ARC Document Solutions, Inc. (NYSE:ARC) Q2 2020 Earnings Conference Call - Final Transcript
Aug 04, 2020 • 05:00 pm ET
Ladies and gentlemen, thank you for standing by, and welcome to the ARC Document Solutions 2020 Q2 Earnings Report Call. At this time all participants are listen-only mode. After the speakers presentation there will be a question-and-answer session. [Operator Instructions].
I would now like to hand the conference over to David Stickney, Vice President of Investor Relations.
Thank you, Kavita, and welcome, everyone. On the call with me today are Suri Suriyakumar, our Chairman, President and our Chief Operating Officer; Dilo Wijesuriya, and Jorge Avalos, our Chief Financial Officer. Our second quarter results for 2020 were publicized earlier today in a press release. The press release and other company materials are available from our Investor Relations pages on ARC Document Solutions site at ir.e-arc.com. In today's earnings announcement, ARC offered expanded supplemental disclosures to provide shareholders and analysts with additional information in advance of our quarterly conference call. The disclosures are largely historical and will not be read on today's call.Please note that today's call will contain forward-looking statements that fall within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and such statements are only predictions based on information as of today, August 4, 2020, and actual results may differ materially as a result of risks and uncertainties that we highlight in our quarterly and annual SEC filings.This call will also contain references to certain non-GAAP measures, which are reconciled in today's press release and in our Form 8-K filing.
I'll now turn the call over to our Chairman, President and CEO, Suri Suriyakumar. Suri?
Thank you, David, and welcome, everyone. As I highlighted in our preliminary announcement last month, the pandemic has left a devastating effect on our industry. Many of these effects will be reversible. Extended shutdowns and the widespread acceptance of remote work arrangements have permanently changed how our customers print and distribute documents and information. In addition, the pandemic has forced our customers who previously resisted the user technology to adapt to a variety of solutions to manage and share documents in digital form. As a result, it became clear that several of ARC's existing revenue segments and business models would permanently be impaired. Therefore, it was necessary that we identified these segments immediately and to cater to eliminate the redundant cost and infrastructure related to these services.While doing this, we also recognized that printing and visual imaging services continue to remain a valuable service, both in private and public sector businesses. In a post-pandemic era, we are already experiencing the important role visual imaging services play, especially in influencing social distancing, along with wellness and safety practices in workplaces, schools, shopping malls, et cetera.
With our domain knowledge and a national footprint, we are in a unique position to develop products and services to serve these needs and take advantage of these opportunities. It is also well known that the secular headwinds in our business have been eroding our revenue streams for years. Considering that we have been exploring a business