WALNUT CREEK, CA--(Marketwired - Nov 4, 2015) - ARC Document Solutions, Inc. (NYSE: ARC), the nation's leading document solutions provider for the architecture, engineering, and construction (AEC) industry, today reported its financial results for the third quarter ended September 30, 2015.

2015 Third Quarter Business Highlights:

• Adjusted diluted earnings per share were $0.09 vs. $0.06 in Q3 2014; adjustments include the reversal of more than $70 million of a valuation allowance against certain of ARC's deferred tax assets as a result of the company's sustained profitability over the past three years and forecasted continuing profitability
• Adjusted cash flow from operations was $21.0 million, a 23% increase over Q3 2014
• Gross profit was flat year-over-year, delivering a gross margin of 33.8%
• Sales of $106.4 million were flat year-over-year
• Adjusted EBITDA of $17.9 million fell 2% year-over-year
• Management revises its annual outlook for 2015; diluted annual adjusted earnings per share currently projected to be in the range of $0.33 to $0.36; annual adjusted cash provided by operating activities currently projected to be in the range of $58 to $61 million; and annual adjusted EBITDA to currently projected to be in the range of $70 million to $73 million

Financial Highlights:
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
(All dollar amounts in millions, except EPS)		2015				2014				2015				2014
Net Sales		$	106.4			$	106.8			$	324.1			$	316.2
Gross Margin			33.8	%			33.9	%			34.8	%			34.6	%
Net income attributable to ARC		$	80.3			$	3.7			$	94.0			$	9.6
Adjusted Net Income attributable to ARC		$	4.2			$	2.9			$	13.6			$	9.2
Earnings per share - Diluted		$	1.69			$	0.08			$	1.98			$	0.20
Adjusted earnings per share - Diluted		$	0.09			$	0.06			$	0.29			$	0.20
Adjusted EBITDA		$	17.9			$	18.3			$	56.2			$	55.2
Cash provided by operating activities		$	21.0			$	15.3			$	43.1			$	37.0
Adjusted cash provided by operating activities		$	21.0			$	17.0			$	44.3			$	40.9
Capital Expenditures		$	3.9			$	3.4			$	11.5			$	10.0
Debt & Capital Leases (including current)										$	180.4			$	205.6

Management Commentary

"The third quarter demonstrated the increasing momentum of our cloud-based solutions. Our archiving and information management offering rose from 16% year-over-year growth in the second quarter to 44% year-over-year growth in the third quarter, and we were pleased with the response to the latest release of SKYSITE™, our mobile document and information management application for construction professionals. The reception of both solutions highlight the growing value we can provide to a market that is increasingly focused on reducing costs and boosting efficiency with cloud-based tools," said K. "Suri" Suriyakumar, Chairman, President and CEO of ARC Document Solutions. "We were also able to reverse a valuation allowance of more than $70 million against certain of our deferred tax assets. This represents an important milestone in the company's history. We've produced three years of strong financial performance following the recession and its aftermath which allows us to forecast the use of these deferred tax assets in future periods."

"Not withstanding these successes, challenges remain," continued Mr. Suriyakumar. "Continuing implementation delays in large MPS contracts and the reduction of large-format printing pressured sales in the third quarter. While we expect conditions to improve in 2016, and while the progress in AIM, document management services, and color printing are helping to offset declines in other areas, we are revising our 2015 outlook to account for current circumstances."

Jorge Avalos, Chief Financial Officer for ARC Document Solutions said, "Our financial performance, improved capital structure, and the use of our deferred tax assets to significantly reduce our current cash taxes continue to produce strong cash flows from operations. Despite moderating sales performance, we continue to aggressively reduce our debt, improve our balance sheet, and generate strong free cash flows."

2015 Third Quarter Supplemental Information:
Net sales were $106.4 million, a 0.4% decrease compared to the third quarter of 2014.

Days sales outstanding in Q3 2015 were 55, compared to 54 days in Q3 2014.

AEC customers comprised approximately 77% of our total net sales, while non-AEC customers made up approximately 23% of our total net sales.

Total number of MPS contracts at the end of the third quarter was approximately 8,740, an increase of approximately 240 contracts from the end of 2014.

Adjusted EBITDA excludes loss on extinguishment of debt, 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						Nine Months Ended
		September 30,						September 30,
Services and Product Line		2015			2014			2015			2014
CDIM		51.4	%		51.8	%		51.9	%		52.6	%
MPS		33.8	%		34.1	%		33.6	%		33.3	%
AIM		3.5	%		2.4	%		3.1	%		2.6	%
Equipment and supplies sales		11.3	%		11.6	%		11.4	%		11.6	%

Outlook:

ARC Document Solutions has revised its annual 2015 outlook. The company's diluted annual adjusted earnings per share outlook was expected to be in the range of $0.37 to $0.41, and is now expected to be in the range of $0.33 to $0.36. The outlook for annual adjusted cash provided by operating activities was projected to be in the range of $61 to $66 million, and is now expected to be in the range of $58 to $61 million. Annual adjusted EBITDA was projected to be in the range of $75 million to $80 million, and is now expected to be in the range of $70 million to $73 million.

Reversal of Valuation Allowance:

The Company recorded a valuation allowance against its U.S. deferred tax assets in its financial statements for the second quarter of 2011 due primarily to its three year cumulative pre-tax losses. At September 30, 2015, as a result of sustained profitability in the U.S. evidenced by three years of earnings and forecasted continuing profitability, the company determined it was more likely than not future earnings will be sufficient to realize deferred tax assets in the U.S. Accordingly the company reversed most of its U.S.valuation allowance resulting in non-cash income tax benefit of $76.1 million for the three months ended September 30, 2015. The reversal of the valuation allowance significantly affects the presentation of the company's financial statements, with the impact of the adjustment increasing net income and earnings per share on the company's statement of operations, and increasing deferred tax assets on the balance sheet which were previously netted against the valuation allowance.

Teleconference and Webcast:

ARC Document Solutions will host a conference call and audio webcast today at 2:00 P.M. Pacific Time (5:00 P.M. Eastern Time) to discuss results for the Company's third quarter of 2015. To access the live audio call, dial 888-378-0320. International callers may join the conference by dialing 719-457-1035. The conference ID number is 9461561. A live webcast will also be made available on the investor relations page of ARC Document Solution's website at ir.e-arc.com.

A replay of the call will be available for five days after the call's conclusion. To access the replay, dial 888-203-1112. International callers may access the replay by dialing 719-457-0820. The conference ID number is 9461561. The webcast will also be made available at www.e-arc.com for approximately 90 days following the call's conclusion.

About ARC Document Solutions (NYSE: ARC)

ARC Document Solutions is a leading document solutions company serving businesses of all types, with an emphasis on the non-residential segment of the architecture, engineering and construction industries. The Company helps more than 90,000 customers reduce costs and increase efficiency in the use of their documents, improve document access and control, and offers a wide variety of ways to print, produce, and store documents. ARC provides its solutions onsite in more than 8,700 of its customers' offices, offsite in service centers around the world, and digitally in the form of proprietary software and web applications. For more information please visit 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 "increasing momentum," "expect," "forecast," "project," 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, 2014, 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.

ARC Document Solutions, Inc.
Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)
					September 30,				December 31,
Current assets:					2015				2014
	Cash and cash equivalents				$	20,824			$	22,636
	Accounts receivable, net of allowances for accounts receivable of $2,237 and $2,413					64,600				62,045
	Inventories, net					17,839				16,251
	Deferred income taxes					3,798				278
	Prepaid expenses					5,049				4,767
	Other current assets					3,271				6,080
			Total current assets			115,381				112,057
Property and equipment, net of accumulated depreciation of $216,023 and $214,697						58,459				59,520
Goodwill						212,608				212,608
Other intangible assets, net						19,339				23,841
Deferred financing fees, net						1,804				2,440
Deferred income taxes						71,989				1,110
Other assets						2,192				2,492
			Total assets		$	481,772			$	414,068
Current liabilities:
	Accounts payable				$	24,733			$	26,866
	Accrued payroll and payroll-related expenses					13,820				13,765
	Accrued expenses					18,713				22,793
	Current portion of long-term debt and capital leases					17,268				27,969
			Total current liabilities			74,534				91,393
Long-term debt and capital leases						163,151				175,916
Deferred income taxes						35,156				33,463
Other long-term liabilities						3,226				3,458
			Total liabilities			276,067				304,230
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; 47,093 and 46,800 shares issued and 46,992 and 46,723 shares outstanding				47				47
		Additional paid-in capital				114,304				110,650
		Retained earnings (deficit)				86,626				(7,353	)
		Accumulated other comprehensive loss				(1,693	)			(161	)
						199,284				103,183
		Less cost of common stock in treasury, 101 and 77 shares				612				408
			Total ARC Document Solutions, Inc. stockholders' equity			198,672				102,775
Noncontrolling interest						7,033				7,063
			Total equity			205,705				109,838
			Total liabilities and equity		$	481,772			$	414,068

ARC Document Solutions, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
			Three Months Ended								Nine Months Ended
			September 30,								September 30,
			2015				2014				2015				2014
Service sales			$	94,384			$	94,426			$	287,045			$	279,555
Equipment and supplies sales				12,034				12,381				37,081				36,607
	Total net sales			106,418				106,807				324,126				316,162
Cost of sales				70,475				70,584				211,303				206,798
	Gross profit			35,943				36,223				112,823				109,364
Selling, general and administrative expenses				25,816				26,331				80,403				80,720
Amortization of intangible assets				1,375				1,497				4,306				4,498
Restructuring expense				4				11				89				765
	Income from operations			8,748				8,384				28,025				23,381
Other income, net				(25	)			(22	)			(81	)			(71	)
Loss on extinguishment of debt				96				347				193				347
Interest expense, net				1,679				3,780				5,475				11,637
	Income before income tax (benefit) provision			6,998				4,279				22,438				11,468
Income tax (benefit) provision				(73,338	)			659				(71,766	)			1,930
	Net income			80,336				3,620				94,204				9,538
(Income) loss attributable to the noncontrolling interest				(50	)			41				(225	)			64
	Net income attributable to ARC Document Solutions, Inc. shareholders		$	80,286			$	3,661			$	93,979			$	9,602
Earnings per share attributable to ARC Document Solutions, Inc. shareholders:
	Basic		$	1.72			$	0.08			$	2.02			$	0.21
	Diluted		$	1.69			$	0.08			$	1.98			$	0.20
Weighted average common shares outstanding:
	Basic			46,698				46,338				46,601				46,195
	Diluted			47,557				47,015				47,541				46,856

ARC Document Solutions, Inc.
Non-GAAP Measures
Reconciliation of cash flows provided by operating activities to EBIT, EBITDA and Adjusted EBITDA
(In thousands)
(Unaudited)
			Three Months Ended								Nine Months Ended
			September 30,								September 30,
			2015				2014				2015				2014
Cash flows provided by operating activities			$	20,965			$	15,311			$	43,117			$	37,049
	Changes in operating assets and liabilities, net of effect of business acquisitions			(5,101	)			(1,174	)			7,243				3,985
	Non-cash expenses, including depreciation, amortization and restructuring			64,472				(10,517	)			43,844				(31,496	)
	Income tax (benefit) provision			(73,338	)			659				(71,766	)			1,930
	Interest expense, net			1,679				3,780				5,475				11,637
	(Income) loss attributable to the noncontrolling interest			(50	)			41				(225	)			64
EBIT				8,627				8,100				27,688				23,169
	Depreciation and amortization			8,415				8,536				25,490				25,561
EBITDA				17,042				16,636				53,178				48,730
	Loss on extinguishment of debt			96				347				193				347
	Trade secret litigation costs(1)			--				306				34				2,787
	Restructuring expense			4				11				89				765
	Stock-based compensation			735				956				2,739				2,618
Adjusted EBITDA			$	17,877			$	18,256			$	56,233			$	55,247

⁽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.

ARC Document Solutions, Inc.
Non-GAAP Measures
Reconciliation of cash flows provided by operating activities to adjusted cash flows provided by operating activities
(In thousands)
(Unaudited)
			Three Months Ended						Nine Months Ended
			September 30,						September 30,
			2015			2014			2015			2014
Cash flows provided by operating activities			$	20,965		$	15,311		$	43,117		$	37,049
	Payments related to trade secret litigation costs			--			1,101			1,033			2,615
	Payments related to restructuring expenses			13			578			154			1,194
Adjusted cash flows provided by operating activities			$	20,978		$	16,990		$	44,304		$	40,858

ARC Document Solutions, Inc.
Non-GAAP Measures
Reconciliation of net income attributable to ARC to unaudited adjusted net income attributable to ARC
(In thousands, except per share data)
(Unaudited)
			Three Months Ended								Nine Months Ended
			September 30,								September 30,
			2015				2014				2015				2014
Net income attributable to ARC Document Solutions, Inc.			$	80,286			$	3,661			$	93,979			$	9,602
	Loss on extinguishment of debt			96				347				193				347
	Restructuring expense			4				11				89				765
	Trade secret litigation costs			--				306				34				2,787
	Income tax benefit related to above items			(41	)			(258	)			(125	)			(1,519	)
	Deferred tax valuation allowance and other discrete tax items			(76,147	)			(1,172	)			(80,554	)			(2,798	)
Unaudited adjusted net income attributable to ARC Document Solutions, Inc.			$	4,198			$	2,895			$	13,616			$	9,184
Actual:
Earnings per share attributable to ARC Document Solutions, Inc. shareholders:
	Basic		$	1.72			$	0.08			$	2.02			$	0.21
	Diluted		$	1.69			$	0.08			$	1.98			$	0.20
Weighted average common shares outstanding:
	Basic			46,698				46,338				46,601				46,195
	Diluted			47,557				47,015				47,541				46,856
Adjusted:
Earnings per share attributable to ARC Document Solutions, Inc. shareholders:
	Basic		$	0.09			$	0.06			$	0.29			$	0.20
	Diluted		$	0.09			$	0.06			$	0.29			$	0.20
Weighted average common shares outstanding:
	Basic			46,698				46,338				46,601				46,195
	Diluted			47,557				47,015				47,541				46,856

ARC Document Solutions, Inc.
Non-GAAP Measures
Reconciliation of net income attributable to ARC Document Solutions, Inc. shareholders to EBIT, EBITDA and Adjusted EBITDA
(In thousands)
(Unaudited)
			Three Months Ended							Nine Months Ended
			September 30,							September 30,
			2015				2014			2015				2014
Net income attributable to ARC Document Solutions, Inc. shareholders			$	80,286			$	3,661		$	93,979			$	9,602
	Interest expense, net			1,679				3,780			5,475				11,637
	Income tax (benefit) provision			(73,338	)			659			(71,766	)			1,930
EBIT				8,627				8,100			27,688				23,169
	Depreciation and amortization			8,415				8,536			25,490				25,561
EBITDA				17,042				16,636			53,178				48,730
	Loss on extinguishment of debt			96				347			193				347
	Trade secret litigation costs			--				306			34				2,787
	Restructuring expense			4				11			89				765
	Stock-based compensation			735				956			2,739				2,618
Adjusted EBITDA			$	17,877			$	18,256		$	56,233			$	55,247

ARC Document Solutions, Inc.
Net Sales by Product Line
(In thousands)
(Unaudited)
			Three Months Ended						Nine Months Ended
			September 30,						September 30,
			2015			2014			2015			2014
Service sales
CDIM				54,710			55,352			168,187			166,234
MPS				35,923			36,464			108,934			105,216
AIM				3,751			2,610			9,924			8,105
	Total service sales			94,384			94,426			287,045			279,555
Equipment and supplies sales				12,034			12,381			37,081			36,607
	Total net sales		$	106,418		$	106,807		$	324,126		$	316,162

Non-GAAP Financial Measures

EBIT, 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.

EBIT represents net income before interest and taxes. EBITDA represents net income before interest, taxes, depreciation and amortization. EBIT margin is a non-GAAP measure calculated by dividing EBIT by net sales. EBITDA margin is a non-GAAP measure calculated by dividing EBITDA by net sales.

We have presented EBIT, 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 EBIT and 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. As a result, we believe EBIT is the best measure of operating segment profitability and the most useful metric by which to measure and compare the performance of our operating segments. We use EBITDA to measure performance for determining consolidated-level compensation. In addition, we use EBIT and EBITDA to evaluate potential acquisitions and potential capital expenditures.

EBIT, 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, EBIT, 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 EBIT, EBITDA and related ratios only as supplements. For more information, see our interim Condensed Consolidated Financial Statements and related notes on our 2015 third quarter report on Form 10-Q. Additionally, please refer to our 2014 Annual Report on Form 10-K.

Our presentation of adjusted net income, adjusted EBITDA, and adjusted cash flows from operations 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 nine months ended September 30, 2015 and 2014 to reflect the exclusion of loss on extinguishment of debt, restructuring expense, trade secret litigation costs, and changes in the valuation allowances related to certain deferred tax assets and other discrete tax items. We have presented adjusted cash flows from operating activities for the three and nine months ended September 30, 2015 and 2014 to reflect the exclusion of cash payments related to trade secret litigation costs and cash payments related to restructuring expenses. This presentation facilitates a meaningful comparison of our operating results for the three and nine months ended September 30, 2015 and 2014. We believe these charges were the result of the 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 nine months ended September 30, 2015 and 2014 to exclude loss on extinguishment of debt, 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								Nine Months Ended
				September 30,								September 30,
				2015				2014				2015				2014
Cash flows from operating activities
Net income				$	80,336			$	3,620			$	94,204			$	9,538
Adjustments to reconcile net income to net cash provided by operating activities:
	Allowance for accounts receivable				110				197				292				444
	Depreciation				7,040				7,039				21,184				21,063
	Amortization of intangible assets				1,375				1,497				4,306				4,498
	Amortization of deferred financing costs				138				190				460				587
	Amortization of discount on long-term debt				--				207				--				656
	Stock-based compensation				735				956				2,739				2,618
	Deferred income taxes				2,198				2,100				8,221				6,272
	Deferred tax valuation allowance				(76,091	)			(1,615	)			(80,882	)			(4,652	)
	Loss on early extinguishment of debt				96				347				193				347
	Other non-cash items, net				(73	)			(401	)			(357	)			(337	)
	Changes in operating assets and liabilities:
		Accounts receivable			2,996				(930	)			(3,637	)			(8,424	)
		Inventory			1,083				(142	)			(1,775	)			(2,071	)
		Prepaid expenses and other assets			1,224				(946	)			2,941				(309	)
		Accounts payable and accrued expenses			(202	)			3,192				(4,772	)			6,819
Net cash provided by operating activities					20,965				15,311				43,117				37,049
Cash flows from investing activities
Capital expenditures					(3,880	)			(3,430	)			(11,517	)			(10,027	)
Payments for businesses acquisitions					--				--				(142	)			(342	)
Other					266				105				656				505
Net cash used in investing activities					(3,614	)			(3,325	)			(11,003	)			(9,864	)
Cash flows from financing activities
Proceeds from stock option exercises					1				191				562				1,201
Proceeds from issuance of common stock under Employee Stock Purchase Plan					25				17				83				65
Share repurchases, including shares surrendered for tax withholding					--				--				(204	)			(151	)
Contingent consideration on prior acquisitions					(360	)			--				(360	)			--
Early extinguishment of long-term debt					(3,625	)			(5,000	)			(10,875	)			(12,500	)
Payments on long-term debt agreements and capital leases					(7,262	)			(5,497	)			(20,042	)			(16,437	)
Net repayments under revolving credit facilities					(144	)			(532	)			(1,888	)			(828	)
Payment of deferred financing costs					--				--				(25	)			(454	)
Payment of hedge premium					--				--				(632	)			--
Dividends paid to noncontrolling interest					--				(486	)			--				(486	)
Net cash used in financing activities					(11,365	)			(11,307	)			(33,381	)			(29,590	)
Effect of foreign currency translation on cash balances					(598	)			(50	)			(545	)			(122	)
Net change in cash and cash equivalents					5,388				629				(1,812	)			(2,527	)
Cash and cash equivalents at beginning of period					15,436				24,206				22,636				27,362
Cash and cash equivalents at end of period				$	20,824			$	24,835			$	20,824			$	24,835
Supplemental disclosure of cash flow information
Noncash investing and financing activities
	Capital lease obligations incurred			$	2,625			$	5,506			$	9,667			$	14,909
	Contingent liabilities in connection with acquisition of businesses			$	--			$	186			$	--			$	1,110