ARC Document Solutions, Inc. Financial Ratios — ARC Stock

Profitability (USD)

	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	-7.14	-14.69	-129.08	-191.14	- -	- -	- -	-72.74	-68.9	35.48	9.81	17.84	23.1	25.71	18.58
Return on Assets (%)	-2.21	-4.62	-26.34	-7.46	-3.71	1.77	21.84	-11.34	-6.07	2.61	0.86	1.75	2.73	3.51	2.67
Return on Capital (%)	- -	- -	- -	- -	- -	8.74	- -	- -	- -	7.9	2.76	4.86	6.25	8.16	6.49
Return on Invested Capital (%)	- -	- -	- -	- -	- -	7.41	- -	- -	- -	4.68	1.7	2.81	3.63	4.54	4.6
Gross Margin (%)	35.53	32.23	31.77	30.41	32.99	34.05	34.55	32.79	31.43	32.65	32.73	32.1	32.2	33.56	33.57
EBITDA Margin (%)	20.21	15.53	14.7	14.51	16.13	15.28	16.06	14.75	12.97	12.66	12.2	14.77	14.58	13.56	12.68
Operating Margin (%)	10.33	5.19	3.38	4.78	7.59	7.23	8.21	6.94	4.52	4.46	3.86	4.28	5.56	6.42	6.41
Incremental Operating Margin (%)	33.46	48.19	45.82	-30.96	1,069.08	-1.85	93.36	31.36	88.08	0.1	16.83	2.56	-15.85	23.38	6.84
Pretax Margin (%)	-2.39	-9.46	-19.44	-7.06	-2.85	2.31	6.52	-12.76	-1.55	3.01	2.24	2.95	4.78	5.81	4.43
Profit Margin (%)	-2.97	-6.23	-31.48	-7.87	-3.76	1.72	22.64	-11.78	-5.45	2.21	0.79	2.14	3.36	3.88	2.93
Net Income to Common Margin (%)	-2.97	-6.23	-31.48	-7.87	-3.76	1.72	22.64	-11.78	-5.45	2.21	0.79	2.14	3.36	3.88	2.93
Effective Tax Rate (%)	- -	- -	- -	- -	- -	24.01	- -	- -	- -	27.64	66.84	32.18	32.1	35.09	35.21
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	16.12	34.53	80.56	107.65
Sustainable Growth Rate (%)	-7.14	-14.69	-129.08	-191.14	- -	- -	- -	-72.74	-68.9	35.48	9.81	14.96	15.12	5	-1.42

Credit (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	274	240	226	223	220	204	171	157	144	127	154	143	113	100	100
ST Debt	54	24	15	13	22	28	14	14	21	22	28	30	24	21	19
LT Debt	221	216	211	209	198	176	157	143	124	105	126	113	89	78	81
Total Debt/EBITDA	2.71	3.49	3.64	3.78	3.35	3.15	2.49	2.62	2.82	2.51	3.31	3.34	2.86	2.57	2.79
Net Debt/EBITDA	2.42	3.11	3.23	3.3	2.93	2.8	2.14	2.2	2.27	1.93	1.64	0.99	0.21	0.06	-0.08
Total Debt/EBIT	5.29	10.45	15.86	11.46	7.11	6.66	4.87	5.57	8.09	7.12	10.46	11.54	7.5	5.43	5.52
Net Debt/EBIT	4.73	9.3	14.08	10.02	6.22	5.92	4.19	4.68	6.52	5.47	5.2	3.41	0.56	0.13	-0.15
EBITDA to Interest Expense	3.93	2.85	2	2.09	2.77	4.45	9.87	10	8.28	8.63	8.93	10.94	18.48	21.59	21.84
EBITDA-CapEx/Interest Expense	3.93	2.85	2	2.09	2.77	4.45	9.87	10	8.28	8.63	8.93	10.94	18.48	21.59	21.84
EBIT to Interest Expense	2.01	0.95	0.46	0.69	1.3	2.1	5.05	4.7	2.89	3.04	2.83	3.17	7.05	10.22	11.04
Interest Expense	26	24	31	28	24	15	7	6	6	6	5	4	2	2	2
Common Equity/Total Assets	32.37	30.49	7.41	0.18	-3.56	-1.76	18.91	11.34	6.06	8.67	8.82	10.81	12.91	14.47	14.25
Long-Term Debt/Equity (%)	78.26	82.23	154.13	188.8	199.95	160.16	75.08	91.44	89.84	71.32	84.21	73.37	56.22	50.07	51.84
Long-Term Debt/Capital (%)	45.86	51.52	79.61	90.9	93.24	86.38	58.56	69.63	71.72	64.19	65.41	60.56	55.22	53.55	55.53
Long-Term Debt/Total Assets (%)	35.54	37.96	47.87	50.32	48.36	42.48	33.09	38.83	36.42	30.93	34.79	32.78	27.59	25.46	26.03
Total Debt/Equity (%)	97.24	91.22	165.08	200.77	221.64	185.62	81.95	100.22	104.95	86.35	102.96	92.63	71.37	63.82	63.91
Total Debt/Capital (%)	56.98	57.15	85.27	96.66	103.36	100.12	63.92	76.32	83.79	77.71	79.97	76.45	70.11	68.25	68.46
Total Debt/Total Assets (%)	44.16	42.11	51.27	53.51	53.6	49.24	36.12	42.56	42.55	37.44	42.54	41.38	35.02	32.45	32.09
Net Debt to Equity	86.82	81.21	146.52	175.49	194.04	165.01	70.49	84.13	84.56	66.37	51.14	27.4	5.34	1.51	-1.75
Net Debt/Capital (%)	54.19	54.28	83.7	96.2	103.85	100.13	60.38	73.01	80.63	72.83	46.86	32.03	8.02	2.52	-3.05
EBITDA	101	69	62	59	66	65	69	60	51	51	47	43	40	39	36
EBITDA-CapEx	101	69	62	59	66	65	69	60	51	51	47	43	40	39	36
Operating Income (Loss)	52	23	14	19	31	31	35	28	18	18	15	12	15	18	18

Liquidity (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.27	0.31	0.4	0.44	0.35	0.25	0.34	0.38	0.37	0.36	0.34	0.72	0.74	0.72	0.79
Current Ratio	0.97	1.26	1.64	1.64	1.37	1.23	1.57	1.67	1.53	1.43	1.23	1.43	1.49	1.48	1.53
Quick Ratio	0.76	0.92	1.26	1.26	1.08	0.93	1.21	1.27	1.14	1.08	0.94	1.2	1.26	1.26	1.29
CFO/Avg Current Liab	0.84	0.55	0.66	0.59	0.66	0.59	0.74	0.78	0.74	0.71	0.63	0.67	0.47	0.5	0.51
Common Equity/Total Assets	32.37	30.49	7.41	0.18	-3.56	-1.76	18.91	11.34	6.06	8.67	8.82	10.81	12.91	14.47	14.25
Long-Term Debt/Equity (%)	78.26	82.23	154.13	188.8	199.95	160.16	75.08	91.44	89.84	71.32	84.21	73.37	56.22	50.07	51.84
Long-Term Debt/Capital (%)	45.86	51.52	79.61	90.9	93.24	86.38	58.56	69.63	71.72	64.19	65.41	60.56	55.22	53.55	55.53
Long-Term Debt/Total Assets (%)	35.54	37.96	47.87	50.32	48.36	42.48	33.09	38.83	36.42	30.93	34.79	32.78	27.59	25.46	26.03
Total Debt/Equity (%)	97.24	91.22	165.08	200.77	221.64	185.62	81.95	100.22	104.95	86.35	102.96	92.63	71.37	63.82	63.91
Total Debt/Capital (%)	56.98	57.15	85.27	96.66	103.36	100.12	63.92	76.32	83.79	77.71	79.97	76.45	70.11	68.25	68.46
Total Debt/Total Assets (%)	44.16	42.11	51.27	53.51	53.6	49.24	36.12	42.56	42.55	37.44	42.54	41.38	35.02	32.45	32.09
CFO/Total Liabilities	28.74	17.6	16.16	12.31	15.06	16.44	22.6	25.01	25.95	28.57	24.77	28.51	21.68	24.65	23.69
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	4.87	4.24	3.7	3.26	3.66	3.76	3.31	3.33	2.8	2.76	2.22	2.04	2.54	2.85	2.88

Working Capital (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	7.65	8.29	7.88	7.62	7.53	7.16	7.02	6.78	6.76	6.97	6.99	6.6	7.19	7.32	7.55
Days Sales Outstanding	47.72	44.03	46.34	47.89	48.49	50.98	52	53.82	54	52.39	52.24	55.3	50.77	49.89	48.37
Inventory Turnover	29.8	28.11	25.31	21.44	19.28	18.45	16.89	15.54	14.19	14.71	16.76	16.79	20.15	21.78	21.44
Days Inventory Outstanding	12.25	12.98	14.42	17.02	18.93	19.78	21.61	23.5	25.71	24.82	21.78	21.74	18.11	16.76	17.03
Accounts Payable Turnover	13.31	12.75	12.77	13.24	12.23	11.22	11.06	11.25	11.1	11	10.72	9.17	8.88	8.3	7.93
Accounts Payable Turnover Days	27.43	28.62	28.57	27.56	29.84	32.54	33	32.45	32.89	33.18	34.04	39.8	41.09	43.97	46.01
Cash Conversion Cycle	32.54	28.39	32.19	37.35	37.58	38.22	40.61	44.86	46.82	44.02	39.99	37.24	27.78	22.68	19.38
Inventory to Cash Days	35.47	31.04	31.91	30.87	29.56	31.2	30.38	30.32	28.28	27.57	30.46	33.56	32.65	33.13	31.34
Inventories	11	11	12	14	14	16	17	18	20	17	14	9	9	9	9
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	11	11	12	14	14	16	17	18	20	17	14	9	9	9	9

Enterprise Value (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	246	268	163	91	294	369	161	182	91	72	49	51	121	109	131
- Cash & Cash Equivalents	29	26	25	28	27	23	24	25	28	29	29	55	56	53	56
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	6	6	6	7	7	7	7	7	7	7	7	7	7	2	2
+ Total Debt	274	240	226	223	220	204	171	157	144	127	154	143	113	100	100
Enterprise Value	497	487	370	293	494	557	315	321	215	177	180	145	186	158	176
Total Capital	481	419	265	230	213	204	268	206	172	164	193	187	162	146	145
Total Debt/Capital (%)	56.98	57.15	85.27	96.66	103.36	100.12	63.92	76.32	83.79	77.71	79.97	76.45	70.11	68.25	68.46
Total Debt / EV	0.55	0.49	0.61	0.76	0.45	0.37	0.54	0.49	0.67	0.72	0.86	0.98	0.61	0.63	0.57
EV/Sales	0.99	1.1	0.87	0.72	1.21	1.31	0.74	0.79	0.54	0.44	0.47	0.5	0.68	0.55	0.62
EV/EBITDA	4.91	7.1	5.95	4.97	7.52	8.6	4.58	5.35	4.19	3.48	3.86	3.4	4.68	4.07	4.93
EV/EBIT	9.6	21.24	25.91	15.08	15.97	18.19	8.96	11.38	12.02	9.89	12.21	11.73	12.26	8.61	9.75
EV/Cash Flow to Firm	3.83	6.98	3.71	4.28	6.44	9.12	3.74	5.47	2.9	2.98	3.31	2.54	4.98	4.12	4.67
EV/Free Cash Flow to Firm	3.83	6.98	3.71	4.28	6.44	9.12	3.74	5.47	2.9	2.98	3.31	2.54	4.98	4.12	4.67
Diluted Market Cap	246	268	163	91	294	375	164	182	91	72	49	51	123	112	133
Diluted Enterprise Value	497	487	370	293	494	564	318	321	215	177	180	145	187	161	179
EV per Share	11.02	10.77	8.14	6.41	10.77	12.04	6.76	6.98	4.7	3.93	4.01	3.39	4.4	3.74	4.13
TTM Sales	502	442	423	406	407	424	429	406	395	401	382	289	272	286	281
TTM EBITDA	101	69	62	59	66	65	69	60	51	51	47	43	40	39	36
TTM Operating Income	52	23	14	19	31	31	35	28	18	18	15	12	15	18	18
TTM Cash Flow to Firm	130	70	100	68	77	61	84	59	74	59	55	57	37	38	38
TTM Free Cash Flow to Firm	130	70	100	68	77	61	84	59	74	59	55	57	37	38	38

Multiples (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Free Cash Flow	2.53	4.96	3.31	2.43	6.28	7.5	2.73	3.42	1.74	1.31	0.92	0.93	3.44	3	3.65
EV/EBIT	9.6	21.24	25.91	15.08	15.97	18.19	8.96	11.38	12.02	9.89	12.21	11.73	12.26	8.61	9.75
Enterprise Value	497	487	370	293	494	557	315	321	215	177	180	145	186	158	176
Low Price	2.54	6	3.08	2.19	2.12	5.4	4.26	3.06	2.3	1.62	1.07	0.34	1.47	2.11	2.62
EV/Sales	0.99	1.1	0.87	0.72	1.21	1.31	0.74	0.79	0.54	0.44	0.47	0.5	0.68	0.55	0.62
EV/EBITDA	4.91	7.1	5.95	4.97	7.52	8.6	4.58	5.35	4.19	3.48	3.86	3.4	4.68	4.07	4.93
Price/Earnings	- -	- -	- -	- -	- -	50.66	1.66	- -	- -	8.1	16.12	8.19	13.28	9.82	15.86
Price/Earnings Average	-16.51	-10.28	-1.76	-5.13	-10.47	37.36	2.74	-2.92	-6.33	9.48	21.84	5.96	9.25	9.85	14.87
Price/Earnings High	-31.1	-18.59	-3.58	-9.99	-27.98	67.83	5.01	-4.89	-11.78	18.17	43.88	11.1	16.74	15.91	19.99
Price/Earnings Low	-7.7	-9.86	-1.05	-3.13	-6.34	34.33	2.05	-2.94	-4.88	8.2	15.97	2.36	6.78	8.03	13.54
Price/Book Value	1.23	1.54	4.97	123.26	-20.16	-50.45	1.79	4.34	4.42	2.44	1.52	1.36	2.9	2.45	2.96
Price/Book Value Average	1.22	1.63	7.16	221.5	-11	-37.2	2.96	3.34	6.62	2.86	2.06	0.99	2.02	2.46	2.77
Price/Book Value High	2.3	2.95	14.57	430.8	-29.4	-67.54	5.41	5.59	12.32	5.48	4.13	1.84	3.66	3.97	3.73
Price/Book Value Low	0.57	1.56	4.28	134.97	-6.67	-34.18	2.21	3.36	5.11	2.47	1.5	0.39	1.48	2	2.52
Price/Tangible Book Value	-1.98	-2.83	-1.18	-0.67	-2.08	-2.91	-7.51	36.89	12.13	3.4	1.8	1.55	3.23	3.11	3.78
Price/Tangible Book Value Average	-1.97	-2.98	-1.7	-1.2	-1.14	-2.15	-12.4	28.38	18.17	3.98	2.44	1.12	2.25	3.12	3.55
Price/Tangible Book Value High	-3.71	-5.4	-3.47	-2.34	-3.03	-3.9	-22.68	47.51	33.83	7.63	4.9	2.1	4.07	5.04	4.77
Price/Tangible Book Value Low	-0.92	-2.86	-1.02	-0.73	-0.69	-1.97	-9.27	28.5	14.02	3.44	1.78	0.45	1.65	2.54	3.23
Price/Sales	0.49	0.61	0.38	0.22	0.72	0.87	0.38	0.45	0.23	0.18	0.13	0.17	0.45	0.38	0.46
Price/Sales Average	0.49	0.64	0.55	0.4	0.39	0.64	0.62	0.34	0.35	0.21	0.17	0.13	0.31	0.38	0.44
Price/Sales High	0.92	1.16	1.13	0.79	1.05	1.16	1.13	0.58	0.64	0.4	0.35	0.24	0.56	0.62	0.59
Price/Sales Low	0.23	0.61	0.33	0.25	0.24	0.59	0.46	0.35	0.27	0.18	0.13	0.05	0.23	0.31	0.4
Price/Cash Flow	2.53	4.96	3.31	2.43	6.28	7.37	2.68	3.42	1.74	1.31	0.92	0.93	3.39	2.93	3.57
Price/Cash Flow Average	2.52	5.24	4.76	4.37	3.43	5.43	4.43	2.63	2.6	1.53	1.25	0.68	2.36	2.93	3.35
Price/Cash Flow High	4.75	9.48	9.7	8.5	9.16	9.87	8.1	4.41	4.84	2.93	2.51	1.26	4.28	4.74	4.5
Price/Cash Flow Low	1.18	5.03	2.84	2.66	2.08	4.99	3.31	2.64	2.01	1.32	0.91	0.27	1.73	2.39	3.05
Price/Free Cash Flow Average	2.52	5.24	4.76	4.37	3.43	5.53	4.51	2.63	2.6	1.53	1.25	0.68	2.4	3.01	3.42
Price/Free Cash Flow High	4.75	9.48	9.7	8.5	9.16	10.05	8.26	4.41	4.84	2.94	2.51	1.26	4.34	4.86	4.6
Price/Free Cash Flow Low	1.18	5.03	2.84	2.66	2.08	5.08	3.38	2.64	2.01	1.33	0.91	0.27	1.76	2.45	3.11
EV/Sales Average	0.99	1.14	1.04	0.9	0.88	1.09	0.98	0.69	0.66	0.47	0.52	0.45	0.55	0.55	0.6
EV/Sales High	1.42	1.65	1.62	1.28	1.54	1.61	1.49	0.92	0.96	0.66	0.69	0.56	0.8	0.79	0.75
EV/Sales Low	0.73	1.11	0.82	0.74	0.73	1.03	0.82	0.69	0.58	0.44	0.47	0.38	0.46	0.48	0.56
EV/EBITDA Average	4.9	7.32	7.1	6.2	5.49	7.11	6.1	4.65	5.08	3.72	4.23	3.08	3.75	4.08	4.7
EV/EBITDA High	7.04	10.66	11.01	8.83	9.57	10.53	9.3	6.22	7.37	5.24	5.66	3.82	5.47	5.82	5.88
EV/EBITDA Low	3.61	7.16	5.58	5.12	4.52	6.76	5.13	4.66	4.47	3.5	3.85	2.56	3.18	3.56	4.39
EV/EBIT Average	9.59	21.9	30.94	18.83	11.65	15.03	11.93	9.89	14.56	10.58	13.38	10.61	9.83	8.63	9.3
EV/EBIT High	13.78	31.87	47.93	26.82	20.33	22.27	18.19	13.23	21.13	14.9	17.88	13.18	14.35	12.29	11.63
EV/EBIT Low	7.06	21.4	24.32	15.53	9.6	14.31	10.03	9.91	12.81	9.94	12.18	8.82	8.33	7.53	8.68
Last Price	5.46	5.92	3.58	2	6.41	7.97	3.45	3.96	1.99	1.6	1.08	1.18	2.88	2.58	3.07
High Price	10.26	11.31	10.5	6.99	9.35	10.67	10.42	5.1	5.55	3.59	2.94	1.6	3.63	4.18	3.87
Enterprise Value Average	497	502	441	366	360	460	420	279	260	189	198	132	149	158	168
Enterprise Value High	714	731	684	521	629	682	640	373	377	266	264	163	217	226	210
Enterprise Value Low	365	491	347	301	297	438	353	279	229	178	180	109	126	138	157

	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	46	46	46	46	46	47	47	46	45	46	45	43	43	43	43
Diluted Weighted Avg Shares	45	45	45	46	46	47	48	46	46	45	45	43	43	43	43
Basic Weighted Avg Shares	45	45	45	46	46	46	47	46	46	45	45	43	42	42	43
Revenue per Share	11.12	9.77	9.31	8.89	8.88	9.16	9.19	8.85	8.64	8.92	8.5	6.74	6.46	6.78	6.61
EBITDA per Share	2.25	1.52	1.37	1.29	1.43	1.4	1.48	1.31	1.12	1.13	1.04	1	0.94	0.92	0.84
Operating Income per Share	1.15	0.51	0.31	0.43	0.67	0.66	0.75	0.61	0.39	0.4	0.33	0.29	0.36	0.43	0.42
Basic EPS, GAAP	-0.33	-0.61	-2.93	-0.7	-0.33	0.16	2.08	-1.04	-0.47	0.2	0.07	0.14	0.22	0.26	0.19
Basic EPS from Cont Ops	-0.33	-0.61	-2.93	-0.69	-0.32	0.16	2.09	-1.03	-0.47	0.19	0.06	0.13	0.21	0.26	0.19
Diluted EPS, GAAP	-0.33	-0.61	-2.93	-0.7	-0.33	0.15	2.04	-1.04	-0.47	0.2	0.07	0.14	0.21	0.26	0.19
Diluted EPS from Cont Ops	-0.33	-0.61	-2.93	-0.69	-0.32	0.16	2.05	-1.03	-0.47	0.19	0.06	0.13	0.21	0.25	0.19
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.02	0.07	0.2	0.2
Cash Flow per Share	2.16	1.19	1.08	0.82	1.02	1.08	1.29	1.16	1.15	1.22	1.17	1.27	0.85	0.88	0.86
Free Cash Flow per Basic Share	2.16	1.19	1.08	0.82	1.02	1.08	1.29	1.16	1.15	1.22	1.17	1.27	0.85	0.88	0.86
Cash & Equivalents per Share	0.65	0.58	0.56	0.61	0.6	0.49	0.51	0.55	0.61	0.66	0.65	1.28	1.33	1.25	1.32
Book Value per Share	4.45	3.84	0.72	0.02	-0.32	-0.16	1.92	0.91	0.45	0.66	0.71	0.87	0.99	1.05	1.04
Tangible Book Value per Share	-2.76	-2.09	-3.03	-2.98	-3.08	-2.74	-0.46	0.11	0.16	0.47	0.6	0.76	0.89	0.83	0.81

ARC Document Solutions, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)