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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tech Data Corporation | NASDAQ:TECD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 144.90 | 144.85 | 145.00 | 0 | 01:00:00 |
|
|
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
Florida
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No. 59-1578329
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification Number)
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5350 Tech Data Drive Clearwater, Florida
|
33760
|
(Address of principal executive offices)
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(Zip Code)
|
Large accelerated Filer
|
x
|
Accelerated Filer
|
¨
|
|
|
|
|
Non-accelerated Filer
|
¨
(Do not check if a smaller reporting company)
|
Smaller Reporting Company Filer
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¨
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|
|
|
|
|
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Emerging Growth Company
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¨
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Class
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Outstanding at August 31, 2017
|
Common stock, par value $.0015 per share
|
38,149,133
|
|
|
|
PAGE
|
PART I.
|
|
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ITEM 1.
|
||
|
||
|
||
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||
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||
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ITEM 2.
|
||
ITEM 3.
|
||
ITEM 4.
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||
PART II.
|
||
ITEM 1.
|
||
ITEM 1A.
|
||
ITEM 2
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||
ITEM 3.
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||
ITEM 4.
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||
ITEM 5.
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||
ITEM 6.
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||
EXHIBITS
|
|
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CERTIFICATIONS
|
|
ITEM 1.
|
Financial Statements
|
|
July 31, 2017
|
|
January 31, 2017
|
||||
|
(Unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,033,267
|
|
|
$
|
2,125,591
|
|
Accounts receivable, net
|
4,981,866
|
|
|
3,047,927
|
|
||
Inventories
|
2,703,763
|
|
|
2,118,902
|
|
||
Prepaid expenses and other assets
|
247,504
|
|
|
119,906
|
|
||
Total current assets
|
8,966,400
|
|
|
7,412,326
|
|
||
Property and equipment, net
|
136,577
|
|
|
74,239
|
|
||
Goodwill
|
853,767
|
|
|
199,021
|
|
||
Intangible assets, net
|
1,149,530
|
|
|
130,676
|
|
||
Other assets, net
|
267,651
|
|
|
115,604
|
|
||
Total assets
|
$
|
11,373,925
|
|
|
$
|
7,931,866
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
5,465,428
|
|
|
$
|
3,844,532
|
|
Accrued expenses and other liabilities
|
742,815
|
|
|
493,199
|
|
||
Revolving credit loans and current maturities of long-term debt, net
|
465,407
|
|
|
373,123
|
|
||
Total current liabilities
|
6,673,650
|
|
|
4,710,854
|
|
||
Long-term debt, less current maturities
|
1,802,618
|
|
|
989,924
|
|
||
Other long-term liabilities
|
165,425
|
|
|
61,200
|
|
||
Total liabilities
|
8,641,693
|
|
|
5,761,978
|
|
||
Commitments and contingencies (Note 10)
|
|
|
|
||||
Shareholders’ equity:
|
|
|
|
||||
Common stock, par value $.0015; 200,000,000 shares authorized; 59,245,585 shares issued at July 31, 2017 and January 31, 2017
|
89
|
|
|
89
|
|
||
Additional paid-in capital
|
811,046
|
|
|
686,042
|
|
||
Treasury stock, at cost (21,100,662 and 24,018,983 shares at July 31, 2017 and January 31, 2017)
|
(940,868
|
)
|
|
(1,070,994
|
)
|
||
Retained earnings
|
2,707,406
|
|
|
2,629,293
|
|
||
Accumulated other comprehensive income (loss)
|
154,559
|
|
|
(74,542
|
)
|
||
Total shareholders' equity
|
2,732,232
|
|
|
2,169,888
|
|
||
Total liabilities and shareholders' equity
|
$
|
11,373,925
|
|
|
$
|
7,931,866
|
|
|
Three months ended July 31,
|
|
Six months ended July 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net sales
|
$
|
8,882,691
|
|
|
$
|
6,353,739
|
|
|
$
|
16,546,754
|
|
|
$
|
12,317,101
|
|
Cost of products sold
|
8,367,100
|
|
|
6,037,289
|
|
|
15,574,075
|
|
|
11,702,040
|
|
||||
Gross profit
|
515,591
|
|
|
316,450
|
|
|
972,679
|
|
|
615,061
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses
|
410,598
|
|
|
243,763
|
|
|
763,230
|
|
|
490,259
|
|
||||
Acquisition, integration and restructuring expenses
|
30,117
|
|
|
1,982
|
|
|
72,183
|
|
|
1,982
|
|
||||
LCD settlements and other, net
|
(28,655
|
)
|
|
(3,699
|
)
|
|
(41,343
|
)
|
|
(4,142
|
)
|
||||
Value added tax assessments
|
—
|
|
|
1,049
|
|
|
—
|
|
|
1,049
|
|
||||
|
412,060
|
|
|
243,095
|
|
|
794,070
|
|
|
489,148
|
|
||||
Operating income
|
103,531
|
|
|
73,355
|
|
|
178,609
|
|
|
125,913
|
|
||||
Interest expense
|
28,272
|
|
|
6,288
|
|
|
59,280
|
|
|
11,889
|
|
||||
Other expense (income), net
|
284
|
|
|
(1,230
|
)
|
|
(131
|
)
|
|
(2,264
|
)
|
||||
Income before income taxes
|
74,975
|
|
|
68,297
|
|
|
119,460
|
|
|
116,288
|
|
||||
Provision for income taxes
|
27,516
|
|
|
21,903
|
|
|
41,347
|
|
|
36,521
|
|
||||
Net income
|
$
|
47,459
|
|
|
$
|
46,394
|
|
|
$
|
78,113
|
|
|
$
|
79,767
|
|
Earnings per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
1.24
|
|
|
$
|
1.32
|
|
|
$
|
2.07
|
|
|
$
|
2.27
|
|
Diluted
|
$
|
1.24
|
|
|
$
|
1.31
|
|
|
$
|
2.06
|
|
|
$
|
2.26
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
38,174
|
|
|
35,207
|
|
|
37,720
|
|
|
35,167
|
|
||||
Diluted
|
38,388
|
|
|
35,378
|
|
|
37,935
|
|
|
35,373
|
|
|
Three months ended July 31,
|
|
Six months ended July 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income
|
$
|
47,459
|
|
|
$
|
46,394
|
|
|
$
|
78,113
|
|
|
$
|
79,767
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment
|
195,438
|
|
|
(76,990
|
)
|
|
229,101
|
|
|
19,002
|
|
||||
Total comprehensive income (loss)
|
$
|
242,897
|
|
|
$
|
(30,596
|
)
|
|
$
|
307,214
|
|
|
$
|
98,769
|
|
|
Six months ended July 31,
|
||||||
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Cash received from customers
|
$
|
19,826,856
|
|
|
$
|
13,910,326
|
|
Cash paid to vendors and employees
|
(19,357,817
|
)
|
|
(13,669,609
|
)
|
||
Interest paid, net
|
(32,425
|
)
|
|
(10,065
|
)
|
||
Income taxes paid
|
(66,066
|
)
|
|
(45,749
|
)
|
||
Net cash provided by operating activities
|
370,548
|
|
|
184,903
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Acquisition of businesses, net of cash acquired
|
(2,249,344
|
)
|
|
(2,685
|
)
|
||
Expenditures for property and equipment
|
(12,613
|
)
|
|
(13,598
|
)
|
||
Software and software development costs
|
(29,200
|
)
|
|
(8,737
|
)
|
||
Net cash used in investing activities
|
(2,291,157
|
)
|
|
(25,020
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Borrowings on long-term debt
|
1,008,148
|
|
|
—
|
|
||
Principal payments on long-term debt
|
(210,946
|
)
|
|
—
|
|
||
Cash paid for debt issuance costs
|
(5,121
|
)
|
|
—
|
|
||
Net repayments on revolving credit loans
|
(18,786
|
)
|
|
(4,783
|
)
|
||
Payments for employee tax withholdings on equity awards
|
(5,686
|
)
|
|
(4,218
|
)
|
||
Proceeds from the reissuance of treasury stock
|
694
|
|
|
317
|
|
||
Net cash provided by (used in) financing activities
|
768,303
|
|
|
(8,684
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
59,982
|
|
|
14,679
|
|
||
Net (decrease) increase in cash and cash equivalents
|
(1,092,324
|
)
|
|
165,878
|
|
||
Cash and cash equivalents at beginning of year
|
2,125,591
|
|
|
531,169
|
|
||
Cash and cash equivalents at end of period
|
$
|
1,033,267
|
|
|
$
|
697,047
|
|
Reconciliation of net income to net cash provided by operating activities:
|
|
|
|
||||
Net income
|
$
|
78,113
|
|
|
$
|
79,767
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
70,573
|
|
|
28,095
|
|
||
Provision for losses on accounts receivable
|
7,437
|
|
|
2,098
|
|
||
Stock-based compensation expense
|
12,892
|
|
|
7,470
|
|
||
Accretion of debt discount and debt issuance costs
|
1,174
|
|
|
417
|
|
||
Changes in operating assets and liabilities, net of acquisitions:
|
|
|
|
||||
Accounts receivable
|
96,342
|
|
|
312,611
|
|
||
Inventories
|
(232,297
|
)
|
|
(6,252
|
)
|
||
Prepaid expenses and other assets
|
(11,364
|
)
|
|
61,238
|
|
||
Accounts payable
|
420,471
|
|
|
(211,411
|
)
|
||
Accrued expenses and other liabilities
|
(72,793
|
)
|
|
(89,130
|
)
|
||
Total adjustments
|
292,435
|
|
|
105,136
|
|
||
Net cash provided by operating activities
|
$
|
370,548
|
|
|
$
|
184,903
|
|
Supplemental schedule of non-cash investing activities:
|
|
|
|
||||
Issuance of stock to acquire business
|
$
|
247,232
|
|
|
$
|
—
|
|
|
Three months ended July 31,
|
|
Six months ended July 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
(in thousands, except per share data)
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
47,459
|
|
|
$
|
46,394
|
|
|
$
|
78,113
|
|
|
$
|
79,767
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares - basic
|
38,174
|
|
|
35,207
|
|
|
37,720
|
|
|
35,167
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
||||||||
Equity based awards
|
214
|
|
|
171
|
|
|
215
|
|
|
206
|
|
||||
Weighted average common shares - diluted
|
38,388
|
|
|
35,378
|
|
|
37,935
|
|
|
35,373
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
1.24
|
|
|
$
|
1.32
|
|
|
$
|
2.07
|
|
|
$
|
2.27
|
|
Diluted
|
$
|
1.24
|
|
|
$
|
1.31
|
|
|
$
|
2.06
|
|
|
$
|
2.26
|
|
|
Three months ended July 31,
|
|
Six months ended July 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
(in millions)
|
|
|
|
|
|
|
|
||||||||
Pro forma net sales
|
$
|
8,883
|
|
|
$
|
8,737
|
|
|
$
|
17,280
|
|
|
$
|
16,914
|
|
Pro forma net income
|
$
|
49
|
|
|
$
|
56
|
|
|
$
|
84
|
|
|
$
|
87
|
|
•
|
Amortization of acquired intangible assets based on the preliminary valuation and estimated purchase price
|
•
|
Interest costs associated with the transaction
|
•
|
Removal of certain non-recurring transaction costs
|
•
|
Tax effects of adjustments based on an estimated statutory tax rate
|
|
July 31, 2017
|
|
July 31, 2017
|
||||
(in thousands)
|
|
|
|
||||
Professional services
|
$
|
15,101
|
|
|
$
|
27,008
|
|
Restructuring costs
|
6,982
|
|
|
17,327
|
|
||
Transaction related costs
|
2,050
|
|
|
17,229
|
|
||
Other
|
5,984
|
|
|
10,619
|
|
||
Total
|
$
|
30,117
|
|
|
$
|
72,183
|
|
|
|
Six months ended July 31, 2017
|
||||||||||
|
|
Severance
|
|
Facility Exit Costs
|
|
Total
|
||||||
(in thousands)
|
|
|
|
|
|
|
||||||
Fiscal 2018 restructuring expenses
|
|
$
|
13,667
|
|
|
$
|
3,660
|
|
|
$
|
17,327
|
|
Cash payments
|
|
(8,967
|
)
|
|
(1,572
|
)
|
|
(10,539
|
)
|
|||
Foreign currency translation
|
|
182
|
|
|
25
|
|
|
207
|
|
|||
Balance at July 31, 2017
|
|
$
|
4,882
|
|
|
$
|
2,113
|
|
|
$
|
6,995
|
|
|
Americas
|
|
Europe
|
|
Asia-Pacific
|
|
Total
|
||||||||
Balance as of January 31, 2017
|
$
|
19,559
|
|
|
$
|
179,462
|
|
|
$
|
—
|
|
|
$
|
199,021
|
|
Goodwill acquired during the year
(1)
|
450,719
|
|
|
153,818
|
|
|
11,190
|
|
|
615,727
|
|
||||
Foreign currency translation adjustment
|
2,266
|
|
|
35,658
|
|
|
1,095
|
|
|
39,019
|
|
||||
Balance as of July 31, 2017
|
$
|
472,544
|
|
|
$
|
368,938
|
|
|
$
|
12,285
|
|
|
$
|
853,767
|
|
As of:
|
July 31, 2017
|
|
January 31, 2017
|
||||
Senior Notes, interest at 3.70% payable semi-annually, due February 15, 2022
|
$
|
500,000
|
|
|
$
|
500,000
|
|
Senior Notes, interest at 4.95% payable semi-annually, due February 15, 2027
|
500,000
|
|
|
500,000
|
|
||
Senior Notes, interest at 3.75% payable semi-annually, due September 21, 2017
|
350,000
|
|
|
350,000
|
|
||
Less—unamortized debt discount and debt issuance costs
|
(9,574
|
)
|
|
(10,633
|
)
|
||
Senior Notes, net
|
1,340,426
|
|
|
1,339,367
|
|
||
Term Loans
|
800,000
|
|
|
—
|
|
||
Other committed and uncommitted revolving credit facilities, average interest rate of 6.34% and 8.35% at July 31, 2017 and January 31, 2017, respectively
|
115,546
|
|
|
23,680
|
|
||
Other long-term debt
|
12,053
|
|
|
—
|
|
||
|
2,268,025
|
|
|
1,363,047
|
|
||
Less—current maturities (included as “revolving credit loans and current maturities of long-term debt, net”)
|
(465,407
|
)
|
|
(373,123
|
)
|
||
Total long-term debt
|
$
|
1,802,618
|
|
|
$
|
989,924
|
|
Fiscal Year:
|
|
||
2018 (remaining 6 months)
|
$
|
465,546
|
|
2019
|
23,581
|
|
|
2020
|
40,309
|
|
|
2021
|
176,288
|
|
|
2022
|
75,000
|
|
|
Thereafter
|
1,496,875
|
|
|
Total principal payments
|
$
|
2,277,599
|
|
|
Shares
|
|
Nonvested at January 31, 2017
|
487,596
|
|
Granted
|
440,937
|
|
Vested
|
(184,709
|
)
|
Canceled
|
(25,340
|
)
|
Nonvested at July 31, 2017
|
718,484
|
|
|
Shares
|
|
Nonvested at January 31, 2017
|
17,486
|
|
Granted
|
159,102
|
|
Canceled
|
(2,133
|
)
|
Nonvested at July 31, 2017
|
174,455
|
|
|
Shares
|
|
Weighted-average
price per share |
|||
Treasury stock balance at January 31, 2017
|
24,018,983
|
|
|
$
|
44.59
|
|
Shares of treasury stock reissued for equity incentive plans
|
(132,919
|
)
|
|
|
||
Shares of treasury stock reissued for acquisition of TS
|
(2,785,402
|
)
|
|
|
||
Treasury stock balance at July 31, 2017
|
21,100,662
|
|
|
$
|
44.59
|
|
|
July 31, 2017
|
|
January 31, 2017
|
||||||||||||||||
|
Fair value measurement category
|
|
Fair value measurement category
|
||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
—
|
|
|
|
|
|
|
$
|
1,000,010
|
|
|
|
|
|
||||
Foreign currency forward contracts
|
|
|
$
|
3,713
|
|
|
|
|
|
|
$
|
2,264
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency forward contracts
|
|
|
$
|
8,787
|
|
|
|
|
|
|
$
|
9,711
|
|
|
|
Fiscal year:
|
|
||
2018 (remaining 6 months)
|
$
|
39,900
|
|
2019
|
61,600
|
|
|
2020
|
52,100
|
|
|
2021
|
47,200
|
|
|
2022
|
28,700
|
|
|
Thereafter
|
50,600
|
|
|
Total payments
|
$
|
280,100
|
|
|
Three months ended July 31,
|
|
Six months ended July 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net sales:
|
|
|
|
|
|
|
|
||||||||
Americas
(1)
|
$
|
4,192,475
|
|
|
$
|
2,674,886
|
|
|
$
|
7,661,312
|
|
|
$
|
5,062,890
|
|
Europe
|
4,402,054
|
|
|
3,678,853
|
|
|
8,408,974
|
|
|
7,254,211
|
|
||||
Asia-Pacific
|
288,162
|
|
|
—
|
|
|
476,468
|
|
|
—
|
|
||||
Total
|
$
|
8,882,691
|
|
|
$
|
6,353,739
|
|
|
$
|
16,546,754
|
|
|
$
|
12,317,101
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income:
|
|
|
|
|
|
|
|
||||||||
Americas
(2)(3)
|
$
|
87,975
|
|
|
$
|
41,241
|
|
|
$
|
138,875
|
|
|
$
|
72,516
|
|
Europe
(4)
|
18,464
|
|
|
35,927
|
|
|
43,263
|
|
|
60,867
|
|
||||
Asia-Pacific
|
5,066
|
|
|
—
|
|
|
9,363
|
|
|
—
|
|
||||
Stock-based compensation expense
|
(7,974
|
)
|
|
(3,813
|
)
|
|
(12,892
|
)
|
|
(7,470
|
)
|
||||
Total
|
$
|
103,531
|
|
|
$
|
73,355
|
|
|
$
|
178,609
|
|
|
$
|
125,913
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization:
|
|
|
|
|
|
|
|
||||||||
Americas
|
$
|
20,971
|
|
|
$
|
4,905
|
|
|
$
|
37,663
|
|
|
$
|
9,795
|
|
Europe
|
15,690
|
|
|
9,143
|
|
|
29,223
|
|
|
18,300
|
|
||||
Asia-Pacific
|
2,229
|
|
|
—
|
|
|
3,687
|
|
|
—
|
|
||||
Total
|
$
|
38,890
|
|
|
$
|
14,048
|
|
|
$
|
70,573
|
|
|
$
|
28,095
|
|
|
|
|
|
|
|
|
|
||||||||
Capital expenditures:
|
|
|
|
|
|
|
|
||||||||
Americas
|
$
|
7,087
|
|
|
$
|
5,388
|
|
|
$
|
27,959
|
|
|
$
|
11,485
|
|
Europe
|
2,920
|
|
|
5,384
|
|
|
12,314
|
|
|
10,850
|
|
||||
Asia-Pacific
|
1,360
|
|
|
—
|
|
|
1,540
|
|
|
—
|
|
||||
Total
|
$
|
11,367
|
|
|
$
|
10,772
|
|
|
$
|
41,813
|
|
|
$
|
22,335
|
|
As of:
|
July 31, 2017
|
|
January 31, 2017
|
||||
Identifiable assets:
|
|
|
|
||||
Americas
|
$
|
5,053,728
|
|
|
$
|
3,238,162
|
|
Europe
|
5,812,357
|
|
|
4,693,704
|
|
||
Asia-Pacific
|
507,840
|
|
|
—
|
|
||
Total
|
$
|
11,373,925
|
|
|
$
|
7,931,866
|
|
|
|
|
|
||||
Long-lived assets:
|
|
|
|
||||
Americas
(1)
|
$
|
73,493
|
|
|
$
|
35,581
|
|
Europe
|
56,914
|
|
|
38,658
|
|
||
Asia-Pacific
|
6,170
|
|
|
—
|
|
||
Total
|
$
|
136,577
|
|
|
$
|
74,239
|
|
|
|
|
|
||||
Goodwill & acquisition-related intangible assets, net:
|
|
|
|
||||
Americas
|
$
|
1,152,428
|
|
|
$
|
33,296
|
|
Europe
|
649,764
|
|
|
246,002
|
|
||
Asia-Pacific
|
54,499
|
|
|
—
|
|
||
Total
|
$
|
1,856,691
|
|
|
$
|
279,298
|
|
(1)
|
Net sales in the United States represented
88%
and
91%
, respectively, of the total Americas' net sales for the three months ended July 31, 2017 and 2016, and
87%
and
89%
respectively, of the total America's net sales for the six months ended July 31, 2017 and 2016. Total long-lived assets in the United States represented
95%
and
94%
, respectively, of the Americas' total long-lived assets at
July 31, 2017
and
January 31, 2017
.
|
(2)
|
Operating income in the Americas for the three months ended July 31, 2017 and 2016 includes acquisition, integration and restructuring expenses of
$14.3 million
and
$1.1 million
, respectively (see further discussion in Note 3 - Acquisitions) and a gain related to LCD settlements and other, net, of
$30.0 million
and
$3.7 million
, respectively (see further discussion in Note 1 – Business and Summary of Significant Accounting Policies).
|
(3)
|
Operating income in the Americas for the six months ended July 31, 2017 and 2016 includes acquisition, integration and restructuring expenses of
$44.4 million
and
$1.1 million
, respectively and a gain related to LCD settlements and other, net, of
$42.6 million
and
$4.1 million
, respectively.
|
(4)
|
Operating income in Europe for the three months ended July 31, 2017 and 2016, includes acquisition, integration and restructuring expenses of
$14.7 million
and
$0.9 million
, respectively, and for the six months ended July 31, 2017 and 2016, includes acquisition, integration and restructuring expenses of
$26.2 million
and
$0.9 million
, respectively.
|
|
Three months ended July 31,
|
|
Six months ended July 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net sales
|
100.00
|
|
%
|
|
100.00
|
|
%
|
|
100.00
|
|
%
|
|
100.00
|
|
%
|
Cost of products sold
|
94.20
|
|
|
|
95.02
|
|
|
|
94.12
|
|
|
|
95.01
|
|
|
Gross profit
|
5.80
|
|
|
|
4.98
|
|
|
|
5.88
|
|
|
|
4.99
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Selling, general and administrative expenses
|
4.62
|
|
|
|
3.84
|
|
|
|
4.61
|
|
|
|
3.98
|
|
|
Acquisition, integration and restructuring expenses
|
0.33
|
|
|
|
0.03
|
|
|
|
0.44
|
|
|
|
0.01
|
|
|
LCD settlements and other, net
|
(0.32
|
)
|
|
|
(0.06
|
)
|
|
|
(0.25
|
)
|
|
|
(0.03
|
)
|
|
Value added tax assessments
|
—
|
|
|
|
0.02
|
|
|
|
—
|
|
|
|
0.01
|
|
|
|
4.63
|
|
|
|
3.83
|
|
|
|
4.80
|
|
|
|
3.97
|
|
|
Operating income
|
1.17
|
|
|
|
1.15
|
|
|
|
1.08
|
|
|
|
1.02
|
|
|
Interest expense
|
0.32
|
|
|
|
0.10
|
|
|
|
0.36
|
|
|
|
0.10
|
|
|
Other expense (income), net
|
0.01
|
|
|
|
(0.02
|
)
|
|
|
—
|
|
|
|
(0.02
|
)
|
|
Income before income taxes
|
0.84
|
|
|
|
1.07
|
|
|
|
0.72
|
|
|
|
0.94
|
|
|
Provision for income taxes
|
0.31
|
|
|
|
0.34
|
|
|
|
0.25
|
|
|
|
0.29
|
|
|
Net income
|
0.53
|
|
%
|
|
0.73
|
|
%
|
|
0.47
|
|
%
|
|
0.65
|
|
%
|
•
|
Net sales, as adjusted, which is defined as net sales adjusted for the impact of changes in foreign currencies;
|
•
|
Gross profit, as adjusted, which is defined as gross profit as adjusted for the impact of changes in foreign currencies;
|
•
|
Selling, general and administrative expenses (“SG&A”), as adjusted, which is defined as SG&A as adjusted for the impact of changes in foreign currencies;
|
•
|
Non-GAAP operating income, which is defined as operating income as adjusted to exclude acquisition, integration and restructuring expenses, LCD settlements and other, net, value added tax assessments and acquisition-related intangible asset amortization;
|
•
|
Non-GAAP net income, which is defined as net income as adjusted to exclude acquisition, integration and restructuring expenses, LCD settlements and other, net, value added tax assessments, acquisition-related intangible asset amortization, acquisition-related financing expenses, and the income tax effects of these adjustments;
|
•
|
Non-GAAP earnings per share-diluted, which is defined as earnings per share-diluted as adjusted to exclude the per share impact of acquisition, integration and restructuring expenses, LCD settlements and other, net, value added tax assessments, acquisition-related intangible asset amortization, acquisition-related financing expenses, and the income tax effects of these adjustments.
|
NET SALES COMMENTARY
|
|
|
Three months ended July 31,
|
|
Change
|
|||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|||||||
(in millions)
|
|
|
|
|
|
|
|
|||||||
Americas net sales
|
$
|
4,193
|
|
|
$
|
2,675
|
|
|
$
|
1,518
|
|
|
56.7
|
%
|
Europe net sales
|
4,402
|
|
|
3,679
|
|
|
723
|
|
|
19.7
|
%
|
|||
Asia-Pacific net sales
|
288
|
|
|
—
|
|
|
288
|
|
|
N/A
|
|
|||
Consolidated net sales
|
$
|
8,883
|
|
|
$
|
6,354
|
|
|
$
|
2,529
|
|
|
39.8
|
%
|
•
|
The increase in Americas net sales of approximately $1.5 billion is primarily due to the impact of the acquisition of TS with growth in the data center and software product categories. The Americas also had growth in broadline products, which was partially offset by lower sales of consumer electronic products.
|
•
|
The increase in Europe net sales of $723 million is primarily due to the impact of the acquisition of TS with growth in the data center and software product categories. Europe also had growth in mobility products, which was partially offset by the negative impact of changes in foreign currencies of approximately $47 million.
|
•
|
The increase in Asia-Pacific net sales of $288 million is due to the acquisition of TS, with net sales primarily in the data center and software product categories.
|
|
Six months ended July 31,
|
|
Change
|
|||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|||||||
(in millions)
|
|
|
|
|
|
|
|
|||||||
Consolidated net sales, as reported
|
$
|
16,547
|
|
|
$
|
12,317
|
|
|
$
|
4,230
|
|
|
34.3
|
%
|
Impact of changes in foreign currencies
|
319
|
|
|
—
|
|
|
|
|
|
|||||
Consolidated net sales, as adjusted
|
$
|
16,866
|
|
|
$
|
12,317
|
|
|
$
|
4,549
|
|
|
36.9
|
%
|
|
|
|
|
|
|
|
|
|||||||
Americas net sales, as reported
|
$
|
7,661
|
|
|
$
|
5,063
|
|
|
$
|
2,598
|
|
|
51.3
|
%
|
Impact of changes in foreign currencies
|
7
|
|
|
—
|
|
|
|
|
|
|||||
Americas net sales, as adjusted
|
$
|
7,668
|
|
|
$
|
5,063
|
|
|
$
|
2,605
|
|
|
51.5
|
%
|
|
|
|
|
|
|
|
|
|||||||
Europe net sales, as reported
|
$
|
8,409
|
|
|
$
|
7,254
|
|
|
$
|
1,155
|
|
|
15.9
|
%
|
Impact of changes in foreign currencies
|
311
|
|
|
—
|
|
|
|
|
|
|||||
Europe net sales, as adjusted
|
$
|
8,720
|
|
|
$
|
7,254
|
|
|
$
|
1,466
|
|
|
20.2
|
%
|
|
|
|
|
|
|
|
|
|||||||
Asia-Pacific net sales, as reported
|
$
|
477
|
|
|
$
|
—
|
|
|
$
|
477
|
|
|
N/A
|
|
Impact of changes in foreign currencies
|
1
|
|
|
—
|
|
|
|
|
|
|||||
Asia-Pacific net sales, as adjusted
|
$
|
478
|
|
|
$
|
—
|
|
|
$
|
478
|
|
|
N/A
|
|
•
|
The increase in Americas net sales, as adjusted, of approximately
$2.6 billion
is primarily due to the impact of the acquisition of TS with growth in the data center and software product categories. The Americas also had growth in broadline products, which was partially offset by lower sales of consumer electronic products.
|
•
|
The increase in Europe net sales, as adjusted, of approximately
$1.5 billion
is primarily due to the impact of the acquisition of TS with growth in the data center and software product categories, as well as growth in mobility products.
|
•
|
The increase in Asia-Pacific net sales, as adjusted, of
$478 million
is due to the acquisition of TS, with net sales primarily in the data center and software product categories.
|
|
Three months ended July 31,
|
|
Six months ended July 31,
|
||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Apple, Inc.
|
12%
|
|
17%
|
|
13%
|
|
17%
|
HP Inc.
|
11%
|
|
14%
|
|
11%
|
|
14%
|
Cisco Systems, Inc.
|
11%
|
|
11%
|
|
11%
|
|
10%
|
GROSS PROFIT
|
|
QUARTERLY RESULTS
|
|
Three months ended July 31,
|
Change
|
|||||||||||
|
2017
|
|
2016
|
$
|
|
%
|
|||||||
(in millions)
|
|
|
|
|
|
|
|||||||
Gross profit, as reported
|
$
|
515.6
|
|
|
$
|
316.5
|
|
$
|
199.1
|
|
|
62.9
|
%
|
Impact of changes in foreign currencies
|
2.4
|
|
|
—
|
|
|
|
|
|||||
Gross profit, as adjusted
|
$
|
518.0
|
|
|
$
|
316.5
|
|
$
|
201.5
|
|
|
63.7
|
%
|
YEAR TO DATE RESULTS
|
|
Six months ended July 31,
|
Change
|
|||||||||||
|
2017
|
|
2016
|
$
|
|
%
|
|||||||
(in millions)
|
|
|
|
|
|
|
|||||||
Gross profit, as reported
|
$
|
972.7
|
|
|
$
|
615.1
|
|
$
|
357.6
|
|
|
58.1
|
%
|
Impact of changes in foreign currencies
|
16.9
|
|
|
—
|
|
|
|
|
|||||
Gross profit, as adjusted
|
$
|
989.6
|
|
|
$
|
615.1
|
|
$
|
374.5
|
|
|
60.9
|
%
|
OPERATING EXPENSES
|
|
|
Three months ended July 31,
|
|
Change
|
|||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|||||||
(in millions)
|
|
|
|
|
|
|
|
|||||||
SG&A, as reported
|
$
|
410.6
|
|
|
$
|
243.8
|
|
|
$
|
166.8
|
|
|
68.4
|
%
|
Impact of changes in foreign currencies
|
2.2
|
|
|
—
|
|
|
|
|
|
|||||
SG&A, as adjusted
|
$
|
412.8
|
|
|
$
|
243.8
|
|
|
$
|
169.0
|
|
|
69.3
|
%
|
|
|
|
|
|
|
|
|
|||||||
SG&A as a percentage of net sales, as reported
|
4.62
|
%
|
|
3.84
|
%
|
|
|
|
78 bps
|
|
|
Six months ended July 31,
|
|
Change
|
|||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|||||||
(in millions)
|
|
|
|
|
|
|
|
|||||||
SG&A, as reported
|
$
|
763.2
|
|
|
$
|
490.3
|
|
|
$
|
272.9
|
|
|
55.7
|
%
|
Impact of changes in foreign currencies
|
13.8
|
|
|
—
|
|
|
|
|
|
|||||
SG&A, as adjusted
|
$
|
777.0
|
|
|
$
|
490.3
|
|
|
$
|
286.7
|
|
|
58.5
|
%
|
|
|
|
|
|
|
|
|
|||||||
SG&A as a percentage of net sales, as reported
|
4.61
|
%
|
|
3.98
|
%
|
|
|
|
63 bps
|
|
|
Three months ended
|
|
Six months ended
|
||||
|
July 31, 2017
|
|
July 31, 2017
|
||||
(in millions)
|
|
|
|
||||
Professional services
|
$
|
15.1
|
|
|
$
|
27.0
|
|
Restructuring costs
|
7.0
|
|
|
17.3
|
|
||
Transaction related costs
|
2.0
|
|
|
17.2
|
|
||
Other
|
6.0
|
|
|
10.7
|
|
||
Total
|
$
|
30.1
|
|
|
$
|
72.2
|
|
OPERATING INCOME
|
|
|
Three months ended July 31,
|
|
Six months ended July 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
(in millions)
|
|
|
|
|
|
|
|
||||||||
Operating income
|
$
|
103.5
|
|
|
$
|
73.4
|
|
|
$
|
178.6
|
|
|
$
|
125.9
|
|
Acquisition, integration and restructuring expenses
|
30.1
|
|
|
2.0
|
|
|
72.2
|
|
|
2.0
|
|
||||
LCD settlements and other, net
|
(28.7
|
)
|
|
(3.7
|
)
|
|
(41.3
|
)
|
|
(4.1
|
)
|
||||
Value added tax assessments
|
—
|
|
|
1.0
|
|
|
—
|
|
|
1.0
|
|
||||
Acquisition-related intangible assets amortization expense
|
22.9
|
|
|
5.4
|
|
|
41.6
|
|
|
10.9
|
|
||||
Non-GAAP operating income
|
$
|
127.8
|
|
|
$
|
78.1
|
|
|
$
|
251.1
|
|
|
$
|
135.7
|
|
•
|
The quarter and year to date increase in GAAP operating income of $30.1 million and $52.7 million, respectively, as compared to the same periods in the prior fiscal year is due to the increase in net sales and favorable changes in product mix primarily due to the acquisition of TS, as well as an increase in gains related to settlement agreements with certain manufacturers of LCD flat panel and cathode ray tube displays, partially offset by higher acquisition, integration and restructuring expenses and an increase in SG&A due to the acquisition of TS, including an increase in acquisition-related intangible assets amortization expense.
|
•
|
The quarter and year to date increase in non-GAAP operating income of $49.7 million and $115.4 million, respectively, as compared to the same periods in the prior fiscal year is due to an increase in net sales and favorable changes in product mix partially offset by higher SG&A expenses, primarily as a result of the TS acquisition.
|
AMERICAS
|
|
|
Three months ended July 31,
|
|
Six months ended July 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
(in millions)
|
|
|
|
|
|
|
|
||||||||
Operating income - Americas
|
$
|
88.0
|
|
|
$
|
41.2
|
|
|
$
|
138.9
|
|
|
$
|
72.5
|
|
Acquisition, integration and restructuring expenses
|
14.3
|
|
|
1.1
|
|
|
44.4
|
|
|
1.1
|
|
||||
LCD settlements and other, net
|
(30.0
|
)
|
|
(3.7
|
)
|
|
(42.6
|
)
|
|
(4.1
|
)
|
||||
Value added tax assessments
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
|
(0.5
|
)
|
||||
Acquisition-related intangible assets amortization expense
|
12.4
|
|
|
0.6
|
|
|
22.5
|
|
|
1.2
|
|
||||
Non-GAAP operating income - Americas
|
$
|
84.7
|
|
|
$
|
38.8
|
|
|
$
|
163.2
|
|
|
$
|
70.2
|
|
•
|
The quarter and year to date increase in GAAP operating income of $46.8 million and $66.4 million, respectively, as compared to the same periods in the prior fiscal year is due to an increase in net sales and favorable changes in product mix primarily due to the acquisition of TS, as well as an increase in gains related to settlement agreements with certain manufacturers of LCD flat panel and cathode ray tube displays, partially offset by higher acquisition, integration and restructuring expenses and an increase in SG&A due to the acquisition of TS, including an increase in acquisition-related intangible assets amortization expense.
|
•
|
The quarter and year to date increase in non-GAAP operating income of $45.9 million and $93.0 million, respectively, as compared to the same periods in the prior fiscal year is due to an increase in net sales and favorable changes in product mix partially offset by higher SG&A expenses, primarily as a result of the TS acquisition.
|
EUROPE
|
|
|
Three months ended July 31,
|
|
Six months ended July 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
(in millions)
|
|
|
|
|
|
|
|
||||||||
Operating income - Europe
|
$
|
18.4
|
|
|
$
|
35.9
|
|
|
$
|
43.3
|
|
|
$
|
60.9
|
|
Acquisition, integration and restructuring expenses
|
14.7
|
|
|
0.9
|
|
|
26.2
|
|
|
0.9
|
|
||||
LCD settlements and other, net
|
1.3
|
|
|
—
|
|
|
1.3
|
|
|
—
|
|
||||
Value added tax assessments
|
—
|
|
|
1.5
|
|
|
—
|
|
|
1.5
|
|
||||
Acquisition-related intangible assets amortization expense
|
9.0
|
|
|
4.8
|
|
|
16.7
|
|
|
9.7
|
|
||||
Non-GAAP operating income - Europe
|
$
|
43.4
|
|
|
$
|
43.1
|
|
|
$
|
87.5
|
|
|
$
|
73.0
|
|
•
|
GAAP operating income decreased by $17.5 million and $17.6 million for the three and six months ended July 31, 2017, respectively, primarily due to an increase in acquisition, integration and restructuring expenses and an increase in SG&A, including an increase in acquisition-related intangible assets amortization expense, partially offset by an increase in net sales and favorable changes in product mix primarily due to the acquisition of TS.
|
•
|
Non-GAAP operating income for the quarter was relatively flat compared to the prior year primarily due to an increase in net sales and favorable changes in product mix primarily due to the acquisition of TS, which were offset by higher SG&A expenses to support the higher margin TS business, a decline in gross profit in our components business and the impacts of a highly competitive market.
|
•
|
The year to date increase in non-GAAP operating income of $14.5 million compared to the prior year is due to an increase in net sales and favorable changes in product mix partially offset by an increase in SG&A expenses, primarily due to the acquisition of TS.
|
ASIA-PACIFIC
|
|
|
|
Three months ended July 31, 2017
|
|
Six months ended July 31, 2017
|
||||||||||
|
|
$ in millions
|
|
as a % of net sales
|
|
$ in millions
|
|
as a % of net sales
|
||||||
Operating income - Asia-Pacific
|
|
$
|
5.1
|
|
|
1.76
|
%
|
|
$
|
9.3
|
|
|
1.97
|
%
|
Acquisition, integration and restructuring expenses
|
|
0.1
|
|
|
|
|
0.2
|
|
|
|
||||
Acquisition-related intangible assets amortization expense
|
|
1.5
|
|
|
|
|
2.4
|
|
|
|
||||
Non-GAAP operating income - Asia-Pacific
|
|
$
|
6.7
|
|
|
2.32
|
%
|
|
$
|
11.9
|
|
|
2.49
|
%
|
OPERATING INCOME BY REGION
|
|
|
Three months ended July 31,
|
|
Six months ended July 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
(in millions)
|
|
|
|
|
|
|
|
||||||||
Americas
|
$
|
88.0
|
|
|
$
|
41.2
|
|
|
$
|
138.9
|
|
|
$
|
72.5
|
|
Europe
|
18.4
|
|
|
35.9
|
|
|
43.3
|
|
|
60.9
|
|
||||
Asia-Pacific
|
5.1
|
|
|
—
|
|
|
9.3
|
|
|
—
|
|
||||
Stock-based compensation expense
|
(8.0
|
)
|
|
(3.7
|
)
|
|
(12.9
|
)
|
|
(7.5
|
)
|
||||
Total
|
$
|
103.5
|
|
|
$
|
73.4
|
|
|
$
|
178.6
|
|
|
$
|
125.9
|
|
INTEREST EXPENSE
|
|
OTHER EXPENSE (INCOME), NET
|
|
PROVISION FOR INCOME TAXES
|
|
|
Three months ended July 31,
|
|
Six months ended July 31,
|
||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Effective tax rate
|
36.7%
|
|
32.1%
|
|
34.6%
|
|
31.4%
|
NET INCOME AND EARNINGS PER SHARE-DILUTED
|
CONSOLIDATED GAAP TO NON-GAAP RECONCILIATION
|
|
|
|
|
|||||||||||
|
Net Income
|
|
Earnings per Share-Diluted
|
||||||||||||
Three months ended July 31:
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
(in millions, except per share data)
|
|
|
|
|
|
|
|
||||||||
GAAP results
|
$
|
47.5
|
|
|
$
|
46.4
|
|
|
$
|
1.24
|
|
|
$
|
1.31
|
|
Acquisition, integration and restructuring expenses
|
30.1
|
|
|
2.0
|
|
|
0.78
|
|
|
0.05
|
|
||||
LCD settlements and other, net
|
(28.4
|
)
|
|
(3.7
|
)
|
|
(0.74
|
)
|
|
(0.10
|
)
|
||||
Value added tax assessments
|
—
|
|
|
1.4
|
|
|
—
|
|
|
0.04
|
|
||||
Acquisition-related intangible assets amortization expense
|
22.9
|
|
|
5.4
|
|
|
0.60
|
|
|
0.15
|
|
||||
Acquisition-related financing expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Income tax effect of the above adjustments
|
(5.4
|
)
|
|
(1.2
|
)
|
|
(0.14
|
)
|
|
(0.03
|
)
|
||||
Non-GAAP results
|
$
|
66.7
|
|
|
$
|
50.3
|
|
|
$
|
1.74
|
|
|
$
|
1.42
|
|
CONSOLIDATED GAAP TO NON-GAAP RECONCILIATION
|
|
|
|
|
|||||||||||
|
Net Income
|
|
Earnings per Share-Diluted
|
||||||||||||
Six months ended July 31:
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
(in millions, except per share data)
|
|
|
|
|
|
|
|
||||||||
GAAP results
|
$
|
78.1
|
|
|
$
|
79.8
|
|
|
$
|
2.06
|
|
|
$
|
2.26
|
|
Acquisition, integration and restructuring expenses
|
72.2
|
|
|
2.0
|
|
|
1.90
|
|
|
0.05
|
|
||||
LCD settlements and other, net
|
(41.0
|
)
|
|
(4.1
|
)
|
|
(1.08
|
)
|
|
(0.12
|
)
|
||||
Value added tax assessments
|
—
|
|
|
1.3
|
|
|
—
|
|
|
0.04
|
|
||||
Acquisition-related intangible assets amortization expense
|
41.6
|
|
|
10.9
|
|
|
1.10
|
|
|
0.31
|
|
||||
Acquisition-related financing expenses
|
8.8
|
|
|
—
|
|
|
0.23
|
|
|
—
|
|
||||
Income tax effect of the above adjustments
|
(22.9
|
)
|
|
(2.6
|
)
|
|
(0.60
|
)
|
|
(0.07
|
)
|
||||
Non-GAAP results
|
$
|
136.8
|
|
|
$
|
87.3
|
|
|
$
|
3.61
|
|
|
$
|
2.47
|
|
LIQUIDITY AND CAPITAL RESOURCES
|
|
As of:
|
|
July 31, 2017
|
|
January 31, 2017
|
|
As of:
|
July 31, 2016
|
|
January 31, 2016
|
||||
DSO
|
|
51
|
|
|
37
|
|
|
DSO
|
39
|
|
|
37
|
|
DOS
|
|
29
|
|
|
27
|
|
|
DOS
|
32
|
|
|
27
|
|
DPO
|
|
(59
|
)
|
|
(49
|
)
|
|
DPO
|
(49
|
)
|
|
(44
|
)
|
Net cash days
|
|
21
|
|
|
15
|
|
|
Net cash days
|
22
|
|
|
20
|
|
Six months ended July 31:
|
2017
|
|
2016
|
||||
(in millions)
|
|
|
|
||||
Net cash provided by (used in):
|
|
|
|
||||
Operating activities
|
$
|
370.5
|
|
|
$
|
184.9
|
|
Investing activities
|
(2,291.1
|
)
|
|
(25.0
|
)
|
||
Financing activities
|
768.3
|
|
|
(8.7
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
60.0
|
|
|
14.7
|
|
||
Net (decrease) increase in cash and cash equivalents
|
$
|
(1,092.3
|
)
|
|
$
|
165.9
|
|
CONTRACTUAL OBLIGATIONS
|
|
Operating leases
|
|
Debt
(1)
|
|
Total
|
||||||
Fiscal year:
|
|
|
|
|
|
||||||
2018 (remaining 6 months)
|
$
|
39.9
|
|
|
$
|
506.9
|
|
|
$
|
546.8
|
|
2019
|
61.6
|
|
|
89.3
|
|
|
150.9
|
|
|||
2020
|
52.1
|
|
|
105.3
|
|
|
157.4
|
|
|||
2021
|
47.2
|
|
|
237.1
|
|
|
284.3
|
|
|||
2022
|
28.7
|
|
|
133.5
|
|
|
162.2
|
|
|||
Thereafter
|
50.6
|
|
|
1,643.4
|
|
|
1,694.0
|
|
|||
Total payments
|
280.1
|
|
|
2,715.5
|
|
|
2,995.6
|
|
|||
Less amounts representing interest
|
—
|
|
|
(437.9
|
)
|
|
(437.9
|
)
|
|||
Total principal payments
|
$
|
280.1
|
|
|
$
|
2,277.6
|
|
|
$
|
2,557.7
|
|
(1)
|
Amounts include fixed rate interest on the Senior Notes as well as the estimated interest on the outstanding balance of the Term Loan Credit Agreement based on the applicable interest rate as of July 31, 2017. Amounts exclude estimated interest on other committed and uncommitted revolving credit facilities as these facilities are at variable rates of interest.
|
RECENT ACCOUNTING PRONOUNCEMENTS
|
|
(a)
|
Exhibits
|
3-1
(2)
|
Amended and Restated Articles of Incorporation of Tech Data Corporation filed on June 4, 2014 with the Secretary of the State of Florida
|
|
|
3-2
(2)
|
Bylaws of Tech Data Corporation as adopted by the Board of Directors and approved by the Shareholders on June 4, 2014
|
|
|
10-1
(3)
|
Amended and Restated Transfer and Administration Agreement, dated as of August 8, 2017.
|
|
|
31-A
(1)
|
Certification of Chief Executive Officer Pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
31-B
(1)
|
Certification of Chief Financial Officer Pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
32-A
(1)
|
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
32-B
(1)
|
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
101
(4)
|
Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Consolidated Balance Sheet as of July 31, 2017 and January 31, 2017; (ii) Consolidated Statement of Income for the three and six months ended July 31, 2017 and 2016; (iii) Consolidated Statement of Comprehensive Income for the three and six months ended July 31, 2017 and 2016; (iv) Consolidated Statement of Cash Flows for the six months ended July 31, 2017 and 2016; and (v) Notes to Consolidated Financial Statements, detail tagged.
|
(1)
|
Filed herewith.
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(2)
|
Incorporated by reference to the Exhibits included in the Company’s Form 10-Q for the quarter ended April 30, 2014, File No. 0-14625.
|
(3)
|
Incorporated by reference to the Exhibits included in the Company's Form 8-K dated August 10, 2017, File No. 0-14625.
|
(4)
|
XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 and 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.
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Signature
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Title
|
|
Date
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|
||
/s/ ROBERT M. DUTKOWSKY
|
|
Chief Executive Officer; Chairman of the Board of Directors
|
|
September 7, 2017
|
Robert M. Dutkowsky
|
|
|
|
|
|
|
|
||
/s/ CHARLES V. DANNEWITZ
|
|
Executive Vice President, Chief Financial Officer (principal financial officer)
|
|
September 7, 2017
|
Charles V. Dannewitz
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|
|
|
|
|
|
|
||
/s/ JEFFREY L. TAYLOR
|
|
Senior Vice President, Corporate Controller (principal accounting officer)
|
|
September 7, 2017
|
Jeffrey L. Taylor
|
|
|
|
|
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