스캔소스(SCSC) 2027 회계연도 1분기 실적발표 콘퍼런스콜: 매출 30% 증가, 가이던스 상향

스캔소스(ScanSource, NASDAQ: SCSC)는 대규모 하드웨어 거래와 북미 지역의 전반적인 성장에 힘입어 2027 회계연도 1분기에 견조한 수요를 기록했다고 발표했다. 거래 믹스와 브라질 내 특정 고객에 대한 대손충당금 설정으로 수익성이 압박을 받았으나, 경영진은 이러한 요인이 대체로 1분기에 국한된 것이라고 밝혔다.

핵심 내용

• 순매출은 전년 동기 대비 30% 증가한 반면, 보고 순이익은 9% 증가했다. 비GAAP 순이익은 1,770만 달러(주당 0.86달러)를 기록했다.
• 스페셜티 테크놀로지 솔루션(Specialty Technology Solutions) 부문 순매출은 28% 증가했으나, 마진이 낮은 대규모 하드웨어 거래의 비중 확대로 인해 매출총이익은 3% 증가한 8,700만 달러에 그쳤다.
• 경영진은 대규모 거래로 인해 분기 마진이 약 110~120bp 감소한 것으로 추정했다. 다만 연간 전체로는 매출 믹스가 보다 통상적인 수준의 균형을 되찾을 것으로 예상하고 있다.
• 강한 매출 성장세로 운전자본 필요량이 늘어나면서 1분기 잉여현금흐름은 마이너스 4,400만 달러를 기록했다. 회사는 2027 회계연도 잉여현금흐름이 최소 8,500만 달러에 달할 것이라는 기존 전망을 재확인했다.
• 스캔소스는 마이크로에이지(MicroAge) 실적을 반영하여 2027 회계연도 연간 가이던스를 순매출 38억~40억 달러, 조정 EBITDA 1억 7,500만~1억 8,500만 달러로 상향 조정했다.
• 마이크로에이지 인수를 통해 스캔소스는 클라우드, 사이버 보안, 데이터 센터 및 AI 기술에 대한 입지를 확대했다. 회사는 이번 분기 동안 전문 채널 파트너들과 함께 공동 판매(co-selling) 모델을 테스트하고 있다.

주요 재무 데이터

사업 및 운영 실적

스페셜티 테크놀로지 솔루션

스페셜티 테크놀로지 솔루션 순매출은 대부분의 기술 영역에서 북미 하드웨어 매출이 늘어난 데 힘입어 전년 동기 대비 28% 증가했다. 경영진은 보안, 시스코 네트워킹, 바코드 및 모빌리티, 통신 하드웨어를 성장 분야로 꼽았다.

부문 매출총이익은 3% 증가한 8,700만 달러를 기록했다. 조정 EBITDA는 2,000만 달러였으며, 조정 EBITDA 마진은 2.18%를 나타냈다. 경영진은 매출 성장률과 매출총이익 성장률 간의 격차가 발생한 주된 원인으로 마진이 낮은 대규모 하드웨어 거래를 지목했다.

반복 매출은 16.8% 증가했다. 반복 매출 총이익은 부문 매출총이익의 14.3%를 차지해 전년 동기 대비 88bp 상승했다.

브라질은 부문 순매출의 약 5%를 차지했다. 브라질 매출은 고정환율 기준으로 20% 넘게 감소했으며, 특정 고객에 대한 신용 문제로 대손상각비가 증가했다.

인텔리시스 및 마이크로에이지

인텔리시스의 분기 순청구액은 전년 동기 대비 3.8% 증가해 연환산 순청구액이 약 29억 달러에 달했다. 해당 부문의 보고 순매출은 마이크로에이지를 포함해 86% 증가했으며, 자체 기준으로는 3.2% 성장했다.

보고 매출총이익은 29% 증가한 3,000만 달러를 기록했다. 조정 EBITDA는 1,130만 달러로, 25.1%의 마진을 나타냈다.

스캔소스는 9월 1일 마이크로에이지 인수를 완료했다. 경영진은 이번 인수를 통해 클라우드, 사이버 보안, 데이터 센터, AI 분야에서 기술 포트폴리오와 채널 도달 범위를 넓혔다고 밝혔다. 단기 우선 과제는 스캔소스 채널 파트너들과 함께 마이크로에이지의 매니지드 서비스 및 AI 솔루션 공동 판매를 테스트한 뒤, 반복 가능하고 확장이 용이한 서비스 카탈로그를 구축하는 것이다.

경영진 가이던스

스캔소스는 마이크로에이지 인수 영향과 1분기 매출 호조를 반영해 2027 회계연도 연간 가이던스를 다음과 같이 상향했다.

경영진은 2분기부터 4분기까지의 기존 실적 전망에 대해 여전히 자신감을 갖고 있으며, 1분기의 마진 및 판관비 압박은 대체로 1분기 내에 국한된 것으로 판단한다고 밝혔다. 회사는 자사주 매입과 수요 지원을 이어가는 한편, 레버리지 축소를 최우선으로 추진할 계획이다.

위험 요인 및 주요 관전 포인트

• 하드웨어 거래 믹스: 마진이 낮은 대규모 하드웨어 거래가 분기 마진을 약 110~120bp 위축시키는 요인으로 작용했다. 경영진은 연간 전체로는 믹스가 정상화될 것으로 예상하지만, 거래 시점과 구성은 여전히 중요하게 지켜봐야 할 부분이다.
• 브라질 신용 익스포저: 스캔소스는 8월 25일 파산이 선고된 오이(Oi S.A.)와 관련해 상당한 규모의 대손충당금을 설정했다. 경영진은 해당 고객에 대한 익스포저에 대해 사실상 전액 충당금을 적립했으며, 오이는 브라질 내에서 최대 고객 집중도를 보였던 곳이라고 밝혔다.
• 운전자본: 가파른 매출 성장세로 매출채권이 증가하면서 1분기 4,400만 달러 규모의 잉여현금흐름 유출로 이어졌다. 재고자산 회전율 개선이 이러한 영향을 일부 상쇄했다.
• 마이크로에이지 통합: 2027 회계연도 전망치에는 마이크로에이지의 10개월 치 기여분이 포함되어 있다. 회사는 스캔소스 파트너 기반 전반에서 해당 서비스 및 AI 역량의 공동 판매 규모를 확대하는 방법을 여전히 테스트하고 있다.
• 주니퍼 관련 일정: 당초 예상보다 도입이 지연되기는 했으나, 경영진은 하반기부터 주니퍼(Juniper) 매출이 발생하기 시작할 것으로 여전히 예상하고 있다. 현재로서는 공급 제약이 연간 전망치에 중대한 압박을 가하지는 않을 것으로 보고 있다.

애널리스트 질의응답(Q&A) 주요 내용

경영진은 1분기에 대규모 거래가 이례적으로 많았던 것은 시점상의 요인을 반영한 결과라고 설명했다. 이전 기간에 지연되거나 분할되었던 거래들이 이번 분기에 인도된 동시에 다른 거래들이 분기 내에 수주와 출하까지 모두 이뤄졌다는 것이다. 회사는 수요가 앞당겨지거나 뒤로 밀린 징후는 발견되지 않았다고 덧붙였다.

거래의 80% 이상이 특별 가격 책정 약정을 적용받고 있어 경영진이 정확한 영향을 분리해 파악하기는 어려웠으나, 가격 요인 또한 매출 30% 증가에 유의미하게 기여했다.

인텔리시스의 경우 경영진은 투자와 매출 실현 사이의 시차를 강조했다. 소규모 거래는 수수료 수익이 창출되기까지 6~9개월이 걸릴 수 있는 반면, 대규모 거래는 12~18개월이 필요할 수 있다. 회사는 파트너 영입과 신규 수주 확보를 위해 투자를 재배분하고 있다.

마이크로에이지의 2027 회계연도 EBITDA 기여도에 대한 질문에 스티븐 존스(Stephen Jones) CFO는 약 2,000만 달러라는 애널리스트 추정치가 근접한 수준이라고 답했다. 그러면서 해당 가이던스에는 10개월 치만 반영되어 있으며, 경영진은 장기적인 추가 성장 기회를 모색하고 있다고 덧붙였다.

경영진은 또한 TD 시넥스(TD SYNNEX)의 블루스타(BlueStar) 인수를 유통 채널 변화 속에서 시장 점유율을 확대할 수 있는 잠재적 기회로 판단하고 있다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

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

Mary Gentry

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. 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 and our Form 10-K for the year ended June 30, 2026, and in our subsequent report on Form 10-Q.

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 website and in the press release included in our Form 8-K filed earlier today. I'll now turn the call over to Mike.

Mike Baur

Thanks, Mary, and good morning, everyone. We appreciate you joining us today. Demand was strong this quarter, led by large deals and market share gains. Our team delivered broad-based growth in North America, and both segments grew net sales and gross profit. While profitability was impacted by a higher mix of lower-margin large hardware deals as well as customer-specific bad debt reserves in Brazil, we view these factors as largely confined to Q1 and not reflective of the underlying profitability of our business. We are raising our FY '27 net sales and adjusted EBITDA ranges, which now include MicroAge. We remain confident in our strategy, and we are making progress on our 3-year strategic goals.

For our Intelisys business, accelerating new order growth is the key to taking market share. We are reallocating Intelisys investments toward the activities that drive new orders, including a targeted effort to recruit and onboard new partners this fiscal year. And our new converged business unit is helping channel partners sell more communications hardware and more cloud recurring revenue. In September, we closed the MicroAge acquisition, extending our reach in high-growth technologies like cloud, cybersecurity, data center and AI. MicroAge brings solution provider relationships with top suppliers, including CrowdStrike, Dell, HPE, Microsoft, NetApp, Sophos and VMware.

Our near-term priority is to bring MicroAge managed services and AI solutions to market by co-selling with ScanSource specialty channel partners. This quarter, we are launching a pilot to test the go-to-market model. Based on what we learned, we intend to finalize a services catalog of offerings that are repeatable and scalable.

Looking ahead, we are confident in our direction. Our team is executing our strategy. With our initiatives to accelerate growth and gain market share, we believe we are well positioned for the remainder of the fiscal year. I'll now turn the call over to Steve to take you through our financial results and outlook for fiscal year 2027.

Stephen Jones

Thanks, Mike. Our first quarter results reflect strong broad-based demand in North America. While that demand drove significant revenue growth, profitability was impacted by a mix of large hardware deals that carry lower margins, along with customer-specific bad debt reserves in Brazil. Despite these factors in our Q1 results, we are confident in our organic business, and we're raising our full year outlook, including the contribution of MicroAge. Net sales grew 30% year-over-year with reported net profits growing 9% year-over-year. Non-GAAP SG&A expense in the quarter, including acquisitions, totaled $92 million or 9.6% of net sales compared to our prior year at $75 million or 10.1% of net sales. Non-GAAP net income was $17.7 million and non-GAAP EPS was $0.86 per share.

Free cash flow was a use of $44 million in Q1, primarily reflecting the higher working capital balances associated with strong revenue growth. We expect positive free cash flow generation for our full fiscal year. We continue to believe the margin dynamics experienced in the first quarter were primarily driven by sales mix and specific bad debt reserves and do not reflect a change in the underlying earnings power of our business.

Turning to our segments. I'll start with Specialty Technology Solutions. Net sales for the quarter increased 28% year-over-year, led by North America hardware sales growth across most of our technologies. Gross profit increased 3% year-over-year to $87 million. The difference in growth rate between revenue and gross profit is mainly due to mix. This quarter, we saw a significant increase in large hardware deals, which come at a lower gross profit margin. Included in this segment is our operations in Brazil, which represents about 5% of this quarter's segment net sales. In Brazil, net sales declined more than 20% on a constant currency basis. And for the quarter, we had higher bad debt expense primarily related to customer-specific credit issues in Brazil.

STS segment adjusted EBITDA for the quarter was $20 million and our adjusted EBITDA margin was 2.18%. In Q1, recurring revenue in the segment grew 16.8% year-over-year and gross profits from recurring revenues represent 14.3% of segment gross profits, an increase of 88 basis points from last year. Our Intelisys & Solutions Services segment was renamed to now include our acquisition of MicroAge that we closed on September 1. MicroAge contributes hardware, software and services revenue to the segment. Quarterly net billings for Intelisys increased 3.8% year-over-year over the prior year's quarter to bring annualized net billings to approximately $2.9 billion. Q1 reported net sales increased 86% year-over-year or 3.2% on an organic basis. Reported gross profits increased 29% year-over-year to $30 million. Adjusted EBITDA for the segment was $11.3 million with an adjusted EBITDA margin of 25.1%.

Going a bit deeper on our balance sheet and cash flow. We ended Q4 -- or Q1 with $46 million in cash and a net debt leverage ratio of approximately 2x trailing 12-month adjusted EBITDA. Share repurchases totaled $5 million for the quarter. As of September 30, 2026, we had approximately $116 million remaining under our share repurchase authorization. Adjusted ROIC for the quarter was 10.7%. Our leverage ratio and our continued share repurchases reflect our disciplined approach to both working capital and capital allocation priorities. Our acquisition of MicroAge is an exciting opportunity to accelerate our 3-year goals. It expands our total addressable market, technology stack, capabilities and channel reach with accretive margins and positive free cash flow generation. It also aligns with our capital allocation priorities.

Our capital allocation priorities remain the same: maintain a strong balance sheet with leverage of 1 to 2x adjusted EBITDA and be disciplined in the capital deployment, including strategic acquisition and share repurchases. In the near term, we will focus on reducing our leverage and plan to continue share repurchases. Our outlook for free cash flow reflects our belief that we will generate positive free cash flow in our fiscal year and be able to do both debt reduction and repurchases while also supporting continued strong demand. Our working capital metrics reflect the operational improvements from our cash culture focus. Faster inventory turns are helping offset higher accounts receivable balances as we respond to robust demand from our customers and their end users.

While first quarter profitability was impacted by mix and customer-specific reserve adjustments, the strength of demand and contributions from MicroAge support our confidence in the remainder of the year. As a result, we are updating our annual outlook. Including the contributions of MicroAge, we believe that reported net sales will range from $3.8 billion to $4 billion. We expect adjusted EBITDA between $175 million and $185 million. And for free cash flow, we are reaffirming our expectations that we will generate at least $85 million in free cash flow.

To help with analyst models for FY '27, we expect interest expense to range from $18 million to $20 million and our effective tax rate to range from 27.5% to 28.5%. We'll now open it up for questions.

Operator

[Operator Instructions] Our first question will be coming from the line of Greg Burns of Sidoti.

질의응답

Gregory Burns

Can you maybe give us a little bit more color on the strong hardware demand you saw this quarter -- which technology segments were showing the most growth and the mix you saw with the large enterprise deals this quarter? Do you expect that to continue for the rest of the year given the pipeline that you have?

Stephen Jones

Greg, this is Steve. As far as the technology growth for Q1, we continue to see strong security growth as we've seen over the last year or so. We also saw Cisco grow year-over-year in networking, barcode and mobility. And this time for the quarter, we also saw growth in our communications hardware groups.

So, I would say when we say broad-based this quarter, we really mean broad-based, especially in North America. When you ask about the mix of business and how much of our business do we think going forward are large deals. This was a unique quarter for us. We've been talking about large deals that have been pushed or also split up for a while now. And in Q1, what we saw was a lot of those deals delivered, and we also saw deals get booked and shipped in the quarter. So we think a lot of this is timing. We think we're going to modulate back to a better mix of large and run rate deals as we look at the full year.

Gregory Burns

Okay. And the bad debt in Brazil, do you have any other risks around that going forward? Or is that -- do you see that as like more of a one-off for the first quarter?

Stephen Jones

Yes. Let me add a little color to that. So in Brazil, we took a significant reserve for a company called Oi S.A., which was -- which was a Brazilian telecommunications giant, once the largest fixed-line operator in South America and a long-time customer of our Brazil business. With our Q1 expense reserve that we took, basically all of our exposure to this customer is now reserved, and we'll work through the final judicial proceedings like many other creditors for this particular customer that was declared bankrupt on August 25. As far as other exposures, this was the largest concentration of any customer we had in Brazil.

Operator

And our next question will be coming from the line of Keith Housum of Northcoast Research.

Keith Housum

I was a little confused on the performance in the quarter. Understanding that the mix was weighted towards some large deals, but were the large deals done at the expense of some of the small deals? Because if I look at the history, even going back to a year, 1.5 years ago, substantially less -- less revenue, and you still did just about the same in gross profit. So I'm just really kind of confused on the mix here and if SMB suffered because of that.

Stephen Jones

Well, Keith, this is Steve again. Thanks for the question. I would say that it was just an unusual timing for the quarter. Again, I think when I try to peel back the impact in the quarter, I would say that probably 110 to 120 basis points of our margin decline or compression in the quarter was really related to these large deals that were both carried forward from last year and booked in this quarter.

Keith Housum

Okay. It's still just -- it feels like the SMB hasn't done nearly as well compared to the large deals.

Stephen Jones

Well, we certainly wouldn't have had as much top line growth, and we would modulate back towards our normal -- our margin profile.

Keith Housum

Okay, okay. In terms of your full year outlook, is the increase in both the revenue and adjusted EBITDA, is that all attributable to or majority attributable to the MicroAge acquisition?

Stephen Jones

From a guide, what I would say, Keith, is that we have confidence in our Q2 through Q4 original guidance that we gave. We believe that the Q1 profit pressures related to the mix and the SG&A are pretty well contained in the quarter. The balance of it would be related to the positive contributions from MicroAge. I would say on the top line, we were surprised. We didn't expect a 30% year-over-year growth in Q1. So that's definitely helping push that top line up for the full year.

Keith Housum

Okay. So if I said MicroAge will contribute about $20 million in EBITDA for the year, is that in the right ballpark?

Stephen Jones

I would say that that's close. What I would say is we have bigger expectations for MicroAge. Remember, we're only talking about 10 months of this, and we're early days in what we can do to accelerate growth in our core business with what Mike talked about in these tests that we're doing.

Keith Housum

Got you. Got you. And then during the quarter, obviously, your largest -- your [indiscernible] is probably your most significant competitor in the AIDC space and POS space. Of course, I'm referring to BlueStar was bought by TD SYNNEX. Any thoughts on how that might change the competitive dynamics going forward for you guys?

Mike Baur

Keith, it's Mike. We've seen, over the years, consolidation happen in distribution. And typically, early on, there's a lot of disruption, some turmoil. We believe there'll be some market share gains. Over the years, whenever one of the broadline lower-value distributors got into any part of our business, typically, over time, it appeared that those companies still maintain similar value proposition. So that will be what we're looking for: Is there anything that's going to be expected differently from us by the suppliers based on this acquisition?

Typically, we watch that really close. We make sure the key suppliers know, well, if they're going to operate differently, meaning if BlueStar was to be operating differently going forward, we would want to be very aware of: Is that in the suppliers' best interest? So for us, we do believe there's a market share opportunity here.

Keith Housum

Great. Great. And I guess last question for me. I know it's sometimes tough to tell who your end customers are, but obviously, networking is an area you've had a lot of success lately in. Networking is in front of the AI infrastructure build-out there now. Any way to tell some of your business here is being driven by the AI infrastructure that's going into place?

Mike Baur

Keith, in our MicroAge business, for sure. We definitely -- as we did our due diligence, we looked at that very carefully. We're wanting to understand how they were performing so well, frankly, in the market with their data center products and services. And that is one reason that they became a very attractive acquisition for us because it expands our TAM.

In our core business, what we think is many of our traditional partners, whether they were our mobility partners, security partners, communication partners, many of them are looking to add some AI capabilities and more products. And so we believe that's the idea behind our MicroAge pilots. We want to co-sell with our channel partners to get them into the AI side of the business that many of them are not prepared for, including some of our larger mobility partners. We've talked to them about, "Would you like us to co-sell with you with our expertise for MicroAge?" And they've said, "Yes." So we're testing that this quarter.

Operator

And our next question will be coming from the line of Logan Katzman of Raymond James.

Logan Katzman

This is Logan on for Adam. I guess, first, I think last quarter, you mentioned supply constraints were limiting some of Juniper's contribution in 1H '27. I guess, first, did you see that come into fruition? And then I think you said the expectation was that to become fully operational in fiscal 2H. So have you seen that come to fruition, or have expectations changed around that?

Mike Baur

Yes. I think the Juniper -- this is Mike, Logan. Thanks. The Juniper plans are still similar in that we're still working with them to try to establish a pipeline. But yes, there's some delays from where we originally thought, let's say, 9 months ago. But what we said last quarter is true that we expect that we'll start to see Juniper revenue in the second half.

Stephen Jones

And this is Steve. I'll just talk about our expectations on supply chain constraints and how we're thinking about that in our outlook. We still believe that, that's manageable, and we wouldn't expect a significant impact that would put pressure or anything on our current outlook.

Logan Katzman

Awesome. I appreciate that. And then, I mean, growth here was really, really strong, obviously. I think organic revenue accelerated 27% year-over-year. How much of this was pricing versus units? And then did you guys see any pull forward in demand? And I guess on the pricing, how sustainable, if you saw that, how sustainable is that?

Stephen Jones

Well, Logan, this is Steve again. So let me talk about the pricing impacts on our growth rate. So we know it had an impact and a fair amount. For us, it's really difficult to isolate how much is pricing because more than 80% of our deals are going out on a special pricing arrangement. And so how much of the street price actually gets through is kind of hard to isolate. But we know it was a fair amount of our 30% growth. And what was your second question?

Logan Katzman

Yes. My second question was, do you guys see any, like, pull-in demand, push out and any of those dynamics in the quarter?

Stephen Jones

From what we see and what we believe, it's not apparent that we saw any pull-in or push out. I would say, given the results that we had, we feel like everything that got -- that was needed was booked and shipped in the quarter from our customers.

Logan Katzman

Understood. And I guess last one for me. I think organic Intelisys System Solutions services revenue grew about 3% year-over-year. I know you guys have been making a lot of investments into this business over the last few quarters to accelerate growth. I was just kind of curious, like, expectations around timing on when you guys think those investments will come to fruition and how you're thinking about the trajectory of that business?

Stephen Jones

Well, this is Steve again. Let me maybe talk about how that business operates. So it is a fairly long cycle from when we make an investment to when the revenues come in for us. So if you think about what happens, we make the investment, we recruit new partners, we look at new orders. Those orders get placed, then the rollouts have to happen and the commission streams have to happen. If it's a small deal, that can be 6 to 9 months. If it's a larger deal, that can be 12 to 18 months. And so it is an invest-ahead business. We've talked about this for a long time that this is an invest-ahead business. We're seeing momentum in orders. And so we're seeing the fruits of that -- those investments as we go along. We definitely want to accelerate that growth because as Mike talked about in his prepared remarks, we think that is key to growing that business is getting that -- getting those new order growth and more of that market share.

Operator

And I'm showing no further questions. I would now like to turn the call back to Steve Jones for closing remarks.

Stephen Jones

Thank you for joining us today. We expect to hold our next conference call to discuss our December 31 quarterly results on Thursday, February 4, at approximately 10:30 a.m. Eastern Time.

Operator

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