ARC Document Solutions, Inc. (ARC) · 10+ Years of Financial Ratios

Profitability	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	21.8	-10.93	-5.82	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	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	173	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	159	143	124	105	126	113	89	78	81
Total Debt/EBITDA	2.71	3.49	3.64	3.78	3.35	3.15	2.51	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	2.16	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	4.91	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	4.23	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	3.64	2.49	1.5	1.37	2	3.54	7.83	7.98	6.81	6.09	6.47	9.29	16.83	18.32	15.25
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	18.85	10.48	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	75.84	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	58.8	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	33.31	35.89	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	82.71	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	64.13	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	36.33	39.33	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	71.25	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	60.63	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	94	60	47	39	47	51	55	48	42	36	34	36	36	33	25
Operating Income (Loss)	52	23	14	19	31	31	35	28	18	18	15	12	15	18	18

Liquidity	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	18.85	10.48	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	75.84	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	58.8	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	33.31	35.89	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	82.71	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	64.13	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	36.33	39.33	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	22.47	21.89	25.95	28.57	24.77	28.51	21.68	24.65	23.69
CFO/CapEx	12.98	6.25	3.16	1.85	2.57	3.77	4.21	4.39	5.75	3.68	4.1	8.46	10.07	6.33	3.4
Altman's Z-Score	5	4.4	3.8	3.3	3.82	3.98	3.39	3.03	2.88	2.83	2.27	2.07	2.65	2.92	2.89

Working Capital	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	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	323	349	215	113	378	480	208	225	118	94	65	60	151	125	134
- 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	173	157	144	127	154	143	113	100	100
Enterprise Value	574	568	422	314	577	668	364	364	242	199	197	155	215	174	179
Total Capital	481	419	265	230	213	204	270	206	172	164	193	187	162	146	145
Total Debt/Capital (%)	56.98	57.15	85.27	96.66	103.36	100.12	64.13	76.32	83.79	77.71	79.97	76.45	70.11	68.25	68.46
Total Debt / EV	0.48	0.42	0.54	0.71	0.38	0.31	0.48	0.43	0.6	0.64	0.78	0.92	0.53	0.57	0.56
EV/Sales	1.14	1.29	1	0.77	1.42	1.58	0.85	0.9	0.61	0.5	0.51	0.53	0.79	0.61	0.64
EV/EBITDA	5.67	8.29	6.79	5.33	8.79	10.32	5.28	6.08	4.73	3.92	4.22	3.62	5.43	4.49	5.02
EV/EBIT	11.08	24.79	29.56	16.19	18.67	21.82	10.34	12.92	13.55	11.13	13.33	12.47	14.24	9.48	9.93
EV/Cash Flow to Firm	4.43	8.14	4.24	4.59	7.53	10.94	4.32	6.21	3.27	3.36	3.61	2.71	5.79	4.53	4.76
EV/Free Cash Flow to Firm	4.18	7.24	3.66	3.54	6.09	8.99	3.69	5.15	2.91	2.68	2.92	2.43	5.28	3.93	3.7
Diluted Market Cap	319	345	211	111	374	484	210	225	119	92	65	60	150	126	136
Diluted Enterprise Value	570	564	418	313	574	672	366	364	243	197	197	155	214	175	181
EV per Share	12.57	12.43	9.12	6.79	12.46	14.3	7.74	7.92	5.34	4.34	4.35	3.61	5	4.04	4.18
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	137	78	115	89	95	74	99	71	83	74	67	64	41	44	48

Multiples	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/Earnings	- -	- -	- -	- -	- -	65.28	2.12	- -	- -	10.38	21.49	9.71	16.19	11.03	16.17
Price/Earnings Average	-21.19	-13.18	-2.26	-6.59	-13.39	47.94	3.52	-3.75	-8.16	12.21	28.07	7.54	11.42	11.61	16.36
Price/Earnings High	-29.74	-17.76	-3.51	-9.79	-25.77	64.58	4.73	-4.75	-11.36	16.86	40.45	9.92	16.05	15.45	19.22
Price/Earnings Low	-8.52	-10.74	-1.08	-3.14	-6.4	34.52	2.09	-2.94	-5.12	8.3	15.97	3.54	7.1	8.22	13.69
Price/Book Value	1.61	2.01	6.56	152.33	-25.89	-65.68	2.32	5.38	5.74	3.19	2.03	1.6	3.62	2.81	3.03
Price/Book Value Average	1.59	2.11	9.36	287.95	-14.21	-48.23	3.84	4.29	8.45	3.75	2.66	1.25	2.55	2.96	3.07
Price/Book Value High	2.23	2.85	14.56	427.66	-27.35	-64.97	5.16	5.44	11.77	5.18	3.83	1.64	3.59	3.94	3.6
Price/Book Value Low	0.64	1.72	4.48	137.35	-6.8	-34.73	2.27	3.36	5.3	2.55	1.51	0.58	1.59	2.09	2.57
Price/Tangible Book Value	-2.59	-3.68	-1.56	-0.83	-2.67	-3.79	-9.7	45.7	15.77	4.45	2.41	1.83	4.02	3.57	3.88
Price/Tangible Book Value Average	-2.56	-3.87	-2.23	-1.57	-1.47	-2.78	-16.08	36.44	23.21	5.23	3.15	1.42	2.84	3.75	3.93
Price/Tangible Book Value High	-3.59	-5.21	-3.47	-2.33	-2.82	-3.75	-21.63	46.17	32.32	7.22	4.54	1.87	3.99	5	4.61
Price/Tangible Book Value Low	-1.03	-3.15	-1.07	-0.75	-0.7	-2	-9.53	28.54	14.56	3.56	1.79	0.67	1.76	2.66	3.29
Price/Sales	0.64	0.78	0.5	0.27	0.92	1.12	0.48	0.55	0.3	0.23	0.17	0.21	0.54	0.43	0.47
Price/Sales Average	0.63	0.82	0.71	0.52	0.5	0.82	0.8	0.44	0.44	0.27	0.22	0.16	0.38	0.45	0.48
Price/Sales High	0.88	1.11	1.11	0.77	0.97	1.11	1.07	0.56	0.62	0.37	0.32	0.21	0.54	0.6	0.56
Price/Sales Low	0.25	0.67	0.34	0.25	0.24	0.59	0.47	0.35	0.28	0.18	0.13	0.08	0.24	0.32	0.4
Price/Cash Flow	3.28	6.4	4.28	2.97	7.99	9.5	3.44	4.24	2.28	1.68	1.23	1.1	4.14	3.29	3.64
Price/Cash Flow Average	3.24	6.72	6.12	5.61	4.38	6.97	5.69	3.38	3.35	1.97	1.6	0.86	2.92	3.46	3.68
Price/Cash Flow High	4.54	9.06	9.51	8.33	8.44	9.39	7.66	4.28	4.67	2.72	2.31	1.13	4.1	4.6	4.33
Price/Cash Flow Low	1.3	5.48	2.93	2.68	2.1	5.02	3.37	2.64	2.1	1.34	0.91	0.4	1.82	2.45	3.08
Price/Free Cash Flow	3.04	5.51	3.25	1.92	5.75	7.64	2.83	3.45	1.94	1.32	0.99	0.99	3.81	2.91	2.88
Price/Free Cash Flow Average	3.01	5.79	4.65	3.64	3.16	5.61	4.69	2.75	2.85	1.56	1.29	0.77	2.69	3.06	2.91
Price/Free Cash Flow High	4.22	7.81	7.23	5.4	6.08	7.56	6.31	3.49	3.97	2.15	1.86	1.01	3.78	4.08	3.42
Price/Free Cash Flow Low	1.21	4.72	2.22	1.74	1.51	4.04	2.78	2.15	1.79	1.06	0.73	0.36	1.67	2.17	2.43
EV/Sales	1.14	1.29	1	0.77	1.42	1.58	0.85	0.9	0.61	0.5	0.51	0.53	0.79	0.61	0.64
EV/Sales Average	1.14	1.33	1.21	1.02	1	1.28	1.17	0.78	0.75	0.54	0.57	0.49	0.63	0.63	0.64
EV/Sales High	1.39	1.62	1.62	1.28	1.47	1.56	1.44	0.9	0.93	0.64	0.66	0.54	0.79	0.78	0.73
EV/Sales Low	0.76	1.17	0.84	0.75	0.73	1.04	0.84	0.69	0.59	0.45	0.47	0.4	0.48	0.5	0.56
EV/EBITDA	5.67	8.29	6.79	5.33	8.79	10.32	5.28	6.08	4.73	3.92	4.22	3.62	5.43	4.49	5.02
EV/EBITDA Average	5.63	8.55	8.26	7.04	6.2	8.35	7.27	5.31	5.82	4.24	4.64	3.3	4.31	4.66	5.06
EV/EBITDA High	6.9	10.4	11	8.8	9.12	10.24	8.99	6.11	7.15	5.07	5.45	3.65	5.4	5.78	5.73
EV/EBITDA Low	3.74	7.56	5.69	5.15	4.55	6.83	5.23	4.66	4.55	3.55	3.86	2.72	3.29	3.67	4.44
EV/EBIT	11.08	24.79	29.56	16.19	18.67	21.82	10.34	12.92	13.55	11.13	13.33	12.47	14.24	9.48	9.93
EV/EBIT Average	11.01	25.56	35.99	21.37	13.16	17.66	14.22	11.3	16.67	12.06	14.68	11.39	11.29	9.84	10.02
EV/EBIT High	13.49	31.11	47.9	26.7	19.36	21.65	17.59	13	20.49	14.41	17.22	12.58	14.15	12.21	11.33
EV/EBIT Low	7.32	22.6	24.8	15.62	9.67	14.44	10.23	9.91	13.04	10.07	12.2	9.4	8.63	7.75	8.79
Last Price	7.08	7.63	4.64	2.44	8.15	10.27	4.42	4.9	2.61	2.05	1.44	1.4	3.51	2.9	3.13
High Price	9.81	10.8	10.3	6.85	8.61	10.16	9.85	4.95	5.35	3.33	2.71	1.43	3.48	4.06	3.72
Low Price	2.81	6.53	3.17	2.2	2.14	5.43	4.34	3.06	2.41	1.64	1.07	0.51	1.54	2.16	2.65
Enterprise Value	574	568	422	314	577	668	364	364	242	199	197	155	215	174	179
Enterprise Value Average	570	586	514	415	407	541	500	319	298	215	217	141	171	181	181
Enterprise Value High	699	713	683	518	599	663	619	366	366	257	254	156	214	224	204
Enterprise Value Low	379	518	354	303	299	442	360	280	233	180	180	116	131	142	158

Per Share Data Items	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	1.99	1	0.74	0.38	0.62	0.79	0.98	0.89	0.95	0.89	0.89	1.12	0.76	0.74	0.61
Cash & Equivalents per Share	0.64	0.57	0.55	0.61	0.59	0.48	0.51	0.55	0.62	0.64	0.65	1.28	1.3	1.22	1.31
Book Value per Share	4.4	3.79	0.71	0.02	-0.31	-0.16	1.91	0.91	0.45	0.64	0.71	0.87	0.97	1.03	1.03
Tangible Book Value per Share	-2.73	-2.07	-2.97	-2.95	-3.05	-2.71	-0.46	0.11	0.17	0.46	0.6	0.77	0.87	0.81	0.81

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