8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

 CURRENT REPORT

PURSUANT TO SECTION 13 OR 15 (d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): June 1, 2017

TECH DATA CORPORATION

(Exact name of registrant as specified in its charter)

Florida	0-14625	59-1578329
(State of Incorporation)	(Commission File Number)	(IRS employer Identification No.)

5350 Tech Data Drive

Clearwater, Florida, 33760

(Address of principal executive offices)

727-539-7429

(Registrant’s telephone number)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company	¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.	¨

Item 2.02. Results of Operations and Financial Condition.

On June 1, 2017, Tech Data Corporation (the “Company”) issued a press release, furnished as Exhibit 99.1 and incorporated herein by reference, announcing its financial results for the three months ended April 30, 2017. The information in this Form 8-K, including Exhibit 99.1, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

GAAP to Non-GAAP Reconciliation

The disclosures of financial results for the three months ended April 30, 2017, contained herein are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and are accompanied by disclosures and financial measures that are not prepared in conformity with GAAP. These non-GAAP disclosures include certain adjustments as noted below not reflected in the GAAP presentations.

· LCD settlements and other, net:

For the three months ended April 30, 2017, non-GAAP operating income and non-GAAP operating margin exclude gains associated with LCD settlements and other, net of $12.7 million. For the three months ended April 30, 2017, non-GAAP net income and non-GAAP net income per diluted share exclude this item, net of the tax impact.

· Acquisition and integration expenses:

For the three months ended April 30, 2017, non-GAAP operating income and non-GAAP operating margin exclude acquisition and integration expenses of $42.1 million. For the three months ended April 30, 2017, non-GAAP net income and non-GAAP net income per diluted share exclude this item, net of the tax impact.

· Acquisition-related intangible assets amortization expense:

For the three months ended April 30, 2017, non-GAAP selling, general and administrative expenses, non-GAAP operating income and non-GAAP operating margin exclude acquisition-related intangible assets amortization expense of $18.7 million. For the three months ended April 30, 2017, non-GAAP net income and non-GAAP net income per diluted share exclude this item, net of the tax impact.

· Acquisition-related financing expenses:

For the three months ended April 30, 2017, non-GAAP net income and non-GAAP net income per diluted share exclude acquisition-related financing expenses of $8.8 million, net of the tax impact.

In addition to GAAP results, Company management believes that the presentation of non-GAAP financial measures is useful to investors because it provides investors with a more complete understanding of our operational results and a meaningful comparison of our performance between periods. The non-GAAP results should only be used in conjunction with results reported in accordance with GAAP and are not intended to be a substitute for results reported in accordance with GAAP. Non-GAAP financial measures presented in the press release, supplemental slide presentation and similar documents issued by the Company include but are not limited to net sales, income or expense items as adjusted for the impact of changes in foreign currencies (referred to as “constant currency”) and the impact of the exit of certain country operations, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP earnings per diluted share and Return on Invested Capital. These non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by comparable companies. Management may also use these non-GAAP financial measures to establish operational goals and, in some cases, for measuring performance for compensation purposes. The press release and supplemental slide presentation provide a detailed reconciliation between results reported in accordance with GAAP and non-GAAP financial measures.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

The following materials are attached as exhibits to this Current Report on Form 8-K:

Exhibit
Number	Description
99.1	Press Release, dated June 1, 2017.
99.2	Supplemental slide presentation dated June 1, 2017.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Tech Data Corporation
	(Registrant)
Date: June 1, 2017	/s / Charles V. Dannewitz
	Charles V. Dannewitz Executive Vice President, & Chief Financial Officer

EX-99.1

Exhibit 99.1

Tech Data Corporation Reports First Quarter Fiscal Year 2018 Results

CLEARWATER, Fla., June 1, 2017 /PRNewswire/ -- Tech Data Corporation (NASDAQ: TECD) (the "Company") today announced its financial results for the first quarter ended April 30, 2017.

	First quarter ended April 30,
($ in millions, except per share amounts)	2017	2016	Y/Y Change
Net Sales	$7,664.1	$5,963.4	29%
Operating income (GAAP)	$75.1	$52.6	43%
Operating margin (GAAP)	0.98%	0.88%	10 bps
Operating income (Non-GAAP)	$123.2	$57.6	114%
Operating margin (Non-GAAP)	1.61%	0.97%	64 bps
Net income (GAAP)	$30.7	$33.4	-8%
Net income (Non-GAAP)	$70.1	$37.0	89%
EPS - diluted (GAAP)	$0.82	$0.94	-13%
EPS - diluted (Non-GAAP)	$1.87	$1.05	78%
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.

Financial Highlights for the First Quarter Ended April 30, 2017:

• Net sales were $7.7 billion, an increase of 29 percent compared to the prior-year quarter. The increase in net sales is primarily due to approximately $1.6 billion for two months of net sales attributed to the Technology Solutions business acquired from Avnet, Inc. on February 27, 2017 ("Technology Solutions"). Excluding Technology Solutions' net sales, Tech Data's organic net sales increased approximately 5 percent on a constant currency basis.
• Americas: Net sales were $3.5 billion (45 percent of worldwide net sales), an increase of 45 percent compared to the prior-year quarter. The increase in net sales is primarily due to approximately $1.0 billion of net sales attributed to Technology Solutions. Excluding Technology Solutions' net sales in the Americas, organic net sales increased approximately 5 percent on a constant currency basis.
• Europe: Net sales were $4.0 billion (52 percent of worldwide net sales), an increase of 12 percent compared to the prior-year quarter. The increase in net sales is primarily due to approximately $0.5 billion of net sales attributed to Technology Solutions. Excluding Technology Solutions' net sales in Europe, organic net sales increased approximately 5 percent on a constant currency basis.
• Asia Pacific: Net sales were $0.2 billion (3 percent of worldwide net sales). Asia Pacific net sales are attributed to the addition of Technology Solutions.
• Gross profit was $457.1 million, an increase of $158.5 million, or 53 percent compared to the prior-year quarter. As a percentage of net sales, gross profit was 5.96 percent compared to 5.01 percent in the prior-year quarter. The increase in gross profit and gross margin percentage is primarily attributable to the addition of Technology Solutions.
• Selling, general and administrative expenses ("SG&A") were $352.6 million, or 4.60 percent of net sales, compared to $246.5 million, or 4.13 percent of net sales in the prior-year quarter. Non-GAAP SG&A was $333.9 million, an increase of $92.8 million, or 39 percent, compared to the prior-year quarter. As a percentage of net sales, non-GAAP SG&A was 4.36 percent, compared to 4.04 percent in the prior-year quarter. The increase in both dollars and percentage of net sales is primarily attributable to the addition of Technology Solutions.
• Worldwide operating income was $75.1 million, or 0.98 percent of net sales compared to $52.6 million or 0.88 percent of net sales in the prior-year quarter. Non-GAAP operating income was $123.2 million, an increase of $65.6 million, or 114 percent, compared to the prior-year quarter. As a percentage of net sales, non-GAAP operating income was 1.61 percent, an improvement of 64 basis points over the prior-year quarter.
• Americas: Operating income was $50.9 million, or 1.47 percent of net sales, compared to $31.3 million, or 1.31 percent of net sales in the prior-year quarter. Non-GAAP operating income was $78.5 million, an increase of $47.1 million, or 150 percent, compared to the prior-year quarter. As a percentage of net sales, non-GAAP operating income was 2.26 percent, an improvement of 94 basis points over the prior-year quarter.
• Europe: Operating income was $24.8 million, or 0.62 percent of net sales, compared to $24.9 million, or 0.70 percent of net sales in the prior-year quarter. Non-GAAP operating income was $44.1 million, an increase of $14.3 million, or 48 percent, compared to the prior-year quarter. As a percentage of net sales, non-GAAP operating income was 1.10 percent compared to 0.83 percent in the prior-year quarter.
• Asia Pacific: Operating income was $4.3 million, or 2.28 percent of net sales. Non-GAAP operating income was $5.2 million, or 2.76 percent of net sales.
• Stock-based compensation expense was $4.9 million, an increase of $1.3 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).
• Net income was $30.7 million, compared to $33.4 million in the prior-year quarter. Non-GAAP net income was $70.1 million, an increase of $33.0 million, or 89 percent, compared to the prior-year quarter.
• Earnings per share on a diluted basis ("EPS") were $0.82, compared to $0.94 in the prior year quarter. Non-GAAP EPS was $1.87, an increase of $0.82, or 78 percent compared to the prior-year quarter.
• Net cash generated by operations during the quarter was $224 million.
• Return on invested capital on a non-GAAP basis for the trailing twelve months was 13 percent, compared to 14 percent in the prior year period.

"We are pleased to report an excellent start to fiscal year 2018. During Q1, we leveraged the breadth of our vendor and customer portfolios and the flexibility of our business model to deliver solid top-line growth and excellent profitability," said Robert M. Dutkowsky, chief executive officer. "Our regional teams executed well throughout the quarter, capitalized on market opportunities and surpassed their profitability goals. This enabled Tech Data to exceed our expectations on our key financial metrics, including sales, non-GAAP operating and net income, and non-GAAP earnings per share. In addition, we generated strong operating cash flow and paid down a portion of long-term debt, an important first step in our commitment to deleverage the company. Tech Data delivered these strong results, while at the same time making excellent progress on integrating Technology Solutions - the largest and most transformative acquisition in our company's history. And our first quarter performance – the first as a combined company - is a testament to the outstanding execution capabilities of our operations, the skills and talent of our people, and the strength and diversity of our end-to-end portfolio of IT solutions."

Business Outlook

• For the quarter ending July 31, 2017, the Company anticipates worldwide net sales to be in the range of $8.55 billion to $8.80 billion. This guidance assumes an average U.S. dollar to euro exchange rate of $1.10 to €1.00.
• For the quarter ending July 31, 2017, the Company anticipates non-GAAP EPS to be in the range of $1.95 to $2.08.
• This guidance assumes stock compensation expense of approximately $7 million and interest expense of approximately $26 million.
• This guidance also assumes weighted average diluted shares outstanding of 38.5 million and an effective tax rate in the range of 31 percent to 33 percent.

Webcast Details

Tech Data will hold a conference call today at 9:00 a.m. (ET) to discuss its financial results for the first quarter ended April 30, 2017. A webcast of the call, including supplemental schedules, will be available to all interested parties and can be obtained at www.techdata.com/investor. The webcast will be available for replay for three months.

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"). Certain non-GAAP measures also exclude acquisition-related intangible assets amortization expense, benefits associated with legal settlements, acquisition and integration-related expenses and acquisition-related financing expenses. 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

Certain statements in this communication may contain "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, including statements regarding Tech Data's plans, objectives, expectations and intentions relating to the Technology Solutions business ("Technology Solutions"), Technology Solutions' expected contribution to Tech Data's results, the expected benefits of Technology Solutions, Tech Data's and Technology Solutions' financial results and estimates and/or business prospects involve a number of risks and uncertainties and actual results could differ materially from those projected. These forward looking statements are based on current expectations, estimates, forecasts, and projections about Technology Solutions and the operating environment, economies and markets in which Tech Data and Technology Solutions operate and the beliefs and assumptions of our management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," variations of such words, and similar expressions are intended to identify such forward looking statements. In addition, any statements that refer to projections of Tech Data's or Technology Solutions' future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances, are forward looking statements. These forward looking statements are only predictions and are subject to risks, uncertainties, and assumptions. Therefore, actual results may differ materially and adversely from those expressed in any forward looking statements.

For additional information with respect to risks and other factors which could occur, see Tech Data's Annual Report on Form 10-K for the year ended January 31, 2017, including Part I, Item 1A, "Risk Factors" therein, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other securities filings with the Securities and Exchange Commission (the "SEC") that are available at the SEC's website at www.sec.gov and other securities regulators. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Many of these factors are beyond Tech Data's control. Unless otherwise required by applicable securities laws, Tech Data disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Tech Data undertakes no duty to update any forward looking statements contained herein to reflect actual results or changes in Tech Data's expectations.

About Tech Data

Tech Data Corporation is one of the world's largest wholesale distributors of technology products, services and solutions. Its advanced logistics capabilities and value added services enable 115,000 resellers to efficiently and cost effectively support the diverse technology needs of end users in more than 100 countries. Tech Data generated $26.2 billion in net sales for the fiscal year ended January 31, 2017. It is ranked No. 108 on the Fortune 500^® and one of Fortune's "World's Most Admired Companies." To learn more, visit www.techdata.com, or follow us on Facebook and Twitter.

Contacts:

Charles V. Dannewitz, Executive Vice President,Chief Financial Officer
727-532-8028 (chuck.dannewitz@techdata.com)

Arleen Quiñones, Corporate Vice President, Investor Relations and Corporate Communications
727-532-8866 (arleen.quinones@techdata.com)

TECH DATA CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
	Three months ended
	April 30,
	2017	2016
Net sales	$7,664,063	$5,963,362
Cost of products sold	7,206,975	5,664,751
Gross profit	457,088	298,611
Operating expenses:
Selling, general and administrative expenses	352,632	246,496
Acquisition and integration expenses	42,066	-
LCD settlements and other, net	(12,688)	(443)
	382,010	246,053
Operating income	75,078	52,558
Interest expense	31,008	5,601
Other income, net	(415)	(1,034)
Income before income taxes	44,485	47,991
Provision for income taxes	13,831	14,618
Net income	$      30,654	$      33,373
Earnings per share:
Basic	$           0.82	$           0.95
Diluted	$           0.82	$           0.94
Weighted average common shares outstanding:
Basic	37,251	35,127
Diluted	37,468	35,370

TECH DATA CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(In thousands, except par value and share amounts)
	April 30,	January 31,
	2017	2017
ASSETS	(unaudited)
Current assets:
Cash and cash equivalents	$         861,541	$      2,125,591
Accounts receivable, net	4,538,603	3,047,927
Inventories	2,601,951	2,118,902
Prepaid expenses and other assets	253,453	119,906
Total current assets	8,255,548	7,412,326
Property and equipment, net	133,761	74,239
Goodwill	698,442	199,021
Intangible assets, net	1,263,467	130,676
Other assets, net	205,390	115,604
Total assets	$    10,556,608	$      7,931,866
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$      4,924,292	$      3,844,532
Accrued expenses and other liabilities	690,826	493,199
Revolving credit loans and current maturities of long-term debt, net	486,156	373,123
Total current liabilities	6,101,274	4,710,854
Long-term debt, less current maturities	1,799,646	989,924
Other long-term liabilities	174,444	61,200
Total liabilities	$      8,075,364	$      5,761,978
Shareholders' equity:
Common stock, par value $0.0015; 200,000,000 shares authorized; 59,245,585 shares issued at April 30, 2017 and January 31, 2017	$                  89	$                  89
Additional paid-in capital	803,721	686,042
Treasury stock, at cost (21,117,840 and 24,018,983 shares at  April 30, 2017 and January 31, 2017	(941,634)	(1,070,994)
Retained earnings	2,659,947	2,629,293
Accumulated other comprehensive loss	(40,879)	(74,542)
Total shareholders' equity	2,481,244	2,169,888
Total liabilities and shareholders' equity	$    10,556,608	$      7,931,866

TECH DATA CORPORATION AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
(In thousands)
	Three months ended April 30, 2017
	Americas(1)	Europe(1)	APAC(1)	Stock Compensation Expense	Consolidated
Net Sales	$   3,468,837	$ 4,006,920	$    188,306		$     7,664,063
GAAP operating income(1)	$        50,900	$      24,799	$        4,297	$            (4,918)	$          75,078
LCD settlements and other, net	$      (12,688)	-	-		$        (12,688)
Acquisition and integration expenses	30,182	11,572	-	312	42,066
Acquisition-related amortization of intangibles	10,101	7,748	900		18,749
Total non-GAAP operating income adjustments	$        27,595	$      19,320	$           900	$                 312	$          48,127
Non-GAAP operating income	$        78,495	$      44,119	$        5,197	$            (4,606)	$        123,205
GAAP operating margin	1.47%	0.62%	2.28%		0.98%
Non-GAAP operating margin	2.26%	1.10%	2.76%		1.61%
(1)   GAAP operating income does not include stock compensation expense at the regional level.

	Three months ended April 30, 2016
	Americas(1)	Europe(1)	Stock Compensation Expense	Consolidated
Net Sales	$   2,388,004	$ 3,575,358		$     5,963,362
GAAP operating income(1)	$        31,275	$      24,940	$            (3,657)	$          52,558
LCD settlements and other, net	(443)	-		(443)
Acquisition-related amortization of intangibles	580	4,865		5,445
Total non-GAAP operating income adjustments	$             137	$        4,865		$            5,002
Non-GAAP operating income	$        31,412	$      29,805	$            (3,657)	$          57,560
GAAP operating margin	1.31%	0.70%		0.88%
Non-GAAP operating margin	1.32%	0.83%		0.97%
(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 April 30,
	2017	2016
Net Sales	$           7,664,063	$           5,963,362
GAAP SG&A	352,632	246,496
Acquisition-related amortization of intangibles	(18,749)	(5,445)
Non-GAAP SG&A	$              333,883	$              241,051
GAAP SG&A percentage of net sales	4.60%	4.13%
Non- GAAP SG&A percentage of net sales	4.36%	4.04%

	Three months ended April 30,
	2017		2016
	Net Income	Diluted EPS	Net Income	Diluted EPS
GAAP Results	$30,654	$0.82	$33,373	$0.94
LCD settlements and other, net	(12,688)	(0.34)	(443)	(0.01)
Acquisition and integration expenses	42,066	1.12	-	-
Acquisition-related intangible assets amortization expense	18,749	0.50	5,445	0.15
Acquisition-related financing expenses	8,807	0.24	-	-
Income tax effect of the above adjustments	(17,529)	(0.47)	(1,333)	(0.03)
Non-GAAP results	$70,059	$1.87	$37,042	$1.05

Return on Invested Capital (ROIC)
	Twelve months ended April 30,
	2017	2016
TTM Non-GAAP Net Operating Profit After Tax (NOPAT)*:
Non-GAAP Operating Income	$                 404,583	$              326,441
Non-GAAP effective tax rate	29.1%	28.1%
Non-GAAP NOPAT (Non-GAAP operating income x (1 - non-GAAP effective tax rate))	$                 286,708	$              234,834
Average Invested Capital:
Short-term debt (5-qtr average)	$                 251,115	$                17,467
Long-term debt (5-qtr average)	697,482	349,842
Non-GAAP Shareholders' Equity (5-qtr average)	2,217,568	1,976,247
Total average capital	3,166,165	2,343,556
Less: Cash (5-qtr average)	(1,040,295)	(654,263)
Average invested capital less average cash	$              2,125,870	$          1,689,293
ROIC	13%	14%
* Trailing Twelve Months is abbreviated as TTM.

EX-99.2

Exhibit 99.2 

Q1 Fiscal Year 2018 Financial Highlights For the quarter ended April 30, 2017 June 1, 2017

This document includes financial results prepared in accordance with generally accepted accounting principles (“GAAP”). In addition to GAAP results, Tech Data management believes that the presentation of non - GAAP financial measures is useful to investors because it provides investors with a more complete understanding of our operational results and a meaningful comparison of our performance between periods. The non - GAAP results should only be used in conjunction with results reported in accordance with GAAP and are not intended to be a substitute for results reported in accordance with GAAP. Non - GAAP financial measures presented in this presentation or other presentations, press releases and similar documents issued by Tech Data, include but are not limited to sales , income or expense items as adjusted for the impact of changes in foreign currencies (referred to as “constant currency ”) , sales adjusted for the impact of the exit of certain country operations, non - GAAP selling, general and administrative expenses (“SG&A”), non - GAAP operating income, non - GAAP operating margin, non - GAAP net income, non - GAAP earnings per diluted share and Return on Invested Capital. These non - GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by comparable companies. Management may also use these non - GAAP financial measures to establish operational goals and, in some cases, for measuring performance for compensation purposes. This presentation provides a detailed reconciliation between results reported in accordance with GAAP and non - GAAP financial measures Non - GAAP Financial Information

Worldwide Q1 FY18: • Worldwide reported net sales of $7.7 billion increased 29% year - over - year and increased 3 % sequentially. The increase in net sales is primarily due to $1.6 billion for two months of net sales attributed to the Technology Solutions business acquired from Avnet, Inc. on February 27, 2017. • Excluding Technology Solutions, organic net sales increased 5% year - over - year on a constant currency basis. Net Sales 3 $ in Billions ⁽¹ ⁾ Adjusted for the impact of changes in foreign currencies ; Q1 FY17 adjusted sales growth also excludes sales generated in Chile, Peru and Uruguay due to the Company’s exit from those countries . Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18 Asia Pacific $0.0 $0.0 $0.0 $0.0 $1.0 Americas $2.4 $2.7 $2.6 $2.7 $3.5 Europe $3.6 $3.7 $3.9 $4.7 $4.0 Reported Y/Y Growth 1% -3% 1% -1% 29% Adjusted Y/Y Growth⁽¹⁾ 2% -2% 4% 2% 33% $7.7 $6.0 $6.4 $6.5 $7.4 60% 40% 58% 42% 60% 40% 6 4 % 36% 52% 45% 3%

Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18 Americas $2.4 $2.7 $2.6 $2.7 $3.5 Reported Y/Y growth 2% -3% 2% 0% 45% Adjusted y/y growth⁽¹⁾ 4% -2% 2% 0% 45% $2.4 $2.7 $2.6 $2.7 $3.5 -4% -2% 0% 2% 4% 6% 8% 10% 12% $- $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $ in Billions Net Sales Americas Q1 FY18: • Americas reported net sales of $3.5 billion increased 45% year - over - year and 28% sequentially . The increase in net sales is primarily due to approximately $1.0 billion of net sales attributed to Technology Solutions • Excluding Technology Solutions, organic net sales increased 5% on a constant currency basis. 4 ⁽¹ ⁾ Adjusted for the impact of changes in foreign currencies ; Q1 FY17 adjusted sales growth also excludes sales generated in Chile, Peru and Uruguay due to the Company’s exit from those countries.

$ in Billions Net Sales Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18 Europe $3.6 $3.7 $3.9 $4.7 $4.0 Reported Y/Y growth 1% -4% 1% -1% 12% Y/Y CC growth⁽¹⁾ 1% -2% 5% 3% 19% $3.6 $3.7 $3.9 $4.7 $4.0 -5% -3% -1% 1% 3% 5% 7% 9% 11% 13% 15% $- $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 Europe 5 Q1 FY18: • Europe’s reported net sales of $4.0 billion increased 12% year - over - year but declined 15% sequentially. The increase in net sales is primarily due to approximately $0.5 billion of net sales attributed to Technology Solutions. • Excluding Technology Solutions, organic net sales increased 5% on a constant currency basis. ⁽¹ ⁾ CC: constant currency

$ in Billions Net Sales Asia Pacific 6 Q1 FY18: • The Asia Pacific region’s reported net sales were $0.2 billion. • No prior period results reported for the region by Tech Data due to the acquisition of the Technology Solutions business on February 27, 2017. Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18 Americas $- $- $- $- $0.2 $0.2 0 0.02 0.04 0.06 0.08 0.1 0.12 0.14 0.16 0.18 0.2 0.22 0.24 0.26 0.28 0.3 0.32 0.34 0.36 0.38 0.4 0.42 0.44 0.46 0.48 0.5 0.52 0.54 0.56 0.58 0.6 0.62 0.64 0.66 0.68 0.7 0.72 0.74 0.76 0.78 0.8 0.82 0.84 0.86 0.88 0.9 0.92 0.94 0.96 0.98 1 $- $0.1 $0.1 $0.2 $0.2 $0.3 $0.3

7 $298.6 $316.5 $315.8 $371.0 $457.1 5.01% 4.98% 4.87% 5.00% 5.96% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% $- $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 $350.0 $400.0 $450.0 $500.0 Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18 Gross Profit Gross Margin $ in Millions Quarterly Results Q1 FY18: • Gross profit of $457.1 million increased $158.5 million or 53% compared to the prior - year quarter. • Gross profit margin increased 95 basis points from the prior - year quarter. • The increase in gross profit and gross margin percentage is primarily attributable to the addition of Technology Solutions. $ in Millions Gross Profit and Margin Worldwide

$241.1 $238.4 $234.7 $248.9 $333.9 4.04% 3.75% 3.62% 3.35% 4.36% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% 6.00% 6.50% 7.00% $- $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 $350.0 $400.0 Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18 Non-GAAP SG&A exp $241.1 $238.4 $234.7 $248.9 $333.9 Non-GAAP SG&A % 4.04% 3.75% 3.62% 3.35% 4.36% GAAP SG&A exp $246.5 $243.8 $240.0 $253.9 $352.6 GAAP SG&A % 4.13% 3.84% 3.70% 3.42% 4.60% $ in Millions (1) Non - GAAP SG&A excludes acquisition - related amortization of intangibles expenses. See GAAP to Non - GAAP reconciliation in the appendix. SG&A Expenses (Non - GAAP) (1) Worldwide Q1 FY18: • Non - GAAP SG&A expenses of $333.9 million increased $92.8 million or 39% compared to the prior - year quarter. • Non - GAAP SG&A as a percentage of net sales increased 32 basis points from the prior - year quarter . • The increase in both dollars and percentage of net sales is primarily attributable to the addition of Technology Solutions. • GAAP depreciation and amortization expense was $31.7 million compared to $14.0 million in the prior - year quarter. 8

$57.6 $78.1 $81.1 $122.1 $123.2 0.97% 1.23% 1.25% 1.64% 1.61% $- $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18 Non-GAAP Operating Income $57.6 $78.1 $81.1 $122.1 $123.2 Non-GAAP Operating Margin 0.97% 1.23% 1.25% 1.64% 1.61% GAAP Operating Inc $52.6 $73.4 $62.9 $103.1 $75.1 GAAP Operating Mrgn. 0.88% 1.15% 0.97% 1.39% 0.98% $ in Millions ⁽ ¹ ⁾ See the GAAP to Non - GAAP reconciliation in the appendix. 9 Operating Income (Non - GAAP) (1 ) Worldwide Q1 FY18: • Worldwide non - GAAP operating income of $123.2 million increased $65.6 million or 114% compared to the prior - year quarter . • Worldwide non - GAAP operating margin improved 64 basis points from the prior - year quarter.

$31.4 $38.8 $42.5 $47.4 $78.5 1.32% 1.45% 1.62% 1.75% 2.26% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% $- $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18 Non - GAAP Operating Income⁽²⁾ $31.4 $38.8 $42.5 $47.4 $78.5 Non - GAAP Operating Margin⁽²⁾ 1.32% 1.45% 1.62% 1.75% 2.26% GAAP Operating Income⁽¹⁾ $31.3 $41.2 $32.4 $39.3 $50.9 GAAP Operating Margin⁽¹⁾ 1.31% 1.54% 1.24% 1.45% 1.47% (1) Before stock compensation expense. (2) See the GAAP to non - GAAP reconciliation in the appendix. $ in Millions 10 Operating Income (Non - GAAP) (1)(2) Americas Q1 FY18: • Americas ’ non - GAAP operating income of $78.5 million increased $47.1 million or 150% compared to the prior - year quarter. • Non - GAAP operating margin improved 94 basis points over the prior - year quarter.

11 $29.8 $43.1 $42.2 $77.7 $44.1 0.83% 1.17% 1.09% 1.65% 1.10% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% $- $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18 Non - GAAP Operating Income⁽²⁾ $29.8 $43.1 $42.2 $77.7 $44.1 Non - GAAP Operating Margin⁽²⁾ 0.83% 1.17% 1.09% 1.65% 1.10% GAAP Operating Income⁽¹⁾ $24.9 $35.9 $34.0 $66.7 $24.8 GAAP Operating Margin⁽¹⁾ 0.70% 0.98% 0.88% 1.41% 0.62% (1) Before stock compensation expense. (2) See the GAAP to non - GAAP reconciliation in the appendix. $ in Millions Operating Income (Non - GAAP) (1)(2) Europe Q1 FY18: • Europe’s non - GAAP operating income of $44.1 million increased $14.3 million or 48% compared to the prior - year quarter. • Non - GAAP operating margin improved 27 basis points from the prior - year quarter.

$5.2 2.76% 0 0.01 0.02 0.03 0.04 0.05 0.06 0.07 0 1 2 3 4 5 6 7 Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18 Non - GAAP Operating Income⁽²⁾ $5.2 Non - GAAP Operating Margin⁽²⁾ 2.76% GAAP Operating Income⁽¹⁾ $4.3 GAAP Operating Margin⁽¹⁾ 2.28% 12 (1) Before stock compensation expense. (2) See the GAAP to non - GAAP reconciliation in the appendix. $ in Millions Operating Income (Non - GAAP) (1)(2) Asia Pacific Q1 FY18: • The Asia Pacific region’s non - GAAP operating income was $5.2 million or 2.76% of net sales. • No prior period results reported for the region by Tech Data due to the acquisition of the Technology Solutions business on February 27, 2017.

$37.0 $50.3 $50.9 $87.0 $70.1 $1.05 $1.42 $1.44 $2.45 $1.87 $- $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 $- $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 $90.0 $100.0 Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18 Non-GAAP Net Income $37.0 $50.3 $50.9 $87.0 $70.1 Non-GAAP EPS - diluted $1.05 $1.42 $1.44 $2.45 $1.87 GAAP Net Income $33.4 $46.4 $36.5 $78.8 $30.7 GAAP EPS - diluted $0.94 $1.31 $1.03 $2.22 $0.82 Weighted Average Shares Outstanding - Diluted 35,370 35,378 35,449 35,512 37,468 (1) See the GAAP to non - GAAP reconciliation in the appendix. 13 $ in Millions, except EPS Net Income and EPS (Non - GAAP) (1) Worldwide Q1 FY18: • Excluding non - GAAP adjustments, the effective tax rate was 30.9%, compared to 30.1% in the prior - year quarter. • Non - GAAP net income of $70.1 million increased $33.0 million or 89% compared to the prior - year quarter . • Non - GAAP Earnings per diluted share of $1.87 increased $0.82 or 78% compared to the prior - year quarter.

14 Cash Metrics Worldwide $276 - $91 $27 $445 $224 -$150 -$50 $50 $150 $250 $350 $450 Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18 Cash Flow from Operations Cash Conversion Cycle $ Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18 Days of Sales Outstanding 39 39 40 37 49 Days of Supply 34 32 33 27 30 Days of Purchases Outstanding (51) (49) (51) (49) (57) Cash Conversion Cycle 22 22 22 15 22 Q1 FY18: • Net cash generated by operations was $224 million. • The cash balance at the end of the quarter was $862 million. $ in Millions

15% 15% 15% 39% 48% Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Debt $367 $362 $365 $1,363 $2,286 Equity $2,135 $2,108 $2,092 $2,170 $2,481 Debt to Total Capital ratio 15% 15% 15% 39% 48% Debt to Total Capital 15 $ in Millions Balance Sheet Highlights Worldwide Q1 FY18: • Accumulated other comprehensive loss, which consists of currency translation, net of applicable taxes, was $41 million • Capital expenditures were $30.4 million, consisting primarily of software licenses related to the integration of Technology Solutions. • At April 30, 2017, the company had $2.5 billion of equity, and 38.1 million shares outstanding resulting in book value of $65.08 per share. • At April 30, 2017, the company had approximately $1.8 billion of goodwill and acquired intangibles. $

11% 13% 14% 13% FY15 FY16 FY17 Q1 FY18 TTM • Company’s Weighted Average Cost of Capital is approximately 8% (2) (1) See reconciliation of ROIC calculation in appendix. (2) Source: Bloomberg, May 26, 2017. 16 Return on Invested Capital (1) Worldwide $

Total may not foot due to rounding. 17 Product Mix Worldwide • In Q1 FY18, the following vendors represented 10% or more of consolidated net sales: • Apple 15% • HP Inc. 11% • Cisco 10% Products Q1 FY18* (% of TTM net sales) Broadline Notebooks, Tablets, Desktops, Printers & Supplies, Components 45% Data Center Industry Standard Servers, Proprietary Servers, Networking, Storage 23% Software Virtualization, Cloud, Security, Desktop Applications, Operating Systems, Utilities Software 18% Mobility Mobile Phones, Accessories 11% Consumer Electronics TVs, Digital Displays, Consumer A/V Devices Network - Attached Consumer Devices 2% Services Less than 1% * Company estimates for the 12 - months ended April 30, 2017.

Business Outlook Q2 Fiscal Year 2018 Forward - Looking Statements Certain statements made in this document are “Forward - Looking Statements” as described in the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties further described in Tech Data Corporation’s (the “Company”) Annual Report on Form 10 - K filed March 30, 2017, a copy of which can be obtained from the Company’s Investor Relations website at www.techdata.com/investor. A number of important factors, some of which are beyond the Company’s control, could cause actual events and results to differ materially from those contained in or implied by the forward - looking statements. Forward - looking statements reflect management's analysis as of the filing date of this presentation. The Company does not undertake to update or revise these statements to reflect subsequent developments. 61 61% 60% 18 Q2 FY18 Net Sales $8.55 billion - $8.80 billion Non - GAAP Earnings Per Share $1.95 - $2.08 Above guidance assumes the following: • U.S. dollar to euro exchange rate of $1.10 to € 1.00 • Stock compensation expense of $7 million • Interest expense of $26 million • Tax rate: 31% - 33 % • Weighted average diluted shares outstanding of 38.5 million

APPENDIX GAAP to Non - GAAP Reconciliations

A - 1 Three months ended April 30, 2016 July 31, 2016 October 31, 2016 January 31, 2017 April 30, 2017 (In thousands) Net Sales $ 5,963,362 $ 6,353,739 $ 6,490,265 $ 7,427,510 $ 7,664,063 GAAP SG&A expenses 246,496$ 243,763$ 239,952$ 253,941$ 352,632$ Acquisition-related amortization of intangibles (5,445) (5,408) (5,243) (5,063) (18,749) Non-GAAP SG&A expenses 241,051$ 238,355$ 234,709$ 248,878$ 333,883$ GAAP SG&A percentage of net sales 4.13% 3.84% 3.70% 3.42% 4.60% Non-GAAP SG&A percentage of net sales 4.04% 3.75% 3.62% 3.35% 4.36% Selling, general and administrative ("SG&A") Three months ended SG&A

A - 2 Operating Income Q1 FY18 Americas ⁽ ¹ ⁾ Europe ⁽ ¹ ⁾ APAC ⁽ ¹ ⁾ Stock Compensation Expense Consolidated Net Sales 3,468,837$ 4,006,920$ 188,306$ 7,664,063$ GAAP operating income ⁽ ¹ ⁾ 50,900$ 24,799$ 4,297$ (4,918)$ 75,078$ LCD settlements and other, net (12,688)$ - - (12,688)$ Acquisition and integration expenses 30,182 11,572 - 312 42,066 Acquisition-related amortization of intangibles 10,101 7,748 900 18,749 Total non-GAAP operating income adjustments 27,595$ 19,320$ 900$ 312$ 48,127$ Non-GAAP operating income 78,495$ 44,119$ 5,197$ (4,606)$ 123,205$ GAAP operating margin 1.47% 0.62% 2.28% 0.98% Non-GAAP operating margin 2.26% 1.10% 2.76% 1.61% Three months ended April 30, 2017 ⁽ ¹ ⁾ GAAP operating income does not include stock compensation expense at the regional level. (In thousands)

A - 2 Operating Income Q4 FY17 Americas ⁽ ¹ ⁾ Europe ⁽ ¹ ⁾ Stock Compensation Expense Consolidated Net Sales 2,707,286$ 4,720,224$ 7,427,510$ GAAP operating income ⁽ ¹ ⁾ 39,316$ 66,728$ (2,927)$ 103,117$ Acquisition and integration expenses 7,496 6,473 13,969 Acquisition-related amortization of intangibles 580 4,483 5,063 Total non-GAAP operating income adjustments 8,076$ 10,956$ 19,032$ Non-GAAP operating income 47,392$ 77,684$ (2,927)$ 122,149$ GAAP operating margin 1.45% 1.41% 1.39% Non-GAAP operating margin 1.75% 1.65% 1.64% Three months ended January 31, 2017⁽ ¹ ⁾ GAAP operating income does not include stock compensation expense at the regional level. (In thousands)

A - 3 Operating Income Q3 FY17 Americas ⁽ ¹ ⁾ Europe ⁽ ¹ ⁾ Stock Compensation Expense Consolidated Net Sales 2,614,347$ 3,875,918$ 6,490,265$ GAAP operating income ⁽ ¹ ⁾ 32,414$ 34,008$ (3,550)$ 62,872$ Acquisition and integration expenses 9,456 3,559 13,015 Acquisition-related amortization of intangibles 580 4,663 5,243 Total non-GAAP operating income adjustments 10,036$ 8,222$ 18,258$ Non-GAAP operating income 42,450$ 42,230$ (3,550)$ 81,130$ GAAP operating margin 1.24% 0.88% 0.97% Non-GAAP operating margin 1.62% 1.09% 1.25% Three months ended October 31, 2016⁽ ¹ ⁾ GAAP operating income does not include stock compensation expense at the regional level. (In thousands)

A - 4 Operating Income Q2 FY17 Americas ⁽ ¹ ⁾ Europe ⁽ ¹ ⁾ Stock Compensation Expense Consolidated Net Sales 2,674,886$ 3,678,853$ 6,353,739$ GAAP operating income ⁽ ¹ ⁾ 41,241$ 35,927$ (3,813)$ 73,355$ Value added tax assessments (407) 1,456 1,049 Acquisition and integration expenses 1,046 936 1,982 Acquisition-related amortization of intangibles 580 4,828 5,408 LCD settlements and other, net (3,699) - (3,699) Total non-GAAP operating income adjustments (2,480)$ 7,220$ 4,740$ Non-GAAP operating income 38,761$ 43,147$ (3,813)$ 78,095$ GAAP operating margin 1.54% 0.98% 1.15% Non-GAAP operating margin 1.45% 1.17% 1.23% Three months ended July 31, 2016⁽ ¹ ⁾ GAAP operating income does not include stock compensation expense at the regional level. (In thousands)

A - 5 Operating Income Q1 FY17 Americas ⁽ ¹ ⁾ Europe ⁽ ¹ ⁾ Stock Compensation Expense Consolidated Net Sales 2,388,004$ 3,575,358$ 5,963,362$ GAAP operating income ⁽ ¹ ⁾ 31,275$ 24,940$ (3,657)$ 52,558$ LCD settlements and other, net (443) - (443) Acquisition-related amortization of intangibles 580 4,865 5,445 Total non-GAAP operating income adjustments 137$ 4,865$ 5,002$ Non-GAAP operating income 31,412$ 29,805$ (3,657)$ 57,560$ GAAP operating margin 1.31% 0.70% 0.88% Non-GAAP operating margin 1.32% 0.83% 0.97% Three months ended April 30, 2016⁽ ¹ ⁾ GAAP operating income does not include stock compensation expense at the regional level. (In thousands)

A - 7 Net IncomeDiluted EPS Net IncomeDiluted EPS Net IncomeDiluted EPS Net IncomeDiluted EPS Net IncomeDiluted EPS GAAP Results $33,373 $0.94 $46,394 $1.31 $36,506 $1.03 $78,822 $2.22 $30,654 $0.82 LCD settlements and other, net (443) (0.01) (3,699) (0.10) - - - - (12,688) (0.34) Value added tax assessments - - 1,386 0.04 - - - - - - Acquisition and integration expenses - - 1,982 0.05 13,015 0.37 13,969 0.39 42,066 1.12 Acquisition-related intangible assets amortization expense 5,445 0.15 5,408 0.15 5,243 0.15 5,063 0.14 18,749 0.50 Acquisition-related financing expenses - - - - 3,414 0.10 8,476 0.24 8,807 0.24 Income tax effect of the above adjustments (1,333) (0.03) (1,178) (0.03) (7,277) (0.21) (6,864) (0.19) (17,529) (0.47) Reversal of deferred tax valuation allowances - - - - - - (12,455) (0.35) - - Non-GAAP results $37,042 $1.05 $50,293 $1.42 $50,901 $1.44 $87,011 $2.45 $70,059 $1.87 Three months ended, April 30, 2016 July 31, 2016 October 31, 2016 January 31, 2017 April 30, 2017 (In thousands, except per share data) Net Income and EPS

TTM Net Operating Profit After Tax Average Invested Capital – Average Cash TECD ROIC Formula: A - 8 January 31, 2015 January 31, 2016 January 31, 2017 April 30, 2017 Non-GAAP Net Operating Profit After Tax (NOPAT): Non-GAAP Operating Income $307,985 $319,069 $338,934 $404,583 Non-GAAP effective tax rate 31.8% 28.5% 28.7% 29.1% Non-GAAP NOPAT (Non-GAAP operating income x (1 - non-GAAP effective tax rate)) $210,172 $228,201 $241,580 $286,708 Average Invested Capital: Short-term debt (5-qtr average) $40,342 $16,539 $157,496 $251,115 Long-term debt (5-qtr average) 351,967 350,394 407,275 697,482 Non-GAAP Shareholders' Equity (5-qtr average) 2,103,329 1,943,683 2,103,379 2,217,568 Total average capital 2,495,638 2,310,616 2,668,150 3,166,165 Less: Cash (5-qtr average) (573,199) (597,715) (974,221) (1,040,295) Average invested capital less average cash $1,922,439 $1,712,901 $1,693,929 $2,125,870 ROIC 11% 13% 14% 13% Twelve months ended * Trailing Twelve Months is abbreviated as TTM . Q1 FY15 Return on Invested Capital $ in thousands