ARC Document Solutions, Inc.
Non-GAAP Measures
Reconciliation of cash flows provided by operating activities to adjusted
cash flows provided by operating activities
(In thousands)
(Unaudited)
Three Months Ended
March 31,
-----------------------
2015 2014
----------- -----------
Cash flows provided by operating activities $ 5,288 $ 7,714
Payments related to trade secret litigation costs 999 119
Payments related to restructuring expenses 118 303
----------- -----------
Adjusted cash flows provided by operating activities $ 6,405 $ 8,136
=========== ===========
ARC Document Solutions, Inc.
Non-GAAP Measures
Reconciliation of net income attributable to ARC to unaudited adjusted net
income attributable to ARC
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 31,
------------------------
2015 2014
----------- -----------
Net income attributable to ARC Document Solutions,
Inc. $ 4,436 $ 1,396
Restructuring expense 74 483
Trade secret litigation costs 34 398
Income tax benefit related to above items (42) (344)
Deferred tax valuation allowance and other
discrete tax items (1,256) (157)
----------- -----------
Unaudited adjusted net income attributable to ARC
Document Solutions, Inc. $ 3,246 $ 1,776
=========== ===========
Actual:
Earnings per share attributable to ARC Document
Solutions, Inc. shareholders:
Basic $ 0.10 $ 0.03
=========== ===========
Diluted $ 0.09 $ 0.03
=========== ===========
Weighted average common shares outstanding:
Basic 46,443 45,990
Diluted 47,654 46,782
Adjusted:
Earnings per share attributable to ARC Document
Solutions, Inc. shareholders:
Basic $ 0.07 $ 0.04
=========== ===========
Diluted $ 0.07 $ 0.04
=========== ===========
Weighted average common shares outstanding:
Basic 46,443 45,990
Diluted 47,654 46,782
ARC Document Solutions, Inc.
Non-GAAP Measures
Reconciliation of net income attributable to ARC Document Solutions, Inc.
shareholders to EBIT, EBITDA and Adjusted EBITDA
(In thousands)
(Unaudited)
Three Months Ended
March 31,
-----------------------
2015 2014
----------- -----------
Net income attributable to ARC Document Solutions,
Inc. shareholders $ 4,436 $ 1,396
Interest expense, net 1,857 3,913
Income tax provision 761 664
----------- -----------
EBIT 7,054 5,973
Depreciation and amortization 8,555 8,493
----------- -----------
EBITDA 15,609 14,466
Trade secret litigation costs 34 398
Restructuring expense 74 483
Stock-based compensation 1,083 781
----------- -----------
Adjusted EBITDA $ 16,800 $ 16,128
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ARC Document Solutions, Inc.
Net Sales by Product Line
(In thousands)
(Unaudited)
Three Months Ended
March 31,
-----------------------
2015 2014
----------- -----------
Service Sales
CDIM 54,643 53,340
MPS 35,877 33,009
AIM 2,805 2,582
----------- -----------
Total service sales 93,325 88,931
Equipment and supplies sales 10,994 11,442
----------- -----------
Total net sales $ 104,319 $ 100,373
=========== ===========
ARC Document Solutions, Inc.
Net Sales by Product Line
2014 and 2013 by Quarter
(In thousands)
(Unaudited)
Year
Three Months Ended Ended
--------------------------------------------- --------
March 31, June 30, September 30, December 31,
2014 2014 2014 2014 2014
--------- -------- ------------- ------------ --------
Service Sales
CDIM $ 53,340 $ 57,542 $ 55,352 $ 53,530 $219,764
MPS 33,009 35,743 36,464 36,097 141,313
AIM 2,582 2,913 2,610 2,702 10,807
--------- -------- ------------- ------------ --------
Total service sales 88,931 96,198 94,426 92,329 371,884
Equipment and
supplies sales 11,442 12,784 12,381 15,265 51,872
--------- -------- ------------- ------------ --------
Total net sales $ 100,373 $108,982 $ 106,807 $ 107,594 $423,756
========= ======== ============= ============ ========
Year
Three Months Ended Ended
--------------------------------------------- --------
March 31, June 30, September 30, December 31,
2013 2013 2013 2013 2013
--------- -------- ------------- ------------ --------
Service Sales
CDIM $ 54,645 $ 56,485 $ 53,430 $ 51,745 $216,305
MPS 30,673 32,243 32,674 32,615 128,205
AIM 2,482 2,900 2,726 2,740 10,848
--------- -------- ------------- ------------ --------
Total service sales 87,800 91,628 88,830 87,100 355,358
Equipment and
supplies sales 12,236 12,994 12,422 14,185 51,837
--------- -------- ------------- ------------ --------
Total net sales $ 100,036 $104,622 $ 101,252 $ 101,285 $407,195
========= ======== ============= ============ ========
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ARC Document Solutions Reports Results for First Quarter 2015
(1) On February 1, 2013, we filed a civil complaint against a competitor and a former employee in the Superior Court of California for Orange County, which alleged, among other claims, the misappropriation of ARC trade secrets; namely, proprietary customer lists that were used to communicate with ARC customers in an attempt to unfairly acquire their business. In prior litigation with the competitor based on related facts, in 2007 the competitor entered into a settlement agreement and stipulated judgment, which included an injunction. We instituted this suit to stop the defendant from using similar unfair business practices against us in the Southern California market. The case proceeded to trial in May 2014, and a jury verdict was entered for the defendants. In the first quarter of 2015, we entered into a settlement and paid the defendant. Legal fees associated with the litigation totaled $34 thousand and $0.4 million for the three months ended March 31, 2015 and 2014, respectively, and were recorded as selling, general and administrative expense.
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