| [November 06, 2017] |
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ScanSource Reports First Quarter Results
ScanSource, Inc. (NASDAQ: SCSC), a leading global provider of technology
products and solutions, today announced financial results for the first
quarter ended September 30, 2017.
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Quarter ended September 30,
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2017
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2016
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Change
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(in millions, except per share data)
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Net sales
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$
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924.6
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$
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932.6
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(1
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)%
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Operating income
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7.6
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22.9
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(67
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)%
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Non-GAAP operating income(1)
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30.6
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26.7
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15
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%
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GAAP net income
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4.1
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14.8
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(72
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)%
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Non-GAAP net income(1)
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19.4
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17.5
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11
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%
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GAAP diluted EPS
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$
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0.16
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$
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0.58
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(72
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)%
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Non-GAAP diluted EPS(1)
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$
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0.76
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$
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0.68
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12
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%
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(1) Non-GAAP results exclude amortization of intangible
assets related to acquisitions, change in fair value of contingent
consideration, acquisition costs and other non-GAAP adjustments. A
reconciliation of non-GAAP financial information to GAAP financial
information is presented in the Supplementary Information
(Unaudited) below.
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"We delivered a solid quarter despite lower sales volumes than
expected," said Mike Baur, CEO, ScanSource, Inc. "Our first quarter
results highlight the strength of the investments we've made to drive
profitable growth."
For the first quarter of fiscal year 2018, net sales decreased to $924.6
million from lower big deals in North America. Operating income
decreased to $7.6 million, as the expense for the change in fair value
of contingent consideration related to Network1 increased. Non-GAAP
operating income increased 15% to $30.6 million, driven by higher gross
margins and the addition of the POS Portal and Intelisys acquisitions.
On a GAAP basis, net income for the quarter totaled $4.1 million, or
$0.16 per diluted share, compared with net income of $14.8 million, or
$0.58 per diluted share, for the prior year quarter. Non-GAAP net income
for the first quarter of fiscal year 2018 increased to $19.4 million, or
$0.76 per diluted share.
Forecast for Next Quarter
For the second quarter of fiscal year 2018, ScanSource expects net sales
to range from $950 million to $1.01 billion, diluted earnings per share
to range from $0.54 to $0.60 per share, and non-GAAP diluted earnings
per share to range from $0.76 to $0.82 per share. Non-GAAP diluted
earnings per share exclude amortization of intangible assets, change in
fair value of contingent consideration and acquisition costs.
Webcast Details
ScanSource will present additional information about its financial
results and outlook in a conference call with presentation slides today,
November 6, 2017 at 5:00 p.m. (ET). A webcast of the call and
accompanying presentation slides 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, including the forecast of sales and earnings per
share for next quarter, contains "forward-looking" statements that
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, changes in interest and exchange
rates and regulatory regimes impacting our international operations, the
failure of acquisitions to meet our expectations, the failure to manage
and implement our organic growth strategy, credit risks involving our
larger customers and vendors, termination of our relationship with key
vendors or a significant modification of the terms under which we
operate with a key vendor, the decline in demand for the products and
services that we provide, reduced prices for the products and services
that we provide due both to competitor and customer actions, and other
factors set forth in the "Risk Factors" contained in our annual report
on Form 10-K for the year ended June 30, 2017, 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 and other non-GAAP adjustments.
Net sales on a constant currency basis, excluding acquisitions:
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.
Non-GAAP operating income, non-GAAP pre-tax income, non-GAAP net
income and non-GAAP diluted earnings per share: To evaluate current
period performance on a more consistent basis with prior periods, the
Company discloses non-GAAP operating income, non-GAAP pre-tax income,
non-GAAP net income and non-GAAP diluted earnings per share (non-GAAP
diluted "EPS"). These non-GAAP results exclude amortization of
intangible assets related to acquisitions, change in the fair value of
contingent consideration, acquisition costs and other non-GAAP
adjustments. Non-GAAP operating income, non-GAAP net income, and
non-GAAP diluted EPS measures are useful in assessing and understanding
the Company's operating performance, especially when comparing results
with previous periods or forecasting performance for future periods.
Return on invested capital ("ROIC"): Management uses
ROIC as a performance measurement to assess efficiency in allocating
capital under the Company's control to generate returns. Management
believes this metric balances the Company's operating results with asset
and liability management, is not impacted by capitalization decisions
and correlates with shareholder value creation. In addition, it is
easily computed, communicated and understood. ROIC also provides
management a measure of the Company's profitability on a basis more
comparable to historical or future periods.
ROIC assists management in comparing the Company'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. ROIC is calculated as adjusted EBITDA over invested
capital. Adjusted earnings before interest expense, income taxes,
depreciation and amortization ("Adjusted EBITDA") excludes the change in
fair value of contingent consideration and acquisition costs, in
addition to other non-GAAP adjustments. Invested capital is defined as
average equity plus average daily funded interest-bearing debt for the
period. Management believes the calculation of 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 global provider of
technology products and solutions, focusing on point-of-sale (POS),
payments, barcode, physical security, unified communications and
collaboration, cloud and telecom services. ScanSource's teams provide
value-added solutions and operate from two segments, Worldwide Barcode,
Networking & Security and Worldwide Communications & Services.
ScanSource is committed to helping its customers choose, configure and
deliver the industry's best solutions across almost every vertical
market in North America, Latin America and Europe. Founded in 1992, the
Company is headquartered in Greenville, South Carolina and was named one
of the 2017 Best Places to Work in South Carolina. ScanSource ranks #647
on the Fortune 1000. For more information, visit www.scansource.com.
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ScanSource, Inc. and Subsidiaries
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Condensed Consolidated Balance Sheets (Unaudited)
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(in thousands)
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September 30, 2017
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June 30, 2017*
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Assets
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Current assets:
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Cash and cash equivalents
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$
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23,616
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$
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56,094
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Accounts receivable, less allowance of $47,249 at September 30, 2017
and $44,434 at June 30, 2017
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661,393
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637,293
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Inventories
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597,344
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531,314
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Prepaid expenses and other current assets
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72,153
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56,322
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Total current assets
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1,354,506
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1,281,023
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Property and equipment, net
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79,128
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56,566
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Goodwill
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302,930
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200,881
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Net identifiable intangible assets
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154,323
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101,513
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Deferred income taxes
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13,478
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29,491
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Other non-current assets
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45,768
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48,829
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Total assets
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$
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1,950,133
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$
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1,718,303
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Liabilities and Shareholders' Equity
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Current liabilities:
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Current portion of long-term debt
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$
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26
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$
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-
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Accounts payable
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534,919
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513,155
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Accrued expenses and other current liabilities
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106,506
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104,715
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Current portion of contingent consideration
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48,931
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30,675
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Income taxes payable
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7,583
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7,730
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Total current liabilities
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697,965
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656,275
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Deferred income taxes
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14,525
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2,008
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Long-term debt
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5,403
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5,429
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Borrowings under revolving credit facility
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280,334
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91,871
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Long-term portion of contingent consideration
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54,562
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83,361
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Other long-term liabilities
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44,368
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42,214
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Total liabilities
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1,097,157
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881,158
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Shareholders' equity:
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Common stock
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62,939
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61,169
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Retained earnings
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853,327
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849,180
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Accumulated other comprehensive income (loss)
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(63,290
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)
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(73,204
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)
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Total shareholders' equity
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852,976
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837,145
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Total liabilities and shareholders' equity
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$
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1,950,133
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$
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1,718,303
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*Derived from audited financial statements.
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ScanSource, Inc. and Subsidiaries
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Condensed Consolidated Income Statements (Unaudited)
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(in thousands, except per share data)
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Quarter ended September 30,
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2017
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2016
|
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Net sales
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|
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$
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924,559
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|
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$
|
932,566
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|
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Cost of goods sold
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|
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818,642
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|
841,032
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Gross profit
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|
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105,917
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|
|
|
91,534
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|
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Selling, general and administrative expenses
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|
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73,187
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|
|
|
63,266
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|
|
Depreciation expense
|
|
|
3,240
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|
|
|
2,070
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|
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Intangible amortization expense
|
|
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5,011
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|
|
|
3,154
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|
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Change in fair value of contingent consideration
|
|
|
16,881
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|
|
|
169
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|
|
Operating income
|
|
|
7,598
|
|
|
|
22,875
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|
|
Interest expense
|
|
|
1,585
|
|
|
|
589
|
|
|
Interest income
|
|
|
(881
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)
|
|
|
(1,015
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)
|
|
Other (income) expense, net
|
|
|
114
|
|
|
|
577
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|
|
Income before income taxes
|
|
|
6,780
|
|
|
|
22,724
|
|
|
Provision for income taxes
|
|
|
2,633
|
|
|
|
7,908
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|
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Net income
|
|
|
$
|
4,147
|
|
|
|
$
|
14,816
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|
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Per share data:
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Net income per common share, basic
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|
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$
|
0.16
|
|
|
|
$
|
0.58
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|
|
Weighted-average shares outstanding, basic
|
|
|
25,434
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|
|
25,523
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Net income per common share, diluted
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$
|
0.16
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|
|
|
$
|
0.58
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|
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Weighted-average shares outstanding, diluted
|
|
|
25,579
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|
|
|
25,762
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|
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ScanSource, Inc. and Subsidiaries
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Supplementary Information (Unaudited)
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Net Sales by Segment:
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Quarter ended September 30,
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2017
|
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2016(a)
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% Change
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Worldwide Barcode, Networking & Security:
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(in thousands)
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Net sales, as reported
|
|
|
$
|
620,329
|
|
|
$
|
627,210
|
|
|
(1.1
|
)%
|
|
Foreign exchange impact (b)
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|
|
(5,625
|
)
|
|
-
|
|
|
|
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Net sales, constant currency (non-GAAP)
|
|
|
614,704
|
|
|
627,210
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|
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(2.0
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)%
|
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Less: Acquisitions
|
|
|
(14,553
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)
|
|
-
|
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Net sales, constant currency excluding acquisitions (non-GAAP)
|
|
|
$
|
600,151
|
|
|
$
|
627,210
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(4.3
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)%
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|
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Worldwide Communications & Services:
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|
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Net sales, as reported
|
|
|
$
|
304,230
|
|
|
$
|
305,356
|
|
|
(0.4
|
)%
|
|
Foreign exchange impact (b)
|
|
|
(2,414
|
)
|
|
-
|
|
|
|
|
Net sales, constant currency (non-GAAP)
|
|
|
301,816
|
|
|
305,356
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|
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(1.2
|
)%
|
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Less: Acquisitions
|
|
|
(9,750
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)
|
|
(2,863
|
)
|
|
|
|
Net sales, constant currency excluding acquisitions (non-GAAP)
|
|
|
$
|
292,066
|
|
|
$
|
302,493
|
|
|
(3.4
|
)%
|
|
|
|
|
|
|
|
|
|
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Consolidated:
|
|
|
|
|
|
|
|
|
Net sales, as reported
|
|
|
$
|
924,559
|
|
|
$
|
932,566
|
|
|
(0.9
|
)%
|
|
Foreign exchange impact (b)
|
|
|
(8,039
|
)
|
|
-
|
|
|
|
|
Net sales, constant currency (non-GAAP)
|
|
|
916,520
|
|
|
932,566
|
|
|
(1.7
|
)%
|
|
Less: Acquisitions
|
|
|
(24,303
|
)
|
|
(2,863
|
)
|
|
|
|
Net sales, constant currency excluding acquisitions (non-GAAP)
|
|
|
$
|
892,217
|
|
|
$
|
929,703
|
|
|
(4.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
(a) Reflects reclassification between segments for certain
geographies to provide comparable financial information.
|
|
(b) 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 September 30, 2017
into U.S. dollars using the average foreign exchange rates for the
quarter ended September 30, 2016.
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|
|
ScanSource, Inc. and Subsidiaries
|
|
Supplementary Information (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Net Sales by Geography:
|
|
|
|
|
|
|
|
|
|
Quarter ended September 30,
|
|
|
|
|
|
|
2017
|
|
2016
|
|
% Change
|
|
United States:
|
|
|
(in thousands)
|
|
|
|
Net sales, as reported
|
|
|
$
|
686,671
|
|
|
$
|
709,810
|
|
|
(3.3
|
)%
|
|
Less: Acquisitions
|
|
|
(24,303
|
)
|
|
(2,863
|
)
|
|
|
|
Net sales, excluding acquisitions (non-GAAP)
|
|
|
$
|
662,368
|
|
|
$
|
706,947
|
|
|
(6.3
|
)%
|
|
|
|
|
|
|
|
|
|
|
International:
|
|
|
|
|
|
|
|
|
Net sales, as reported
|
|
|
$
|
237,888
|
|
|
$
|
222,756
|
|
|
6.8
|
%
|
|
Foreign exchange impact (a)
|
|
|
(8,039
|
)
|
|
-
|
|
|
|
|
Net sales, constant currency (non-GAAP)
|
|
|
229,849
|
|
|
222,756
|
|
|
3.2
|
%
|
|
Less: Acquisitions
|
|
|
-
|
|
|
-
|
|
|
|
|
Net sales, constant currency excluding acquisitions (non-GAAP)
|
|
|
$
|
229,849
|
|
|
$
|
222,756
|
|
|
3.2
|
%
|
|
|
|
|
|
|
|
|
|
|
Consolidated:
|
|
|
|
|
|
|
|
|
Net sales, as reported
|
|
|
$
|
924,559
|
|
|
$
|
932,566
|
|
|
(0.9
|
)%
|
|
Foreign exchange impact (a)
|
|
|
(8,039
|
)
|
|
-
|
|
|
|
|
Net sales, constant currency (non-GAAP)
|
|
|
916,520
|
|
|
932,566
|
|
|
(1.7
|
)%
|
|
Less: Acquisitions
|
|
|
(24,303
|
)
|
|
(2,863
|
)
|
|
|
|
Net sales, constant currency excluding acquisitions (non-GAAP)
|
|
|
$
|
892,217
|
|
|
$
|
929,703
|
|
|
(4.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
(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 September 30, 2017
into U.S. dollars using the average foreign exchange rates for the
quarter ended September 30, 2016.
|
|
|
|
ScanSource, Inc. and Subsidiaries
|
|
Supplementary Information (Unaudited)
|
|
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Information:
|
|
|
|
|
|
|
|
Quarter ended September 30, 2017
|
|
|
|
|
Operating
income
|
|
|
Pre-tax
income
|
|
|
Net
income
|
|
|
Diluted
EPS
|
|
GAAP measure
|
|
|
$
|
7,598
|
|
|
|
$
|
6,780
|
|
|
|
$
|
4,147
|
|
|
|
$
|
0.16
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets
|
|
|
5,011
|
|
|
|
5,011
|
|
|
|
3,261
|
|
|
|
0.13
|
|
Change in fair value of contingent consideration
|
|
|
16,881
|
|
|
|
16,881
|
|
|
|
11,005
|
|
|
|
0.43
|
|
Acquisition costs (a)
|
|
|
172
|
|
|
|
172
|
|
|
|
172
|
|
|
|
0.01
|
|
Legal settlement
|
|
|
952
|
|
|
|
952
|
|
|
|
771
|
|
|
|
0.03
|
|
Non-GAAP measure
|
|
|
$
|
30,614
|
|
|
|
$
|
29,796
|
|
|
|
$
|
19,356
|
|
|
|
$
|
0.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended September 30, 2016
|
|
|
|
|
Operating
income
|
|
|
Pre-tax
income
|
|
|
Net
income
|
|
|
Diluted
EPS
|
|
GAAP measure
|
|
|
$
|
22,875
|
|
|
|
$
|
22,724
|
|
|
|
$
|
14,816
|
|
|
|
$
|
0.58
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets
|
|
|
3,154
|
|
|
|
3,154
|
|
|
|
2,108
|
|
|
|
0.08
|
|
Change in fair value of contingent consideration
|
|
|
169
|
|
|
|
169
|
|
|
|
46
|
|
|
|
-
|
|
Acquisition costs (a)
|
|
|
498
|
|
|
|
498
|
|
|
|
498
|
|
|
|
0.02
|
|
Non-GAAP measure
|
|
|
$
|
26,696
|
|
|
|
$
|
26,545
|
|
|
|
$
|
17,468
|
|
|
|
$
|
0.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Acquisition costs are non-deductible for tax purposes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ScanSource, Inc. and Subsidiaries
|
|
Supplementary Information (Unaudited)
|
|
(in thousands, except percentages)
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Information:
|
|
|
|
|
Quarter ended September 30,
|
|
|
|
|
2017
|
|
|
2016
|
|
Return on invested capital (ROIC), annualized (a)
|
|
|
13.0
|
%
|
|
|
13.1
|
%
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income to Adjusted
EBITDA
|
|
|
|
|
|
|
|
Net income - GAAP
|
|
|
$
|
4,147
|
|
|
|
$
|
14,816
|
|
|
Plus: Interest expense
|
|
|
1,585
|
|
|
|
589
|
|
|
Plus: Income taxes
|
|
|
2,633
|
|
|
|
7,908
|
|
|
Plus: Depreciation and amortization
|
|
|
8,864
|
|
|
|
5,224
|
|
|
EBITDA
|
|
|
17,229
|
|
|
|
28,537
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
Change in fair value of contingent consideration
|
|
|
16,881
|
|
|
|
169
|
|
|
Acquisition costs
|
|
|
172
|
|
|
|
498
|
|
|
Legal settlement, net of attorney fees
|
|
|
952
|
|
|
|
-
|
|
|
Adjusted EBITDA (numerator for ROIC) (non-GAAP)
|
|
|
$
|
35,234
|
|
|
|
$
|
29,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invested Capital Calculation
|
|
|
|
|
|
|
|
Equity - beginning of quarter
|
|
|
$
|
837,145
|
|
|
|
$
|
774,496
|
|
|
Equity - end of quarter
|
|
|
852,976
|
|
|
|
773,161
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
Change in fair value of contingent consideration, net of tax
|
|
|
11,005
|
|
|
|
46
|
|
|
Acquisition costs, net of tax
|
|
|
172
|
|
|
|
498
|
|
|
Legal settlement, net of tax
|
|
|
771
|
|
|
|
-
|
|
|
Average equity
|
|
|
851,035
|
|
|
|
774,101
|
|
|
Average funded debt (b)
|
|
|
224,956
|
|
|
|
107,718
|
|
|
Invested capital (denominator for ROIC) (non-GAAP)
|
|
|
$
|
1,075,991
|
|
|
|
$
|
881,819
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Calculated as net income plus interest expense, income taxes,
depreciation and amortization (EBITDA), plus change in fair value of
contingent consideration and other adjustments, annualized and
divided by invested capital for the period. Invested capital is
defined as average equity plus average daily funded interest-bearing
debt for the period.
|
|
(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)
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Information:
|
|
|
|
|
Forecast for Quarter
ending December 31, 2017
|
|
|
|
|
Range Low
|
|
Range High
|
|
GAAP diluted EPS
|
|
|
$
|
0.54
|
|
|
$
|
0.60
|
|
Adjustments:
|
|
|
|
|
|
|
Amortization of intangible assets
|
|
|
0.14
|
|
|
0.14
|
|
Change in fair value of contingent consideration
|
|
|
0.07
|
|
|
0.07
|
|
Acquisition costs
|
|
|
0.01
|
|
|
0.01
|
|
Non-GAAP diluted EPS
|
|
|
$
|
0.76
|
|
|
$
|
0.82
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20171106006338/en/
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