ScanSource Announces Second Quarter Results

About this update from Scansource, Inc.

[{"type":"text","content":" GREENVILLE, S.C.--(BUSINESS WIRE)--\nScanSource, Inc. (NASDAQ: SCSC), a leading provider of technology products and solutions, today announced financial results for the second quarter ended December 31, 2019.\n\n\n\n\n \n\n\n\nQuarter ended December 31,\n\n\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n2018\n\n\n\n \n\n\n\nChange\n\n\n\n\n\n \n\n\n\n(in millions, except per share data)\n\n\n\n\n\nNet sales\n\n\n\n$\n\n\n\n989.5\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n1,046.0\n\n\n\n \n\n\n\n \n\n\n\n(5\n\n\n\n)%\n\n\n\n\n\nNon-GAAP net sales, excluding Planned Divestitures(1)\n\n\n\n833.7\n\n\n\n \n\n\n\n \n\n\n\n872.4\n\n\n\n \n\n\n\n \n\n\n\n(4\n\n\n\n)%\n\n\n\n\n\nOperating income\n\n\n\n18.5\n\n\n\n \n\n\n\n \n\n\n\n29.7\n\n\n\n \n\n\n\n \n\n\n\n(38\n\n\n\n)%\n\n\n\n\n\nNon-GAAP operating income(1) (2)\n\n\n\n28.6\n\n\n\n \n\n\n\n \n\n\n\n34.6\n\n\n\n \n\n\n\n \n\n\n\n(17\n\n\n\n)%\n\n\n\n\n\nNet income\n\n\n\n11.4\n\n\n\n \n\n\n\n \n\n\n\n20.0\n\n\n\n \n\n\n\n \n\n\n\n(43\n\n\n\n)%\n\n\n\n\n\nNon-GAAP net income(1) (2)\n\n\n\n19.5\n\n\n\n \n\n\n\n \n\n\n\n24.7\n\n\n\n \n\n\n\n \n\n\n\n(21\n\n\n\n)%\n\n\n\n\n\nDiluted EPS\n\n\n\n$\n\n\n\n0.45\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.78\n\n\n\n \n\n\n\n \n\n\n\n(42\n\n\n\n)%\n\n\n\n\n\nNon-GAAP diluted EPS(1) (2)\n\n\n\n$\n\n\n\n0.77\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.96\n\n\n\n \n\n\n\n \n\n\n\n(20\n\n\n\n)%\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n(1) A reconciliation of non-GAAP financial information to GAAP financial information is presented in the Supplementary Information (Unaudited) below.\n\n\n\n\n\n(2) Non-GAAP results exclude amortization of intangible assets related to acquisitions, change in fair value of contingent consideration, the impact of Planned Divestitures and other non-GAAP items. A reconciliation of non-GAAP to GAAP financial information is presented below.\n\n\n\n\n \n\n\n\n\"The second quarter's financial results were below our expectations, as we reorganized our North American VAR sales teams and lost sales from a group of customers,\" said Mike Baur, Chairman and CEO, ScanSource, Inc. \"We are committed to our One ScanSource strategy to drive higher value and recurring revenue growth for our customers.\"\n\n\nQuarterly Results\n\n\nNet sales were $990 million for the second quarter of fiscal year 2020, 5% lower than the second quarter of f...

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