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Form 8-K ARC DOCUMENT SOLUTIONS, For: Aug 02

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August 2, 2016 4:23 PM EDT


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: August 2, 2016
(Date of earliest event reported)
 
ARC Document Solutions, Inc.
(Exact name of registrant as specified in its charter)
 
Delaware
(State or other jurisdiction
of incorporation)
001-32407
(Commission File Number)
20-1700361
(IRS Employer
Identification Number)
 
1981 N. Broadway, Walnut Creek, CA
(Address of principal executive offices)
 
94596
(Zip Code)
(925) 949-5100
(Registrant's telephone number, including area code)
 
Not Applicable
(Former Name or Former Address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

Second Quarter 2016 Financial Results


Item 9.01. Financial Statements and Exhibits

(d) Exhibits
            99.1       Press Release of ARC Document Solutions, Inc. dated August 2, 2016





SIGNATURE
      Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: August 2, 2016
ARC DOCUMENT SOLUTIONS, INC.
By:  /s/ Jorge Avalos                    
     Jorge Avalos
     Chief Financial Officer





Exhibit Index
Exhibit No.

 
Description

 
 
 
 
 
99.1
  
ARC Document Solutions, Inc. Press Release dated August 2, 2016.
 
 
 






ARC Document Solutions Reports Results for Second Quarter 2016
WALNUT CREEK, CA -- (August 2, 2016) - ARC Document Solutions, Inc. (NYSE: ARC), a leading document solutions provider to design, engineering, construction, and facilities management professionals, today reported its financial results for the second quarter ended June 30, 2016.
2016 Second Quarter Business Highlights:
•
Net sales of $103.8 million vs. $113.4 million in Q2 2015
•
Adjusted diluted earnings per share were $0.10 vs. $0.13 in Q2 2015
•
Gross margin of 35.1% vs. 36.0% in Q2 2015 due to lower sales volume
•
Cash flow from operations of $16.6 million vs. $16.9 million in Q2 2015
•
Adjusted EBITDA of $18.1 million or 17.5%
•
Approximately 581,000 shares of ARC common stock repurchased in the open market
•
Revised 2016 forecast is for annual adjusted earnings per share to be in the range of $0.24 to $0.28; annual cash flow from operations to be in the range of $48 million to $52 million; and annual adjusted EBITDA is expected to be in the range of $59 million to $63 million.

Financial Highlights:
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
(All dollar amounts in millions, except EPS)
2016
2015
 
2016
2015
Net Sales
$
103.8

$
113.4

 
$
207.3

$
217.7

Gross Margin
35.1
%
36.0
%
 
33.8
%
35.3
%
Net (loss) income attributable to ARC
$
(55.9
)
$
9.3

 
$
(53.3
)
$
13.7

Adjusted Net Income attributable to ARC
$
4.8

$
6.2

 
$
7.5

$
9.4

(Loss) earnings per share - Diluted
$
(1.22
)
$
0.19

 
$
(1.15
)
$
0.29

Adjusted earnings per share - Diluted
$
0.10

$
0.13

 
$
0.16

$
0.20

Adjusted EBITDA
$
18.1

$
21.6

 
$
32.9

$
38.4

Cash provided by operating activities
$
16.6

$
16.9

 
$
21.9

$
22.2

Capital Expenditures
$
2.6

$
4.1

 
$
5.2

$
7.6

Debt & Capital Leases (including current), net of unamortized deferred financing fees
 
 
 
$
164.9

$
187.0

Management Commentary
“Despite continuing drops in our traditional business, our new services continue to grow, led by year-over-year growth of nine percent in archiving and information management,” said K. “Suri” Suriyakumar, Chairman, President and CEO of ARC Document Solutions. “While our technology services have yet to offset declines related to printing services, our cash position remains strong as evidenced by our continuing ability to repurchase our shares and reduce our senior debt. Our capital structure is excellent, and we are confident in our ability to keep the company stable and productive during this transition.”

“The type of transition ARC is going through is a tough one. The result is that we are changing at every level - sales, operations, technology, and finance - to balance the future needs of the market against what customers need today,” Mr. Suriyakumar continued. “This is especially true given that the construction industry is slow in adopting technology. It is why I have emphasized in my previous discussions that we require 24 to 36 months to get on top of this transition.”

“The company remains on sound financial footing while we work our way through the difficult sales comparison to last year,” said Jorge Avalos, Chief Financial Officer of ARC Document Solutions. “Cash flow from operations is on par with last year’s performance, the leverage ratio on our senior debt is below 2.5 times, and we continue to repurchase shares, all of which demonstrates our continuing focus on cash generation, debt pay-down, and returning value to our shareholders.”








2016 Second Quarter Supplemental Information:
Net sales were $103.8 million, an 8.5% decrease compared to the second quarter of 2015.

Days sales outstanding in Q2 2016 were 53, compared to 54 days in Q2 2015.

Architectural, engineering, construction and building owner/operators (AEC/O) customers comprised approximately 77% of our total net sales, while customers outside of construction made up approximately 23% of our total net sales.

Total number of MPS locations at the end of the second quarter has grown to approximately 9,240, a gain of 520 locations over Q2 2015. This information reflects the reduction of approximately 200 locations associated with a large client that did not renew their MPS engagement with us at the end of 2015.

Adjusted EBITDA excludes loss on extinguishment of debt, goodwill impairment, the impact of trade secret litigation costs, stock-based compensation expense, and restructuring expense.


Sales from Services and Product Lines as a Percentage of Net Sales
 
 
 
 
 
Three Months Ended
Six Months Ended
 
June 30,
June 30,
Services and Product Line
2016
2015
2016
2015
CDIM
52.9
%
51.9
%
52.3
%
52.2
%
MPS
32.8
%
32.7
%
32.5
%
33.5
%
AIM
3.5
%
3.0
%
3.6
%
2.8
%
Equipment and supplies sales
10.8
%
12.4
%
11.6
%
11.5
%
Outlook
ARC Document Solutions has revised is 2016 annual forecast and now anticipates annual adjusted earnings per share in 2016 to be in the range of $0.24 to $0.28 on a fully diluted basis, as compared to $0.30 to $0.35 previously. Annual cash flow from operations is now projected to be in the range of $48 million to $52 million, as compared to $55 million to $60 million previously. The Company’s outlook for 2016 annual adjusted EBITDA is now expected to be in the range of $59 million to $63 million, as compared to $66 to $71 million previously.

Teleconference and Webcast
To access the live audio call, dial 888-329-8877. International callers may join the conference by dialing 719-457-2645 . The conference ID number is 5777429. A live webcast will also be made available on the investor relations page of ARC Document Solution's website at ir.e-arc.com.

The webcast of the call will be available at www.e-arc.com for approximately 90 days following the call's conclusion. A telephone replay of the call also will be available for five days after the call's conclusion. To access the replay, please copy and paste the following URL into your browser http://bit.ly/29mPy39. The conference ID number is 5777429.



About ARC Document Solutions (NYSE: ARC)
ARC Document Solutions distributes Documents and Information to facilitate communication for design, engineering and construction professionals, real estate managers and developers, facilities owners, and a variety of similar disciplines. The Company provides cloud and mobile solutions, professional services, and hardware to help its customers around the world reduce costs and increase efficiency, improve information access and control, and communicate faster, easier, and better. Follow ARC at www.e-arc.com







Forward-Looking Statements
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. Words such as "anticipates," “forecast,” "project," "outlook," 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, document management or reprographics 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 caption entitled "Risk Factors" in Item 1A in ARC Document Solution's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, 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.

Contact Information:
David Stickney
VP Corporate Communications & Investor Relations
925-949-5114






ARC Document Solutions, Inc.
 
 
Consolidated Balance Sheets
 
 
(In thousands, except per share data)
 
 
(Unaudited)
 
 
 
June 30,
December 31,
Current assets:
2016
2015
Cash and cash equivalents
$
20,452

$
23,963

Accounts receivable, net of allowances for accounts receivable of $1,850 and $2,094
60,933

60,085

Inventories, net
19,570

16,972

Prepaid expenses
4,766

4,555

Other current assets
4,347

4,131

Total current assets
110,068

109,706

Property and equipment, net of accumulated depreciation of $206,584 and $202,457
57,754

57,590

Goodwill
138,688

212,608

Other intangible assets, net
15,580

17,946

Deferred income taxes
76,019

74,196

Other assets
2,372

2,492

Total assets
$
400,481

$
474,538

Current liabilities:
 
 
Accounts payable
$
22,148

$
23,989

Accrued payroll and payroll-related expenses
11,811

12,118

Accrued expenses
18,023

19,194

Current portion of long-term debt and capital leases
14,863

14,374

Total current liabilities
66,845

69,675

Long-term debt and capital leases
150,059

157,018

Deferred income taxes
29,412

35,933

Other long-term liabilities
2,623

2,778

Total liabilities
248,939

265,404

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; 47,390 and 47,130 shares issued and 46,008 and 47,029 shares outstanding
47

47

Additional paid-in capital
116,494

115,089

Retained earnings
36,357

89,687

Accumulated other comprehensive loss
(2,653
)
(2,097
)
 
150,245

202,726

Less cost of common stock in treasury, 1,382 and 101 shares
5,709

612

Total ARC Document Solutions, Inc. stockholders’ equity
144,536

202,114

Noncontrolling interest
7,006

7,020

Total equity
151,542

209,134

Total liabilities and equity
$
400,481

$
474,538





ARC Document Solutions, Inc.
 
 
 
 
Consolidated Statements of Operations
 
 
 
 
(In thousands, except per share data)
 
 
 
 
(Unaudited)
Three Months Ended
Six Months Ended
 
June 30,
June 30,
 
2016
2015
2016
2015
Service sales
$
92,581

$
99,336

$
183,216

$
192,661

Equipment and supplies sales
11,189

14,053

24,104

25,047

Total net sales
103,770

113,389

207,320

217,708

Cost of sales
67,378

72,530

137,191

140,828

Gross profit
36,392

40,859

70,129

76,880

Selling, general and administrative expenses
25,503

27,132

51,859

54,587

Amortization of intangible assets
1,232

1,442

2,545

2,931

Goodwill impairment
73,920

—

73,920

—

Restructuring expense
5

11

7

85

(Loss) income from operations
(64,268
)
12,274

(58,202
)
19,277

Other income, net
(15
)
(30
)
(38
)
(56
)
Loss on extinguishment of debt
44

97

90

97

Interest expense, net
1,526

1,939

2,972

3,796

(Loss) income before income tax (benefit) provision
(65,823
)
10,268

(61,226
)
15,440

Income tax (benefit) provision
(10,015
)
811

(8,046
)
1,572

Net (loss) income
(55,808
)
9,457

(53,180
)
13,868

Income attributable to the noncontrolling interest
(96
)
(200
)
(150
)
(175
)
Net (loss) income attributable to ARC Document Solutions, Inc. shareholders
$
(55,904
)
$
9,257

$
(53,330
)
$
13,693

(Loss) earnings per share attributable to ARC Document Solutions, Inc. shareholders:
 
 
 
 
Basic
$
(1.22
)
$
0.20

$
(1.15
)
$
0.29

Diluted
$
(1.22
)
$
0.19

$
(1.15
)
$
0.29

Weighted average common shares outstanding:
 
 
 
 
Basic
45,955

46,611

46,285

46,528

Diluted
45,955

47,558

46,285

47,634







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
Six Months Ended
 
June 30,
June 30,
 
2016
2015
2016
2015
Cash flows provided by operating activities
$
16,580

$
16,864

$
21,883

$
22,152

Changes in operating assets and liabilities, net of effect of business acquisitions
209

2,928

8,018

12,344

Non-cash expenses, including depreciation, amortization and goodwill impairment
(72,597
)
(10,335
)
(83,081
)
(20,628
)
Income tax (benefit) provision
(10,015
)
811

(8,046
)
1,572

Interest expense, net
1,526

1,939

2,972

3,796

Income attributable to the noncontrolling interest
(96
)
(200
)
(150
)
(175
)
Depreciation and amortization
7,890

8,520

15,880

17,075

EBITDA
(56,503
)
20,527

(42,524
)
36,136

Loss on extinguishment of debt
44

97

90

97

Goodwill impairment
73,920

—

73,920

—

Trade secret litigation costs(1)
—

—

—

34

Restructuring expense(2)
5

11

7

85

Stock-based compensation
651

921

1,423

2,004

Adjusted EBITDA
$
18,117

$
21,556

$
32,916

$
38,356



(1) On February 1, 2013, we filed a civil complaint against a competitor and a former employee in the Superior Court of California for Orange County, which alleged, among other claims, the misappropriation of ARC trade secrets; namely, proprietary customer lists that were used to communicate with ARC customers in an attempt to unfairly acquire their business. In prior litigation with the competitor based on related facts, in 2007 the competitor entered into a settlement agreement and stipulated judgment, which included an injunction. We instituted this suit to stop the defendant from using similar unfair business practices against us in the Southern California market. The case proceeded to trial in May 2014, and a jury verdict was entered for the defendants. In the first quarter of 2015, we entered into a settlement and paid the defendant. Legal fees associated with the litigation were recorded as selling, general and administrative expense.

(2) In October 2012, we initiated a restructuring plan which included the closure or downsizing of the Company's service center locations, as well as a reduction in headcount. Restructuring expenses in 2016 and 2015 primarily consist of revised estimated lease termination and obligation costs resulting from facilities closed in 2013.











ARC Document Solutions, Inc.
Non-GAAP Measures
Reconciliation of net (loss) income attributable to ARC to unaudited adjusted net income attributable to ARC
(In thousands, except per share data)
(Unaudited)
 
 
 
 Three Months Ended
Six Months Ended
 
June 30,
June 30,
 
2016
2015
2016
2015
Net (loss) income attributable to ARC Document Solutions, Inc.
$
(55,904
)
$
9,257

$
(53,330
)
$
13,693

Loss on extinguishment of debt
44

97

90

97

Goodwill impairment
73,920

—

73,920

—

Restructuring expense
5

11

7

85

Trade secret litigation costs
—

—

—

34

Income tax benefit related to above items
(13,350
)
(42
)
(13,369
)
(84
)
Deferred tax valuation allowance and other discrete tax items
95

(3,151
)
203

(4,407
)
Unaudited adjusted net income attributable to ARC Document Solutions, Inc.
$
4,810

$
6,172

$
7,521

$
9,418

 
 
 
 
 
Actual:
 
 
 
 
(Loss) earnings per share attributable to ARC Document Solutions, Inc. shareholders:
 
 
 
 
Basic
$
(1.22
)
$
0.20

$
(1.15
)
$
0.29

Diluted
$
(1.22
)
$
0.19

$
(1.15
)
$
0.29

Weighted average common shares outstanding:
 
 
 
 
Basic
45,955

46,611

46,285

46,528

Diluted
45,955

47,558

46,285

47,634

 
 
 
 
 
Adjusted:
 
 
 
 
Earnings per share attributable to ARC Document Solutions, Inc. shareholders:
 
 
 
 
Basic
$
0.10

$
0.13

$
0.16

$
0.20

Diluted
$
0.10

$
0.13

$
0.16

$
0.20

Weighted average common shares outstanding:
 
 
 
 
Basic
45,955

46,611

46,285

46,528

Diluted
46,568

47,558

46,889

47,634


                                                        







ARC Document Solutions, Inc.
Non-GAAP Measures
Reconciliation of net (loss) income attributable to ARC Document Solutions, Inc. shareholders to EBITDA and Adjusted EBITDA
(In thousands)
(Unaudited)
 
 
 
 Three Months Ended
Six Months Ended
 
June 30,
June 30,
 
2016
2015
2016
2015
Net (loss) income attributable to ARC Document Solutions, Inc. shareholders
$
(55,904
)
$
9,257

$
(53,330
)
$
13,693

Interest expense, net
1,526

1,939

2,972

3,796

Income tax (benefit) provision
(10,015
)
811

(8,046
)
1,572

Depreciation and amortization
7,890

8,520

15,880

17,075

EBITDA
(56,503
)
20,527

(42,524
)
36,136

Loss on extinguishment of debt
44

97

90

97

Goodwill impairment
73,920

—

73,920

—

Trade secret litigation costs
—

—

—

34

Restructuring expense
5

11

7

85

Stock-based compensation
651

921

1,423

2,004

Adjusted EBITDA
$
18,117

$
21,556

$
32,916

$
38,356


ARC Document Solutions, Inc.
Net Sales by Product Line
(In thousands)
(Unaudited)
 
 
 
 
 
 Three Months Ended
Six Months Ended
 
June 30,
June 30,
 
2016
2015
2016
2015
Service sales
 
 
 
 
CDIM
$
54,860

$
58,835

108,525

113,477

MPS
34,055

37,134

67,286

73,011

AIM
3,666

3,367

7,405

6,173

Total service sales
92,581

99,336

183,216

192,661

Equipment and supplies sales
11,189

14,053

24,104

25,047

Total net sales
$
103,770

$
113,389

$
207,320

$
217,708








Non-GAAP Financial Measures
EBITDA and related ratios 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, 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.
EBITDA represents net income before interest, taxes, depreciation and amortization. EBITDA margin is a non-GAAP measure calculated by dividing EBITDA by net sales.
We have presented EBITDA and related ratios 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.
We use EBITDA to measure and compare the performance of our operating segments. Our operating segments’ financial performance includes all of the operating activities except debt and taxation which are managed at the corporate level for U.S. operating segments. We use EBITDA to compare the performance of our operating segments and to measure performance for determining consolidated-level compensation. In addition, we use EBITDA to evaluate potential acquisitions and potential capital expenditures.
EBITDA and related ratios 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:
•
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.
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 related ratios only as supplements.
Our presentation of adjusted net income and adjusted EBITDA over certain periods 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.
Specifically, we have presented adjusted net income attributable to ARC and adjusted earnings per share attributable to ARC shareholders for the three and six months ended June 30, 2016 and 2015 to reflect the exclusion of loss on extinguishment of debt, goodwill impairment, restructuring expense, trade secret litigation costs, and changes in the valuation allowances related to certain deferred tax assets and other discrete tax items. This presentation facilitates a meaningful comparison of our operating results for the three and six months ended June 30, 2016 and 2015. We believe these charges were the result of the then current macroeconomic environment, our capital restructuring, or other items which are not indicative of our actual operating performance.
We have presented adjusted EBITDA in the three and six months ended June 30, 2016 and 2015 to exclude loss on extinguishment of debt, goodwill impairment, trade secret litigation costs, restructuring expense and stock-based compensation expense. The adjustment of EBITDA for these items 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.







ARC Document Solutions
Consolidated Statements of Cash Flows (In thousands)
(Unaudited)
Three Months Ended
Six Months Ended
 
June 30,
June 30,
 
2016
2015
2016
2015
Cash flows from operating activities
 
 
 
 
Net (loss) income
$
(55,808
)
$
9,457

$
(53,180
)
$
13,868

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Allowance for accounts receivable
249

156

320

182

Depreciation
6,658

7,078

13,335

14,144

Amortization of intangible assets
1,232

1,442

2,545

2,931

Amortization of deferred financing costs
115

161

233

322

Goodwill impairment
73,920

—

73,920

—

Stock-based compensation
651

921

1,423

2,004

Deferred income taxes
(10,066
)
3,847

(8,317
)
6,023

Deferred tax valuation allowance
(87
)
(3,257
)
(15
)
(4,791
)
Loss on early extinguishment of debt
44

97

90

97

Other non-cash items, net
(119
)
(110
)
(453
)
(284
)
Changes in operating assets and liabilities:
 
 
 
 
Accounts receivable
(124
)
(2,111
)
(1,388
)
(6,633
)
Inventory
(1,199
)
(1,765
)
(2,767
)
(2,858
)
Prepaid expenses and other assets
(1,063
)
(282
)
(666
)
1,717

Accounts payable and accrued expenses
2,177

1,230

(3,197
)
(4,570
)
Net cash provided by operating activities
16,580

16,864

21,883

22,152

Cash flows from investing activities
 
 
 
 
Capital expenditures
(2,645
)
(4,136
)
(5,150
)
(7,637
)
Other
481

93

707

248

Net cash used in investing activities
(2,164
)
(4,043
)
(4,443
)
(7,389
)
Cash flows from financing activities
 
 
 
 
Proceeds from stock option exercises
19

16

30

561

Proceeds from issuance of common stock under Employee Stock Purchase Plan
31

31

70

58

Share repurchases
(2,364
)
(204
)
(5,097
)
(204
)
Contingent consideration on prior acquisitions
(302
)
—

(367
)
—

Early extinguishment of long-term debt
(4,600
)
(7,250
)
(9,000
)
(7,250
)
Payments on long-term debt agreements and capital leases
(3,220
)
(6,713
)
(6,341
)
(12,780
)
Net repayments under revolving credit facilities
—

(760
)
—

(1,744
)
Payment of deferred financing costs
—

(1
)
(30
)
(25
)
Payment of hedge premium
—

—

—

(632
)
Net cash used in financing activities
(10,436
)
(14,881
)
(20,735
)
(22,016
)
Effect of foreign currency translation on cash balances
(321
)
(65
)
(216
)
53

Net change in cash and cash equivalents
3,659

(2,125
)
(3,511
)
(7,200
)
Cash and cash equivalents at beginning of period
16,793

17,561

23,963

22,636

Cash and cash equivalents at end of period
$
20,452

$
15,436

$
20,452

$
15,436

Supplemental disclosure of cash flow information
 
 
 
 
Noncash investing and financing activities
 
 
 
 
Capital lease obligations incurred
$
5,742

$
3,542

$
8,607

$
7,042

Contingent liabilities in connection with acquisition of businesses
$
—

$
—

$
89

$
—

Liabilities in connection with deferred financing fees
$
76

$
—

$
76

$
—




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