SANTA ANA, Calif., May 4, 2015 /PRNewswire/ -- Ingram Micro
Inc. (NYSE: IM) today announced financial results for the first
quarter ended Apr. 4, 2015.
|
|
|
|
|
|
(US$ in millions,
except
|
First Quarter
Ended
|
|
|
EPS and diluted
shares)
|
April
4,
|
|
March
29,
|
|
USD
|
|
2015
|
|
2014
|
|
Change
|
|
|
|
|
|
|
Net sales
|
$10,6441
|
|
$10,384
|
|
2.5%
|
|
|
|
|
|
|
Non-GAAP operating
income
|
$125
|
|
$123
|
|
2%
|
Non-GAAP operating
margin
|
1.18%
|
|
1.18%
|
|
-
|
|
|
|
|
|
|
Operating
income
|
$98
|
|
$68
|
|
43%
|
Operating
margin
|
0.92%
|
|
0.66%
|
|
26
|
|
|
|
|
|
|
Non-GAAP net
income
|
$68
|
|
$68
|
|
-
|
Net income
|
$43
|
|
$25
|
|
74%
|
|
|
|
|
|
|
Non-GAAP earnings per
diluted share
|
$0.431
|
|
$0.43
|
|
-
|
Earnings per diluted
share
|
$0.27
|
|
$0.16
|
|
69%
|
|
|
|
|
|
|
Diluted shares
outstanding (millions)
|
160.2
|
|
159.0
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1. The translation
of foreign currencies negatively impacted 2015 first quarter net
sales by 8% and
|
non-GAAP earnings
by 4 cents per diluted share, when compared to the 2014 first
quarter.
|
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|
|
|
|
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A reconciliation
of GAAP financial measures to non-GAAP financial measures is
presented in the
|
Supplementary
Information section in this press release.
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Alain Monie, Ingram Micro CEO,
commented, "As illustrated by growth in excess of 10 percent on a
currency neutral basis, we experienced healthy demand across our
geographic regions. Asia Pacific
and Latin America were clear
standouts, as strong revenues were complemented by solid increases
in profitability. As anticipated, our sales mix in Europe improved over the 2014 fourth quarter,
with lower contribution from consumer markets leading to modest
year-over-year improvement in the profitability of our European
core business. In mobility, we had good growth across all regions,
while cloud and supply chain solutions continued to grow at robust
rates."
Monie added, "We continue to generate significant revenue
momentum as we expand our capabilities globally, including in our
higher margin cloud and supply chain solutions, which is an
important element of leveraging our customer, vendor and global
infrastructure basis to achieve our longer-term financial targets.
Additionally, to ensure we maintain the trajectory towards our 2016
financial targets, we are taking cost actions globally, which are
expected to result in annualized savings of approximately
$100 million in 2016. One-time costs
associated with these actions are expected to be in a similar
range."
Monie said, "We manage a complex and broad portfolio of
interconnected businesses and operations, and we remain committed
to taking the decisions necessary to ensure we maintain our
trajectory towards our longer-term financial objectives.
"Additionally," Monie concluded, "With now good progress on our
strategic initiatives, we plan to resume share repurchases
opportunistically under our existing $400
million authorization, which has approximately $124 million in remaining available
capacity."
First Quarter Results of Operations
Driven by solid demand across all regions, worldwide first
quarter sales increased year-over-year by $260 million to $10.6 billion, up 2.5 percent in
U.S. dollars and up more than 10 percent on a currency neutral
basis. Non-GAAP operating income was up 2 percent, or 9 percent on
a currency neutral basis, over last year. Lower contribution from
North America and Europe was more than offset by strong
performance in Asia Pacific and
Latin America. In addition to
increased strategic investments in cloud and supply chain
solutions, lower contribution from North
America was driven by lower mobility gross margins related
to higher Verizon channel sales than last year, as well as lower
than anticipated resale pricing of returned handsets in the
secondary market. The company said it is addressing the areas of
the mobility business that are not currently performing as
expected, and will either improve the profitability or exit those
portions of the business. European profits were impacted by the
strengthening U.S. dollar versus the euro, as well as by continued
strategic investments in cloud, supply chain solutions and
mobility. Asia Pacific and
Latin America delivered solid
operating leverage benefiting from good uptake in advanced
solutions and share gains in certain markets.
2015 first quarter non-GAAP net income was $68 million, with non-GAAP earnings of
43 cents per diluted share, flat when
compared to the 2014 first quarter, and up 9 percent on a currency
neutral basis, as the translation of foreign currencies compared to
the 2014 same period negatively impacted 2015 first quarter
non-GAAP earnings by 4 cents per
diluted share.
Key 2015 first quarter business highlights:
- Ingram Micro completed the acquisition of technology services
provider Anovo, further expanding its position as the leading
global provider of device lifecycle services, while also
strengthening the company's relationship with many of the world's
largest mobile network operators and hardware manufacturers. Anovo
is a European based provider of repairs and regeneration
solutions for high-tech products such as smartphones and set-top
boxes across 10 countries in Europe and Latin America.
The acquisition is expected to contribute in excess of $300
million in annual services revenue and be modestly accretive
to Ingram Micro's 2015 full year non-GAAP diluted
earnings per share.
- The company further expanded into the fast-growing and higher
profitability Latin American market with the acquisition
of Tech Data's Peruvian and Chilean businesses. The
acquisition is expected to add more than $270
million annually to Ingram Micro's revenue and be
slightly accretive to 2015 non-GAAP earnings per diluted
share.
- Ingram Micro expanded its relationship with HP in North America, adding HP Enterprise Group's
entire portfolio of converged infrastructure, converged systems,
networking and servers to its government business offerings.
- The company held highly successful annual Cloud Summit
conferences in North America and
Europe with a total of
approximately 1,500 channel partners attending, along with support
from vendors such as Microsoft, IBM, McAfee, Cirius, Acronis and
TrendMicro.
- The company announced the availability of Microsoft Office 365
through the fully automated Ingram Micro Cloud Marketplace,
becoming the first master cloud service provider to offer a true,
online consumption model for Office 365 that is backed by a suite
of migration services and a dedicated service desk. Ingram Micro is
expanding its relationship with Microsoft Cloud Solutions Provider
(CSP) into Europe, with initial
countries participating in Microsoft's CSP program
including Austria,
Belgium, France, Germany, Italy, the
Netherlands, Portugal, Spain, Sweden, Switzerland, and the
U.K.
- eBay is partnering with Ingram Micro Supply Chain
Solutions to help power consignment selling on its marketplace
through the eBay Valet consignment program.
- Ingram Micro was awarded exclusive rights to market, sell and
support the entire portfolio of Arcserve data protection
and recovery solutions, including the new Arcserve Unified Data
Protection and Arcserve UDP 7000 Appliance, to channel partners
throughout the U.S. and Canada.
Outlook
The following statements are based on the company's current
expectations for the 2015 second quarter and exclude the
amortization of intangible assets, charges associated with
acquisition-related costs, reorganization, integration and
transition costs and charges associated with expense reduction
programs and the impact of foreign exchange gains or losses related
to the translation effect on Euro-based inventory purchases in
Ingram Micro's pan-European entity. These statements are
forward-looking and actual results may differ materially.
For the 2015 second quarter, Ingram Micro currently expects
consolidated sales to grow high-single digits in local currency and
to be relatively flat in U.S. dollars when compared to the 2014
second quarter. Non-GAAP earnings per diluted share for the 2015
second quarter are expected to be in the range of 50 to 58 cents, which includes a negative impact
of 4 cents related to currency movement, when compared with
the second quarter last year.
Non-GAAP Disclosures
In addition to GAAP results, Ingram Micro is reporting non-GAAP
operating income, non-GAAP operating margin, non-GAAP net income
and non-GAAP earnings per diluted share. These non-GAAP
measures exclude charges associated with reorganization,
integration and transition costs, including those associated with
the company's previously announced organizational effectiveness
program and integration of BrightPoint, as well as
acquisition-related costs and the amortization of intangible
assets. These non-GAAP financial measures also exclude
a benefit related to the receipt of an LCD flat panel class action
settlement in 2014. Non-GAAP net income and non-GAAP earnings
per diluted share also exclude the impact of foreign exchange gains
or losses related to the translation effect on Euro-based inventory
purchases in Ingram Micro's pan-European entity.
The non-GAAP measures noted above are primary indicators that
Ingram Micro's management uses internally to conduct and measure
its business and evaluate the performance of its consolidated
operations and operating segments. Ingram Micro's management
believes these non-GAAP financial measures are useful because they
provide meaningful comparisons to prior periods and an alternate
view of the impact of acquired businesses. These non-GAAP financial
measures are used in addition to and in conjunction with results
presented in accordance with GAAP. These non-GAAP financial
measures reflect an additional way of viewing aspects of our
operations that, when viewed with our GAAP results and the
accompanying reconciliations to corresponding GAAP financial
measures, provide a more complete understanding of factors and
trends affecting Ingram Micro's business. A material limitation
associated with these non-GAAP measures as compared to the GAAP
measures is that they may not be comparable to other companies with
similar items that present related measures differently. The
non-GAAP measures should be considered as a supplement to, and not
as a substitute for or superior to, the corresponding measures
calculated in accordance with GAAP and may not be comparable to
similarly titled measures used by other companies.
Reconciliation of GAAP to non-GAAP financial measures for the
periods presented are attached to the press release.
Conference Call and Webcast
Additional information about Ingram Micro's financial results
will be presented in a conference call with presentation slides
today at 5 p.m. ET. To listen
to the conference call webcast and view the accompanying
presentation slides, visit the company's website at
www.ingrammicro.com (Investor Relations section). The conference
call is also accessible by telephone at (877) 869-3847 (toll-free
within the United States and
Canada) or (201) 689-8261 (other
countries).
The replay of the conference call with presentation slides will
be available for one week at www.ingrammicro.com (Investor
Relations section) or by calling (877) 660-6853 or (201) 612-7415,
conference ID "13604955."
About Ingram Micro Inc.
Ingram Micro helps businesses realize the promise of
technology. It delivers a full spectrum of global technology
and supply chain services to businesses around the world. Deep
expertise in technology solutions, mobility, cloud, and supply
chain solutions enables its business partners to operate
efficiently and successfully in the markets they serve. More at
www.ingrammicro.com.
Cautionary Statement for the Purpose of the Safe Harbor
Provisions of the Private Securities Litigation Reform Act of
1995
The matters in this press release that are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act, including statements relating to the expected benefits
from acquisitions and our ability to enhance earnings power and the
impact of foreign currency rates, are based on current management
expectations. Certain risks may cause such expectations to not be
achieved and, in turn, may have a material adverse effect on Ingram
Micro's business, financial condition and results of operations.
Ingram Micro disclaims any duty to update any forward-looking
statements. Important risk factors that could cause actual results
to differ materially from those discussed in the forward-looking
statements include, without limitation: (1) changes in
macro-economic conditions, including from currency movements, can
affect our business and results of operations; (2) our acquisition
and investment strategies may not produce the expected benefits and
our cost reduction programs may not produce the anticipated
benefits, each of which may adversely affect results of operations;
(3) we are dependent on a variety of information systems, which, if
not properly functioning, and available, or if we experience
system security breaches, data protection breaches or other
cyber-attacks, could adversely disrupt our business and
harm our reputation and net sales; (4) failure to retain and
recruit key personnel would harm our ability to meet key
objectives; (5) we operate a global business that exposes us to
risks associated with conducting business in multiple
jurisdictions; (6) our failure to adequately adapt to industry
changes could negatively impact our future operating results; (7)
we continually experience intense competition across all markets
for our products and services; (8) termination of a key supply or
services agreement or a significant change in supplier terms or
conditions of sale could negatively affect our operating margins,
revenue or the level of capital required to fund our operations;
(9) substantial defaults by our customers or the loss of
significant customers could negatively impact our business, results
of operations, financial condition or liquidity; (10) changes in,
or interpretations of, tax rules and regulations, changes in the
mix of our business amongst different tax jurisdictions, and
deterioration of the performance of our business may adversely
affect our effective income tax rates or operating margins and we
may be required to pay additional taxes and/or tax assessments, as
well as record valuation allowances relating to our deferred tax
assets; (11) our goodwill and identifiable intangible assets
could become impaired, which could reduce the value of our assets
and reduce our net income in the year in which the write-off
occurs; (12) changes in our credit rating or
other market factors, such as adverse capital and credit market
conditions or reductions in cash flow from operations may affect
our ability to meet liquidity needs, reduce access to capital,
and/or increase our costs of borrowing; (13) we cannot predict the
outcome of litigation matters and other contingencies that we may
be involved with from time to time; (14) we may become
involved in intellectual property disputes that could cause us to
incur substantial costs, divert the efforts of management or
require us to pay substantial damages or licensing fees;
(15) our failure to comply with the requirements of
environmental regulations could adversely affect our business;
(16) we face a variety of risks in our reliance on
third-party service companies, including shipping companies, for
the delivery of our products and outsourcing arrangements; (17)
changes in accounting rules could adversely affect our future
operating results; and (18) our quarterly results have fluctuated
significantly. There are additional contingencies
associated with each of the above identified risks. For
example, in connection with our acquisition strategy, we risk
failing to realize the anticipated benefits of an acquisition due
to, among other things, the unsuccessful integration of an acquired
business. Despite its global presence, Ingram Micro may fail to
proactively identify and tap into emerging markets and
geographies. We have historically instituted, and will
continue to institute, changes to our strategies, operations and
processes in an effort to address and mitigate risks; however,
there are no assurances that Ingram Micro will be successful in
these efforts. For a further discussion of significant factors to
consider in connection with forward-looking statements concerning
Ingram Micro, reference is made to our SEC filings, and
specifically to Item 1A-Risk Factors, of our latest Annual
Report on Form 10K.
© 2014 Ingram Micro Inc. All rights reserved. Ingram
Micro and the registered Ingram Micro logo are trademarks used
under license by Ingram Micro Inc.
Ingram Micro
Inc.
|
Consolidated
Balance Sheet
|
(Amounts in
000s)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
April
4,
|
|
January
3,
|
|
2015
|
|
2015
|
|
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
509,883
|
|
$
692,777
|
Trade accounts
receivable, net
|
5,015,639
|
|
6,115,328
|
Inventory
|
4,252,845
|
|
4,145,012
|
Other current
assets
|
609,549
|
|
532,406
|
|
|
|
|
Total current
assets
|
10,387,916
|
|
11,485,523
|
|
|
|
|
Property and
equipment, net
|
439,290
|
|
432,430
|
Goodwill
|
553,802
|
|
532,483
|
Intangible assets,
net
|
340,161
|
|
318,689
|
Other
assets
|
52,495
|
|
62,318
|
|
|
|
|
Total
assets
|
$
11,773,664
|
|
$
12,831,443
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
5,558,643
|
|
$
6,522,369
|
Accrued
expenses
|
501,854
|
|
542,038
|
Short-term debt and
current maturities of long-term debt
|
158,589
|
|
372,026
|
|
|
|
|
Total current
liabilities
|
6,219,086
|
|
7,436,433
|
|
|
|
|
Long-term debt, less
current maturities
|
1,256,978
|
|
1,096,889
|
Other
liabilities
|
123,871
|
|
132,295
|
|
|
|
|
Total
liabilities
|
7,599,935
|
|
8,665,617
|
|
|
|
|
Stockholders'
equity
|
4,173,729
|
|
4,165,826
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
11,773,664
|
|
$
12,831,443
|
Ingram Micro
Inc.
|
Consolidated
Statement of Income
|
(Amounts in 000s,
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Thirteen
Weeks Ended
|
|
April 4,
2015
|
|
March 29,
2014
|
|
|
|
|
Net sales
|
$
10,644,426
|
|
$
10,383,989
|
Cost of
sales
|
10,026,965
|
|
9,773,409
|
Gross
profit
|
617,461
|
|
610,580
|
|
|
|
|
Operating
expenses:
|
|
|
|
Selling, general and
administrative
|
499,775
|
|
489,644
|
Amortization of
intangible assets
|
15,931
|
|
14,152
|
Reorganization
costs
|
4,040
|
|
38,424
|
|
519,746
|
|
542,220
|
|
|
|
|
Income from
operations
|
97,715
|
|
68,360
|
|
|
|
|
Other expense
(income):
|
|
|
|
Interest
income
|
(458)
|
|
(1,425)
|
Interest
expense
|
22,158
|
|
19,322
|
Net foreign currency
exchange loss
|
7,538
|
|
1,588
|
Other
|
3,462
|
|
4,983
|
|
32,700
|
|
24,468
|
|
|
|
|
Income before income
taxes
|
65,015
|
|
43,892
|
|
|
|
|
Provision for income
taxes
|
21,740
|
|
19,059
|
|
|
|
|
Net income
|
$
43,275
|
|
$
24,833
|
|
|
|
|
Diluted earnings per
share
|
$
0.27
|
|
$
0.16
|
|
|
|
|
Diluted weighted
average
|
|
|
|
shares
outstanding
|
160,203
|
|
159,000
|
Ingram Micro
Inc.
|
Consolidated
Statement of Cash Flows
|
(Amounts in
000s)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended
|
|
|
|
|
|
April 4,
2015
|
|
March 29,
2014
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
Net income
|
$
43,275
|
|
$
24,833
|
|
Adjustments to
reconcile net income to cash
|
|
|
|
|
provided (used)
by operating activities:
|
|
|
|
|
|
Depreciation and
amortization
|
37,321
|
|
34,219
|
|
|
Stock-based
compensation
|
6,514
|
|
7,886
|
|
|
Excess tax benefit
from stock-based compensation
|
(59)
|
|
(2,210)
|
|
|
Gain on sale of
property and equipment
|
(62)
|
|
-
|
|
|
Noncash charges for
interest and bond discount amortization
|
792
|
|
587
|
|
|
Deferred income
taxes
|
19,653
|
|
4,526
|
|
|
Changes in operating
assets and liabilities, net of effects of acquisitions:
|
|
|
|
|
|
Trade accounts
receivable
|
1,070,791
|
|
896,266
|
|
|
Inventory
|
(132,717)
|
|
(184,173)
|
|
|
Other current
assets
|
(83,217)
|
|
(107,723)
|
|
|
Accounts
payable
|
(695,593)
|
|
(985,564)
|
|
|
Change in book
overdrafts
|
(136,837)
|
|
32,255
|
|
|
Accrued
expenses
|
(70,890)
|
|
(147,332)
|
|
|
|
|
Cash provided (used)
by operating activities
|
58,971
|
|
(426,430)
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
Capital
expenditures
|
(21,767)
|
|
(22,320)
|
|
Sale of marketable
securities, net
|
-
|
|
(50)
|
|
Proceeds from sale of
property and equipment
|
111
|
|
-
|
|
Cost-based
investment
|
-
|
|
(10,000)
|
|
Acquisitions, net of
cash acquired
|
(88,561)
|
|
-
|
|
|
|
|
Cash used by
investing activities
|
(110,217)
|
|
(32,370)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
Proceeds from
exercise of stock options
|
704
|
|
23,014
|
|
Excess tax benefit
from stock-based compensation
|
59
|
|
2,210
|
|
Net proceeds from
(repayments of) revolving credit facilities
|
(123,676)
|
|
173,075
|
|
|
|
|
Cash provided (used)
by financing activities
|
(122,913)
|
|
198,299
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
(8,735)
|
|
10,622
|
|
|
|
|
|
|
|
|
Decrease in cash and
cash equivalents
|
(182,894)
|
|
(249,879)
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
692,777
|
|
674,390
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
$
509,883
|
|
$
424,511
|
Ingram Micro
Inc.
|
Supplementary
Information
|
Income from
Operations - Reconciliation of GAAP to Non-GAAP
Information
|
(Amounts in
Millions)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended April 4, 2015
|
|
|
|
|
|
|
|
|
|
|
Stock-based
|
|
Consolidated
|
|
|
North
America
|
|
Europe
|
|
Asia-Pacific
|
|
Latin
America
|
|
compensation
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
$
4,441.6
|
|
$
3,074.3
|
|
$
2,544.2
|
|
$
584.3
|
|
$
-
|
|
$
10,644.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Income
|
|
$
54.3
|
|
$
6.9
|
|
$
31.6
|
|
$
11.4
|
|
$
(6.5)
|
|
$
97.7
|
Reorganization,
integration and transition costs
|
|
5.6
|
|
3.5
|
|
1.9
|
|
0.5
|
|
-
|
|
11.5
|
Amortization of
intangible assets
|
|
10.5
|
|
3.3
|
|
2.0
|
|
0.2
|
|
-
|
|
16.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating
Income
|
|
$
70.4
|
|
$
13.7
|
|
$
35.5
|
|
$
12.1
|
|
$
(6.5)
|
|
$
125.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Margin
|
|
1.22%
|
|
0.22%
|
|
1.24%
|
|
1.95%
|
|
|
|
0.92%
|
Non-GAAP Operating
Margin
|
|
1.59%
|
|
0.45%
|
|
1.40%
|
|
2.07%
|
|
|
|
1.18%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended March 29, 2014
|
|
|
|
|
|
|
|
|
|
|
Stock-based
|
|
Consolidated
|
|
|
North
America
|
|
Europe
|
|
Asia-Pacific
|
|
Latin
America
|
|
compensation
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
$
4,142.1
|
|
$
3,459.3
|
|
$
2,289.1
|
|
$
493.5
|
|
$
-
|
|
$
10,384.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Income
|
|
$
61.7
|
|
$
(11.2)
|
|
$
16.8
|
|
$
9.0
|
|
$
(7.9)
|
|
$
68.4
|
Reorganization,
integration and transition costs
|
|
13.1
|
|
30.8
|
|
2.6
|
|
0.5
|
|
-
|
|
47.0
|
Amortization of
intangible assets
|
|
9.7
|
|
2.8
|
|
1.4
|
|
0.2
|
|
-
|
|
14.1
|
LCD class action
settlement
|
|
(6.6)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(6.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating
Income
|
|
$
77.9
|
|
$
22.4
|
|
$
20.8
|
|
$
9.7
|
|
$
(7.9)
|
|
$
122.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Margin
|
|
1.49%
|
|
(0.32%)
|
|
0.73%
|
|
1.82%
|
|
|
|
0.66%
|
Non-GAAP Operating
Margin
|
|
1.88%
|
|
0.65%
|
|
0.91%
|
|
1.96%
|
|
|
|
1.18%
|
Ingram Micro
Inc.
|
Supplementary
Information
|
Reconciliation of
GAAP to Non-GAAP Financial Measures
|
(Amounts in
Millions, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended April 4, 2015
|
|
|
|
|
|
Diluted
|
|
|
|
Net
Income
|
|
Earnings per Share
(a)
|
|
|
|
|
|
|
|
As Reported Under
GAAP
|
|
$
43.3
|
|
$
0.27
|
|
Reorganization,
integration and transition costs
|
|
11.0
|
|
0.07
|
|
Amortization of
intangible assets
|
|
11.3
|
|
0.07
|
|
Pan-Europe foreign
exchange loss
|
|
2.6
|
|
0.02
|
|
|
|
|
|
|
|
Non-GAAP Financial
Measure
|
|
$
68.2
|
|
$
0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended March 29, 2014
|
|
|
|
|
|
Diluted
|
|
|
|
Net
Income
|
|
Earnings per Share
(a)
|
|
|
|
|
|
|
|
As Reported Under
GAAP
|
|
$
24.8
|
|
$
0.16
|
|
Reorganization,
integration and transition costs
|
|
38.9
|
|
0.25
|
|
Amortization of
intangible assets
|
|
10.1
|
|
0.06
|
|
LCD class action
settlement
|
|
(4.7)
|
|
(0.03)
|
|
Pan-Europe foreign
exchange gain
|
|
(1.2)
|
|
(0.01)
|
|
|
|
|
|
|
|
Non-GAAP Financial
Measure
|
|
$
67.9
|
|
$
0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Per share impact is
calculated by dividing net income amount by the diluted weighted
average shares outstanding of
160.2 and 159.0 for the thirteen weeks ended April 4, 2015 and
March 29, 2014, respectively.
|
Logo -
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SOURCE Ingram Micro Inc.