Item 5. Market for Registrant’s Common Equity
ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Our common stock is quoted on the NASDAQ Global Select Market under the symbol "SCSC." As of August 20, 2021, there were approximately 715 holders of record of our common stock.
Stock Performance Chart
The following stock performance graph compares cumulative total shareholder return on our common stock over a five-year period with the Nasdaq Market Index and with the Standard Industrial Classification ("SIC") Code Index (SIC Code 5045 – Wholesale Computers and Peripheral Equipment and Software) for the same period. Total shareholder return represents stock price changes and assumes the reinvestment of dividends. The graph assumes the investment of $100 on June 30, 2016.
2016 2017 2018 2019 2020 2021
ScanSource, Inc. $ 100 $ 109 $ 109 $ 88 $ 65 $ 76
NASDAQ Composite $ 100 $ 128 $ 159 $ 171 $ 217 $ 315
SIC Code 5045 – Computers & Peripheral Equipment $ 100 $ 130 $ 118 $ 110 $ 126 $ 279
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Share Repurchases
In August 2016, our Board of Directors ("BOD") authorized a three-year $120 million share repurchase program. The share repurchase program expired in August 2019. During the year ended June 30, 2019, we repurchased 323,832 shares for $10.1 million under the program. During the quarter ended September 30, 2019, we repurchased 168,068 shares for $5.4 million under the program before it expired.
In August 2021, our Board of Directors authorized a $100 million share repurchase program. The authorization does not have any time limit.
Dividends
We have never declared or paid a cash dividend. Under the terms of our credit facility, the payment of cash dividends is restricted.
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ITEM 6. Selected Financial Data.
The selected financial data below should be read in conjunction with "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and the Consolidated Financial Statements and related notes thereto included elsewhere in this Annual Report on Form 10-K. The following statement of income data and balance sheet data were derived from our Consolidated Financial Statements.
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FIVE YEAR FINANCIAL SUMMARY
Fiscal Year Ended June 30,
2021 2020 2019 2018 2017
(in thousands, except per share data)
Statement of income data:
Net sales $ 3,150,806 $ 3,047,734 $ 3,249,799 $ 3,164,709 $ 2,963,366
Cost of goods sold 2,800,090 2,692,165 2,856,996 2,795,403 2,649,364
Gross profit 350,716 355,569 392,803 369,306 314,002
Selling, general and administrative expenses 247,438 259,535 244,294 232,291 203,545
Depreciation expense 12,533 13,033 12,028 12,286 8,322
Intangible amortization expense 19,488 19,953 17,893 18,680 13,522
Restructuring and other charges 9,258 604 8,654 — —
Impairment charges — 120,470 — — —
Change in fair value of contingent consideration 516 6,941 15,200 37,043 6,279
Operating income (loss) 61,483 (64,967) 94,734 69,006 82,334
Interest expense 6,929 12,224 13,162 9,121 3,010
Interest income (3,097) (5,826) (1,818) (3,710) (5,359)
Other expense (income), net 116 411 (247) 546 (11,388)
Income (loss) before income taxes 57,535 (71,776) 83,637 63,049 96,071
Provision for income taxes 12,146 7,451 18,778 27,593 31,760
Net income (loss) from continuing operations 45,389 (79,227) 64,859 35,456 64,311
Net (loss) income from discontinued operations (34,594) (113,427) (7,262) (2,303) 4,935
Net income (loss) $ 10,795 $ (192,654) $ 57,597 $ 33,153 $ 69,246
Per share data:
Net income (loss) from continuing operations per common share, basic $ 1.79 $ (3.12) $ 2.53 $ 1.39 $ 2.55
Net (loss) income from discontinued operations per common share, basic (1.36) (4.47) (0.28) (0.09) 0.19
Net income (loss) per common share, basic $ 0.42 $ (7.59) $ 2.25 $ 1.30 $ 2.74
Weighted-average shares outstanding, basic 25,423 25,378 25,642 25,522 25,318
Net income (loss) from continuing operations per common share, diluted $ 1.78 $ (3.12) $ 2.52 $ 1.38 $ 2.52
Net (loss) income from discontinued operations per common share, diluted (1.36) (4.47) (0.28) (0.09) 0.19
Net income (loss) per common share, diluted $ 0.42 $ (7.59) $ 2.24 $ 1.29 $ 2.71
Weighted-average shares outstanding, diluted 25,518 25,378 25,734 25,624 25,515
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As of June 30,
2021 2020 2019 2018 2017
(in thousands)
Balance sheet data:
Working capital $ 486,704 $ 484,460 $ 776,429 $ 651,851 $ 624,748
Total assets 1,671,684 1,692,094 2,067,261 1,945,295 1,718,303
Total debt (of continuing operations) 143,174 218,728 327,489 249,429 97,300
Total shareholders’ equity $ 731,191 $ 678,246 $ 914,129 $ 866,376 $ 837,145
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