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ScanSource Delivers Outstanding Second Quarter Performance

17% Net Sales Growth Drove Excellent Profitability; Raises Full Year Outlook

ScanSource, Inc. (NASDAQ: SCSC), a leading hybrid distributor connecting devices to the cloud, today announced financial results for the second quarter ended December 31, 2022.

 

Second Quarter Summary

 

Q2 FY23

 

Q2 FY22

 

Change

 

(in thousands, except per share data)

Select reported measures:

 

 

 

 

 

Net sales

$

1,011,241

 

 

$

864,079

 

 

17.0

%

Gross profit

$

115,334

 

 

$

107,653

 

 

7.1

%

Gross profit margin %

 

11.41

%

 

 

12.46

%

 

-105bp

Operating income

$

39,432

 

 

$

31,498

 

 

25.2

%

GAAP net income

$

25,734

 

 

$

23,152

 

 

11.2

%

GAAP diluted EPS

$

1.01

 

 

$

0.89

 

 

13.5

%

Select Non-GAAP measures:

 

 

 

 

 

Adjusted EBITDA

$

48,815

 

 

$

42,542

 

 

14.7

%

Adjusted EBITDA margin %

 

4.83

%

 

 

4.92

%

 

-9bp

Non-GAAP net income

$

26,941

 

 

$

26,446

 

 

1.9

%

Non-GAAP diluted EPS

$

1.06

 

 

$

1.02

 

 

3.9

%

"The ScanSource team executed exceptionally well, delivering 17% net sales growth and record profitability for the quarter," said Mike Baur, Chairman and CEO, ScanSource, Inc. "This exceptional performance is a result of strong demand and operating leverage in our hardware and Intelisys businesses. With our outstanding second quarter results, we are raising our full year 2023 outlook for both net sales growth and adjusted EBITDA."

Quarterly Results

Net sales for the second quarter of fiscal year 2023 totaled $1.0 billion, up 17.0% year-over-year, or 16.4% year-over-year for organic growth. Specialty Technology Solutions net sales for the second quarter increased 26.3% year-over-year to $627.5 million, driven by broad-based demand across technologies and execution by our people. Modern Communications & Cloud net sales for the second quarter increased 4.5% year-over-year to $383.7 million.

Gross profit for the second quarter of fiscal year 2023 increased 7.1% year-over-year to $115.3 million, due to higher sales volume. Gross profit margin for the second quarter was 11.41% versus 12.46% in the prior-year quarter, reflecting the sales mix and higher mix of big deals.

For the second quarter of fiscal year 2023, operating income increased to $39.4 million from $31.5 million in the prior-year quarter. Second quarter fiscal year 2023 non-GAAP operating income increased to a record $40.7 million for a 4.03% non-GAAP operating income margin, up from $35.9 million for the prior-year quarter.

On a GAAP basis, net income for the second quarter of fiscal year 2023 totaled $25.7 million, or $1.01 per diluted share, compared to net income of $23.2 million, or $0.89 per diluted share, for the prior-year quarter. Second quarter fiscal year 2023 non-GAAP net income totaled $26.9 million, or $1.06 per diluted share, up from $26.4 million, or $1.02 per diluted share for the prior-year quarter.

Adjusted EBITDA for the second quarter of fiscal year 2023 increased 14.7% to $48.8 million, or 4.83% of net sales, compared to $42.5 million, or 4.92% of net sales, for the prior-year quarter. Adjusted return on invested capital totaled 15.6% for second quarter fiscal year 2023, compared to 17.6% in the prior-year quarter, primarily from increased average invested capital for the current year quarter.

Annual Financial Outlook for Fiscal Year 2023

ScanSource raises its expectations for the full fiscal year ended June 30, 2023 and replaces previously provided guidance.

 

 

FY23 Annual Outlook

 

Prior FY23 Outlook

 

 

 

 

 

Net sales growth, year-over-year

 

At least 6.5%

 

At least 5.5%

Adjusted EBITDA (non-GAAP)

 

At least $176 million

 

At least $174 million

Adjusted EBITDA is a non-GAAP measure, which excludes estimates for amortization of intangible assets, depreciation expense, and non-cash share-based compensation expense. ScanSource’s outlook does not include the potential impact of any business combinations, asset acquisitions, divestitures, strategic investments, or other significant transactions that may be completed after the date hereof. These statements are forward-looking, and actual results may differ materially.

Webcast Details and Earnings Infographic

At approximately 8:45 a.m. ET today, an Earnings Infographic, as a supplement to this press release and the Company's conference call, will be available on ScanSource's website, www.scansource.com (Investor Relations section). ScanSource will present additional information about its financial results and business in a conference call today, February 7, 2023, at 10:30 a.m. ET. A webcast of the call will be available for all interested parties and can be accessed at www.scansource.com (Investor Relations section). The webcast will be available for replay for 60 days.

Safe Harbor Statement

This press release contains “forward-looking” statements, including the Company's FY23 outlook, which involve risks and uncertainties. Any number of factors could cause actual results to differ materially from anticipated results, including, but not limited to, failure to hire and retain quality employees, risk to the Company's business from a cyber-security attack, supply chain challenges, the failure to manage and implement the Company's organic growth strategy, economic weakness and inflation, a failure of the Company's IT systems, a failure to acquire new businesses, changes in interest and exchange rates and regulatory regimes impacting the Company's international operations, credit risks involving the Company's larger customers and suppliers, loss of the Company's major customers, termination of the Company's relationship with key suppliers or a significant modification of the terms under which it operates with a key supplier, changes in the Company's operating strategy, and other factors set forth in the "Risk Factors" contained in the Company's annual report on Form 10-K for the year ended June 30, 2022, filed with the Securities and Exchange Commission. Except as may be required by law, the Company expressly disclaims any obligation to update these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

Non-GAAP Financial Information

In addition to disclosing results that are determined in accordance with United States Generally Accepted Accounting Principles ("GAAP"), the Company also discloses certain non-GAAP financial measures, which are summarized below. Non-GAAP financial measures are used to understand and evaluate performance, including comparisons from period to period. Non-GAAP results exclude amortization of intangible assets related to acquisitions, change in fair value of contingent consideration, acquisition costs, restructuring costs and other non-GAAP adjustments.

Net sales on a constant currency basis, excluding acquisitions (organic growth): The Company discloses the percentage change in net sales excluding the translation impact from changes in foreign currency exchange rates between reporting periods and excluding the net sales from acquisitions prior to the first full year from the acquisition date. This measure enhances the comparability between periods to help analyze underlying trends on an organic basis.

Additional Non-GAAP Metrics: To evaluate current period performance on a more consistent basis with prior periods, the Company discloses non-GAAP SG&A expenses, non-GAAP operating income, non-GAAP net income and non-GAAP diluted earnings per share (non-GAAP diluted "EPS"). Non-GAAP results exclude amortization of intangible assets related to acquisitions, changes in fair value of contingent consideration, acquisition and divestiture costs, impairment charges, restructuring costs, and other non-GAAP adjustments. These year-over-year metrics include the translation impact of changes in foreign currency exchange rates. Non-GAAP metrics are useful in assessing and understanding the Company's operating performance, especially when comparing results with previous periods or forecasting performance for future periods.

Adjusted earnings before interest expense, income taxes, depreciation, and amortization (“Adjusted EBITDA”): Adjusted EBITDA starts with net income and adds back interest expense, income tax expense, depreciation expense, amortization of intangible assets, changes in fair value of contingent considerations, and other non-GAAP adjustments, including acquisition and divestiture costs, impairment charges, restructuring costs and non-cash share-based compensation expense. Since Adjusted EBITDA excludes some non-cash costs of investing in our business and people, management believes that Adjusted EBITDA shows the profitability from our business operations more clearly. The presentation for Adjusted EBITDA for all periods presented has been recast to reflect this change to enhance comparability between periods.

Adjusted return on invested capital ("Adjusted ROIC"): Adjusted ROIC assists management in comparing the Company's performance over various reporting periods on a consistent basis because it removes from our operating results the impact of items that do not reflect our core operating performance. We believe the calculation of Adjusted ROIC provides useful information to investors and is an additional relevant comparison of our performance. Adjusted ROIC is calculated as Adjusted EBITDA over invested capital. Invested capital is defined as average equity plus average daily funded interest-bearing debt for the period. Management believes the calculation of Adjusted ROIC provides useful information to investors and is an additional relevant comparison of the Company's performance during the year.

These non-GAAP financial measures have limitations as analytical tools, and the non-GAAP financial measures that the Company reports may not be comparable to similarly titled amounts reported by other companies. Analysis of results and outlook on a non-GAAP basis should be considered in addition to, and not in substitution for or as superior to, measurements of financial performance prepared in accordance with GAAP. A reconciliation of the Company's non-GAAP financial information to GAAP is set forth in the Supplementary Information (Unaudited) below.

About ScanSource, Inc.

ScanSource, Inc. (NASDAQ: SCSC) is a leading hybrid distributor connecting devices to the cloud and accelerating growth for customers across hardware, SaaS, connectivity and cloud. ScanSource enables customers to deliver solutions for their end users to address changing buying and consumption patterns. ScanSource sells through multiple, specialized routes-to-market with hardware, SaaS, connectivity and cloud services offerings from the world’s leading suppliers of point-of-sale (POS), payments, barcode, physical security, unified communications and collaboration, telecom and cloud services. Founded in 1992 and headquartered in Greenville, South Carolina, ScanSource was named one of the 2022 Best Places to Work in South Carolina and on FORTUNE magazine’s 2023 List of World’s Most Admired Companies. ScanSource ranks #773 on the Fortune 1000. For more information, visit www.scansource.com.

ScanSource, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)

 

December 31, 2022

 

June 30, 2022*

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

66,445

 

 

$

37,987

 

Accounts receivable, less allowance of $13,353 at December 31, 2022

and $16,806 at June 30, 2022

 

779,562

 

 

 

729,442

 

Inventories

 

761,936

 

 

 

614,814

 

Prepaid expenses and other current assets

 

111,119

 

 

 

141,562

 

Total current assets

 

1,719,062

 

 

 

1,523,805

 

Property and equipment, net

 

36,593

 

 

 

37,477

 

Goodwill

 

214,367

 

 

 

214,435

 

Identifiable intangible assets, net

 

75,950

 

 

 

84,427

 

Deferred income taxes

 

14,751

 

 

 

15,668

 

Other non-current assets

 

69,806

 

 

 

61,616

 

Total assets

$

2,130,529

 

 

$

1,937,428

 

Liabilities and Shareholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

748,662

 

 

$

714,177

 

Accrued expenses and other current liabilities

 

76,985

 

 

 

88,455

 

Income taxes payable

 

6,049

 

 

 

34

 

Current portion of long-term debt

 

5,040

 

 

 

11,598

 

Total current liabilities

 

836,736

 

 

 

814,264

 

Deferred income taxes

 

3,132

 

 

 

3,144

 

Long-term debt, net of current portion

 

147,756

 

 

 

123,733

 

Borrowings under revolving credit facility

 

230,000

 

 

 

135,839

 

Other long-term liabilities

 

50,519

 

 

 

53,920

 

Total liabilities

 

1,268,143

 

 

 

1,130,900

 

Commitments and contingencies

 

 

 

Shareholders’ equity:

 

 

 

Preferred stock, no par value; 3,000,000 shares authorized, none issued

 

 

 

 

 

Common stock, no par value; 45,000,000 shares authorized, 25,343,014 and 25,187,351 shares issued and outstanding at December 31, 2022 and June 30, 2022, respectively

 

68,313

 

 

 

64,297

 

Retained earnings

 

896,645

 

 

 

846,869

 

Accumulated other comprehensive loss

 

(102,572

)

 

 

(104,638

)

Total shareholders’ equity

 

862,386

 

 

 

806,528

 

Total liabilities and shareholders’ equity

$

2,130,529

 

 

$

1,937,428

 

 

*Derived from audited financial statements.

 

ScanSource, Inc. and Subsidiaries

Condensed Consolidated Income Statements (Unaudited)

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

Quarter ended

December 31,

 

Six months ended

December 31,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net sales

$

1,011,241

 

 

$

864,079

 

 

$

1,955,054

 

 

$

1,721,662

 

Cost of goods sold

 

895,907

 

 

 

756,426

 

 

 

1,726,236

 

 

 

1,512,437

 

Gross profit

 

115,334

 

 

 

107,653

 

 

 

228,818

 

 

 

209,225

 

Selling, general and administrative expenses

 

69,074

 

 

 

69,161

 

 

 

140,667

 

 

 

133,016

 

Depreciation expense

 

2,678

 

 

 

2,547

 

 

 

5,441

 

 

 

5,427

 

Intangible amortization expense

 

4,150

 

 

 

4,447

 

 

 

8,391

 

 

 

8,956

 

Operating income

 

39,432

 

 

 

31,498

 

 

 

74,319

 

 

 

61,826

 

Interest expense

 

5,060

 

 

 

1,493

 

 

 

8,507

 

 

 

3,153

 

Interest income

 

(2,027

)

 

 

(947

)

 

 

(3,618

)

 

 

(1,973

)

Other expense, net

 

207

 

 

 

543

 

 

 

955

 

 

 

807

 

Income before income taxes

 

36,192

 

 

 

30,409

 

 

 

68,475

 

 

 

59,839

 

Provision for income taxes

 

10,458

 

 

 

7,257

 

 

 

18,699

 

 

 

14,614

 

Net income from continuing operations

 

25,734

 

 

 

23,152

 

 

 

49,776

 

 

 

45,225

 

Net income from discontinued operations

 

 

 

 

100

 

 

 

 

 

 

100

 

Net income

$

25,734

 

 

$

23,252

 

 

$

49,776

 

 

$

45,325

 

 

 

 

 

 

 

 

 

Per share data:

 

 

 

 

 

 

 

Net income from continuing operations per common share, basic

$

1.02

 

 

$

0.91

 

 

$

1.97

 

 

$

1.77

 

Net income from discontinued operations per common share, basic

 

 

 

 

 

 

 

 

 

 

 

Net income per common share, basic

$

1.02

 

 

$

0.91

 

 

$

1.97

 

 

$

1.77

 

Weighted-average shares outstanding, basic

 

25,287

 

 

 

25,585

 

 

 

25,244

 

 

 

25,549

 

 

 

 

 

 

 

 

 

Net income from continuing operations per common share, diluted

$

1.01

 

 

$

0.89

 

 

$

1.96

 

 

$

1.75

 

Net income from discontinued operations per common share, diluted

 

 

 

 

 

 

 

 

 

 

 

Net income per common share, diluted

$

1.01

 

 

$

0.90

 

 

$

1.96

 

 

$

1.76

 

Weighted-average shares outstanding, diluted

 

25,502

 

 

 

25,895

 

 

 

25,454

 

 

 

25,806

 

ScanSource, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

(in thousands)

 

 

Six months ended December 31,

 

 

 

2022

 

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

Net income

 

$

49,776

 

 

$

45,325

 

Adjustments to reconcile net income to net cash used in operating activities:

 

 

 

 

Depreciation and amortization

 

 

14,285

 

 

 

14,879

 

Amortization of debt issue costs

 

 

385

 

 

 

209

 

Provision for doubtful accounts

 

 

33

 

 

 

921

 

Share-based compensation

 

 

5,679

 

 

 

6,032

 

Deferred income taxes

 

 

932

 

 

 

(109

)

Finance lease interest

 

 

24

 

 

 

26

 

Changes in operating assets and liabilities, net of acquisitions:

 

 

 

 

Accounts receivable

 

 

(49,541

)

 

 

(54,370

)

Inventories

 

 

(146,826

)

 

 

(95,531

)

Prepaid expenses and other assets

 

 

30,487

 

 

 

(11,236

)

Other non-current assets

 

 

(7,168

)

 

 

(1,561

)

Accounts payable

 

 

33,820

 

 

 

25,444

 

Accrued expenses and other liabilities

 

 

(13,268

)

 

 

(5,130

)

Income taxes payable

 

 

6,036

 

 

 

(177

)

Net cash used in operating activities

 

 

(75,346

)

 

 

(75,378

)

Cash flows from investing activities:

 

 

 

 

Capital expenditures

 

 

(4,262

)

 

 

(2,645

)

Cash received for business disposal

 

 

 

 

 

3,125

 

Net cash (used in) provided by investing activities

 

 

(4,262

)

 

 

480

 

Cash flows from financing activities:

 

 

 

 

Borrowings on revolving credit, net of expenses

 

 

1,232,058

 

 

 

1,115,161

 

Repayments on revolving credit, net of expenses

 

 

(1,137,897

)

 

 

(1,057,376

)

Borrowings (repayments) on long-term debt, net

 

 

17,465

 

 

 

(4,093

)

Repayments on finance lease obligation

 

 

(492

)

 

 

(624

)

Debt issuance costs

 

 

(1,407

)

 

 

 

Exercise of stock options

 

 

634

 

 

 

1,114

 

Taxes paid on settlement of equity awards

 

 

(2,332

)

 

 

(2,634

)

Common stock repurchased

 

 

 

 

 

(183

)

Net cash provided by financing activities

 

 

108,029

 

 

 

51,365

 

Effect of exchange rate changes on cash and cash equivalents

 

 

37

 

 

 

(5,062

)

Increase (decrease) in cash and cash equivalents

 

 

28,458

 

 

 

(28,595

)

Cash and cash equivalents at beginning of period

 

 

37,987

 

 

 

62,718

 

Cash and cash equivalents at period end

 

$

66,445

 

 

$

34,123

 

ScanSource, Inc. and Subsidiaries

Supplementary Information (Unaudited)

(in thousands, except percentages)

 

 

 

 

Non-GAAP Financial Information:

 

Quarter ended December 31,

 

 

2022

 

 

 

2021

 

Adjusted return on invested capital ratio (Adjusted ROIC), annualized(a)

 

15.6

%

 

 

17.6

%

 

 

 

 

Reconciliation of Net Income to Adjusted EBITDA:

 

 

 

Net income (GAAP)

$

25,734

 

 

$

23,152

 

Plus: Interest expense

 

5,060

 

 

 

1,493

 

Plus: Income taxes

 

10,458

 

 

 

7,257

 

Plus: Depreciation and amortization

 

7,057

 

 

 

7,229

 

EBITDA (non-GAAP)

 

48,309

 

 

 

39,131

 

Plus: Share-based compensation

 

3,364

 

 

 

3,464

 

Plus: Acquisition and divestiture costs(b)

 

 

 

 

(53

)

Plus: Tax recovery(c)

 

(2,858

)

 

 

 

Adjusted EBITDA (numerator for Adjusted ROIC) (non-GAAP)

$

48,815

 

 

$

42,542

 

 

 

 

 

Invested Capital Calculations:

 

 

 

Equity – beginning of the quarter

$

827,004

 

 

$

746,094

 

Equity – end of the quarter

 

862,386

 

 

 

768,525

 

Plus: Share-based compensation, net

 

2,496

 

 

 

2,590

 

Plus: Acquisition and divestiture costs(b)

 

 

 

 

(53

)

Plus: Discontinued operations net (income) loss

 

 

 

 

(100

)

Plus: Tax recovery, net

 

(1,886

)

 

 

 

Average equity

 

845,000

 

 

 

758,528

 

Average funded debt (d)

 

392,853

 

 

 

200,708

 

Invested capital (denominator for Adjusted ROIC) (non-GAAP)

$

1,237,853

 

 

$

959,236

 

 

 

 

 

(a) The annualized adjusted EBITDA amount is divided by days in the quarter times 365 days per year, or 366 days for leap year. There were 92 days in the current and prior-year quarter.

(b) Acquisition and divestiture costs are generally nondeductible for tax purposes.

(c) Recovery of prior period withholding taxes in Brazil.

 

 

 

(d) Average funded debt is calculated as the average daily amounts outstanding on short-term and long-term interest-bearing debt.

ScanSource, Inc. and Subsidiaries

Supplementary Information (Unaudited)

 

 

 

 

Net Sales by Segment:

 

 

 

 

Quarter ended December 31,

 

 

 

2022

 

2021

 

% Change

Specialty Technology Solutions:

(in thousands)

 

 

Net sales, reported

$

627,548

 

 

$

496,920

 

26.3

%

Foreign exchange impact (a)

 

(1,120

)

 

 

 

 

Non-GAAP net sales, constant currency

$

626,428

 

 

$

496,920

 

26.1

%

 

 

 

 

 

 

Modern Communications & Cloud:

 

 

 

 

 

Net sales, reported

$

383,693

 

 

$

367,159

 

4.5

%

Foreign exchange impact (a)

 

(4,497

)

 

 

 

 

Non-GAAP net sales, constant currency

$

379,196

 

 

$

367,159

 

3.3

%

 

 

 

 

 

 

Consolidated:

 

 

 

 

 

Net sales, reported

$

1,011,241

 

 

$

864,079

 

17.0

%

Foreign exchange impact (a)

 

(5,617

)

 

 

 

 

Non-GAAP net sales, constant currency

$

1,005,624

 

 

$

864,079

 

16.4

%

 

 

 

 

 

 

(a) Year-over-year net sales growth rate excluding the translation impact of changes in foreign currency exchange rates. Calculated by translating the net sales for the quarter ended December 31, 2022 into U.S. dollars using the average foreign exchange rates for the quarter ended December 31, 2021.

ScanSource, Inc. and Subsidiaries

Supplementary Information (Unaudited)

 

 

 

 

 

 

Net Sales by Geography:

 

 

 

 

Quarter ended December 31,

 

 

 

2022

 

2021

 

% Change

United States and Canada:

(in thousands)

 

 

Net sales, as reported

$

909,221

 

 

$

773,660

 

17.5

%

 

 

 

 

 

 

International:

 

 

 

 

 

Net sales, reported

$

102,020

 

 

$

90,419

 

12.8

%

Foreign exchange impact(a)

 

(5,617

)

 

 

 

 

Non-GAAP net sales, constant currency

$

96,403

 

 

$

90,419

 

6.6

%

 

 

 

 

 

 

Consolidated:

 

 

 

 

 

Net sales, reported

$

1,011,241

 

 

$

864,079

 

17.0

%

Foreign exchange impact(a)

 

(5,617

)

 

 

 

 

Non-GAAP net sales, constant currency

$

1,005,624

 

 

$

864,079

 

16.4

%

 

 

 

 

 

 

(a) Year-over-year net sales growth rate excluding the translation impact of changes in foreign currency exchange rates. Calculated by translating the net sales for the quarter ended December 31, 2022 into U.S. dollars using the average foreign exchange rates for the quarter ended December 31, 2021.

 

Quarter ended December 31, 2022

 

 

GAAP Measure

 

Intangible amortization expense

 

Acquisition and divestiture costs

 

Tax recovery (a)

 

Non-GAAP measure

 

(in thousands, except per share data)

SG&A expenses

 

$

69,074

 

 

 

 

 

 

$

2,858

 

 

$

71,932

Operating income

 

 

39,432

 

 

4,150

 

 

 

 

 

(2,858

)

 

 

40,724

Net income

 

 

25,734

 

 

3,093

 

 

 

 

 

(1,886

)

 

 

26,941

Diluted EPS

 

$

1.01

 

$

0.12

 

 

 

 

$

(0.07

)

 

$

1.06

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended December 31, 2021

 

 

GAAP Measure

 

Intangible amortization expense

 

Acquisition and divestiture costs (b)

 

Tax recovery

 

Non-GAAP measure

 

(in thousands, except per share data)

SG&A expense

 

$

69,161

 

 

 

$

53

 

 

 

 

 

$

69,214

Operating income

 

 

31,498

 

 

4,447

 

 

(53

)

 

 

 

 

 

35,892

Net income

 

 

23,152

 

 

3,347

 

 

(53

)

 

 

 

 

 

26,446

Diluted EPS

 

$

0.89

 

$

0.13

 

 

 

 

 

 

 

$

1.02

(a) Recovery of prior period withholding taxes in Brazil.

(b) Acquisition and divestiture costs totaled less than $(0.1) million for the quarter ended December 31, 2021 and are generally nondeductible for tax purposes.

ScanSource, Inc. and Subsidiaries

Supplementary Forward-Looking Information (Unaudited)

 

 

 

 

 

Annual Financial Outlook for Fiscal Year 2023:

 

 

 

 

 

 

 

 

 

 

FY23 Outlook

 

GAAP, Operating income

 

At least $135 million

Intangible amortization

 

$17 million

Depreciation expense

 

$12 million

Share-based compensation expense

 

$12 million

Interest income and other income (expense), net

 

 

$3 million

 

Tax recovery

 

 

$(3) million

 

Adjusted EBITDA (non-GAAP)

 

At least $176 million

 

 

 

 

 

 

Contacts

Steve Jones

Senior EVP, Chief Financial Officer

ScanSource, Inc.

(864) 286-4302

Mary M. Gentry

SVP, Treasurer and Investor Relations

ScanSource, Inc.

(864) 286-4892

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