<p><strong>ScanSource</strong>（SCSC -1.23%），一家连接技术产品和云服务的混合分销商，为数千个客户提供服务，于 2025 年 8 月 21 日公布了其财政第四季度的财报。在这三个月的期间内，公司实现了 8.129 亿美元的收入，超出公认会计原则（GAAP）预期的 7.797 亿美元，同比增长 8.9%。非 GAAP 每股收益达到 1.02 美元，显著高于市场共识的 0.915 美元，并较去年同期的 0.80 美元大幅上升。调整后的息税折旧摊销前利润（EBITDA）增长了 13.0%，达到 3860 万美元（非 GAAP）。这些结果为财政年度画上了一个强劲的句号，并与公司最近的全年指导相符。这标志着公司在年初表现较弱后的强劲反弹，尽管一些领域，如自由现金流（非 GAAP），如预期般远低于去年同期。总体而言，本季度在经常性收入和北美销售方面显示出显著进展，促进了盈利能力的改善。</p>
<table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第四季度</th>
<th>2025 年第四季度预估</th>
<th>2024 年第四季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（非 GAAP）</td>
<td>$1.02</td>
<td>$0.92</td>
<td>$0.80</td>
<td>27.5%</td>
</tr>
<tr>
<td>收入</td>
<td>$8.129 亿</td>
<td>$7.797 亿</td>
<td>$7.461 亿</td>
<td>9.0%</td>
</tr>
<tr>
<td>毛利润</td>
<td>$1.051 亿</td>
<td></td>
<td>$9730 万</td>
<td>8.0%</td>
</tr>
<tr>
<td>调整后 EBITDA</td>
<td>$3860 万</td>
<td></td>
<td>$3420 万</td>
<td>12.9%</td>
</tr>
<tr>
<td>自由现金流（非 GAAP）</td>
<td>$510 万</td>
<td></td>
<td>$5350 万</td>
<td>(90.5%)</td>
</tr>
</tbody>
</table>
<p>来源：FactSet 提供的分析师预估。管理层预期基于管理层在 2025 年第三季度财报中提供的指导。</p>
<h2>商业概述与战略重点</h2>
<p>ScanSource 充当技术供应商与商业客户之间的桥梁。它分销一系列物理硬件——如销售点系统、网络设备和支付终端——以及基于云的软件和连接解决方案。该公司服务约 25,000 个客户，并与约 500 个供应商合作，包括思科和斑马等大型企业。</p>
<p>该公司最近的重点是提升其经常性收入的比例，包括软件订阅、连接服务和咨询服务。这一转变旨在增强其商业模式，以应对组织在购买和消费技术方面的变化。成功依赖于其在经常性收入增长、吸引和留住领先供应商以及维持强健的财务状况以支持投资和收购机会的能力。</p>
<h2>季度业绩与运营亮点</h2>
<p>ScanSource 在 2025 财年第四季度实现了显著的收入反弹，得益于北美强劲的销售和更多高价值交易。专业技术解决方案部门——包括硬件、支付和无线设备——实现了 9.2% 的同比销售增长（GAAP）。北美的改善最为明显，净销售额在非 GAAP 基础上增长了 11.0%。这些增长抵消了国际市场的持续疲软，包括巴西，后者由于持续的经济和市场特定挑战，非 GAAP 净销售额下降了 11.7%。管理层将收入增长的很大一部分归因于北美的广泛需求和大型企业交易的回归。</p>
<p>经常性收入作为公司战略转型的关键指标，增长了 30.0%，达到 3650 万美元。经常性业务占总毛利润的 31.6%，高于一年前的 28.5%。这一收入来源包括基于订阅的软件、托管云服务和连接解决方案。比例的变化反映了客户对基于云和订阅产品的日益接受，部分得益于最近的收购。然而，剔除收购后，该领域的有机增长相对温和（非 GAAP）。</p>
<p>Intelisys &amp; Advisory 部门——提供云、连接和软件即服务（SaaS）产品——的净销售额同比增长 1.3%。在剔除新收购后，该部门在 2025 财年第三季度的销售额同比增长 4.3%。盈利能力的整体改善在毛利润（GAAP）的增加中显而易见，毛利润同比增长 8.0%，将调整后的 EBITDA 利润率从去年同期的 4.58% 提升至 4.75%。净收入（GAAP）和稀释每股收益（GAAP）均大幅增长。该公司在 GAAP 基础上每股收益为 0.88 美元，高于去年的 0.64 美元。</p>
<p>毛利率（GAAP）略微下降，从去年同期的 13.0% 降至 12.9%。尽管如此，全年毛利润率（GAAP）上升至 13.4%，得益于经常性收入比例的提高和供应商激励的积极影响。自由现金流在本季度大幅下降至 510 万美元，而去年同期为 5350 万美元。</p>
<h2>部门表现与市场背景</h2>
<p>专业技术解决方案部门，涵盖硬件产品和支付终端，推动了大部分增长，季度销售额增长 9.2%（GAAP）。在前一个季度，公司曾指出某些传统硬件类别和国际市场的疲软，但最新季度北美需求引领了复苏。巴西现在占总销售额的比例不到 10%，并继续表现不佳。</p>
<p>Intelisys &amp; Advisory 部门涵盖公司的云和 SaaS 业务，以及帮助客户应对 IT 复杂性的咨询服务。该部门的收入增长有限，同比增长 1.3%，达到 2420 万美元。这反映了最近收购的整合，有机增长仍在持续。</p>
<p>在供应商方面，公司继续依赖关键技术合作伙伴。思科和斑马在 2024 财年各自占净销售额的 10% 以上，这种集中度可能增加风险，但也支持对热门产品的获取。与约 500 个供应商的广泛关系使 ScanSource 能够提供将硬件与软件和托管服务相结合的综合解决方案。</p>
<p>财务指标突显了公司的健康资产负债表和运营灵活性。年末现金及现金等价物为 1.262 亿美元，总债务为 1.361 亿美元。ScanSource 产生了 1.041 亿美元的自由现金流（非 GAAP），并完成了 1.065 亿美元的股票回购。投资资本回报率——衡量公司从投资中产生利润的能力——今年提高至 13.6%，而去年为 12.4%。健康的现金生成和受限的杠杆为未来的收购和投资提供了空间，随着战略优先事项的演变。</p>
<h2>前景与关注事项</h2>
<p>展望 2026 财年，管理层预计 2026 财年收入将在 31 亿美元至 33 亿美元之间。调整后的 EBITDA（非 GAAP）预计将上升至 1.5 亿至 1.6 亿美元，高于 2025 财年的 1.447 亿美元。自由现金流（非 GAAP）预计将超过 8000 万美元，这考虑到随着业务增长可能需要更高的投资或营运资金。</p>
<p>管理层强调其追求双重增长战略的意图：将对集成、云和订阅产品的有机投资与有针对性的收购相结合。公司进行了有意义的股票回购，并将新资本分配用于近期的收购驱动扩张。投资者应关注北美销售增长的可持续性、经常性收入的演变组合及盈利能力，以及随着 2026 财年的推进，自由现金流和资本部署的持续趋势。</p>
<p><em>收入和净收入使用美国公认会计原则（GAAP）呈现，除非另有说明。</em></p>

SCSC

<p>ScanSource (SCSC) 在 2025 财年第四季度报告了 9% 的收入增长，达到 8.129 亿美元，超出预期。非公认会计原则每股收益（EPS）上升至 1.02 美元，较去年同期的 0.80 美元有所增加。调整后的息税折旧摊销前利润（EBITDA）增长了 13%，达到 3860 万美元。公司在北美的销售表现强劲，重复收入增长 30%，达到 3650 万美元，现在占总毛利的 31.6%。然而，自由现金流大幅下降至 510 万美元。专业技术解决方案部门引领了增长，而国际市场，特别是巴西，面临挑战。总体而言，结果反映了财年的强劲收官</p>

<p><strong>ScanSource</strong>(SCSC -1.23%), a hybrid distributor connecting technology products and cloud services for thousands of customers, reported its fiscal fourth quarter earnings on August 21, 2025. For the three-month period, it posted revenue of $812.9 million, surpassing GAAP expectations of $779.7 million and up 8.9% year over year. Non-GAAP earnings per share reached $1.02, notably higher than the consensus of $0.915 and up sharply from $0.80 in the prior year quarter. Adjusted EBITDA climbed 13.0% to $38.6 million (non-GAAP). These results capped a strong finish to the fiscal year and matched the company’s most recent full-year guidance. This marked a strong rebound from softer performance earlier in the year, although some areas, like free cash flow (non-GAAP), fell well below the prior year as anticipated. Overall, the quarter showed notable progress in recurring revenue and North America sales, contributing to improved profitability.</p>
<div class="lb-trans"><p><strong>ScanSource</strong>（SCSC -1.23%），一家连接技术产品和云服务的混合分销商，为数千个客户提供服务，于 2025 年 8 月 21 日公布了其财政第四季度的财报。在这三个月的期间内，公司实现了 8.129 亿美元的收入，超出公认会计原则（GAAP）预期的 7.797 亿美元，同比增长 8.9%。非 GAAP 每股收益达到 1.02 美元，显著高于市场共识的 0.915 美元，并较去年同期的 0.80 美元大幅上升。调整后的息税折旧摊销前利润（EBITDA）增长了 13.0%，达到 3860 万美元（非 GAAP）。这些结果为财政年度画上了一个强劲的句号，并与公司最近的全年指导相符。这标志着公司在年初表现较弱后的强劲反弹，尽管一些领域，如自由现金流（非 GAAP），如预期般远低于去年同期。总体而言，本季度在经常性收入和北美销售方面显示出显著进展，促进了盈利能力的改善。</p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q4 2025</th>
<th>Q4 2025 Estimate</th>
<th>Q4 2024</th>
<th>Y/Y Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS (Non-GAAP)</td>
<td>$1.02</td>
<td>$0.92</td>
<td>$0.80</td>
<td>27.5%</td>
</tr>
<tr>
<td>Revenue</td>
<td>$812.9 million</td>
<td>$779.7 million</td>
<td>$746.1 million</td>
<td>9.0%</td>
</tr>
<tr>
<td>Gross Profit</td>
<td>$105.1 million</td>
<td></td>
<td>$97.3 million</td>
<td>8.0%</td>
</tr>
<tr>
<td>Adjusted EBITDA</td>
<td>$38.6 million</td>
<td></td>
<td>$34.2 million</td>
<td>12.9%</td>
</tr>
<tr>
<td>Free Cash Flow (Non-GAAP)</td>
<td>$5.1 million</td>
<td></td>
<td>$53.5 million</td>
<td>(90.5%)</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第四季度</th>
<th>2025 年第四季度预估</th>
<th>2024 年第四季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（非 GAAP）</td>
<td>$1.02</td>
<td>$0.92</td>
<td>$0.80</td>
<td>27.5%</td>
</tr>
<tr>
<td>收入</td>
<td>$8.129 亿</td>
<td>$7.797 亿</td>
<td>$7.461 亿</td>
<td>9.0%</td>
</tr>
<tr>
<td>毛利润</td>
<td>$1.051 亿</td>
<td></td>
<td>$9730 万</td>
<td>8.0%</td>
</tr>
<tr>
<td>调整后 EBITDA</td>
<td>$3860 万</td>
<td></td>
<td>$3420 万</td>
<td>12.9%</td>
</tr>
<tr>
<td>自由现金流（非 GAAP）</td>
<td>$510 万</td>
<td></td>
<td>$5350 万</td>
<td>(90.5%)</td>
</tr>
</tbody>
</table>
</div><p>Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q3 2025 earnings report.</p>
<div class="lb-trans"><p>来源：FactSet 提供的分析师预估。管理层预期基于管理层在 2025 年第三季度财报中提供的指导。</p>
</div><h2>Business Overview and Strategic Focus</h2>
<div class="lb-trans"><h2>商业概述与战略重点</h2>
</div><p>ScanSource acts as a bridge between technology suppliers and business customers. It distributes a mix of physical hardware -- like point-of-sale systems, networking gear, and payment terminals -- alongside cloud-based software and connectivity solutions. The company serves around 25,000 customers and partners with about 500 suppliers, including large names such as Cisco and Zebra.</p>
<div class="lb-trans"><p>ScanSource 充当技术供应商与商业客户之间的桥梁。它分销一系列物理硬件——如销售点系统、网络设备和支付终端——以及基于云的软件和连接解决方案。该公司服务约 25,000 个客户，并与约 500 个供应商合作，包括思科和斑马等大型企业。</p>
</div><p>The company’s recent focus has been to boost its mix of recurring revenue, which includes software subscriptions, connectivity, and advisory services. This shift is designed to strengthen its business model against shifts in how organizations buy and consume technology. Success depends on its ability to grow recurring revenue, attract and retain leading suppliers, and maintain a robust financial profile that supports investment and acquisition opportunities.</p>
<div class="lb-trans"><p>该公司最近的重点是提升其经常性收入的比例，包括软件订阅、连接服务和咨询服务。这一转变旨在增强其商业模式，以应对组织在购买和消费技术方面的变化。成功依赖于其在经常性收入增长、吸引和留住领先供应商以及维持强健的财务状况以支持投资和收购机会的能力。</p>
</div><h2>Quarterly Results and Operational Highlights</h2>
<div class="lb-trans"><h2>季度业绩与运营亮点</h2>
</div><p>ScanSource achieved a significant revenue rebound in Q4 FY2025, fueled by strong sales in North America and a larger number of high-value deals. Specialty Technology Solutions -- the segment that includes hardware, payments, and wireless equipment -- posted 9.2% year-over-year sales growth (GAAP). North America led the improvement, with net sales up 11.0% on a non-GAAP basis. These gains offset ongoing weakness in international markets, including Brazil, which reported an 11.7% drop in non-GAAP net sales due to persistent economic and market-specific challenges. Management attributed much of the revenue increase to broader demand in North America and a return of large enterprise deals.</p>
<div class="lb-trans"><p>ScanSource 在 2025 财年第四季度实现了显著的收入反弹，得益于北美强劲的销售和更多高价值交易。专业技术解决方案部门——包括硬件、支付和无线设备——实现了 9.2% 的同比销售增长（GAAP）。北美的改善最为明显，净销售额在非 GAAP 基础上增长了 11.0%。这些增长抵消了国际市场的持续疲软，包括巴西，后者由于持续的经济和市场特定挑战，非 GAAP 净销售额下降了 11.7%。管理层将收入增长的很大一部分归因于北美的广泛需求和大型企业交易的回归。</p>
</div><p>Recurring revenue, a key marker for the company’s strategic transition, increased 30.0% to $36.5 million. Recurring business made up 31.6% of total gross profit, up from 28.5% a year earlier. This revenue stream includes subscription-based software, managed cloud services, and connectivity solutions. The mix shift reflects growing customer adoption of cloud-based and subscription offerings, supported in part by recent acquisitions. However, organic growth in this segment was more modest once acquisitions were excluded (non-GAAP).</p>
<div class="lb-trans"><p>经常性收入作为公司战略转型的关键指标，增长了 30.0%，达到 3650 万美元。经常性业务占总毛利润的 31.6%，高于一年前的 28.5%。这一收入来源包括基于订阅的软件、托管云服务和连接解决方案。比例的变化反映了客户对基于云和订阅产品的日益接受，部分得益于最近的收购。然而，剔除收购后，该领域的有机增长相对温和（非 GAAP）。</p>
</div><p>The Intelisys &amp; Advisory segment -- which delivers cloud, connectivity, and Software as a Service (SaaS) products -- saw net sales rise 1.3% year-over-year. When excluding new acquisitions, sales in this segment increased 4.3% year over year in Q3 FY2025. The overall improvement in profitability was apparent in the increase in gross profit (GAAP), which rose 8.0% year over year and pushed adjusted EBITDA margin up to 4.75% from 4.58% in the prior year quarter. Net income (GAAP) and diluted earnings per share (GAAP) both increased strongly. Shares of the company earned $0.88 per share on a GAAP basis, up from $0.64 last year.</p>
<div class="lb-trans"><p>Intelisys &amp; Advisory 部门——提供云、连接和软件即服务（SaaS）产品——的净销售额同比增长 1.3%。在剔除新收购后，该部门在 2025 财年第三季度的销售额同比增长 4.3%。盈利能力的整体改善在毛利润（GAAP）的增加中显而易见，毛利润同比增长 8.0%，将调整后的 EBITDA 利润率从去年同期的 4.58% 提升至 4.75%。净收入（GAAP）和稀释每股收益（GAAP）均大幅增长。该公司在 GAAP 基础上每股收益为 0.88 美元，高于去年的 0.64 美元。</p>
</div><p>Gross margin (GAAP) declined slightly, dipping to 12.9% from 13.0% in the prior year period. Despite this, the full-year gross profit margin (GAAP) rose to 13.4%, thanks to a higher proportion of recurring revenue and the positive impact of vendor incentives. Free cash flow dropped sharply to $5.1 million for the quarter, compared to $53.5 million in the same period last year.</p>
<div class="lb-trans"><p>毛利率（GAAP）略微下降，从去年同期的 13.0% 降至 12.9%。尽管如此，全年毛利润率（GAAP）上升至 13.4%，得益于经常性收入比例的提高和供应商激励的积极影响。自由现金流在本季度大幅下降至 510 万美元，而去年同期为 5350 万美元。</p>
</div><h2>Segment Performance and Market Context</h2>
<div class="lb-trans"><h2>部门表现与市场背景</h2>
</div><p>The Specialty Technology Solutions segment, covering hardware products and payment terminals, drove the majority of the gains, with quarterly sales increasing 9.2% (GAAP). In the prior quarter, the company had flagged softness in some legacy hardware categories and international markets, but the latest quarter saw North American demand lead the recovery. Brazil now represents less than 10% of total sales and continues to underperform.</p>
<div class="lb-trans"><p>专业技术解决方案部门，涵盖硬件产品和支付终端，推动了大部分增长，季度销售额增长 9.2%（GAAP）。在前一个季度，公司曾指出某些传统硬件类别和国际市场的疲软，但最新季度北美需求引领了复苏。巴西现在占总销售额的比例不到 10%，并继续表现不佳。</p>
</div><p>The Intelisys &amp; Advisory segment houses the company's cloud and SaaS businesses, as well as advisory services to help customers navigate IT complexity. Revenue here showed limited growth, increasing 1.3% to $24.2 million. This reflects the consolidation of a recent acquisition, with organic growth still building.</p>
<div class="lb-trans"><p>Intelisys &amp; Advisory 部门涵盖公司的云和 SaaS 业务，以及帮助客户应对 IT 复杂性的咨询服务。该部门的收入增长有限，同比增长 1.3%，达到 2420 万美元。这反映了最近收购的整合，有机增长仍在持续。</p>
</div><p>On the supplier side, the company continues to rely on key technology partners. Cisco and Zebra each accounted for more than 10% of net sales in FY2024, a concentration that can add risk but also supports access to in-demand products. The breadth of relationships, spanning about 500 suppliers, enables ScanSource to offer comprehensive solutions that combine hardware with software and managed services.</p>
<div class="lb-trans"><p>在供应商方面，公司继续依赖关键技术合作伙伴。思科和斑马在 2024 财年各自占净销售额的 10% 以上，这种集中度可能增加风险，但也支持对热门产品的获取。与约 500 个供应商的广泛关系使 ScanSource 能够提供将硬件与软件和托管服务相结合的综合解决方案。</p>
</div><p>Financial metrics underscored the company’s healthy balance sheet and operational flexibility. End-of-year cash and equivalents stood at $126.2 million, with total debt of $136.1 million. ScanSource generated $104.1 million in free cash flow (non-GAAP) and completed $106.5 million in share repurchases. The return on invested capital -- a measure of the company’s ability to generate profit from its investments -- improved to 13.6% this year from 12.4% before. Healthy cash generation and constrained leverage provide headroom for future acquisitions and investment as strategic priorities evolve.</p>
<div class="lb-trans"><p>财务指标突显了公司的健康资产负债表和运营灵活性。年末现金及现金等价物为 1.262 亿美元，总债务为 1.361 亿美元。ScanSource 产生了 1.041 亿美元的自由现金流（非 GAAP），并完成了 1.065 亿美元的股票回购。投资资本回报率——衡量公司从投资中产生利润的能力——今年提高至 13.6%，而去年为 12.4%。健康的现金生成和受限的杠杆为未来的收购和投资提供了空间，随着战略优先事项的演变。</p>
</div><h2>Outlook and What to Watch Next</h2>
<div class="lb-trans"><h2>前景与关注事项</h2>
</div><p>Looking ahead to fiscal 2026, Management projects FY2026 revenue in the $3.1 billion to $3.3 billion range. Adjusted EBITDA (non-GAAP) is forecast to rise to a range of $150 million to $160 million, up from $144.7 million in FY2025. Free cash flow (non-GAAP) is expected to exceed $80 million, which accounts for potentially higher investment or working capital needs as the business grows.</p>
<div class="lb-trans"><p>展望 2026 财年，管理层预计 2026 财年收入将在 31 亿美元至 33 亿美元之间。调整后的 EBITDA（非 GAAP）预计将上升至 1.5 亿至 1.6 亿美元，高于 2025 财年的 1.447 亿美元。自由现金流（非 GAAP）预计将超过 8000 万美元，这考虑到随着业务增长可能需要更高的投资或营运资金。</p>
</div><p>Management emphasized its intent to pursue a dual strategy of growth: combining organic investment in integrated, cloud, and subscription products with targeted acquisitions. The company made meaningful share repurchases and allocated new capital towards recent acquisition-driven expansion. Investors should monitor the sustainability of North American sales growth, the evolving mix and profitability of recurring revenue, and ongoing trends in free cash flow and capital deployment as fiscal 2026 progresses.</p>
<div class="lb-trans"><p>管理层强调其追求双重增长战略的意图：将对集成、云和订阅产品的有机投资与有针对性的收购相结合。公司进行了有意义的股票回购，并将新资本分配用于近期的收购驱动扩张。投资者应关注北美销售增长的可持续性、经常性收入的演变组合及盈利能力，以及随着 2026 财年的推进，自由现金流和资本部署的持续趋势。</p>
</div><p><em>Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.</em></p>
<div class="lb-trans"><p><em>收入和净收入使用美国公认会计原则（GAAP）呈现，除非另有说明。</em></p>
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ScanSource 在第四季度的收入增长了 9%