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Softchoice (SFTC) investor relations material
Softchoice Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved double-digit organic growth in Q3 2024, led by Software & Cloud and Services, with gross profit up 8.9% year-over-year and strong U.S. and SMB performance.
Investments in digital offerings, salesforce, and technical experts, including AI, supported growth and strategic expansion.
Customer base expanded over 4% year-over-year, with revenue retention rate at 105% and average customer tenure around 10 years.
Launched SAM Plus Hub, a proprietary software management tool with over 1,000 customers, enhancing retention and cross-sell opportunities.
Recognized for workplace excellence, ESG leadership, and named Microsoft Scale Partner and Cisco Commercial Impact Partner of the Year.
Financial highlights
Q3 2024 gross profit: $85.2M (+8.9% YoY); adjusted EBITDA: $23.2M (+2.2% YoY); net income: $9.0M (+8% YoY); adjusted EPS: $0.18 (down from $0.27 in Q3 2023).
Gross sales increased 20.3% to $628.6M; net sales up 3.9% to $189.2M year-over-year.
Operating cash flow remained stable year-over-year at $98M, with free cash flow down to $33M due to higher taxes and expenses.
Net leverage increased to 2.2x from 1.1x year-over-year, reflecting debt for a special dividend.
Net income per diluted share was $0.15, up from $0.14 in Q3 2023.
Outlook and guidance
Confident in achieving 2024 objectives of market share gains and returning top-line growth to historical averages, with margin expansion expected as growth investments normalize.
Q4 expected to be seasonally lower, around 26% of full-year gross profit, due to timing of incentives and large Q3 hardware order.
Ongoing investments in salesforce, technical experts, and AI to drive future growth and customer acquisition.
Dividend per share increased by 18% over Q4 2023, reflecting confidence in future cash flows.
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