AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

ScanSource Announces First Quarter Results

November 12, 2019

GREENVILLE, S.C.--(BUSINESS WIRE)--Nov 12, 2019--

ScanSource, Inc. (NASDAQ: SCSC), a leading provider of technology products and solutions, today announced financial results for the first quarter ended September 30, 2019.

 

Quarter ended September 30,

 

2019

 

2018

 

Change

 

(in millions, except per share data)

Net sales

$

1,006.9

 

 

$

972.9

 

 

3

%

Non-GAAP net sales, excluding Planned Divestitures(1)

851.4

 

 

813.3

 

 

5

%

Operating income

18.6

 

 

21.4

 

 

(13

)%

Non-GAAP operating income(1) (2)

27.5

 

 

32.7

 

 

(16

)%

GAAP net income

11.5

 

 

14.3

 

 

(19

)%

Non-GAAP net income(1) (2)

18.5

 

 

22.9

 

 

(19

)%

GAAP diluted EPS

$

0.45

 

 

$

0.56

 

 

(20

)%

Non-GAAP diluted EPS(1) (2)

$

0.72

 

 

$

0.89

 

 

(19

)%

 

 

 

 

 

 

(1) A reconciliation of non-GAAP financial information to GAAP financial information is presented in the Supplementary Information (Unaudited) below.

(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.

“For the quarter, we are pleased to deliver 3.5% year-over-year sales growth,” said Mike Baur, Chairman and CEO, ScanSource, Inc. “With our acquisition of intY, we added strategic SaaS capabilities to meet strong customer demand for software. We became a Microsoft cloud solution provider, which allows our channel partners access to Office 365, Azure, and Teams.”

Quarterly Results

Net sales for the first quarter of fiscal year 2020 increased 3.5% year-over-year to $1.0 billion, driven primarily by growth across key technologies in North America. Operating income for the first quarter decreased to $18.6 million year-over-year and non-GAAP operating income decreased to $27.5 million from the prior-year quarter, primarily from investments in our business for future growth.

On a GAAP basis, net income for the first quarter of fiscal year 2020 totaled $11.5 million, or $0.45 per diluted share, compared with net income of $14.3 million, or $0.56 per diluted share, for the prior-year quarter. GAAP diluted EPS included a higher than expected expense for the change in fair value of contingent consideration for Intelisys as a result of better than expected actual results. Non-GAAP net income totaled $18.5 million, or $0.72 per diluted share, compared to $22.9 million, or $0.89 per diluted share, for the prior-year quarter. Non-GAAP diluted EPS was near the midpoint of the forecast range.

Acquisition of intY

On July 1, 2019, ScanSource announced and closed the acquisition of intY and its award-winning CASCADE cloud services distribution platform. As an additional element of ScanSource’s cloud and digital strategy, intY’s CASCADE solution provides ScanSource channel partners with another route-to-market to enable key strategic cloud services, including Microsoft, Symantec, and Acronis.

Plan to Divest Certain Businesses Outside of US, Canada and Brazil

On August 20, 2019, ScanSource announced plans to divest its physical products distribution businesses outside of the United States, Canada and Brazil. ScanSource will continue to operate and invest in its digital distribution business in these geographies. These plans are part of a strategic portfolio repositioning to align investments with higher-growth, higher-margin businesses. During the quarter, the Company began a process to market and sell the Planned Divestitures. There can be no assurance that this sale process will result in a transaction or regarding the timing of any transaction. The Planned Divestitures, comprised of physical product businesses in Europe, UK, Mexico, Colombia, Chile, Peru and the Miami-based export operations, had net sales of $156 million for the first quarter fiscal year 2020 and at September 30, 2019 had working capital of $180 million.

Forecast for Next Quarter

For the second quarter of fiscal year 2020, ScanSource expects GAAP net sales to range from $1.03 billion to $1.09 billion and non-GAAP net sales excluding the Planned Divestitures to range from $880 million to $940 million. For the second quarter of fiscal year 2020, ScanSource expects diluted earnings per share to range from $0.54 to $0.59 and non-GAAP diluted earnings per share to range from $0.80 to $0.85. Non-GAAP diluted earnings per share 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.

Webcast Details and CFO Commentary

At approximately 4:15 p.m. ET today, a CFO commentary, as a supplement to this press release and the Company’s conference call, will be available on ScanSource’s website, www.scansource.com (Investor Relations section). ScanSource will present additional information about its financial results and outlook in a conference call today, November 12, 2019, at 5:00 p.m. ET. A webcast of the call will be available for all interested parties and can be assessed at www.scansource.com (Investor Relations section). The webcast will be available for replay for 60 days.

Safe Harbor Statement

This press release contains “forward-looking” statements, including the forecast of sales and earnings per share for next quarter and the Planned Divestitures, that involve risks and uncertainties. Any number of factors could cause actual results to differ materially from anticipated or forecasted results, including, but not limited to, changes in interest and exchange rates and regulatory regimes impacting the Company’s international operations, the impact of tax reform laws, the failure of acquisitions to meet the Company’s expectations, the failure to manage and implement the Company’s organic growth strategy, credit risks involving the Company’s larger customers and vendors, termination of the Company’s relationship with key vendors or a significant modification of the terms under which it operates with a key vendor, the decline in demand for the products and services that the Company provides, reduced prices for the products and services that the Company provides due both to competitor and customer action, the Company’s ability to find a buyer for the Planned Divestitures on acceptable terms or to otherwise dispose of the operations, changes in the Company’s operating strategy and other factors set forth in the “Risk Factors” contained in the Company’s annual report on Form 10-K for the year ended June 30, 2019, filed with the Securities and Exchange Commission. Except as may be required by law, the Company expressly disclaims any obligation to update these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

Non-GAAP Financial Information

In addition to disclosing results that are determined in accordance with United States Generally Accepted Accounting Principles (“GAAP”), the Company also discloses certain non-GAAP financial measures, which are summarized below. Non-GAAP financial measures are used to understand and evaluate performance, including comparisons from period to period. Non-GAAP results exclude amortization of intangible assets related to acquisitions, change in fair value of contingent consideration, acquisition costs, restructuring costs and other non-GAAP adjustments.

Net sales on a constant currency basis, excluding Planned Divestitures and acquisitions (“organic sales”): The Company discloses the percentage change in net sales excluding the translation impact from changes in foreign currency exchange rates between reporting periods and excluding the net sales from Planned Divestitures, as well as acquisitions prior to the first full year from the acquisition date. This measure enhances the comparability between periods to help analyze underlying trends on an organic basis.

Income Statement Non-GAAP Metrics: To evaluate current period performance on a more consistent basis with prior periods, the Company discloses non-GAAP net sales, non-GAAP gross profit, non-GAAP operating income, non-GAAP other expense, net, non-GAAP pre-tax income, non-GAAP net income and non-GAAP diluted earnings per share (non-GAAP diluted “EPS”). Non-GAAP results exclude amortization of intangible assets related to acquisitions, changes in fair value of contingent consideration, acquisition and divestiture costs, impact of Planned Divestitures and other non-GAAP adjustments. Non-GAAP metrics are useful in assessing and understanding the Company’s operating performance, especially when comparing results with previous periods or forecasting performance for future periods.

Return on invested capital (“ROIC”): Management uses ROIC as a performance measurement to assess efficiency in allocating capital under the Company’s control to generate returns. Management believes this metric balances the Company’s operating results with asset and liability management, is not impacted by capitalization decisions and correlates with shareholder value creation. In addition, it is easily computed, communicated and understood. ROIC also provides management a measure of the Company’s profitability on a basis more comparable to historical or future periods.

ROIC assists management in comparing the Company’s performance over various reporting periods on a consistent basis because it removes from operating results the impact of items that do not reflect core operating performance. ROIC is calculated as adjusted EBITDA over invested capital. Adjusted earnings before interest expense, income taxes, depreciation and amortization (“Adjusted EBITDA”) excludes the change in fair value of contingent consideration, in addition to other non-GAAP adjustments. Invested capital is defined as average equity plus average daily funded interest-bearing debt for the period. Management believes the calculation of ROIC provides useful information to investors and is an additional relevant comparison of the Company’s performance during the year.

These non-GAAP financial measures have limitations as analytical tools, and the non-GAAP financial measures that the Company reports may not be comparable to similarly titled amounts reported by other companies. Analysis of results and outlook on a non-GAAP basis should be considered in addition to, and not in substitution for or as superior to, measurements of financial performance prepared in accordance with GAAP. A reconciliation of the Company’s non-GAAP financial information to GAAP is set forth in the Supplementary Information (Unaudited) below.

About ScanSource, Inc.

ScanSource, Inc. (NASDAQ: SCSC) is at the center of the technology solution delivery channel, connecting businesses and providing solutions for their complex needs. ScanSource sells through multiple, specialized routes-to-market with digital, physical and services offerings from the world’s leading suppliers of point-of-sale (POS), payments, barcode, physical security, unified communications and collaboration, telecom and cloud services. ScanSource enables its sales partners to create, deliver and manage solutions for end-customers across almost every vertical market. Founded in 1992 and headquartered in Greenville, South Carolina, ScanSource was named one of the 2019 Best Places to Work in South Carolina and on FORTUNE magazine’s 2019 List of World’s Most Admired Companies. ScanSource ranks #643 on the Fortune 1000. For more information, visit www.scansource.com.

ScanSource, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)

 

 

 

September 30, 2019

 

June 30, 2019*

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

25,877

 

 

$

23,818

 

Accounts receivable, less allowance of $37,083 at September 30, 2019 and $38,849 at June 30, 2019

 

706,428

 

 

654,983

 

Inventories

 

715,224

 

 

697,343

 

Prepaid expenses and other current assets

 

101,608

 

 

101,171

 

Total current assets

 

1,549,137

 

 

1,477,315

 

Property and equipment, net

 

63,309

 

 

63,363

 

Goodwill

 

364,867

 

 

319,538

 

Identifiable intangible assets, net

 

122,217

 

 

127,939

 

Deferred income taxes

 

24,033

 

 

24,724

 

Other non-current assets

 

94,962

 

 

54,382

 

Total assets

 

$

2,218,525

 

 

$

2,067,261

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

656,150

 

 

$

558,101

 

Accrued expenses and other current liabilities

 

99,021

 

 

91,407

 

Current portion of contingent consideration

 

38,531

 

 

38,393

 

Income taxes payable

 

6,657

 

 

4,310

 

Short-term borrowings

 

 

 

4,590

 

Current portion of long-term debt

 

5,026

 

 

4,085

 

Total current liabilities

 

805,385

 

 

700,886

 

Deferred income taxes

 

1,257

 

 

1,395

 

Long-term debt, net of current portion

 

148,800

 

 

151,014

 

Borrowings under revolving credit facility

 

216,504

 

 

200,817

 

Long-term portion of contingent consideration

 

41,866

 

 

39,532

 

Other long-term liabilities

 

98,962

 

 

59,488

 

Total liabilities

 

1,312,774

 

 

1,153,132

 

Shareholders' equity:

 

 

 

 

Common stock

 

60,089

 

 

64,287

 

Retained earnings

 

951,460

 

 

939,930

 

Accumulated other comprehensive income (loss)

 

(105,798

)

 

(90,088

)

Total shareholders' equity

 

905,751

 

 

914,129

 

Total liabilities and shareholders' equity

 

$

2,218,525

 

 

$

2,067,261

 

*

Derived from audited financial statements.

 

ScanSource, Inc. and Subsidiaries

Condensed Consolidated Income Statements (Unaudited)

(in thousands, except per share data)

 

 

 

 

 

 

 

Quarter ended September 30,

 

 

2019

 

2018

Net sales

 

$

1,006,927

 

 

$

972,900

 

Cost of goods sold

 

894,828

 

 

860,685

 

Gross profit

 

112,099

 

 

112,215

 

Selling, general and administrative expenses

 

82,512

 

 

77,931

 

Depreciation expense

 

3,548

 

 

3,265

 

Intangible amortization expense

 

4,962

 

 

5,003

 

Change in fair value of contingent consideration

 

2,472

 

 

4,584

 

Operating income

 

18,605

 

 

21,432

 

Interest expense

 

3,792

 

 

2,627

 

Interest income

 

(800

)

 

(451

)

Other expense, net

 

32

 

 

32

 

Income before income taxes

 

15,581

 

 

19,224

 

Provision for income taxes

 

4,051

 

 

4,902

 

Net income

 

$

11,530

 

 

$

14,322

 

Per share data:

 

 

 

 

Net income per common share, basic

 

$

0.45

 

 

$

0.56

 

Weighted-average shares outstanding, basic

 

25,539

 

 

25,599

 

 

 

 

 

 

Net income per common share, diluted

 

$

0.45

 

 

$

0.56

 

Weighted-average shares outstanding, diluted

 

25,617

 

 

25,755

 

 

ScanSource, Inc. and Subsidiaries

Supplementary Information (Unaudited)

 

 

 

 

Net Sales by Segment:

 

 

 

 

Quarter ended September 30,

 

 

 

2019

 

2018

 

% Change

Worldwide Barcode, Networking & Security:

(in thousands)

 

 

Net sales, reported

$

697,791

 

 

$

655,113

 

 

6.5

%

Planned Divestitures

(116,603

)

 

(118,366

)

 

 

Non-GAAP net sales, excluding Planned Divestitures

581,188

 

 

536,747

 

 

8.3

%

Foreign exchange impact (a)

95

 

 

 

 

 

Non-GAAP net sales, constant currency excluding Planned Divestitures and acquisitions

$

581,283

 

 

$

536,747

 

 

8.3

%

 

 

 

 

 

 

Worldwide Communications & Services:

 

 

 

Net sales, reported

$

309,136

 

 

$

317,787

 

 

(2.7

)%

Planned Divestitures

(38,913

)

 

(41,279

)

 

 

Non-GAAP net sales, excluding Planned Divestitures

270,223

 

 

276,508

 

 

(2.3

)%

Foreign exchange impact (a)  

244

 

 

 

 

 

Less: Acquisitions

(12,157

)

 

(964

)

 

 

Non-GAAP net sales, constant currency excluding Planned Divestitures and acquisitions

$

258,310

 

 

$

275,544

 

 

(6.3

)%

 

 

 

 

 

 

Consolidated:

 

 

 

 

 

Net sales, reported

$

1,006,927

 

 

$

972,900

 

 

3.5

%

Planned Divestitures

(155,516

)

 

(159,645

)

 

 

Non-GAAP net sales, excluding Planned Divestitures

851,411

 

 

813,255

 

 

4.7

%

Foreign exchange impact (a)

 

339

 

 

 

 

 

Less: Acquisitions

(12,157

)

 

(964

)

 

 

Non-GAAP net sales, constant currency excluding Planned Divestitures and acquisitions

$

839,593

 

 

$

812,291

 

 

3.4

%

 

 

 

 

 

 

(a) Year-over-year net sales growth rate excluding the translation impact of changes in foreign currency exchange rates. Calculated by translating the net sales for the quarter ended September 30, 2019 into U.S. dollars using the average foreign exchange rates for the quarter ended September 30, 2018.

 

ScanSource, Inc. and Subsidiaries

Supplementary Information (Unaudited)

 

 

 

 

 

 

Net Sales by Geography:

 

 

 

 

Quarter ended September 30,

 

 

 

2019

 

2018

 

% Change

United States and Canada:

(in thousands)

 

 

Net sales, as reported

$

769,637

 

 

$

737,957

 

 

4.3

%

Less: Acquisitions

(3,595

)

 

(964

)

 

 

Non-GAAP net sales, excluding acquisitions

$

766,042

 

 

$

736,993

 

 

3.9

%

 

 

 

 

 

 

International:

 

 

 

 

 

Net sales, as reported

$

237,290

 

 

$

234,943

 

 

1.0

%

Planned Divestitures

(155,516

)

 

(159,645

)

 

 

Non-GAAP net sales, excluding Planned Divestitures

81,774

 

 

75,298

 

 

8.6

%

Foreign exchange impact (a)

339

 

 

 

 

 

Less: Acquisitions

(8,562

)

 

 

 

 

Non-GAAP net sales, constant currency excluding Planned Divestitures and acquisitions

$

73,551

 

 

$

75,298

 

 

(2.3

)%

 

 

 

 

 

 

Consolidated:

 

 

 

 

 

Net sales, as reported

$

1,006,927

 

 

$

972,900

 

 

3.5

%

Planned Divestitures

(155,516

)

 

(159,645

)

 

 

Non-GAAP net sales, excluding Planned Divestitures

851,411

 

 

813,255

 

 

4.7

%

Foreign exchange impact (a)

339

 

 

 

 

 

Less: Acquisitions

(12,157

)

 

(964

)

 

 

Non-GAAP net sales, constant currency excluding Planned Divestitures and acquisitions

$

839,593

 

 

$

812,291

 

 

3.4

%

 

(a) Year-over-year net sales growth rate excluding the translation impact of changes in foreign currency exchange rates. Calculated by translating the net sales for the quarter ended September 30, 2019 into U.S. dollars using the average foreign exchange rates for the quarter ended September 30, 2018.

 

ScanSource, Inc. and Subsidiaries

Supplementary Information (Unaudited)

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Financial Information:

 

 

 

Quarter ended September 30, 2019

 

Reported
GAAP
measure

 

Intangible
amortization
expense

 

Change in
fair value of
contingent
consideration

 

Acquisition
and
Divestiture
costs (a)

 

Restructuring
costs

 

Impact of
Planned
Divestitures

 

Non-
GAAP
measure

 

in thousands, except per share data

Net sales

$

1,006,927

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

(155,516

)

 

$

851,411

 

Gross profit

112,099

 

 

 

 

 

 

 

 

 

 

(13,397

)

 

98,702

 

Operating income

18,605

 

 

4,962

 

 

2,472

 

 

757

 

 

169

 

 

507

 

 

27,472

 

Other expense, net

3,024

 

 

 

 

 

 

 

 

 

 

(140

)

 

2,884

 

Pre-tax income

15,581

 

 

4,962

 

 

2,472

 

 

757

 

 

169

 

 

647

 

 

24,588

 

Net income

11,530

 

 

3,746

 

 

1,869

 

 

757

 

 

128

 

 

444

 

 

18,474

 

Diluted EPS

$

0.45

 

 

$

0.15

 

 

$

0.07

 

 

$

0.03

 

 

$

 

 

$

0.02

 

 

$

0.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended September 30, 2018

 

Reported
GAAP
measure

 

Intangible
amortization
expense

 

Change in
fair value of
contingent
consideration

 

Acquisition
costs (a)

 

Restructuring
costs

 

Impact of
Planned
Divestitures

 

Non-
GAAP
measure

 

in thousands, except per share data

Net sales

$

972,900

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

(159,645

)

 

$

813,255

 

Gross profit

112,215

 

 

 

 

 

 

 

 

 

 

(15,198

)

 

97,017

 

Operating income

21,432

 

 

5,003

 

 

4,584

 

 

355

 

 

1,328

 

 

(49

)

 

32,653

 

Other expense, net

2,208

 

 

 

 

 

 

 

 

 

 

167

 

 

2,375

 

Pre-tax income

19,224

 

 

5,003

 

 

4,584

 

 

355

 

 

1,328

 

 

(216

)

 

30,278

 

Net income

14,322

 

 

3,798

 

 

3,487

 

 

355

 

 

955

 

 

(47

)

 

22,870

 

Diluted EPS

$

0.56

 

 

$

0.15

 

 

$

0.14

 

 

$

0.01

 

 

$

0.03

 

 

$

 

 

$

0.89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Acquisition and divestiture costs are generally non-deductible for tax purposes.

 

ScanSource, Inc. and Subsidiaries

Supplementary Information (Unaudited)

(in thousands, except percentages)

 

 

 

 

Non-GAAP Financial Information:

 

Quarter ended September 30,

 

2019

 

2018

Return on invested capital ratio (ROIC), annualized (a)

9.6

%

 

12.8

%

 

 

 

 

Reconciliation of net income to EBITDA:

 

 

 

Net income (GAAP)

$

11,530

 

 

$

14,322

 

Plus: Interest expense

3,792

 

 

2,627

 

Plus: Income taxes

4,051

 

 

4,902

 

Plus: Depreciation and amortization

9,189

 

 

9,268

 

EBITDA (non-GAAP)

28,562

 

 

31,119

 

Plus: Change in fair value of contingent consideration

2,472

 

 

4,584

 

Plus: Acquisition and divestiture costs

757

 

 

355

 

Plus: Restructuring costs

169

 

 

1,328

 

Plus: Impact of Planned Divestitures

(76

)

 

(486

)

Adjusted EBITDA (numerator for ROIC) (non-GAAP)

$

31,884

 

 

$

36,900

 

 

 

 

 

 

 

 

 

Invested Capital Calculation

 

 

 

Equity – beginning of the quarter

$

914,129

 

 

$

866,376

 

Equity – end of the quarter

905,751

 

 

877,897

 

Plus: Change in fair value of contingent consideration, net of tax

1,869

 

 

3,487

 

Plus: Acquisition and divestiture costs

757

 

 

355

 

Plus: Restructuring, net of tax

128

 

 

955

 

Plus: Impact of Planned Divestitures, net of tax

444

 

 

908

 

Average equity

911,539

 

 

874,989

 

Average funded debt (b)

407,306

 

 

272,277

 

Invested capital (denominator for ROIC) (non-GAAP)

$

1,318,845

 

 

$

1,147,266

 

 

 

 

 

(a) Calculated as earnings before interest expense, income taxes, depreciation and amortization (EBITDA), plus change in fair value of contingent consideration and other adjustments, annualized and divided by invested capital for the period. Invested capital is defined as average equity plus average daily funded interest-bearing debt for the period.

(b) Average funded debt is calculated as the average daily amounts outstanding on short-term and long-term interest-bearing debt.

 

ScanSource, Inc. and Subsidiaries

Supplementary Information (Unaudited)

(in thousands, except per share data)  

 

Non-GAAP Financial Information:

 

Forecast for Quarter ending
December 31, 2019

 

Range Low

 

Range High

GAAP net sales, reported

$

1,030,000

 

 

$

1,090,000

 

Adjustments:

 

 

 

Net sales for Planned Divestitures

(150,000

)

 

(150,000

)

Non-GAAP net sales, excluding Planned Divestitures

$

880,000

 

 

$

940,000

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted EPS

$

0.54

 

 

$

0.59

 

Adjustments:

 

 

 

Amortization of intangible assets

0.17

 

 

0.17

 

Change in fair value of contingent consideration

0.05

 

 

0.05

 

Impact of Planned Divestitures (a)

0.02

 

 

0.02

 

Other (restructuring costs and divestiture costs)

0.02

 

 

0.02

 

Non-GAAP diluted EPS

$

0.80

 

 

$

0.85

 

 

 

 

 

(a) Reflects operating results for Planned Divestitures and does not include any non-cash charges from write-downs or costs associated with a sale or liquidation of the businesses and their assets.

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20191112006029/en/

CONTACT: Gerald Lyons

Executive Vice President, Chief Financial Officer

ScanSource, Inc.

(864) 286-4854- or -Mary M. Gentry

Vice President, Treasurer and Investor Relations

ScanSource, Inc.

(864) 286-4892

KEYWORD: UNITED STATES NORTH AMERICA SOUTH CAROLINA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES DATA MANAGEMENT SECURITY TECHNOLOGY TELECOMMUNICATIONS SOFTWARE BANKING

SOURCE: ScanSource, Inc.

Copyright Business Wire 2019.

PUB: 11/12/2019 04:05 PM/DISC: 11/12/2019 04:06 PM

http://www.businesswire.com/news/home/20191112006029/en