ARC Reports Growth in Overall Sales and Earnings for Q1 2024
ARC Reports Growth in Overall Sales and Earnings for Q1 2024
SAN RAMON, CA / ACCESSWIRE / May 7, 2024 / ARC Document Solutions, Inc. (NYSE:ARC), a leading provider of digital printing and document-related services, today reported its financial results for the first quarter ended March 31, 2024.
加利福尼亚州圣拉蒙/ACCESSWIRE/2024年5月7日/领先的数字印刷和文档相关服务提供商ARC Document Solutions, Inc.(纽约证券交易所代码:ARC)今天公布了截至2024年3月31日的第一季度财务业绩。
Financial Highlights: |
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Three Months Ended | ||||||||
March 31, | ||||||||
(All dollar amounts in millions, except EPS) |
2024 | 2023 | ||||||
Net sales |
$ | 70.8 | $ | 68.9 | ||||
Gross margin |
32.2 | % | 33.3 | % | ||||
Net income attributable to ARC |
$ | 2.5 | $ | 1.9 | ||||
Adjusted net income attributable to ARC |
$ | 2.6 | $ | 2.2 | ||||
Earnings per share - diluted |
$ | 0.06 | $ | 0.04 | ||||
Adjusted earnings per share - diluted |
$ | 0.06 | $ | 0.05 | ||||
Cash provided by operating activities |
$ | 3.7 | $ | 3.8 | ||||
EBITDA |
$ | 7.9 | $ | 8.2 | ||||
Adjusted EBITDA |
$ | 8.6 | $ | 8.7 | ||||
Capital expenditures |
$ | 3.1 | $ | 2.3 | ||||
Debt & finance leases (including current) |
$ | 60.7 | $ | 64.8 |
财务要点: |
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三个月已结束 | ||||||||
3月31日 | ||||||||
(所有金额均以百万美元计,每股收益除外) |
2024 | 2023 | ||||||
净销售额 |
$ | 70.8 | $ | 68.9 | ||||
毛利率 |
32.2 | % | 33.3 | % | ||||
归属于ARC的净收益 |
$ | 2.5 | $ | 1.9 | ||||
归属于ARC的调整后净收益 |
$ | 2.6 | $ | 2.2 | ||||
每股收益——摊薄 |
$ | 0.06 | $ | 0.04 | ||||
调整后的每股收益——摊薄 |
$ | 0.06 | $ | 0.05 | ||||
经营活动提供的现金 |
$ | 3.7 | $ | 3.8 | ||||
EBITDA |
$ | 7.9 | $ | 8.2 | ||||
调整后 EBITDA |
$ | 8.6 | $ | 8.7 | ||||
资本支出 |
$ | 3.1 | $ | 2.3 | ||||
债务和融资租赁(包括当前租赁) |
$ | 60.7 | $ | 64.8 |
Management Commentary:
管理层评论:
"ARC's business transformation remains on track," said Suri Suriyakumar, Chairman and CEO of ARC. "We are gratified that our strategic focus and selective investments are driving top line growth, even while material and labor costs continue to pressure margins."
ARC董事长兼首席执行官苏里·苏里亚库玛说:“ARC的业务转型仍步入正轨。”“尽管材料和劳动力成本继续给利润率带来压力,但我们的战略重点和选择性投资正在推动收入增长,我们对此感到高兴。”
"Our focus on key business lines, and the efforts our teams have made over the past three months rewarded us with nearly three percent growth in sales for the first quarter," said Dilo Wijesuriya, President and COO of ARC. "U.S., Canadian, U.K., and other international markets all had positive sales momentum, but we had to work for it. Construction and design activity slowed which affected plan printing, and capital spending was constrained. We fought back with color and scanning to offset these challenges and delivered a solid quarter."
ARC总裁兼首席运营官迪洛·维杰苏里亚表示:“我们专注于关键业务领域,以及我们的团队在过去三个月中所做的努力,使我们第一季度的销售额增长了近3%。”“美国、加拿大、英国和其他国际市场都有积极的销售势头,但我们必须为此努力。施工和设计活动放缓,影响了计划印刷,资本支出受到限制。我们用彩色和扫描进行了反击,以抵消这些挑战,并实现了稳健的季度业绩。”
"Revenue growth drove the one cent increase in earnings per share for the quarter, but we felt the impact of inflationary pressures at the gross margin line," said Jorge Avalos, Chief Financial Officer. "That said, we secured our annual dividend with cash flows that were in line with the prior year period, and we expect to continue purchasing more of our own stock in 2024."
首席财务官豪尔赫·阿瓦洛斯表示:“收入增长推动了本季度每股收益增长1美分,但我们感受到了通货膨胀压力的毛利率影响。”“话虽如此,我们通过与上年同期持平的现金流确保了年度股息,我们预计将在2024年继续购买更多自有股票。”
2024 First Quarter Supplemental Information:
2024 年第一季度补充信息:
Net sales were $70.8 million, a 2.7%increase compared to the first quarter of 2023.
净销售额为7,080万美元,与2023年第一季度相比增长了2.7%。
Cash & cash equivalents on the consolidated balance sheet in the first quarter 2024 were $52.0 million.
2024年第一季度合并资产负债表上的现金及现金等价物为5,200万美元。
ARC's next quarterly cash dividend of $0.05 will be paid on May 31, 2024 with a record date of April 30, 2024.
ARC的下一季度现金股息为0.05美元,将于2024年5月31日支付,创纪录的日期为2024年4月30日。
Days sales outstanding were 48 in Q1 2024 and 51 in Q1 2023.
2024 年第一季度的未偿销售天数为 48 天,2023 年第一季度的未偿销售天数为 51 天。
The number of MPS locations have declined slightly year over year to approximately 10,400 as of March 31, 2024, representing a net decrease of approximately 300 locations compared to March 31, 2023.
截至2024年3月31日,MPS地点的数量同比略有下降至约10,400个,与2023年3月31日相比净减少了约300个。
Net Revenue
净收入
In millions |
1Q 2024 | FYE 2023 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 | ||||||||||||||||||
Total net revenue |
$ | 70.8 | $ | 281.2 | $ | 68.9 | $ | 71.1 | $ | 72.4 | $ | 68.9 |
以百万计 |
2024 年第一季度 | 天哪 2023 | 2023 年 4 季度 | 2023 年第三季度 | 2023 年第 2 季度 | 2023 年第 1 季度 | ||||||||||||||||||
净收入总额 |
$ | 70.8 | $ | 281.2 | $ | 68.9 | $ | 71.1 | $ | 72.4 | $ | 68.9 |
In the first quarter 2024, net sales increased 2.7%, compared to the same period in 2023. The increase in net sales for the three months ended March 31, 2024 compared to the same period in 2023 was primarily driven by the growth of sales in Digital Printing and Scanning and Digital Imaging sales. Growth for the period was partially offset by small declines in sales of our other products and services.
与2023年同期相比,2024年第一季度的净销售额增长了2.7%。截至2024年3月31日的三个月,净销售额与2023年同期相比的增长主要是由数字印刷、扫描和数字成像销售的增长所推动的。我们其他产品和服务销售额的小幅下降部分抵消了该期间的增长。
Revenue by Business Lines
按业务领域划分的收入
In millions |
1Q 2024 | FYE 2023 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 | ||||||||||||||||||
Digital Printing |
$ | 42.7 | $ | 170.1 | $ | 40.9 | $ | 43.5 | $ | 44.2 | $ | 41.4 | ||||||||||||
MPS |
$ | 18.6 | $ | 74.8 | $ | 18.2 | $ | 18.6 | $ | 19.0 | $ | 19.0 | ||||||||||||
Scanning and Digital Imaging |
$ | 5.7 | $ | 20.3 | $ | 5.5 | $ | 5.0 | $ | 5.3 | $ | 4.6 | ||||||||||||
Equipment and supplies |
$ | 3.8 | $ | 16.0 | $ | 4.3 | $ | 3.9 | $ | 3.9 | $ | 3.9 |
以百万计 |
2024 年第一季度 | 天哪 2023 | 2023 年 4 季度 | 2023 年第三季度 | 2023 年第 2 季度 | 2023 年第 1 季度 | ||||||||||||||||||
数码印刷 |
$ | 42.7 | $ | 170.1 | $ | 40.9 | $ | 43.5 | $ | 44.2 | $ | 41.4 | ||||||||||||
MPS |
$ | 18.6 | $ | 74.8 | $ | 18.2 | $ | 18.6 | $ | 19.0 | $ | 19.0 | ||||||||||||
扫描和数字成像 |
$ | 5.7 | $ | 20.3 | $ | 5.5 | $ | 5.0 | $ | 5.3 | $ | 4.6 | ||||||||||||
设备和用品 |
$ | 3.8 | $ | 16.0 | $ | 4.3 | $ | 3.9 | $ | 3.9 | $ | 3.9 |
In the first quarter 2024, Digital Printing sales increased 3.3% compared to prior year. Year-over-year sales saw healthy increases in digital color graphic printing from new and existing customers. This growth was offset by a small decrease in digital plan printing sales which we continue to attribute to less activity and lower spending on new construction projects due to high interest rates and the subsequent higher costs of capital over the past year.
在2024年第一季度,数字印刷的销售额与去年同期相比增长了3.3%。新老客户的数字彩色图形印刷销售额同比大幅增长。这一增长被数字计划印刷销售额的小幅下降所抵消,我们继续将其归因于过去一年高利率以及随之而来的资本成本上涨导致活动减少和新建筑项目支出减少。
In the first quarter 2024, MPS sales decreased 2.3% year-over-year. MPS sales have remained in a narrow band between $18 million to $19 million per quarter for more than two years, strongly implying fewer employees in the workplace will continue to constrain onsite print volumes relative to historical averages.
在2024年第一季度,MPS的销售额同比下降了2.3%。两年多来,MPS的销售额一直保持在每季度1,800万美元至1900万美元之间的窄幅区间,这强烈意味着相对于历史平均水平,工作场所的员工减少将继续限制现场打印量。
In the first quarter 2024, Scanning and Digital Imaging sales increased 23.4% year-over-year. The increase in sales of our Scanning and Digital Imaging services continues to be driven by growing demand for paper-to-digital document conversions and digital archives to replace long-term warehoused paper document storage. We believe that our Scanning and Digital Imaging services will continue to grow in the future.
在2024年第一季度,扫描和数字成像的销售额同比增长23.4%。我们的扫描和数字成像服务销售额的增长继续受到对纸质文档转换和数字档案以取代长期仓库纸质文档存储的需求不断增长所推动。我们相信,我们的扫描和数字成像服务将在未来继续增长。
In the first quarter 2024, Equipment and Supplies sales decreased 3.0% year-over-year. Equipment and Supplies sales continue to decline primarily in the U.S., while sales from our Chinese joint venture rose slightly. We attribute the decrease in U.S. sales to the desire of our domestic customers to reduce capital spending due to the increasing interest rates of the past couple of years.
在2024年第一季度,设备和用品的销售额同比下降了3.0%。设备和用品的销售继续下降,主要集中在美国,而我们的中国合资企业的销售额略有增长。我们将美国销售额的下降归因于我们的国内客户希望减少资本支出,这是由于过去几年利率上升所致。
Gross Profit
毛利
In millions unless otherwise indicated |
1Q 2024 | FYE 2023 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 | ||||||||||||||||||
Gross profit |
$ | 22.8 | $ | 94.4 | $ | 22.2 | $ | 24.1 | $ | 25.2 | $ | 22.9 | ||||||||||||
Gross margin |
32.2 | % | 33.6 | % | 32.2 | % | 34.0 | % | 34.8 | % | 33.3 | % |
除非另有说明,否则以百万计 |
2024 年第一季度 | 天哪 2023 | 2023 年 4 季度 | 2023 年第三季度 | 2023 年第 2 季度 | 2023 年第 1 季度 | ||||||||||||||||||
毛利 |
$ | 22.8 | $ | 94.4 | $ | 22.2 | $ | 24.1 | $ | 25.2 | $ | 22.9 | ||||||||||||
毛利率 |
32.2 | % | 33.6 | % | 32.2 | % | 34.0 | % | 34.8 | % | 33.3 | % |
In the first quarter 2024, gross profit and gross margin were $22.8 million, and 32.2%, respectively, a year-over-year margin decline of 110 basis points driven primarily by increases in labor and material costs due to inflation pressures and increased hiring as we increased and adjusted capacity for our digital color graphic printing and Scanning and Digital Imaging Services. The increase in labor cost was partially offset by the decrease in depreciation of $0.6 million.
2024年第一季度,毛利率和毛利率分别为2,280万美元和32.2%,同比下降110个基点,这主要是由于通货膨胀压力导致的劳动力和材料成本的增加,以及随着我们增加和调整数码彩色图形印刷和扫描和数字成像服务的产能,招聘人数增加。60万美元的折旧减少部分抵消了劳动力成本的增加。
Selling, General and Administrative Expenses
销售、一般和管理费用
In millions |
1Q 2024 | FYE 2023 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 | ||||||||||||||||||
Selling, general and administrative expenses |
$ | 19.1 | $ | 76.3 | $ | 18.6 | $ | 19.3 | $ | 19.0 | $ | 19.5 |
以百万计 |
2024 年第一季度 | 天哪 2023 | 2023 年 4 季度 | 2023 年第三季度 | 2023 年第 2 季度 | 2023 年第 1 季度 | ||||||||||||||||||
销售、一般和管理费用 |
$ | 19.1 | $ | 76.3 | $ | 18.6 | $ | 19.3 | $ | 19.0 | $ | 19.5 |
Selling, general and administrative expenses decreased by $0.4 million or 2.1% year-over-year. The decrease is primarily due to lower bonus accruals and consulting fees, partially offset by the increase in sales and marketing initiatives that are helping drive the growth within digital color graphic printing and Scanning and Digital Imaging Service sales.
销售、一般和管理费用同比减少了40万美元,下降了2.1%。下降的主要原因是累积奖金和咨询费的降低,但部分被销售和营销计划的增加所抵消,这些举措有助于推动数字彩色图形印刷以及扫描和数字成像服务销售的增长。
Net Income and Earnings Per Share
净收益和每股收益
In millions unless otherwise indicated | 1Q 2024 | FYE 2023 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 | ||||||||||||||||||
Net income attributable to ARC - GAAP |
$ | 2.5 | $ | 8.2 | $ | (0.9 | ) | $ | 3.2 | $ | 4.0 | $ | 1.9 | |||||||||||
Adjusted net income attributable to ARC |
$ | 2.6 | $ | 11.8 | $ | 2.4 | $ | 3.2 | $ | 4.1 | $ | 2.2 | ||||||||||||
Earnings per share attributable to ARC |
||||||||||||||||||||||||
Diluted EPS - GAAP |
$ | 0.06 | $ | 0.19 | $ | (0.02 | ) | $ | 0.07 | $ | 0.09 | $ | 0.04 | |||||||||||
Adjusted diluted EPS |
$ | 0.06 | $ | 0.27 | $ | 0.05 | $ | 0.07 | $ | 0.09 | $ | 0.05 |
除非另有说明,否则以百万计 | 2024 年第一季度 | 天哪 2023 | 2023 年 4 季度 | 2023 年第三季度 | 2023 年第 2 季度 | 2023 年第 1 季度 | ||||||||||||||||||
归属于ARC的净收益-GAAP |
$ | 2.5 | $ | 8.2 | $ | (0.9) | ) | $ | 3.2 | $ | 4.0 | $ | 1.9 | |||||||||||
归属于ARC的调整后净收益 |
$ | 2.6 | $ | 11.8 | $ | 2.4 | $ | 3.2 | $ | 4.1 | $ | 2.2 | ||||||||||||
归属于ARC的每股收益 |
||||||||||||||||||||||||
摊薄后每股收益-GAAP |
$ | 0.06 | $ | 0.19 | $ | (0.02) | ) | $ | 0.07 | $ | 0.09 | $ | 0.04 | |||||||||||
调整后的摊薄后每股 |
$ | 0.06 | $ | 0.27 | $ | 0.05 | $ | 0.07 | $ | 0.09 | $ | 0.05 |
Year-over-year net income attributable to ARC and earnings per share increased during the first quarter of 2024. The increase was driven primarily by lower selling, general and administrative expenses and interest expense.
归属于ARC的同比净收益和每股收益在2024年第一季度均有所增加。增长的主要原因是销售、一般和管理费用以及利息支出的减少。
Cash Provided by Operating Activities
经营活动提供的现金
In millions |
1Q 2024 | FYE 2023 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 | ||||||||||||||||||
Cash provided by operating activities |
$ | 3.7 | $ | 36.6 | $ | 13.7 | $ | 8.7 | $ | 10.3 | $ | 3.8 |
以百万计 |
2024 年第一季度 | 天哪 2023 | 2023 年 4 季度 | 2023 年第三季度 | 2023 年第 2 季度 | 2023 年第 1 季度 | ||||||||||||||||||
经营活动提供的现金 |
$ | 3.7 | $ | 36.6 | $ | 13.7 | $ | 8.7 | $ | 10.3 | $ | 3.8 |
The slight decrease in cash flows from operations during the first quarter of 2024 was primarily due to timing of receivable collections as a result of an increase in sales.
2024年第一季度运营现金流略有下降的主要原因是销售额增加导致的应收账款收款时机。
EBITDA
EBITDA
In millions |
1Q 2024 | FYE 2023 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 | ||||||||||||||||||
EBITDA |
$ | 7.9 | $ | 31.9 | $ | 3.7 | $ | 9.4 | $ | 10.6 | $ | 8.2 | ||||||||||||
Adjusted EBITDA |
$ | 8.6 | $ | 38.1 | $ | 8.3 | $ | 10.0 | $ | 11.1 | $ | 8.7 |
以百万计 |
2024 年第一季度 | 天哪 2023 | 2023 年 4 季度 | 2023 年第三季度 | 2023 年第 2 季度 | 2023 年第一季度 | ||||||||||||||||||
EBITDA |
$ | 7.9 | $ | 31.9 | $ | 3.7 | $ | 9.4 | $ | 10.6 | $ | 8.2 | ||||||||||||
调整后 EBITDA |
$ | 8.6 | $ | 38.1 | $ | 8.3 | $ | 10.0 | $ | 11.1 | $ | 8.7 |
Despite the increase in revenue in the first quarter of 2024, EBITDA and Adjusted EBITDA decreased modestly due to lower gross margin, as described above.
尽管2024年第一季度收入有所增加,但如上所述,由于毛利率降低,息税折旧摊销前利润和调整后息税折旧摊销前利润略有下降。
Three Months Ended | ||||||||
March 31, | ||||||||
Sales from Services and Product Lines as a Percentage of Net Sales |
2024 | 2023 | ||||||
Digital Printing |
60.4 | % | 60.0 | % | ||||
MPS |
26.2 | % | 27.6 | % | ||||
Scanning and Digital Imaging |
8.0 | % | 6.7 | % | ||||
Equipment and supplies sales |
5.4 | % | 5.7 | % |
三个月已结束 | ||||||||
3月31日 | ||||||||
服务和产品线的销售额占净销售额的百分比 |
2024 | 2023 | ||||||
数码印刷 |
60.4 | % | 60.0 | % | ||||
MPS |
26.2 | % | 27.6 | % | ||||
扫描和数字成像 |
8.0 | % | 6.7 | % | ||||
设备和用品销售 |
5.4 | % | 5.7 | % |
Teleconference and Webcast
电话会议和网络直播
ARC Document Solutions will hold a conference call with investors and analysts on Tuesday, May 7, 2024, at 2 P.M. Pacific Time (5 P.M. Eastern Time) to discuss results of the Company's first quarter of 2024. To access the live conference call outlining ARC's 2024 first quarter results, dial (800) 715-9871. International callers may join the conference by dialing (646) 307-1963. The conference code is 1511143 and will be required to dial into the call. A live webcast will also be made available at: or on the Company's investor relations website at A replay of the webcast will be available on the website following the call's conclusion.
ARC Document Solutions将于太平洋时间2024年5月7日星期二下午2点(美国东部时间下午5点)与投资者和分析师举行电话会议,讨论公司2024年第一季度的业绩。要观看概述ARC2024年第一季度业绩的电话会议直播,请拨打 (800) 715-9871。国际来电者可以通过拨打 (646) 307-1963 加入会议。会议代码为 1511143,需要拨入通话。还将在以下网址进行网络直播:或在公司的投资者关系网站上。电话会议结束后,将在网站上重播网络直播。
About ARC Document Solutions (NYSE:ARC)
关于 ARC 文档解决方案(纽约证券交易所代码:ARC)
ARC partners with top brands around the world to tell their stories through visually compelling graphics. We use advanced digital printing technology, sustainable materials, and innovative techniques to bring their vision to life. ARC also provides other digital printing and scanning services to a wide variety of industries all over North America and in select markets around the world. Follow ARC at .
ARC与世界各地的顶级品牌合作,通过视觉上引人入胜的图形讲述他们的故事。我们使用先进的数字印刷技术、可持续材料和创新技术,将他们的愿景变为现实。ARC还为北美各地和全球特定市场的各种行业提供其他数字印刷和扫描服务。关注 ARC,网址为 。
Forward-Looking Statements
前瞻性陈述
This press release contains forward-looking statements that are based on current opinions, estimates and assumptions of management regarding future events and the future financial performance of the Company, and on the Company's operations. Words and phrases such as, "driving top line growth," "we expect," and similar expressions identify forward-looking statements and all statements other than statements of historical fact, including, but not limited to, any projections regarding earnings, revenues and financial performance of the Company, could be deemed forward-looking statements. We caution you that such statements are only predictions and are subject to certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. In addition to matters affecting the construction, managed print services, digital printing industries, or the economy generally, factors that could cause actual results to differ from expectations stated in forward-looking statements include, among others, the factors described in the section titled "Part I - Item 1A. Risk Factors " of ARC Document Solution's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, Quarterly Reports on Form 10-Q, and other periodic filings and prospectuses. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
本新闻稿包含前瞻性陈述,这些陈述基于管理层当前对公司未来事件和未来财务业绩以及公司运营的看法、估计和假设。诸如 “推动收入增长”、“我们预期” 等词语和短语以及类似表述指前瞻性陈述,除历史事实陈述以外的所有陈述,包括但不限于对公司收益、收入和财务业绩的任何预测,均可被视为前瞻性陈述。我们提醒您,此类陈述只是预测,存在某些风险和不确定性,可能导致实际结果与前瞻性陈述中包含的结果存在重大差异。除了影响建筑业、印刷管理服务、数字印刷行业或总体经济的事项外,可能导致实际业绩与前瞻性陈述中提出的预期不同的因素还包括标题为 “第一部分——第1A项” 的部分中描述的因素。风险因素 “ ARC Document Solution截至2023年12月31日财年的10-K表年度报告、10-Q表季度报告以及其他定期申报和招股说明书。除非法律要求,否则公司没有义务更新或修改任何前瞻性陈述,无论是由于新信息、未来事件还是其他原因。
Contact Information:
联系信息:
David Stickney
VP Corporate Communications & Investor Relations
925-949-5114
大卫斯蒂克尼
企业传播与投资者关系副总裁
925-949-5114
ARC Document Solutions, Inc. |
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Consolidated Balance Sheets |
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(In thousands, except per share data) |
||||||||
(Unaudited) |
||||||||
March 31, | December 31, | |||||||
Current assets: |
2024 | 2023 | ||||||
Cash and cash equivalents |
$ | 52,029 | $ | 56,093 | ||||
Accounts receivable, net of allowances for accounts receivable of $1,942 and $1,857 |
37,887 | 35,775 | ||||||
Inventory |
9,277 | 8,818 | ||||||
Prepaid expenses |
4,507 | 3,988 | ||||||
Other current assets |
3,571 | 3,978 | ||||||
Total current assets |
107,271 | 108,652 | ||||||
Property and equipment, net of accumulated depreciation of $227,877 and $229,122 |
40,848 | 40,925 | ||||||
Right-of-use assets from operating leases |
34,459 | 32,838 | ||||||
Goodwill |
121,051 | 121,051 | ||||||
Other intangible assets, net |
149 | 162 | ||||||
Deferred income taxes |
3,559 | 4,383 | ||||||
Other assets |
1,947 | 2,113 | ||||||
Total assets |
$ | 309,284 | $ | 310,124 | ||||
Current liabilities: |
||||||||
Accounts payable |
$ | 24,023 | $ | 24,175 | ||||
Accrued payroll and payroll-related expenses |
9,022 | 9,401 | ||||||
Accrued expenses |
17,549 | 18,787 | ||||||
Current operating lease liabilities |
10,171 | 9,924 | ||||||
Current portion of finance leases |
8,095 | 8,870 | ||||||
Total current liabilities |
68,860 | 71,157 | ||||||
Long-term operating lease liabilities |
28,730 | 27,357 | ||||||
Long-term debt and finance leases |
52,635 | 53,366 | ||||||
Deferred income taxes |
148 | 52 | ||||||
Other long-term liabilities |
2,455 | 2,467 | ||||||
Total liabilities |
152,828 | 154,399 | ||||||
Commitments and contingencies |
||||||||
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; 52,941 and 52,526 shares issued and 43,179 and 42,783 shares outstanding |
53 | 52 | ||||||
Additional paid-in capital |
137,146 | 136,460 | ||||||
Retained earnings |
44,495 | 44,144 | ||||||
Accumulated other comprehensive loss |
(4,347 | ) | (4,200 | ) | ||||
177,347 | 176,456 | |||||||
Less cost of common stock in treasury, 9,762 and 9,743 shares |
22,445 | 22,390 | ||||||
Total ARC Document Solutions, Inc. stockholders' equity |
154,902 | 154,066 | ||||||
Noncontrolling interest |
1,554 | 1,659 | ||||||
Total equity |
156,456 | 155,725 | ||||||
Total liabilities and equity |
$ | 309,284 | $ | 310,124 |
ARC 文档解决方案有限公司 |
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合并资产负债表 |
||||||||
(以千计,每股数据除外) |
||||||||
(未经审计) |
||||||||
3月31日 | 十二月三十一日 | |||||||
流动资产: |
2024 | 2023 | ||||||
现金和现金等价物 |
$ | 52,029 | $ | 56,093 | ||||
应收账款,扣除1,942美元和1,857美元的应收账款备抵后 |
37,887 | 35,775 | ||||||
库存 |
9,277 | 8,818 | ||||||
预付费用 |
4,507 | 3,988 | ||||||
其他流动资产 |
3,571 | 3,978 | ||||||
流动资产总额 |
107,271 | 108,652 | ||||||
财产和设备,扣除227,877美元和229,122美元的累计折旧 |
40,848 | 40,925 | ||||||
经营租赁中的使用权资产 |
34,459 | 32,838 | ||||||
善意 |
121,051 | 121,051 | ||||||
其他无形资产,净额 |
149 | 162 | ||||||
递延所得税 |
3,559 | 4,383 | ||||||
其他资产 |
1,947 | 2,113 | ||||||
总资产 |
$ | 309,284 | $ | 310,124 | ||||
流动负债: |
||||||||
应付账款 |
$ | 24,023 | $ | 24,175 | ||||
应计工资和工资相关费用 |
9,022 | 9,401 | ||||||
应计费用 |
17,549 | 18,787 | ||||||
当期经营租赁负债 |
10,171 | 9,924 | ||||||
融资租赁的当前部分 |
8,095 | 8,870 | ||||||
流动负债总额 |
68,860 | 71,157 | ||||||
长期经营租赁负债 |
28,730 | 27,357 | ||||||
长期债务和融资租赁 |
52,635 | 53,366 | ||||||
递延所得税 |
148 | 52 | ||||||
其他长期负债 |
2,455 | 2,467 | ||||||
负债总额 |
152,828 | 154,399 | ||||||
承付款和意外开支 |
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股东权益: |
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ARC Document Solutions, Inc. 股东权益: |
||||||||
优先股,面值0.001美元,已授权25,000股;已发行和流通0股 |
- | - | ||||||
普通股,面值0.001美元,授权15万股;已发行52,941和52,526股,已发行43,179股和42,783股 |
53 | 52 | ||||||
额外的实收资本 |
137,146 | 136,460 | ||||||
留存收益 |
44,495 | 44,144 | ||||||
累计其他综合亏损 |
(4,347) | ) | (4,200 | ) | ||||
177,347 | 176,456 | |||||||
减去国库中普通股的成本,分别为9,762和9,743股 |
22,445 | 22,390 | ||||||
ARC Document Solutions, Inc. 股东权益总额 |
154,902 | 154,066 | ||||||
非控股权益 |
1,554 | 1,659 | ||||||
权益总额 |
156,456 | 155,725 | ||||||
负债和权益总额 |
$ | 309,284 | $ | 310,124 |
ARC Document Solutions, Inc. |
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Consolidated Statements of Operations |
||||||||
(In thousands, except per share data) |
||||||||
(Unaudited) |
Three Months Ended | |||||||
March 31, | ||||||||
2024 | 2023 | |||||||
Net sales |
$ | 70,792 | $ | 68,918 | ||||
Cost of sales |
47,985 | 45,993 | ||||||
Gross profit |
22,807 | 22,925 | ||||||
Selling, general and administrative expenses |
19,071 | 19,482 | ||||||
Amortization of intangible assets |
10 | 11 | ||||||
Income from operations |
3,726 | 3,432 | ||||||
Other income, net |
(36 | ) | (11 | ) | ||||
Interest expense, net |
310 | 456 | ||||||
Income before income tax provision |
3,452 | 2,987 | ||||||
Income tax provision |
1,088 | 1,160 | ||||||
Net income |
2,364 | 1,827 | ||||||
Loss attributable to the noncontrolling interest |
89 | 113 | ||||||
Net income attributable to ARC Document Solutions, Inc. stockholders |
$ | 2,453 | $ | 1,940 | ||||
Earnings per share attributable to ARC Document Solutions, Inc. stockholders |
||||||||
Basic |
$ | 0.06 | $ | 0.05 | ||||
Diluted |
$ | 0.06 | $ | 0.04 | ||||
Weighted average common shares outstanding: |
||||||||
Basic |
42,191 | 42,552 | ||||||
Diluted |
43,049 | 43,764 |
ARC 文档解决方案有限公司 |
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合并运营报表 |
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(以千计,每股数据除外) |
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(未经审计) |
三个月已结束 | |||||||
3月31日 | ||||||||
2024 | 2023 | |||||||
净销售额 |
$ | 70,792 | $ | 68,918 | ||||
销售成本 |
47,985 | 45,993 | ||||||
毛利 |
22,807 | 22,925 | ||||||
销售、一般和管理费用 |
19,071 | 19,482 | ||||||
无形资产的摊销 |
10 | 11 | ||||||
运营收入 |
3,726 | 3,432 | ||||||
其他收入,净额 |
(36) | ) | (11) | ) | ||||
利息支出,净额 |
310 | 456 | ||||||
所得税准备金前的收入 |
3,452 | 2,987 | ||||||
所得税条款 |
1,088 | 1,160 | ||||||
净收入 |
2,364 | 1,827 | ||||||
归因于非控股权益的亏损 |
89 | 113 | ||||||
归属于ARC Document Solutions, Inc.股东的净收益 |
$ | 2,453 | $ | 1,940 | ||||
归属于ARC Document Solutions, Inc.股东的每股收益 |
||||||||
基本 |
$ | 0.06 | $ | 0.05 | ||||
稀释 |
$ | 0.06 | $ | 0.04 | ||||
已发行普通股的加权平均值: |
||||||||
基本 |
42,191 | 42,552 | ||||||
稀释 |
43,049 | 43,764 |
ARC Document Solutions, Inc. | ||||||||
Consolidated Statements of Cash Flows |
||||||||
(In thousands) |
||||||||
(Unaudited) |
Three Months Ended | |||||||
March 31, | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities |
||||||||
Net income |
$ | 2,364 | $ | 1,827 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Allowance for credit losses |
97 | 98 | ||||||
Depreciation |
4,040 | 4,652 | ||||||
Amortization of intangible assets |
10 | 11 | ||||||
Amortization of deferred financing costs |
17 | 16 | ||||||
Stock-based compensation |
651 | 494 | ||||||
Deferred income taxes |
841 | 962 | ||||||
Deferred tax valuation allowance |
59 | 43 | ||||||
Other non-cash items, net |
(55 | ) | (75 | ) | ||||
Changes in operating assets and liabilities: |
||||||||
Accounts receivable |
(2,286 | ) | (698 | ) | ||||
Inventory |
(495 | ) | (583 | ) | ||||
Prepaid expenses and other assets |
2,411 | 3,258 | ||||||
Accounts payable and accrued expenses |
(3,953 | ) | (6,181 | ) | ||||
Net cash provided by operating activities |
3,701 | 3,824 | ||||||
Cash flows from investing activities |
||||||||
Capital expenditures |
(3,075 | ) | (2,255 | ) | ||||
Other |
66 | 92 | ||||||
Net cash used in investing activities |
(3,009 | ) | (2,163 | ) | ||||
Cash flows from financing activities |
||||||||
Proceeds from stock option exercises |
4 | 1,036 | ||||||
Proceeds from issuance of common stock under Employee Stock Purchase Plan |
32 | 29 | ||||||
Share repurchases |
(55 | ) | (117 | ) | ||||
Payments on finance leases |
(2,552 | ) | (3,183 | ) | ||||
Borrowings under revolving credit facilities |
40,000 | 42,000 | ||||||
Payments under revolving credit facilities |
(40,000 | ) | (42,000 | ) | ||||
Dividends paid |
(2,108 | ) | (2,122 | ) | ||||
Net cash used in financing activities |
(4,679 | ) | (4,357 | ) | ||||
Effect of foreign currency translation on cash balances |
(77 | ) | (62 | ) | ||||
Net change in cash and cash equivalents |
(4,064 | ) | (2,758 | ) | ||||
Cash and cash equivalents at beginning of period |
56,093 | 52,561 | ||||||
Cash and cash equivalents at end of period |
$ | 52,029 | $ | 49,803 | ||||
Supplemental disclosure of cash flow information |
||||||||
Noncash investing and financing activities |
||||||||
Finance lease obligations incurred |
$ | 1,106 | $ | 1,485 | ||||
Operating lease obligations incurred |
$ | 4,235 | $ | 3,365 |
ARC 文档解决方案有限公司 | ||||||||
合并现金流量表 |
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(以千计) |
||||||||
(未经审计) |
三个月已结束 | |||||||
3月31日 | ||||||||
2024 | 2023 | |||||||
来自经营活动的现金流 |
||||||||
净收入 |
$ | 2,364 | $ | 1,827 | ||||
为使净收入与经营活动提供的净现金保持一致而进行的调整: |
||||||||
信用损失备抵金 |
97 | 98 | ||||||
折旧 |
4,040 | 4,652 | ||||||
无形资产的摊销 |
10 | 11 | ||||||
递延融资成本的摊销 |
17 | 16 | ||||||
基于股票的薪酬 |
651 | 494 | ||||||
递延所得税 |
841 | 962 | ||||||
递延所得税估值补贴 |
59 | 43 | ||||||
其他非现金项目,净额 |
(55) | ) | (75) | ) | ||||
运营资产和负债的变化: |
||||||||
应收账款 |
(2,286 | ) | (698 | ) | ||||
库存 |
(495) | ) | (583) | ) | ||||
预付费用和其他资产 |
2,411 | 3,258 | ||||||
应付账款和应计费用 |
(3,953) | ) | (6,181) | ) | ||||
经营活动提供的净现金 |
3,701 | 3,824 | ||||||
来自投资活动的现金流 |
||||||||
资本支出 |
(3,075) | ) | (2,255) | ) | ||||
其他 |
66 | 92 | ||||||
用于投资活动的净现金 |
(3,009) | ) | (2,163) | ) | ||||
来自融资活动的现金流 |
||||||||
股票期权行使的收益 |
4 | 1,036 | ||||||
根据员工股票购买计划发行普通股的收益 |
32 | 29 | ||||||
股票回购 |
(55) | ) | (117) | ) | ||||
融资租赁的付款 |
(2,552) | ) | (3,183) | ) | ||||
循环信贷额度下的借款 |
40,0000 | 42,000 | ||||||
循环信贷额度下的付款 |
(40,000 | ) | (42,000) | ) | ||||
已支付的股息 |
(2,108) | ) | (2,122 | ) | ||||
用于融资活动的净现金 |
(4,679) | ) | (4,357) | ) | ||||
外币折算对现金余额的影响 |
(77 | ) | (62) | ) | ||||
现金和现金等价物的净变化 |
(4,064) | ) | (2,758 | ) | ||||
期初的现金和现金等价物 |
56,093 | 52,561 | ||||||
期末的现金和现金等价物 |
$ | 52,029 | $ | 49,803 | ||||
现金流信息的补充披露 |
||||||||
非现金投资和融资活动 |
||||||||
产生的融资租赁债务 |
$ | 1,106 | $ | 1,485 | ||||
产生的经营租赁债务 |
$ | 4,235 | $ | 3,365 |
ARC Document Solutions, Inc.
Net Sales by Product Line
(In thousands)
(Unaudited)
|
||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2024 | 2023 | |||||||
Service sales |
||||||||
Digital Printing |
$ | 42,725 | $ | 41,379 | ||||
MPS |
18,584 | 19,016 | ||||||
Scanning and Digital Imaging |
5,671 | 4,594 | ||||||
Total service sales |
66,980 | 64,989 | ||||||
Equipment and Supplies Sales |
3,812 | 3,929 | ||||||
Total net sales |
$ | 70,792 | $ | 68,918 |
ARC 文档解决方案有限公司
按产品线划分的净销售额
(以千计)
(未经审计)
|
||||||||
三个月已结束 | ||||||||
3月31日 | ||||||||
2024 | 2023 | |||||||
服务销售 |
||||||||
数码印刷 |
$ | 42,725 | $ | 41,379 | ||||
MPS |
18,584 | 19,016 | ||||||
扫描和数字成像 |
5,671 | 4,594 | ||||||
服务销售总额 |
66,980 | 64,989 | ||||||
设备和用品销售 |
3,812 | 3,929 | ||||||
净销售总额 |
$ | 70,792 | $ | 68,918 |
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 | ||||||||
March 31, | ||||||||
2024 | 2023 | |||||||
Cash flows provided by operating activities |
$ | 3,701 | $ | 3,824 | ||||
Changes in operating assets and liabilities |
4,323 | 4,204 | ||||||
Non-cash expenses, including depreciation and amortization |
(5,660 | ) | (6,201 | ) | ||||
Income tax provision |
1,088 | 1,160 | ||||||
Interest expense, net |
310 | 456 | ||||||
Loss attributable to the noncontrolling interest |
89 | 113 | ||||||
Depreciation and amortization |
4,050 | 4,663 | ||||||
EBITDA |
7,901 | 8,219 | ||||||
Stock-based compensation |
651 | 494 | ||||||
Adjusted EBITDA |
$ | 8,552 | $ | 8,713 |
ARC 文档解决方案有限公司
非公认会计准则指标
将经营活动提供的现金流与息税折旧摊销前利润和调整后息税折旧摊销前利润进行对账
(以千计)
(未经审计)
|
||||||||
三个月已结束 | ||||||||
3月31日 | ||||||||
2024 | 2023 | |||||||
经营活动提供的现金流 |
$ | 3,701 | $ | 3,824 | ||||
经营资产和负债的变化 |
4,323 | 4,204 | ||||||
非现金支出,包括折旧和摊销 |
(5,660) | ) | (6,201 | ) | ||||
所得税条款 |
1,088 | 1,160 | ||||||
利息支出,净额 |
310 | 456 | ||||||
归因于非控股权益的亏损 |
89 | 113 | ||||||
折旧和摊销 |
4,050 | 4,663 | ||||||
EBITDA |
7,901 | 8,219 | ||||||
基于股票的薪酬 |
651 | 494 | ||||||
调整后 EBITDA |
$ | 8,552 | $ | 8,713 |
See Non-GAAP Financial Measures discussion below.
请参阅下面的非公认会计准则财务指标讨论。
ARC Document Solutions, Inc.
Non-GAAP Measures
Reconciliation of net income attributable to ARC Document Solutions, Inc. to EBITDA and Adjusted EBITDA
(In thousands)
(Unaudited)
|
||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2024 | 2023 | |||||||
Net income attributable to ARC Document Solutions, Inc. |
$ | 2,453 | $ | 1,940 | ||||
Interest expense, net |
310 | 456 | ||||||
Income tax provision |
1,088 | 1,160 | ||||||
Depreciation and amortization |
4,050 | 4,663 | ||||||
EBITDA |
7,901 | 8,219 | ||||||
Stock-based compensation |
651 | 494 | ||||||
Adjusted EBITDA |
$ | 8,552 | $ | 8,713 |
ARC 文档解决方案有限公司
非公认会计准则指标
归属于ARC Document Solutions, Inc.的净收益与息税折旧摊销前利润和调整后息折旧摊销前利润
(以千计)
(未经审计)
|
||||||||
三个月已结束 | ||||||||
3月31日 | ||||||||
2024 | 2023 | |||||||
归属于ARC Document Solutions, Inc.的净收益 |
$ | 2,453 | $ | 1,940 | ||||
利息支出,净额 |
310 | 456 | ||||||
所得税条款 |
1,088 | 1,160 | ||||||
折旧和摊销 |
4,050 | 4,663 | ||||||
EBITDA |
7,901 | 8,219 | ||||||
基于股票的薪酬 |
651 | 494 | ||||||
调整后 EBITDA |
$ | 8,552 | $ | 8,713 |
See Non-GAAP Financial Measures discussion below.
请参阅下面的非公认会计准则财务指标讨论。
ARC Document Solutions, Inc.
Non-GAAP Measures
Reconciliation of net income attributable to ARC Document Solutions, Inc. to unaudited adjusted net income attributable to ARC Document Solutions, Inc.
(In thousands, except per share data)
(Unaudited)
|
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Three Months Ended | ||||||||
March 31, | ||||||||
2024 | 2023 | |||||||
Net income attributable to ARC Document Solutions, Inc. |
$ | 2,453 | $ | 1,940 | ||||
Deferred tax valuation allowance and other discrete tax items |
107 | 234 | ||||||
Adjusted net income attributable to ARC Document Solutions, Inc. |
$ | 2,560 | $ | 2,174 | ||||
Actual: |
||||||||
Earnings per share attributable to ARC Document Solutions, Inc. stockholders: |
||||||||
Basic |
$ | 0.06 | $ | 0.05 | ||||
Diluted |
$ | 0.06 | $ | 0.04 | ||||
Weighted average common shares outstanding: |
||||||||
Basic |
42,191 | 42,552 | ||||||
Diluted |
43,049 | 43,764 | ||||||
Adjusted: |
||||||||
Earnings per share attributable to ARC Document Solutions, Inc. stockholders: |
||||||||
Basic |
$ | 0.06 | $ | 0.05 | ||||
Diluted |
$ | 0.06 | $ | 0.05 | ||||
Weighted average common shares outstanding: |
||||||||
Basic |
42,191 | 42,552 | ||||||
Diluted |
43,049 | 43,764 |
ARC 文档解决方案有限公司
非公认会计准则指标
归属于ARC Document Solutions, Inc.的净收益与归属于ARC Document Solutions, Inc.的未经审计的调整后净收益的对账
(以千计,每股数据除外)
(未经审计)
|
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三个月已结束 | ||||||||
3月31日 | ||||||||
2024 | 2023 | |||||||
归属于ARC Document Solutions, Inc.的净收益 |
$ | 2,453 | $ | 1,940 | ||||
递延税估值补贴和其他离散税项 |
107 | 234 | ||||||
归属于ARC Document Solutions, Inc.的调整后净收益 |
$ | 2,560 | $ | 2,174 | ||||
实际: |
||||||||
归属于ARC Document Solutions, Inc.股东的每股收益: |
||||||||
基本 |
$ | 0.06 | $ | 0.05 | ||||
稀释 |
$ | 0.06 | $ | 0.04 | ||||
已发行普通股的加权平均值: |
||||||||
基本 |
42,191 | 42,552 | ||||||
稀释 |
43,049 | 43,764 | ||||||
调整后: |
||||||||
归属于ARC Document Solutions, Inc.股东的每股收益: |
||||||||
基本 |
$ | 0.06 | $ | 0.05 | ||||
稀释 |
$ | 0.06 | $ | 0.05 | ||||
已发行普通股的加权平均值: |
||||||||
基本 |
42,191 | 42,552 | ||||||
稀释 |
43,049 | 43,764 |
See Non-GAAP Financial Measures discussion below.
请参阅下面的非公认会计准则财务指标讨论。
Non-GAAP Financial Measures
非公认会计准则财务指标
EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin, adjusted net income and adjusted earnings per share presented in this report are supplemental measures of our performance that are not required by or presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These measures are not measurements of our financial performance under GAAP and should not be considered as alternatives to net income, income from operations, net income margin, diluted earnings per share or any other performance measures derived in accordance with GAAP or as an alternative to cash flows from operating, investing or financing activities as a measure of our liquidity. We have presented these measures because we consider them important supplemental measures of our performance and liquidity. We believe investors may also find these measures meaningful, given how our management makes use of them. The following is a discussion of our use of these measures.
本报告中列报的息税折旧摊销前利润、息税折旧摊销前利润率、调整后息税折旧摊销前利润、调整后息税折旧摊销前利润率、调整后净收益和调整后每股收益是衡量我们业绩的补充指标,这些指标不是美利坚合众国普遍接受的会计原则(“GAAP”)所要求或列报的。这些指标不是衡量我们在公认会计原则下的财务业绩的指标,不应被视为净收益、运营收入、净收益率、摊薄后每股收益或根据公认会计原则得出的任何其他业绩指标的替代方案,也不得作为衡量我们流动性的运营、投资或融资活动现金流的替代方案。我们之所以提出这些指标,是因为我们认为它们是衡量我们业绩和流动性的重要补充指标。我们认为,鉴于我们的管理层如何使用这些措施,投资者也可能会发现这些措施很有意义。以下是对我们使用这些措施的讨论。
EBITDA represents net income before interest, taxes, depreciation and amortization. We calculate EBITDA margin by dividing EBITDA by net sales.
息税折旧摊销前利润是指扣除利息、税项、折旧和摊销前的净收益。我们通过将息税折旧摊销前利润除以净销售额来计算息税折旧摊销前利润率。
We use EBITDA and EBITDA margin to measure and compare the performance of our operating divisions. Our operating divisions' financial performance includes all of the operating activities except debt and taxation which are managed at the corporate level for U.S. operating divisions. We use EBITDA and EBITDA margin to compare the performance of our operating divisions and to measure performance for determining consolidated-level compensation. In addition, we use EBITDA and EBITDA margin to evaluate potential acquisitions and potential capital expenditures.
我们使用息税折旧摊销前利润和息税折旧摊销前利润率来衡量和比较运营部门的业绩。我们的运营部门的财务业绩包括除债务和税收以外的所有运营活动,这些活动由美国运营部门的公司层面管理。我们使用息税折旧摊销前利润率和息税折旧摊销前利润率来比较运营部门的业绩,并衡量绩效以确定合并薪酬水平。此外,我们使用息税折旧摊销前利润和息税折旧摊销前利润率来评估潜在的收购和潜在的资本支出。
EBITDA and EBITDA margin have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are as follows:
息税折旧摊销前利润率和息税折旧摊销前利润率作为分析工具存在局限性,不应孤立考虑,也不能作为对根据公认会计原则报告的业绩分析的替代品。其中一些限制如下:
- 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.
- 它们不反映我们的现金支出或未来对资本支出和合同承诺的要求;
- 它们不反映我们营运资金需求的变化或现金需求;
- 它们不反映偿还债务利息或本金的巨额利息支出或必要的现金需求;
- 尽管折旧和摊销是非现金费用,但折旧和摊销的资产将来通常必须更换,息税折旧摊销前利润并未反映此类替代资产的任何现金需求;以及
- 其他公司,包括我们行业中的公司,这些衡量标准的计算方式可能与我们不同,这限制了它们作为比较衡量标准的用处。
Because of these limitations, EBITDA and related ratios should not be considered as measures of discretionary cash available to us to invest in business growth or to reduce our indebtedness. We compensate for these limitations by relying primarily on our GAAP results and using EBITDA and EBITDA margin only as supplements.
由于这些限制,不应将息税折旧摊销前利润和相关比率视为衡量我们可用于投资业务增长或减少债务的全权现金的衡量标准。我们主要依靠我们的GAAP业绩,仅使用息税折旧摊销前利润和息税折旧摊销前利润率作为补充,来弥补这些限制。
Our presentation of adjusted net income and adjusted EBITDA is an attempt to provide meaningful comparisons to our historical performance for our existing and future investors. The unprecedented changes in our end markets over the past several years have required us to take measures that are unique in our history and specific to individual circumstances. Comparisons inclusive of these actions make normal financial and other performance patterns difficult to discern under a strict GAAP presentation. Each non-GAAP presentation, however, is explained in detail in the reconciliation tables above.
我们对调整后净收益和调整后息税折旧摊销前利润的列报旨在为现有和未来投资者提供与我们的历史表现进行有意义的比较。在过去几年中,我们的终端市场发生了前所未有的变化,这要求我们采取历史上独一无二且适合个人情况的措施。将这些行动包括在内的比较使得在严格的公认会计准则列报下难以辨别出正常的财务和其他业绩模式。但是,上面的对账表详细解释了每种非公认会计准则的列报方式。
Specifically, we have presented adjusted net income attributable to ARC and adjusted earnings per share attributable to ARC stockholders for the three months ended March 31, 2024 to reflect the exclusion of changes in the valuation allowances related to certain deferred tax assets and other discrete tax items. We believe this presentation helps facilitate our investors understanding of our results of operations and allows them to make meaningful comparisons of our operating results for the three months ended March 31, 2024 against the corresponding periods in 2023. We believe these changes were the result of items which are not indicative of our actual operating performance.
具体而言,我们列报了截至2024年3月31日的三个月中归属于ARC的调整后净收益和归属于ARC股东的调整后每股收益,以反映不包括与某些递延所得税资产和其他离散税项相关的估值补贴的变化。我们认为,本次演示有助于我们的投资者了解我们的经营业绩,并使他们能够将我们截至2024年3月31日的三个月的经营业绩与2023年同期的经营业绩进行有意义的比较。我们认为,这些变化是由不代表我们实际经营业绩的项目造成的。
We have presented Adjusted EBITDA for the three months ended March 31, 2024 to exclude stock-based compensation expense. We calculated Adjusted EBITDA margin by dividing Adjusted EBITDA by net sales. The adjustment to exclude stock-based compensation expense from EBITDA is consistent with the definition of Adjusted EBITDA in our credit agreement; therefore, we believe this information is useful to investors in assessing our financial performance and ability to access our credit facility.
我们已经公布了截至2024年3月31日的三个月的调整后息税折旧摊销前利润,其中不包括股票薪酬支出。我们通过将调整后的息税折旧摊销前利润除以净销售额来计算调整后息税折旧摊销前利润率。将股票薪酬支出排除在息税折旧摊销前利润之外的调整符合我们信贷协议中对调整后息税折旧摊销前利润的定义;因此,我们认为这些信息有助于投资者评估我们的财务业绩和获得信贷额度的能力。
SOURCE: ARC Document Solutions
来源:ARC 文档解决方案
译文内容由第三方软件翻译。