<SEC-DOCUMENT>0000918965-22-000007.txt : 20220526
<SEC-HEADER>0000918965-22-000007.hdr.sgml : 20220526
<ACCEPTANCE-DATETIME>20220426133542
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000918965-22-000007
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220426

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SCANSOURCE, INC.
		CENTRAL INDEX KEY:			0000918965
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-COMPUTER & PERIPHERAL EQUIPMENT & SOFTWARE [5045]
		IRS NUMBER:				570965380
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		6 LOGUE COURT
		CITY:			GREENVILLE
		STATE:			SC
		ZIP:			29615
		BUSINESS PHONE:		800.944.2432

	MAIL ADDRESS:	
		STREET 1:		6 LOGUE COURT
		CITY:			GREENVILLE
		STATE:			SC
		ZIP:			29615

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCANSOURCE INC
		DATE OF NAME CHANGE:	19940214
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2022 Workiva -->
<title>Document</title></head><body><div id="i749a7c6139524302a90ac267fb015ad0_33"></div><div style="min-height:72pt;width:100%"><div style="text-align:center"><img alt="image.jpg" src="image.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:299px"></div></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">April 26, 2022</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;text-decoration:underline">Via EDGAR Submission</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Office of Trade &#38; Services</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Division of Corporation Finance</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">United States Securities and Exchange Commission</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">100 F Street, NE</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Washington, D.C. 20549</font></div><div><font><br></font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Re&#58;      ScanSource, Inc.</font></div><div style="text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Form 10-K for the Fiscal Year Ended June 30, 2021</font></div><div style="text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Filed August 24, 2021</font></div><div style="text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">File No. 000-26926</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Ladies and Gentlemen&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">This letter is submitted in response to the comments contained in the letter dated March 28, 2022 from the Office of Trade &#38; Services in the Division of Corporation Finance (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Staff</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8221;) of the Securities and Exchange Commission (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Commission</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8221;) to Steve Jones, Executive Vice President and Chief Financial Officer of ScanSource, Inc. (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8221;), regarding the Company&#8217;s Annual Report on Form 10-K for the fiscal year ended June 30, 2021 (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">2021 Form 10-K</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8221;). </font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">The comments and responses set forth below are keyed to the numbering of the comments and the headings used in the Staff&#8217;s March 28, 2022 letter.  Capitalized terms used but not otherwise defined herein have the meanings given them in the 2021 Form 10-K.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Form 10-K for the Fiscal Year Ended June 30, 2021</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Gross Profit, page 26</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Staff Comments&#58;</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:9pt">You attribute the decrease in both segments to less favorable sales mix, and additionally for the Worldwide Barcode, Networking &#38; Security segment to lower vendor program. In the Form 10-Q for period ended December 31, 2021, you refer to changes in gross profit primarily for higher sales volume, sales mix and higher supplier sales incentives. Please describe in further detail what each of these factors represent. In regard to sales mix, explain what it consists of and underlying reasons for it, and in regard to higher sales volume, how this contributed to gross profit after considering associated cost of goods sold. Refer to Section III.B.4 of Release No. 33-8350 for an understanding of the analysis intended by Item 303 of Regulation S-K. Also, quantify each factor cited pursuant to section 501.04 of the staff&#8217;s Codification of Financial Reporting Policies. </font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">April 26, 2022</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Page 2</font></div></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Company Response&#58;</font></div><div style="text-align:justify;text-indent:18pt"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">The Company has reviewed the discussions referenced regarding gross profit in our results from operations section of the MD&#38;A and based upon the Staff&#8217;s comment has revised the discussions accordingly. The Company undertakes in future filings to expand our results of operations discussion to provide additional specificity as to underlying reasons for the material changes in gross profit and provide appropriate analysis of known material trends, events, demands, commitments, and uncertainties applicable to our financial statements, including relevant factors described above, in accordance with the requirements of Item 303 of Regulation S-K. Please see below for the example revised discussions for fiscal year 2021 compared to 2020, and the quarter and six-month period ended December 31, 2021 compared to 2020.</font></div><div><font><br></font></div><div style="padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8220;Our gross profit is primarily affected by sales volume and gross margin mix. Gross margin mix is impacted by multiple factors, which include sales mix (proportion of sales of higher margin products or services relative to total sales), vendor program recognition (consisting of volume rebates, inventory price changes and purchase discounts) and freight costs. </font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">For the year ended June 30, 2021, the Worldwide Barcode, Networking and Security segment gross profit decreased $2.4 million, or 1.3%. Increases in sales volume, after considering the associated cost of goods sold, positively impacted gross profit by $7.1 million. Higher sales volume impacts were offset by declines in gross margin mix, which negatively impacted gross profit by $9.5 million. The decline in gross margin mix was largely driven by reductions in vendor program recognition. Reductions in vendor programs increase cost of goods sold thereby decreasing gross profit.</font></div><div style="padding-left:36pt"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">For the year ended June 30, 2021, the Worldwide Communications and Services segment gross profit decreased by $2.4 million, or 1.4%. Increases in sales volume, after considering the associated cost of goods sold, positively impacted gross profit by $3.9 million. The positive impacts from higher sales volumes were offset by declines in gross margin mix, which negatively impacted gross profit by $6.3 million. The decline in gross margin mix was largely driven by reductions in vendor program recognition. These declines in gross profit were partially offset by results from our Intelisys recurring revenue business, which increased 13% year-over-year.&#8221;</font></div><div style="padding-left:36pt"><font><br></font></div><div style="padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8220;Our gross profit is primarily affected by sales volume and gross margin mix. Gross margin mix is impacted by multiple factors, which include sales mix (proportion of sales of higher margin products or services relative to total sales), vendor program recognition (consisting of volume rebates, inventory price changes and purchase discounts) and freight costs. </font></div><div style="padding-left:36pt"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">For the quarter ended December 31, 2021, the Specialty Technology Solutions segment achieved gross profit growth of $13.4 million, or 34.8%. Higher sales volume, after considering the associated cost of goods sold, contributed $3.5 million to the growth of gross profit. Gross margin mix positively impacted gross profit by $9.9 million, largely from higher vendor program recognition. Increases in vendor programs decrease cost of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">April 26, 2022</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Page 3</font></div></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">goods sold thereby increasing gross profit. For the quarter ended December 31, 2021, the gross profit margin increased 200 basis points over the prior year period to 10.5%.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">For the six months ended December 31, 2021, the Specialty Technology Solutions segment achieved gross profit growth of $24.5 million, or 33.4%. Higher sales volume, after considering the associated cost of goods sold, contributed $11.4 million to the growth of gross profit. Gross margin mix positively impacted gross profit by $13.1 million, largely from higher vendor program recognition. For the six months ended December 31, 2021, the gross profit margin increased 130 basis points over the prior year to 9.8%. </font></div><div style="padding-left:36pt"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">For the quarter ended December 31, 2021, the Modern Communications and Cloud segment achieved gross profit growth of $8.4 million, or 17.8%. Higher sales volume, after considering the associated cost of goods sold, contributed $1.5 million to the growth of gross profit. Gross margin mix positively impacted gross profit by $6.9 million, driven by a more favorable sales mix, including higher-margin cloud services and increased subscriptions. For the quarter ended December 31, 2021, the gross profit margin increased 190 basis points over the prior year to 15.2%. </font></div><div style="padding-left:36pt"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">For the six months ended December 31, 2021, the Modern Communications and Cloud segment achieved gross profit growth of $17.9 million, or 19.2%. Higher sales volume, after considering the associated cost of goods sold, contributed $2.5 million to the growth of gross profit. Gross margin mix positively impacted gross profit by $15.4 million, driven by a more favorable sales mix, including higher-margin cloud services and increased subscriptions. For the six months ended December 31, 2021, the gross profit margin increased 210 basis points over the prior year to 15.4%.&#8221;</font></div><div style="padding-left:36pt"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">The Company respectfully acknowledges the Staff&#8217;s comment to quantify factors presented as explanations for material changes in gross profit pursuant to section 501.04 of the Staff&#8217;s Codification of Financial Reporting Policies. After careful consideration of the Staff&#8217;s Guidance, we may not include amounts for all of the factors contributing to gross profit described above as we believe the information is not easily quantifiable, not necessary to understand our business as a whole and&#47;or would unnecessarily provide a competitive advantage to our competitors. For example, disclosing quantifiable specificities about our vendor program recognition could give our competitors an advantage, knowing that we partner with many of the same suppliers. In addition, the interdependencies between the leading factors that contribute to changes in gross profit (i.e. sales volume, sales mix, and vendor program recognition) make it difficult and sometimes impossible to quantify the extent to which any singular factor contributed to gross profit. For example, changes in sales volume directly contributes to the amount of vendor rebates we recognize.  However, in future filings, we will quantify the material contributing factors to the extent such amounts are quantifiable, reasonably estimable and not misleading or competitively harmful.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">April 26, 2022</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Page 4</font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Non-GAAP Information</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Return on Invested Capital, page 31</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Staff Comments&#58;</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:9pt">Please consider renaming this non-GAAP measure to include &#8220;adjusted&#8221; as both the numerator and denominator are adjusted from what appears is commonly used in calculating &#8220;return on invested capital.&#8221;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Company Response&#58;</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">We acknowledge the Staff&#8217;s comment and in future filings the Company undertakes to rename &#8220;return on invested capital&#8221; and &#8220;ROIC&#8221; to &#8220;adjusted return on invested capital&#8221; and &#8220;adjusted ROIC&#8221;, respectively.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Income Statement Non-GAAP Metrics, page 33</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Staff Comments&#58;</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:9pt">At the end of this section here and in the Form 10-Q for the period ended December 31, 2021 it appears you present a non-GAAP income statement. This appears to not comply with the first bullet in Question 102.10 of staff&#8217;s &#8220;Non-Gaap Financial Measures&#8221; Compliance and Disclosure Interpretations. Please advise.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Company Response&#58;</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Beginning with the Company&#8217;s Annual Report on Form 10-K for the fiscal year ended June 30, 2020, we included a new table of non-GAAP measures with the intention of showing investors the impacts our recent divestitures had on financials, as a whole. We believed showing additional non-GAAP measures would provide investors with more clarity on specific impacts the divestitures had on our operations. It was not our intention to provide a full income statement&#59; but rather, to emphasize the effects the divestiture had on important line items. </font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">We acknowledge the Staff&#8217;s comment and its belief that this presentation over-emphasized the non-GAAP financials. In future filings, the Company will undertake to provide a pared down version of these tables to show only &#8220;selling, general and administrative expenses&#8221;, &#8220;operating income&#8221;, &#8220;pre-tax income&#8221;, &#8220;net income&#8221;, and &#8220;diluted EPS&#8221; in accordance with Question 102.10 of Staff&#8217;s &#8220;Non-Gaap Financial Measures&#8221; Compliance and Disclosure Interpretations.</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">April 26, 2022</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Page 5</font></div></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Liquidity and Capital Resources, page 38</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Staff Comments&#58;</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">4.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:9pt">Please provide a more fulsome comparative analysis of the $65 million and the $191 million decrease in cash provided by operating activities of continuing operations reported in the Form 10-K and Form 10-Q for the period ended December 31, 2021, respectively, so that investors may fully understand the reasons for the decreases between periods. For example, explain the underlying reasons for the working capital items cited. Refer to Item 303 of Regulation S-K, Release No. 33-10890 that emphasizes the need for analysis and the introductory paragraph of section IV.B and paragraph B.1 of Release No. 33-8350 for more specific guidance regarding the analysis of operating cash flows. Also refer to section 501.04 of the staff&#8217;s Codification of Financial Reporting Releases regarding quantification of variance factors cited.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Company Response&#58;</font></div><div style="text-indent:18pt"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">The Company has reviewed the discussion of net cash provided by operating activities and based upon the Staff&#8217;s comment has revised the discussion accordingly. The Company undertakes in future filings to provide a more fulsome analysis in our liquidity discussion. Also, the Company will undertake to provide additional specificity as to underlying reasons for the material changes in operating cash flows and provide detailed analysis of known material trends, events, demands, commitments, and uncertainties applicable to our financial statements, including relevant factors described above, in accordance with the requirements of Item 303 of Regulation S-K. Please see below for the example revised discussion for fiscal year 2021 compared to 2020, and the six-month period ending December 31, 2021 compared to 2020. </font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8220;Net cash provided by operating activities was $116.8 million for the year ended June 30, 2021, compared to $182.0 million provided by operating activities for the year ended June 30, 2020. The decrease of $65.2 million in cash provided by operating activities was primarily due to year-over-year growth in accounts receivable, which was 28% higher than in 2020, attributable to timing of sales and the end of the reporting period. Also contributing to the decrease in cash provided by operating activities were the fluctuations in inventory levels, which were 3% higher than in 2020 and 15% lower than in 2019. During fiscal year 2021, we strategically purchased inventory due to the uncertainties and supply chain constraints brought on by COVID-19. The decrease in cash provided by operating activities was partially offset by an increase of our accounts payable balance, which was 40% higher than in 2020, as a result of the timing of payments to suppliers. Cash provided by operating activities is subject to variability period over period as a result of the timing of payments related to accounts receivable, accounts payable, and other working capital items.&#8221;</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8220;Net cash used in operating activities was $75.4 million for the six months ended December 31, 2021, compared to $115.7 million provided by operating activities in the prior-year period. The decrease of $191.1 million was primarily due to increased inventory levels, which were 34% higher than in 2020, to support net sales growth. Also </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">April 26, 2022</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Page 6</font></div></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">contributing to the decrease in operating cash flows were increases in accounts receivable, which were 15% higher than in 2020, attributable to timing of sales at the end of the reporting period. The decrease in operating cash flows was partially offset by an increase in income from continuing operations, adjusted for non-cash items. Cash provided by operating activities is subject to variability period over period as a result of the timing of payments related to accounts receivable, accounts payable, and other working capital items.&#8221;</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">If the SEC has further questions on this letter, please do not hesitate to call me at (864) 286-4302.</font></div><div><font><br></font></div><div style="padding-left:108pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Sincerely,</font></div><div style="padding-left:108pt;text-indent:36pt"><font><br></font></div><div style="padding-left:144pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%">&#47;s&#47; Steve Jones</font></div><div style="padding-left:144pt"><font><br></font></div><div style="padding-left:144pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Steve Jones</font></div><div style="padding-left:108pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Senior Executive Vice President and Chief Financial Officer</font></div><div style="padding-left:108pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">ScanSource, Inc. </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image.jpg
<TEXT>
begin 644 image.jpg
MB5!.1PT*&@H    -24A$4@   8<   !=" 8   !.S*J#     7-21T( KLX<
MZ0    1G04U!  "QCPO\804    )<$A9<P  %Q$  !<1 <HF\S\  %0-241!
M5'A>[7T'>!S5];WX!=()X*+=E;4S*UFVMKA '#J)@01()P1,:*$&$DH@!$(@
M\(\H+MHBR<:FF!)Z,V#UXH8 8P/&!A=I=U6,C0TV[K:VJ<__G+<S\FB]JI83
MG,S]OOOM3GGOOO=FYIQW7TTQQ!!###'$$$,,,<000PPQQ!!###'$$$,,,<00
M0PPQQ!!###'$$$,,,<000PPQQ!!###'$D/\QJ1GMS-IXYIA?[+PJZ\*FG,PS
M8G/2LSJ]IN^HEPTQQ!!##/E?$B5ERM<^_KK3&93L.9O.S%ZS_:K,3:'[;24M
ML^7[FWT9O]R18TU3<BS?5G)2CE2#&&*((888\M\L*R=-.JK6XOCAVF,=^<%1
MCKH=/[(KK3>.4<)3;9&6F7)#LT]Z.^*V/1-UR_^(^=+/:_*-':$&-<000PPQ
MY+]1EJ<[A]6F.GX3,+F>K1WF_&+]**>R]32[LNN&T4I+;H:BS+$IRBR;TI9O
M4V)>:7/,9WV]V2/=&?%:?Q7)33\IFILI*3G.KZO1&6*((888<KC+!EG^IC_5
M>6D@U;'$;W;N"XYP*8VC7,JF4[.5G=>/5F(S;$K[;)O241#7F%=68CXY#$]B
M6\0KU44]4DG48[T[ZK.>$?)FIBKS4KZFI*0<H49OB"&&&&+(X29UJ>,S_1;[
M7QI,KJ5!DZ/U,\LXI0'D4 ?/8:-*#I'I((29LA(E*4!;\^)>A#(''L7L# 7D
MT RRJ,6UXJA'G@7"N&6/6SZK<[9]N&K&$$,,,<20PT$VI9_RK5J3PQ6P./X1
M-#L:!"F8G4H=U#_"J01[( =-5>]!:8:VY,E*N^I5@!C:H/5AK_QBS"?='/-*
M9X>\Z>/"'ME,CT(U;X@AAAABR%=-5ILF?*?1Y#P[D.IX)&!V?%IO=BD;+/ 6
M0 R!?I*#7DD0[?GP)&;&"8+G0 Q[H9^!*-:$W?(;$:]\>TN^]/TO<BS?5I-A
MB"&&&&+(5T6"EK$C0  705]I-+NVD!36@QQ("IH.E!ST2F^B6[,3-.R16J(>
M:36(XX6(1WXHY)8NC^1EG$1O0DV6(8888H@A_PG)24GYO_6IXTPU(^U7!2R.
MRH#)&6-3$KV%H(X8#I8<J-V:G'1*SR+>["2OPGUS(S[;GYO<UA_&9LBVO7GI
MPZJ-N1.&&&*((?]>":2-SP;PW^$W.9;6FYWA3T$,Z^$U)!+#4)!#HI(8V-RD
M/ Q/ AY%Q".U@SBV@R0:X54LQ>^3T#^%9\@G<(*=FF1###'$$$,.I=2.FG R
M2, 3,#E6 _P[-H(8V,_@3T(,U*$F!TU! ,*KX%P)T>PT6R,+>5_8*WW8FF=[
M.NJU_;W98ST_/,,V<7=NYC%J%@PQQ!!##!DJ8<=S?>KX4^K,SJ<")N=.>@D-
M((5DWH)>#Q4Y:*H?Y43E?YX#:;23**#+PAYY9DM>QF7:2*<=[NRCC;D3AAAB
MB"$'*2LMD[X-$ICB-SM*UEN<V]CIS&8D>@S)"$&OAYH<]$I/@@31R6:G+D]"
M:L7YSV,^Z1/\KXJZY3EAC_7*V/3T+#5[AAABB"&&#%".")HF9/C-]BL#)L?"
M>H#]9K7C.1D1)%.2 R?!?7&Z7=GWQRPQ0_I0D4.BJA[$_F:GASDT5FH"4;S3
MDF?+BWFDZT,>Z2>Q MFFS)UTE)IG0PPQQ!!#>A(E9?*1:U/'3:A+=?VCSN3X
M*&AVM#7"4V!34C(2Z$F#( <NG['QE&QEQ_6C.UMR;4K';)O2RF8@M0DH&; /
ME3)^>A,<$DNB$,U.7KF])=\6Q>_VB->Z*.:1K^Z<GF;,P#;$$$,,Z4VXU';0
MXCK=;W+.#)J<=8UF9SL[G@?B,6BZ(76<LC[-I7SZ@[$;=OTI,Q">(;<KC\:;
M?#CJB 21#-0/E9(H. Q6S)MX+)/-3I&P1_+%/-;1BF+T0QABB"&&))6:=.<P
MO\5U;L#L>++>[/QBHP7 #DT&_#TI.ZGI98AE-%)=(;_9^5[#Q.P']MPR^HYH
MKCRW.5]^&T!=#]TM)KF))I\,,3.:-7L]F!]*I5V00V?(8WV2G=5*3LK_J<5@
MB"&&&&*()D'+I!$U%ONE 8OS3;_)L8.=S@3Y@7@,) ;V38CF)Y.C.9CJ**LU
M.2[VV^V6W7_//(8KK<;RI;.YCP. ^96(5PIRL;W6?+F-@!UO HK_JDU 28%]
M*)2$A#2TASW6N2VY5I=!#H888H@A";)FU/CT&K/SCH#)^0X ?B^]A8%X#)SG
M0!(AH3!<G<GY12#5_M0Z2_9Y*X^;U&V.@3(EY6NQ&5(F2.'TD$^Z/.:3'VK)
ML[T>@3<1\<B=RNRX-]$Y\]!Z$BHYM(8]TF/-7LEID(,AAAABB"I*2LI1@92T
M;+_)?G<PU5G#&C^]!=;^DY% 3ZJ10M#DC,%CJ 7)%#2:Q_U -=.KT)L(Y6:<
M$_5*]P&L7P5I? !2:(QYI3UBM)$8ECKTS4Z'FAP^.6;BL34CG5EU(YW'!T>Z
M3@^8LL_4U&^V3_:GCCNU=H3C!'^:?2R7(UF9,G0CIM@\V)#NS/);[-]G_Y'>
M=EQ=9W*GO@">$5?479?FLM9G97U##3X@X9R1SZ3QQS4@CD!:=G8@-7L\\]6
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MQ_E]J/'>S>T[.003 ,J/NU6,:-'=3V(@D#7GR5]P;3!Z&ZKY?DF$RW)XY2<
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M%A6X.V'W2\XCZ$]_"D6IGGPDT\Z%%ULYD2VA;RC&K4 ]4DG4$U^D3^\]B&>
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M'4"(F]Q/B[GELSJGVWM=-5CQC1T10BT08% "T(NQ:4@/RJ+9"4 )()JES7L
M('/MG8WM.*\'#RK#,DS,)\58JV4';.)F_(G"?H-0KGP)XJQ N+;$YBH"+8&I
MI<#6"2!\CVLQJ4%3N!]S6-2P00Y)VLGCZ1&U['T O4=8BU6#=I,0:K-1MU2
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MTX*\; VF.O[5 &+Z[)CQQQ%L08)_)YC2*Z%VLQ6WT0ZM@SY:E^J\E$U')!B
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M9>7O@@AVEE4N;"HJ+6]E#9^>A=:I34 'T!\P":X'.8)]$<_#QOSY%:-!1A>
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M+'.>IP>!_-%S.B#L5YH<\FR3HQ[K7 #Y6GRL(>V;(5F(&EL28.A)!2DP?!R
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8)>7_ ];6$$?MWX92     $E%3D2N0F""

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
