Scansource (SCSC) FY2024 results: revenue $3.3 billion, down 13.9% on the year

Scansource, Inc. (SCSC) reported revenue of $3.3 billion for fiscal 2024, the year ended 30 June 2024, down 13.9% on the year before. Net income was $77 million, down 14.2%, and diluted earnings per share $3.06. The figures are the company's own, from the 10-K it filed with the SEC on 27 August 2024.

Revenue

$3.3 billion

-13.9% on the year

FY2017FY2024

Operating margin

2.8%

3.6% a year earlier

FY2017FY2024

Net income

$77 million

-14.2% on the year

FY2017FY2024

Diluted EPS

$3.06

-13.6% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	3,260	3,788	3,530	-13.9%
Cost of revenue	2,861	3,338	3,103	-14.3%
Gross profit	399	449	427	-11.2%
Gross margin	12.2%	11.9%	12.1%
Selling, general and administrative	277	286	275	-2.9%
Operating income	90.3	136	122	-33.5%
Operating margin	2.8%	3.6%	3.5%
Interest expense	13.0	19.8	6.5	-34.1%
Pre-tax income	99.8	122	119	-18.1%
Income tax	22.8	33.8	29.9	-32.5%
Effective tax rate	22.8%	27.7%	25.2%
Net income	77.1	89.8	88.8	-14.2%
Net margin	2.4%	2.4%	2.5%
Diluted EPS	$3.06	$3.54	$3.45	-13.6%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	372	-35.8	-124
Capital expenditure	8.6	10.0	6.8	-14.3%
Free cash flow	363	-45.7	-131
Free cash flow margin	11.1%	-1.2%	-3.7%
Cash from investing	9.0	n/a	n/a
Cash from financing	-228	n/a	n/a
Depreciation and amortisation	28.0	28.6	29.9	-2.1%
Share-based compensation	9.5	11.2	11.7	-15.0%
Buybacks	42.9	15.7	18.2	+174.1%
Diluted shares, weighted	25m	25m	26m	-0.6%
Shares outstanding at period end	24m	25m	25m	-2.4%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	924	905	807	+2.1%
Debt	144	330	271	-56.3%
Operating lease liabilities	6.5	9.3	13.1	-30.2%
Other liabilities	704	824	847	-14.5%
Total liabilities and equity	1,779	2,068	1,937	-14.0%
Fixed assets	33.5	37.4	37.5	-10.4%
Goodwill	206	217	214	-4.8%
Intangible assets	37.6	68.5	84.4	-45.1%
Cash and equivalents	185	36.2	38.0	+412.6%
Receivables	582	753	729	-22.8%
Inventory	513	758	615	-32.3%
Other assets	222	199	219	+11.8%
Total assets	1,779	2,068	1,937	-14.0%

10-K for the year ended 30 June 2024, filed 27 August 2024: the filing.