ARC Document Solutions Meets or Exceeds Revised Financial Guidance for Full Year 2016

 

 

ARC Document Solutions, Inc.

 

Non-GAAP Measures

Reconciliation of cash flows provided by operating activities to EBITDA and Adjusted EBITDA

(In thousands)

(Unaudited)

 

Three Months Ended

Twelve Months Ended

 

December 31,

December 31,

 

2016

2015

2016

2015

Cash flows provided by operating activities

$

19,096

 

$

16,864

 

$

53,142

 

$

59,981

 

Changes in operating assets and liabilities, net of effect of business acquisitions

(6,058)

 

(2,338)

 

3,918

 

4,905

 

Non-cash expenses, including depreciation, amortization and restructuring

(10,259)

 

(11,342)

 

(104,559)

 

32,502

 

Income tax provision (benefit)

1,520

 

2,334

 

(4,364)

 

(69,432)

 

Interest expense, net

1,461

 

1,499

 

5,996

 

6,974

 

Income attributable to noncontrolling interest

(155)

 

(123)

 

(366)

 

(348)

 

Depreciation and amortization

8,014

 

8,171

 

31,751

 

33,661

 

EBITDA

13,619

 

15,065

 

(14,482)

 

68,243

 

Loss on extinguishment of debt

52

 

89

 

208

 

282

 

Goodwill impairment

 

 

73,920

 

 

Trade secret litigation costs (1)

 

 

 

34

 

Restructuring expense (2)

 

 

7

 

89

 

Stock-based compensation

620

 

773

 

2,693

 

3,512

 

Adjusted EBITDA

$

14,291

 

$

15,927

 

$

62,346

 

$

72,160

 
 

(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 were recorded as selling, general and administrative expense.

 

(2) 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 and 2015 primarily consist of revised estimated lease termination and obligation costs resulting from facilities closed in 2013.

 

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