0001437749-26-025052
SEC filing营收增长但净利下滑，Interworks收购驱动扩张，SG&A费用激增侵蚀盈利。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net Sales | $174.2M | $159.3M | +9% |
| Gross Profit | $30.2M | $26.3M | +15% |
| Gross Margin | 17.3% | 16.5% | +80bps |
| Operating Income | $7.4M | $8.0M | -7% |
| Operating Margin | 4.2% | 5.0% | -80bps |
| Net Income | $5.5M | $6.0M | -8% |
| Diluted EPS | $0.30 | $0.33 | -8% |
| Adjusted EBITDA (Non-GAAP) | $11.3M | $11.4M | -1% |
| Operating Cash Flow | $32.2M | $6.3M | +414% |
| Free Cash Flow | $31.3M | $4.9M | +539% |
Q2营收增长9%至$174.2M，主要由Distribution分部有机增长和Interworks收购贡献（$1.5M营收、$1.0M毛利）驱动。Gross Margin提升80bps至17.3%，反映产品组合向高毛利security、maintenance和cloud产品倾斜。
然而，SG&A费用激增26%至$20.7M，费用率上升160bps至11.9%，主要因员工薪酬、增长投资和Interworks整合成本。这导致Operating Margin下降80bps至4.2%，Net Income同比下滑8%至$5.5M。
盈利质量方面，经营现金流大幅改善至$32.2M，主要受益于应收账款回收（$31.6M），FCF转化率（FCF/Net Income）高达567%，显示现金流强劲。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Distribution | $167.8M | +10% | $13.0M | 7.7% | 有机增长+Interworks贡献$1.0M毛利 |
| Solutions | $6.4M | +3% | $2.4M | 37.6% | 北美和欧洲毛利率提升 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & cash equivalents | $56.6M | +$20.0M |
| Total Debt | $0.0M | -$0.2M |
| Inventory | $4.6M | +$2.1M |
| Deferred revenue | $12.0M | +$12.0M |
| Operating Cash Flow | $32.2M | +$25.9M |
| Capex | $0.9M | -$0.5M |
| Free Cash Flow | $31.3M | +$26.4M |
| FCF转化率 | 567% | — |
公司无有息负债，现金充裕。Interworks收购耗资$8.2M（净现金），但经营现金流强劲覆盖。
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