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): March 8, 2018

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 March 8, 2018, 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 January 31, 2018. 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 January 31, 2018, 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.

· Acquisition, integration and restructuring expenses:

For the three months ended January 31, 2018, non-GAAP operating income and non-GAAP operating margin exclude acquisition, integration and restructuring expenses of $34.3 million. For the three months ended January 31, 2018, non-GAAP net income and non-GAAP earnings per diluted share exclude this item, net of the tax impact.

· Acquisition-related intangible assets amortization expense:

For the three months ended January 31, 2018, non-GAAP selling, general and administrative expenses, non-GAAP operating income and non-GAAP operating margin exclude acquisition-related intangible assets amortization expense of $21.5 million. For the three months ended January 31, 2018, non-GAAP net income and non-GAAP earnings per diluted share exclude this item, net of the tax impact.

· Value added tax assessments and related interest expense:

For the three months ended January 31, 2018, non-GAAP operating income and non-GAAP operating margin exclude expenses related to value-added tax assessments of $1.7 million. For the three months ended January 31, 2018, non-GAAP net income and non-GAAP earnings per diluted share exclude this amount and associated interest expense of $0.9 million, net of the tax impact.

· Tax indemnifications:

For the three months ended January 31, 2018, non-GAAP selling, general and administrative expenses, non-GAAP operating income and non-GAAP operating margin exclude expenses of $6.5 million related to the reduction of certain tax indemnification assets. For the three months ended January 31, 2018, non-GAAP net income and non-GAAP earnings per diluted share also exclude a benefit in income tax expense of $6.5 million related to the reduction of corresponding liabilities for unrecognized tax benefits. The net effect of these items had no impact on non-GAAP net income and non-GAAP earnings per diluted share.

· Change in deferred tax valuation allowances:

For the three months ended January 31, 2018, non-GAAP net income and non-GAAP earnings per diluted share exclude changes in deferred tax valuation allowances of $1.2 million.

· Impact of US tax reform:

For the three months ended January 31, 2018, non-GAAP net income and non-GAAP earnings per diluted share exclude income tax expenses of $95.4 million incurred as a result of the transition tax and impact on deferred taxes from the U.S. Tax Cuts and Jobs Act enacted in December 2017.

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 and outlook 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”), non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP earnings per diluted share and Adjusted 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 March 8, 2018.
99.2	Supplemental slide presentation dated March 8, 2018.

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: March 8, 2018	/s / Charles V. Dannewitz
	Charles V. Dannewitz Executive Vice President, & Chief Financial Officer

EX-99.1

Exhibit 99.1

Tech Data Corporation Reports Fourth Quarter and Fiscal Year 2018 Results

CLEARWATER, Fla., March 8, 2018 /PRNewswire/ -- Tech Data (NASDAQ: TECD) (the "Company") today announced its financial results for the fourth quarter ended January 31, 2018.

	Fourth quarter ended January 31,			Fiscal year ended January 31,
($ in millions, except per share amounts)	2018	2017	Y/Y Change	2018	2017	Y/Y Change
Net Sales	$11,092.5	$7,427.5	49%	$36,775.0	$26,234.9	40%
Operating income (GAAP)	$151.9	$103.1	47%	$410.1	$291.9	40%
Operating margin (GAAP)	1.37%	1.39%	-2 bps	1.12%	1.11%	1 bps
Operating income (Non-GAAP)	$216.0	$122.1	77%	$602.7	$338.9	78%
Operating margin (Non-GAAP)	1.95%	1.64%	31 bps	1.64%	1.29%	35 bps
Net income (GAAP)	$1.3	$78.8	-98%	$116.6	$195.1	-40%
Net income (Non-GAAP)	$134.7	$87.0	55%	$348.3	$225.2	55%
EPS - diluted (GAAP)	$0.03	$2.22	-99%	$3.05	$5.51	-45%
EPS - diluted (Non-GAAP)	$3.50	$2.45	43%	$9.11	$6.36	43%

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 Fourth Quarter Ended January 31, 2018:

• Net sales were $11.1 billion, an increase of 49 percent compared to the prior-year quarter. The increase in net sales is primarily due to the addition of the Technology Solutions business acquired from Avnet, Inc. on February 27, 2017 ("Technology Solutions"). On a constant currency basis, net sales increased 40 percent.   
• Americas: Net sales were $4.3 billion (39 percent of worldwide net sales), an increase of 59 percent compared to the prior-year quarter. The increase in net sales is primarily attributed to the addition of Technology Solutions. On a constant currency basis, net sales increased 58 percent.  
• Europe: Net sales were $6.5 billion (58 percent of worldwide net sales), an increase of 37 percent compared to the prior-year quarter. The increase in net sales is primarily attributed to the addition of Technology Solutions. On a constant currency basis, net sales increased 24 percent.
• Asia Pacific: Net sales were $0.3 billion (3 percent of worldwide net sales). Asia Pacific net sales are attributed to the addition of Technology Solutions.

• Gross profit was $616.9 million, an increase of $245.8 million, or 66 percent compared to the prior-year quarter. As a percentage of net sales, gross profit was 5.56 percent compared to 5.00 percent in the prior-year quarter. The increase in gross profit and gross margin percentage is primarily due to the addition of Technology Solutions.  

• Selling, general and administrative expenses ("SG&A") were $429.0 million, or 3.87 percent of net sales, compared to $253.9 million, or 3.42 percent of net sales in the prior-year quarter. Non-GAAP SG&A was $400.9 million, an increase of $152.0 million, or 61 percent, compared to the prior-year quarter. As a percentage of net sales, non-GAAP SG&A was 3.61 percent, compared to 3.35 percent in the prior-year quarter. The increase in both dollars and percentage of net sales, on a GAAP and non-GAAP basis, is primarily due to the addition of Technology Solutions.

• Worldwide operating income was $151.9 million, or 1.37 percent of net sales compared to $103.1 million or 1.39 percent of net sales in the prior-year quarter. Non-GAAP operating income was $216.0 million, an increase of $93.8 million, or 77 percent, compared to the prior-year quarter. As a percentage of net sales, non-GAAP operating income was 1.95 percent, an improvement of 31 basis points over the prior-year quarter.
• Americas: Operating income was $53.9 million, or 1.26 percent of net sales, compared to $39.3 million, or 1.45 percent of net sales in the prior-year quarter. Non-GAAP operating income was $85.1 million, an increase of $37.7 million, or 80 percent, compared to the prior-year quarter. As a percentage of net sales, non-GAAP operating income was 1.98 percent, an improvement of 23 basis points over the prior-year quarter.
• Europe: Operating income was $100.4 million, or 1.55 percent of net sales, compared to $66.7 million, or 1.41 percent of net sales in the prior-year quarter. Non-GAAP operating income was $130.4 million, an increase of $52.7 million, or 68 percent, compared to the prior-year quarter. As a percentage of net sales, non-GAAP operating income was 2.02 percent, an improvement of 37 basis points over the prior-year quarter.
• Asia Pacific: Operating income was $5.7 million, or 1.69 percent of net sales. Non-GAAP operating income was $7.5 million, or 2.21 percent of net sales.
• Stock-based compensation expense was $8.2 million, an increase of $5.2 million, compared to the prior-year quarter. This includes $1.2 million of acquisition and integration-related stock compensation expense. 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 $1.3 million, compared to $78.8 million in the prior-year quarter. Net income for the current quarter includes $95.4 million of income tax expenses incurred as a result of the transition tax and impact on deferred taxes from the U.S. Tax Cuts and Jobs Act enacted in December 2017. Non-GAAP net income was $134.7 million, an increase of $47.7 million, or 55 percent, compared to the prior-year quarter.

• Earnings per share on a diluted basis ("EPS") were $0.03, compared to $2.22 in the prior year quarter. Non-GAAP EPS was $3.50, an increase of $1.05, or 43 percent compared to the prior-year quarter.

• Net cash generated by operations during the quarter was $657 million.

Financial Highlights for the Fiscal Year Ended January 31, 2018:

• Net sales were $36.8 billion, an increase of 40 percent compared to the prior year. The increase in net sales is primarily due to the addition of Technology Solutions. On a constant currency basis, net sales increased 38 percent.
• Americas: Net sales were $16.0 billion (43 percent of worldwide net sales), an increase of 54 percent compared to the prior year. The increase in net sales is primarily due to the addition of Technology Solutions. On a constant currency basis, net sales increased 53 percent. 
• Europe: Net sales were $19.7 billion (54 percent of worldwide net sales), an increase of 24 percent compared to the prior year. The increase in net sales is primarily due to the addition of Technology Solutions. On a constant currency basis, net sales increased 21 percent.
• Asia Pacific: Net sales were $1.1 billion (3 percent of worldwide net sales). Asia Pacific net sales are attributed to the addition of Technology Solutions.

• Gross profit was $2.1 billion, an increase of $813.7 million, or 62 percent compared to the prior year. As a percentage of net sales, gross profit was 5.75 percent compared to 4.96 percent in the prior year. The increase in gross profit and gross margin percentage is primarily due to the addition of Technology Solutions. 

• Selling, general and administrative expenses ("SG&A") were $1.6 billion, or 4.38 percent of net sales, compared to $984.2 million, or 3.75 percent of net sales in the prior year. Non-GAAP SG&A was $1.5 billion, an increase of $549.9 million, or 57 percent, compared to the prior year. As a percentage of net sales, non-GAAP SG&A was 4.11 percent, compared to 3.67 percent in the prior year. The increase in both dollars and percentage of net sales, on a GAAP and non-GAAP basis, is primarily due to the addition of Technology Solutions.

• Worldwide operating income was $410.1 million, or 1.12 percent of net sales compared to $291.9 million or 1.11 percent of net sales in the prior year. Non-GAAP operating income was $602.7 million, an increase of $263.8 million, or 78 percent, compared to the prior year. As a percentage of net sales, non-GAAP operating income was 1.64 percent, an improvement of 35 basis points over the prior year.
• Americas: Operating income was $248.4 million, or 1.56 percent of net sales, compared to $144.2 million, or 1.39 percent of net sales in the prior year. Non-GAAP operating income was $333.7 million, an increase of $173.7 million, or 109 percent, compared to the prior year. As a percentage of net sales, non-GAAP operating income was 2.09 percent, an improvement of 55 basis points over the prior year.
• Europe: Operating income was $173.6 million, or 0.88 percent of net sales, compared to $161.6 million, or 1.02 percent of net sales in the prior year. Non-GAAP operating income was $271.3 million, an increase of $78.4 million, or 41 percent, compared to the prior year. As a percentage of net sales, non-GAAP operating income was 1.38 percent compared to 1.22 percent in the prior year.
• Asia Pacific: Operating income was $17.5 million, or 1.57 percent of net sales. Non-GAAP operating income was $23.3 million, or 2.09 percent of net sales.
• Stock-based compensation expense was $29.4 million, an increase of $15.4 million, compared to the prior year. This includes $3.8 million of acquisition and integration-related stock compensation expense. 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 $116.6 million, compared to $195.1 million in the prior year. Net income for the current fiscal year includes $95.4 million of income tax expenses incurred as a result of the transition tax and impact on deferred taxes from the U.S. Tax Cuts and Jobs Act. Non-GAAP net income was $348.3 million, an increase of $123.0 million, or 55 percent, compared to the prior year.

• Earnings per share on a diluted basis ("EPS") were $3.05, compared to $5.51 in the prior year. Non-GAAP EPS was $9.11, an increase of $2.75, or 43 percent compared to the prior year.

• Net cash generated by operations during the fiscal year was $1.1 billion.

• Return on invested capital for the trailing twelve months was 5 percent, compared to 13 percent in the prior year. Adjusted return on invested capital for the trailing twelve months was 12 percent, compared to 14 percent in the prior year.

"Our strong fourth-quarter performance completes a historic and transformational year for Tech Data," said Robert M. Dutkowsky, chairman and chief executive officer. "During fiscal 2018, we closed the acquisition of Avnet's Technology Solutions business and introduced the new Tech Data – a global company that is redefining technology distribution with a unique end-to-end product and services portfolio and highly specialized skills. Fiscal 2018 was also a year of significant strategic and financial progress, posting the highest sales, non-GAAP earnings and cash flow from operations in our history and revealing the enhanced earnings power and strong cash flow profile of the new Tech Data. This strong financial performance enabled us to pay down $850 million of debt and attain our post-acquisition target leverage ratio well ahead of our 18 to 24-month plan. Our employees, customers and vendor partners are excited about the value the new Tech Data brings to the market today, as well as the future promise of our company."

Business Outlook

Please note, the Business Outlook for worldwide net sales provided below is based on the new revenue recognition standard ("ASC 606") that the Company adopted as of February 1, 2018.

• For the quarter ending April 30, 2018, the Company anticipates worldwide net sales to be in the range of $8.0 billion to $8.3 billion.

• For the quarter ending April 30, 2018, the Company anticipates EPS to be in the range of $0.37 to $0.67 and non-GAAP EPS to be in the range of $1.30 to $1.60.

• This guidance assumes an average U.S. dollar to euro exchange rate of $1.22 to €1.00. 

• This guidance assumes weighted average diluted shares outstanding of 38.6 million.

• For the quarter ending April 30, 2018, the Company anticipates its effective tax rate will be in the range of 27 percent to 29 percent. For the fiscal year ending January 31, 2019, the Company expects its effective tax rate will be in the range of 26 percent to 28 percent, primarily related to the decrease in the U.S. federal income tax rate as a result of the U.S. Tax Cuts and Jobs Act.

Webcast Details

Tech Data will hold a conference call today at 9:00 a.m. (ET) to discuss its financial results for the fourth quarter and fiscal year ended January 31, 2018. 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"), 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, tax indemnifications, acquisition-related financing expenses, changes in deferred tax valuation allowances and the impact of US 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

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, which may relate to the Technology Solutions business, Tech Data's 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 the operating environment, economies and markets in which Tech Data operates 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 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 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. 107 on the Fortune 500® and has been named one of Fortune's "World's Most Admired Companies" for nine straight years. To find out more, visit www.techdata.com or follow us on Twitter, LinkedIn, and Facebook.

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		Year ended
	January 31,		January 31,
	2018	2017	2018	2017
Net sales	$11,092,529	$7,427,510	$36,775,011	$26,234,876
Cost of products sold	10,475,668	7,056,483	34,659,390	24,932,949
Gross profit	616,861	371,027	2,115,621	1,301,927
Operating expenses:
Selling, general and administrative expenses	428,965	253,941	1,608,961	984,152
Acquisition, integration and restructuring expenses	34,341	13,969	136,272	28,966
LCD settlements and other, net	-	-	(41,343)	(4,142)
Value added tax assessments	1,652	-	1,652	1,049
	464,958	267,910	1,705,542	1,010,025
Operating income	151,903	103,117	410,079	291,902
Interest expense	27,002	15,446	112,207	36,810
Other (income) expense, net	162	(1,152)	(1,212)	(1,669)
Income before income taxes	124,739	88,823	299,084	256,761
Provision for income taxes	123,479	10,001	182,443	61,666
Net income	$           1,260	$      78,822	$      116,641	$      195,095
Earnings per share:
Basic	$             0.03	$           2.24	$             3.07	$             5.54
Diluted	$             0.03	$           2.22	$             3.05	$             5.51
Weighted average common shares outstanding:
Basic	38,194	35,224	37,957	35,194
Diluted	38,529	35,512	38,216	35,428

TECH DATA CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (In thousands, except par value and share amounts)
	January 31,	January 31,
	2018	2017
ASSETS	(unaudited)
Current assets:
Cash and cash equivalents	$         955,628	$      2,125,591
Accounts receivable, net	5,783,666	3,047,927
Inventories	3,065,218	2,118,902
Prepaid expenses and other assets	288,178	119,906
Total current assets	10,092,690	7,412,326
Property and equipment, net	279,091	74,239
Goodwill	969,168	199,021
Intangible assets, net	1,086,772	130,676
Other assets, net	224,915	115,604
Total assets	$    12,652,636	$      7,931,866
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$      6,947,282	$      3,844,532
Accrued expenses and other liabilities	917,174	493,199
Revolving credit loans and current maturities of long-term debt, net	132,661	373,123
Total current liabilities	7,997,117	4,710,854
Long-term debt, less current maturities	1,505,248	989,924
Other long-term liabilities	228,779	61,200
Total liabilities	$      9,731,144	$      5,761,978
Shareholders' equity:
Common stock, par value $0.0015; 200,000,000 shares authorized; 59,245,585 shares issued at Januray 31, 2018 and January 31, 2017	$                  89	$                  89
Additional paid-in capital	827,301	686,042
Treasury stock, at cost (21,083,972 and 24,018,983 shares at  January 31, 2018 and January 31, 2017)	(940,124)	(1,070,994)
Retained earnings	2,745,934	2,629,293
Accumulated other comprehensive income (loss)	288,292	(74,542)
Total shareholders' equity	2,921,492	2,169,888
Total liabilities and shareholders' equity	$    12,652,636	$      7,931,866

TECH DATA CORPORATION AND SUBSIDIARIES GAAP TO NON-GAAP RECONCILIATION  (In thousands)
	Three months ended January 31, 2018
	Americas(1)	Europe(1)	APAC(1)	Stock Compensation Expense	Consolidated
Net Sales	$   4,291,488	$ 6,463,007	$ 338,034		$          11,092,529
GAAP operating income(1)	$        53,924	$    100,439	$     5,704	$            (8,164)	$               151,903
Acquisition, integration and restructuring expenses	16,990	15,807	322	1,222	34,341
Acquisition-related intangible assets amortization expense	13,664	6,434	1,431		21,529
Value added tax assessments	494	1,158			1,652
Tax indemnifications		6,526			6,526
Total non-GAAP operating income adjustments	$        31,148	$      29,925	$     1,753	$              1,222	$                 64,048
Non-GAAP operating income	$        85,072	$    130,364	$     7,457	$            (6,942)	$               215,951
GAAP operating margin	1.26%	1.55%	1.69%		1.37%
Non-GAAP operating margin	1.98%	2.02%	2.21%		1.95%
(1) GAAP operating income does not include stock compensation expense at the regional level.

	Three months ended January 31, 2017
	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, integration and restructuring expenses	7,496	6,473		13,969
Acquisition-related intangible assets amortization expense	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%
(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)
	Year ended January 31, 2018
	Americas(1)	Europe(1)	APAC(1)	Stock Compensation Expense	Consolidated
Net Sales	$ 15,949,959	$ 19,713,942	$ 1,111,110		$   36,775,011
GAAP operating income(1)	$      248,350	$      173,611	$      17,499	$          (29,381)	$        410,079
Acquisition, integration and restructuring expenses	75,563	56,192	753	3,764	136,272
Acquisition-related intangible assets amortization expense	51,994	32,509	5,015		89,518
LCD settlements and other, net	(42,659)	1,316	-		(41,343)
Value added tax assessments	494	1,158	-		1,652
Tax indemnifications		6,526	-		6,526
Total non-GAAP operating income adjustments	$        85,392	$        97,701	$        5,768	$              3,764	$        192,625
Non-GAAP operating income	$      333,742	$      271,312	$      23,267	$          (25,617)	$        602,704
GAAP operating margin	1.56%	0.88%	1.57%		1.12%
Non-GAAP operating margin	2.09%	1.38%	2.09%		1.64%
(1)   GAAP operating income does not include stock compensation expense at the regional level.

	Year ended January 31, 2017
	Americas(1)	Europe(1)	Stock Compensation Expense	Consolidated
Net Sales	$      10,384,523	$      15,850,353		$      26,234,876
GAAP operating income(1)	$           144,246	$           161,603	$            (13,947)	$           291,902
Acquisition, integration and restructuring expenses	17,998	10,968		28,966
Acquisition-related intangible assets amortization expense	2,320	18,839		21,159
LCD settlements and other, net	(4,142)	-		(4,142)
Value added tax assessments	(407)	1,456		1,049
Total non-GAAP operating income adjustments	$             15,769	$             31,263	$                       -	$             47,032
Non-GAAP operating income	$           160,015	$           192,866	$           (13,947)	$           338,934
GAAP operating margin	1.39%	1.02%		1.11%
Non-GAAP operating margin	1.54%	1.22%		1.29%
(1)   GAAP operating income does not include stock compensation expense at the regional level.

Selling, general and administrative expenses ("SG&A")	Three months ended January 31,
	2018	2017
Net Sales	$        11,092,529	$           7,427,510
GAAP SG&A	428,965	253,941
Tax indemnifications	(6,526)	-
Acquisition-related intangible assets amortization expense	(21,529)	(5,063)
Non-GAAP SG&A	$              400,910	$              248,878
GAAP SG&A percentage of net sales	3.87%	3.42%
Non- GAAP SG&A percentage of net sales	3.61%	3.35%
	Year ended January 31,
	2018	2017
Net Sales	$        36,775,011	$        26,234,876
GAAP SG&A	1,608,961	984,152
Tax indemnifications	(6,526)	-
Acquisition-related intangible assets amortization expense	(89,518)	(21,159)
Non-GAAP SG&A	$           1,512,917	$              962,993
GAAP SG&A percentage of net sales	4.38%	3.75%
Non- GAAP SG&A percentage of net sales	4.11%	3.67%

	Three months ended January 31,
	2018		2017
	Net Income	Diluted EPS	Net Income	Diluted EPS
GAAP Results	$1,260	$0.03	$78,822	$2.22
Acquisition, integration and restructuring expenses	34,341	0.89	13,969	0.39
Acquisition-related intangible assets amortization expense	21,529	0.56	5,063	0.14
Acquisition-related financing expenses	-	-	8,476	0.24
Value added tax assessments and related interest expense	2,568	0.07	-	-
Tax indemnifications	6,526	0.17	-	-
Income tax effect of tax indemnifications	(6,526)	(0.17)	-	-
Income tax effect of other adjustments above	(21,565)	(0.56)	(6,864)	(0.19)
Change in deferred tax valuation allowances	1,224	0.03	(12,455)	(0.35)
Impact of US tax reform	95,369	2.48	-	-
Non-GAAP results	$134,726	$3.50	$87,011	$2.45
	Year ended January 31,
	2018		2017
	Net Income	Diluted EPS	Net Income	Diluted EPS
GAAP Results	$116,641	$3.05	$195,095	$5.51
Acquisition, integration and restructuring expenses	136,272	3.57	28,966	0.82
Acquisition-related intangible assets amortization expense	89,518	2.34	21,159	0.60
LCD settlements and other, net	(41,020)	(1.07)	(4,142)	(0.12)
Value added tax assessments and related interest expense	2,568	0.06	1,386	0.04
Acquisition-related financing expenses	8,807	0.23	11,890	0.33
Tax indemnifications	6,526	0.17	-	-
Income tax effect of tax indemnifications	(6,526)	(0.17)	-	-
Income tax effect of other adjustments above	(61,113)	(1.60)	(16,652)	(0.47)
Change in deferred tax valuation allowances	1,224	0.03	(12,455)	(0.35)
Impact of US tax reform	95,369	2.50	-	-
Non-GAAP results	$348,266	$9.11	$225,247	$6.36

Return on Invested Capital (ROIC)
	Twelve months ended January 31,
TTM Net Operating Profit After Tax (NOPAT)*:	2018	2017
Operating income	$                 410,079	$              291,902
Income taxes on operating income(1)	(250,151)	(70,106)
NOPAT	$                 159,928	$              221,796
Average Invested Capital:
Short-term debt (5-qtr average)	$                 314,154	$              157,496
Long-term debt (5-qtr average)	1,580,778	407,275
Shareholders' Equity (5-qtr average)	2,605,736	2,102,222
Total average capital	4,500,668	2,666,993
Less: Cash (5-qtr average)	(1,107,734)	(974,221)
Average invested capital less average cash	$              3,392,934	$          1,692,772
ROIC	5%	13%
* Trailing Twelve Months is abbreviated as TTM.
(1) Income taxes on operating income was calculated using the trailing 12 months effective tax rate during the respective periods.

Adjusted Return on Invested Capital (ROIC)
	Twelve months ended January 31,
TTM Net Operating Profit After Tax (NOPAT), as adjusted *:	2018	2017
Non-GAAP operating income(1)	$                 602,704	$              338,934
Income taxes on non-GAAP operating income(2)	(184,370)	(97,354)
NOPAT, as adjusted	$                 418,334	$              241,580
Average Invested Capital, as adjusted:
Short-term debt (5-qtr average)	$                 314,154	$              157,496
Long-term debt (5-qtr average)	1,580,778	407,275
Shareholders' Equity (5-qtr average)	2,605,736	2,102,222
Tax effected impact of non-GAAP adjustments(3)	94,193	1,157
Total average capital, as adjusted	4,594,861	2,668,150
Less: Cash (5-qtr average)	(1,107,734)	(974,221)
Average invested capital less average cash	$              3,487,127	$          1,693,929
Adjusted ROIC	12%	14%
* Trailing Twelve Months is abbreviated as TTM.
(1) Represents operating income as adjusted to exclude acquisition, integration and restructuring expenses, LCD settlements and other, net, value added tax assessments and acquisition-related intangible assets amortization expense
(2) Income taxes on non-GAAP operating income was calculated using the trailing 12 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.

Guidance Reconciliation
	Three months ending  April 30, 2018
	Low end of guidance range	High end of guidance range
Earnings per share - diluted	$0.37	$0.67
Acquisition, integration and restructuring expenses	0.62	0.62
Acquisition-related intangible assets amortization expense	0.61	0.61
Income tax effect of the above adjustments	(0.30)	(0.30)
Non-GAAP earnings per share - diluted	$1.30	$1.60

EX-99.2

Exhibit 99.2

Q4 Fiscal Year 2018 Financial Highlights For the quarter ended January 31, 2018 March 8, 2018

2 Forward - Looking Statements Certain statements in this communication may contain “forward - looking statements” within the meaning of the Private Securities Litigatio n Reform Act of 1995. These statements, including statements regarding Tech Data’s plans, objectives, expectations and intentions, Tech Data’s financial results and estimates and/or busi nes s 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, foreca sts , and projections about the operating environment, economies and markets in which Tech Data operates 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 sta tements that refer to Tech Data’s future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances, are forward looking state men ts. 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 important risks and other factors that could cause actual results to differ materially from those in the forward - looking statements, 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. Reade rs 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 req uir ed 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 Dat a undertakes no duty to update any forward looking statements contained herein to reflect actual results or changes in Tech Data’s expectations. Use of Non - GAAP Financial Information This document includes financial results prepared in accordance with generally accepted accounting principles (“GAAP”). In ad dit ion 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 opera tional results and a meaningful comparison of our performance between periods. The non - GAAP results and outlook should only be used in conjunction with results reported in accordance with GAAP and a re 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 is sued 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”) , non - GAAP selling, gener al and administrative expenses (“SG&A”), non - GAAP operating income, non - GAAP operating margin, non - GAAP net income, non - GAAP earnings per diluted share and Adjusted Return on Invested Capital. These non - GA AP 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 - GAA P financial measures to establish operational goals and, in some cases, for measuring performance for compensation purposes. This presentation provides a detailed reconciliation between results reporte d i n accordance with GAAP and non - GAAP financial measures.

3 Worldwide Q4 FY18: • Worldwide reported net sales of $11.1 billion increased 49% year - over - year and 21% sequentially. The increase in net sales year - over - year is primarily due to the Technology Solutions business acquired from Avnet, Inc. on February 27, 2017. • On a constant currency basis, net sales increased 40% year - over - year and 21% sequentially. ⁽ ¹ ⁾ CC: constant currency Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Asia Pacific $0.0 $1.0 $1.0 $1.0 $1.0 Americas $2.7 $3.5 $4.2 $4.0 $4.3 Europe $4.7 $4.0 $4.4 $4.8 $6.5 Reported Y/Y Growth -1% 29% 40% 41% 49% Y/Y CC Growth ⁽ ¹ ⁾ 2% 33% 41% 37% 40% $8.9 $11.1 $7.4 $7.7 6 4 % 36% 52% 45% 3% 50% 47% 3% $9.1 $ in Billions Net Sales 53% 44% 3% 58% 3 9% 3%

4 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Americas $2.7 $3.5 $4.2 $4.0 $4.3 Reported Y/Y growth 0% 45% 57% 53% 59% Y/Y CC growth ⁽ ¹ ⁾ 0% 45% 57% 52% 58% $2.7 $3.5 $4.2 $4.0 $4.3 0% 2% 4% 6% 8% 10% 12% $- $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 Q4 FY18: • Americas reported net sales of $4.3 billion increased 59% year - over - year and 7% sequentially . The increase in net sales year - over - year is primarily attributed to the addition of Technology Solutions. • On a constant currency basis, net sales increased 58% year - over - year and 8% sequentially. ⁽ ¹ ⁾ CC: constant currency Americas $ in Billions Net Sales

5 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Europe $4.7 $4.0 $4.4 $4.8 $6.5 Reported Y/Y growth -1% 12% 20% 25% 37% Y/Y CC growth ⁽ ¹ ⁾ 3% 19% 21% 19% 24% $4.7 $4.0 $4.4 $4.8 $6.5 -3% -1% 1% 3% 5% 7% 9% 11% 13% 15% $- $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 Q4 FY18: • Europe’s reported net sales of $6.5 billion increased 37% year - over - year and 34% sequentially. The increase in net sales year - over - year is primarily attributed to the addition of Technology Solutions. • On a constant currency basis, net sales increased 24% year - over - year and 32% sequentially. ⁽ ¹ ⁾ CC: constant currency Europe $ in Billions Net Sales

6 Asia Pacific Q4 FY18: • The Asia Pacific region’s reported net sales were $0.34 billion. • Asia Pacific results are attributable entirely to the acquisition of the Technology Solutions business on February 27, 2017, as Tech Data had no operations in the region prior to the acquisition. Q3 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Americas $- $0.28 $0.29 $0.30 $0.31 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 $0.4 $0.4 $0.5 $0.29 $0.19 $ in Billions Net Sales $0.30 $0.34

7 $371.0 $457.1 $515.6 $526.1 $616.9 5.00% 5.96% 5.80% 5.76% 5.56% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% $- $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Gross Profit Gross Margin Q4 FY18: • Gross profit of $616.9 million increased $245.8 million or 66% compared to the prior - year quarter. • Gross profit margin increased 56 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. Worldwide $ in Millions Gross Profit and Margin

8 (1) Non - GAAP SG&A excludes acquisition - related amortization of intangibles expenses and tax indemnifications. See GAAP to Non - GAAP reconciliation in the appendix. Q4 FY18: • Non - GAAP SG&A expenses of $400.9 million increased $152.0 million or 61% compared to the prior - year quarter. • Non - GAAP SG&A as a percentage of net sales increased 26 basis points from the prior - year quarter . • GAAP depreciation and amortization expense was $37.1 million compared to $13.2 million in the prior - year quarter. • The increase in both dollars and percentage of net sales, on a GAAP and non - GAAP basis, is primarily attributable to the addition of Technology Solutions. SG&A Expenses (Non - GAAP) (1) $253.9 $352.6 $410.6 $416.8 $429.0 3.42% 4.60% 4.62% 4.56% 3.87% 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 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 SG&A Expenses Worldwide $ in Millions SG&A Expenses $248.9 $333.9 $387.7 $390.4 $400.9 3.35% 4.36% 4.37% 4.27% 3.61% 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 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18

9 ⁽ ¹ ⁾ See the GAAP to Non - GAAP reconciliation in the appendix. Q4 FY18: • Worldwide non - GAAP operating income of $216.0 million increased $93.8 million or 7 7% compared to the prior - year quarter . • Worldwide non - GAAP operating margin improved 31 basis points from the prior - year quarter. • The increase in operating income, on a GAAP and non - GAAP basis, is primarily attributable to the addition of Technology Solutions. $122.1 $123.2 $127.8 $135.7 $216.0 1.64% 1.61% 1.44% 1.49% 1.95% $- $50.0 $100.0 $150.0 $200.0 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 $103.1 $75.1 $103.5 $79.6 $151.9 1.39% 0.98% 1.17% 0.87% 1.37% Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Operating Income (Non - GAAP) (1 ) Operating Income Worldwide $ in Millions Operating Income

10 (1) Before stock compensation expense. (2) See the GAAP to non - GAAP reconciliation in the appendix. Q4 FY18: • Americas ’ non - GAAP operating income of $85.1 million increased $37.7 million or 80% compared to the prior - year quarter. • Non - GAAP operating margin improved 23 basis points over the prior - year quarter. • The increase in operating income and operating margin percentage, on a GAAP and non - GAAP basis, is primarily attributable to the addition of Technology Solutions. $39.3 $50.9 $88.0 $55.6 $53.9 1.45% 1.47% 2.10% 1.39% 1.26% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% $- $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 $47.4 $78.5 $84.7 $85.5 $85.1 1.75% 2.26% 2.02% 2.14% 1.98% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% $- $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Operating Income (Non - GAAP) ( 2 ) Operating Income Americas $ in Millions Operating Income (1)

11 Europe (1) Before stock compensation expense. (2) See the GAAP to non - GAAP reconciliation in the appendix. Q4 FY18: • Europe’s non - GAAP operating income of $130.4 million increased $52.7 million or 68% compared to the prior - year quarter. • Non - GAAP operating margin increased 37 basis points from the prior - year quarter. • The increase in operating income and operating margin percentage, on a GAAP and non - GAAP basis, is primarily attributable to the addition of Technology Solutions. $66.7 $24.8 $18.5 $29.9 $100.4 1.41% 0.62% 0.42% 0.62% 1.55% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% $- $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 $77.7 $44.1 $43.4 $53.4 $130.4 1.65% 1.10% 0.99% 1.10% 2.02% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% $- $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Operating Income (Non - GAAP) ( 2 ) Operating Income $ in Millions Operating Income (1)

12 Asia Pacific (1) Before stock compensation expense. (2) See the GAAP to non - GAAP reconciliation in the appendix. Q4 FY18: • The Asia Pacific region’s non - GAAP operating income was $7.5 million or 2.21% of net sales. • Asia Pacific results are attributable entirely to the acquisition of the Technology Solutions business on February 27, 2017, as Tech Data had no operations in the region prior to the acquisition. $4.3 $5.1 $2.4 $5.7 2.28% 1.76% 0.82% 1.69% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00% $- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 Q3 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 $5.2 $6.7 $3.9 $7.5 2.76% 2.32% 1.32% 2.21% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00% $- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 Q3 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Operating Income (Non - GAAP) ( 2 ) Operating Income $ in Millions Operating Income (1)

13 $87.0 $70.1 $66.7 $76.7 $134.7 $2.45 $1.87 $1.74 $2.00 $3.50 $- $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $- $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 (1) See the GAAP to non - GAAP reconciliation in the appendix. Q4 FY18: • The effective tax rate was 99%, compared to 11.3% in the prior - year quarter. The effective tax rate for the current quarter reflects the impact of the U.S. Tax Cuts and Jobs Act that was enacted in December 2017. Excluding non - GAAP adjustments, the effective tax rate was 29%, compared to 25.2% in the prior - year quarter. • Non - GAAP net income of $134.7 million increased $47.7 million or 55% compared to the prior - year quarter . Net income for the current quarter includes $95.4 million of expenses recognized as a result of the U.S. Tax Cuts and Jobs Act. • Non - GAAP Earnings per diluted share of $3.50 increased $1.05 or 43% compared to the prior - year quarter. $78.8 $30.7 $47.5 $37.3 $2.22 $0.82 $1.24 $0.97 $0.03 $- $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Net Income and EPS (Non - GAAP) ( 1 ) Net Income and EPS $ in Millions (except EPS) Net Income and EPS Worldwide $1.3

14 Worldwide $445 $224 $146 $70 $657 -$150 -$50 $50 $150 $250 $350 $450 $550 $650 $750 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Cash Conversion Cycle Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Days of Sales Outstanding 37 49 51 48 47 Days of Supply 27 30 29 31 27 Days of Purchases Outstanding (49) (57) (59) (58) (60) Cash Conversion Cycle 15 22 21 21 14 Q4 FY18: • Net cash generated by operations was $657 million. • The cash balance at the end of the quarter was $956 million. Cash Metrics $ in Millions Cash Flow from Operations

15 39% 48% 45% 41% 36% Q4FY17 Q1FY18 Q2FY18 Q3FY18 Q4FY18 Debt $1,363 $2,286 $2,268 $1,920 $1,638 Equity $2,170 $2,481 $2,732 $2,724 $2,921 Debt to Total Capital ratio 39% 48% 45% 41% 36% Debt to Total Capital Worldwide Q4 FY18: • Accumulated other comprehensive income, which consists of currency translation, net of applicable taxes, was $288 million. • Capital expenditures were $18 million. • At January 31, 2018, the company had $2.9 billion of equity, and 38.16 million shares outstanding resulting in book value of $ 76.56 per share. • At January 31, 2018, the company had approximately $ 1.9 billion of goodwill and acquired intangibles . Balance Sheet Highlights

16 • Company’s Weighted Average Cost of Capital is approximately 10% (2) (1) See reconciliation of ROIC calculation in appendix. (2) Source: Bloomberg, February 19, 2018. 13% 5% FY17 FY18 Adjusted ROIC (1 ) ROIC (1 ) 14% 12% FY17 FY18 Return on Invested Capital Worldwide

17 APPENDIX GAAP to Non - GAAP Reconciliations

18 Three months ended January 31, 2017 April 30, 2017 July 31, 2017 October 31, 2017 January 31, 2018 (In thousands) Net Sales $ 7,427,510 $ 7,664,063 $ 8,882,691 $ 9,135,728 $ 11,092,529 GAAP SG&A expenses 253,941$ 352,632$ 410,598$ 416,766$ 428,965$ Tax indemnifications - - - - (6,526) Acquisition-related intangible assets amortization expense (5,063) (18,749) (22,855) (26,385) (21,529) Non-GAAP SG&A expenses 248,878$ 333,883$ 387,743$ 390,381$ 400,910$ GAAP SG&A percentage of net sales 3.42% 4.60% 4.62% 4.56% 3.87% Non-GAAP SG&A percentage of net sales 3.35% 4.36% 4.37% 4.27% 3.61% Selling, general and administrative ("SG&A") Three months ended SG&A

19 Americas ⁽ ¹ ⁾ Europe ⁽ ¹ ⁾ APAC ⁽ ¹ ⁾ Stock Compensation Expense Consolidated Net Sales 4,291,488$ 6,463,007$ 338,034$ 11,092,529$ GAAP operating income ⁽ ¹ ⁾ 53,924$ 100,439$ 5,704$ (8,164)$ 151,903$ Acquisition, integration and restructuring expenses 16,990 15,807 322 1,222 34,341 Acquisition-related intangible assets amortization expense 13,664 6,434 1,431 21,529 Value added tax assessments 494 1,158 1,652 Tax indemnifications 6,526 6,526 Total non-GAAP operating income adjustments 31,148$ 29,925$ 1,753$ 1,222$ 64,048$ Non-GAAP operating income 85,072$ 130,364$ 7,457$ (6,942)$ 215,951$ GAAP operating margin 1.26% 1.55% 1.69% 1.37% Non-GAAP operating margin 1.98% 2.02% 2.21% 1.95% Three months ended January 31, 2018 ⁽ ¹ ⁾ GAAP operating income does not include stock compensation expense at the regional level. Operating Income Q4 FY18 (In thousands)

20 Americas ⁽ ¹ ⁾ Europe ⁽ ¹ ⁾ APAC ⁽ ¹ ⁾ Stock Compensation Expense Consolidated Net Sales 3,997,159$ 4,841,961$ 296,608$ 9,135,728$ GAAP operating income ⁽ ¹ ⁾ 55,551$ 29,909$ 2,432$ (8,325)$ 79,567$ Acquisition, integration and restructuring expenses 14,149 14,128 287 1,184 29,748 Acquisition-related intangible assets amortization expense 15,816 9,362 1,207 26,385 Total non-GAAP operating income adjustments 29,965$ 23,490$ 1,494$ 1,184$ 56,133$ Non-GAAP operating income 85,516$ 53,399$ 3,926$ (7,141)$ 135,700$ GAAP operating margin 1.39% 0.62% 0.82% 0.87% Non-GAAP operating margin 2.14% 1.10% 1.32% 1.49% Three months ended October 31, 2017 ⁽ ¹ ⁾ GAAP operating income does not include stock compensation expense at the regional level. Operating Income Q3 FY18 (In thousands)

21 Americas ⁽ ¹ ⁾ Europe ⁽ ¹ ⁾ APAC ⁽ ¹ ⁾ Stock Compensation Expense Consolidated Net Sales 4,192,475$ 4,402,054$ 288,162$ 8,882,691$ GAAP operating income ⁽ ¹ ⁾ 87,975$ 18,464$ 5,066$ (7,974)$ 103,531$ LCD settlements and other, net (29,971) 1,316 - (28,655) Acquisition, integration and restructuring expenses 14,242 14,685 145 1,045 30,117 Acquisition-related intangible assets amortization expense 12,413 8,965 1,477 22,855 Total non-GAAP operating income adjustments (3,316)$ 24,966$ 1,622$ 1,045$ 24,317$ Non-GAAP operating income 84,659$ 43,430$ 6,688$ (6,929)$ 127,848$ GAAP operating margin 2.10% 0.42% 1.76% 1.17% Non-GAAP operating margin 2.02% 0.99% 2.32% 1.44% Three months ended July 31, 2017 ⁽ ¹ ⁾ GAAP operating income does not include stock compensation expense at the regional level. Operating Income Q2 FY18 (In thousands)

22 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, integration and restructuring expenses 30,182 11,572 - 312 42,066 Acquisition-related intangible assets amortization expense 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) Operating Income Q1 FY18

23 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, integration and restructuring expenses 7,496 6,473 13,969 Acquisition-related intangible assets amortization expense 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. Operating Income Q4 FY17 (In thousands)

24 Net Income Diluted EPS Net Income Diluted EPS Net Income Diluted EPS Net Income Diluted EPS Net Income Diluted EPS GAAP Results $78,822 $2.22 $30,654 $0.82 $47,459 $1.24 $37,268 $0.97 $1,260 $0.03 LCD settlements and other, net - - (12,688) (0.34) (28,332) (0.74) - - - - Value added tax assessments and related interest expense - - - - - - - - 2,568 0.07 Acquisition, integration and restructuring expenses 13,969 0.39 42,066 1.12 30,117 0.78 29,748 0.77 34,341 0.89 Acquisition-related intangible assets amortization expense 5,063 0.14 18,749 0.50 22,855 0.60 26,385 0.69 21,529 0.56 Acquisition-related financing expenses 8,476 0.24 8,807 0.24 - - - - - - Tax indemnifications - - - - - - - - 6,526 0.17 Income tax effect of tax indemnifications - - - - - - - - (6,526) (0.17) Income tax effect of other adjustments above (6,864) (0.19) (17,529) (0.47) (5,367) (0.14) (16,652) (0.43) (21,565) (0.56) Change in deferred tax valuation allowances (12,455) (0.35) - - - - - - 1,224 0.03 Impact of US tax reform - - - - - - - - 95,369 2.48 Non-GAAP results $87,011 $2.45 $70,059 $1.87 $66,732 $1.74 $76,749 $2.00 $134,726 $3.50 Weighted average shares outstanding - diluted 38,433 38,529 Three months ended, January 31, 2017 April 30, 2017 July 31, 2017 October 31, 2017 January 31, 2018 35,512 37,468 38,388 (In thousands, except per share data) Net Income and EPS

25 TTM Net Operating Profit After Tax (NOPAT)*: 2018 2017 Operating income 410,079$ 291,902$ Income taxes on operating income ⁽ ¹ ⁾ (250,151) (70,106) NOPAT 159,928$ 221,796$ Average Invested Capital: Short-term debt (5-qtr average) 314,154$ 157,496$ Long-term debt (5-qtr average) 1,580,778 407,275 Shareholders' Equity (5-qtr average) 2,605,736 2,102,222 Total average capital 4,500,668 2,666,993 Less: Cash (5-qtr average) (1,107,734) (974,221) Average invested capital less average cash 3,392,934$ 1,692,772$ ROIC 5% 13% * Trailing Twelve Months is abbreviated as TTM. Twelve months ended January 31, ⁽ ¹ ⁾ Income taxes on operating income was calculated using the trailing 12 months effective tax rate $ in thousands Return on Invested Capital

26 TTM Net Operating Profit After Tax (NOPAT), as adjusted *: 2018 2017 Non-GAAP operating income ⁽ ¹ ⁾ 602,704$ 338,934$ Income taxes on non-GAAP operating income ⁽ ² ⁾ (184,370) (97,354) NOPAT, as adjusted 418,334$ 241,580$ Average Invested Capital, as adjusted: Short-term debt (5-qtr average) 314,154$ 157,496$ Long-term debt (5-qtr average) 1,580,778 407,275 Shareholders' Equity (5-qtr average) 2,605,736 2,102,222 Tax effected impact of non-GAAP adjustments ⁽ ³ ⁾ 94,193 1,157 Total average capital, as adjusted 4,594,861 2,668,150 Less: Cash (5-qtr average) (1,107,734) (974,221) Average invested capital less average cash 3,487,127$ 1,693,929$ Adjusted ROIC 12% 14% * Trailing Twelve Months is abbreviated as TTM. ⁽ ³ ⁾ Represents the 5 quarter average of the year-to-date impact of non-GAAP adjustments. Twelve months ended January 31, ⁽ ² ⁾ Income taxes on non-GAAP operating income was calculated using the trailing 12 months effective tax rate adjusted for the impact of non-GAAP adjustments during the respective periods. ⁽ ¹ ⁾ Represents operating income as adjusted to exclude acquisition, integration and restructuring expenses, LCD settlements and other, net, value added tax assessments and acquisition-related intangible assets amortization expense $ in thousands Adjusted Return on Invested Capital