ScanSource Reports Third Quarter Results

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ScanSource's recently reported third quarter results indicate a substantial year-over-year decline in net sales and gross profit, with net sales falling by 15% to $752.6 million and gross profit by 15.5%. This significant drop in operating income by nearly half, at 48.8% and similar reductions in GAAP net income and diluted EPS points toward a challenging period for the company. However, it's noteworthy that the decrease in interest expenses, owing to lower borrowings, shows careful management of financial liabilities. Investors should consider the potential implications of such a downturn on the company's financial health and stock performance. Despite the downward trend in core financial metrics, the strong cash flow generation, with operating cash flow and free cash flow appearing robust, may imply effective capital management under current economic conditions. As such, the company's updated annual financial outlook, while scaled back relative to earlier guidance, still reflects an expectation for considerable free cash flow generation. In the context of this analysis, the rating for this financial news is 0, suggesting a neutral impact as there are both positive and negative financial indicators.

The report shows a mixed picture for ScanSource. The decline in sales within Specialty Technology Solutions and Modern Communications & Cloud segments indicates a possibly concerning reduction in demand for the company’s key offerings. However, the growth in Intelisys net sales and the increase in annualized net billings suggest resilience in certain parts of the business. For investors, the disparity between the performance of different segments could signal strategic areas that may require realignment or investment. In the context of the broader market, where technology distribution can be susceptible to macroeconomic factors, it is important to monitor whether these results are symptomatic of industry-wide trends or more company-specific issues. The rating from a market perspective remains neutral at 0, as the mixture of underperformance in certain segments and growth in others paints an inconclusive outlook.

05/07/2024 - 08:30 AM

Announces new $100M share purchase authorization

GREENVILLE, S.C.--(BUSINESS WIRE)-- ScanSource, Inc. (NASDAQ: SCSC), a leading hybrid distributor connecting devices to the cloud, today announced financial results for the third quarter ended March 31, 2024.

	Third Quarter Summary
	Q3 FY24			Q3 FY23			Change
	*(in thousands, except percentages and per share data)*
Select reported measures:
Net sales	$	752,599		$	885,519		-15.0%
Gross profit	$	94,481		$	111,762		-15.5%
Gross profit margin %		12.55	%		12.62	%	-7bp
Operating income	$	17,542		$	34,279		-48.8%
GAAP net income	$	12,806		$	21,221		-39.7%
GAAP diluted EPS	$	0.50		$	0.83		-39.8%
Operating cash flow	$	160,152		$	54,837		n/m
*Select Non-GAAP measures^:**
Adjusted EBITDA	$	33,095		$	45,656		-27.5%
Adjusted EBITDA margin %		4.40	%		5.16	%	-76bp
Non-GAAP net income	$	17,461		$	24,330		-28.2%
Non-GAAP diluted EPS	$	0.69		$	0.96		-28.1%
Free cash flow	$	157,732		$	52,551		n/m
n/m - not meaningful
^* Represents non-GAAP financial measures. For more information and a reconciliation to the most directly comparable GAAP financial measure, see "Non-GAAP Financial Information" below as well as the accompanying Supplemental Information.

“While hardware sales were lower than we expected, our resilient business model delivered strong margins and robust free cash flow,” said Mike Baur, Chair and CEO, ScanSource, Inc. “Our strong balance sheet gives us the capacity and flexibility to execute our disciplined capital allocation plans.”

Quarterly Results

Net sales for the third quarter of fiscal year 2024 totaled $752.6 million, down 15.0% year-over-year. Specialty Technology Solutions net sales for the third quarter decreased 14.5% year-over-year to $483.7 million from softer demand across technologies within the segment. Modern Communications & Cloud net sales for the third quarter decreased 15.9% year-over-year to $268.9 million from lower sales volumes in communications hardware and Cisco products. Net billings for Intelisys increased to approximately $2.68 billion annualized, and Intelisys net sales for the third quarter increased 4.0%.

Gross profit for the third quarter of fiscal year 2024 decreased 15.5% year-over-year to $94.5 million with a gross profit margin of 12.55% versus 12.62% in the prior-year quarter and 11.39% in the second quarter of fiscal year 2024. The gross profit margin reflects a higher percentage of Intelisys revenue in our overall revenue mix, which is recorded on a net basis and therefore contributes to higher gross profit margin.

For the third quarter of fiscal year 2024, operating income was $17.5 million compared to $34.3 million in the prior-year quarter. Third quarter fiscal year 2024 non-GAAP operating income decreased to $25.3 million down from $38.4 million for the prior-year quarter.

On a GAAP basis, net income for the third quarter of fiscal year 2024 totaled $12.8 million, or $0.50 per diluted share, compared to net income of $21.2 million, or $0.83 per diluted share, for the prior-year quarter. Third quarter fiscal year 2024 non-GAAP net income totaled $17.5 million, or $0.69 per diluted share, down from $24.3 million, or $0.96 per diluted share, for the prior-year quarter. Interest expense for the quarter decreased to $2.0 million, down from $5.7 million for the prior-year quarter, reflecting lower borrowings.

On a non-GAAP basis, adjusted EBITDA for the third quarter of fiscal year 2024 decreased 27.5% to $33.1 million, or 4.40% of net sales, compared to $45.7 million, or 5.16% of net sales, for the prior-year quarter.

ScanSource generated $316.9 million of operating cash flow and $309.6 million of free cash flow (non-GAAP) in the first nine months of fiscal year 2024.

Updated Annual Financial Outlook for Fiscal Year 2024

ScanSource updates its expectations for the full fiscal year ending June 30, 2024 and replaces previously provided guidance:

	FY24 Annual Outlook	Prior FY24 Annual Outlook
Net sales	At least $3.3 billion	At least $3.5 billion
Adjusted EBITDA (non-GAAP)	At least $140 million	At least $155 million
Free cash flow (non-GAAP)	At least $275 million	At least $200 million

Adjusted EBITDA is a non-GAAP measure, which excludes estimates for amortization of intangible assets, depreciation expense, and non-cash shared-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.

Share Repurchase Authorization

ScanSource announced a new $100 million authorization by its Board of Directors to purchase shares of the Company's common stock. This supplements the existing authorization of which approximately $45 million remained outstanding as of March 31, 2024.

Repurchases may be made at management's discretion through open market or privately negotiated transactions, including pursuant to one or more Rule 10b5-1 trading plans to facilitate. This share repurchase authorization does not obligate ScanSource to purchase any particular amount of common stock, and it may be suspended at any time at the Company's discretion. The authorization does not have any time limit.

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 earnings 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 7, 2024, 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 ScanSource's FY24 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, the following factors, which are neither presented in order of importance nor weighted: macroeconomic conditions, including potential prolonged economic weakness, inflation, the failure to manage and implement ScanSource's organic growth strategy, credit risks involving ScanSource's larger customers and suppliers, changes in interest and exchange rates and regulatory regimes impacting ScanSource's international operations, economic weakness and inflation, risk to the business from a cyberattack, a failure of IT systems, failure to hire and retain quality employees, loss of ScanSource's major customers, relationships with key suppliers and customers or a termination or a modification of the terms under which it operates with these key suppliers, changes in ScanSource's operating strategy, and other factors set forth in the "Risk Factors" contained in ScanSource's annual report on Form 10-K for the year ended June 30, 2023. Except as may be required by law, ScanSource 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"), ScanSource 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, acquisition and divestiture costs, gain on sale of business, restructuring costs and other non-GAAP adjustments.

Net sales on a constant currency basis excluding acquisitions and divestitures to calculate organic growth ("non-GAAP net sales"): ScanSource 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 and divestitures prior to the first full year from the transaction 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, ScanSource discloses non-GAAP SG&A expenses, non-GAAP operating income, non-GAAP operating income margin, and non-GAAP diluted earnings per share (non-GAAP diluted EPS). Non-GAAP results exclude amortization of intangible assets related to acquisitions, acquisition and divestiture costs, gain on sale of business, 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 ScanSource'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, gain on sale of business, restructuring costs, cyberattack restoration costs, tax recovery, and non-cash share-based compensation expense. Since Adjusted EBITDA excludes some non-cash costs of investing in ScanSource’s business and people, management believes that Adjusted EBITDA shows the profitability from the 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.

Adjusted return on invested capital ("Adjusted ROIC"): Adjusted ROIC assists management in comparing ScanSource's performance over various reporting periods on a consistent basis because it removes from operating results the impact of items that do not reflect core operating performance. Management believes the calculation of Adjusted ROIC provides useful information to investors and is an additional relevant comparison of its 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 ScanSource's performance during the year.

Free cash flow: ScanSource presents free cash flow as it is a measure used by management to measure our business. We believe this measure provides more information regarding liquidity and capital resources. Free cash flow is defined as cash flows from operating activities less capital expenditures.

These non-GAAP financial measures have limitations as analytical tools, and the non-GAAP financial measures that ScanSource 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 ScanSource'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, software as a service ("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 mobility and barcode, point-of-sale (POS), payments, networking, 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 2023 Best Places to Work in South Carolina and on FORTUNE magazine’s 2024 List of World’s Most Admired Companies. ScanSource ranks #817 on the Fortune 1000. For more information, visit www.scansource.com.

ScanSource, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share data)
	March 31, 2024			June 30, 2023*
Assets
Current assets:
Cash and cash equivalents	$	159,050		$	36,178
Accounts receivable, less allowance of $19,566 at March 31, 2024 and $15,480 at June 30, 2023		589,847			753,236
Inventories		529,163			757,574
Prepaid expenses and other current assets		138,100			110,087
Total current assets		1,416,160			1,657,075
Property and equipment, net		35,594			37,379
Goodwill		207,616			216,706
Identifiable intangible assets, net		41,510			68,495
Deferred income taxes		19,231			17,764
Other non-current assets		62,877			70,750
Total assets	$	1,782,988		$	2,068,169
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	555,733		$	691,119
Accrued expenses and other current liabilities		74,664			78,892
Income taxes payable		4,792			9,875
Current portion of long-term debt		7,857			6,915
Total current liabilities		643,046			786,801
Deferred income taxes		—			3,816
Long-term debt, net of current portion		138,024			144,006
Borrowings under revolving credit facility		—			178,980
Other long-term liabilities		57,867			49,268
Total liabilities		838,937			1,162,871
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, 24,708,808 and 24,844,203 shares issued and outstanding at March 31, 2024 and June 30, 2023, respectively		46,426			58,241
Retained earnings		997,642			936,678
Accumulated other comprehensive loss		(100,017	)		(89,621	)
Total shareholders’ equity		944,051			905,298
Total liabilities and shareholders’ equity	$	1,782,988		$	2,068,169

*Derived from audited financial statements.

ScanSource, Inc. and Subsidiaries
Condensed Consolidated Income Statements (Unaudited)
(in thousands, except per share data)

	Quarter ended March 31, 2024						Nine months ended March 31,
	2024			2023			2024			2023
Net sales	$	752,599		$	885,519		$	2,513,696		$	2,840,573
Cost of goods sold		658,118			773,757			2,211,958			2,499,992
Gross profit		94,481			111,762			301,738			340,581
Selling, general and administrative expenses		66,574			70,669			208,930			211,337
Depreciation expense		2,690			2,644			8,449			8,085
Intangible amortization expense		3,752			4,170			11,982			12,561
Restructuring and other charges		3,923			—			3,923			—
Operating income		17,542			34,279			68,454			108,598
Interest expense		2,001			5,715			10,947			14,223
Interest income		(2,652	)		(1,710	)		(6,096	)		(5,327	)
Gain on sale of business		—			—			(14,533	)		—
Other expense, net		241			361			991			1,314
Income before income taxes		17,952			29,913			77,145			98,388
Provision for income taxes		5,146			8,692			16,181			27,391
Net income	$	12,806		$	21,221		$	60,964		$	70,997

Per share data:
Net income per common share, basic	$	0.51		$	0.84		$	2.44		$	2.81
Weighted-average shares outstanding, basic		25,025			25,196			24,982			25,228

Net income per common share, diluted	$	0.50		$	0.83		$	2.41		$	2.79
Weighted-average shares outstanding, diluted		25,437			25,439			25,291			25,436

ScanSource, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
	Nine months ended March 31,
	2024			2023
Cash flows from operating activities:
Net income	$	60,964		$	70,997
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gain on sale of business		(14,533	)		—
Depreciation and amortization		21,217			21,359
Amortization of debt issue costs		289			481
Provision for doubtful accounts		5,863			1,852
Share-based compensation		7,729			8,633
Deferred income taxes		(1,565	)		1,409
Finance lease interest		70			31
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		143,774			46,652
Inventories		226,878			(136,257	)
Prepaid expenses and other assets		(28,163	)		39,178
Other non-current assets		6,022			(1,772	)
Accounts payable		(117,860	)		(60,717	)
Accrued expenses and other liabilities		11,338			(16,780	)
Income taxes payable		(5,115	)		4,426
Net cash provided by (used in) operating activities		316,908			(20,508	)
Cash flows from investing activities:
Capital expenditures		(7,285	)		(6,549	)
Proceeds from sale of business, net of cash transferred		17,978			—
Net cash provided by (used in) investing activities		10,693			(6,549	)
Cash flows from financing activities:
Borrowings on revolving credit, net of expenses		1,242,915			1,871,909
Repayments on revolving credit, net of expenses		(1,421,895	)		(1,848,554	)
Repayments on long-term debt, net		(5,040	)		16,527
Borrowings (repayments) on finance lease obligation		(585	)		(612	)
Debt issuance costs		—			(1,407	)
Exercise of stock options		4,626			853
Taxes paid on settlement of equity awards		(2,794	)		(2,433	)
Common stock repurchased		(21,168	)		(10,718	)
Net cash (used in) provided by financing activities		(203,941	)		25,565
Effect of exchange rate changes on cash and cash equivalents		(788	)		879
Increase in cash and cash equivalents		122,872			(613	)
Cash and cash equivalents at beginning of period		36,178			37,987
Cash and cash equivalents at period end	$	159,050		$	37,374

ScanSource, Inc. and Subsidiaries
Supplementary Information (Unaudited)
(in thousands, except percentages)

Non-GAAP Financial Information:
	Quarter ended March 31,
	2024			2023
Adjusted return on invested capital ratio (Adjusted ROIC), annualized^(a)		12.1	%		14.6	%

*Reconciliation of Net Income to Adjusted EBITDA:*
Net income (GAAP)	$	12,806		$	21,221
Plus: Interest expense		2,001			5,715
Plus: Income taxes		5,146			8,692
Plus: Depreciation and amortization		6,742			7,074
EBITDA (non-GAAP)		26,695			42,702
Plus: Tax recovery		(515	)		—
Plus: Share-based compensation		2,388			2,954
Plus: Cyberattack restoration costs		93			—
Plus: Acquisition and divestiture costs		511			—
Plus: Restructuring costs		3,923			—
Adjusted EBITDA (numerator for Adjusted ROIC) (non-GAAP)	$	33,095		$	45,656

*Invested Capital Calculations:*
Equity – beginning of the quarter	$	953,601		$	862,386
Equity – end of the quarter		944,051			878,895
Plus: Share-based compensation, net		1,784			2,191
Plus: Cyberattack restoration costs, net		69			—
Plus: Divestiture costs		511			—
Plus: Restructuring, net		2,935			—
Plus: Tax recovery, net		(1,648	)		—
Average equity		950,652			871,736
Average funded debt ^(b)		153,131			398,318
Invested capital (denominator for Adjusted ROIC) (non-GAAP)	$	1,103,783		$	1,270,054

^(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 91 days in the current and 90 days in the prior-year quarter.
^(b)Average funded debt is calculated as the average daily amounts outstanding on short-term and long-term interest-bearing debt.

	Quarter ended March 31,						Nine months ended March 31,
	2024			2023			2024			2023
GAAP operating cash flow	$	160,152		$	54,837		$	316,908		$	(20,508	)
Less: Capital Expenditures		(2,420	)		(2,286	)		(7,285	)		(6,549	)
Free cash flow (non-GAAP)	$	157,732		$	52,551		$	309,623		$	(27,057	)

ScanSource, Inc. and Subsidiaries
Supplementary Information (Unaudited)

Net Sales by Segment:
	Quarter ended March 31,
	2024			2023			% Change
Specialty Technology Solutions:	*(in thousands)*
Net sales, reported	$	483,704			565,652		(14.5	)%
Foreign exchange impact ^(a)		(620	)		—
Non-GAAP net sales	$	483,084		$	565,652		(14.6	)%

Modern Communications & Cloud:
Net sales, reported	$	268,895		$	319,867		(15.9	)%
Foreign exchange impact ^(a)		(3,177	)		—
Less: Divestitures		—			(2,530	)
Non-GAAP net sales	$	265,718		$	317,337		(16.3	)%

Consolidated:
Net sales, reported	$	752,599		$	885,519		(15.0	)%
Foreign exchange impact ^(a)		(3,797	)		—
Less: Divestitures		—			(2,530	)
Non-GAAP net sales	$	748,802		$	882,989		(15.2	)%

^(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 March 31, 2024 into U.S. dollars using the average foreign exchange rates for the quarter ended March 31, 2023.

ScanSource, Inc. and Subsidiaries
Supplementary Information (Unaudited)

Net Sales by Geography:
	Quarter ended March 31,
	2024			2023			% Change
United States and Canada:	*(in thousands)*
Net sales, as reported	$	671,246		$	808,797		(17.0	)%

International:
Net sales, reported	$	81,353		$	76,722		6.0	%
Foreign exchange impact^(a)		(3,797	)		—
Less: Divestitures		—			(2,530	)
Non-GAAP net sales	$	77,556		$	74,192		4.5	%

Consolidated:
Net sales, reported	$	752,599		$	885,519		(15.0	)%
Foreign exchange impact^(a)		(3,797	)		—
Less: Divestitures		—			(2,530	)
Non-GAAP net sales	$	748,802		$	882,989		(15.2	)%

^(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 March 31, 2024 into U.S. dollars using the average foreign exchange rates for the quarter ended March 31, 2023.

ScanSource, Inc. and Subsidiaries

Supplementary Information (Unaudited)

(in thousands, except per share data)

Non-GAAP Financial Information:

Quarter ended March 31, 2024

GAAP Measure

Intangible amortization expense

Acquisition & divestiture costs

Restructuring costs

Tax recovery

Cyberattack restoration costs

Non-GAAP measure

(in thousands, except per share data)

SG&A expenses

$66,574

$—

$(511)

$(3,923)

$515

$(93)

$62,562

Operating income

17,542

3,752

511

3,923

(515)

25,306

Pre-tax income

17,952

3,752

511

3,923

(515)

25,716

Net income

12,806

2,788

511

2,935

(1,648)

17,461

Diluted EPS

$0.50

$0.11

$0.02

$0.12

$(0.06)

$—

$0.69

Quarter ended March 31, 2023

GAAP Measure

Intangible amortization expense

Acquisition & divestiture costs

Restructuring costs

Tax recovery

Cyberattack restoration costs

Non-GAAP measure

(in thousands, except per share data)

SG&A expense

$70,669

$—

$70,669

Operating income

34,279

4,170

—

38,449

Pre-tax income

29,913

4,170

—

34,083

Net income

21,221

3,109

—

24,330

Diluted EPS

$0.83

$0.12

$—

$0.96

^(a) Reflects gain on the sale of the UK-based intY business. This transaction resulted in a capital loss for tax purposes. ScanSource did not record a tax provision on the capital loss since there were no offsetting capital gains.

Annual Financial Outlook for Fiscal Year 2024:

	FY 24 Outlook
GAAP operating income	At least $96 million
Intangible amortization	$16 million
Depreciation expense	$12 million
Share-based compensation expense	$10 million
Interest income and income (expense), net	$6 million
Adjusted EBITDA (non-GAAP)	At least $140 million


GAAP operating cash flow	At least $285 million
Less: Capital expenditures	$10 million
Free cash flow (non-GAAP)	At least $275 million

View source version on businesswire.com: https://www.businesswire.com/news/home/20240507003921/en/

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

Source: ScanSource, Inc.

FAQ

What was ScanSource's net sales for the third quarter of fiscal year 2024?

ScanSource's net sales for the third quarter of fiscal year 2024 were $752.6 million, down 15.0% year-over-year.

What was the change in gross profit for ScanSource in the third quarter?

ScanSource's gross profit for the third quarter decreased by 15.5% year-over-year.

What is the updated annual financial outlook for ScanSource for fiscal year 2024?

ScanSource's updated annual financial outlook for fiscal year 2024 includes a decrease in net sales, adjusted EBITDA, and free cash flow expectations.

What new authorization did ScanSource announce?

ScanSource announced a new $100 million share purchase authorization.

ScanSource Reports Third Quarter Results

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What was ScanSource's net sales for the third quarter of fiscal year 2024?

What was the change in gross profit for ScanSource in the third quarter?

What is the updated annual financial outlook for ScanSource for fiscal year 2024?

What new authorization did ScanSource announce?

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What new authorization did ScanSource announce?

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