|
|
|
|
|
||||||
July 1, 2017—July 31, 2017
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
9,621
|
|
August 1, 2017—August 31, 2017
|
|
—
|
|
|
$
|
3.85
|
|
|
—
|
|
|
$
|
9,620
|
|
September 1, 2017—September 30, 2017
|
|
2
|
|
|
$
|
3.48
|
|
|
2
|
|
|
$
|
9,614
|
|
Total
|
|
2
|
|
|
|
|
|
2
|
|
|
|
(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
|
|
|
|
10.1
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32.1
|
|
|
|
|
|
32.2
|
|
|
|
|
|
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
|
|
|
|
10.1
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32.1
|
|
|
|
|
|
32.2
|
|
|
|
|
|
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
|
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