$GIC

SYSTEMAX INC

CIK:0000945114|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 386.6	$ 358.9	$ 737.0	$ 679.9
Cost of sales	231.2	225.9	459.7	434.8
Gross profit	155.4	133.0	277.3	245.1
Selling, general & administrative expenses	106.1	99.5	207.4	193.4
Operating income from continuing operations	49.3	33.5	69.9	51.7
Interest and other (income) expense, net	(1.0)	(0.3)	(1.1)	(0.2)
Income from continuing operations before income taxes	50.3	33.8	71.0	51.9
Provision for income taxes	13.2	8.7	18.6	13.3
Net income from continuing operations	37.1	25.1	52.4	38.6
Net income from discontinued operations, net of tax	0.0	0.0	1.3	0.1
Net income	$ 37.1	$ 25.1	$ 53.7	$ 38.7
Net income per common share from continuing operations:
Basic (in dollars per share)	$ 0.96	$ 0.65	$ 1.35	$ 1.00
Diluted (in dollars per share)	0.96	0.65	1.35	0.99
Net income per common share from discontinued operations:
Basic (in dollars per share)	0.00	0.00	0.03	0.00
Diluted (in dollars per share)	0.00	0.00	0.03	0.00
Net income per common share:
Basic (in dollars per share)	0.96	0.65	1.38	1.00
Diluted (in dollars per share)	$ 0.96	$ 0.65	$ 1.38	$ 0.99
Weighted average common and common equivalent shares:
Basic (in shares)	38.2	38.4	38.2	38.4
Diluted (in shares)	38.2	38.4	38.3	38.4
Dividends declared (in dollars per share)	$ 0.28	$ 0.26	$ 0.56	$ 0.52

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities:
Net income from continuing operations	$ 37.1	$ 25.1	$ 52.4	$ 38.6
Adjustments to reconcile net income from continuing operations to net cash provided by (used in) operating activities:
Depreciation and amortization			3.9	3.8
Provision for credit losses			1.2	0.6
Stock-based compensation			3.1	3.7
Benefit from deferred taxes			(0.1)	(0.3)
Changes in operating assets and liabilities:
Accounts receivable			(48.9)	(29.3)
Inventories			10.5	(2.9)
Prepaid expenses and other assets			1.6	2.0
Income taxes payable			6.6	2.8
Accounts payable			11.8	8.0
Accrued expenses, other current liabilities and other liabilities			3.9	8.1
Net cash provided by operating activities from continuing operations			46.0	35.1
Net cash provided by operating activities from discontinued operations			1.8	0.0
Net cash provided by operating activities			47.8	35.1
Cash flows from investing activities:
Purchases of property, plant and equipment			(1.7)	(1.6)
Acquisition			(0.0)	(4.0)
Net cash used in investing activities			(1.7)	(5.6)
Cash flows from financing activities:
Dividends paid			(21.6)	(20.1)
Proceeds from issuance of common stock			0.4	1.2
Payment of payroll taxes on stock-based compensation through shares withheld			(0.9)	(0.8)
Proceeds from the issuance of common stock from employee stock purchase plan			0.9	0.8
Purchase of treasury shares			(5.6)	(0.0)
Net cash used in financing activities			(26.8)	(18.9)
Effects of exchange rates on cash			(0.1)	(0.1)
Net increase in cash			19.2	10.5
Cash and cash equivalents – beginning of period			67.5	44.6	$ 44.6
Cash and cash equivalents – end of period	$ 86.7	$ 55.1	86.7	55.1	67.5
Right-of-use assets obtained in exchange for lease obligations:
Operating leases			$ 5.8	$ 29.3	$ 32.9

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 86.7	$ 67.5
Accounts receivable, net	186.8	139.6
Inventories	163.6	174.6
Prepaid expenses and other current assets	12.2	14.8
Total current assets	449.3	396.5
Property, plant and equipment, net	17.8	18.5
Operating lease right-of-use assets	88.7	91.8
Deferred income taxes	7.4	7.4
Goodwill and intangible assets	62.7	64.3
Other assets	2.5	2.3
Total assets	628.4	580.8
Current liabilities:
Accounts payable	120.3	108.7
Accrued expenses and other current liabilities	65.6	53.7
Operating lease liabilities	14.4	16.1
Total current liabilities	200.3	178.5
Operating lease liabilities	84.5	87.5
Other liabilities	0.9	1.6
Total liabilities	285.7	267.6
Commitments and contingencies
Shareholders’ equity:
Preferred stock, par value $0.01 per share, authorized 25 million shares; issued none	0.0	0.0
Common stock, par value $0.01 per share, authorized 150 million shares; issued 39,283,136 and 39,248,275 shares; outstanding 38,108,341 and 38,198,641 shares	0.4	0.4
Additional paid-in capital	215.1	212.8
Treasury stock at cost - 1,174,795 and 1,049,634 shares	(26.2)	(22.1)
Retained earnings	152.3	120.3
Accumulated other comprehensive income	1.1	1.8
Total shareholders’ equity	342.7	313.2
Total liabilities and shareholders’ equity	$ 628.4	$ 580.8