Recurring Revenue Growth Opportunities Fueled
by Recent Acquisitions
ScanSource, Inc. (NASDAQ: SCSC), a leading hybrid distributor
connecting devices to the cloud, today announced financial results
for the second quarter ended December 31, 2024.
Second Quarter Summary
Q2 FY25
Q2 FY24
Change
(in thousands, except
percentages and per share data)
Select reported measures:
Net sales
$
747,497
$
884,792
-15.5%
Gross profit
$
101,723
$
100,748
1.0%
Gross profit margin %
13.6
%
11.4
%
222bp
Operating income
$
18,444
$
26,826
-31.2%
GAAP net income
$
17,053
$
32,726
-47.9%
GAAP diluted EPS
$
0.70
$
1.29
-45.7%
Select Non-GAAP measures*:
Adjusted EBITDA
$
35,299
$
38,459
-8.2%
Adjusted EBITDA margin %
4.72
%
4.35
%
37bp
Non-GAAP net income
$
20,698
$
21,587
-4.1%
Non-GAAP diluted EPS
$
0.85
$
0.85
—%
Note: Margin % reflects measure as a
percentage of sales.
* 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 Supplementary
Information.
“In a soft demand environment, our team delivered second quarter
gross profit growth and a strong gross profit margin,” said Mike
Baur, Chair and CEO, ScanSource, Inc. “Our recent acquisitions are
expanding recurring revenue opportunities for our channel
partners.”
Quarterly Results
Net sales for the second quarter of fiscal year 2025 totaled
$747.5 million, down 15.5% year-over-year, or down 15.1% for
non-GAAP net sales. Net sales for products and services decreased
17.0% year-over-year, while recurring revenue increased 31.2%
year-over-year. Specialty Technology Solutions net sales for the
second quarter decreased 16.0% year-over-year to $723.3 million
primarily due to lower large deals and continued soft demand in a
more cautious technology spending environment. Intelisys &
Advisory net sales for the second quarter increased 4.0%
year-over-year to $24.2 million reflecting the addition of an
acquisition.
Gross profit for the second quarter of fiscal year 2025
increased 1.0% year-over-year to $101.7 million with a gross profit
margin of 13.6% versus 11.4% in the prior-year quarter. Increased
gross profit margin reflects a higher contribution of recurring
revenue in our overall revenue mix, which is recorded on a net
basis and therefore contributes to a higher gross profit margin.
For the second quarter of fiscal year 2025, the percentage of gross
profit from recurring revenue increased to 32.4% from 27.1% for the
prior-year period.
For the second quarter of fiscal year 2025, operating income was
$18.4 million compared to $26.8 million in the prior-year quarter.
Second quarter fiscal year 2025 non-GAAP operating income decreased
to $25.9 million from $30.6 million in the prior-year quarter.
On a GAAP basis, net income for the second quarter of fiscal
year 2025 totaled $17.1 million, or $0.70 per diluted share,
compared to net income of $32.7 million, or $1.29 per diluted
share, for the prior-year quarter. Second quarter fiscal year 2025
non-GAAP net income totaled $20.7 million, or $0.85 per diluted
share, compared to $21.6 million, or $0.85 per diluted share, for
the prior-year quarter. On a non-GAAP basis, adjusted EBITDA for
the second quarter of fiscal year 2025 decreased 8.2% to $35.3
million, or 4.72% of net sales, compared to $38.5 million, or 4.35%
of net sales, for the prior-year quarter.
Balance Sheet and Cash Flow
As of December 31, 2024, ScanSource had cash and cash
equivalents of $110.5 million and total debt of $139.9 million.
For the first six months of fiscal year 2025, ScanSource
generated $38.6 million of operating cash flow and $34.3 million of
free cash flow (non-GAAP). ScanSource also had share repurchases of
$52.3 million for the first six months of fiscal year 2025.
Annual Financial Outlook for Fiscal Year 2025
ScanSource reaffirms previously provided guidance set forth
below for the full fiscal year ended June 30, 2025.
FY25 Annual Outlook
Net sales
$3.1 billion to $3.5
billion
Adjusted EBITDA (non-GAAP)
$140 million to $160
million
Free cash flow (non-GAAP)
At least $70 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. Free cash flow is a
non-GAAP measure, which excludes the effect of estimated capital
expenditures from estimated operating cash flow. These measures are
forward-looking, and actual results may differ materially.
ScanSource believes that a quantitative reconciliation of such
forward-looking information to the most directly comparable GAAP
financial measures cannot be made without unreasonable efforts,
because a reconciliation of these non-GAAP financial measures would
require an estimate of future non-operating items such as
acquisitions and divestitures, restructuring costs, impairment
charges and other unusual or non-recurring items. Neither the
timing nor likelihood of these events, nor their probable
significance, can be quantified with a reasonable degree of
accuracy. Accordingly, a reconciliation of such forward-looking
information to the most directly comparable GAAP financial measures
is not provided.
Mike Baur Appointed to Additional Role of President
Effective January 27, 2025, ScanSource appointed Chair and Chief
Executive Officer Mike Baur to the additional role of President of
ScanSource.
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, January 30, 2025, 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 FY25 annual outlook, which involve risks and
uncertainties, many of which are beyond ScanSource's control. No
undue reliance should be placed on such statements, as 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 growth strategy, the ability for
ScanSource to realize the synergies or other benefits from
acquisitions, credit risks involving ScanSource's larger customers
and suppliers, changes in interest and exchange rates and
regulatory regimes impacting ScanSource's international operations,
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 and customers, 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, 2024. 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 otherwise.
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 items
such as amortization of intangible assets related to acquisitions,
acquisition and divestiture costs, gain on sale of business, and
restructuring costs and include 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.
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/loss on sale of business, restructuring costs, cyberattack
restoration costs, tax recovery, legal settlement, 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
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. ScanSource
believes this measure provides more information regarding liquidity
and capital resources. Free cash flow is defined as cash flows from
operating activities less capital expenditures.
Net debt: Net debt includes total balance sheet debt less cash
and cash equivalents. ScanSource believes this measure is useful in
assessing its borrowing capacity.
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 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, acquisition and divestiture costs, gain on sale of
business, restructuring costs, and other non-GAAP adjustments.
These metrics include the translation impact of changes in foreign
currency exchange rates. Non-GAAP metrics are useful in assessing
and understanding ScanSource's performance especially when
comparing results with previous periods or forecasting performance
for future periods.
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 channel
partners across hardware, software as a service (SaaS),
connectivity and cloud. ScanSource enables channel partners to
deliver solutions for their end customers to address changing
buying and consumption patterns. ScanSource uses multiple sales
models to offer hybrid distribution solutions from leading
suppliers of specialty technologies, connectivity and cloud.
Founded in 1992 and headquartered in Greenville, South Carolina,
ScanSource was named one of the 2024 Best Places to Work in South
Carolina and on FORTUNE magazine’s 2025 List of World’s Most
Admired Companies. ScanSource ranks #776 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)
December 31, 2024
June 30, 2024*
Assets
Current assets:
Cash and cash equivalents
$
110,520
$
185,460
Accounts receivable, less allowance of
$25,670 at December 31, 2024
and $20,684 at June 30, 2024
549,112
581,523
Inventories
491,978
512,634
Prepaid expenses and other current
assets
132,155
125,082
Total current assets
1,283,765
1,404,699
Property and equipment, net
30,152
33,501
Goodwill
227,932
206,301
Identifiable intangible assets, net
72,691
37,634
Deferred income taxes
17,541
19,902
Other non-current assets
70,448
76,995
Total assets
$
1,702,529
$
1,779,032
Liabilities and
Shareholders’ Equity
Current liabilities:
Accounts payable
$
520,408
$
587,984
Accrued expenses and other current
liabilities
70,985
65,616
Current portion of contingent
consideration
2,039
—
Income taxes payable
8,330
7,895
Current portion of long-term debt
7,861
7,857
Total current liabilities
609,623
669,352
Long-term debt, net of current portion
132,038
136,149
Borrowings under revolving credit
facility
—
50
Long-term portion of contingent
consideration
16,304
—
Other long-term liabilities
43,902
49,226
Total liabilities
801,867
854,777
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, 23,612,543 and 24,243,848 shares issued and
outstanding at December 31, 2024 and June 30, 2024,
respectively
—
26,370
Retained earnings
1,031,934
1,013,738
Accumulated other comprehensive loss
(131,272
)
(115,853
)
Total shareholders’ equity
900,662
924,255
Total liabilities and shareholders’
equity
$
1,702,529
$
1,779,032
*Derived from audited financial
statements.
ScanSource, Inc. and
Subsidiaries
Condensed Consolidated Income
Statements (Unaudited)
(in thousands, except per
share data)
Quarter ended December 31,
2024
Six months ended December
31,
2024
2023
2024
2023
Net sales
$
747,497
$
884,792
$
1,523,077
$
1,761,098
Cost of goods sold
645,774
784,044
1,319,735
1,553,842
Gross profit
101,723
100,748
203,342
207,256
Selling, general and administrative
expenses
73,920
66,921
145,626
142,356
Depreciation expense
2,902
2,964
5,759
5,759
Intangible amortization expense
5,001
4,037
9,359
8,230
Restructuring and other charges
313
—
5,381
—
Change in fair value of contingent
consideration
1,143
—
1,143
—
Operating income
18,444
26,826
36,074
50,911
Interest expense
1,970
3,359
4,078
8,945
Interest income
(2,693
)
(2,119
)
(5,352
)
(3,444
)
Loss (gain) on sale of business
—
(14,533
)
—
(14,533
)
Other (income) expense, net
(543
)
73
(5,325
)
750
Income before income taxes
19,710
40,046
42,673
59,193
Provision for income taxes
2,657
7,320
8,645
11,035
Net income
$
17,053
$
32,726
$
34,028
$
48,158
Per share data:
Net income per common share, basic
$
0.72
$
1.31
$
1.42
$
1.93
Weighted-average shares outstanding,
basic
23,806
25,035
23,976
24,961
Net income per common share, diluted
$
0.70
$
1.29
$
1.39
$
1.91
Weighted-average shares outstanding,
diluted
24,217
25,334
24,450
25,235
ScanSource, Inc. and
Subsidiaries
Condensed Consolidated
Statements of Cash Flows (Unaudited)
(in thousands)
Six months ended December
31,
2024
2023
Cash flows from operating activities:
Net income
$
34,028
$
48,158
Adjustments to reconcile net income to net
cash provided by (used in) operating activities:
Gain on sale of business
—
(14,533
)
Depreciation and amortization
15,603
14,475
Amortization of debt issue costs
193
193
Provision for doubtful accounts
5,925
4,472
Share-based compensation
5,492
5,340
Deferred income taxes
2,306
(1,703
)
Change in fair value of contingent
consideration
1,143
—
Finance lease interest
48
46
Changes in operating assets and
liabilities, net of acquisitions:
Accounts receivable
21,110
75,579
Inventories
16,316
182,168
Prepaid expenses and other assets
(380
)
(11,576
)
Other non-current assets
3,145
3,208
Accounts payable
(64,915
)
(135,138
)
Accrued expenses and other liabilities
(1,834
)
(7,678
)
Income taxes payable
462
(6,254
)
Net cash provided by (used in) operating
activities
38,642
156,757
Cash flows from investing activities:
Capital expenditures
(4,348
)
(4,865
)
Cash paid for business acquisitions, net
of cash acquired
(56,673
)
—
Proceeds from sale of business, net of
cash transferred
2,569
17,978
Net cash provided by (used in) investing
activities
(58,452
)
13,113
Cash flows from financing activities:
Borrowings on revolving credit
26,587
1,134,629
Repayments on revolving credit
(26,636
)
(1,292,729
)
Repayments on long-term debt, net
(4,107
)
(3,165
)
Borrowings (repayments) on finance lease
obligation
(547
)
(442
)
Exercise of stock options
9,489
4,309
Taxes paid on settlement of equity
awards
(4,805
)
(2,657
)
Common stock repurchased
(52,342
)
(1,251
)
Net cash (used in) provided by financing
activities
(52,361
)
(161,306
)
Effect of exchange rate changes on cash
and cash equivalents
(2,769
)
245
Increase in cash and cash equivalents
(74,940
)
8,809
Cash and cash equivalents at beginning of
period
185,460
36,178
Cash and cash equivalents at period
end
$
110,520
$
44,987
ScanSource, Inc. and
Subsidiaries
Supplementary Information
(Unaudited)
(in thousands, except
percentages)
Non-GAAP Financial
Information:
Quarter ended December
31,
2024
2023
Reconciliation of Net Income to
Adjusted EBITDA:
Net income (GAAP)
$
17,053
$
32,726
Plus: Interest expense
1,970
3,359
Plus: Income taxes
2,657
7,320
Plus: Depreciation and amortization
8,132
7,258
EBITDA (non-GAAP)
29,812
50,663
Plus: Change in fair value of contingent
consideration
1,143
—
Plus: Share-based compensation
3,021
2,571
Plus: Acquisition and divestiture
costs
151
703
Plus: Cyberattack restoration costs
30
441
Plus: Restructuring costs
313
—
Plus: Legal settlement
1,579
—
Plus: Tax recovery
(750
)
(1,386
)
Plus: Gain on sale of business
—
(14,533
)
Adjusted EBITDA (numerator for Adjusted
ROIC) (non-GAAP)
$
35,299
$
38,459
Invested Capital Calculations:
Equity – beginning of the period
$
920,893
$
915,253
Equity – end of the period
900,662
953,601
Plus: Change in fair value of contingent
consideration, net
861
—
Plus: Share-based compensation, net
2,271
1,919
Plus: Acquisition and divestiture
costs
151
703
Plus: Cyberattack restoration costs,
net
23
329
Plus: Restructuring costs, net
236
—
Plus: Legal settlement, net
1,189
—
Plus: Tax recovery, net
(2,560
)
(640
)
Plus: Gain on sale of business
—
(14,533
)
Average equity
911,863
928,316
Average funded debt (a)
142,143
227,688
Invested capital (denominator for Adjusted
ROIC) (non-GAAP)
$
1,054,006
$
1,156,004
Adjusted return on invested capital ratio
(Adjusted ROIC), annualized(b)
13.3
%
13.2
%
(a) Average funded debt is
calculated as the average daily amounts outstanding on short-term
and long-term interest-bearing debt.
(b) 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 92 days in the current
and prior-year quarter.
ScanSource, Inc. and
Subsidiaries
Supplementary Information
(Unaudited)
Net Sales by Segment:
Quarter ended December
31,
2024
2023
% Change
Specialty Technology Solutions:
(in thousands)
Net sales, reported
$
723,277
$
861,514
(16.0
)%
Foreign exchange impact (a)
10,723
—
Less: Divestitures
—
(1,737
)
Less: Acquisitions
(6,888
)
—
Non-GAAP net sales
$
727,112
$
859,777
(15.4
)%
Intelisys & Advisory:
Net sales, reported
$
24,220
$
23,278
4.0
%
Foreign exchange impact (a)
(5
)
—
Less: Acquisitions
(1,685
)
—
Non-GAAP net sales
$
22,530
$
23,278
(3.2
)%
Consolidated:
Net sales, reported
$
747,497
$
884,792
(15.5
)%
Foreign exchange impact (a)
10,718
—
Less: Divestitures
—
(1,737
)
Less: Acquisitions
(8,573
)
—
Non-GAAP net sales
$
749,642
$
883,055
(15.1
)%
(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 December 31, 2024 into U.S. dollars using the
average foreign exchange rates for the quarter ended December 31,
2023.
ScanSource, Inc. and
Subsidiaries
Supplementary Information
(Unaudited)
Net Sales by Revenue Type:
Quarter ended December
31,
2024
2023
% Change
(in thousands)
Revenue by product/service:
Products and services
$
711,235
$
857,154
(17.0
)%
Recurring revenue(a)
36,262
27,638
31.2
%
$
747,497
$
884,792
(15.5
)%
(a) Recurring revenue represents primarily
agency commissions, SaaS, subscriptions, and hardware rentals.
ScanSource, Inc. and
Subsidiaries
Supplementary Information
(Unaudited)
Net Sales by Geography:
Quarter ended December
31,
2024
2023
% Change
United States and Canada:
(in thousands)
Net sales, as reported
$
687,111
$
795,382
(13.6
)%
Less: Acquisitions
(8,573
)
—
Non-GAAP net sales
$
678,538
$
795,382
(14.7
)%
Brazil:
Net sales, reported(a)
$
60,386
$
89,410
(32.5
)%
Foreign exchange impact(b)
10,718
—
Less: Divestitures
—
(1,737
)
Non-GAAP net sales
$
71,104
$
87,673
(18.9
)%
Consolidated:
Net sales, reported
$
747,497
$
884,792
(15.5
)%
Foreign exchange impact(b)
10,718
—
Less: Divestitures
—
(1,737
)
Less: Acquisitions
(8,573
)
—
Non-GAAP net sales
$
749,642
$
883,055
(15.1
)%
(a) Countries outside of the United
States, Canada and Brazil represent $0.1 million, or 0.2% of sales,
for the quarter ended December 31, 2024 and $1.8 million, or 2.0%
of sales, for the quarter ended December 31, 2023.
(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 December 31, 2024 into U.S. dollars using the average
foreign exchange rates for the quarter ended December 31, 2023.
Free Cash Flow:
Quarter ended December
31,
Six months ended December
31,
2024
2023
2024
2023
GAAP operating cash flow
$
(6,190
)
$
63,224
$
38,642
$
156,757
Less: Capital expenditures
(1,974
)
(2,549
)
(4,348
)
(4,865
)
Free cash flow (non-GAAP)
$
(8,164
)
$
60,675
$
34,294
$
151,892
ScanSource, Inc. and
Subsidiaries
Supplementary Information
(Unaudited)
(in thousands, except per
share data)
Reconciliation of Other Non-GAAP
Financial Information:
Quarter ended December 31,
2024
GAAP Measure
Intangible amortization
expense
Change in fair value of
contingent consideration
Acquisition & divestiture
costs (a)
Restructuring costs
Tax recovery
Cyberattack restoration
costs
Legal Settlement
Non-GAAP measure
(in thousands, except per
share data)
SG&A expenses
$73,920
$—
$—
$(151)
$—
$750
$(30)
$(1,579)
$72,910
Operating income
18,444
5,001
1,143
151
313
(750)
30
1,579
25,911
Pre-tax income
19,710
5,001
1,143
151
313
(750)
30
1,579
27,177
Net income
17,053
3,745
861
151
236
(2,560)
23
1,189
20,698
Diluted EPS
$0.70
$0.15
$0.04
$0.01
$0.01
$(0.11)
$—
$0.05
$0.85
Quarter ended December 31,
2023
GAAP Measure
Intangible amortization
expense
Change in fair value of
contingent consideration
Acquisition & divestiture
costs (a)
Restructuring costs
Tax recovery
Cyberattack restoration
costs
Gain on sale of business
(b)
Non-GAAP measure
(in thousands, except per
share data)
SG&A expense
$66,921
$—
$—
$(703)
$—
$1,386
$(441)
$—
$67,163
Operating income
26,826
4,037
—
703
—
(1,386)
441
—
30,621
Pre-tax income
40,046
4,037
—
703
—
(1,386)
441
(14,533)
29,308
Net income
32,726
3,002
—
703
—
(640)
329
(14,533)
21,587
Diluted EPS
$1.29
$0.12
$—
$0.03
$—
$(0.03)
$0.01
$(0.57)
$0.85
(a) Acquisition and divestiture costs for
the quarters ended December 31, 2024 and December 31, 2023 are
generally nondeductible for tax purposes.
(b) Reflects gain on the sale of 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250130060122/en/
Steve Jones Senior EVP, Chief Financial Officer ScanSource, Inc.
(864) 286-4302 Mary M. Gentry SVP, Finance and Treasurer
ScanSource, Inc. (864) 286-4892
ScanSource (NASDAQ:SCSC)
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