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ARC Document Solutions (ARC) investor relations material

ARC Document Solutions Q3 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2024 earnings summary4 Nov, 2024

Executive summary

  • Net sales increased 4.8% year-over-year to $74.4 million in Q3 2024, driven by growth in Digital Printing and Scanning, partially offset by a decline in MPS sales.

  • Net loss attributable to ARC was $0.1 million for the quarter, compared to net income of $3.2 million in the prior year quarter, impacted by $3.2 million in transaction costs for a going-private deal.

  • Adjusted net income was $0.02 million, with adjusted diluted EPS of $0.07, both down from the prior year.

  • The company entered into a Merger Agreement to be acquired and taken private at $3.40 per share, with the transaction expected to close in Q4 2024.

Financial highlights

  • Digital Printing sales grew 7.1% for the quarter; Scanning and Digital Imaging sales rose 7.3% and 12.3%, respectively.

  • MPS sales declined 1.4% for the quarter; Equipment and Supplies sales were $4.1 million, up from $3.9 million.

  • Gross profit was $24.8 million (33.3% margin) for the quarter, slightly down from prior year due to higher labor and material costs.

  • Adjusted EBITDA was $6.2 million for the quarter (8.3% margin), down from $10.0 million (14.1% margin) in Q3 2023.

  • Cash and cash equivalents were $51.3 million as of September 30, 2024.

Outlook and guidance

  • The company expects continued growth in Scanning and Digital Imaging services, while MPS sales are expected to remain under pressure due to permanent changes in workplace practices.

  • Next quarterly cash dividend of $0.05 per share to be paid on November 29, 2024.

  • Management believes current cash, credit availability, and operating cash flows are sufficient to meet working capital, debt, and capital expenditure needs for the next twelve months and beyond.

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Frequently asked questions

ARC Document Solutions Inc. provides document management solutions to businesses in various industries. The company specializes in digital printing, document scanning, and managed print services, offering tools for businesses to access, store, and share documents efficiently. ARC also delivers technology services, such as cloud-based document management and project collaboration software tailored for construction, architecture, engineering, and other design-centric sectors. Additionally, it offers equipment sales and support for office and print environments. The company is headquartered in San Ramon, California, and its shares are listed on the NYSE.

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