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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 |
Tech Data (NASDAQ: TECD) (the “Company”) today announced its financial results for the third quarter ended October 31, 2019.
Third quarter ended October 31, Nine months ended October 31, ($ in millions,except per share amounts)2019
2018
Y/YChange2019
2018
Y/YChange Net Sales$9,118.9
$9,340.0
-2%
$26,617.6
$26,774.4
-1%
Gross profit
$560.4
$556.6
1%
$1,631.4
$1,606.8
2%
Gross margin6.15%
5.96%
19 bps
6.13%
6.00%
13 bps
SG&A expenses (GAAP)*
$415.2
$396.7
5%
$1,252.8
$1,234.4
1%
% of net sales4.55%
4.25%
30 bps
4.71%
4.61%
10 bps
SG&A expenses (Non-GAAP)*
$394.1
$368.6
7%
$1,189.0
$1,159.7
3%
% of net sales4.32%
3.95%
37 bps
4.47%
4.33%
14 bps
Operating income (GAAP)*
$141.9
$146.9
-3%
$364.3
$327.7
11%
Operating margin (GAAP)*1.56%
1.57%
-1 bps
1.37%
1.22%
15 bps
Operating income (Non-GAAP)*
$166.3
$188.0
-12%
$442.4
$447.0
-1%
Operating margin (Non-GAAP)*1.82%
2.01%
-19 bps
1.66%
1.67%
-1 bps
Net income (GAAP)*
$90.8
$114.2
-21%
$225.4
$223.8
1%
Net income (Non-GAAP)*$108.8
$116.3
-6%
$283.3
$264.8
7%
EPS - diluted (GAAP)*
$2.52
$2.96
-15%
$6.15
$5.80
6%
EPS - diluted (Non-GAAP)*$3.02
$3.02
0%
$7.73
$6.87
13%
* Third quarter ended October 31, 2018 includes a $25 million benefit ($18 million net of tax; $0.47 cents per diluted share) from the collection of an accounts receivable balance previously considered uncollectible.
A reconciliation of GAAP to non-GAAP financial measures is presented in the financial tables of this press release.
This information is also available on the Investor Relations section of Tech Data’s website at www.techdata.com/investor.
Third quarter ended October 31, Nine months ended October 31, ($ in millions)2019
2018
Y/Y Change
2019
2018
Y/Y Change
AMERICAS
Net Sales
$4,202.3
$4,137.9
2%
$12,308.2
$11,799.4
4%
% of WW net sales46%
44%
46%
44%
Operating income (GAAP)*
$82.4
$112.4
-27%
$244.1
$261.7
-7%
% of net sales1.96%
2.72%
-76 bps
1.98%
2.22%
-24 bps
Operating income (Non-GAAP)*
$99.4
$124.8
-20%
$292.0
$306.1
-5%
% of net sales2.37%
3.01%
-64 bps
2.37%
2.59%
-22 bps
EUROPE
Net Sales
$4,622.3
$4,920.2
-6%
$13,371.4
$14,131.0
-5%
% of WW net sales51%
53%
50%
53%
Operating income (GAAP)
$66.5
$39.9
67%
$140.6
$86.3
63%
% of net sales1.44%
0.81%
63 bps
1.05%
0.61%
44 bps
Operating income (Non-GAAP)
$72.4
$66.2
9%
$165.3
$154.1
7%
% of net sales1.57%
1.34%
23 bps
1.24%
1.09%
15 bps
ASIA PACIFIC
Net Sales
$294.4
$282.0
4%
$938.0
$844.1
11%
% of WW net sales3%
3%
4%
3%
Operating income (GAAP)
$0.3
$2.7
-90%
$3.2
$3.5
-7%
% of net sales0.09%
0.97%
-88 bps
0.34%
0.41%
-7 bps
Operating income (Non-GAAP)
$1.8
$4.6
-62%
$8.8
$8.2
8%
% of net sales0.60%
1.64%
-104 bps
0.94%
0.97%
-3 bps
Regional Financial Highlights:
* Third quarter ended October 31, 2018 includes a $25 million benefit from the collection of an accounts receivable balance previously considered uncollectible.
Note: WW = worldwide Stock-based compensation expense was $7.3 million, a decrease of $0.8 million, compared to the prior-year quarter. These expenses are excluded from the regional operating results and presented as a separate line item in the company’s segment reporting (see the GAAP to non-GAAP reconciliation in the financial tables of this press release).
“We delivered solid third quarter results while continuing to execute on our strategy and portfolio optimization actions,” said Rich Hume, chief executive officer. “In Q3, we also announced our intention to acquire DLT Solutions, a premier software and cloud solutions aggregator focused on the U.S. public sector. This acquisition reflects our strategy of delivering higher value – strengthening our end-to-end portfolio and accelerating our capabilities in next-generation technologies.”
Subsequent Events
On November 13, 2019, Tech Data announced it had entered into a definitive agreement (the “Merger Agreement”) to be acquired by Tiger Midco, LLC, an affiliate of funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO), a leading global alternative investment manager (“Apollo”). The Merger Agreement provides that Tiger Midco, LLC will acquire all of the outstanding shares of Tech Data common stock for $130 per share in cash. Tech Data filed a Current Report on Form 8-K on November 13, 2019 providing further information with respect to the Merger Agreement. As previously announced, due to the pending acquisition by affiliates of the Apollo Funds, Tech Data does not plan to host an earnings conference call nor provide forward-looking guidance.
Non-GAAP Financial Information
The non-GAAP financial information contained in this release is included with the intention of providing investors a more complete understanding of the Company’s operational results and trends, but should only be used in conjunction with results reported in accordance with Generally Accepted Accounting Principles (“GAAP”). Certain non-GAAP measures presented in this release or other releases, presentations and similar documents issued by the Company include sales, income or expense items as adjusted for the impact of changes in foreign currencies (referred to as “constant currency”), non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP earnings per diluted share and Adjusted Return on Invested Capital. Certain non-GAAP measures also exclude acquisition-related intangible assets amortization expense, benefits associated with legal settlements, acquisition, integration and restructuring expenses, value-added tax assessments and related interest expense, gain on disposal of subsidiary, tax indemnifications, changes in deferred tax valuation allowances and the impact of U.S. tax reform. A detailed reconciliation of the adjustments between results calculated using GAAP and non-GAAP in this release is contained in the attached financial schedules. This information can also be obtained from the Company’s Investor Relations website at www.techdata.com/investor.
Forward-Looking Statements
This communication includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Such forward-looking statements are inherently uncertain, and shareholders and other potential investors must recognize that actual results may differ materially from Tech Data’s expectations as a result of a variety of factors. Such forward-looking statements are based upon management’s current expectations and include known and unknown risks, uncertainties and other factors, many of which Tech Data is unable to predict or control, that may cause Tech Data’s actual results, performance, or plans to differ materially from any future results, performance or plans expressed or implied by such forward-looking statements. Risks and uncertainties related to the proposed merger include, but are not limited to, the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; the failure of the parties to satisfy conditions to completion of the proposed merger, including the failure of Tech Data’s shareholders to approve the proposed merger or the failure of the parties to obtain required regulatory approvals; the risk that regulatory or other approvals are delayed or are subject to terms and conditions that are not anticipated; and the risks, uncertainties, and other factors detailed from time to time in Tech Data’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed or furnished with the Securities and Exchange Commission (the “SEC”).
Many of these factors are beyond Tech Data’s control. Tech Data cautions investors that any forward-looking statements made by Tech Data are not guarantees of future performance. Tech Data disclaims any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
No Offer or Solicitation
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
About Tech Data
Tech Data connects the world with the power of technology. Our end-to-end portfolio of products, services and solutions, highly specialized skills, and expertise in next-generation technologies enable channel partners to bring to market the products and solutions the world needs to connect, grow and advance. Tech Data is ranked No. 88 on the Fortune 500® and has been named one of Fortune’s World’s Most Admired Companies for 10 straight years. To find out more, visit www.techdata.com or follow us on Twitter, LinkedIn, Facebook and Instagram.
TECH DATA CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share amounts)(Unaudited)
Three months ended October 31, Nine months ended October 31,2019
2018
2019
2018
Net sales$
9,118,944
$
9,340,029
$
26,617,612
$
26,774,449
Cost of products sold
8,558,557
8,783,425
24,986,196
25,167,698
Gross profit
560,387
556,604
1,631,416
1,606,751
Operating expenses: Selling, general and administrative expenses
415,242
396,675
1,252,752
1,234,355
Acquisition, integration, and restructuring expenses
4,647
20,277
16,077
66,799
Legal settlements and other, net
—
(7,207
)
(282
)
(15,406
)
Gain on disposal of subsidiary
(1,390
)
(29
)
(1,390
)
(6,746
)
418,499
409,716
1,267,157
1,279,002
Operating income
141,888
146,888
364,259
327,749
Interest expense
21,033
25,405
68,276
79,380
Other expense, net
4,348
4,961
6,551
7,779
Income before income taxes
116,507
116,522
289,432
240,590
Provision for income taxes
25,737
2,306
64,012
16,809
Net income
$
90,770
$
114,216
$
225,420
$
223,781
Earnings per share: Basic
$
2.54
$
2.98
$
6.19
$
5.83
Diluted
$
2.52
$
2.96
$
6.15
$
5.80
Weighted average common shares outstanding: Basic
35,720
38,358
36,395
38,357
Diluted
35,968
38,526
36,630
38,559
TECH DATA CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(In thousands, except par value and share amounts)
October 31, January 31,2019
2019
ASSETS (unaudited) Current assets: Cash and cash equivalents$
964,146
$
799,123
Accounts receivable, net
5,768,940
6,241,740
Inventories
3,145,381
3,297,385
Prepaid expenses and other assets
341,075
354,601
Total current assets
10,219,542
10,692,849
Property and equipment, net
275,013
274,917
Goodwill
888,165
892,990
Intangible assets, net
884,560
950,858
Other assets, net
427,456
174,938
Total assets
$
12,694,736
$
12,986,552
LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable
$
6,963,941
$
7,496,466
Accrued expenses and other liabilities
1,030,457
1,000,126
Revolving credit loans and current maturities of long-term debt, net
123,271
110,368
Total current liabilities
8,117,669
8,606,960
Long-term debt, less current maturities
1,294,186
1,300,554
Other long-term liabilities
314,596
142,315
Total liabilities
$
9,726,451
$
10,049,829
Shareholders’ equity: Common stock, par value $0.0015; 200,000,000 shares authorized; 59,245,585shares issued at October 31, 2019 and January 31, 2019
$
89
$
89
Additional paid-in capital
846,636
844,206
Treasury stock, at cost (23,798,037 and 22,305,464 shares at October 31, 2019 and January 31, 2019)
(1,195,148
)
(1,037,872
)
Retained earnings
3,311,934
3,086,514
Accumulated other comprehensive income
4,774
43,786
Total shareholders' equity
2,968,285
2,936,723
Total liabilities and shareholders' equity
$
12,694,736
$
12,986,552
TECH DATA CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
(Unaudited)
Nine months ended October 31,2019
2018
Cash flows from operating activities: Cash received from customers$
35,335,867
$
34,190,821
Cash paid to vendors and employees
(34,774,608
)
(33,891,567
)
Interest paid, net
(79,482
)
(82,829
)
Income taxes paid
(69,174
)
(67,107
)
Net cash provided by operating activities
412,603
149,318
Cash flows from investing activities: Proceeds from sale of business, net of cash divested
—
8,985
Acquisition of businesses, net of cash acquired
—
(124,223
)
Expenditures for property and equipment
(30,503
)
(24,830
)
Software and software development costs
(21,147
)
(15,323
)
Other
315
1,105
Net cash used in investing activities
(51,335
)
(154,286
)
Cash flows from financing activities: Borrowings on long-term debt
300,000
—
Principal payments on long-term debt
(311,925
)
(207,854
)
Cash paid for debt issuance costs
(4,341
)
—
Net borrowings (repayments) on revolving credit loans
15,035
(9,274
)
Payments for employee tax withholdings on equity awards
(9,337
)
(6,988
)
Proceeds from the reissuance of treasury stock
1,450
1,322
Acquisition of noncontrolling interest
(7,553
)
—
Repurchases of common stock
(166,992
)
(43,798
)
Other
529
—
Net cash used in financing activities
(183,134
)
(266,592
)
Effect of exchange rate changes on cash and cash equivalents
(13,111
)
(37,589
)
Net increase (decrease) in cash and cash equivalents
165,023
(309,149
)
Cash and cash equivalents at beginning of year
799,123
955,628
Cash and cash equivalents at end of period
$
964,146
$
646,479
Reconciliation of net income to net cash provided by operating activities: Net income
$
225,420
$
223,781
Adjustments to reconcile net income to net cash provided by operating activities: Gain on disposal of subsidiary
(1,390
)
(6,746
)
Depreciation and amortization
112,726
119,641
Provision for losses on accounts receivable
19,176
11,545
Stock-based compensation expense
23,707
23,694
Accretion of debt discount and debt issuance costs
3,195
2,983
Deferred income taxes
4,577
(11,567
)
Changes in operating assets and liabilities, net of acquisitions and disposition: Accounts receivable
372,594
(309,390
)
Inventories
113,168
(397,692
)
Prepaid expenses and other assets
38,991
(3,720
)
Accounts payable
(443,413
)
474,214
Accrued expenses and other liabilities
(56,148
)
22,575
Total adjustments
187,183
(74,463
)
Net cash provided by operating activities$
412,603
$
149,318
TECH DATA CORPORATION AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
(In thousands)
Three months ended October 31, 2019
Americas(1)
Europe (1)
Asia Pacific (1)
StockCompensationExpense Consolidated Net Sales$
4,202,320
$
4,622,270
$
294,354
$
9,118,944
Operating income (GAAP) (1)
$
82,420
$
66,536
$
279
$
(7,347
)
$
141,888
Acquisition, integration and restructuring expenses
3,551
975
121
-
4,647
Acquisition-related intangible assets amortization expense
13,438
6,312
1,294
21,044
Gain on disposal of subsidiary
-
(1,390
)
-
(1,390
)
Tax indemnifications
-
-
62
62
Total non-GAAP operating income adjustments
$
16,989
$
5,897
$
1,477
$
-
$
24,363
Operating income (non-GAAP)
$
99,409
$
72,433
$
1,756
$
(7,347
)
$
166,251
Operating margin (GAAP)
1.96
%
1.44
%
0.09
%
1.56
%
Operating margin (non-GAAP)
2.37
%
1.57
%
0.60
%
1.82
%
(1) GAAP operating income does not include stock compensation expense at the regional level.Three months ended October 31, 2018
Americas (1) Europe (1) Asia Pacific (1) StockCompensationExpense Consolidated Net Sales
$
4,137,852
$
4,920,156
$
282,021
$
9,340,029
Operating income (GAAP) (1)
$
112,399
$
39,889
$
2,739
$
(8,139
)
$
146,888
Acquisition, integration and restructuring expenses
5,989
13,132
578
578
20,277
Legal settlements and other, net
(7,207
)
-
-
(7,207
)
Acquisition-related intangible assets amortization expense
13,569
7,640
1,314
22,523
Gain on disposal of subsidiary
-
(29
)
-
(29
)
Tax indemnifications
-
5,541
-
5,541
Total non-GAAP operating income adjustments
$
12,351
$
26,284
$
1,892
$
578
$
41,105
Operating income (non-GAAP)
$
124,750
$
66,173
$
4,631
$
(7,561
)
$
187,993
Operating margin (GAAP)
2.72
%
0.81
%
0.97
%
1.57
%
Operating margin (non-GAAP)
3.01
%
1.34
%
1.64
%
2.01
%
(1) GAAP operating income does not include stock compensation expense at the regional level.TECH DATA CORPORATION AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
(In thousands)
Nine months ended October 31, 2019
Americas (1) Europe (1) Asia Pacific (1) StockCompensationExpense Consolidated Net Sales$
12,308,249
$
13,371,397
$
937,966
$
26,617,612
Operating income (GAAP) (1)
$
244,138
$
140,605
$
3,223
$
(23,707
)
$
364,259
Acquisition, integration and restructuring expenses
7,803
7,228
1,046
-
16,077
Legal settlements and other, net
(282
)
-
-
(282
)
Acquisition-related intangible assets amortization expense
40,318
18,857
3,930
63,105
Gain on disposal of subsidiary
-
(1,390
)
-
(1,390
)
Tax indemnifications
-
-
647
647
Total non-GAAP operating income adjustments
$
47,839
$
24,695
$
5,623
$
-
$
78,157
Operating income (non-GAAP)
$
291,977
$
165,300
$
8,846
$
(23,707
)
$
442,416
Operating margin (GAAP)
1.98
%
1.05
%
0.34
%
1.37
%
Operating margin (non-GAAP)
2.37
%
1.24
%
0.94
%
1.66
%
(1) GAAP operating income does not include stock compensation expense at the regional level.Nine months ended October 31, 2018
Americas (1) Europe (1) Asia Pacific (1) StockCompensationExpense Consolidated Net Sales$
11,799,389
$
14,130,985
$
844,075
$
26,774,449
Operating income (GAAP) (1)
$
261,671
$
86,292
$
3,480
$
(23,694
)
$
327,749
Acquisition, integration and restructuring expenses
19,061
44,462
1,030
2,246
66,799
Legal settlements and other, net
(15,406
)
-
-
(15,406
)
Acquisition-related intangible assets amortization expense
40,782
23,696
4,064
68,542
Gain on disposal of subsidiary
-
(6,746
)
-
(6,746
)
Tax indemnifications
-
6,451
(356
)
6,095
Total non-GAAP operating income adjustments
$
44,437
$
67,863
$
4,738
$
2,246
$
119,284
Operating income (non-GAAP)
$
306,108
$
154,155
$
8,218
$
(21,448
)
$
447,033
Operating margin (GAAP)
2.22
%
0.61
%
0.41
%
1.22
%
Operating margin (non-GAAP)
2.59
%
1.09
%
0.97
%
1.67
%
(1) GAAP operating income does not include stock compensation expense at the regional level.TECH DATA CORPORATION AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
(In thousands)
Selling, general and administrative expenses ("SG&A") Three months ended October 31,2019
2018
Net Sales$
9,118,944
$
9,340,029
SG&A Expenses (GAAP)
$
415,242
$
396,675
Tax indemnifications
(62
)
(5,541
)
Acquisition-related intangible assets amortization expense
(21,044
)
(22,523
)
SG&A Expenses (non-GAAP)$
394,136
$
368,611
SG&A Expenses (GAAP) %
4.55
%
4.25
%
SG&A Expenses (non-GAAP) %
4.32
%
3.95
%
Nine months ended October 31,2019
2018
Net Sales$
26,617,612
$
26,774,449
SG&A Expenses (GAAP)
$
1,252,752
$
1,234,355
Tax indemnifications
(647
)
(6,095
)
Acquisition-related intangible assets amortization expense
(63,105
)
(68,542
)
SG&A Expenses (non-GAAP)$
1,189,000
$
1,159,718
SG&A Expenses (GAAP) %
4.71
%
4.61
%
SG&A Expenses (non-GAAP) %
4.47
%
4.33
%
TECH DATA CORPORATION AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
(In thousands)
Three months ended October 31,2019
2018
Net Income Diluted EPS Net Income Diluted EPS GAAP Results$90,770
$2.52
$114,216
$2.96
Acquisition, integration and restructuring expenses4,647
0.13
20,277
0.53
Legal settlements and other, net-
-
(7,207)
(0.19)
Acquisition-related intangible assets amortization expense21,044
0.59
22,523
0.58
Gain on disposal of subsidiary(1,390)
(0.04)
(29)
-
Tax indemnifications62
-
5,541
0.14
Income tax effect of tax indemnifications(62)
-
(5,541)
(0.14)
Income tax effect of other adjustments above(6,306)
(0.18)
(8,798)
(0.23)
Income tax benefit from acquisition settlement-
-
(207)
-
Change in deferred tax valuation allowances-
-
(473)
(0.01)
Impact of US tax reform-
-
(24,000)
(0.62)
Non-GAAP Results
$108,765
$3.02
$116,302
$3.02
Nine months ended October 31,2019
2018
Net Income Diluted EPS Net Income Diluted EPS GAAP Results$225,420
$6.15
$223,781
$5.80
Acquisition, integration and restructuring expenses16,077
0.44
66,799
1.73
Legal settlements and other, net(282)
(0.01)
(15,406)
(0.40)
Acquisition-related intangible assets amortization expense63,105
1.72
68,542
1.78
Gain on disposal of subsidiary(1,390)
(0.04)
(6,746)
(0.17)
Tax indemnifications647
0.02
6,095
0.16
Value added tax assessments and related interest expense-
-
(928)
(0.02)
Income tax effect of tax indemnifications(647)
(0.02)
(6,095)
(0.16)
Income tax effect of other adjustments above(19,642)
(0.53)
(31,110)
(0.81)
Income tax benefit from acquisition settlement-
-
(13,046)
(0.34)
Change in deferred tax valuation allowances-
-
(3,073)
(0.08)
Impact of US tax reform-
-
(24,000)
(0.62)
Non-GAAP Results$283,288
$7.73
$264,813
$6.87
TECH DATA CORPORATION AND SUBSIDIARIES GAAP TO NON-GAAP RECONCILIATION(In thousands)
Return on Invested Capital (ROIC) Twelve months ended October 31, TTM Net Operating Profit After Tax (NOPAT)*:2019
2018
Operating income$
530,312
$
479,652
Income taxes on operating income (1)
(100,387
)
(184,189
)
NOPAT$
429,925
$
295,463
Average Invested Capital: Short-term debt (5-qtr end average)
$
119,103
$
117,542
Long-term debt (5-qtr end average)
1,298,291
1,504,148
Shareholders' Equity (5-qtr end average)
2,909,665
2,840,505
Total average capital
4,327,059
4,462,195
Less: Cash (5-qtr end average)
(789,103
)
(660,638
)
Average invested capital less average cash$
3,537,956
$
3,801,557
ROIC
12
%
8
%
* Trailing Twelve Months is abbreviated as TTM. (1) Income taxes on operating income was calculated using the trailing twelve months effective tax rate. Adjusted Return on Invested Capital (ROIC) Twelve months ended October 31, TTM Net Operating Profit After Tax (NOPAT), as adjusted*:2019
2018
Non-GAAP operating income (1)$
703,269
$
662,984
Income taxes on non-GAAP operating income (2)
(166,278
)
(180,184
)
NOPAT, as adjusted$
536,991
$
482,800
Average Invested Capital, as adjusted: Short-term debt (5-qtr end average)
$
119,103
$
117,542
Long-term debt (5-qtr end average)
1,298,291
1,504,148
Shareholders' Equity (5-qtr end average)
2,909,665
2,840,505
Tax effected impact of non-GAAP adjustments (3)
48,846
90,378
Total average capital, as adjusted
4,375,905
4,552,573
Less: Cash (5-qtr end average)
(789,103
)
(660,638
)
Average invested capital less average cash$
3,586,802
$
3,891,935
Adjusted ROIC
15
%
12
%
* Trailing Twelve Months is abbreviated as TTM. (1) Represents operating income as adjusted to exclude acquisition, integration and restructuring expenses, legal settlements and other, net, gain on disposal of subsidiary, value added tax assessments, acquisition-related intangible assets amortization expense, goodwill impairment and tax indemnifications. (2) Income taxes on non-GAAP operating income was calculated using the trailing twelve months effective tax rate adjusted for the impact of non-GAAP adjustments during the respective periods. (3) Represents the 5 quarter average of the year-to-date impact of non-GAAP adjustments.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191126005298/en/
Investor Contact Tania Almond Investor Relations Director +1 727.538.7064 tania.almond@techdata.com
Media Contact Bobby Eagle Director, External Communications +1 727.538.5864 bobby.eagle@techdata.com
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