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SAN RAMON, CA / ACCESSWIRE / August 3, 2022 / ARC Document Solutions, Inc. (NYSE:ARC), a leading provider of digital printing and document-related services, today reported its financial results for the second quarter ended June 30, 2022.

Financial Highlights:

Three Months Ended

Six Months Ended

June 30,

June 30,

(All dollar amounts in millions, except EPS)

2022

2021

2022

2021

Net sales

$

74.6

$

68.8

$

144.1

$

130.5

Gross margin

34.2

%

33.1

%

33.3

%

31.9

%

Net income attributable to ARC

$

3.3

$

2.6

$

5.2

$

3.4

Adjusted net income attributable to ARC

$

3.7

$

2.6

$

5.7

$

3.6

Earnings per share - Diluted

$

0.08

$

0.06

$

0.12

$

0.08

Adjusted earnings per share - Diluted

$

0.08

$

0.06

$

0.13

$

0.08

Cash provided by operating activities

$

8.6

$

11.5

$

11.5

$

16.9

EBITDA

$

10.9

$

10.7

$

19.5

$

19.1

Adjusted EBITDA

$

11.3

$

11.1

$

20.4

$

19.9

Capital expenditures

$

1.4

$

1.0

$

2.7

$

1.6

Debt & finance leases (including current)

$

72.1

$

83.6

Management Commentary:

"The second quarter was our fifth consecutive quarter of year-over-year growth in both revenue and earnings," said Suri Suriyakumar, Chairman and CEO of ARC. "We are also on track to deliver EPS of more than 25 cents in 2022. This is the best earnings performance we will have produced since 2016 when our revenues were well over $400 million dollars."

"Our ability to leverage strong sales not only helped produce the impressive gross margins, operating income, and EPS we reported today, but it also helped minimize the worst effects of inflation," said Jorge Avalos, Chief Financial Officer. "Going forward, we think quarterly sales of $70 million dollars or more are within our reach for the balance of the year, which should produce continuing strength in margins, earnings and EBITDA."

Management also reiterated their commitment to continue returning shareholder value via the company's five-cent quarterly cash dividend, as well as opportunistic purchasing of ARC stock in the open market.

2022 Second Quarter Supplemental Information:

Net sales were $74.6 million, a 8.4% increase compared to the second quarter of 2021.

Cash & cash equivalents on the consolidated balance sheet in the second quarter 2022 were $44.6 million.

ARC's next quarterly cash dividend of $0.05 will be paid on August 31, 2022 with a record date of July 29, 2022.

Days sales outstanding were 54 in Q2 2022 and 50 in Q2 2021.

The number of MPS locations remained relatively flat year-over-year at approximately 10,800.

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