SCANSOURCE, INC. Fiscal Third Quarter
2024 Earnings
While hardware sales were lower than we expected, our resilient business model delivered strong margins and robust free cash flow. Our strong balance sheet gives us the capacity and flexibility to execute our disciplined capital allocation plans."
Mike Baur
Chair and CEO, ScanSource, Inc.
Key Highlights
Achieved Strong | Strong Margins Reflect | Agency Channel |
Cash Flow in Q3 | Strength of Business | Opportunity is |
and YTD | Fundamentals | Compelling |
Softer Demand Across Technologies
Consolidated
Net Sales -15% Y/Y
$753M
Gross Profit
-15% Y/Y
$94M, 12.6% margin
Specialty Technology
Solutions Segment
STS, Net Sales
-14% Y/Y
$484M
STS, Gross Profit
-22% Y/Y
$45M, 9.3% margin
Modern Communications
& Cloud Segment
MC&C, Net Sales
-16% Y/Y
$269M
MC&C, Gross Profit
-9% Y/Y
$49M, 18.4% margin
© ScanSource 2024
Third Quarter Operating Metrics
$.50 per share
GAAP Diluted EPS
-40% Y/Y
$0.69 per share
Non-GAAP Diluted EPS*
-28% Y/Y
$33.1M, -28%Y/Y
Adjusted EBITDA*
4.40%
Adjusted EBITDA Margin*
-0.1x
Net Debt to
TTM Adjusted EBITDA*
$160M QTR
Operating Cash Flow
$158M QTR
Free Cash Flow*
12.1%
Adjusted ROIC*
$20M in Q3 share repurchases
Fiscal Year 2024 Annual Outlook updated May 7, 2024
Net Sales
At least $3.3 billion
Adjusted EBITDA*
At least $140 million
Free Cash Flow*
At least $275 million
Focus on Working Capital Efficiency Improvements
Mid-TermGoals Mid-term:3-to-4-year time frame
Net Sales Growth | Adjusted EBITDA | Adjusted | Recurring Revenue |
per year | Margin* | ROIC* | as % of Gross Profits |
5%-7.5% | 4.5%-5% | Mid | Building |
Teens | to 30%+** | ||
- Non-GAAPmeasure; adjusted ROIC represents return on invested capital
- Accelerate organic growth with strategic acquisitions
For further financial data, non-GAAP financial disclosures and cautionary language regarding forward-looking statements, please refer to the following pages and ScanSource's third quarter fiscal year 2024 news release issued on May 7, 2024, which accompanies this presentation and is available at www.scansource.com in the Investor Relations section.
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© ScanSource 2024
Forward-Looking Statements
This Earnings Infographic and supporting materials contain certain comments that are "forward- looking" statements, including statements about our FY24 outlook, mid-term goals, growth opportunities and our operating strategies that involve plans, strategies, economic performance and trends, projections, expectations, costs or beliefs about future events and other statements that are not descriptions of historical facts. Forward-looking information is inherently subject to risks and uncertainties.
Any number of factors could cause actual results to differ materially from anticipated or forecasted results, including but not limited to, the following factors, which are neither presented in order of importance nor weighted: macroeconomic conditions, including potential prolonged economic weakness, inflation, the failure to manage and implement our organic growth strategy, credit risks involving our larger customers and suppliers, changes in interest and exchange rates and regulatory regimes impacting our international operations, economic weakness and inflation, risk to our business from a cyberattack, a failure of our IT systems, failure to hire and retain quality employees, loss of our major customers, relationships with our key suppliers and customers or a termination or a modification of the terms under which we operate with these key suppliers and customers, changes in our operating strategy, and other factors set forth in the "Risk Factors" contained in our annual report on Form 10-K for the year ended June 30, 2023, and subsequent reports on Form 10-Q, filed with the Securities and Exchange Commission.
Although ScanSource believes the expectations in its forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement. ScanSource disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by law.
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 measures, including non-GAAP operating income, non-GAAP operating income margin, non-GAAP net income, non-GAAP diluted EPS, non-GAAP SG&A expenses, adjusted EBITDA, adjusted EBITDA margin, net debt, adjusted ROIC, free cash flow and net sales in constant currency excluding acquisitions and divestitures (organic growth). A reconciliation of the Company's non-GAAP financial information to GAAP financial information is provided in the following supporting materials and in the Company's Form 8-K, filed with the SEC, with the quarterly earnings press release for the period indicated.
ScanSource discloses forward-looking information that is not presented in accordance with GAAP with respect to adjusted EBITDA margin and adjusted ROIC. ScanSource believes that a quantitative reconciliation of such forward-looking information to the most directly comparable GAAP financial measure 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 measure is not provided.
3
ScanSource, Inc.
Earnings Infographic
Q3 FY2024
SUPPORTING MATERIALS AND RECONCILIATIONS FOR NON-GAAP FINANCIAL INFORMATION
Consolidated, 5-Quarter Financial Summary
($ in thousands, except per share data) | ||||||||||||||||||
Q3 FY24 | Q2 FY24 | Q1 FY24 | Q4 FY23 | Q3 FY23 | Q/Q | Y/Y | ||||||||||||
Select reported GAAP measures: | ||||||||||||||||||
Net sales | $ | 752,599 | $ | 884,792 | $ | 876,305 | $ | 947,149 | $ | 885,519 | (15)% | (15)% | ||||||
Gross profit | $ | 94,481 | $ | 100,748 | $ | 106,508 | $ | 108,659 | $ | 111,762 | (6)% | (15)% | ||||||
Gross profit margin % | 12.6 % | 11.4 % | 12.2 % | 11.5 % | 12.6 % | 117 bp | (7) bp | |||||||||||
SG&A expenses | $ | 66,574 | $ | 66,921 | $ | 75,436 | $ | 74,358 | $ | 70,669 | (1)% | (6)% | ||||||
Operating income | $ | 17,542 | $ | 26,826 | $ | 24,084 | $ | 27,289 | $ | 34,279 | (35)% | (49)% | ||||||
Operating income margin % | 2.33 % | 3.03 % | 2.75 % | 2.88 % | 3.87 % | (70) bp | (154) bp | |||||||||||
Net income | $ | 12,806 | $ | 32,726 | $ | 15,432 | $ | 17,095 | $ | 21,221 | (61)% | (40)% | ||||||
Diluted EPS | $ | 0.50 | $ | 1.29 | $ | 0.61 | $ | 0.68 | $ | 0.83 | (61)% | (40)% | ||||||
Select reported Non-GAAP measures: (a) | ||||||||||||||||||
Non-GAAP operating income | $ | 25,306 | $ | 30,621 | $ | 28,478 | $ | 32,806 | $ | 38,449 | (17)% | (34)% | ||||||
Non-GAAP operating income margin % | 3.36 % | 3.46 % | 3.25 % | 3.46 % | 4.34 % | (10) bp | (98) bp | |||||||||||
Non-GAAP net income | $ | 17,461 | $ | 21,587 | $ | 18,728 | $ | 19,213 | $ | 24,330 | (19)% | (28)% | ||||||
Non-GAAP diluted EPS | $ | 0.69 | $ | 0.85 | $ | 0.74 | $ | 0.76 | $ | 0.96 | (19)% | (28)% | ||||||
Adjusted EBITDA | $ | 33,095 | $ | 38,459 | $ | 34,919 | $ | 40,199 | $ | 45,656 | (14)% | (28)% | ||||||
Adjusted EBITDA margin % | 4.40 % | 4.35 % | 3.98 % | 4.24 % | 5.16 % | 5 bp | (76) bp | |||||||||||
Adjusted ROIC | 12.1 % | 13.2 % | 11.1 % | 12.9 % | 14.6 % | (110) bp | (250) bp | |||||||||||
Operating cash flow (QTR) | $ | 160,152 | $ | 63,224 | $ | 93,533 | $ | 54,837 | $ | 54,837 | ||||||||
Less: Capital expenditures | $ | (2,420) | $ | (2,549) | $ | (2,315) | $ | (3,431) | $ | (2,286) | ||||||||
Free cash flow (QTR) (Non-GAAP) | $ | 157,732 | $ | 60,675 | $ | 91,218 | $ | 51,406 | $ | 52,551 | ||||||||
Free cash flow (TTM) (Non-GAAP) | $ | 361,031 | $ | 255,850 | $ | 95,688 | $ | (44,673) | $ | (108,189) |
- See pages 11 through 12 for the calculation of non-GAAP measures and reconciliations to GAAP measures.
scansource.com | 4 | May 7, 2024 |
ScanSource, Inc.
Earnings Infographic
Q3 FY2024
SUPPORTING MATERIALS AND RECONCILIATIONS FOR NON-GAAP FINANCIAL INFORMATION
Specialty Technology Solutions, 5-Quarter Financial Summary
($ in thousands) | ||||||||||||||||||
Q3 FY24 | Q2 FY24 | Q1 FY24 | Q4 FY23 | Q3 FY23 | Q/Q | Y/Y | ||||||||||||
Net sales | $ | 483,704 | $ | 520,651 | $ | 509,570 | $ | 561,501 | $ | 565,652 | (7)% | (14)% | ||||||
Gross profit | $ | 45,077 | $ | 47,133 | $ | 49,183 | $ | 51,440 | $ | 57,664 | (4)% | (22)% | ||||||
Gross profit margin % | 9.3 % | 9.1 % | 9.7 % | 9.2 % | 10.2 % | 27 bp | (88) bp | |||||||||||
GAAP operating income | $ | 9,080 | $ | 13,368 | $ | 11,872 | $ | 14,343 | $ | 19,811 | (32)% | (54)% | ||||||
GAAP operating income % | 1.88 % | 2.57 % | 2.33 % | 2.55 % | 3.50 % | (69) bp | (163) bp | |||||||||||
Add: Intangible amortization expense | $ | 1,261 | $ | 1,261 | $ | 1,261 | $ | 1,261 | $ | 1,266 | ||||||||
Non-GAAP operating income | $ | 10,341 | $ | 14,629 | $ | 13,133 | $ | 15,604 | $ | 21,077 | (29)% | (51)% | ||||||
Non-GAAP operating income % | 2.14 % | 2.81 % | 2.58 % | 2.78 % | 3.73 % | (67) bp | (159) bp | |||||||||||
Reconciliation of Operating Income to | ||||||||||||||||||
Adjusted EBITDA | ||||||||||||||||||
GAAP operating income | $ | 9,080 | $ | 13,368 | $ | 11,872 | $ | 14,343 | $ | 19,811 | (32)% | (54)% | ||||||
Plus: | ||||||||||||||||||
Depreciation expense | 1,953 | 2,144 | 1,931 | 1,954 | 1,862 | |||||||||||||
Intangible amortization expense | 1,261 | 1,261 | 1,261 | 1,261 | 1,266 | |||||||||||||
Interest income | 1,096 | 709 | 164 | 776 | 354 | |||||||||||||
Other income/(expense), net | (57) | 135 | (132) | (40) | (54) | |||||||||||||
EBITDA | 13,333 | 17,617 | 15,096 | 18,294 | 23,239 | (24)% | (43)% | |||||||||||
Adjustments: | ||||||||||||||||||
Share-based compensation expense | 1,421 | 1,657 | 1,512 | 1,586 | 1,867 | (14)% | (24)% | |||||||||||
Adjusted EBITDA (non-GAAP) | $ | 14,754 | $ | 19,274 | $ | 16,608 | $ | 19,880 | $ | 25,106 | (23)% | (41)% | ||||||
Adjusted EBITDA (non-GAAP) % | 3.05 % | 3.70 % | 3.26 % | 3.54 % | 4.44 % | (65) bp | (139) bp |
scansource.com | 5 | May 7, 2024 |
ScanSource, Inc.
Earnings Infographic
Q3 FY2024
SUPPORTING MATERIALS AND RECONCILIATIONS FOR NON-GAAP FINANCIAL INFORMATION
Modern Communications & Cloud, 5-Quarter Financial Summary
($ in thousands) | ||||||||||||||||||
Q3 FY24 | Q2 FY24 | Q1 FY24 | Q4 FY23 | Q3 FY23 | Q/Q | Y/Y | ||||||||||||
Net sales | $ | 268,895 | $ | 364,141 | $ | 366,735 | $ | 385,648 | $ | 319,867 | (26)% | (16)% | ||||||
Gross profit | $ | 49,404 | $ | 53,615 | $ | 57,235 | $ | 57,219 | $ | 54,098 | (8)% | (9)% | ||||||
Gross profit margin % | 18.4 % | 14.7 % | 15.6 % | 14.8 % | 16.9 % | 370 bp | 150 bp | |||||||||||
GAAP operating income | $ | 12,989 | $ | 14,602 | $ | 12,413 | $ | 14,406 | $ | 14,468 | (11)% | (10)% | ||||||
GAAP operating income % | 4.83 % | 4.01 % | 3.38 % | 3.74 % | 4.52 % | 82 bp | 31 bp | |||||||||||
Add: Intangible amortization expense | $ | 2,491 | $ | 2,776 | $ | 2,932 | $ | 2,924 | $ | 2,904 | ||||||||
Add: Tax recovery(a) | $ | (515) | $ | (1,386) | $ | - | $ | (128) | $ | - | ||||||||
Non-GAAP operating income | $ | 14,965 | $ | 15,992 | $ | 15,345 | $ | 17,202 | $ | 17,372 | (6)% | (14)% | ||||||
Non-GAAP operating income % | 5.57 % | 4.39 % | 4.18 % | 4.46 % | 5.43 % | 120 bp | 20 bp | |||||||||||
Reconciliation of Operating Income to | ||||||||||||||||||
Adjusted EBITDA | ||||||||||||||||||
GAAP operating income | $ | 12,989 | $ | 14,602 | $ | 12,413 | $ | 14,406 | $ | 14,468 | (11)% | (10)% | ||||||
Plus: | ||||||||||||||||||
Depreciation expense | 1,037 | 1,077 | 1,093 | 1,117 | 1,042 | |||||||||||||
Intangible amortization expense | 2,491 | 2,776 | 2,932 | 2,924 | 2,904 | |||||||||||||
Interest income | 1,557 | 1,409 | 1,161 | 1,309 | 1,356 | |||||||||||||
Other income/(expense), net | (402) | 14,325 | (549) | (309) | (307) | |||||||||||||
EBITDA | 17,672 | 34,189 | 17,050 | 19,447 | 19,463 | (48)% | (9)% | |||||||||||
Adjustments: | ||||||||||||||||||
Share-based compensation expense | 968 | 914 | 1,258 | 1,000 | 1,087 | |||||||||||||
Tax recovery(a) | (515) | (1,386) | - | (128) | - | |||||||||||||
Gain on disposal of a business | 219 | (14,533) | - | - | - | |||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 18,344 | $ | 19,184 | $ | 18,308 | $ | 20,319 | $ | 20,550 | (4)% | (11)% | ||||||
Adjusted EBITDA (non-GAAP) % | 6.82 % | 5.27 % | 4.99 % | 5.27 % | 6.42 % | 155 bp | 40 bp |
- Recovery of prior period withholding taxes in Brazil
scansource.com | 6 | May 7, 2024 |
ScanSource, Inc.
Earnings Infographic
Q3 FY2024
SUPPORTING MATERIALS AND RECONCILIATIONS FOR NON-GAAP FINANCIAL INFORMATION
Net Sales, Constant Currency Excluding Acquisitions and Divestitures (Organic Growth) - QTR
($ in thousands)
Net Sales by Segment:
Q3 FY24 | Q3 FY23 | % Change | |||||
Specialty Technology Solutions: | |||||||
Net sales, as reported | $ | 483,704 | $ | 565,652 | (14.5)% | ||
Foreign exchange impact (a) | (620) | - | |||||
Net sales, constant currency excluding divestitures (non-GAAP) | $ | 483,084 | $ | 565,652 | (14.6)% | ||
Modern Communications & Cloud: | |||||||
Net sales, as reported | $ | 268,895 | $ | 319,867 | (15.9)% | ||
Foreign exchange impact (a) | (3,177) | - | |||||
Less: Divestitures | - | (2,530) | |||||
Net sales, constant currency excluding divestitures (non-GAAP) | $ | 265,718 | $ | 317,337 | (16.3)% | ||
Consolidated: | |||||||
Net sales, as reported | $ | 752,599 | $ | 885,519 | (15.0)% | ||
Foreign exchange impact (a) | (3,797) | - | |||||
Less: Divestitures | - | (2,530) | |||||
Net sales, constant currency excluding divestitures (non-GAAP) | $ | 748,802 | $ | 882,989 | (15.2)% | ||
Net Sales by Geography: | |||||||
Q3 FY24 | Q3 FY23 | % Change | |||||
United States and Canada: | |||||||
Net sales, as reported | $ | 671,246 | $ | 808,797 | (17.0)% | ||
International: | |||||||
Net sales, as reported | $ | 81,353 | $ | 76,722 | 6.0 % | ||
Foreign exchange impact (a) | (3,797) | - | |||||
Less: Divestitures | $ | - | $ | (2,530) | |||
Net sales, constant currency excluding divestitures (non-GAAP) | $ | 77,556 | $ | 74,192 | 4.5 % | ||
Consolidated: | |||||||
Net sales, as reported | $ | 752,599 | $ | 885,519 | (15.0)% | ||
Foreign exchange impact (a) | (3,797) | - | |||||
Less: Divestitures | $ | - | $ | (2,530) | |||
Net sales, constant currency excluding divestitures (non-GAAP) | $ | 748,802 | $ | 882,989 | (15.2)% | ||
- Year-over-yearsales growth excluding the translation impact of changes in foreign currency rates. Calculated by translating net sales for the quarter ended March 31, 2024 into U.S. dollars using the weighted-average foreign exchange rates for the quarter ended March 31, 2023.
scansource.com | 7 | May 7, 2024 |
ScanSource, Inc.
Earnings Infographic
Q3 FY2024
SUPPORTING MATERIALS AND RECONCILIATIONS FOR NON-GAAP FINANCIAL INFORMATION
Average Adjusted Return on Invested Capital - QTR
($ in thousands) | ||||||||||
Q3 FY24 | Q2 FY24 | Q1 FY24 | Q4 FY23 | Q3 FY23 | ||||||
Adjusted return on invested capital (ROIC), annualized (a) | 12.1 % | 13.2 % | 11.0 % | 12.9 % | 14.6 % | |||||
Reconciliation of Net Income to Adjusted EBITDA | ||||||||||
Net income from continuing operations - GAAP | $ | 12,806 | $ | 32,726 | $ | 15,432 | $ | 17,095 | $ | 21,221 |
Plus: | ||||||||||
Interest expense | 2,001 | 3,359 | 5,585 | 5,564 | 5,715 | |||||
Income taxes | 5,146 | 7,320 | 3,715 | 6,367 | 8,692 | |||||
Depreciation and amortization | 6,742 | 7,258 | 7,217 | 7,255 | 7,074 | |||||
EBITDA | 26,695 | 50,663 | 31,949 | 36,281 | 42,702 | |||||
Adjustments: | ||||||||||
Tax recovery (b) | (515) | (1,386) | - | (128) | - | |||||
Divestiture costs | 511 | 703 | - | - | - | |||||
Restructuring costs | 3,923 | - | - | - | - | |||||
Cyberattack restoration costs | 93 | 441 | 201 | 1,460 | - | |||||
Share-based compensation | 2,388 | 2,571 | 2,769 | 2,586 | 2,954 | |||||
Gain on sale of business | - | (14,533) | - | - | - | |||||
Adjusted EBITDA (numerator for Adjusted ROIC) (non-GAAP) | $ | 33,095 | $ | 38,459 | $ | 34,919 | $ | 40,199 | $ | 45,656 |
Invested Capital Calculation | ||||||||||
Equity - beginning of the quarter | $ | 953,601 | $ | 915,253 | $ | 905,298 | $ | 878,895 | $ | 862,386 |
Equity - end of quarter | 944,051 | 953,601 | 915,253 | 905,298 | 878,895 | |||||
Adjustments: | ||||||||||
Tax recovery, net | (1,648) | (640) | - | (2,100) | - | |||||
Share-based compensation, net | 1,784 | 1,919 | 2,068 | 1,921 | 2,191 | |||||
Acquisition and divestiture costs | 511 | 703 | - | - | - | |||||
Restructuring, net of tax | 2,935 | - | - | - | - | |||||
Cyberattack restoration costs, net | 69 | 329 | 150 | 1,092 | - | |||||
Gain on sale of business | - | (14,533) | - | - | ||||||
Discontinued operations net income | - | - | - | (1,717) | - | |||||
Average equity | 950,652 | 928,316 | 911,385 | 891,695 | 871,736 | |||||
Average funded debt (c) | 153,131 | 227,688 | 352,897 | 361,792 | 398,318 | |||||
Invested capital (denominator for Adjusted ROIC) (non-GAAP) | $ | 1,103,783 | $ | 1,156,004 | $ | 1,264,282 | $ | 1,253,487 | $ | 1,270,054 |
- Calculated as net income plus interest expense, income taxes, depreciation and amortization (EBITDA), annualized divided by invested capital for the period. Adjusted EBITDA reflects other adjustments for non-GAAP measures.
- Recovery of prior period withholding taxes in Brazil
- Average funded debt is calculated as the daily average amounts outstanding on our short-term and long-terminterest-bearing debt.
scansource.com | 8 | May 7, 2024 |
ScanSource, Inc.
Earnings Infographic
Q3 FY2024
SUPPORTING MATERIALS AND RECONCILIATIONS FOR NON-GAAP FINANCIAL INFORMATION
Net Debt and Adjusted EBITDA Metrics
($ in thousands) | ||||||||||
Q3 FY24 | Q2 FY24 | Q1 FY24 | Q4 FY23 | Q3 FY23 | ||||||
Consolidated debt (Q/E) | $ | 145,881 | $ | 168,634 | $ | 248,108 | $ | 329,901 | $ | 311,052 |
Less: | ||||||||||
Cash and cash equivalents of continuing operations (Q/E) | (159,050) | (44,987) | (42,647) | (36,178) | (37,374) | |||||
Net debt (Q/E) | $ | (13,169) | $ | 123,647 | $ | 205,461 | $ | 293,723 | $ | 273,678 |
Reconciliation of Net Income to Adjusted EBITDA | ||||||||||
Net income from continuing operations - GAAP | $ | 12,806 | $ | 32,726 | $ | 15,432 | $ | 17,095 | $ | 21,221 |
Plus: | ||||||||||
Interest expense | 2,001 | 3,359 | 5,585 | 5,564 | 5,715 | |||||
Income taxes | 5,146 | 7,320 | 3,715 | 6,367 | 8,692 | |||||
Depreciation and amortization | 6,742 | 7,258 | 7,217 | 7,255 | 7,074 | |||||
EBITDA | 26,695 | 50,663 | 31,949 | 36,281 | 42,702 | |||||
Adjustments: | ||||||||||
Acquisition and divestiture costs | 511 | 703 | - | - | - | |||||
Tax recovery (a) | (515) | (1,386) | - | (128) | - | |||||
Cyberattack restoration costs | 93 | 441 | 201 | 1,460 | - | |||||
Share-based compensation | 2,388 | 2,571 | 2,769 | 2,586 | 2,954 | |||||
Gain on sale of business | - | (14,533) | - | - | - | |||||
Restructuring costs | 3,923 | - | - | - | - | |||||
Adjusted EBITDA (non-GAAP) | $ | 33,095 | $ | 38,459 | $ | 34,919 | $ | 40,199 | $ | 45,656 |
Adjusted EBITDA, TTM (b) | ||||||||||
$ | 146,672 | $ | 159,233 | $ | 169,589 | $ | 179,945 | $ | 178,418 | |
Net Debt / Adjusted EBITDA, TTM | (0.1)x | 0.8x | 1.2x | 1.6x | 1.5x | |||||
(a) Recovery of prior period withholding taxes in Brazil | ||||||||||
(b) Adjusted EBITDA for the trailing 12-month period |
scansource.com | 9 | May 7, 2024 |
ScanSource, Inc.
Earnings Infographic
Q3 FY2024
SUPPORTING MATERIALS AND RECONCILIATIONS FOR NON-GAAP FINANCIAL INFORMATION
Working Capital, 5-Quarter Summary
($ in thousands) | ||||||||||
Q3 FY24 | Q2 FY24 | Q1 FY24 | Q4 FY23 | Q3 FY23 | ||||||
Accounts Receivable (Q/E) | $ | 589,847 | $ | 662,799 | $ | 691,669 | $ | 753,236 | $ | 684,458 |
Days sales outstanding in receivables | 71 | 68 | 71 | 72 | 70 | |||||
Inventory (Q/E) | $ | 529,163 | $ | 575,137 | $ | 656,170 | $ | 757,574 | $ | 752,763 |
Inventory turns | 4.8 | 5.1 | 4.4 | 4.4 | 4.1 | |||||
Accounts payable (Q/E) | $ | 555,733 | $ | 540,642 | $ | 617,594 | $ | 691,119 | $ | 656,688 |
Paid for inventory days* | 11.2 | 15.7 | 16.8 | 17.5 | 22.7 | |||||
Working Capital (Q/E) (AR+INV-AP) | $ | 563,277 | $ | 697,294 | $ | 730,245 | $ | 819,691 | $ | 780,533 |
Cash conversion cycle | 82 | 84 | 88 | 90 | 93 |
*Paid for inventory days represent Q/E inventory days less Q/E accounts payable days
scansource.com | 10 | May 7, 2024 |
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ScanSource Inc. published this content on 07 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2024 14:21:05 UTC.
