10-Q Filing

SCANSOURCE, INC. CIK: 918965 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000918965-22-000026`
Period End Date	20220930
Filing Date	20221108
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	scsc-20220930_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 34 Cash Flow Statement 62 Stockholders Equity 18 Comprehensive Income 8

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Allowance for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$16.81M	USD	Point-in-time
Allowance for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$13.94M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$40.47M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$37.99M	USD	Point-in-time
Accounts receivable, less allowance of $13,942 at September 30, 2022 and $16,806 at June 30, 2022	`AccountsReceivableNetCurrent`	$729.44M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	3.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	3.00M	shares	Point-in-time
Accounts receivable, less allowance of $13,942 at September 30, 2022 and $16,806 at June 30, 2022	`AccountsReceivableNetCurrent`	$744.95M	USD	Point-in-time
Inventories	`InventoryNet`	$614.81M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventories	`InventoryNet`	$675.80M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$141.56M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	45.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$126.48M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	45.00M	shares	Point-in-time
Common stock, share issued (in shares)	`CommonStockSharesIssued`	25.19M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.52B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.59B	USD	Point-in-time
Common stock, share issued (in shares)	`CommonStockSharesIssued`	25.23M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	25.19M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	25.23M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$36.85M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$37.48M	USD	Point-in-time
Goodwill	`Goodwill`	$214.44M	USD	Point-in-time
Goodwill	`Goodwill`	$211.74M	USD	Point-in-time
Identifiable intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$78.72M	USD	Point-in-time
Identifiable intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$84.43M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$13.38M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$15.67M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$61.62M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$71.92M	USD	Point-in-time
Total assets	`Assets`	$2.00B	USD	Point-in-time
Total assets	`Assets`	$1.94B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$710.92M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$714.18M	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherLiabilitiesCurrent`	$88.45M	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherLiabilitiesCurrent`	$73.76M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$5.27M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$34.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$4.10M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$11.60M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$794.05M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$814.26M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$3.14M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$2.88M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$123.73M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$149.63M	USD	Point-in-time
Borrowings under revolving credit facility	`LineOfCredit`	$135.84M	USD	Point-in-time
Borrowings under revolving credit facility	`LineOfCredit`	$172.70M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$54.04M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$53.92M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.13B	USD	Point-in-time
Total liabilities	`Liabilities`	$1.17B	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, no par value; 3,000,000 shares authorized, none issued	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, no par value; 3,000,000 shares authorized, none issued	`PreferredStockValue`	-	USD	Point-in-time
Common stock, no par value; 45,000,000 shares authorized, 25,225,902 and 25,187,351 shares issued and outstanding at September 30, 2022 and June 30, 2022, respectively	`CommonStockValue`	$66.07M	USD	Point-in-time
Common stock, no par value; 45,000,000 shares authorized, 25,225,902 and 25,187,351 shares issued and outstanding at September 30, 2022 and June 30, 2022, respectively	`CommonStockValue`	$64.30M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$870.91M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$846.87M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-104.64M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-109.98M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$746.09M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$827.00M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$806.53M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$731.19M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$2.00B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$1.94B	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$943.81M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$857.58M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$756.01M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$830.33M	USD	1 Quarter
Gross profit	`GrossProfit`	$101.57M	USD	1 Quarter
Gross profit	`GrossProfit`	$113.48M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$71.59M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$63.85M	USD	1 Quarter
Depreciation expense	`DepreciationNonproduction`	$2.88M	USD	1 Quarter
Depreciation expense	`DepreciationNonproduction`	$2.76M	USD	1 Quarter
Intangible amortization expense	`AmortizationOfIntangibleAssets`	$4.51M	USD	1 Quarter
Intangible amortization expense	`AmortizationOfIntangibleAssets`	$4.24M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$34.89M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$30.33M	USD	1 Quarter
Interest expense	`InterestExpense`	$3.45M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.66M	USD	1 Quarter
Interest income	`InterestIncomeOther`	$1.59M	USD	1 Quarter
Interest income	`InterestIncomeOther`	$1.03M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-746.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-263.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$32.28M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$29.43M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$8.24M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$7.36M	USD	1 Quarter
Net income	`NetIncomeLoss`	$24.04M	USD	1 Quarter
Net income	`NetIncomeLoss`	$22.07M	USD	1 Quarter
Net income per common share, basic (in dollars per share)	`EarningsPerShareBasic`	$0.95	USD	1 Quarter
Net income per common share, basic (in dollars per share)	`EarningsPerShareBasic`	$0.87	USD	1 Quarter
Weighted-average shares outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	25.51M	shares	1 Quarter
Weighted-average shares outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	25.20M	shares	1 Quarter
Net income per common share, diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.94	USD	1 Quarter
Net income per common share, diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.86	USD	1 Quarter
Weighted-average shares outstanding, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	25.45M	shares	1 Quarter
Weighted-average shares outstanding, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	25.70M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$24.04M	USD	1 Quarter
Net income	`NetIncomeLoss`	$22.07M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$7.23M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$7.65M	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$104.00K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$289.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$125.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-1.03M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$2.57M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$2.32M	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$183.00K	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-2.27M	USD	1 Quarter
Finance lease interest	`FinanceLeaseInterestExpense`	$17.00K	USD	1 Quarter
Finance lease interest	`FinanceLeaseInterestExpense`	$2.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$18.80M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$26.71M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$25.88M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$62.19M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInOtherCurrentAssets`	$1.17M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInOtherCurrentAssets`	$-14.69M	USD	1 Quarter
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$9.47M	USD	1 Quarter
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-691.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.05M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-26.96M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-14.68M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-13.17M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$5.26M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$6.56M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-56.96M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-48.46M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$1.09M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$1.76M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.76M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.09M	USD	1 Quarter
Borrowings on revolving credit, net of expenses	`ProceedsFromLongTermLinesOfCredit`	$526.64M	USD	1 Quarter
Borrowings on revolving credit, net of expenses	`ProceedsFromLongTermLinesOfCredit`	$579.01M	USD	1 Quarter
Repayments on revolving credit, net of expenses	`RepaymentsOfLongTermLinesOfCredit`	$470.24M	USD	1 Quarter
Repayments on revolving credit, net of expenses	`RepaymentsOfLongTermLinesOfCredit`	$542.15M	USD	1 Quarter
Borrowings (repayments) on long-term debt, net	`ProceedsFromRepaymentsOfOtherLongTermDebt`	$18.40M	USD	1 Quarter
Borrowings (repayments) on long-term debt, net	`ProceedsFromRepaymentsOfOtherLongTermDebt`	$-2.22M	USD	1 Quarter
Finance lease obligations	`FinanceLeasePrincipalPayments`	$316.00K	USD	1 Quarter
Finance lease obligations	`FinanceLeasePrincipalPayments`	$-771.00K	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$1.41M	USD	1 Quarter
Exercise of stock options	`ProceedsFromStockOptionsExercised`	$10.00K	USD	1 Quarter
Exercise of stock options	`ProceedsFromStockOptionsExercised`	$994.00K	USD	1 Quarter
Taxes paid on settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$596.00K	USD	1 Quarter
Taxes paid on settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$54.04M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$54.86M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-4.04M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-1.34M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-7.23M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.48M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$55.49M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$40.47M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$37.99M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$62.72M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$55.49M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$40.47M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$37.99M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$62.72M	USD	Point-in-time

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$746.09M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$827.00M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$806.53M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$731.19M	USD	Point-in-time
Net income	`NetIncomeLoss`	$24.04M	USD	1 Quarter
Net income	`NetIncomeLoss`	$22.07M	USD	1 Quarter
Unrealized gain on hedged transaction, net of tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent`	$1.88M	USD	1 Quarter
Unrealized gain on hedged transaction, net of tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent`	$413.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-7.22M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-11.15M	USD	1 Quarter
Exercise of stock options and shares issued under share-based compensation plans, net of shares withheld for employee taxes	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-586.00K	USD	1 Quarter
Exercise of stock options and shares issued under share-based compensation plans, net of shares withheld for employee taxes	`StockIssuedDuringPeriodValueShareBasedCompensation`	$994.00K	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.36M	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.57M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$746.09M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$827.00M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$806.53M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$731.19M	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$24.04M	USD	1 Quarter
Net income	`NetIncomeLoss`	$22.07M	USD	1 Quarter
Unrealized gain on hedged transaction, net of tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent`	$1.88M	USD	1 Quarter
Unrealized gain on hedged transaction, net of tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent`	$413.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-7.22M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-11.15M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$11.34M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$18.70M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.