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ScanSource Third Quarter Results Exceed Expectations

Diversified Portfolio of Technologies Drove 5% Net Sales Growth

ScanSource, Inc. (NASDAQ: SCSC), a leading hybrid distributor connecting devices to the cloud, today announced financial results for the third quarter ended March 31, 2023.

 

Third Quarter Summary

 

Q3 FY23

 

Q3 FY22

 

Change

 

(in thousands, except per share data)

Select reported measures:

 

 

 

 

 

Net sales

$

885,519

 

 

$

845,990

 

 

4.7%

Gross profit

$

111,762

 

 

$

106,508

 

 

4.9%

Gross profit margin %

 

12.62

%

 

 

12.59

%

 

3bp

Operating income

$

34,279

 

 

$

32,917

 

 

4.1%

GAAP net income

$

21,221

 

 

$

23,526

 

 

-9.8%

GAAP diluted EPS

$

0.83

 

 

$

0.91

 

 

-8.8%

Select Non-GAAP measures:

 

 

 

 

 

Adjusted EBITDA

$

45,656

 

 

$

44,115

 

 

3.5%

Adjusted EBITDA margin %

 

5.16

%

 

 

5.21

%

 

-5bp

Non-GAAP net income

$

24,330

 

 

$

26,879

 

 

-9.5%

Non-GAAP diluted EPS

$

0.96

 

 

$

1.04

 

 

-7.7%

“Throughout fiscal year 2023, our team has delivered results ahead of expectations,” said Mike Baur, Chairman and CEO, ScanSource, Inc. “Our strong results for the quarter demonstrate how our diversified portfolio of technologies is driving our hybrid distribution success.”

Quarterly Results

Net sales for the third quarter of fiscal year 2023 totaled $885.5 million, up 4.7% year-over-year. Specialty Technology Solutions net sales for the third quarter increased 12.4% year-over-year to $565.7 million, led by growth in networking, security, and barcoding. Modern Communications & Cloud net sales for the third quarter decreased 6.7% year-over-year to $319.9 million. Strength in networking was offset by lower sales volumes in communications hardware as business shifts to the cloud.

Gross profit for the third quarter of fiscal year 2023 increased 4.9% year-over-year to $111.8 million, in line with higher sales volume. Gross profit margin for the third quarter was 12.62% versus 12.59% in the prior-year quarter.

For the third quarter of fiscal year 2023, operating income increased to $34.3 million from $32.9 million in the prior-year quarter. Third quarter fiscal year 2023 non-GAAP operating income increased to $38.4 million for a 4.34% non-GAAP operating income margin, up from $37.4 million for the prior-year quarter.

On a GAAP basis, net income for the third quarter of fiscal year 2023 totaled $21.2 million, or $0.83 per diluted share, compared to net income of $23.5 million, or $0.91 per diluted share, for the prior-year quarter. Third quarter fiscal year 2023 non-GAAP net income totaled $24.3 million, or $0.96 per diluted share, down from $26.9 million, or $1.04 per diluted share, for the prior-year quarter. Interest expense increased to $5.7 million, up significantly from $1.5 million for the prior-year quarter, reflecting higher interest rates and higher borrowings.

Adjusted EBITDA for the third quarter of fiscal year 2023 increased 3.5% to $45.7 million, or 5.16% of net sales, compared to $44.1 million, or 5.21% of net sales, for the prior-year quarter. Adjusted return on invested capital totaled 14.6% for third quarter fiscal year 2023, compared to 18.0% in the prior-year quarter, primarily from increased average invested capital for the current-year quarter. Third quarter operating cash flow was $54.8 million driven by strong net income and reduced working capital quarter over quarter.

Annual Financial Outlook for Fiscal Year 2023

ScanSource raises its expectation for adjusted EBITDA 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 6.5%

Adjusted EBITDA (non-GAAP)

 

At least $182 million

 

At least $176 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, May 9, 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 or forecasted 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, and subsequent reports on Form 10-Q, 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. The Adjusted EBITDA margin is calculated as Adjusted EBITDA as a percentage of net sales.

Net debt: Net debt is defined as total consolidated debt minus consolidated cash and cash equivalents.

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)

 

March 31, 2023

 

June 30, 2022*

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

37,374

 

 

$

37,987

 

Accounts receivable, less allowance of $14,236 at March 31, 2023 and $16,806 at June 30, 2022

 

684,458

 

 

 

729,442

 

Inventories

 

752,763

 

 

 

614,814

 

Prepaid expenses and other current assets

 

102,946

 

 

 

141,562

 

Total current assets

 

1,577,541

 

 

 

1,523,805

 

Property and equipment, net

 

36,486

 

 

 

37,477

 

Goodwill

 

215,326

 

 

 

214,435

 

Identifiable intangible assets, net

 

72,192

 

 

 

84,427

 

Deferred income taxes

 

14,300

 

 

 

15,668

 

Other non-current assets

 

64,537

 

 

 

61,616

 

Total assets

$

1,980,382

 

 

$

1,937,428

 

Liabilities and Shareholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

656,688

 

 

$

714,177

 

Accrued expenses and other current liabilities

 

77,045

 

 

 

88,455

 

Income taxes payable

 

4,441

 

 

 

34

 

Current portion of long-term debt

 

5,977

 

 

 

11,598

 

Total current liabilities

 

744,151

 

 

 

814,264

 

Deferred income taxes

 

3,202

 

 

 

3,144

 

Long-term debt, net of current portion

 

145,881

 

 

 

123,733

 

Borrowings under revolving credit facility

 

159,194

 

 

 

135,839

 

Other long-term liabilities

 

49,059

 

 

 

53,920

 

Total liabilities

 

1,101,487

 

 

 

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, 25,007,396 and 25,187,351 shares issued and outstanding at March 31, 2023 and June 30, 2022, respectively

 

60,475

 

 

 

64,297

 

Retained earnings

 

917,866

 

 

 

846,869

 

Accumulated other comprehensive loss

 

(99,446

)

 

 

(104,638

)

Total shareholders’ equity

 

878,895

 

 

 

806,528

 

Total liabilities and shareholders’ equity

$

1,980,382

 

 

$

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 March 31,

 

Nine months ended March 31,

 

2023

 

2022

 

2023

 

2022

Net sales

$

885,519

 

 

$

845,990

 

 

$

2,840,573

 

 

$

2,567,652

 

Cost of goods sold

 

773,757

 

 

 

739,482

 

 

 

2,499,992

 

 

 

2,251,920

 

Gross profit

 

111,762

 

 

 

106,508

 

 

 

340,581

 

 

 

315,732

 

Selling, general and administrative expenses

 

70,669

 

 

 

66,522

 

 

 

211,337

 

 

 

199,538

 

Depreciation expense

 

2,644

 

 

 

2,612

 

 

 

8,085

 

 

 

8,039

 

Intangible amortization expense

 

4,170

 

 

 

4,457

 

 

 

12,561

 

 

 

13,413

 

Operating income

 

34,279

 

 

 

32,917

 

 

 

108,598

 

 

 

94,742

 

Interest expense

 

5,715

 

 

 

1,483

 

 

 

14,223

 

 

 

4,637

 

Interest income

 

(1,710

)

 

 

(1,000

)

 

 

(5,327

)

 

 

(2,973

)

Other expense, net

 

361

 

 

 

(136

)

 

 

1,314

 

 

 

668

 

Income before income taxes

 

29,913

 

 

 

32,570

 

 

 

98,388

 

 

 

92,410

 

Provision for income taxes

 

8,692

 

 

 

9,044

 

 

 

27,391

 

 

 

23,659

 

Net income from continuing operations

 

21,221

 

 

 

23,526

 

 

 

70,997

 

 

 

68,751

 

Net income from discontinued operations

 

 

 

 

 

 

 

 

 

 

100

 

Net income

$

21,221

 

 

$

23,526

 

 

$

70,997

 

 

$

68,851

 

 

 

 

 

 

 

 

 

Per share data:

 

 

 

 

 

 

 

Net income from continuing operations per common share, basic

$

0.84

 

 

$

0.92

 

 

$

2.81

 

 

$

2.69

 

Net income from discontinued operations per common share, basic

 

 

 

 

 

 

 

 

 

 

 

Net income per common share, basic

$

0.84

 

 

$

0.92

 

 

$

2.81

 

 

$

2.69

 

Weighted-average shares outstanding, basic

 

25,196

 

 

 

25,635

 

 

 

25,228

 

 

 

25,577

 

 

 

 

 

 

 

 

 

Net income from continuing operations per common share, diluted

$

0.83

 

 

$

0.91

 

 

$

2.79

 

 

$

2.66

 

Net income from discontinued operations per common share, diluted

 

 

 

 

 

 

 

 

 

 

 

Net income per common share, diluted

$

0.83

 

 

$

0.91

 

 

$

2.79

 

 

$

2.67

 

Weighted-average shares outstanding, diluted

 

25,439

 

 

 

25,853

 

 

 

25,436

 

 

 

25,812

 

ScanSource, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

(in thousands)

 

 

Nine months ended March 31,

 

 

2023

 

2022

Cash flows from operating activities:

 

 

 

 

Net income

 

$

70,997

 

 

$

68,851

 

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

 

 

 

 

Depreciation and amortization

 

 

21,359

 

 

 

22,184

 

Amortization of debt issue costs

 

 

481

 

 

 

313

 

Provision for doubtful accounts

 

 

1,852

 

 

 

156

 

Share-based compensation

 

 

8,633

 

 

 

8,792

 

Deferred income taxes

 

 

1,409

 

 

 

1,995

 

Finance lease interest

 

 

31

 

 

 

32

 

Changes in operating assets and liabilities, net of acquisitions:

 

 

 

 

Accounts receivable

 

 

46,652

 

 

 

(67,404

)

Inventories

 

 

(136,257

)

 

 

(118,349

)

Prepaid expenses and other assets

 

 

39,178

 

 

 

(15,002

)

Other non-current assets

 

 

(1,772

)

 

 

(2,791

)

Accounts payable

 

 

(60,717

)

 

 

67,535

 

Accrued expenses and other liabilities

 

 

(16,780

)

 

 

(12,745

)

Income taxes payable

 

 

4,426

 

 

 

862

 

Net cash used in operating activities

 

 

(20,508

)

 

 

(45,671

)

Cash flows from investing activities:

 

 

 

 

Capital expenditures

 

 

(6,549

)

 

 

(3,326

)

Cash received for business disposal

 

 

 

 

 

3,125

 

Net cash used in investing activities

 

 

(6,549

)

 

 

(201

)

Cash flows from financing activities:

 

 

 

 

Borrowings on revolving credit, net of expenses

 

 

1,871,909

 

 

 

1,597,270

 

Repayments on revolving credit, net of expenses

 

 

(1,848,554

)

 

 

(1,552,976

)

Borrowings (repayments) on long-term debt, net

 

 

16,527

 

 

 

(5,968

)

Repayments on finance lease obligation

 

 

(612

)

 

 

(932

)

Debt issuance costs

 

 

(1,407

)

 

 

 

Exercise of stock options

 

 

853

 

 

 

1,592

 

Taxes paid on settlement of equity awards

 

 

(2,433

)

 

 

(2,729

)

Common stock repurchased

 

 

(10,718

)

 

 

(8,527

)

Net cash provided by financing activities

 

 

25,565

 

 

 

27,730

 

Effect of exchange rate changes on cash and cash equivalents

 

 

879

 

 

 

(1,037

)

Decrease in cash and cash equivalents

 

 

(613

)

 

 

(19,179

)

Cash and cash equivalents at beginning of period

 

 

37,987

 

 

 

62,718

 

Cash and cash equivalents at period end

 

$

37,374

 

 

$

43,539

 

ScanSource, Inc. and Subsidiaries

Supplementary Information (Unaudited)

(in thousands, except percentages)

 

 

 

 

Non-GAAP Financial Information:

 

Quarter ended March 31,

 

2023

 

2022

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

 

14.6

%

 

 

18.0

%

 

 

 

 

Reconciliation of Net Income to Adjusted EBITDA:

 

 

 

Net income (GAAP)

$

21,221

 

 

$

23,526

 

Plus: Interest expense

 

5,715

 

 

 

1,483

 

Plus: Income taxes

 

8,692

 

 

 

9,044

 

Plus: Depreciation and amortization

 

7,074

 

 

 

7,305

 

EBITDA (non-GAAP)

 

42,702

 

 

 

41,358

 

Plus: Share-based compensation

 

2,954

 

 

 

2,757

 

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

$

45,656

 

 

$

44,115

 

 

 

 

 

Invested Capital Calculations:

 

 

 

Equity – beginning of the quarter

$

862,386

 

 

$

768,525

 

Equity – end of the quarter

 

878,895

 

 

 

806,654

 

Plus: Share-based compensation, net

 

2,191

 

 

 

2,063

 

Average equity

 

871,736

 

 

 

788,621

 

Average funded debt (b)

 

398,318

 

 

 

205,073

 

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

$

1,270,054

 

 

$

993,694

 

 

 

 

 

(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 90 days in the current and prior-year quarter.

(b) 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 March 31,

 

 

 

2023

 

2022

 

% Change

Specialty Technology Solutions:

(in thousands)

 

 

Net sales, reported

$

565,652

 

$

503,072

 

12.4

%

Foreign exchange impact (a)

 

61

 

 

 

 

Non-GAAP net sales, constant currency

$

565,713

 

$

503,072

 

12.5

%

 

 

 

 

 

 

Modern Communications & Cloud:

 

 

 

 

 

Net sales, reported

$

319,867

 

$

342,918

 

(6.7

)%

Foreign exchange impact (a)

 

363

 

 

 

 

Non-GAAP net sales, constant currency

$

320,230

 

$

342,918

 

(6.6

)%

 

 

 

 

 

 

Consolidated:

 

 

 

 

 

Net sales, reported

$

885,519

 

$

845,990

 

4.7

%

Foreign exchange impact (a)

 

424

 

 

 

 

Non-GAAP net sales, constant currency

$

885,943

 

$

845,990

 

4.7

%

 

 

 

 

 

 

(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 March 31, 2023 into U.S. dollars using the average foreign exchange rates for the quarter ended March 31, 2022.

ScanSource, Inc. and Subsidiaries

Supplementary Information (Unaudited)

 

 

 

 

 

 

Net Sales by Geography:

 

 

 

 

Quarter ended March 31,

 

 

 

2023

 

2022

 

% Change

United States and Canada:

(in thousands)

 

 

Net sales, as reported

$

808,797

 

$

764,529

 

5.8

%

 

 

 

 

 

 

International:

 

 

 

 

 

Net sales, reported

$

76,722

 

$

81,461

 

(5.8

) %

Foreign exchange impact(a)

 

424

 

 

 

 

Non-GAAP net sales, constant currency

$

77,146

 

$

81,461

 

(5.3

) %

 

 

 

 

 

 

Consolidated:

 

 

 

 

 

Net sales, reported

$

885,519

 

$

845,990

 

4.7

%

Foreign exchange impact(a)

 

424

 

 

 

 

Non-GAAP net sales, constant currency

$

885,943

 

$

845,990

 

4.7

%

 

 

 

 

 

 

(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 March 31, 2023 into U.S. dollars using the average foreign exchange rates for the quarter ended March 31, 2022.

ScanSource, Inc. and Subsidiaries

Supplementary Information (Unaudited)

(in thousands, except per share data)

 

 

 

 

 

 

 

Non-GAAP Financial Information:

 

 

 

 

 

 

 

 

Quarter ended March 31, 2023

 

 

GAAP Measure

 

Intangible amortization expense

 

Non-GAAP measure

 

(in thousands, except per share data)

SG&A expenses

 

$70,669

 

 

$70,669

Operating income

 

34,279

 

4,170

 

38,449

Net income

 

21,221

 

3,109

 

24,330

Diluted EPS

 

$0.83

 

$0.12

 

$0.96

 

 

 

 

 

 

 

 

Quarter ended March 31, 2022

 

 

GAAP Measure

 

Intangible amortization expense

 

Non-GAAP measure

 

(in thousands, except per share data)

SG&A expense

 

$66,522

 

 

$66,522

Operating income

 

32,917

 

4,457

 

37,374

Net income

 

23,526

 

3,353

 

26,879

Diluted EPS

 

$0.91

 

$0.13

 

$1.04

ScanSource, Inc. and Subsidiaries

Supplementary Forward-Looking Information (Unaudited)

 

 

 

Annual Financial Outlook for Fiscal Year 2023:

 

 

 

 

 

FY23 Outlook

GAAP, Operating income

 

At least $140 million

Intangible amortization

 

$17 million

Depreciation expense

 

$12 million

Share-based compensation expense

 

$12 million

Interest income and other income (expense), net

 

$4 million

Tax recovery

 

$(3) million

Adjusted EBITDA (non-GAAP)

 

At least $182 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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