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: May 26, 2016
(Date of earliest event reported)
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)) |
Item 2.02. Results of Operations and Financial Condition.
On May 26, 2016, 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, 2016. 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, 2016, contained herein are prepared in accordance with 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 and the related tax effect not reflected in the GAAP presentations.
· | LCD settlements, net: |
For the three months ended April 30, 2016, non-GAAP selling, general and administrative expenses (“SG&A”), non-GAAP operating income and non-GAAP operating margin exclude gains associated with LCD settlements of $0.4 million. For the three months ended April 30, 2016, 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, 2016, non-GAAP selling, general and administrative expenses (“SG&A”), non-GAAP operating income and non-GAAP operating margin exclude acquisition-related intangible assets amortization expense of $5.4 million. For the three months ended April 30, 2016, non-GAAP net income and non-GAAP net income per diluted share exclude this item, 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 non-GAAP 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 |
Description | |
99.1 | Press Release, dated May 26, 2016. | |
99.2 | Supplemental slide presentation dated May 26, 2016. |
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: May 26, 2016 | /s / Charles V. Dannewitz | |
Charles V. Dannewitz Executive Vice President, & Chief Financial Officer
|
EXHIBIT 99.1
Tech Data Corporation Reports First Quarter Fiscal Year 2017 Results
15 Percent Growth in Non-GAAP Operating Income; 31 Percent Growth in Non-GAAP EPS
CLEARWATER, Fla., May 26, 2016 (GLOBE NEWSWIRE) -- Tech Data Corporation (NASDAQ:TECD) (the “Company”) today announced its financial results for the first quarter ended April 30, 2016.
Three months ended April 30, | ||||||
($ in millions, except per share amounts) | 2016 | 2015 | ||||
Net Sales | $ | 5,963.4 | $ | 5,887.2 | ||
Operating income (GAAP) | $ | 52.6 | $ | 81.9 | ||
Operating margin (GAAP) | 0.88 | % | 1.39 | % | ||
Operating income (Non-GAAP) | $ | 57.6 | $ | 50.2 | ||
Operating margin (Non-GAAP) | 0.97 | % | 0.85 | % | ||
Net income (GAAP) | $ | 33.4 | $ | 51.3 | ||
Net income (Non-GAAP) | $ | 37.0 | $ | 29.6 | ||
EPS - diluted (GAAP) | $ | 0.94 | $ | 1.38 | ||
EPS - diluted (Non-GAAP) | $ | 1.05 | $ | 0.80 |
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, 2016:
“We are pleased to report a strong start to fiscal year 2017,” said Robert M. Dutkowsky, chief executive officer. “In Q1, our teams capitalized on pockets of demand and delivered above-market sales growth. Higher sales, coupled with strong margin and expense management, resulted in double-digit growth in non-GAAP operating income, non-GAAP net income, and non-GAAP earnings per share. In addition, we generated $276 million in cash from operations and earned a return on invested capital of 14 percent – a 300 basis point improvement over the prior year period. Tech Data’s Q1 results are a testament to the strength of our geographic, vendor, product and customer portfolios and to the flexibility of our business model. Our diverse, end-to-end portfolio of IT Solutions enables us to capture opportunities in the evolving IT marketplace, deliver differentiated value to our customers and vendor partners, and produce strong results for our shareholders.”
Business Outlook
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, 2016. 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”) and the impact of the exit of certain country operations. Certain non-GAAP measures also exclude acquisition-related intangible assets amortization expense, benefits associated with legal settlements, value-added tax assessment matters, a loss on disposal of subsidiaries, and restatement and remediation related 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
This press release includes "forward-looking statements" within the meaning of the federal securities laws and regulations, including those regarding the Company's business outlook. These statements are subject to risks and uncertainties, including the risks identified in the Company’s most recent Annual Report on Form 10-K filed March 24, 2016. A number of important factors 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 press release. The Company does not undertake to update or revise these statements to reflect subsequent developments.
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 105,000 resellers to efficiently and cost effectively support the diverse technology needs of end users in more than 100 countries. Tech Data generated $26.4 billion in net sales for the fiscal year ended January 31, 2016. It is ranked No. 107 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.
TECH DATA CORPORATION AND SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
(Unaudited) | ||||||||
Three months ended | ||||||||
April 30, | ||||||||
2016 | 2015 | |||||||
Net sales | $ | 5,963,362 | $ | 5,887,229 | ||||
Cost of products sold | 5,664,751 | 5,595,340 | ||||||
Gross profit | 298,611 | 291,889 | ||||||
Operating expenses: | ||||||||
Selling, general and administrative expenses | 246,496 | 248,462 | ||||||
LCD settlements, net | (443 | ) | (38,511 | ) | ||||
246,053 | 209,951 | |||||||
Operating income | 52,558 | 81,938 | ||||||
Interest expense | 5,601 | 5,722 | ||||||
Other (income) expense, net | (1,034 | ) | 161 | |||||
Income before income taxes | 47,991 | 76,055 | ||||||
Provision for income taxes | 14,618 | 24,778 | ||||||
Net income | $ | 33,373 | $ | 51,277 | ||||
Earnings per share: | ||||||||
Basic | $ | 0.95 | $ | 1.39 | ||||
Diluted | $ | 0.94 | $ | 1.38 | ||||
Weighted average common shares outstanding: | ||||||||
Basic | 35,127 | 36,822 | ||||||
Diluted | 35,370 | 37,036 | ||||||
TECH DATA CORPORATION AND SUBSIDIARIES | ||||||||
CONSOLIDATED BALANCE SHEET | ||||||||
(In thousands, except par value and share amounts) | ||||||||
April 30, | January 31, | |||||||
2016 | 2016 | |||||||
ASSETS | (unaudited) | |||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 825,734 | $ | 531,169 | ||||
Accounts receivable, less allowances of $45,851 and $45,875 | 2,580,799 | 2,995,114 | ||||||
Inventories | 2,092,742 | 2,117,384 | ||||||
Prepaid expenses and other assets | 135,917 | 178,394 | ||||||
Total current assets | 5,635,192 | 5,822,061 | ||||||
Property and equipment, net | 71,179 | 66,028 | ||||||
Goodwill | 212,882 | 204,114 | ||||||
Intangible assets, net | 158,518 | 159,386 | ||||||
Other assets, net | 113,125 | 106,699 | ||||||
Total assets | $ | 6,190,896 | $ | 6,358,288 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 3,157,646 | $ | 3,427,580 | ||||
Accrued expenses and other liabilities | 455,231 | 487,003 | ||||||
Revolving credit loans and current maturities of long-term debt, net | 17,939 | 18,063 | ||||||
Total current liabilities | 3,630,816 | 3,932,646 | ||||||
Long-term debt, less current maturities | 348,816 | 348,608 | ||||||
Other long-term liabilities | 76,382 | 71,279 | ||||||
Total liabilities | $ | 4,056,014 | $ | 4,352,533 | ||||
Shareholders' equity: | ||||||||
Common stock, par value $0.0015; 200,000,000 shares authorized; 59,245,585 shares issued at April 30, 2016 and January 31, 2016 | $ | 89 | $ | 89 | ||||
Additional paid-in capital | 676,886 | 682,227 | ||||||
Treasury stock, at cost (24,048,956 and 24,163,402 shares at April 30, 2016 and January 31, 2016) | (1,072,331 | ) | (1,077,434 | ) | ||||
Retained earnings | 2,467,571 | 2,434,198 | ||||||
Accumulated other comprehensive income (loss) | 62,667 | (33,325 | ) | |||||
Total shareholders' equity | 2,134,882 | 2,005,755 | ||||||
Total liabilities and shareholders' equity | $ | 6,190,896 | $ | 6,358,288 | ||||
TECH DATA CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
GAAP TO NON-GAAP RECONCILIATION | ||||||||||||||||||
(In thousands) | ||||||||||||||||||
Q1 FY17 - Three months ended April 30, 2016 | ||||||||||||||||||
Americas⁽⁾ | Europe⁽⁾ | Stock Compensation Expense | Consolidated | |||||||||||||||
Net Sales | $ | 2,388,004 | $ | 3,575,358 | $ | 5,963,362 | ||||||||||||
GAAP operating income⁽⁾ | $ | 31,275 | $ | 24,940 | $ | (3,657 | ) | $ | 52,558 | |||||||||
LCD settlements, 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 | % | ||||||||||||
⁽⁾ GAAP operating income does not include stock compensation expense at the regional level. | ||||||||||||||||||
Q1 FY16 - Three months ended April 30, 2015 | ||||||||||||||||||
Americas⁽⁾ | Europe⁽⁾ | Stock Compensation Expense | Consolidated | |||||||||||||||
Net Sales | $ | 2,339,260 | $ | 3,547,969 | $ | 5,887,229 | ||||||||||||
GAAP operating income⁽⁾ | $ | 62,359 | $ | 23,397 | $ | (3,818 | ) | $ | 81,938 | |||||||||
Restatement and remediation related expenses | 38 | 580 | 618 | |||||||||||||||
LCD settlements, net | (38,511 | ) | - | (38,511 | ) | |||||||||||||
Loss on disposal of subsidiaries | 363 | - | 363 | |||||||||||||||
Acquisition-related amortization of intangibles | 170 | 5,610 | 5,780 | |||||||||||||||
Total non-GAAP operating income adjustments | $ | (37,940 | ) | $ | 6,190 | $ | (31,750 | ) | ||||||||||
Non-GAAP operating income | $ | 24,419 | $ | 29,587 | $ | (3,818 | ) | $ | 50,188 | |||||||||
GAAP operating margin | 2.67 | % | 0.66 | % | 1.39 | % | ||||||||||||
Non-GAAP operating margin | 1.04 | % | 0.83 | % | 0.85 | % | ||||||||||||
⁽⁾ 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, except per share amounts) | |||||||||
Selling, general and administrative expenses ("SG&A") | Three months ended April 30, | ||||||||
2016 | 2015 | ||||||||
Net Sales | $ | 5,963,362 | $ | 5,887,229 | |||||
GAAP SG&A | 246,496 | 248,462 | |||||||
Acquisition-related amortization of intangibles | (5,445 | ) | (5,780 | ) | |||||
Restatement and remediation related expenses | - | (618 | ) | ||||||
Loss on disposal of subsidiaries | - | (363 | ) | ||||||
Non-GAAP SG&A | $ | 241,051 | $ | 241,701 | |||||
GAAP SG&A percentage of net sales | 4.13 | % | 4.22 | % | |||||
Non-GAAP SG&A percentage of net sales | 4.04 | % | 4.11 | % | |||||
Three months ended April 30, | |||||||||||||||
2016 | 2015 | ||||||||||||||
Net Income | Diluted EPS | Net Income | Diluted EPS | ||||||||||||
GAAP Results | $ | 33,373 | $ | 0.94 | $ | 51,277 | $ | 1.38 | |||||||
LCD settlements, net | (443 | ) | (0.01 | ) | (38,511 | ) | (1.04 | ) | |||||||
Restatement and remediation related expenses | - | - | 618 | 0.02 | |||||||||||
Loss on disposal of subsidiaries | - | - | 363 | 0.01 | |||||||||||
Acquisition-related intangible assets amortization expense | 5,445 | 0.15 | 5,780 | 0.16 | |||||||||||
Income tax effect of the above adjustments | (1,333 | ) | (0.03 | ) | 10,052 | 0.27 | |||||||||
Non-GAAP results | $ | 37,042 | $ | 1.05 | $ | 29,579 | $ | 0.80 | |||||||
Return on Invested Capital (ROIC) | |||||
Twelve months ended | |||||
April 30, 2016 | |||||
TTM Non-GAAP Net Operating Profit After Tax (NOPAT)*: | |||||
Non-GAAP Operating Income | $ | 326,441 | |||
Non-GAAP effective tax rate | 28.1 | % | |||
Non-GAAP NOPAT (Non-GAAP operating income x (1 - non-GAAP effective tax rate)) | $ | 234,834 | |||
Average Invested Capital: | |||||
Short-term debt (5-qtr average) | $ | 17,467 | |||
Long-term debt (5-qtr average) | 349,842 | ||||
Non-GAAP Shareholders' Equity (5-qtr average) | 1,976,247 | ||||
Total average capital | 2,343,556 | ||||
Less: Cash (5-qtr average) | (654,263 | ) | |||
Average invested capital less average cash | $ | 1,689,293 | |||
ROIC | 14 | % | |||
* Trailing Twelve Months is abbreviated as TTM. | |||||
Contacts:
Charles V. Dannewitz, Executive Vice President and Chief Financial Officer
727-532-8028 (chuck.dannewitz@techdata.com); or
Arleen Quinones, Vice President, Investor Relations and Corporate Communications
727-532-8866 (arleen.quinones@techdata.com)
EXHIBIT 99.2
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