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

Nine Months Ended

September 30,

September 30,

2017

2016

2017

2016

Cash flows provided by operating activities

$

11,326

$

12,163

$

36,756

$

34,046

Changes in operating assets and liabilities, net of effect of business acquisitions

(959)

1,958

1,406

9,976

Non-cash expenses, including depreciation, amortization and goodwill impairment

(25,134)

(11,219)

(47,461)

(94,300)

Income tax (benefit) provision

(2,174)

2,162

1,574

(5,884)

Interest expense, net

1,530

1,563

4,679

4,535

Income attributable to the noncontrolling interest

(7)

(61)

(55)

(211)

Depreciation and amortization

8,430

7,857

25,037

23,737

EBITDA

(6,988)

14,423

21,936

(28,101)

Loss on extinguishment and modification of debt

124

66

230

156

Goodwill impairment

17,637

—

17,637

73,920

Restructuring expense

—

—

—

7

Stock-based compensation

699

650

2,251

2,073

Adjusted EBITDA

$

11,472

$

15,139

$

42,054

$

48,055

See Non-GAAP Financial Measures discussion below.