Scansource (SCSC) FY2023 results: revenue $3.8 billion, up 7.3% on the year

Scansource, Inc. (SCSC) reported revenue of $3.8 billion for fiscal 2023, the year ended 30 June 2023, up 7.3% on the year before. Net income was $90 million, up 1.1%, and diluted earnings per share $3.54. The figures are the company's own, from the 10-K it filed with the SEC on 22 August 2023.

Revenue

$3.8 billion

+7.3% on the year

FY2016FY2023

Operating margin

3.6%

3.5% a year earlier

FY2016FY2023

Net income

$90 million

+1.1% on the year

FY2016FY2023

Diluted EPS

$3.54

+2.6% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	3,788	3,530	3,151	+7.3%
Cost of revenue	3,338	3,103	2,800	+7.6%
Gross profit	449	427	351	+5.3%
Gross margin	11.9%	12.1%	11.1%
Selling, general and administrative	286	275	247	+3.7%
Operating income	136	122	61.5	+11.2%
Operating margin	3.6%	3.5%	2.0%
Interest expense	19.8	6.5	6.9	+203.3%
Pre-tax income	122	119	57.5	+2.7%
Income tax	33.8	29.9	12.1	+12.8%
Effective tax rate	27.7%	25.2%	21.1%
Net income	89.8	88.8	10.8	+1.1%
Net margin	2.4%	2.5%	0.3%
Diluted EPS	$3.54	$3.45	$0.42	+2.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	-35.8	-124	141
Capital expenditure	10.0	6.8	2.4	+45.7%
Free cash flow	-45.7	-131	139
Free cash flow margin	-1.2%	-3.7%	4.4%
Depreciation and amortisation	28.6	29.9	33.5	-4.2%
Share-based compensation	11.2	11.7	8.0	-3.8%
Buybacks	15.7	18.2	0.0	-14.0%
Diluted shares, weighted	25m	26m	26m	-1.5%
Shares outstanding at period end	25m	25m	25m	-1.4%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	905	807	731	+12.2%
Debt	330	271	143	+21.7%
Operating lease liabilities	9.3	13.1	16.6	-28.7%
Other liabilities	824	847	781	-2.7%
Total liabilities and equity	2,068	1,937	1,672	+6.7%
Fixed assets	37.4	37.5	42.8	-0.3%
Goodwill	217	214	219	+1.1%
Intangible assets	68.5	84.4	105	-18.9%
Cash and equivalents	36.2	38.0	62.7	-4.8%
Receivables	753	729	569	+3.3%
Inventory	758	615	470	+23.2%
Other assets	199	219	203	-9.3%
Total assets	2,068	1,937	1,672	+6.7%

10-K for the year ended 30 June 2023, filed 22 August 2023: the filing.