ScanSource, Inc. (SCSC) 2026 Q3 法說會逐字稿

Welcome to the ScanSource quarterly earnings conference call. (Operator Instructions) Today's call is being recorded. If anyone has any objections, you may disconnect at this time.

歡迎參加 ScanSource 季度財報電話會議。（接線員指示）今天的電話會議將被錄音。如有任何異議，您可於此時中斷連線。

I would now like to turn the call over to Mary Gentry, Senior Vice President, Finance and Treasurer. Please go ahead.

現在我想把電話交給財務資深副總裁兼財務主管 Mary Gentry。請開始。

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'll review our operating results for the quarter, and then open the line for your questions. We posted an earnings infographic that accompanies our comments and webcast in the Investor Relations section of our website.

各位早安，感謝各位加入。本次電話會議將包含我們董事長兼執行長 Mike Baur，以及財務長 Steve Jones 的事先準備發言。我們將回顧本季營運成果，之後開放提問。我們已在公司網站「投資人關係」專區發布一份與我們評論與網路直播相配合的盈餘資訊圖表。

As you know, certain statements in our press release, infographic, and on this call are forward-looking and subject to risks and uncertainties that could cause actual results to differ materially from expectations. These risks and uncertainties include the factors identified in our earnings release, in our Form 10-K for the year ended June 30, 2025, and in our subsequent reports on Form 10-Q.

如各位所知，我們新聞稿、資訊圖表以及本次電話會議中的某些陳述屬於前瞻性陳述，並受可能導致實際結果與預期有重大差異的風險與不確定性影響。這些風險與不確定性包括我們盈餘新聞稿、截至 2025 年 6 月 30 日止年度的 Form 10-K，以及後續 Form 10-Q 報告中所辨識的因素。

Forward-looking statements represent our views only as of today and ScanSource disclaims any duty to update these statements except as required by law. During our call, we'll discuss both GAAP and non-GAAP results. We've provided reconciliations on our webcast -- website and in the press release included in our Form 8-K filed earlier today.

前瞻性陳述僅代表我們截至今日的觀點，除法律要求外，ScanSource 不承擔更新此等陳述之任何義務。在本次電話會議中，我們將同時討論 GAAP 與非 GAAP 結果。我們已在網路直播網站以及今日稍早提交之 Form 8-K 所附新聞稿中提供對帳表。

I'll now turn the call over to Mike.

現在我把電話交給 Mike。

Thanks, Mary. And thanks to everyone for joining us today. Our team delivered strong third quarter results with adjusted EBITDA, EPS, free cash flow, and ROIC all increasing versus the prior year. I'm pleased to see improved hardware demand drove 9% growth in net sales, with growth across most technologies, but especially networking and security.

謝謝你，Mary。也感謝各位今天加入。我們團隊交出強勁的第三季成果：調整後 EBITDA、EPS、自由現金流與 ROIC 均較去年同期成長。我很高興看到硬體需求改善帶動淨銷售成長 9%，多數技術領域皆有成長，尤其是網路與資安。

We believe end users have more choices than ever and solutions are getting more complex. But what they're really looking for are business outcomes, complete solutions, not point products. Research shows us that end users prefer to buy from trusted partners who can deliver across the full technology stack. That's why we're taking the next step to help our partners grow their business by launching a new converged communications business unit to deliver a unified One ScanSource partner experience.

我們認為終端用戶的選擇比以往更多，解決方案也愈來愈複雜。但他們真正尋求的是商業成果、完整解決方案，而非單點產品。研究顯示，終端用戶偏好向能涵蓋完整技術堆疊、值得信賴的合作夥伴採購。這也是為什麼我們要更進一步，透過成立新的「融合通訊」事業單位，提供一致的 One ScanSource 夥伴體驗，協助合作夥伴拓展業務。

This new business unit will include the business development and sales resources, pre-sales engineering, marketing, and supplier management functions, bringing together the ScanSource Specialty Communications team and the Intelisys CX cloud-based solutions team into one combined business unit. This team will support specialty communication VARs and Intelisys CX partners, helping VARs sell more cloud recurring revenue products and solutions and helping Intelisys partners attach more hardware.

這個新事業單位將涵蓋業務開發與銷售資源、售前工程、行銷與供應商管理職能，把 ScanSource 專業通訊團隊與 Intelisys CX 雲端解決方案團隊整合為單一合併事業單位。該團隊將支援專業通訊 VAR 與 Intelisys CX 合作夥伴，協助 VAR 銷售更多雲端經常性收入產品與解決方案，並協助 Intelisys 合作夥伴搭售更多硬體。

Importantly, each partner will have dedicated sales resources to sell across our One ScanSource portfolio. The Converged Communications business unit will be led by Katherine White, who brings five years of ScanSource experience across both our specialty business and Intelisys.

重要的是，每位合作夥伴都將配置專屬銷售資源，可跨我們 One ScanSource 產品組合進行銷售。融合通訊事業單位將由 Katherine White 領導，她在 ScanSource 擁有五年經驗，橫跨我們的專業事業與 Intelisys。

Looking ahead, we're focused on helping our channel partners grow by delivering innovative converged solutions, including, of course, new opportunities in AI. Our partners are finding excellent opportunities for AI adoption in the CX solutions area.

展望未來，我們將聚焦於透過提供創新的融合式解決方案來協助通路合作夥伴成長，當然也包括 AI 的新機會。我們的合作夥伴在 CX 解決方案領域正發現極佳的 AI 導入機會。

Let me share two examples of recent AI channel wins. First, with AI as automation, a financial institution adopted an AI-powered platform with AI agents to handle routine inquiries. That freed up approximately four to five hours per live agent each week, so they could focus on more complex customer needs.

我分享兩個近期 AI 通路成功案例。第一個是把 AI 作為自動化：某金融機構採用具備 AI 代理的 AI 驅動平台來處理例行詢問，讓每位真人客服專員每週約可節省四到五小時，得以專注於更複雜的客戶需求。

Second, with AI as augmentation, AI helps drive revenue expansion, including cross-selling. In this deployment, AI supports inside sales agents during live interactions by providing real-time recommendations.

第二個是把 AI 作為增強：AI 有助於推動營收擴張，包括交叉銷售。在此部署中，AI 於即時互動期間支援內勤銷售專員，提供即時建議。

We believe both examples highlight how ScanSource helps our partners bring converged AI-enabled CX solutions to market. Overall, our strong results this quarter reinforce our confidence in our business model as we look to the future.

我們認為這兩個例子都凸顯 ScanSource 如何協助合作夥伴將融合式、具 AI 能力的 CX 解決方案推向市場。整體而言，本季強勁成果強化了我們對商業模式的信心，並讓我們更有把握面向未來。

I'll now turn the call over to Steve to take you through our financial results and our outlook for fiscal year 2026.

接下來我把電話交給 Steve，請他帶各位檢視我們的財務結果，以及 2026 會計年度的展望。

Thanks, Mike. We're pleased with our Q3 results, with consolidated net sales and non-GAAP EPS growing 9% year-over-year. We also delivered strong free cash flow in the quarter and feel very well positioned to deliver our fiscal year 2026 outlook.

謝謝你，Mike。我們對第三季結果感到滿意，合併淨銷售與非 GAAP EPS 皆年增 9%。本季我們也創造了強勁的自由現金流，並認為我們已具備非常良好的條件來達成 2026 會計年度展望。

Turning to our segments, I'll start with Specialty Technology Solutions. Net sales increased 9% year-over-year, led by North America hardware sales growth across most of our technologies. Gross profit increased 10% year-over-year to $81 million.

談到各事業部門，我先從「專業技術解決方案」開始。淨銷售年增 9%，主要由北美硬體銷售在我們多數技術領域的成長所帶動。毛利年增 10% 至 8,100 萬美元。

Approximately 15% of segment gross profit is coming from recurring revenue, led by managed connectivity growth from our Advantix and DataXoom acquisitions. Segment adjusted EBITDA grew 6% year-over-year to $24.7 million with an adjusted EBITDA margin of 3.3%.

該部門約 15% 的毛利來自經常性收入，主要由我們收購 Advantix 與 DataXoom 後帶動的託管連線業務成長所驅動。部門調整後 EBITDA 年增 6% 至 2,470 萬美元，調整後 EBITDA 利潤率為 3.3%。

In our Intelisys & Advisory segment, net sales declined 1% year-over-year. Intelisys annualized net billings increased to approximately $2.88 billion. Quarter-over-quarter, both segment net sales and gross profits increased 4%. Adjusted EBITDA for the segment was $11 million, a sequential quarter growth of 6%, with segment adjusted EBITDA margin of 42%.

在「Intelisys 與顧問服務」部門，淨銷售年減 1%。Intelisys 年化淨計費額提升至約 28.8 億美元。與前一季相比，部門淨銷售與毛利皆成長 4%。該部門調整後 EBITDA 為 1,100 萬美元，較前一季成長 6%，部門調整後 EBITDA 利潤率為 42%。

Going a bit deeper on balance sheet and cash flow, we ended Q3 with $120 million in cash and a net debt leverage ratio of approximately zero on a trailing twelve-month adjusted EBITDA basis. For the quarter, we generated $69 million in free cash flow, bringing our year-to-date free cash flow to $119 million.

再深入看資產負債表與現金流，我們在第三季末持有 1.2 億美元現金，並以過去十二個月調整後 EBITDA 計算的淨負債槓桿比率約為零。本季我們產生 6,900 萬美元自由現金流，使年初至今自由現金流達到 1.19 億美元。

Share repurchases totaled $33 million in the quarter, and we had $146 million remaining as of March 31, 2026, under our share repurchase authorization. Adjusted ROIC was 14.3% for the quarter and 13.6% year-to-date.

本季庫藏股回購合計 3,300 萬美元；截至 2026 年 3 月 31 日，我們在股票回購授權額度下尚餘 1.46 億美元。調整後 ROIC 本季為 14.3%，年初至今為 13.6%。

We continue to have a strong balance sheet, and we're well-positioned to execute our strategic priorities and achieve our three-year goals. Our three-year goals focus on growing the company's gross profit contributions from recurring revenue, expanding our profitability, delivering strong free cash flow, and maintaining disciplined capital deployment. You can find our goals in the infographic and our investor presentation in the Investor Relations section of our website.

我們持續維持強健的資產負債表，並具備良好條件執行策略優先事項與達成三年目標。我們的三年目標聚焦於提高公司來自經常性收入的毛利貢獻、擴大利潤率、創造強勁自由現金流，以及維持嚴謹的資本配置紀律。您可在資訊圖表以及網站「投資人關係」專區的投資人簡報中找到我們的目標。

We continue to explore acquisition opportunities that could expand our technology stack, our capabilities, and accelerate our recurring revenue growth. Our capital allocation priorities also include continued share repurchases. We are confident in our business model, and our Q3 results support our expectations for our annual outlook.

我們持續評估可擴展技術堆疊、能力並加速經常性收入成長的併購機會。我們的資本配置優先事項也包括持續進行股票回購。我們對商業模式充滿信心，而第三季結果也支持我們對全年展望的預期。

We are maintaining our full-year projections for both revenue and adjusted EBITDA, and for FY26 free cash flow, we are raising our expectations to at least $90 million.

我們維持全年營收與調整後 EBITDA 的預測不變；至於 2026 會計年度自由現金流，我們將預期上調至至少 9,000 萬美元。

We'll now open it up for questions.

現在我們開放提問。

(Operator Instructions) Keith Housum, Northcoast Research.

（接線員指示）Northcoast Research 的 Keith Housum。

Hey, Steve, in terms of the revenue guide for the full year, based on the strong core you have, if my math is right, that would suggest, at a top side, revenue growth of only 2% in the quarter and on the downside would be a decline of 10%. Was that intentional in terms of what you're thinking about for the second quarter or the next quarter?

嗨，Steve，關於全年營收指引，以你們強勁的核心業務來看，如果我算得沒錯，這表示在較樂觀情境下，本季營收成長只有 2%，而在較悲觀情境下則會下滑 10%。這是你們刻意這樣設定的嗎？你們對第二季或下一季的思考是什麼？

Well, Keith, I'll tell you what. Thanks for the question, by the way. When we look at our full year outlook that we gave last quarter, we said that we would need some large deals coming in, and we had growth projected for the second half. Q3 delivered on that, and we're confident that we can deliver our full year guidance, but we don't want to get over our skis as we look at Q4.

Keith，我跟你說。順帶一提，謝謝你的問題。當我們回顧上季給出的全年展望時，我們提到需要一些大型交易進來，並且預期下半年會有成長。第三季已經達成這點，我們有信心能達成全年指引，但在看第四季時，我們也不想操之過急、過度樂觀。

Okay. Is there a sense that business was pulled forward from fourth quarter into third quarter based on, you know, the world that's in chaos when it comes to memory pricing right now?

好的。就目前記憶體定價一片混亂的情況來看，是否有跡象顯示業務從第四季提前到第三季發生了？

What I would say on that, Keith, is the visibility is always hard on pull forwards and that kind of detail. But we don't believe that we saw material pull forwards in our Q3 results.

Keith，關於這點我想說的是，對於是否有提前拉貨以及這類細節的能見度一向都很難掌握。但我們不認為在第三季的業績中看到任何重大的提前拉貨。

Okay. Appreciate it. You guys called out Resourcive sales being down in the quarter. I would assume those would sequentially grow every quarter. Was there anything unique that happened in the quarter that would cause that to be down?

好的。感謝。你們提到本季 Resourcive 的銷售下滑。我原本以為那應該會每季逐季成長。本季是否發生了什麼特殊情況導致下滑？

Well, on Resourcive, remember, that's our end customer-facing business, and what you'll see in that is there's recurring revenue and there's services revenue in that business. Some of those services revenues can be up and down quarter-over-quarter.

嗯，關於 Resourcive，請記得那是我們面向終端客戶的業務；你會看到其中包含經常性收入以及服務收入。有些服務收入可能會在季度之間上下波動。

Okay. Got you. How were Intelisys orders for the quarter? I know you guys mentioned billings were $2.88. Well, how did the orders do?

好的。了解。本季 Intelisys 的訂單表現如何？我知道你們提到帳單金額是 2.88 美元。那麼訂單表現呢？

Hey, Keith. It's Mike. Good morning. One of the things that we're focused on is how do we accelerate new order growth, and that's one reason we really are focusing on establishing this new group, this new team.

嗨，Keith。我是 Mike。早安。我們關注的一件事是如何加速新訂單成長，這也是我們非常專注於成立這個新小組、新團隊的原因之一。

We believe that we need to put additional focus on new orders, especially through the VAR community. This converged communications team is going to have as a primary goal is how do we get more partners selling Intelisys and getting the new order growth to accelerate. We would like to see that grow faster.

我們認為需要對新訂單投入更多關注，尤其是透過 VAR（加值經銷商）社群。這個融合通訊團隊的主要目標之一，就是如何讓更多合作夥伴銷售 Intelisys，並讓新訂單成長加速。我們希望它能更快成長。

I assume that order growth didn't grow for the quarter year over year?

我猜本季訂單成長並沒有年增，對嗎？

No, we didn't say that. Our belief is that we are doing everything we've said we're going to do, but we want to go faster. We don't believe it's growing at the rate we would like to see.

不，我們沒有那樣說。我們的看法是，我們正在做我們說過要做的一切，但我們希望速度更快。我們不認為它以我們希望看到的速度在成長。

Got you. It's the last question from me, and I'll turn it back over, but in terms of the STS segment, revenue was almost identical to the third quarter, but yet gross margins were 50 basis points higher. I know last quarter you guys called out freight costs due to more small and medium-sized businesses. Anything else that, you know, drove the improved gross profits for the quarter?

了解。這是我最後一個問題，之後我就交回去。就 STS 部門而言，營收幾乎與第三季相同，但毛利率卻高了 50 個基點。我知道上季你們提到因為中小企業客戶增加而導致運費成本上升。本季還有其他因素推動毛利改善嗎？

Keith, this is Steve. I would say it's more mix in that benefit. We've seen the freight cost normalize for us. We thought that that was going to be more of a one-time impact in the quarter. So I would say it's more of a mix story in terms of the improved margins.

Keith，我是 Steve。我會說主要是組合帶來的好處。我們看到運費成本已經恢復正常。我們原本認為那會是當季較偏一次性的影響。所以我會說，毛利率改善更多是產品／業務組合的因素。

Gregory Burns, Sidoti.

Gregory Burns，Sidoti。

Morning. Just to follow up on, you know, the investments you're making in the Intelisys side of the business to drive faster growth. I know, you announced this new, converged business unit, but you've done a number of things over the last 12 to 18 months to kind of stimulate that growth.

早安。想追問一下你們在 Intelisys 業務端為了推動更快成長所做的投資。我知道你們宣布了這個新的融合業務單位，但在過去 12 到 18 個月你們也做了不少事情來刺激成長。

Are you finding, like, the impact of those, the impact of those investments and changes that you previously made are not what you expected them to be? Has there been, like, increased competitive response? Like, why haven't you been able to get the growth out of Intelisys where you think it should be?

你們是否發現先前那些投資與變革的效果不如預期？是否出現更強的競爭回應？為什麼你們一直無法讓 Intelisys 的成長達到你們認為應有的水準？

Hey, Greg, it's Mike. Good morning. I think from my perspective, we've been very clear that we need to see acceleration of our new orders growth. We've been able to talk consistently over time about end user billings being also the indicator of how's our revenue going to come in.

嗨，Greg，我是 Mike。早安。就我看來，我們一直很清楚地表示需要看到新訂單成長加速。我們也能長期一致地談到，終端用戶帳單金額也是衡量我們營收將如何進來的指標。

New order growth, if you remember, has a lag between a new order and revenue for us. We clearly have to not only continue doing what we were doing for new orders, but everything that I'm talking about today that's new, we won't see the results of that for anywhere from 6 to 18 months. So really what I'm saying today is we're going to do more so that we can, a year from now, see even more of those results.

如果你還記得，新訂單成長對我們而言，新訂單到營收之間是有落後期的。我們顯然不僅要持續做我們原本在新訂單方面做的事，而且我今天談到的所有新措施，其成果大約要 6 到 18 個月才會看到。所以我今天真正要說的是，我們會做更多，讓我們在一年後能看到更多成果。

This is the I would say, the challenge with our Intelisys business is what we're seeing in new order growth now were actions we took a year ago. And we're saying we'd like to see better results. We want to accelerate that. And we believe now is the time.

我會說，我們 Intelisys 業務的挑戰在於：我們現在在新訂單成長上看到的情況，其實是我們一年前採取行動的結果。而我們的意思是，我們希望看到更好的成果。我們想加速它，並且我們相信現在就是時機。

One more point, Greg, is we felt like we needed to get to this point in the year, the fiscal year, to make some of those decisions. When we said back in August that our strategy and our outlook for the year was X, we said we got to have a strong second half. Some of our decisions would not be made for no more investments until we got through the first half. Well, we're there, and we saw what happened in Q3, and so we have the confidence that we should do that now. That's why now it's a timing question for us.

再補充一點，Greg，我們覺得需要走到本年度、這個會計年度的這個時間點，才能做出其中一些決策。當我們在 8 月說今年的策略與展望是 X 時，我們也說過下半年必須很強。我們的一些決策在度過上半年之前不會做出、也不會再增加投資。現在我們到了這個時間點，也看到了第三季的表現，因此我們有信心現在就應該去做。這就是為什麼對我們而言，現在是時機點的問題。

(Operator Instructions) Logan Katzman, Raymond James.

（接線員指示）Logan Katzman，Raymond James。

This is Logan Katzman on for Adam Tindle. Maybe back to one of the first questions that was asked earlier. When we're looking into 2027, since we have to start to model that, I guess first any guidelines or parameters you guys want to maybe give us as we look into modeling that?

我是 Logan Katzman，代 Adam Tindle 提問。回到先前較早被問到的其中一個問題。當我們展望 2027 年、因為我們必須開始建模，我想先問你們是否有任何指引或參數可以提供，讓我們在建模時參考？

And secondly, maybe what do customer conversations look like in that around the first half of 2027? I know it's a little early, but kind of back to the polling question. Just curious if you're seeing a big drop-off here potentially in demand as we move into that first half '27 to each calendar '26. Just wanted to see what you guys were hearing on that front. Thank you.

第二，客戶在 2027 年上半年左右的對話大概是什麼樣子？我知道現在談還有點早，但回到剛才的投票問題。我只是好奇，當我們從 2026 年各個日曆年度往 2027 年上半年移動時，你們是否看到需求可能出現明顯下滑？想了解你們在這方面聽到的情況。謝謝。

Yeah, Logan, thanks for the question. I would just first start out by saying we haven't given '27 guidance yet. We typically would do that when we deliver our fourth quarter results. So we're a little bit early in talking about FY27 for us. We're happy with where Q3 came in. We're confident in our Q4 forecast that builds to our full year guidance that we've given the guidance range.

是的，Logan，謝謝你的問題。我先說，我們還沒有提供 2027 年的指引。我們通常會在公布第四季業績時提供。因此現在談我們的 FY27 還稍微早了一點。我們對第三季的表現感到滿意，也對第四季的預測有信心，該預測可支撐我們已提供的全年指引區間。

There's some things in our business right now that have a lot of momentum. Mike talked about security and networking having a lot of momentum from a sales perspective. What we saw this quarter that we haven't seen in previous quarters is most of our technologies show growth, which that's a great sign for us, as we think about going into 2027, is to have that momentum.

我們目前業務中有一些面向動能很強。Mike 提到從銷售角度來看，資安與網路的動能很強。本季我們看到一個過去幾季沒有看到的情況：我們大多數技術領域都呈現成長。這對我們來說是很好的訊號；在思考邁向 2027 年時，能有這樣的動能是件好事。

Awesome. I appreciate the color. Thank you.

太好了。感謝補充說明。謝謝。

Thank you. I would now like to turn the conference back to Steve Jones for closing remarks. Sir?

謝謝。現在我想把電話會議交回給 Steve Jones 作結語。先生？

Yeah. Thank you for joining us today. We expect to hold our next conference call to discuss our June 30th quarterly and full fiscal year results on Thursday, August 20th at approximately 10:30 AM.

好的。感謝各位今天加入。我們預計在 8 月 20 日（星期四）上午約 10:30 舉行下一次電話會議，討論截至 6 月 30 日的季度以及全會計年度業績。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。