Scansource Inc (SCSC) 2025 Q3 法說會逐字稿

Welcome to the ScanSource quarterly earnings conference call. (Operator Instructions) Today's call is being recorded.

歡迎參加 ScanSource 季度財報電話會議。（操作員指示）今天的通話正在錄音。

(Operator Instructions) I would now like to turn the call over to Mary Gentry, Senior Vice President, Finance and Treasurer. Ma'am, you may begin.

（操作員指示）現在，我想將電話轉給財務和財務主管高級副總裁 Mary Gentry。女士，您可以開始了。

Good morning, and thank you for joining us. Our call will include prepared remarks from Mike Baur, our Chair and CEO; and Steve Jones, our Chief Financial Officer. We will review our operating results for the quarter and then take your questions.

早安，感謝您加入我們。我們的電話會議將包括我們的董事長兼執行長 Mike Baur 和我們的財務長 Steve Jones 的準備好的演講。我們將回顧本季的經營業績，然後回答您的問題。

We posted an earnings infographic that accompanies our comments and webcast in the investor relations section of our website. As you know, certain statements in our press release, infographic and on this call are forward-looking statements and subject to risks and uncertainties that could cause actual results to differ materially from expectations.

我們在網站的投資者關係部分發布了伴隨我們的評論和網路廣播的收益資訊圖表。如您所知，我們的新聞稿、資訊圖表和本次電話會議中的某些陳述屬於前瞻性陳述，受風險和不確定性的影響，可能導致實際結果與預期有重大差異。

These risks and uncertainties include the factors identified in our earnings release and in our Form 10-K for the year ended June 30, 2024. Forward-looking statements represent our views only as of today, and ScanSource disclaims any duty to update these statements, except as required by law.

這些風險和不確定性包括我們在收益報告和截至 2024 年 6 月 30 日的 10-K 表中確定的因素。前瞻性聲明僅代表我們截至今天的觀點，ScanSource 不承擔更新這些陳述的任何義務，除非法律要求。

During our call, we will discuss both GAAP and non-GAAP results and have provided reconciliations on our website and in our Form 8-K.

在電話會議中，我們將討論 GAAP 和非 GAAP 結果，並在我們的網站和 8-K 表格中提供對帳。

I'll now turn the call over to Mike.

我現在將電話轉給麥克。

Thanks, Mary, and thanks, everyone, for joining us today. Our business performed well this quarter. Each of our segments achieved year-over-year gross profit growth and higher EBITDA margins. As a reminder, we announced new segments in Q1.

謝謝瑪麗，也謝謝大家今天加入我們。本季我們的業務表現良好。我們每個部門都實現了毛利同比增長和更高的 EBITDA 利潤率。提醒一下，我們在第一季宣布了新的細分市場。

As part of that change, we expanded the roles and responsibilities for our business presidents beyond sales, marketing and operations to include strategy, acquisitions, and setting the priorities for IT and finance. This supports our plan to increase our pace and accelerate profitable growth.

作為變革的一部分，我們擴大了業務總裁的角色和職責，從銷售、行銷和營運擴展到策略、收購以及設定 IT 和財務的優先事項。這支持了我們加快步伐和加速獲利成長的計劃。

Our four business presidents are experienced technology leaders who understand the growth opportunities ahead in each of their markets. To capitalize on these growth opportunities, they are building new innovative programs and services like our recent AI Master Class, which is an educational opportunity for our Intelisys channel partners to learn about emerging trends and actionable strategies around AI, cloud, security, CX and wireless.

我們的四位業務總裁都是經驗豐富的技術領導者，他們了解各自市場未來的成長機會。為了利用這些成長機會，他們正在建立新的創新計劃和服務，例如我們最近的 AI 大師班，這為我們的 Intelisys 通路合作夥伴提供了一個教育機會，讓他們了解有關 AI、雲端、安全性、CX 和無線的新興趨勢和可行策略。

Hardware demand improved this quarter, along with the return of large deals. We performed better than our seasonal trend for our March quarter, with sales declining 6% quarter-over-quarter. This quarter, most of our technologies in North America grew year-over-year, including mobility and barcode, networking, physical security, payment terminals and wireless connectivity.

本季硬體需求有所改善，大額交易也隨之回歸。我們三月季度的業績表現優於季節性趨勢，銷售額較上季下降 6%。本季度，我們在北美的大多數技術都較去年同期成長，包括行動和條碼、網路、實體安全、支付終端和無線連接。

While the tariff policies remain fluid, we are passing through any price increases from our suppliers to our customers with minimal impact on our margins. We see momentum building in our business and opportunities to accelerate channel growth for emerging innovative technologies.

雖然關稅政策仍在不斷變化，但我們將供應商的任何價格上漲轉嫁給客戶，以最大程度地降低對利潤率的影響。我們看到我們的業務動能正在增強，並且有機會加速新興創新技術的通路成長。

Last August, we created our Integrated Solutions Group, ISG, to provide high-margin products and services for channel partners to wrap additional value around their hardware offerings. We launched this group with our acquisition of Advantix, and in Q3, growth in wireless connectivity solutions with our channel partners continued.

去年八月，我們成立了綜合解決方案集團（ISG），為通路合作夥伴提供高利潤的產品和服務，為他們的硬體產品創造額外的價值。我們透過收購 Advantix 成立了這個集團，並且在第三季度，我們與通路合作夥伴的無線連接解決方案持續成長。

As an example, Advantix's multi-carrier Smart SIM solution secured a win for a channel partner with a large utility company by delivering uninterrupted cellular data coverage for WAN-enabled tablets in their route delivery fleet. Like Advantix, our POS Portal payments business delivers high-margin value-added services for our channel partners that support mission-critical payment solutions.

例如，Advantix 的多運營商智慧 SIM 解決方案為一家大型公用事業公司的通路合作夥伴贏得了勝利，為其路線配送車隊中支援 WAN 的平板電腦提供了不間斷的蜂窩數據覆蓋。與 Advantix 一樣，我們的 POS 入口網站支付業務為支援關鍵任務支付解決方案的通路合作夥伴提供高利潤的增值服務。

Our POS Portal solutions are designed to provide high-value deployment and life cycle services on behalf of our financial partners across their merchant networks. POS Portal's offerings include comprehensive hardware and software integration, hot swap replacement, full life cycle management and customized end-to-end deployment solutions.

我們的 POS 入口網站解決方案旨在代表我們的金融合作夥伴在其商家網路中提供高價值的部署和生命週期服務。POS Portal 的產品包括全面的硬體和軟體整合、熱插拔更換、全生命週期管理和客製化的端到端部署解決方案。

Building on our success with Advantix and POS Portal, we see similar opportunities for identifying emerging innovative technology growth companies that may not be utilizing the channel successfully today. Our Integrated Solutions group will be launching a new business development team this quarter.

基於我們在 Advantix 和 POS Portal 上的成功，我們看到了類似的機會，可以識別目前可能尚未成功利用該管道的新興創新技術成長型公司。我們的綜合解決方案集團將於本季成立一個新的業務開發團隊。

This team will provide company-specific channel programs, sales expertise and market-building capabilities to propel emerging companies into scalable, go-to-market success. We believe this new program will attract many new suppliers who want to work with the channel but don't fit the traditional technology distribution model.

該團隊將提供公司特定的通路計劃、銷售專業知識和市場建立能力，以推動新興公司實現可擴展的市場成功。我們相信這個新計劃將吸引許多想要與通路合作但不適合傳統技術分銷模式的新供應商。

A recent example of a company that fits this model provides an AI-powered guest engagement platform designed for stadiums and other event venues. Opportunities with companies like this will serve as a catalyst for incremental growth across our business.

最近有一家符合這種模式的公司提供了一個專為體育場和其他活動場所設計的人工智慧驅動的客人參與平台。與此類公司合作的機會將成為我們業務逐步成長的催化劑。

We will be announcing more details on the innovative program during Q4. At Intelisys, we are developing growth opportunities by attracting new suppliers that want to engage with our channel of trusted advisers.

我們將在第四季度公佈有關該創新計劃的更多細節。在 Intelisys，我們透過吸引希望與我們值得信賴的顧問管道合作的新供應商來開發成長機會。

During the past year, we added nine suppliers as part of our strategy to enhance our cyber and AI offerings. Two of the suppliers participated in our recent AI Master Class, where we launched our AIMC framework to teach advisers how to take customers from an AI idea to execution of a solution.

在過去的一年裡，我們增加了九家供應商，作為增強網路和人工智慧產品策略的一部分。兩家供應商參加了我們最近的 AI 大師班，我們在會上推出了 AIMC 框架，教導顧問如何幫助客戶從 AI 創意轉化為解決方案的執行。

Other ways we are adding value to our channel is by equipping our sales partners with AI certifications offered through our Intelisys University, providing customized training on AI consultations and we're providing cybersecurity training at our regional events. We believe value-added investments like these will differentiate Intelisys from our competitors.

我們為通路增加價值的其他方式是透過我們的 Intelisys 大學為我們的銷售合作夥伴提供 AI 認證，提供 AI 諮詢的客製化培訓，並在我們的區域活動中提供網路安全培訓。我們相信，像這樣的增值投資將使 Intelisys 從競爭對手中脫穎而出。

Our vision for Resourcive, our advisory business acquired last August, is to build the channel model of the future and drive more value by simplifying the complexity of technology choices for end customers. Resourcive has expertise and capabilities in cyber, CX and networks.

我們對去年 8 月收購的顧問業務 Resourcive 的願景是建立未來的通路模式，並透過簡化最終客戶的技術選擇的複雜性來創造更多價值。Resourcecive 在網路、CX 和網路方面擁有專業知識和能力。

Our team provides product management and practice leaders to assist customers in deploying complex technologies. As a recent example of a significant win, we advised and recommended a solution for an enterprise customer who wanted to transform their existing contact center by adding the latest AI-enabled capabilities. This enterprise customer win reinforces the value of the trusted adviser channel. In Brazil, our team is experienced in navigating macro uncertainties over the years, while still achieving profitability and managing working capital efficiently. Our business in Brazil is well diversified, both from the supplier base and our customer base. With our strong market position, we believe we are prepared for growth when demand improves.

我們的團隊提供產品管理和實踐領導者來協助客戶部署複雜的技術。作為最近取得重大勝利的一個範例，我們為希望透過添加最新的 AI 功能來改造其現有聯絡中心的企業客戶提供了建議和解決方案。這次企業客戶的勝利進一步增強了值得信賴的顧問管道的價值。在巴西，我們的團隊多年來一直致力於應對宏觀不確定性，同時實現盈利並有效管理營運資金。我們在巴西的業務非常多樣化，無論是從供應商基礎還是客戶基礎來看。憑藉我們強大的市場地位，我們相信，當需求改善時，我們已為成長做好了準備。

Now looking ahead, we are focused on driving profitable growth, organically and through attractive acquisitions in both segments. Our team's success with our recent acquisitions of Resourcive and Advantix gives us the confidence to make strategic acquisitions a higher capital allocation priority.

展望未來，我們專注於推動獲利成長，透過有機成長和兩個領域的有吸引力的收購來實現。我們團隊最近成功收購了 Resourcive 和 Advantix，這使我們有信心將策略性收購視為更高的資本配置優先事項。

I'll now turn the call over to Steve to take you through our financial results and outlook for fiscal year 2025.

現在我將把電話交給史蒂夫，讓他向您介紹我們的財務表現和 2025 財年的展望。

Thanks, Mike. For Q3, we delivered strong profitability and free cash flow in an improved demand environment. While our net sales declined 6% year-over-year, our gross profit and adjusted EBITDA both increased 6%.

謝謝，麥克。在第三季度，我們在需求改善的環境下實現了強勁的獲利能力和自由現金流。雖然我們的淨銷售額年減 6%，但我們的毛利和調整後 EBITDA 均成長了 6%。

We saw strong gross profit margins led by a higher mix of recurring revenue which for Q3 represents 36% of our consolidated gross profits. Our more profitable mix and the contribution from our recent acquisitions translated into a higher gross profit margin of 14.2% and a higher adjusted EBITDA margin of 4.97%.

我們看到了強勁的毛利率，這主要得益於經常性收入的增加，第三季經常性收入占我們合併毛利的 36%。我們更有利可圖的組合以及近期收購的貢獻轉化為更高的毛利率 14.2% 和更高的調整後 EBITDA 利潤率 4.97%。

Non-GAAP net income increased 16%, while non-GAAP diluted EPS increased 25%. We remain focused on delivering profitable growth and free cash flow and believe that our Q3 results demonstrate the resilience of our business model.

非公認會計準則淨收入成長 16%，非公認會計準則稀釋每股收益成長 25%。我們仍然專注於實現獲利成長和自由現金流，並相信我們的第三季業績證明了我們商業模式的彈性。

Now turning to our segments. I'll start with our Specialty Technology Solutions segment. Net sales declined 7% year-over-year and 6% quarter-over-quarter, primarily from lower sales in Brazil, including recording more netted down revenue and FX headwinds.

現在轉向我們的部分。我將從我們的專業技術解決方案部門開始。淨銷售額較去年同期下降 7%，季減 6%，主要原因是巴西的銷售額下降，包括更多淨收入和外匯不利因素。

As Mike discussed, most of our technologies in North America, including mobility and barcode, networking, physical security, payment terminals and wireless connectivity grew year-over-year. While revenues were down, gross profits increased 3% year-over-year, reflecting a higher mix of recurring revenue, including the contribution of Advantix and improved vendor program recognition.

正如麥克所討論的，我們在北美的大多數技術，包括行動性和條碼、網路、實體安全、支付終端和無線連接都在逐年增長。雖然收入下降，但毛利年增 3%，反映出經常性收入的增加，包括 Advantix 的貢獻和供應商計畫認可度的提高。

For the segment, the percent of gross profit from recurring revenue increased to approximately 14%. Segment gross profit margins increased to 10.9% and adjusted EBITDA margin was 3.4%. In our Intelisys & Advisory segment, net sales and gross profits increased 16% year-over-year, including the positive contribution from the Resourcive of acquisition, while adjusted EBITDA for the segment grew 20% year-over-year.

就該部門而言，經常性收入的毛利百分比增加至約 14%。分部毛利率增加至10.9%，調整後EBITDA利潤率為3.4%。在我們的 Intelisys & Advisory 部門，淨銷售額和毛利年增 16%，其中包括收購 Resourcecive 的積極貢獻，而該部門的調整後 EBITDA 則年增 20%。

Q3 end user billings for Intelisys increased 7% year-over-year to bring the annualized net billings to approximately $2.86 billion, including double-digit year-over-year growth in CX, which includes UCaaS, CCaaS and AI-enabled CX solutions. For the quarter, we generated $65 million in free cash flow, bringing our year-to-date free cash flow to $99 million.

Intelisys 第三季終端用戶帳單年增 7%，使年化淨帳單達到約 28.6 億美元，其中 CX 年成長兩位數，其中包括 UCaaS、CCaaS 和支援 AI 的 CX 解決方案。本季度，我們產生了 6,500 萬美元的自由現金流，使我們年初至今的自由現金流達到 9,900 萬美元。

Across our organization, we continue to build our cash culture and reinforce the importance of free cash flow generation as a key measure, demonstrating our improved business model. Then going a bit deeper on the balance sheet.

在我們的整個組織中，我們繼續建立我們的現金文化，並強調自由現金流生成作為關鍵指標的重要性，展示了我們改進的商業模式。然後更深入地了解資產負債表。

We ended Q3 with $146 million in cash and a net debt leverage ratio of approximately zero on a trailing 12 month adjusted EBITDA basis. Adjusted ROIC for the quarter is 13.6%, a two year high. Our Resourcive and Advantix acquisitions completed last August were accretive to both EPS and ROIC this quarter.

截至第三季末，我們擁有 1.46 億美元現金，以過去 12 個月調整後的 EBITDA 計算，淨負債槓桿比率約為零。本季調整後的 ROIC 為 13.6%，創兩年來的新高。我們去年 8 月完成的 Resourcive 和 Advantix 收購為本季的 EPS 和 ROIC 帶來了成長。

Q3 capital allocation again demonstrated our plan for both acquisitions and share repurchases. Share repurchases totaled $29 million for Q3, and we're pleased with the contribution from our two acquisitions and what they bring to our channel capabilities and our strategic plans.

第三季的資本配置再次證明了我們的收購和股票回購計畫。第三季的股票回購總額為 2,900 萬美元，我們對兩次收購的貢獻以及它們對我們的通路能力和策略計畫的貢獻感到滿意。

We have an active pipeline of acquisition targets for both segments that would expand our capabilities across our businesses. They fit our preference for faster-growing, margin accretive opportunities that are working capital light, and we will maintain our discipline in evaluating these opportunities.

針對這兩個領域，我們都有積極的收購目標，這將擴大我們各項業務的能力。它們符合我們對快速成長、利潤成長且營運資金較少的機會的偏好，我們將在評估這些機會時保持紀律。

Today, we announced a new share repurchase authorization of $200 million. This is in addition to the approximately $42 million of current authorization remaining as of March quarter end. We believe there's room to do both acquisitions and share repurchases while maintaining a target net debt leverage of 1 to 2 times adjusted EBITDA.

今天，我們宣布了新的 2 億美元股票回購授權。這是截至三月季度末剩餘的約 4,200 萬美元當前授權之外的額外金額。我們認為，在維持調整後 EBITDA 1 至 2 倍的目標淨債務槓桿的同時，仍有進行收購和股票回購的空間。

As we finish the last quarter of our fiscal year, if the improved demand continues, we expect a more typical quarter-over-quarter increase for the June quarter. We are updating our FY25 outlook to net sales of approximately $3 billion and adjusted EBITDA to range between $140 million and $145 million. In addition, we continue to expect to deliver free cash flow of at least $70 million.

隨著我們財政年度最後一個季度的結束，如果需求繼續改善，我們預計 6 月季度的環比成長將更為典型。我們將 25 財年的預期更新為淨銷售額約為 30 億美元，調整後的 EBITDA 為 1.4 億美元至 1.45 億美元之間。此外，我們預計仍將實現至少 7,000 萬美元的自由現金流。

We'll now open it up for questions.

我們現在開始回答問題。

(Operator Instructions)

（操作員指示）

Adam Tindle, RJ.

亞當·廷德爾，RJ。

Okay, thanks. Good morning. I wanted to start, Steve, with the implied guidance here for Q4. I know you gave a lot of bread crumbs. But if I look at what it needs to be from Q3 to Q4 in terms of growth in order to hit the $3 billion, it's kind of a high single-digit sequential improvement.

好的，謝謝。早安.史蒂夫，我想先介紹一下第四季的隱含指導。我知道你給了我很多麵包屑。但如果我看一下從第三季到第四季需要達到什麼樣的成長才能達到 30 億美元，那麼這是一個相當高的個位數連續成長。

And if I compare that to what happened last year, it was more flat sequentially. So I just wonder if you could maybe walk through some of the parts that make that sequential growth a little bit higher in Q4 this year than the year prior.

如果我將其與去年的情況進行比較，就會發現其環比表現較為平穩。所以我只是想知道您是否可以解釋一下導致今年第四季環比成長比去年略高的一些因素。

And if you could maybe dovetail some comments. I don't know if Mike wants to weigh in here. But some trends in the month of April or the early start of Q4 that might help to give us a little bit more confidence in that higher uptick.

或許您可以提出一些意見。我不知道麥克是否願意在這裡發表意見。但四月份或第四季初的一些趨勢可能有助於我們對這一更高的成長更有信心。

It sounds like large deals are picking up. So if you can kind of compare what's going on in April versus January, February and March, that would be helpful.

聽起來大宗交易正在增加。因此，如果您可以比較一下四月與一月、二月和三月的情況，那將會很有幫助。

Yeah. Thanks, Adam. Let me maybe start by talking about our guide update of $3 billion and where we are. So we've got the benefit right now sitting here at May 8, and we've got April in the books. So that's kind of our starting point of how our Q4 started out.

是的。謝謝，亞當。首先我想談談我們 30 億美元的指導更新以及我們現在的狀況。因此，我們現在可以在 5 月 8 日獲得收益，並且可以在 4 月獲得收益。這就是我們第四季的起點。

When we look at the, why we think the sequential improvement kind of returns to more of our historical average, is when we really peel back the Q4 of last year. One of the things that we started seeing is we started reporting more netted-down revenue in our Specialty Technology Solutions segment.

當我們回顧去年第四季時，我們發現，為什麼我們認為連續的改善會回歸到歷史平均值。我們開始看到的一件事是，我們開始報告專業技術解決方案部門的淨收入增加。

And so that compare that, we will lap that compare this year in Q4. So that will help our year-over-year confidence and why we believe that we'll see a growth in Q4.

為了進行比較，我們將在今年第四季進行該比較。因此，這將有助於我們增強同比信心，也是我們相信第四季將實現成長的原因。

And to your point, Adam, this will be the first quarter that we're at the end of the fiscal year. And so this will be a quarter that we believe clearly that we're going to see growth in our $3 billion guidance.

正如你所說，亞當，這將是我們財政年度結束的第一個季度。因此，我們堅信本季我們的 30 億美元預期目標將會成長。

Can I just ask a follow-up?

我可以問一個後續問題嗎？

Sure.

當然。

Okay. So I wanted to follow up, I mean, I'd be remiss, and you know me if I didn't ask about the share repurchase authorization. So I saw the headline and I heard you talk about it, obviously, the $200 million I was going back through, I think it might be double the prior authorization that you did.

好的。所以我想跟進一下，我的意思是，如果我不問股票回購授權，那我就失職了，你們了解我。所以我看到了標題，也聽到你談論了這件事，顯然，我要收回的 2 億美元，我認為它可能是你之前授權的兩倍。

So I think that headline obviously was very positive the way that it read. But then Mike, you also talked about in your prepared remarks, strategic acquisitions will be a higher capital allocation priority, I think, is what you said.

所以我認為這個標題讀起來顯然是非常正面的。但是麥克，你在準備好的發言中也談到，策略性收購將是更高的資本配置優先事項，我想，這就是你所說的。

So, just looking to maybe see if you could flesh out how Mike, how you and the Board are thinking about capital allocation priorities, take us through that decision to announce a larger share repurchase authorization. And Steve, if you can maybe just talk about how you're thinking on timing of going through that authorization.

所以，只是想看看你是否可以詳細說明麥克、你和董事會如何考慮資本配置優先事項，並向我們介紹宣布更大規模股票回購授權的決定。史蒂夫，你能不能談談你對批准授權的時間表有何看法？

Great, Adam. Yes, thanks for the question about the acquisitions because, as we said in our prepared remarks, we have confidence from the two acquisitions we did in Q1, Advantix and Resourcive, that we understand the opportunities that are out there and are available to us. And one of the things I also talked about, I think, for the first time on this call was the fact that we now have these four business presidents.

太好了，亞當。是的，感謝您提出有關收購的問題，因為正如我們在準備好的發言中所說，從第一季進行的兩次收購 Advantix 和 Resourcive 來看，我們有信心，我們了解那裡存在哪些機會，以及我們可以利用哪些機會。我認為，我在這次電話會議上第一次談到的一件事就是我們現在有這四位商業總裁。

And we've really tasked each one of them with how do you grow your particular market in the best possible way. And each one of those presidents has part of their strategy for next year is an inorganic strategy that includes acquisitions that are specific to their markets in areas that we believe will continue to add higher margin opportunities, and as Steve said in his remarks, generally in a working capital-light model.

我們確實向他們每個人提出了任務，即如何以最佳方式發展你們的特定市場。每位總裁明年的策略都包含無機策略，包括針對其市場的特定領域進行收購，我們認為這些領域將繼續增加更高的利潤機會，正如史蒂夫在演講中所說，一般採用輕營運資本模式。

And the success we've had year-to-date of Advantix and Resourcive that give us confidence that if we do more acquisitions like those that will do nothing but add more value to our business and more shareholder value as well. And so I think our Board felt like if we could continue to not only continue share repurchases, which we have indicated, but if we find more than one or two acquisitions over the next year, we want to do them.

今年迄今為止，我們在收購 Advantix 和 Resourcive 方面的成功讓我們充滿信心，如果我們進行更多類似的收購，不僅能為我們的業務增加更多價值，還能為股東創造更多價值。因此，我認為我們的董事會認為，如果我們不僅能夠繼續進行股票回購（我們已經表明了這一點），而且如果我們在明年發現不只一兩次收購，我們也願意這樣做。

And we want to do them in a way that doesn't stress our balance sheet. As Steve said, we've got a target leverage of 1 to 2 times. And as we all know, we're at zero right now. And we have an active pipeline of acquisition targets that we think are very, I would say, important to our strategy.

我們希望以不給我們的資產負債表帶來壓力的方式來實現這些目標。正如史蒂夫所說，我們的目標槓桿率為 1 到 2 倍。眾所周知，我們現在處於零水平。我們有一個活躍的收購目標管道，我認為這些目標對我們的策略非常重要。

And so we believe that for us to grow the way we want to in '26, we're going to need to start now and bringing in those acquisitions. So really, it's a question of for our Board was how do we start setting up ourselves for the next four quarters. And that's why we're prioritizing the acquisitions while maintaining a strategy of share repurchases.

因此，我們相信，為了在26年實現我們想要的成長，我們需要現在就開始進行這些收購。所以實際上，對於我們的董事會來說，問題在於我們如何開始為接下來的四個季度做好準備。這就是為什麼我們優先考慮收購，同時保持股票回購策略。

Then I'll turn it over to Steve for more color on the share repurchases.

然後我將把主題交給史蒂夫，讓他詳細介紹股票回購的情況。

Yeah. When we think about our capital allocation priorities and in any way that you would you think about acquisitions, they're going to be a little bit more lumpy. And so it's all about the timing.

是的。當我們考慮我們的資本配置優先事項以及以任何方式考慮收購時，它們都會變得更加不穩定。所以一切都與時機有關。

And so we feel like right now, to Mike's point, is a great time for us to be executing on some acquisitions that are really strategic for us. And so when I think about the timing, it's not that we're not going to do both.

因此，正如麥克所說，我們覺得現在正是我們執行一些對我們來說真正具有戰略意義的收購的好時機。因此，當我考慮時機時，我意識到我們不會同時做這兩件事。

It's just that we would be focusing on that 1 to 2 times lever. So if we lever it up, we'll focus on de-levering back down to our target ranges, we may pause some of the share repurchases at that time. But if you think about it from the longer perspective, we think there's room for both as you can see, we're generating more free cash flow on a regular basis.

我們只是會關注 1 到 2 倍的槓桿。因此，如果我們提高槓桿率，我們將專注於將槓桿率降至目標範圍，屆時我們可能會暫停部分股票回購。但如果從長遠角度考慮，我們認為兩者都有發展空間，正如您所見，我們正在定期產生更多的自由現金流。

Okay. Can I just expand on that real quick, Mike. If you were to kind of think about the framework that investors should expect in terms of valuations on some of those acquisitions, I know, some of them have net revenue.

好的。我可以快速地詳細說明一下嗎，麥克。如果你考慮一下投資者對某些收購的估值應該期待的框架，我知道，其中一些收購有淨收入。

It's a little bit different. I'm just looking at it relative to buybacks and saying you've got a stock that's trading at book value, double-digit free cash flow yield on kind of a normalized free cash flow, I think.

有一點點不同。我只是將其與回購進行比較，並說你有一隻以帳面價值交易的股票，我認為，在某種正常化的自由現金流上，自由現金流收益率為兩位數。

So that would be effectively the hurdle that you're overcoming in order to not repurchase your own stock versus going and buying something. So maybe just help investors understand how you would be thinking about valuation frameworks for these acquisitions that you have in the pipeline for this coming year relative to buybacks?

因此，這實際上就是您要克服的障礙，以便不回購自己的股票而是購買某些東西。那麼也許只是幫助投資者了解您將如何考慮與回購相關的、您計劃在今年進行的這些收購的估值框架？

Well, one of the ways I'll frame it today is that we really like the structure of the two acquisitions we made last year. We believe using an earnout structure allows us to maintain our ability to still do other things with cash while also being able to provide the sellers an opportunity to show us what that business really can become, because in general, we're buying companies that are maybe smaller or younger in their life cycle and for us to pay a value higher than ScanSource value.

嗯，我今天要表達的方式之一是，我們真的很喜歡去年進行的兩次收購的結構。我們相信，使用獲利結構可以讓我們保持用現金做其他事情的能力，同時也可以為賣家提供一個機會，向我們展示該業務的真正發展前景，因為一般來說，我們收購的公司可能規模較小或生命週期較短，我們支付的價值高於 ScanSource 的價值。

They need to be able to show us that they can add additional profitability and capabilities that we can leverage over time. And so we love the earn-out structure. We think it accomplishes, we can go after some of these acquisitions and execute on them faster because we can give the sellers the opportunity to not only make more money, but also, we want to buy where we can, a management team that wants to stay in the business for a few years.

他們需要向我們證明，他們可以增加額外的獲利能力和能力，我們可以隨著時間的推移加以利用。因此，我們喜歡獲利結構。我們認為這是可行的，我們可以進行一些收購併更快地執行，因為我們可以為賣家提供機會，不僅可以賺更多的錢，而且，我們希望盡可能地收購一個願意在公司中呆幾年的管理團隊。

And we think that also de-risks the investments we're making is when we're buying an operating management team that can come along with that business.

我們認為，當我們購買一支能夠配合該業務的營運管理團隊時，這也會降低我們進行投資的風險。

Thank you very much.

非常感謝。

Greg Burns, Sidoti.

格雷格·伯恩斯，西多蒂。

Morning. Can you just talk a little bit more detail about the demand trends in Brazil and what's causing the weakness there? Obviously, we saw a nice rebound in the Americas here, but what's holding Brazil back?

早晨。您能否更詳細地談談巴西的需求趨勢以及導致其疲軟的原因？顯然，我們看到美洲出現了良好的反彈，但是什麼阻礙了巴西的發展呢？

Yeah, Greg, this is Steve. In Brazil, while they have the same macroeconomic issues that the world is facing in terms of tariff concerns and some other macro concerns, they also have an FX and our business there works a little bit differently with the way FX impacts the top line.

是的，格雷格，這是史蒂夫。在巴西，雖然他們在關稅問題和其他一些宏觀問題方面與世界面臨著同樣的宏觀經濟問題，但他們也面臨外匯問題，而且我們在那裡的業務運作方式略有不同，外匯對收入的影響方式也不同。

And when we think about Brazil for us, we're pretty insulated from profitability because we have cost there as well. And remember, Brazil is less than 10% of our total revenues for the company. But the way to think about the Brazil performance is thinking about it on a constant currency basis and really think of it in two things.

當我們考慮巴西時，我們幾乎無法獲利，因為我們在那裡也付出了成本。請記住，巴西市場占我們公司總收入的不到 10%。但思考巴西隊表現的方式是，以恆定的貨幣為基礎來思考，並且實際上從兩個方面來思考。

We talked about the netting down effect of our revenues there. And so they're going through similar transitions with some of their key suppliers where they're reporting it under a net basis.

我們討論了那裡的收入的淨額效應。因此，他們正在與一些主要供應商進行類似的轉型，並以淨額為基礎進行報告。

And so that's a bit of a headwind. And so we dropped down and look at gross profit as well and to make sure that we're doing the right things as well as the profitability and the return on working capital in Brazil as kind of our measures for the success even in these turbulent times.

所以這有點不利。因此，我們也關注毛利，以確保我們所做的事情正確，同時關注巴西的獲利能力和營運資本回報率，作為我們在動盪時期取得成功的衡量標準。

Okay. Great. And then you mentioned some of the programs or new initiatives you have in place to kind of accelerate growth on the Intelisys side and some of these more recurring areas. I don't think you mentioned Channel Exchange.

好的。偉大的。然後您提到了一些計劃或新舉措，旨在加速 Intelisys 以及一些更常見的領域的成長。我認為您沒有提到 Channel Exchange。

Can you just maybe give us an update there or any progress you're seeing on that front? Any traction there selling more SaaS type revenue streams?

您能否向我們提供最新情況或您在這方面看到的任何進展？銷售更多 SaaS 類型的收入來源是否有吸引力？

Yeah, Greg, it's Mike. Channel Exchange is a key part of the way we can transact business. So certain suppliers having Channel Exchange allows them to operate the way they want to operate.

是的，格雷格，我是麥克。渠道交換是我們經營業務方式的關鍵部分。因此，某些供應商透過 Channel Exchange 可以按照自己想要的方式進行營運。

So really Channel Exchange was created, so if suppliers for the Intelisys channel don't want to bill the end user if they want the channel to bill the end user or frankly, Intelisys, we can do that through Channel Exchange. So view Channel Exchange as a tool that we use to facilitate the transactions.

因此，實際上創建了 Channel Exchange，因此，如果 Intelisys 頻道的供應商不想向最終用戶收費，如果他們希望管道向最終用戶收費，或者坦率地說，Intelisys，我們可以透過 Channel Exchange 來實現。因此，請將通路交換視為我們用來促進交易的工具。

And so we're always recruiting and looking at suppliers that need that. We didn't have that capability before Channel Exchange. So that just knocks down one of those obstacles to signing new suppliers.

因此，我們一直在招募和尋找有需要的供應商。在 Channel Exchange 之前，我們沒有這種能力。因此，這只是消除了簽約新供應商的障礙之一。

As we said, we've signed nine new suppliers, most of them are in the AI area. And many of these companies, they're not large enough yet where they want to set up the systems to bill either the channel partner or bill the end user, and so Channel Exchange allows us to do that.

正如我們所說，我們已經簽了九家新供應商，其中大多數都在人工智慧領域。其中許多公司的規模還不夠大，他們想要建立系統來向通路合作夥伴或最終用戶收費，而 Channel Exchange 允許我們這樣做。

So actually, Channel Exchange is helping us recruit these new suppliers that I mentioned for Intelisys. So it's going very well.

因此實際上，Channel Exchange 正在幫助我們為 Intelisys 招募我提到的這些新供應商。一切進展順利。

Alright great thank you.

好的，非常感謝。

Keith Housum, Northcoast Research.

基思·豪瑟姆（Keith Housum），Northcoast Research。

Good morning guys, and good job on the profitability. Mike, I'm trying to reconcile the top line performance. There's a lot of optimism in the commentary that a lot of the technologies are growing. But yet, if I look at the year-over-year performance in North America, it's still like we have a substantial decrease year-over-year.

大家早安，祝大家獲利順利。麥克，我正在努力協調營收表現。評論中有很多樂觀的觀點，認為許多技術正在不斷發展。但是，如果我看一下北美地區的年比表現，我會發現同比仍然大幅下降。

And as I compare it to some of your larger vendors, there's a difference in performance there as well. So can you help me bridge that gap?

當我將它與一些較大的供應商進行比較時，我發現它們的性能也存在差異。那你能幫我彌補這個差距嗎？

Well, back in September, I said August, I wasn't going to talk about technologies, but I guess I got convinced otherwise. So Steve and Mary were great at saying, hey, Mike, we need to talk about where we see strength.

好吧，早在九月，我就說過八月，我不會談論技術，但我想我已經改變了主意。所以史蒂夫和瑪麗很擅長說，嘿，麥克，我們需要談談我們看到的優勢。

And what we decided not to do is talk about where we actually had weaknesses because there are some areas, we mentioned the ones that are that grew and there's still a couple that did not in North America. And some of those, no surprise, have been around a long time in a declining mode and continue to decline.

我們決定不談論我們實際上存在的弱點，因為有些領域，我們提到了已經成長的領域，但仍有幾個領域在北美沒有成長。其中一些，毫不奇怪，已經存在很長時間了，並且處於衰退狀態，並且還在繼續衰退。

And then one other piece to that, Keith, just and Steve said this, and Steve, you'll have to help me be clear about whether it's a year-over-year metric or not, as this netted down revenue continues to be part of the headwind to a growth year-over-year. Steve, is that fair for this quarter.

另外一點，基思，剛才史蒂夫也說過，史蒂夫，你必須幫我弄清楚這是否是一個同比增長的指標，因為這個淨收入仍然是同比增長的阻力之一。史蒂夫，這對本季來說公平嗎？

Well, that's exactly right. It's true for Brazil. It's more pronounced in Brazil, but it's true for North America as well.

嗯，完全正確。對巴西來說確實如此。這種現像在巴西更為明顯，但在北美也是如此。

Yeah. So that's part of the comparable Keith, is the netted down revenue is making it look like we're not growing as fast, even for those that grew.

是的。因此，這是可比性的一部分，基思，淨收入使我們看起來成長速度沒有那麼快，即使對於那些成長的人來說也是如此。

Okay. I appreciate that color. You mentioned the nine new suppliers added for Intelisys, understanding that some of them are very well small. How does that compare to other prior periods?

好的。我很欣賞那個顏色。您提到了為 Intelisys 增加了 9 家新供應商，據了解，其中一些供應商規模很小。與之前的其他時期相比如何？

We're way up. And again, I give credit to the team. Ken has done a great job, again, focusing on Channel Exchange. That was one of the things we didn't have.

我們已經走了很遠了。我再次對團隊表示讚賞。Ken 再次出色地完成了工作，並專注於了通路交流。那是我們所沒有的東西之一。

We didn't have a program that some of these new young small suppliers they're not the Comcast and the big Lumens that had programs already to pay agency commissions. And so we're enabling those new suppliers by providing a program like Channel Exchange.

我們沒有針對一些新興小型供應商制定的計劃，他們不是康卡斯特和大型流明公司，他們已經有支付代理佣金的計劃。因此，我們透過提供像 Channel Exchange 這樣的計劃來為這些新供應商提供支援。

So we're excited about them. And so some of these are going to become immediately contributing to our business. I mean we've already landed deals with a couple of these small suppliers already because they're basically providing these new AI add-ons, if you will, primarily in the contact center space, where we're very successful.

所以我們對他們感到很興奮。其中一些將會立即對我們的業務做出貢獻。我的意思是，我們已經與一些小型供應商達成了交易，因為他們基本上提供這些新的人工智慧附加元件，如果你願意的話，主要是在聯絡中心領域，我們在這方面非常成功。

And as Steve said, that business for us grew double digit, the CX space in Intelisys. And so these AI CX applications are adding to that growth rate. And so we're really excited about that.

正如史蒂夫所說，我們的業務（Intelisys 的 CX 領域）實現了兩位數成長。因此，這些 AI CX 應用程式正在增加這一成長率。因此我們對此感到非常興奮。

Okay. I appreciate that. And I appreciate the color that you guys provided on the presidents and expansion of their responsibilities. I'm assuming with that also comes the way you're incenting them, right? So they are more incentive now on the bottom line as compared to the top line, correct?

好的。我很感激。我很欣賞你們為總統及其職責擴展所提供的見解。我猜這也是你激勵他們的方式，對嗎？因此，與營收相比，他們現在對營收的激勵更大，對嗎？

Well, that's right. And that was actually part of their plan for last year, too. I think the real other big change, Keith, is this idea of setting the priorities for what the IT budget should do in their particular business. Now what are the IT items that they want to focus on and each one of them has different priorities for IT tools and systems.

嗯，沒錯。這實際上也是他們去年計劃的一部分。基思，我認為另一個真正的重大變化是，為 IT 預算在特定業務中應該做什麼設定優先事項的想法。現在他們想要專注的 IT 專案是什麼，每個人對 IT 工具和系統都有不同的優先順序。

And secondly, from an acquisition standpoint, I want four smart people out there looking at acquisitions, not just one team within ScanSource Inc. And so that's another big reason why we wanted to focus on acquisitions today is we've got four separate work streams underway for acquisitions.

其次，從收購的角度來看，我希望有四個聰明的人來考慮收購，而不僅僅是 ScanSource Inc. 內的一個團隊。這也是我們今天想要專注於收購的另一個重要原因是，我們有四個獨立的工作流程正在進行中以進行收購。

That's helpful. And then last question for me, the AI Master Class that you're offering for Intelisys vendor or partners, how quickly can you monetize that? I mean is this more investment in the future? Or do you think you're going to immediately expand the relationships and help drive the revenue immediately?

這很有幫助。然後我的最後一個問題是，您為 Intelisys 供應商或合作夥伴提供的 AI 大師班，您能多快將其貨幣化？我的意思是這是否會對未來產生更大的投資？或者您認為您會立即擴大關係並立即幫助增加收入？

Well, we had two of the new suppliers there. And one of them is called Poly AI. We've already announced them and then was called Glia, and we've already closed deals with both of them. And so our partners were excited to see how they can understand how these applications can help them now.

嗯，我們在那裡有兩個新供應商。其中之一就是 Poly AI。我們已經宣布了他們，當時他們被稱為 Glia，我們已經與他們兩家達成了交易。因此，我們的合作夥伴很高興看到他們能夠了解這些應用程式現在如何幫助他們。

So we're already closing business and I think we're doing these regionally. I think the one they had last week, we had 30 channel partners attending, and it was very well received.

因此，我們已經在結束業務，我認為我們正在區域範圍內進行這些業務。我認為他們上週舉辦的那個會議有 30 個通路夥伴參加，而且反應非常好。

And really, the key was we're not only showing telling them about it, we're actually giving them this framework for how do you talk about AI, then how do you actually provide the right information to the end customer so they can then make a decision. So this actually takes it from, okay, what is all this to, here's actionable strategies for how do you close business. So I think closing business is what this master class is focused on.

實際上，關鍵在於我們不僅向他們展示人工智慧，我們實際上還為他們提供瞭如何談論人工智慧的框架，然後如何向最終客戶提供正確的訊息，以便他們做出決定。所以這實際上是從，好吧，這一切是什麼，到，這裡是如何完成業務的可行策略。所以我認為成交是這次大師班的重點。

Great thank you appreciate it.

非常感謝。

Guy Hardwick, Freedom Capital Markets.

哈德威克（Guy Hardwick），自由資本市場（Freedom Capital Markets）。

Hi, good morning. I'm just wondering how you're finding the competitive environment for acquisitions. I mean, certainly, there's a lot of anecdotal evidence suggesting that private equity firms have struggled to finance new deals due to higher rates. Are you finding pricing coming down for certain deals or just less competitive?

嗨，早安。我只是想知道您如何看待收購的競爭環境。我的意思是，當然有很多軼事證據表明私募股權公司由於利率較高而難以為新交易融資。您是否發現某些交易的價格下降了或競爭力下降了？

Guy, this is Mike Baur. I think from our perspective, our history with doing acquisitions, and we made about 30 over the years is we have found success in getting to know the company and we generally aren't participating in auctions. And so we really get to know the company, their strategy, their people, what their goals are.

蓋伊，這是麥克鮑爾。我認為從我們的角度來看，我們進行收購的歷史，多年來我們進行了大約 30 次收購，我們已經成功地了解了公司，而且我們通常不會參與拍賣。因此，我們真正了解了這家公司、他們的策略、他們的員工以及他們的目標。

And we found that, that really facilitates a very comfortable acquisition, including a reasonable multiple when we can come close to terms when we're ready to start talking terms. And part of it is our experience has been these companies want to be part of ScanSource Inc.

我們發現，這確實有利於非常舒適的收購，包括當我們準備開始談論條款時能夠接近合理的倍數。根據我們的經驗，這些公司都希望成為 ScanSource Inc. 的一部分。

I think that's the difference is we're acquiring companies, and then we're going to help them grow faster and provide opportunities for their employees that they wouldn't get otherwise. And so most founders love that. They love that.

我認為不同之處在於我們收購公司，然後幫助他們更快成長，並為他們的員工提供他們原本無法獲得的機會。大多數創辦人都喜歡這樣。他們喜歡這個。

And we've got a history of, frankly, leaving them alone enough to where they still feel entrepreneurial. And I think that entrepreneurial feeling is something that I'm really proud of that we've been able to solve over the years and been very successful at acquisitions.

坦白說，我們一直以來都對他們給予足夠的自由，讓他們仍然感受到創業的動力。我認為，我為這種創業精神感到非常自豪，多年來我們已經解決了這個問題，並且在收購中取得了巨大成功。

It doesn't mean that we do get some that we have to pass on because the valuation is too high. And I think we've got a history of being disciplined about what we're willing to pay. But we also believe that the market for us to find acquisitions is vast right now. There's a wide group of targets for our team.

這並不意味著我們確實得到了一些但因為估值過高而必須放棄的東西。我認為，我們一直以來都對自己願意支付的價格非常嚴格。但我們也相信，目前可供我們尋找收購的市場非常廣闊。我們的團隊有廣泛的目標群體。

Great. Just as a follow-up. Can I ask about large orders, particularly as it relates to gross margins because obviously, gross margins moved up in both segments, both sequentially and year-on-year.

偉大的。只是作為後續行動。我可以問一下大訂單的情況嗎，特別是與毛利率相關的情況，因為顯然，兩個部門的毛利率都比上一季和去年同期上升。

And I think the press release says hardware demand improved late in the quarter along with return of large deals. So did large deals did not have any impact on gross margin in the quarter, but will they have an impact next quarter and perhaps early into next fiscal as well as they return?

我認為新聞稿說的是，隨著大額交易的回歸，硬體需求在本季末有所改善。那麼，大型交易對本季的毛利率沒有任何影響，但它們會在下個季度甚至下一個財年初期產生影響嗎？

Yeah, Guy, this is Steve Jones. Typically, large deals have a lower margin profile for us. So as the percentage of large deals increase, that will put some pressure on our gross profit margins.

是的，蓋伊，我是史蒂夫瓊斯。通常情況下，大額交易對我們來說利潤率較低。因此，隨著大額交易比例的增加，這將對我們的毛利率帶來一些壓力。

The good thing is, is we've got these acquired businesses Advantix in that space and more recurring revenues in those segments that help offset that. So our business model looks better even with the large deals in them.

好消息是，我們在該領域收購了 Advantix 等企業，並在這些領域獲得了更多經常性收入，有助於抵消這一損失。因此，即使涉及大額交易，我們的商業模式看起來也更好。

And just sorry, one follow-up. Just a follow-up for me. On free cash flow, certainly since you didn't raise the free cash flow guidance, I believe, does that imply that you have an outflow in Q4?

非常抱歉，還有一個後續問題。對我來說這只是一個後續行動。關於自由現金流，既然您沒有提高自由現金流指導，我相信，這是否意味著您在第四季度有現金流出？

Yeah. When we were thinking about the guidance on free cash flow, the one thing that we've had a hard time picking is when the sales happen in the quarter. And so if sales happened very late in the quarter, that will increase our accounts receivable and will impact our period point free cash flow.

是的。當我們考慮自由現金流的指導時，我們很難選擇的一件事就是季度銷售發生的時間。因此，如果銷售發生在季度末，這將增加我們的應收帳款，並影響我們的期自由現金流。

So that's one of the things that we're thinking about as we gave that guidance. Now we're quite comfortable with the at least $70 million guidance, but we didn't want to get too far over our skis.

所以這是我們在給予指導時考慮的事情之一。現在我們對至少 7,000 萬美元的指導金額感到很滿意，但我們不想超出自己的預算太多。

Thank you.

謝謝。

(Operator Instructions) And I'm showing no further questions. So I will turn it back to Steve Jones for closing remarks.

（操作員指示）我沒有其他問題。因此我將把話題交還給史蒂夫瓊斯，請他作最後發言。

Okay. Thank you, and we like to thank you for joining us today. We expect to hold our next conference call to discuss June 30 quarterly and full year results on Thursday, August 21 at approximately 10:30 AM.

好的。謝謝，我們也謝謝您今天加入我們。我們預計將於 8 月 21 日星期四上午 10:30 左右召開下一次電話會議，討論 6 月 30 日的季度和全年業績。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。