(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Emerging growth company |
Exhibit Number | Description | ||||
99.1 | |||||
99.2 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
ScanSource, Inc. | |||||||||||||||||||||||
Date: | August 23, 2022 | /s/ STEVE JONES | |||||||||||||||||||||
Steve Jones | |||||||||||||||||||||||
Senior Executive Vice President and Chief Financial Officer |
Contact: | ||||||||
Steve Jones | Mary M. Gentry | |||||||
Senior EVP, Chief Financial Officer | SVP, Treasurer and Investor Relations | |||||||
ScanSource, Inc. | ScanSource, Inc. | |||||||
(864) 286-4302 | (864) 286-4892 |
Fourth Quarter Summary | Fiscal Year Summary | ||||||||||||||||||||||||||||||||||
Q4 FY22 | Q4 FY21 | Change | FY22 | FY21 | Change | ||||||||||||||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||||||||||||||||
Select reported measures: | |||||||||||||||||||||||||||||||||||
Net sales | $ | 962,283 | $ | 852,694 | 12.9% | $ | 3,529,935 | $ | 3,150,806 | 12.0% | |||||||||||||||||||||||||
Gross profit | $ | 110,792 | $ | 95,778 | 15.7% | $ | 426,524 | $ | 350,716 | 21.6% | |||||||||||||||||||||||||
Gross profit margin % | 11.51 | % | 11.23 | % | 28bp | 12.08 | % | 11.13 | % | 95bp | |||||||||||||||||||||||||
Operating income | $ | 27,424 | $ | 23,283 | 17.8% | $ | 122,167 | $ | 61,483 | 98.7% | |||||||||||||||||||||||||
GAAP net income | $ | 19,947 | $ | 20,657 | -3.4% | $ | 88,698 | $ | 45,389 | 95.4% | |||||||||||||||||||||||||
GAAP diluted EPS | $ | 0.78 | $ | 0.80 | -2.5% | $ | 3.44 | $ | 1.78 | 93.3% | |||||||||||||||||||||||||
Select Non-GAAP measures: | |||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 38,672 | $ | 35,299 | 9.6% | $ | 166,723 | $ | 117,949 | 41.4% | |||||||||||||||||||||||||
Adjusted EBITDA margin % | 4.02 | % | 4.14 | % | -12bp | 4.72 | % | 3.74 | % | 98bp | |||||||||||||||||||||||||
Non-GAAP net income | $ | 23,266 | $ | 24,522 | -5.1% | $ | 102,140 | $ | 69,868 | 46.2% | |||||||||||||||||||||||||
Non-GAAP diluted EPS | $ | 0.91 | $ | 0.96 | -5.2% | $ | 3.97 | $ | 2.74 | 44.9% | |||||||||||||||||||||||||
FY23 Annual Outlook | ||||||||
Net sales growth, year-over-year | At least 5.5% | |||||||
Adjusted EBITDA (non-GAAP) | At least $174 million | |||||||
ScanSource, Inc. and Subsidiaries | |||||||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||
(in thousands) | |||||||||||
June 30, 2022 | June 30, 2021* | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 37,987 | $ | 62,718 | |||||||
Accounts receivable, less allowance of $16,806 at June 30, 2022 and $19,341 at June 30, 2021 | 729,442 | 568,984 | |||||||||
Inventories | 614,814 | 470,081 | |||||||||
Prepaid expenses and other current assets | 141,562 | 117,860 | |||||||||
Total current assets | 1,523,805 | 1,219,643 | |||||||||
Property and equipment, net | 37,477 | 42,836 | |||||||||
Goodwill | 214,435 | 218,877 | |||||||||
Identifiable intangible assets, net | 84,427 | 104,860 | |||||||||
Deferred income taxes | 15,668 | 21,853 | |||||||||
Other non-current assets | 61,616 | 63,615 | |||||||||
Total assets | $ | 1,937,428 | $ | 1,671,684 | |||||||
Liabilities and Shareholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 714,177 | $ | 634,805 | |||||||
Accrued expenses and other current liabilities | 88,455 | 87,790 | |||||||||
Income taxes payable | 34 | 2,501 | |||||||||
Current portion of long-term debt | 11,598 | 7,843 | |||||||||
Total current liabilities | 814,264 | 732,939 | |||||||||
Deferred income taxes | 3,144 | 3,954 | |||||||||
Long-term debt, net of current portion | 123,733 | 135,331 | |||||||||
Borrowings under revolving credit facility | 135,839 | — | |||||||||
Other long-term liabilities | 53,920 | 68,269 | |||||||||
Total liabilities | 1,130,900 | 940,493 | |||||||||
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, 25,187,351 and 25,499,465 shares issued and outstanding at June 30, 2022 and June 30, 2021, respectively | 64,297 | 71,253 | |||||||||
Retained earnings | 846,869 | 758,071 | |||||||||
Accumulated other comprehensive loss | (104,638) | (98,133) | |||||||||
Total shareholders’ equity | 806,528 | 731,191 | |||||||||
Total liabilities and shareholders’ equity | $ | 1,937,428 | $ | 1,671,684 |
ScanSource, Inc. and Subsidiaries | |||||||||||||||||||||||
Condensed Consolidated Income Statements (Unaudited) | |||||||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||||
Quarter ended June 30, | Fiscal year ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net sales | $ | 962,283 | $ | 852,694 | $ | 3,529,935 | $ | 3,150,806 | |||||||||||||||
Cost of goods sold | 851,491 | 756,916 | 3,103,411 | 2,800,090 | |||||||||||||||||||
Gross profit | 110,792 | 95,778 | 426,524 | 350,716 | |||||||||||||||||||
Selling, general and administrative expenses | 75,905 | 64,758 | 275,442 | 247,438 | |||||||||||||||||||
Depreciation expense | 3,023 | 2,898 | 11,062 | 12,533 | |||||||||||||||||||
Intangible amortization expense | 4,440 | 4,893 | 17,853 | 19,488 | |||||||||||||||||||
Restructuring and other charges | — | (54) | — | 9,258 | |||||||||||||||||||
Change in fair value of contingent consideration | — | — | — | 516 | |||||||||||||||||||
Operating income | 27,424 | 23,283 | 122,167 | 61,483 | |||||||||||||||||||
Interest expense | 1,886 | 1,643 | 6,523 | 6,929 | |||||||||||||||||||
Interest income | (1,360) | (1,341) | (4,333) | (3,097) | |||||||||||||||||||
Other (income) expense, net | 684 | (65) | 1,354 | 116 | |||||||||||||||||||
Income before income taxes | 26,214 | 23,046 | 118,623 | 57,535 | |||||||||||||||||||
Provision for income taxes | 6,267 | 2,389 | 29,925 | 12,146 | |||||||||||||||||||
Net income from continuing operations | 19,947 | 20,657 | 88,698 | 45,389 | |||||||||||||||||||
Net income (loss) from discontinued operations | — | 3,053 | 100 | (34,594) | |||||||||||||||||||
Net income | $ | 19,947 | $ | 23,710 | $ | 88,798 | $ | 10,795 | |||||||||||||||
Per share data: | |||||||||||||||||||||||
Net income from continuing operations per common share, basic | $ | 0.79 | $ | 0.81 | $ | 3.48 | $ | 1.79 | |||||||||||||||
Net income (loss) from discontinued operations per common share, basic | — | 0.12 | — | (1.36) | |||||||||||||||||||
Net income per common share, basic | $ | 0.79 | $ | 0.93 | $ | 3.48 | $ | 0.42 | |||||||||||||||
Weighted-average shares outstanding, basic | 25,286 | 25,482 | 25,504 | 25,423 | |||||||||||||||||||
Net income from continuing operations per common share, diluted | $ | 0.78 | $ | 0.80 | $ | 3.44 | $ | 1.78 | |||||||||||||||
Net income (loss) from discontinued operations per common share, diluted | — | 0.12 | — | (1.36) | |||||||||||||||||||
Net income per common share, diluted | $ | 0.78 | $ | 0.92 | $ | 3.45 | $ | 0.42 | |||||||||||||||
Weighted-average shares outstanding, diluted | 25,584 | 25,664 | 25,758 | 25,518 |
ScanSource, Inc. and Subsidiaries | |||||||||||||||||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Quarter ended June 30, | Fiscal year ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net income | $ | 19,947 | $ | 23,710 | $ | 88,798 | $ | 10,795 | |||||||||||||||
Net income (loss) from discontinued operations | — | 3,053 | 100 | (34,594) | |||||||||||||||||||
Net income from continuing operations | 19,947 | 20,657 | 88,698 | 45,389 | |||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations: | |||||||||||||||||||||||
Depreciation and amortization | 7,701 | 8,090 | 29,884 | 33,507 | |||||||||||||||||||
Amortization of debt issue costs | 104 | 104 | 417 | 417 | |||||||||||||||||||
Provision for doubtful accounts | 1,357 | 112 | 1,514 | 338 | |||||||||||||||||||
Share-based compensation | 2,872 | 2,328 | 11,663 | 8,039 | |||||||||||||||||||
Deferred income taxes | 3,742 | 2,941 | 5,737 | 2,916 | |||||||||||||||||||
Change in fair value of contingent consideration | — | — | — | 516 | |||||||||||||||||||
Contingent consideration payments excess | — | — | — | (5,457) | |||||||||||||||||||
Finance lease interest | 1 | 23 | 34 | 119 | |||||||||||||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||||||||||||||
Accounts receivable | (98,535) | (50,204) | (165,939) | (118,859) | |||||||||||||||||||
Inventories | (27,613) | (6,394) | (145,962) | (12,301) | |||||||||||||||||||
Prepaid expenses and other assets | (12,369) | (17,111) | (27,371) | (18,753) | |||||||||||||||||||
Other non-current assets | 3,914 | 7,102 | 1,123 | 9,948 | |||||||||||||||||||
Accounts payable | 15,434 | 105,511 | 82,969 | 175,120 | |||||||||||||||||||
Accrued expenses and other liabilities | 7,876 | (8,928) | (4,869) | (493) | |||||||||||||||||||
Income taxes payable | (3,115) | (2,886) | (2,252) | (3,679) | |||||||||||||||||||
Net cash (used in) provided by operating activities of continuing operations | (78,684) | 61,345 | (124,354) | 116,767 | |||||||||||||||||||
Cash flows from investing activities of continuing operations: | |||||||||||||||||||||||
Capital expenditures | (3,523) | (80) | (6,849) | (2,363) | |||||||||||||||||||
Cash received for business disposal | — | — | 3,125 | 34,356 | |||||||||||||||||||
Net cash (used in) provided by investing activities of continuing operations | (3,523) | (80) | (3,724) | 31,993 | |||||||||||||||||||
Cash flows from financing activities of continuing operations: | |||||||||||||||||||||||
Borrowings on revolving credit, net of expenses | 572,139 | 395,215 | 2,166,409 | 1,881,679 | |||||||||||||||||||
Repayments on revolving credit, net of expenses | (480,593) | (449,017) | (2,030,569) | (1,949,392) | |||||||||||||||||||
Repayments on long-term debt, net | (1,875) | (1,875) | (7,843) | (7,839) | |||||||||||||||||||
Repayments of finance lease obligations | (306) | (320) | (1,238) | (1,294) | |||||||||||||||||||
Contingent consideration payments | — | — | — | (41,393) | |||||||||||||||||||
Exercise of stock options | 712 | 12 | 2,304 | 451 | |||||||||||||||||||
Taxes paid on settlement of equity awards | (26) | — | (2,754) | (1,036) | |||||||||||||||||||
Common stock repurchased | (9,676) | — | (18,203) | — | |||||||||||||||||||
Net cash provided by (used in) financing activities of continuing operations | 80,375 | (55,985) | 108,106 | (118,824) | |||||||||||||||||||
ScanSource, Inc. and Subsidiaries | |||||||||||||||||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited), continued | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Cash flows from discontinued operations: | |||||||||||||||||||||||
Net cash flows provided by operating activities of discontinued operations | — | 2,469 | — | 24,173 | |||||||||||||||||||
Net cash flows used in investing activities of discontinued operations | — | — | — | (58) | |||||||||||||||||||
Net cash flows used in financing activities of discontinued operations | — | — | — | (29,494) | |||||||||||||||||||
Net cash flows used in discontinued operations | — | 2,469 | — | (5,379) | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (3,720) | 5,648 | (4,759) | 3,706 | |||||||||||||||||||
(Decrease) Increase in cash and cash equivalents | (5,552) | 13,397 | (24,731) | 28,263 | |||||||||||||||||||
Consolidated cash and cash equivalents at beginning of period | 43,539 | 49,321 | 62,718 | 34,455 | |||||||||||||||||||
Consolidated cash and cash equivalents at end of period | 37,987 | 62,718 | 37,987 | 62,718 | |||||||||||||||||||
Cash and cash equivalents of discontinued operations | — | — | — | — | |||||||||||||||||||
Cash and cash equivalents of continuing operations | $ | 37,987 | $ | 62,718 | $ | 37,987 | $ | 62,718 |
ScanSource, Inc. and Subsidiaries | |||||||||||||||||||||||
Supplementary Information (Unaudited) | |||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Non-GAAP Financial Information: | |||||||||||||||||||||||
Quarter ended June 30, | Fiscal year ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Adjusted return on invested capital ratio (Adjusted ROIC), annualized(a) | 14.9 | % | 16.0 | % | 17.0 | % | 12.6 | % | |||||||||||||||
Reconciliation of Net Income to Adjusted EBITDA: | |||||||||||||||||||||||
Net income from continuing operations (GAAP) | $ | 19,947 | $ | 20,657 | $ | 88,698 | $ | 45,389 | |||||||||||||||
Plus: Interest expense | 1,886 | 1,643 | 6,523 | 6,929 | |||||||||||||||||||
Plus: Income taxes | 6,267 | 2,389 | 29,925 | 12,146 | |||||||||||||||||||
Plus: Depreciation and amortization | 7,700 | 8,090 | 29,884 | 33,507 | |||||||||||||||||||
EBITDA (non-GAAP) | 35,800 | 32,779 | 155,030 | 97,971 | |||||||||||||||||||
Plus: Share-based compensation | 2,872 | 2,328 | 11,663 | 8,039 | |||||||||||||||||||
Plus: Acquisition and divestiture costs(b) | — | 246 | 30 | 2,376 | |||||||||||||||||||
Plus: Restructuring costs | — | (54) | — | 9,047 | |||||||||||||||||||
Adjusted EBITDA (numerator for Adjusted ROIC) (non-GAAP) | $ | 38,672 | $ | 35,299 | $ | 166,723 | $ | 117,949 | |||||||||||||||
Invested Capital Calculations: | |||||||||||||||||||||||
Equity – beginning of the quarter | $ | 806,654 | $ | 690,575 | $ | 731,191 | $ | 678,246 | |||||||||||||||
Equity – end of the quarter | 806,528 | 731,191 | 806,528 | 731,191 | |||||||||||||||||||
Plus: Share-based compensation, net | 2,134 | 1,912 | |||||||||||||||||||||
Plus: Acquisition and divestiture costs(b) | — | 207 | 30 | 2,337 | |||||||||||||||||||
Plus: Restructuring, net | — | (40) | — | 6,840 | |||||||||||||||||||
Plus: Discontinued operations net (income) loss | — | (3,053) | (100) | 34,594 | |||||||||||||||||||
Average equity | 807,658 | 710,396 | 773,179 | 729,825 | |||||||||||||||||||
Average funded debt (c) | 233,445 | 177,074 | 209,114 | 202,869 | |||||||||||||||||||
Invested capital (denominator for Adjusted ROIC) (non-GAAP) | $ | 1,041,103 | $ | 887,470 | $ | 982,293 | $ | 932,694 | |||||||||||||||
(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) Acquisition and divestiture costs are generally nondeductible for tax purposes. | |||||||||||||||||||||||
(c) Average funded debt, which includes both continuing and discontinued operations, 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 June 30, | |||||||||||||||||
2022 | 2021 | % Change | |||||||||||||||
Specialty Technology Solutions: | (in thousands) | ||||||||||||||||
Net sales, reported | $ | 580,619 | $ | 515,445 | 12.6 | % | |||||||||||
Foreign exchange impact (a) | (1,338) | — | |||||||||||||||
Non-GAAP net sales, constant currency | $ | 579,281 | $ | 515,445 | 12.4 | % | |||||||||||
Modern Communications & Cloud: | |||||||||||||||||
Net sales, reported | $ | 381,664 | $ | 337,249 | 13.2 | % | |||||||||||
Foreign exchange impact (a) | (4,447) | — | |||||||||||||||
Non-GAAP net sales, constant currency | $ | 377,217 | $ | 337,249 | 11.9 | % | |||||||||||
Consolidated: | |||||||||||||||||
Net sales, reported | $ | 962,283 | $ | 852,694 | 12.9 | % | |||||||||||
Foreign exchange impact (a) | (5,785) | — | |||||||||||||||
Non-GAAP net sales, constant currency | $ | 956,498 | $ | 852,694 | 12.2 | % | |||||||||||
(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 June 30, 2022 into U.S. dollars using the average foreign exchange rates for the quarter ended June 30, 2021. |
ScanSource, Inc. and Subsidiaries | |||||||||||||||||
Supplementary Information (Unaudited) | |||||||||||||||||
Net Sales by Segment: | |||||||||||||||||
Fiscal year ended June 30, | |||||||||||||||||
2022 | 2021 | % Change | |||||||||||||||
Specialty Technology Solutions | (in thousands) | ||||||||||||||||
Net sales, reported | $ | 2,082,321 | $ | 1,815,933 | 14.7 | % | |||||||||||
Foreign exchange impact (a) | (1,710) | — | |||||||||||||||
Non-GAAP net sales, constant currency | $ | 2,080,611 | $ | 1,815,933 | 14.6 | % | |||||||||||
Modern Communications & Cloud | |||||||||||||||||
Net sales, reported | $ | 1,447,614 | $ | 1,334,873 | 8.4 | % | |||||||||||
Foreign exchange impact (a) | (7,115) | — | |||||||||||||||
Non-GAAP net sales, constant currency | $ | 1,440,499 | $ | 1,334,873 | 7.9 | % | |||||||||||
Consolidated: | |||||||||||||||||
Net sales, reported | $ | 3,529,935 | $ | 3,150,806 | 12.0 | % | |||||||||||
Foreign exchange impact (a) | (8,825) | — | |||||||||||||||
Non-GAAP net sales, constant currency | $ | 3,521,110 | $ | 3,150,806 | 11.8 | % | |||||||||||
(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 fiscal year ended June 30, 2022 into U.S. dollars using the average foreign exchange rates for the fiscal year ended June 30, 2021. |
ScanSource, Inc. and Subsidiaries | |||||||||||||||||
Supplementary Information (Unaudited) | |||||||||||||||||
Net Sales by Geography: | |||||||||||||||||
Quarter ended June 30, | |||||||||||||||||
2022 | 2021 | % Change | |||||||||||||||
United States and Canada: | (in thousands) | ||||||||||||||||
Net sales, as reported | $ | 865,737 | $ | 771,403 | 12.2 | % | |||||||||||
International: | |||||||||||||||||
Net sales, reported | $ | 96,546 | $ | 81,291 | 18.8 | % | |||||||||||
Foreign exchange impact(a) | (5,785) | — | |||||||||||||||
Non-GAAP net sales, constant currency | $ | 90,761 | $ | 81,291 | 11.6 | % | |||||||||||
Consolidated: | |||||||||||||||||
Net sales, reported | $ | 962,283 | $ | 852,694 | 12.9 | % | |||||||||||
Foreign exchange impact(a) | (5,785) | — | |||||||||||||||
Non-GAAP net sales, constant currency | $ | 956,498 | $ | 852,694 | 12.2 | % | |||||||||||
(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 June 30, 2022 into U.S. dollars using the average foreign exchange rates for the quarter ended June 30, 2021. |
ScanSource, Inc. and Subsidiaries | |||||||||||||||||
Supplementary Information (Unaudited) | |||||||||||||||||
Net Sales by Geography: | |||||||||||||||||
Fiscal year ended June 30, | |||||||||||||||||
2022 | 2021 | % Change | |||||||||||||||
United States and Canada: | (in thousands) | ||||||||||||||||
Net sales, as reported | $ | 3,173,694 | $ | 2,840,731 | 11.7 | % | |||||||||||
International: | |||||||||||||||||
Net sales, reported | $ | 356,241 | $ | 310,075 | 14.9 | % | |||||||||||
Foreign exchange impact(a) | (8,825) | — | |||||||||||||||
Non-GAAP net sales, constant currency | $ | 347,416 | $ | 310,075 | 12.0 | % | |||||||||||
Consolidated: | |||||||||||||||||
Net sales, reported | $ | 3,529,935 | $ | 3,150,806 | 12.0 | % | |||||||||||
Foreign exchange impact(a) | (8,825) | — | |||||||||||||||
Non-GAAP net sales, constant currency | $ | 3,521,110 | $ | 3,150,806 | 11.8 | % | |||||||||||
(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 fiscal year ended June 30, 2022 into U.S. dollars using the average foreign exchange rates for the fiscal year ended June 30, 2021. |
Quarter ended June 30, 2022 | ||||||||||||||||||||||||||||||||
GAAP Measure | Intangible amortization expense | Acquisition and divestiture costs | Restructuring costs | Non-GAAP measure | ||||||||||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||||||||||
SG&A expenses | $ | 75,905 | $ | — | $ | — | $ | — | $ | 75,905 | ||||||||||||||||||||||
Operating income | 27,424 | 4,440 | — | — | 31,864 | |||||||||||||||||||||||||||
Net income | 19,947 | 3,319 | — | — | 23,266 | |||||||||||||||||||||||||||
Diluted EPS | $ | 0.78 | $ | 0.13 | $ | — | $ | — | $ | 0.91 | ||||||||||||||||||||||
Quarter ended June 30, 2021 | ||||||||||||||||||||||||||||||||
GAAP Measure | Intangible amortization expense | Acquisition and divestiture costs | Restructuring costs | Non-GAAP measure | ||||||||||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||||||||||
SG&A expense | $ | 64,758 | $ | — | $ | (246) | $ | — | $ | 64,512 | ||||||||||||||||||||||
Operating income | 23,283 | 4,893 | 246 | (54) | 28,368 | |||||||||||||||||||||||||||
Net income | 20,657 | 3,698 | 207 | (40) | 24,522 | |||||||||||||||||||||||||||
Diluted EPS | $ | 0.80 | $ | 0.14 | $ | 0.01 | $ | — | $ | 0.96 | ||||||||||||||||||||||
Year ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
Reported GAAP Measure | Intangible amortization expense | Change in fair value of contingent consideration | Acquisition and divestiture costs | Restructuring costs | Non-GAAP measure | ||||||||||||||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||||||||||||||||
SG&A expense | $ | 275,442 | $ | — | $ | — | $ | (30) | $ | — | $ | 275,412 | |||||||||||||||||||||||
Operating income | 122,167 | 17,853 | — | 30 | — | 140,050 | |||||||||||||||||||||||||||||
Net income | 88,698 | 13,412 | — | 30 | — | 102,140 | |||||||||||||||||||||||||||||
Diluted EPS | $ | 3.44 | $ | 0.52 | $ | — | $ | — | $ | — | $ | 3.97 | |||||||||||||||||||||||
Year ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
Reported GAAP Measure | Intangible amortization expense | Change in fair value of contingent consideration | Acquisition and divestiture costs | Restructuring costs | Non-GAAP measure | ||||||||||||||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||||||||||||||||
SG&A expense | $ | 247,438 | $ | — | $ | — | $ | (2,376) | $ | — | $ | 245,062 | |||||||||||||||||||||||
Operating income | 61,483 | 19,488 | 516 | 2,376 | 9,258 | 93,121 | |||||||||||||||||||||||||||||
Net income | 45,389 | 14,753 | 390 | 2,337 | 6,999 | 69,868 | |||||||||||||||||||||||||||||
Diluted EPS | $ | 1.78 | $ | 0.58 | $ | 0.02 | $ | 0.09 | $ | 0.27 | $ | 2.74 | |||||||||||||||||||||||
ScanSource, Inc. and Subsidiaries | ||||||||||||||
Supplementary Forward-Looking Information (Unaudited) | ||||||||||||||
Annual Financial Outlook for Fiscal Year 2023: | ||||||||||||||
FY23 Outlook | ||||||||||||||
GAAP, Operating income | At least $132 million | |||||||||||||
Intangible amortization | $17 million | |||||||||||||
Depreciation expense | $12 million | |||||||||||||
Share-based compensation expense | $12 million | |||||||||||||
Interest income and other income (expense), net | $1 million | |||||||||||||
Adjusted EBITDA (non-GAAP) | At least $174 million | |||||||||||||
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