10-Q Filing

SCANSOURCE, INC. CIK: 918965 Q1 2024

Filing Information

Form Type	10-Q
Accession Number	`0000918965-23-000032`
Period End Date	20230930
Filing Date	20231109
Fiscal Year	2024
Fiscal Period	Q1
XBRL Instance	scsc-20230930_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`	$19.57M	USD	Point-in-time
Allowance for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$15.48M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$42.65M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$36.18M	USD	Point-in-time
Accounts receivable, less allowance of $19,570 at September 30, 2023 and $15,480 at June 30, 2023	`AccountsReceivableNetCurrent`	$691.67M	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 $19,570 at September 30, 2023 and $15,480 at June 30, 2023	`AccountsReceivableNetCurrent`	$753.24M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventories	`InventoryNet`	$757.57M	USD	Point-in-time
Inventories	`InventoryNet`	$656.17M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$116.95M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$110.09M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	45.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	45.00M	shares	Point-in-time
Common stock, share issued (in shares)	`CommonStockSharesIssued`	24.96M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.66B	USD	Point-in-time
Common stock, share issued (in shares)	`CommonStockSharesIssued`	24.84M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.51B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$37.38M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	24.96M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$36.74M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	24.84M	shares	Point-in-time
Goodwill	`Goodwill`	$216.71M	USD	Point-in-time
Goodwill	`Goodwill`	$215.15M	USD	Point-in-time
Identifiable intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$63.67M	USD	Point-in-time
Identifiable intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$68.50M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$16.42M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$17.76M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$59.11M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$70.75M	USD	Point-in-time
Total assets	`Assets`	$2.07B	USD	Point-in-time
Total assets	`Assets`	$1.90B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$691.12M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$617.59M	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherLiabilitiesCurrent`	$67.14M	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherLiabilitiesCurrent`	$78.89M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$8.11M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$9.88M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$8.21M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$6.92M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$786.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$701.05M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$3.82M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$3.68M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$144.01M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$141.77M	USD	Point-in-time
Borrowings under revolving credit facility	`LineOfCredit`	$178.98M	USD	Point-in-time
Borrowings under revolving credit facility	`LineOfCredit`	$98.12M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$38.66M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$49.27M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.16B	USD	Point-in-time
Total liabilities	`Liabilities`	$983.28M	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, 24,960,231 and 24,844,203 shares issued and outstanding at September 30, 2023 and June 30, 2023, respectively	`CommonStockValue`	$58.24M	USD	Point-in-time
Common stock, no par value; 45,000,000 shares authorized, 24,960,231 and 24,844,203 shares issued and outstanding at September 30, 2023 and June 30, 2023, respectively	`CommonStockValue`	$59.50M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$936.68M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$952.11M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-89.62M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-96.36M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$806.53M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$905.30M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$827.00M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$915.25M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$1.90B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$2.07B	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$876.30M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$943.81M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$830.33M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$769.80M	USD	1 Quarter
Gross profit	`GrossProfit`	$106.51M	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`	$75.44M	USD	1 Quarter
Depreciation expense	`DepreciationNonproduction`	$2.79M	USD	1 Quarter
Depreciation expense	`DepreciationNonproduction`	$2.76M	USD	1 Quarter
Intangible amortization expense	`AmortizationOfIntangibleAssets`	$4.24M	USD	1 Quarter
Intangible amortization expense	`AmortizationOfIntangibleAssets`	$4.19M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$34.89M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$24.08M	USD	1 Quarter
Interest expense	`InterestExpense`	$5.58M	USD	1 Quarter
Interest expense	`InterestExpense`	$3.45M	USD	1 Quarter
Interest income	`InterestIncomeOther`	$1.32M	USD	1 Quarter
Interest income	`InterestIncomeOther`	$1.59M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-677.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-746.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$32.28M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$19.15M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$3.71M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$8.24M	USD	1 Quarter
Net income	`NetIncomeLoss`	$24.04M	USD	1 Quarter
Net income	`NetIncomeLoss`	$15.43M	USD	1 Quarter
Net income per common share, basic (in dollars per share)	`EarningsPerShareBasic`	$0.62	USD	1 Quarter
Net income per common share, basic (in dollars per share)	`EarningsPerShareBasic`	$0.95	USD	1 Quarter
Weighted-average shares outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	25.20M	shares	1 Quarter
Weighted-average shares outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	24.89M	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`	$0.61	USD	1 Quarter
Weighted-average shares outstanding, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	25.45M	shares	1 Quarter
Weighted-average shares outstanding, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	25.18M	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`	$15.43M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$7.23M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$7.22M	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$289.00K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$96.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$4.16M	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$125.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$2.77M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$2.32M	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-2.27M	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-1.30M	USD	1 Quarter
Finance lease interest	`FinanceLeaseInterestExpense`	$2.00K	USD	1 Quarter
Finance lease interest	`FinanceLeaseInterestExpense`	$15.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-53.28M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$18.80M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$62.19M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-99.63M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInOtherCurrentAssets`	$-14.69M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInOtherCurrentAssets`	$7.74M	USD	1 Quarter
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$9.47M	USD	1 Quarter
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-11.23M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.05M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-70.29M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-13.17M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-21.76M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-1.80M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$5.26M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$93.53M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-48.46M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$684.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$2.31M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.31M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-684.00K	USD	1 Quarter
Borrowings on revolving credit, net of expenses	`ProceedsFromLongTermLinesOfCredit`	$588.57M	USD	1 Quarter
Borrowings on revolving credit, net of expenses	`ProceedsFromLongTermLinesOfCredit`	$579.01M	USD	1 Quarter
Repayments on revolving credit, net of expenses	`RepaymentsOfLongTermLinesOfCredit`	$669.42M	USD	1 Quarter
Repayments on revolving credit, net of expenses	`RepaymentsOfLongTermLinesOfCredit`	$542.15M	USD	1 Quarter
(Repayments) borrowings on long-term debt, net	`ProceedsFromRepaymentsOfOtherLongTermDebt`	$18.40M	USD	1 Quarter
(Repayments) borrowings on long-term debt, net	`ProceedsFromRepaymentsOfOtherLongTermDebt`	$-938.00K	USD	1 Quarter
Repayments on finance lease obligation	`FinanceLeasePrincipalPayments`	$191.00K	USD	1 Quarter
Repayments on finance lease obligation	`FinanceLeasePrincipalPayments`	$303.00K	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`	$72.00K	USD	1 Quarter
Taxes paid on settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.58M	USD	1 Quarter
Taxes paid on settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$596.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-83.49M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$52.97M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-1.26M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-1.34M	USD	1 Quarter
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.48M	USD	1 Quarter
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$6.47M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$40.47M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$42.65M	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`	$36.18M	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`	$42.65M	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`	$36.18M	USD	Point-in-time

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$806.53M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$905.30M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$827.00M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$915.25M	USD	Point-in-time
Net income	`NetIncomeLoss`	$24.04M	USD	1 Quarter
Net income	`NetIncomeLoss`	$15.43M	USD	1 Quarter
Unrealized gain on hedged transaction, net of tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent`	$153.00K	USD	1 Quarter
Unrealized gain on hedged transaction, net of tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent`	$1.88M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-6.89M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-7.22M	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`	$-1.51M	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.77M	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.36M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$806.53M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$905.30M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$827.00M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$915.25M	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`	$15.43M	USD	1 Quarter
Unrealized gain on hedged transaction, net of tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent`	$153.00K	USD	1 Quarter
Unrealized gain on hedged transaction, net of tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent`	$1.88M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-6.89M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-7.22M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$8.70M	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.