ARC - Earnings call transcript Q3 2020 | Arc Document Solutions, Inc.

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the ARC Q3 2020 Earnings Report Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation there will be a question-and-answer session. [Operator Instructions] I would now like to turn the call over to our host for today Mr. David Stickney, Corp Communications and Investor Relations.

David Stickney

welcome and Camellia you, everyone. Thank

Avalos, with On our Officer, are Officer. Jorge Suriyakumar, today President the Dilo and and Operating call Chairman, Chief Chief Suri our Financial me Executive Chief our Wijesuriya, Officer;

Reform today's SEC Form release to call filings. contain in shareholders with disclosures The also to and of non-GAAP President In and Private Our are not analysts offered on may provide the in of a are on Chairman, call annual uncertainties our highlight forward-looking release. materials that quarterly ARC call. predictions our largely will site in based will Securities the our such XXXX, Suri? measures, advance to are Document information third earlier in today's that will statements today's from risks fall reconciled are in Suriyakumar. expanded and our and additional quarterly other will and note ir.e-arc.com. release press actual on quarter certain our now I Solutions were conference X-K disclosures which be The for of provisions publicized over within today's results that Investor of ARC X, contain filing. today statements Litigation references harbor a of Please we and available press turn the result call. read historical supplemental only materially This November as safe and earnings as Act information and company announcement, press XXXX, and today, XXXX differ Relations results call Suri CEO, at pages

Suri Suriyakumar

afternoon David you, and good everybody. Thank

we under strong to extraordinary pleased spite been the announce with operating extremely have in pandemic. the quarter, to are We a of regard circumstances

COVID-XX and made a embarked markets our remain but the operations, that a our lockdown, environment. the the could We strategy declared in in As continue make and to haul. an forced the were a significant on serve, new for after sure the re-engineer company term, was pandemic we for we we just infrastructure into changes businesses and to relevant not recall, customers ambitious immediately long to you our may near to

educational clearly our results favor. way. interest We've business on working the segments quarter is the track, growing in and services working print graphics from document to a has offices continue information to despite is existing is and a printing resilient, new from construction also leading third our the environmental, Each show first majority The opportunities and strategy in attitude away primary like mobile the fit new Our graphic right business has and work screens retail imaging with demands changing new color scanning these of remain imaging of imaging, also Cube of industry. seen are and home the high environment education the stretched in into to and demand. our projects construction for our signage, part forward. capabilities new move coming mix Mate, mobile continue safety of market. The to environment as products That remained outside creating health proven We've course, of our vital new and and the management. desk and a areas, for a managed creating said preferences from

make new So inroads The light. also at document into in our are looking market. a the customers conversion facilities digital company to continues

changing our company. our business business kind This and it's pandemic become the focus it, approach of changing only our ways, of never our the before landscape been to not some but face shows The soon, as pandemic, to shareholders. long quickly to cost cultural environment up new into easy of new us, a evolves our has are But to structure But accelerated pandemic needs second and in we and persist. we environment. strategic recognize necessary heart and and for economic respond refining operating the our of no customers, the become to and the expect new operation in of markets. nature also challenging of simply has diminishing was stuck, opportunities the sign at adapting ARCs transformation the opening business, reconfiguration our in business it our Our to presents a the new

to and turn are results But I explain more. I quarter the any share moment returning were repurchases. it we also will the interrupted third directly year to commitment Our dividend a was It our of almost in we immediately. A to made begin want ago over I in And a before a shareholder felt like to form almost from do, value shareholders. Dilo modest perspective. Jorge and commitment and a call reiterate our long-term program impressive to beginning,

In the March, the flows With both done just I have we and quarters, to ensure suspend programs company the were onset both. compelled of secure. its cash pandemic in two we think the were to

coming As re see challenges ultimately months surprised say those It's the repurchases be rise such, challenged and environment in won't economic and the to commence them. And cultural the affects anticipate before our overcome I weren't How activities. a to and our way. year. dividend resumption team already remains we the are surprised of to program our environment to these the we be And fluid if least. ready end I But seen. share of be the to along the will pandemic

perspective over Dilo? turn provide to I'll and QX. to Dilo Now, then Jorge call the on

Dilo Wijesuriya

in our improving from and Thank marketing financially. spoke strong the walk of and safety good levels keep our reorganizing reorganizing our efforts When last workflow company new centers fit to reorganizing to traffic, customers delivery non-contact service revolving Suri. platforms, access we and of restricted media online working accommodate to supporting investment customers and to strengthening support and curbside to pickups, social by in web the keep increasing and expenses as ecommerce NPS home, such safe, implementing work, our most systems protocols efforts the were you, around employees implementing

our this our methods selling our was hunters approach the listening pandemic. of to to force theme. markets, well. has our embraced of able sales new of focused sales deliver a staying involved to has done a what on and mindset. and during of immediate result the of new to required production height customers our Entering and we customers a as to Much as more the team activity changing our required And have aggressive marketing. approach We were All pivot this

In environment. I'm work continued On immediate to support to adapt side, we staff past several months, and pleased our of our centers and both many to needs. business the with to our interior our offering graphics converted production the tirelessly and operation processes re-engineer and plans learning very and exterior monitor who produce the customer for

or able for for businesses example, they use installation signage were like environmental processes of institutes and behavior, and we in are they graphics distancing mitigating reopen. to new to in required. in Public were new the options encourage decals Chicago plans exciting new and only demand also graphic public weeks, and to the capability supporting District, graphics key the that of New of guidelines a also safety construction system US, the the safety languages the to multiple our and and addition schools and School not image. US. PT in new signs million and sensing state in and students, Cube In for produced screen create for less space coronavirus, safety delivered work as city including graphics but for the providing digital nearly over serve graphic the our largest production creating site, started businesses graphics offices, wherever graphics signs, our successful explain abreast show spread help this office, of educational public in for We public for graphics keep Mate normal numerous the than school two capacity for signs third in products, posters, and job up plan We unprecedented on and XXXX graphics counters walk this demonstrating entire to the imaging services protocol, restaurant businesses, retail

new As delivering the we we're needs. in listen producing both nimble QX, customer into staying traditional go our And are and to signage immediate and one. to customers, our continuing our we

improved our response first care customer as and well. team invested have We

care supporting their are uncertainty, of that customers is times it we with critical take our and of make we During projects. way them the comfortable

have We our staff helping from customers, commendations thanking during customers for our received beyond and multiple going for pandemic. the above

operation. As XX and activities, reconsideration A significant adding to that closed to ecommerce were these sales service centers overall moved our of locations portion platform. our from weren't for online larger value locations we

also While the brought in new disrupted it business, opportunity. has our pandemic

margins by Our tremendous job divisional good delivering in leadership and customers. a done value efficiencies, to improving improving our our has

number leveraged employees. our all that to thankful of directions. structure are production be workforce, we any network can and that For The cost in

I are Jorge We whatever that work kind of financial positioned hand With for well over way. come Jorge? to for update. may a our

Jorge Avalos

its strength Thank for our our of sales our upon strength markets Dilo. the Not investors, in ARC of operational configuration. to and staying the the think the new to under and impress only fit great. serve, ongoing our light you, changes the have overall long-term with as is we potential in just financial economy is success but trends market, created it In opportunities best and power I

by evidenced of our rock more $XX by structure in Our driven as solely the capital than balance the operations of and solid, million liquidity business. are year-to-date cash increase

cash and our Our stock decreased to net a the repurchasing and X.X year cost the from reduced to confidence than metrics just structure begin recommencing ago. we our dividend of opportunity. a These approximately has leverage of hiatus, program our are XX% after ratio, has at earliest source brief stood less and times where

also addition our performance uncertain us times. to our capital to providing operating strength resources structure, of is these through the In

and help year, a quarterly still lower continue As high. looms confront that worldwide and investors position in economies on understand them keep that we conditions. are from flu year the an assisting flow from year-to-date, prior higher higher sales the as $X.XX of higher pre-pandemic challenges with front cases, revenue of are the I new even of we $XX.X may are an times. as per $X.XX, us. at fourth performance In government, begun $XX few to customers and of sales At has year's and keep in $XX.X than million, these the in at compared a to cash million healthcare all earnings our quarter uncertain opportunity just than season million national demonstrate EBITDA managing of are last from These our numbers through quarterly our as COVID-XX to flow a that such in discovered share earnings want cash started million we The which in way share sales were producing even quarter ways despite operations working significantly still these in as so and the market best to performance. we impressive level quarter is experimenting kinds environment, doing for global both by healthy new But us, turnaround is that to today's increase These of are to third our of strength emphasize and operate be and results business impressive million collapsing. also of ARC, to difficult grow environment. to $XX with economies last the businesses $XX clearly. all remains

back point, haul. for I'll for this We long Suri. And grateful Suri? to are are we call At the investor our turn the here support.

Suri Suriyakumar

available Thank questions. listeners' Jorge. now our we're you, Operator, for

Operator

line [Operator Instructions] Ben Andrews Andrews of comes from question with first Capital. Your

Ben Andrews

Hey are guys, you? how

Suri Suriyakumar

very good, Ben. good Very

Ben Andrews

Can unit away? you printing and Thank do how for jobs it think more comes those bit them you're you little now. work. your going to MPS equipment is Or in you understand lot a centers? you I back what all it And that less evolves unit? a have slowly? MPS seeing a from are that hard does - sending they Suri? just Are think year Or Do a your that just

Suri Suriyakumar

customers the to feet or It's to Ben. how going offices. from installations to a significantly overall give feet perspective, are offices, color more MPS back having perspective, from MPS in off evolve. get I'll of to is falling things business entire change XX,XXX Dilo XX,XXX an that on going little depending terms getting in So on But

offices doing, and coupon going doing recognizing basically and that is we what phase, to customers redistributing before. are thing So are did right. are are the a same what there reconfiguring they That's because we not doing back we

- other have their example, have home, companies So that like they the but the companies are who itself is - traditionally print nature. is lot looking own rooms, Like working from still installations, then customer did are actually who used there office that environment, of work, work. take a they work They is coming of this huge behavior are our way changing. to that try the to therefore, who excess place. actually to there basically outsource out are When the for they within companies the if And do another same needs. are are are big equipment before, of returning print all customers they had utility people we are of and saying, there you group we they outsourcing to

So changing. space completely this is entire

with we and redistributing are opportunities, doing what So refurbish and new which those reconfiguring fleets creating right, certify. is and equipment equipments, we

use we and back, can them of for you them which a get outsource left, place equipment printing. some also and of them have them the recertify but lot So life

in variety opportunities are you The them creative about method fleet. traditional popping a add of up. the have just is go we be on equipment, buying equipment, amount is a actually to Dilo, which to the new if those for our that. customers. So of like already we want how we would to key there's don't fair lookout do you old to be anything and obviously, of when Because something to servicing

Jorge Avalos

site. to And or any part real to revenue office Ben answer MPS at our of we recorded the your go sites there, Dilo customer question maybe under generated that's revenue before via just is that project setting quick,

go Dilo, line So in that that that that is With ahead. is item. the revenue

Dilo Wijesuriya

you. thank Yeah,

working office, challenges them the of Suri there of has mentioned, - couple that seen are larger XX% customers, skilled, up. as customers rest staff of our and are home, are of we their working of The about opportunities to some home. are challenges XX% are a from are have percentage opening the So returned large now to only customers and from

of therefore, printing So on site do the we amount that drastically. reduced has

MPS the where numbers have got affected. that's So

the have working the are from distributed are print them opportunities we seen, However, to and helping in to directly service is continuing and we that service have we our technology centers. centers, to customers, it have who provided up anywhere tools Because have to the to and focus country. we our home we customers print get

a new that's opportunities. So

While it the print our it's to office. office, may going not in print in

sites officers to, for a and opportunities, They are up where lots new equipment with are opportunities past, rentals. have of We also construction three-year the lease sign willing in looking our temporary unlike short-term not manufacturer.

that that have we are use to So opportunity some of re machines we the configuring.

and recertifying back. So it putting

we're the that come will the opportunity as - customers well. the different another three quarters, to back. many next they two, that's and And us, we in feel that So when seeing customers, of back over percentages different come

goes We evolve will started and our get to it'll MPS time continue the as by. program

Ben Andrews

there's off Right, yeah, of the turn I no figured that - the, could I they way some that printing. mean, that much possible

how do I you went mean, much maybe like numbers are that? any million XX you on year-over-year, handle down So you to do going million X have think is do revenues some CDIM, there any of or is going it on guys have there?

Suri Suriyakumar

had at not numbers we're it's past the business changed hard compare going so because the So much. back year-over-year Ben, looking to and has very we because

So we are that. tracking not

looking are view. and different level So that's taking any the a company, from as business mark now this Look, come business at at we why are water which re-engineered is opportunities we the we place. have that

a of had that global not drive equipment MPS offices, - as in keep So customers separate to a hard. be used are who large separate It's and very category of a hard that. all would at a and that's the looking to it belonged customers time group gone. who to that. create we we're And track segment There driving as this as

three these different So rentals. lease, anything we sites, like we five-year years are short-term on now, get of its Dilo opportunities. in are said, just forms, say three to having When but not or we're it comes sites going keenly we customers aware want but construction

acumen they're love do customers things opportunities equipment, immediately and of response Bang. to it? absolutely been want and We Dilo equipment one That We really because problem. fast is which it the is the have placing no waiting. really, Where done and deliver that. we react - We ordering you like time not have. we've has that

can So similarly, competitive. want are we price if who there equipment, be other customers

We also have the equipment immediately.

So them we back. are comes good we and our equipment having place to constantly team make in sure in which order, recertify this working just they're

we already this mitigating So the use. activity them are and also hand because what expense, happens we we putting have to in is

doing back wanting because when the Is just again, to - happens capacity? back, need in opportunistic, have. they normalcy people - So those on they'll the looking how reach there that. the future know the come comes It's not to back, come the opportunities which to can't but Do predict to remember is us. in whenever markets back? returned then what they're going we so we capitalizing don't hard to have we're And that. we when being doing market out half have is out full services, But comes market and business office going out come are needs, customers what for we're when just

Ben Andrews

Okay.

margins. forward? keep might I be a And such be and Will this okay, gross of level going gross you sign going margin CDIM. some and and do those new of guess printing a you forward? Or categories have margins to struggle pretty Now, your new such going have, good you to gross opinion think

Suri Suriyakumar

equipment, kind people, of are reasons network we we create an we - doing. create because have we gross is know gross of what locations, we The that margin, it's the margin something not the of established branches, one

of are good doing. the putting what It's revenue we are right. a question at We

going branches established ways have Because do. after said, we business. we Dilo we we know and like what have that So locations, therefore of new

So the struggle the don't - are have I margins bill, think of competitive, have I keep to any up on part we we'll think them it. way market. a price you don't out gross it And be the would be doing. margin same we have been drive the in Jorge to would to continue we comments gross

Jorge Avalos

Yeah. of out talked restructured We mean, in a new regards took last to about we a structure. plus mean, bit And added cost of gross it's I in little I this margins. company, quarter. we've the I my the XX% commentary. I the company. mean, our

it margin million-ish in plus very XX a quarter. gross per get margin. at XX labor So revenue gross came does company more, we to what and a to strong our blip in our establish see mean? going you're leverage overhead or at million, XX% I be We up to that more

margin, So the Ben? we predicated part we maintain very is. strong plus with strongly a story on gross Does revenue of a of could much about margin is kind XX confident we your gross and what revenue the of that But regardless how answer that feel of margins get. level gross question

Ben Andrews

it you. does. Yes, Thank

had something And in and of color not little give in I period sorry but of kind this could switching on some even their there and on business thoughts to thinking the little time, of elaborate a on a probably one during if the business more piece? like me facilities? bit that you over know people that, most wouldn't the scanning the a on mind, AIM little and sentence of bit you you Could facilities.

Suri Suriyakumar

Sure, sure.

building to facilities archival business we the making have business difficult, are side don't - to and information others the we focused been taken access working which and have very a off site, intact, so site. a facilities lot the that knowledge done on of foot Customers have. for we want the maintenance new challenged is the we've keep to Ben. inroads. on still site, we is the still this configuration, maintenance on have gas we We which depth That team of facilities what right, do a have times have So been haven't trying we super this are facility on the But obviously, there. with

team not We also inroads granted and XX that is salespeople that have. right there have having which make technology do business we And now. others are to don't huge a continuing

being We investing. about we where judicious are are

are but the to we're business very During software be investing And environment times software really, is we and are is are have where we careful the we this, use like we're working using and investing, growth. day's had the continuing really an to why well. our we us. in where Customers healthy about and customer. happy They are very

to time, talk So again doing of inroads. its whole in we this capital It's healthy lot have very in about a not but it's that, that enough in it at that and are making space we not given point invested well. material

Ben Andrews

just Are and you or customers with with you still Or are getting so? pretty the ones been you've past the working trials? new much new for year

Suri Suriyakumar

new not growth but granted No, getting we we are is are new customers customers. fast, getting

have We lot trials. of a

you marketing you'll is have to lot doing will you we a facilities you separate ARC go if for the there. see customer get which a are a We programs, see will sense altogether, references, website, website customer stories, of what

Ben Andrews

all. you Thank

Jorge Avalos

problem. No

Suri Suriyakumar

Thank you.

David Stickney

anybody else sure moment. the you know? Can at I'm have let we Camellia, if in the us not queue

Operator

we question one line Glenn Asset. a Primack with have Yes, do Primestor of of from

Glenn Primack

Good afternoon.

of ones pandemic Just a see one the the how in customer customer shrinking? mix, on kind that just growing while evolving the given non-EAC EAC this quick you

Suri Suriyakumar

Yeah.

great with That architectural, a engineering is right. relationship we have the AEC customers, construction obviously, So Glenn. and

that the we going with a what we of are We architects, to But relationship - all so after existing relationships, have and specifically instead sub-contractors, through engineers, other just are do, are what doing which contractors, great space, or focused, of are being history them now verticals. those we to still the used that. have general we our opened is we legacy, industry because the doors is

marketing, healthcare advertising, now, getting is also companies, developers, owners, dam involved big retail, management, are interested. facilities utilities property universities, colleges, media K-XX, education, ADS with So hospitals, very

there anywhere said just business. we've So is

will that space, find of have Dilo doesn't areas, it what health all the the there where is. everywhere, there's vertical just telling you in kind And is you print business, signage related there's are ourselves side, in business is business, touched cities this nonprofits, different there's But there's legal so and we entertainment matter signage, it every on to look So graphics. these enough. there's environmental safety and counties. In it hard

that's related, this So there period go this we time, during business our very doing well of has the is and no believe because to are restrictive non-AEC And period of business and reason is time as that away. during done what going been so, doing. in AEC construction to this has

fact, there'll activity more In to be return we when normalcy.

Glenn Primack

Okay, internally outside do within you on universities have hospital or and so, more is your that Texas campuses it EAC, is mix in schools handed that call growing of geography, sales, you out by can or industry, So and in right? Michigan.

Suri Suriyakumar

and I opportunities. place. over there it is. and it's basically is - geography wherever advertising, the management Seattle, all in there there are facilities property Chicago, find and universities, finding you're there matter healthcare companies, mean, is Denver, we're are where colleges we what literally And is, Yeah, Colorado, literally because they are doesn't schools this are retail every can Los going to vertical work Angeles, there

he does engaged. on a Dilo up. call. has which basis on all in segment He a opportunities - it talk We well. what weekly as So weekly are discuss all his popping salespeople the is touched about We're keeping

Denver, will say, this. did somebody I in So hey,

And did DC, somebody will in this. hey, say, Washington, I

what whether call you do supplement whether with we advertising. so media, social We is that email web it we is those campaigns. the or then it share marketing, also it Google And is in identify ideas, direct And advertising or we whether customers.

weekly putting of We can us. our name all on, literally out that campaigns actually we a there our basis, on amount going serve have helping customers. And is saying that significant

So in we as a company ways, many operating are now. different

Glenn Primack

the I beginning of Unfortunately, great. that missed that's Okay, call.

you But you that of little pound to must side kind the that listen of it's the on flow. of have out I'll decent a on continue cash revenue like bit legs So exciting replay. feel because to to market

Suri Suriyakumar

these we're and we they'll many this, I like think mean are this able markets primary during what if our do the I times open do this. up, shut like change I I are and when mean, markets shut to if back, market mostly can things comes as obviously, down. down of Totally, markets mean, is yet be

we So forward. have opportunities going we think more

Glenn Primack

you. great, thank That's

Suri Suriyakumar

Thank you, Glenn.

Operator

Capital. from question a of have Andrews do with We Andrews the Ben line

Ben Andrews

Hi, my employees kind only all? I'm the that EMC their to two, get just from their are trying to you Do think do of going at of mentioned into of talking it XX% them, Or that in. you guys And office. do you guys $X.XX see - the stays their productivity? that's can into productivity they this, one? like affecting anything think then Dilo

Suri Suriyakumar

in So answer Dilo let I'll room same he's perspective, what not his sitting either. the

going let my knows I to Many this whether said pandemic have is him knows a call saying to how play they're they already know has we don't answer. really but it's herd operate. out. evolve, But what companies technology have next three who giving obviously, we to how are or companies perspective out get So is we nobody up know then But is vaccines this the what, just customer going how two, over spaces. get behavior changed. years, as the the going we plays Lots of whether office immunity, made

to company They're off. offices. will back to operate go already going example, Twitter has like said never they For

like office. have the year, of to think Dropbox next don't they said, I companies be whole even in have

making and they're announcements really So ways not having stacking working. towards for offices alternative of

We are necessary office you do operate to corporate XXX seeing think it that is XXX office. in we in of people, us ourselves, just all without have can have to people having the our how really

it's predict come. to It's to changing. hard the is to I So I evolve. think how going think it's And very going behavior

to markets feel think down. we As because opportunities, We I productivity, in like don't don't ARC. like ourselves are I applies same for I'll though productivity of have in the levels well. But far we in efficiency, of certain the that offices. has I here speak myself, up. companies as at And if think - we're gone We our instances, not not lots same think fully more, the technology not don't are other feel opened even operating

own are think they all way. operating I their

anything have that's different I be and might others below. restaurants you distances, perspective certain to story. think add a my do to that? But like Dilo,

Dilo Wijesuriya

one think our and reviews are the see, we so I just XX staff quite regularly make with speak. plans the sure enterprise their the that with them, in forth, a communicate things customers to But you we offices of bit. so adding the by sync customers, that we top we are little as have most we little mentioned Yeah, of of with into

of and they if employees go XX% XX% next up So on they'll about of has early their by have back average, the by then XX% go or most summer about of should middle And so they returned things by already. year. get to if well, feel in staff January their offices - to all

planning with with to their them. those are by them the to work back, early And them see back the making, we to changes the up bring support are employees get we we office. in well, that year, as staff along I with think will they slightly So are as MPS changing picking

Ben Andrews

kind go a Dilo or is that's kind And for everyone them going that's makes and that - of of XX% whatever, that you say of they to of their and process is thought planning that take away, for? they're next of vaccine do XX% think that then planning things mid kind to kind they're kind have what to said by back year, or

Dilo Wijesuriya

year I one people like for think by office. will be restrictions be people are next of hoping in that a lot there that less to

I how thinking they're think through that's that.

you're how is just before. change? month this to attention customers' paying how than and So every lot to they need learning pandemic everybody's better up shaping the think I

support our Just of them. making and with business to ways doing changing plans - their understanding them

Ben Andrews

Okay.

I share then I And remember under $XX Jorge, Okay. of of correct? just bucket on kind stock repurchases possible and million for the allowed year, indenture follow per mean, buyback? your your you thoughts up Suri can I May

Jorge Avalos

our XX million, to to could is that correct Yeah, are year and per debt up do agreement, our in agreement, we dividends shares. in to shareholders regards payments, up but million restricted debt XX total a

Ben Andrews

I see.

Okay.

I your quarter, that try maybe And And doesn't off and - any got to this again said flow. fair stock they'll of seen the thought? got quarters, and take around quarter of a you to couple two so that million this that. Okay. you definitely more you've last is the expand a tough if I it legs we've last or respond your out little - a of guess, showing kind last it of seem next guess it it quarter what's cash what was off hands million fair around bit when guess of more sure your then, hands and throwing it's I you comfortable that I'm you a cash of quarter, shares do you amount Or you and and And over that or and are amount the responded but year, expand negotiation. can showing after threw it or have five too XX feeling a you tomorrow,

Suri Suriyakumar

to markets subject the opportunistic, value. on on that purely have right. are We So Ben, it's Obviously, just is see to be return how our commitment going the evolving. shareholder to

shares, with is that buy best to buy? it's we to going And we the do right at we first, to is shares cash And said we price the is that right. are we the limited question then to a the the regard buying wanted is where in our restricted, are are and ability to position paying thing return then we have So to then also time trying strong, market, open share what the although do? dividends. of do that very Is

approach, a So et cetera. on any price measured conditions, at the depending time, market we given have

continues, Will We trend we'll it. certainly So certainly you we are Jorge? very at consider And good might feeling look this that. expanding about that. if agree

Jorge Avalos

said, definitely. and keep strong the good liquidity with No, it's and to need we capital a feel make structure I on right. forward. predicated that mean, mean, to sure structure. that we also operations we our capital just our But as run I liquidity we Suri things Yeah. the move confidently

So aggressive we'll we based how how that on modest that with question? to the the how program. regards price, then go - dynamics or to stock those repurchase interact reconsider your answer Does in

Ben Andrews

legs you significant and million belt, really hasn't But, starts bit guys to have will CDIM XXX% I guess of strong a three if balance I that two, it guess, I stock, are on couple legs faltered. understand expanded favor, out the you then valuations Suri the these quarters investors very in time. kind or has a on the mean, but I get sheet. a little you trying $X but guess could kind AIM's savings. guys at very somewhat, favor as long gone a anywhere. your looking I two of of of little things feel got a you never you it last reiterate if back until they then spending legs years have false year are more Can for you're But Yeah, funded, Jorge, realize well, road, And wind if hidden out think back of had keeping over you and better the bit? mean, I some just then even especially buying get now well Even of you you've a where and under I I'm that down gotten stay track now them when a and sophisticated understand you know, your and

Suri Suriyakumar

things I you're Sure. know coming we'll don't - doing And first that mean, think evolve. first, - of agree. along and a Sure. I and I And in are I saying I things mean, see accurate we just nicely. it's question you're it's how don't

we time on eye are it. We and an opportunistic are the happy about we'll we'll when And right, Ben be where about it. keep comes

Ben Andrews

all. you thank Again,

Okay.

Jorge Avalos

No problem Ben.

Suri Suriyakumar

Thanks Ben.

David Stickney

- look Camellia, it doesn't

Operator

queue. there no questions And in are

David Stickney

anything like queue. we have correct? else look Yeah, doesn't in Is the that it

Operator

correct. is It

David Stickney

more sure to we quarter's attention evening. interest and to the thank everybody, soon. talking to next Take your All been a It's And day on Well, forward us. right care. for we'll this thank have look you all call. as much talk about here very you. always, for busy you I'm Thanks again your of for

Operator

This today's conference call. does conclude

disconnect. You may now

Arc Document Solutions (ARC) 4 Nov 202020 Q3 Earnings call transcript