ScanSource Delivers Outstanding Third Quarter Performance

Strong Demand and Outstanding Execution By Our Team

Exceeds Expectations and Raises Full Year Outlook

ScanSource, Inc. (NASDAQ: SCSC), a leading hybrid distributor connecting devices to the cloud, today announced financial results for the third quarter ended March 31, 2022. All results in this release reflect continuing operations only unless otherwise noted.

Third Quarter Summary:

Quarter ended March 31,

 

2022

 

2021

 

Change

 

(in thousands, except per share data)

Select reported measures:

 

 

 

 

 

Net sales

$

845,990

 

 

$

729,873

 

 

15.9

%

Gross profit

$

106,508

 

 

$

88,116

 

 

20.9

%

Gross profit margin %

 

12.59

%

 

 

12.07

%

 

52bp

Operating income

$

32,917

 

 

$

19,436

 

 

69.4

%

GAAP net income

$

23,526

 

 

$

13,786

 

 

70.7

%

GAAP diluted EPS

$

0.91

 

 

$

0.54

 

 

68.5

%

Select Non-GAAP measures:

 

 

 

 

 

Adjusted EBITDA

$

44,115

 

 

$

31,999

 

 

37.9

%

Adjusted EBITDA margin %

 

5.21

%

 

 

4.38

%

 

83bp

Non-GAAP net income

$

26,879

 

 

$

18,178

 

 

47.9

%

Non-GAAP diluted EPS

$

1.04

 

 

$

0.71

 

 

46.5

%

"Strong demand and outstanding execution by our people drove the achievement of 16% net sales growth and exceptional profitability," said Mike Baur, Chairman and CEO, ScanSource, Inc. "Our people are making a tremendous difference for customers and suppliers in a challenging supply environment."

Quarterly Results

Net sales for the third quarter of fiscal year 2022 totaled $846.0 million, up 15.9% year-over-year, or 15.4% year-over-year for organic growth, with strong demand in both segments. Third quarter fiscal year 2022 net sales in the Specialty Technology Solutions segment increased 15.3% year-over-year to $503.1 million, driven by broad-based demand across technologies and execution by our people. Third quarter fiscal year 2022 net sales in Modern Communications & Cloud increased 16.9% year-over-year, or 16.0% year-over-year for organic growth, to $342.9 million, with Intelisys connectivity and cloud business net sales increasing 18.2% year-over-year.

Gross profit for the third quarter of fiscal year 2022 totaled $106.5 million, up 20.9% year-over-year. The increase is primarily due to higher sales volume and higher vendor program recognition compared to the prior-year quarter. Gross profit margin increased to 12.6% for the third quarter of fiscal year 2022, up from 12.1% in the prior-year quarter.

For the third quarter of fiscal year 2022, operating income increased to $32.9 million from $19.4 million in the prior-year quarter. Third quarter fiscal year 2022 non-GAAP operating income increased to $37.4 million for a 4.42% non-GAAP operating income margin, up from $25.1 million and a 3.45% non-GAAP operating margin for the prior-year quarter.

On a GAAP basis, net income for the third quarter of fiscal year 2022 totaled $23.5 million, or $0.91 per diluted share, compared to net income of $13.8 million, or $0.54 per diluted share, for the prior-year quarter. Third quarter fiscal year 2022 non-GAAP net income totaled $26.9 million, or $1.04 per diluted share, up from $18.2 million, or $0.71 per diluted share, for the prior-year quarter. For the trailing 12-month (TTM) period ending March 31, 2022, GAAP diluted earnings per share totaled $3.46, and non-GAAP diluted earnings per share totaled $4.01.

Adjusted EBITDA for the third quarter of fiscal year 2022 increased to $44.1 million, or 5.21% of net sales, compared to $32.0 million, or 4.38% of net sales in the prior-year quarter, primarily due to higher gross profits and operating leverage. Adjusted return on invested capital increased to 18.0% for third quarter fiscal year 2022, compared to 14.7% in the prior-year quarter.

Annual Financial Outlook for Fiscal Year 2022

ScanSource raises its expectations for the full fiscal year ended June 30, 2022 and replaces previously provided guidance.

 

 

FY22 Annual Outlook Update

 

Prior FY22 Outlook

Net sales growth, year-over-year

 

At least 10%

 

At least 7%

Adjusted EBITDA (non-GAAP)

 

At least $165 million

 

At least $148 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 (effective with the first quarter of fiscal year 2022). For comparison, fiscal year 2021 Adjusted EBITDA, excluding share-based compensation, totaled $118 million. 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 4:15 p.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 10, 2022, at 5:00 p.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 FY22 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, the failure to manage and implement the Company's organic growth strategy, the impact of the COVID-19 pandemic on the Company's operations and financial condition and the potential prolonged economic weakness brought on by COVID-19, 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, 2021, 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, and restructuring costs. Effective with the first quarter of fiscal year 2022, non-cash share-based compensation expense is also added back in calculating Adjusted EBITDA. 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 partners across hardware, SaaS, connectivity and cloud. ScanSource enables partners to deliver solutions for their customers to address changing end-user 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 2021 Best Places to Work in South Carolina and on FORTUNE magazine’s 2022 List of World’s Most Admired Companies. ScanSource ranks #655 on the Fortune 1000. For more information, visit www.scansource.com.

ScanSource, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)

 

March 31, 2022

 

June 30, 2021*

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

43,539

 

 

$

62,718

 

Accounts receivable, less allowance of $16,935 at March 31, 2022

and $19,341 at June 30, 2021

 

642,384

 

 

 

568,984

 

Inventories

 

591,396

 

 

 

470,081

 

Prepaid expenses and other current assets

 

130,509

 

 

 

117,860

 

Total current assets

 

1,407,828

 

 

 

1,219,643

 

Property and equipment, net

 

37,815

 

 

 

42,836

 

Goodwill

 

218,025

 

 

 

218,877

 

Identifiable intangible assets, net

 

90,554

 

 

 

104,860

 

Deferred income taxes

 

19,951

 

 

 

21,853

 

Other non-current assets

 

66,627

 

 

 

63,615

 

Total assets

$

1,840,800

 

 

$

1,671,684

 

Liabilities and Shareholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

706,359

 

 

$

634,805

 

Accrued expenses and other current liabilities

 

80,931

 

 

 

87,790

 

Income taxes payable

 

3,023

 

 

 

2,501

 

Current portion of long-term debt

 

10,660

 

 

 

7,843

 

Total current liabilities

 

800,973

 

 

 

732,939

 

Deferred income taxes

 

3,753

 

 

 

3,954

 

Long-term debt, net of current portion

 

126,546

 

 

 

135,331

 

Borrowings under revolving credit facility

 

44,294

 

 

 

 

Other long-term liabilities

 

58,580

 

 

 

68,269

 

Total liabilities

 

1,034,146

 

 

 

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, 25,429,242 and 25,499,465 shares issued and outstanding at March 31, 2022 and June 30, 2021, respectively

 

69,856

 

 

 

71,253

 

Retained earnings

 

826,922

 

 

 

758,071

 

Accumulated other comprehensive loss

 

(90,124

)

 

 

(98,133

)

Total shareholders’ equity

 

806,654

 

 

 

731,191

 

Total liabilities and shareholders’ equity

$

1,840,800

 

 

$

1,671,684

 

*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,

 

2022

 

2021

 

2022

 

2021

Net sales

$

845,990

 

 

$

729,873

 

 

$

2,567,652

 

 

$

2,298,111

 

Cost of goods sold

 

739,482

 

 

 

641,757

 

 

 

2,251,920

 

 

 

2,043,172

 

Gross profit

 

106,508

 

 

 

88,116

 

 

 

315,732

 

 

 

254,939

 

Selling, general and administrative expenses

 

66,522

 

 

 

60,099

 

 

 

199,538

 

 

 

182,681

 

Depreciation expense

 

2,612

 

 

 

3,141

 

 

 

8,039

 

 

 

9,634

 

Intangible amortization expense

 

4,457

 

 

 

4,880

 

 

 

13,413

 

 

 

14,595

 

Restructuring and other charges

 

 

 

 

560

 

 

 

 

 

 

9,312

 

Change in fair value of contingent consideration

 

 

 

 

 

 

 

 

 

 

516

 

Operating income

 

32,917

 

 

 

19,436

 

 

 

94,742

 

 

 

38,201

 

Interest expense

 

1,483

 

 

 

1,576

 

 

 

4,637

 

 

 

5,285

 

Interest income

 

(1,000

)

 

 

(745

)

 

 

(2,973

)

 

 

(1,756

)

Other (income) expense, net

 

(136

)

 

 

(302

)

 

 

668

 

 

 

183

 

Income before income taxes

 

32,570

 

 

 

18,907

 

 

 

92,410

 

 

 

34,489

 

Provision for income taxes

 

9,044

 

 

 

5,121

 

 

 

23,659

 

 

 

9,757

 

Net income from continuing operations

 

23,526

 

 

 

13,786

 

 

 

68,751

 

 

 

24,732

 

Net (loss) income from discontinued operations

 

 

 

 

(688

)

 

 

100

 

 

 

(37,647

)

Net income (loss)

$

23,526

 

 

$

13,098

 

 

$

68,851

 

 

$

(12,915

)

 

 

 

 

 

 

 

 

Per share data:

 

 

 

 

 

 

 

Net income from continuing operations per common share, basic

$

0.92

 

 

$

0.54

 

 

$

2.69

 

 

$

0.97

 

Net loss from discontinued operations per common share, basic

 

 

 

 

(0.03

)

 

 

 

 

 

(1.48

)

Net income (loss) per common share, basic

$

0.92

 

 

$

0.51

 

 

$

2.69

 

 

$

(0.51

)

Weighted-average shares outstanding, basic

 

25,635

 

 

 

25,455

 

 

 

25,577

 

 

 

25,404

 

 

 

 

 

 

 

 

 

Net income from continuing operations per common share, diluted

$

0.91

 

 

$

0.54

 

 

$

2.66

 

 

$

0.97

 

Net loss from discontinued operations per common share, diluted

 

 

 

 

(0.03

)

 

 

 

 

 

(1.48

)

Net income (loss) per common share, diluted

$

0.91

 

 

$

0.51

 

 

$

2.67

 

 

$

(0.51

)

Weighted-average shares outstanding, diluted

 

25,853

 

 

 

25,572

 

 

 

25,812

 

 

 

25,484

 

ScanSource, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

(in thousands)

 

Nine months ended

March 31,

 

2022

 

2021

Cash flows from operating activities:

 

 

 

Net income (loss)

$

68,851

 

 

$

(12,915

)

Net income (loss) from discontinued operations

 

100

 

 

 

(37,647

)

Net income from continuing operations

 

68,751

 

 

 

24,732

 

Adjustments to reconcile net income (loss) to net cash provided by operating activities of continuing operations:

 

 

 

Depreciation and amortization

 

22,184

 

 

 

25,417

 

Amortization of debt issue costs

 

313

 

 

 

313

 

Provision for doubtful accounts

 

156

 

 

 

226

 

Share-based compensation

 

8,792

 

 

 

5,711

 

Deferred income taxes

 

1,995

 

 

 

(26

)

Change in fair value of contingent consideration

 

 

 

 

516

 

Contingent consideration payments excess

 

 

 

 

(5,457

)

Finance lease interest

 

32

 

 

 

96

 

Changes in operating assets and liabilities, net of acquisitions:

 

 

 

Accounts receivable

 

(67,404

)

 

 

(68,654

)

Inventories

 

(118,349

)

 

 

(5,907

)

Prepaid expenses and other assets

 

(15,002

)

 

 

(1,641

)

Other non-current assets

 

(2,791

)

 

 

2,846

 

Accounts payable

 

67,535

 

 

 

69,609

 

Accrued expenses and other liabilities

 

(12,745

)

 

 

8,434

 

Income taxes payable

 

862

 

 

 

(793

)

Net cash (used in) provided by operating activities of continuing operations

 

(45,671

)

 

 

55,422

 

Cash flows from investing activities of continuing operations:

 

 

 

Capital expenditures

 

(3,326

)

 

 

(2,283

)

Cash received for business disposal

 

3,125

 

 

 

34,356

 

Net cash (used in) provided by investing activities of continuing operations

 

(201

)

 

 

32,073

 

Cash flows from financing activities of continuing operations:

 

 

 

Borrowings on revolving credit, net of expenses

 

1,597,270

 

 

 

1,486,464

 

Repayments on revolving credit, net of expenses

 

(1,552,976

)

 

 

(1,500,375

)

Repayments on long-term debt, net

 

(5,968

)

 

 

(5,964

)

Repayments of finance lease obligations

 

(932

)

 

 

(974

)

Contingent consideration payments

 

 

 

 

(41,393

)

Exercise of stock options

 

1,592

 

 

 

439

 

Taxes paid on settlement of equity awards

 

(2,729

)

 

 

(1,036

)

Common stock repurchased

 

(8,527

)

 

 

 

Net cash provided by (used in) financing activities of continuing operations

 

27,730

 

 

 

(62,839

)

 

 

 

 

 

 

 

 

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

 

 

 

 

21,704

 

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

 

 

 

 

(7,848

)

Effect of exchange rate changes on cash and cash equivalents

 

(1,037

)

 

 

(1,942

)

(Decrease) Increase in cash and cash equivalents

 

(19,179

)

 

 

14,866

 

Consolidated cash and cash equivalents at beginning of period

 

62,718

 

 

 

34,455

 

Consolidated cash and cash equivalents at end of period

 

43,539

 

 

 

49,321

 

Cash and cash equivalents of discontinued operations

 

 

 

 

 

Cash and cash equivalents of continuing operations

$

43,539

 

 

$

49,321

 

ScanSource, Inc. and Subsidiaries

Supplementary Information (Unaudited)

(in thousands, except percentages)

 

 

 

 

Non-GAAP Financial Information:

 

Quarter ended March 31,

 

2022

 

2021

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

 

18.0

%

 

 

14.7

%

 

 

 

 

Reconciliation of Net Income to Adjusted EBITDA:

 

 

 

Net income from continuing operations (GAAP)

$

23,526

 

 

$

13,786

 

Plus: Interest expense

 

1,483

 

 

 

1,576

 

Plus: Income taxes

 

9,044

 

 

 

5,121

 

Plus: Depreciation and amortization

 

7,305

 

 

 

8,358

 

EBITDA (non-GAAP)

 

41,358

 

 

 

28,841

 

Plus: Share-based compensation

 

2,757

 

 

 

2,537

 

Plus: Acquisition and divestiture costs(b)

 

 

 

 

272

 

Plus: Restructuring costs

 

 

 

 

349

 

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

$

44,115

 

 

$

31,999

 

 

 

 

 

Invested Capital Calculations:

 

 

 

Equity – beginning of the quarter

$

768,525

 

 

$

682,139

 

Equity – end of the quarter

 

806,654

 

 

 

690,575

 

Plus: Share-based compensation, net

 

2,063

 

 

 

1,912

 

Plus: Acquisition and divestiture costs(b)

 

 

 

 

272

 

Plus: Restructuring, net

 

 

 

 

264

 

Plus: Discontinued operations net loss

 

 

 

 

688

 

Average equity

 

788,621

 

 

 

687,925

 

Average funded debt (c)

 

205,073

 

 

 

191,996

 

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

$

993,694

 

 

$

879,921

 

 

 

 

 

(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 March 31,

 

 

 

2022

 

2021

 

% Change

Specialty Technology Solutions:

(in thousands)

 

 

Net sales, reported

$

503,072

 

 

$

436,462

 

15.3

%

Foreign exchange impact (a)

 

(915

)

 

 

 

 

Non-GAAP net sales, constant currency

$

502,157

 

 

$

436,462

 

15.1

%

 

 

 

 

 

 

Modern Communications & Cloud:

 

 

 

 

 

Net sales, reported

$

342,918

 

 

$

293,411

 

16.9

%

Foreign exchange impact (a)

 

(2,660

)

 

 

 

 

Non-GAAP net sales, constant currency

$

340,258

 

 

$

293,411

 

16.0

%

 

 

 

 

 

 

Consolidated:

 

 

 

 

 

Net sales, reported

$

845,990

 

 

$

729,873

 

15.9

%

Foreign exchange impact (a)

 

(3,575

)

 

 

 

 

Non-GAAP net sales, constant currency

$

842,415

 

 

$

729,873

 

15.4

%

 

 

 

 

 

 

(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 March 31, 2022 into U.S. dollars using the average foreign exchange rates for the quarter ended March 31, 2021.

ScanSource, Inc. and Subsidiaries

Supplementary Information (Unaudited)

 

 

 

 

 

 

Net Sales by Geography:

 

 

 

 

Quarter ended March 31,

 

 

 

2022

 

2021

 

% Change

United States and Canada:

(in thousands)

 

 

Net sales, as reported

$

764,529

 

 

$

665,720

 

14.8

%

 

 

 

 

 

 

International:

 

 

 

 

 

Net sales, reported

$

81,461

 

 

$

64,153

 

27.0

%

Foreign exchange impact(a)

 

(3,575

)

 

 

 

 

Non-GAAP net sales, constant currency

$

77,886

 

 

$

64,153

 

21.4

%

 

 

 

 

 

 

Consolidated:

 

 

 

 

 

Net sales, reported

$

845,990

 

 

$

729,873

 

15.9

%

Foreign exchange impact(a)

 

(3,575

)

 

 

 

 

Non-GAAP net sales, constant currency

$

842,415

 

 

$

729,873

 

15.4

%

 

 

 

 

 

 

(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 March 31, 2022 into U.S. dollars using the average foreign exchange rates for the quarter ended March 31, 2021.

 

Quarter ended March 31, 2022

 

GAAP

Measure

 

Intangible

amortization expense

 

 

Acquisition and

divestiture costs

 

Restructuring

costs

 

Non-GAAP

measure

 

(in thousands, except per share data)

SG&A expenses

$

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

Diluted EPS, trailing 12-month (TTM)

$

3.46

 

$

0.53

 

 

$

0.01

 

 

$

 

$

4.01

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended March 31, 2021

 

GAAP

Measure

 

Intangible

amortization expense

 

 

Acquisition and

divestiture costs

 

Restructuring

costs

 

Non-GAAP

measure

 

(in thousands, except per share data)

SG&A expense

$

60,099

 

$

 

 

$

(272

)

 

$

 

$

59,827

Operating income

 

19,436

 

 

4,880

 

 

 

272

 

 

 

560

 

 

25,148

Net income

 

13,786

 

 

3,697

 

 

 

272

 

 

 

423

 

 

18,178

Diluted EPS

$

0.54

 

$

0.14

 

 

$

0.01

 

 

$

0.02

 

$

0.71

 

 

 

 

 

 

 

 

 

 

 

ScanSource, Inc. and Subsidiaries

Supplementary Forward-Looking Information (Unaudited)

 

 

 

 

 

Annual Financial Outlook for Fiscal Year 2022:

 

 

 

 

 

 

 

 

 

 

FY22 Outlook

 

GAAP, Operating income

 

At least $122 million

Intangible amortization

 

$18 million

Depreciation expense

 

$12 million

Share-based compensation expense

 

$11 million

Interest income and other income (expense), net

 

 

$2 million

 

Adjusted EBITDA (non-GAAP)

 

At least $165 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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