SANTA ANA, Calif., Oct. 24, 2013 /PRNewswire/ -- Ingram Micro
Inc. (NYSE: IM), the world's largest wholesale technology
distributor and a global leader in supply-chain and mobile device
lifecycle services, today announced financial results for the third
quarter ended Sept. 28,
2013.
|
Third Quarter
Ended
|
|
|
|
|
Sept. 28,
2013
|
|
Sept. 29,
2012
|
|
Change
|
|
|
|
|
|
|
|
|
Net sales
($B)
|
$10.2
|
|
$9.0
|
|
12%
|
|
|
|
|
|
|
|
|
Gross
Margin
|
5.90%
|
|
5.02%
|
|
88bp
|
|
|
|
|
|
|
|
|
Operating
margin
|
1.36%
|
|
1.03%
|
|
33bp
|
|
Non-GAAP operating
margin
|
1.33%
|
|
1.14%
|
|
19bp
|
|
|
|
|
|
|
|
|
Earnings per diluted
share
|
$0.50
|
|
$0.35
|
|
43%
|
|
Non-GAAP earnings per
diluted share
|
$0.53
|
|
$0.41
|
|
29%
|
|
|
|
|
|
|
|
|
A reconciliation
of GAAP financial measures to non-GAAP financial measures is
presented in the Supplementary
Information section in this press
release.
|
|
|
|
|
|
"Our focus on execution in the third quarter delivered strong
improvements in profitability, as we continued to invest in our
strategic objectives," said Alain
Monie, Ingram Micro CEO. "Our teams were disciplined in
managing growth, which was rewarded with strong year-over-year
increases in worldwide gross margin, operating margin and EPS.
Consolidated operating margin increased meaningfully over last
year, directly benefiting from strong contribution from our
acquired mobility business and significant improvements in two
businesses that underperformed last year, as Australia made further progress on our goal to
exit the year at a profitable run-rate and Brazil delivered good profitability. Our
operational and strategic execution continues to build positive
momentum in all of the regions and markets we serve, which we
expect to accelerate in the typically strong fourth quarter."
Worldwide sales were $10.2
billion, up 12 percent in U.S. dollars, when compared with
$9.0 billion in the third quarter
last year. The company's 2012 fourth quarter acquisitions of
Brightpoint, Inc. (also referred to as the mobility business) and
Aptec Holdings Ltd. contributed substantially to the year-over-year
revenue growth and the company focused on maintaining pricing
discipline in the face of a competitive environment, particularly
in North America and Europe.
Worldwide gross profit was $599
million (5.90 percent of total sales), compared with
$454 million (5.02 percent of total
sales) in the 2012 third quarter. 2013 third quarter gross margin
benefited by 63 basis points from the addition of higher gross
margin revenue from the company's mobility business, driven largely
by its services business.
Operating income was $138 million
(1.36 percent of total sales), compared with 2012 third quarter
operating income of $93 million (1.03
percent of total sales). 2013 third quarter net income was
$79 million, or 50 cents per diluted share. This compares with
2012 third quarter net income of $53
million, or 35 cents per
diluted share.
Non-GAAP operating income for the 2013 third quarter was
$135 million (1.33 percent of total
sales). This compares with non-GAAP operating income for the 2012
third quarter of $103 million (1.14
percent of total sales).
2013 third quarter non-GAAP net income was $83 million, or 53
cents per diluted share, compared with non-GAAP net income
of $62 million, or 41 cents per diluted share, in the 2012 third
quarter.
Non-GAAP operating income, non-GAAP operating margin, non-GAAP
net income and non-GAAP earnings per diluted share are non-GAAP
financial measures that exclude the amortization of intangible
assets, primarily associated with our acquisition of BrightPoint,
and charges associated with reorganization, integration and
transition costs and expense reduction programs. For the 2013
third quarter, these non-GAAP financial measures also exclude a
benefit related to the receipt of $29.5
million from a LCD flat panel class action settlement and
the impact of a $5.0 million reserve
recorded for estimated potential charges related to indirect tax
declarations in Europe. 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 and a discrete tax benefit recognized
in the first quarter of 2012 associated with the write-off of the
historical tax basis of the investment we had maintained in one of
our Latin American subsidiary holding companies. These non-GAAP
financial measures are reconciled to their most directly comparable
GAAP measures in the Supplementary Information section of this
release.
Further detail can be found in the financial statements and
schedules attached to this news release or at
www.ingrammicro.com.
Key 2013 third quarter business highlights:
- The company's mobility business was accretive to 2013 third
quarter non-GAAP earnings per diluted share by 7 cents, bringing total accretion from the
mobility business for the nine months ended September 28, 2013 to 24
cents. The company remains confident it will achieve
its objective of 34 cents in
accretion to 2013 full year non-GAAP earnings per diluted
share.
- Ingram Micro Mobility announced several new logistics services
and distribution agreements with leading companies and OEMs,
including Telecom New Zealand and BuyCell Wireless Group.
- Ingram Micro Mobility also signed a distribution agreement with
a leading mobility OEM for several European countries.
- The company enhanced its cloud offerings and aggregation
platform with the acquisition of SoftCom Inc.
- Following the close of the quarter, the company expanded its
supply chain capabilities and solutions offerings with the
acquisition of CloudBlue Technologies, Inc., adding global
enterprise IT asset disposition, onsite data destruction and
e-waste recycling services for large enterprise customers, retail
customers and OEMs.
- The company launched at the end of the third quarter its new
mobility business unit in Latin
America.
- Australia's revenue grew for
the third quarter in a row and the country reduced its operating
loss to less than $2 million, an
improvement from the operating loss of $9
million in last year's third quarter and the operating loss
of approximately $3 million in the
2013 second quarter.
- The company launched and started transacting in the third
quarter its data capture/point of sale business in South Africa.
- Ingram Micro Logistics signed four new customers during the
quarter.
- Promark announced the addition of several new vendors to its
General Services Administration (GSA) schedule, including
Panasonic, Falconstor, Jabra and Whiptail.
Outlook
For the 2013 fourth quarter, the company currently expects gross
margin to be up sequentially by high single digit basis points and
worldwide revenue to increase over the 2013 third quarter in-line
with historical seasonality.
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 (888) 401-4668 (toll-free
within the United States and
Canada) or (719) 325-2463 (other
countries), passcode "7850367."
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 (888) 203-1112 or (719) 457-0820
outside the United States and
Canada, passcode "7850367."
About Ingram Micro Inc.
Ingram Micro is the world's largest wholesale technology
distributor and a global leader in IT supply-chain, mobile device
lifecycle services and logistics solutions. As a vital link in the
technology value chain, Ingram Micro creates sales and
profitability opportunities for vendors and resellers through
unique marketing programs, outsourced logistics and mobile
solutions, technical support, financial services and product
aggregation and distribution. The company is the only global
broad-based IT distributor, serving approximately 160 countries on
six continents with the world's most comprehensive portfolio of IT
products and services. Visit 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, including statements relating to the
expected benefits of acquisitions and the financial performance of
the combined company, 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) we have made and expect to
continue to make investments in new businesses and initiatives,
including acquisitions, which could disrupt our business and have
an adverse effect on our operating results; (2) we are dependent on
a variety of information systems, which, if not properly
functioning, or unavailable, or if we experience system
security breaches, data protection breaches or other
cyber-attacks, could adversely disrupt our business and harm
our reputation and earnings; (3) changes in macro-economic
conditions may negatively impact a number of risk factors which,
individually or in the aggregate, could adversely affect our
results of operations, financial condition and cash flows; (4) we
continually experience intense competition across all markets for
our products and services; (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 IT industry
changes could negatively impact our future operating results; (7)
terminations of a 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; (8) substantial defaults by our
customers or the loss of significant customers could have a
negative impact on our business, results of operations, financial
condition or liquidity; (9) 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; (10) 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; (11) failure to
retain and recruit key personnel would harm our ability to meet key
objectives; (12) we cannot predict with certainty what losses we
may incur as a result of litigation matters and contingencies that
we may be involved with from time to time; (13) we may incur
material litigation, regulatory or operational costs or expenses,
and may be frustrated in our marketing efforts, as a result of
environmental regulations or private intellectual property
enforcement disputes; (14) 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; (15) changes in accounting rules could adversely
affect our future operating results; and (16) our quarterly results
have fluctuated significantly. We also face a
variety of risks associated with our acquisitions and any other
acquisitions we may make, including: management's ability to
execute its plans, strategies and objectives for future operations,
including the execution of integration plans, and to realize the
expected benefits of our acquisitions; growth of the mobility
industry, the government contracts business, and in new and
untapped markets in geographies outside the U.S.; and other
uncertainties or unknown, underestimated and/or undisclosed
commitments or liabilities; and our ability to
achieve the expected benefits and manage the costs of the
integrations of our acquisitions.
Ingram Micro has instituted in the past and continues to
institute changes to its strategies, operations and processes to
address these risk factors and seek to mitigate their impact on
Ingram Micro's results of operations and financial condition.
However, no assurances can be given 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 Item 1A
Risk Factors of Ingram Micro's Annual Report on Form 10-K for the
fiscal year ended Dec. 29,
2012; other risks or uncertainties may be detailed
from time to time in Ingram Micro's future SEC filings.
© 2013 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)
|
|
|
|
|
|
|
|
|
|
September
28,
|
|
December
29,
|
|
2013
|
|
2012
|
|
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and
cash equivalents
|
$
501,626
|
|
$
595,147
|
Trade
accounts receivable, net
|
4,385,030
|
|
5,457,299
|
Inventory
|
3,766,749
|
|
3,591,543
|
Other
current assets
|
535,242
|
|
522,390
|
|
|
|
|
Total current
assets
|
9,188,647
|
|
10,166,379
|
|
|
|
|
Property and
equipment, net
|
480,406
|
|
481,324
|
Goodwill
|
439,866
|
|
428,401
|
Intangible assets,
net
|
350,169
|
|
372,482
|
Other
assets
|
22,591
|
|
31,862
|
|
|
|
|
Total
assets
|
$
10,481,679
|
|
$
11,480,448
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
5,060,364
|
|
$
6,065,159
|
Accrued
expenses
|
569,031
|
|
585,404
|
Short-term debt and current maturities of long-term debt
|
77,161
|
|
111,268
|
|
|
|
|
Total current
liabilities
|
5,706,556
|
|
6,761,831
|
|
|
|
|
Long-term debt, less
current maturities
|
813,403
|
|
943,275
|
Other
liabilities
|
140,936
|
|
164,089
|
|
|
|
|
Total
liabilities
|
6,660,895
|
|
7,869,195
|
|
|
|
|
Stockholders'
equity
|
3,820,784
|
|
3,611,253
|
|
|
|
|
Total
liabilities and stockholders' equity
|
$
10,481,679
|
|
$
11,480,448
|
|
|
|
|
Ingram Micro
Inc.
|
Consolidated
Statement of Income
|
(Amounts in 000s,
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended
|
|
September 28,
2013
|
|
September 29,
2012
|
|
|
|
|
Net sales
|
$
10,150,615
|
|
$
9,034,141
|
Cost of
sales
|
9,551,782
|
|
8,580,249
|
Gross
profit
|
598,833
|
|
453,892
|
|
|
|
|
Operating
expenses:
|
|
|
|
Selling, general and
administrative
|
442,756
|
|
353,429
|
Amortization of
intangible assets
|
11,638
|
|
2,546
|
Reorganization
costs
|
6,748
|
|
5,268
|
|
461,142
|
|
361,243
|
|
|
|
|
Income from
operations
|
137,691
|
|
92,649
|
|
|
|
|
Interest and
other:
|
|
|
|
Interest
income
|
(2,031)
|
|
(1,445)
|
Interest
expense
|
16,032
|
|
14,946
|
Net foreign currency
exchange loss
|
8,117
|
|
2,204
|
Other
|
2,070
|
|
1,918
|
|
24,188
|
|
17,623
|
|
|
|
|
Income before income
taxes
|
113,503
|
|
75,026
|
|
|
|
|
Provision for income
taxes
|
34,565
|
|
21,715
|
|
|
|
|
Net income
|
$
78,938
|
|
$
53,311
|
|
|
|
|
Diluted earnings per
share
|
$
0.50
|
|
$
0.35
|
|
|
|
|
Diluted weighted
average shares outstanding
|
157,144
|
|
152,816
|
|
|
|
|
Ingram Micro
Inc.
|
Consolidated
Statement of Income
|
(Amounts in 000s,
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Thirty-nine Weeks
Ended
|
|
September 28,
2013
|
|
September 29,
2012
|
|
|
|
|
Net sales
|
$
30,721,074
|
|
$
26,447,417
|
Cost of
sales
|
28,941,182
|
|
25,073,238
|
Gross
profit
|
1,779,892
|
|
1,374,179
|
|
|
|
|
Operating
expenses:
|
|
|
|
Selling, general and
administrative
|
1,382,159
|
|
1,064,853
|
Amortization of
intangible assets
|
35,400
|
|
8,177
|
Reorganization
costs
|
20,050
|
|
6,664
|
|
1,437,609
|
|
1,079,694
|
|
|
|
|
Income from
operations
|
342,283
|
|
294,485
|
|
|
|
|
Interest and
other:
|
|
|
|
Interest
income
|
(5,886)
|
|
(7,411)
|
Interest
expense
|
45,973
|
|
38,252
|
Net foreign currency
exchange loss
|
9,865
|
|
9,564
|
Other
|
9,150
|
|
7,006
|
|
59,102
|
|
47,411
|
|
|
|
|
Income before income
taxes
|
283,181
|
|
247,074
|
|
|
|
|
Provision for income
taxes
|
84,798
|
|
42,516
|
|
|
|
|
Net income
|
$
198,383
|
|
$
204,558
|
|
|
|
|
Diluted earnings per
share
|
$
1.27
|
|
$
1.33
|
|
|
|
|
Diluted weighted
average shares outstanding
|
155,629
|
|
153,871
|
|
|
|
|
Ingram Micro
Inc.
|
Consolidated
Statement of Cash Flows
|
(Amounts in
000s)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-nine Weeks
Ended
|
|
|
|
|
|
September 28,
2013
|
|
September 29,
2012
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
Net income
|
$
198,383
|
|
$
204,558
|
|
Adjustments to reconcile net income to cash
provided (used) by operating activities:
|
|
|
|
|
|
Depreciation and
amortization
|
94,359
|
|
41,791
|
|
|
Stock-based
compensation
|
21,649
|
|
21,815
|
|
|
Excess tax benefit
from stock-based compensation
|
(1,787)
|
|
(5,197)
|
|
|
Loss on disposal of
property and equipment
|
5,875
|
|
-
|
|
|
Gain on sale of land
and building
|
(1,045)
|
|
-
|
|
|
Noncash charges for
interest and bond discount amortization
|
1,842
|
|
1,449
|
|
|
Deferred income
taxes
|
10,154
|
|
18,648
|
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
Trade accounts
receivable
|
1,010,692
|
|
704,089
|
|
|
Inventory
|
(199,279)
|
|
(386,598)
|
|
|
Other current
assets
|
(42,667)
|
|
(42,729)
|
|
|
Accounts
payable
|
(1,005,513)
|
|
(516,019)
|
|
|
Change in book
overdrafts
|
53,840
|
|
17,233
|
|
|
Accrued
expenses
|
(33,102)
|
|
(93,956)
|
|
|
|
|
Cash provided (used)
by operating activities
|
113,401
|
|
(34,916)
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
Capital
expenditures
|
(66,423)
|
|
(64,606)
|
|
Sales of marketable
trading securities, net
|
542
|
|
935
|
|
Proceeds from sale of
land and building
|
1,169
|
|
-
|
|
Acquisition and
earn-out payments, net of cash acquired
|
(14,408)
|
|
(338)
|
|
|
|
|
Cash used by
investing activities
|
(79,120)
|
|
(64,009)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
Proceeds from
exercise of stock options
|
39,517
|
|
29,331
|
|
Repurchase of Class A
Common Stock
|
-
|
|
(50,000)
|
|
Excess tax benefit
from stock-based compensation
|
1,787
|
|
5,197
|
|
Net proceeds from
issuance of senior unsecured notes
|
-
|
|
296,256
|
|
Fees associated with
the amendment and extension of credit facilities
|
(1,086)
|
|
-
|
|
Net proceeds from
(repayments of) revolving credit facilities
|
(155,272)
|
|
79,561
|
|
|
|
|
Cash provided (used)
by financing activities
|
(115,054)
|
|
360,345
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
(12,748)
|
|
3,253
|
|
|
|
|
|
|
|
|
Increase (decrease)
in cash and cash equivalents
|
(93,521)
|
|
264,673
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
595,147
|
|
891,403
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
$
501,626
|
|
$
1,156,076
|
|
|
|
|
|
|
|
|
Ingram Micro
Inc.
|
Supplementary
Information
|
Income from
Operations - Reconciliation of GAAP to Non-GAAP
Information
|
(Amounts in
Millions)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended September 28, 2013
|
|
North
America
|
|
Europe
|
|
Asia-Pacific
|
|
Latin
America
|
|
Brightpoint
|
|
Stock-based
compensation
|
|
Consolidated
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
$
4,061.8
|
|
$2,428.3
|
|
$
2,150.2
|
|
$
448.6
|
|
$
1,061.7
|
|
$
-
|
|
$
10,150.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Income
|
$
97.7
|
|
$
4.9
|
|
$
22.4
|
|
$
9.6
|
|
$
10.7
|
|
$
(7.7)
|
|
$
137.7
|
Reorganization,
integration and transition costs
|
3.0
|
|
3.7
|
|
0.4
|
|
-
|
|
3.6
|
|
-
|
|
10.6
|
Amortization of
intangible assets
|
1.8
|
|
0.5
|
|
0.2
|
|
0.2
|
|
8.9
|
|
-
|
|
11.6
|
LCD class action
settlement
|
(28.5)
|
|
-
|
|
-
|
|
(1.0)
|
|
-
|
|
-
|
|
(29.5)
|
European indirect tax
declarations charge
|
-
|
|
5.0
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating
Income
|
$
74.0
|
|
$
14.0
|
|
$
23.0
|
|
$
8.9
|
|
$
23.2
|
|
$
(7.7)
|
|
$
135.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Margin
|
2.41%
|
|
0.20%
|
|
1.04%
|
|
2.15%
|
|
1.01%
|
|
|
|
1.36%
|
Non-GAAP Operating
Margin
|
1.82%
|
|
0.58%
|
|
1.07%
|
|
1.97%
|
|
2.19%
|
|
|
|
1.33%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended September 29, 2012
|
|
North
America
|
|
Europe
|
|
Asia-Pacific
|
|
Latin
America
|
|
Brightpoint
|
|
Stock-based
compensation
|
|
Consolidated
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
$
3,972.2
|
|
$2,420.4
|
|
$
2,174.4
|
|
$
467.1
|
|
$
-
|
|
$
-
|
|
$
9,034.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Income
|
$
66.9
|
|
$
14.5
|
|
$
9.2
|
|
$
9.3
|
|
$
-
|
|
$
(7.2)
|
|
$
92.6
|
Reorganization,
integration and transition costs
|
2.2
|
|
1.6
|
|
3.8
|
|
(0.0)
|
|
-
|
|
-
|
|
7.5
|
Amortization of
intangible assets
|
1.6
|
|
0.5
|
|
0.1
|
|
0.2
|
|
-
|
|
-
|
|
2.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating
Income
|
$
70.8
|
|
$
16.6
|
|
$
13.2
|
|
$
9.5
|
|
$
-
|
|
$
(7.2)
|
|
$
102.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Margin
|
1.69%
|
|
0.60%
|
|
0.42%
|
|
1.98%
|
|
|
|
|
|
1.03%
|
Non-GAAP Operating
Margin
|
1.78%
|
|
0.69%
|
|
0.61%
|
|
2.03%
|
|
|
|
|
|
1.14%
|
|
Ingram Micro
Inc.
|
Supplementary
Information
|
Income from
Operations - Reconciliation of GAAP to Non-GAAP
Information
|
(Amounts in
Millions)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-nine Weeks
Ended September 28, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
Europe
|
|
Asia-Pacific
|
|
Latin
America
|
|
Brightpoint
|
|
Stock-based
compensation
|
|
Consolidated
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
$
11,968.6
|
|
$7,527.7
|
|
$
6,475.4
|
|
$
1,370.4
|
|
$
3,378.9
|
|
$
-
|
|
$
30,721.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Income
|
$
219.2
|
|
$
31.5
|
|
$
55.3
|
|
$
24.7
|
|
$
33.2
|
|
$
(21.6)
|
|
$
342.3
|
Reorganization,
integration and transition costs
|
6.8
|
|
6.6
|
|
4.0
|
|
-
|
|
17.0
|
|
-
|
|
34.4
|
Amortization of
intangible assets
|
5.4
|
|
1.5
|
|
0.6
|
|
0.7
|
|
27.3
|
|
-
|
|
35.4
|
LCD class action
settlement
|
(28.5)
|
|
-
|
|
-
|
|
(1.0)
|
|
-
|
|
-
|
|
(29.5)
|
European indirect tax
declarations charge
|
-
|
|
5.0
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating
Income
|
$
202.9
|
|
$
44.7
|
|
$
60.0
|
|
$
24.3
|
|
$
77.4
|
|
$
(21.6)
|
|
$
387.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Margin
|
1.83%
|
|
0.42%
|
|
0.85%
|
|
1.80%
|
|
0.98%
|
|
|
|
1.11%
|
Non-GAAP Operating
Margin
|
1.70%
|
|
0.59%
|
|
0.93%
|
|
1.78%
|
|
2.29%
|
|
|
|
1.26%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-nine
Weeks Ended September 29, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
Europe
|
|
Asia-Pacific
|
|
Latin
America
|
|
Brightpoint
|
|
Stock-based
compensation
|
|
Consolidated
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
$
11,416.4
|
|
$7,527.6
|
|
$
6,162.3
|
|
$
1,341.1
|
|
$
-
|
|
$
-
|
|
$
26,447.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Income
|
$
205.3
|
|
$
51.4
|
|
$
38.4
|
|
$
21.1
|
|
$
-
|
|
$
(21.8)
|
|
$
294.5
|
Reorganization,
integration and transition costs
|
8.6
|
|
2.2
|
|
4.3
|
|
2.3
|
|
-
|
|
-
|
|
17.4
|
Amortization of
intangible assets
|
5.0
|
|
1.6
|
|
0.9
|
|
0.7
|
|
-
|
|
-
|
|
8.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating
Income
|
$
218.9
|
|
$
55.3
|
|
$
43.6
|
|
$
24.1
|
|
$
-
|
|
$
(21.8)
|
|
$
320.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Margin
|
1.80%
|
|
0.68%
|
|
0.62%
|
|
1.58%
|
|
|
|
|
|
1.11%
|
Non-GAAP Operating
Margin
|
1.92%
|
|
0.73%
|
|
0.71%
|
|
1.80%
|
|
|
|
|
|
1.21%
|
|
Ingram Micro
Inc.
|
Supplementary
Information
|
Reconciliation of
GAAP to Non-GAAP Financial Measures
|
(Amounts in
Millions, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended September 28, 2013
|
|
|
|
|
|
|
|
Net
Income
|
|
Diluted
Earnings per Share (a)
|
|
|
|
|
|
As Reported Under
GAAP
|
|
$
78.9
|
|
$
0.50
|
Reorganization,
integration and transition costs
|
|
7.4
|
|
0.05
|
Amortization of
intangible assets
|
|
8.1
|
|
0.05
|
Pan-Europe foreign
exchange loss
|
|
3.2
|
|
0.02
|
LCD class action
settlement
|
|
(18.0)
|
|
(0.11)
|
European indirect tax
declarations charge
|
|
3.5
|
|
0.02
|
Non-GAAP Financial
Measure
|
|
$
83.1
|
|
$
0.53
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended September 29, 2012
|
|
|
|
|
|
|
|
Net
Income
|
|
Diluted
Earnings per Share (a)
|
|
|
|
|
|
As Reported Under
GAAP
|
|
$
53.3
|
|
$
0.35
|
Reorganization, integration and
transition costs
|
|
5.2
|
|
0.03
|
Amortization of
intangible assets
|
|
1.8
|
|
0.01
|
Pan-Europe foreign
exchange loss
|
|
2.0
|
|
0.01
|
Non-GAAP Financial
Measure
|
|
$
62.2
|
|
$
0.41
|
|
|
|
|
|
(a)
|
Per share impact is
calculated by dividing net income amount by the diluted weighted
average shares outstanding of 157,144 and 152,816 for the thirteen
weeks ended September 28, 2013 and September 29, 2012,
respectively.
|
Ingram Micro
Inc.
|
Supplementary
Information
|
Reconciliation of
GAAP to Non-GAAP Financial Measures
|
(Amounts in
Millions, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-nine Weeks
Ended September 28, 2013
|
|
|
|
|
|
|
|
Net
Income
|
|
Diluted
Earnings per Share (a)
|
|
|
|
|
|
As Reported Under
GAAP
|
|
$
198.4
|
|
$
1.27
|
Reorganization,
integration and transition costs
|
|
24.1
|
|
0.16
|
Amortization of
intangible assets
|
|
24.8
|
|
0.16
|
Pan-Europe foreign
exchange loss
|
|
0.7
|
|
0.00
|
LCD class action
settlement
|
|
(18.0)
|
|
(0.11)
|
European indirect tax
declarations charge
|
|
3.5
|
|
0.02
|
Non-GAAP Financial
Measure
|
|
$
233.5
|
|
$
1.50
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-nine
Weeks Ended September 29, 2012
|
|
|
|
|
|
|
|
Net
Income
|
|
Diluted
Earnings per Share
(a)
|
|
|
|
|
|
As Reported Under
GAAP
|
|
$
204.6
|
|
$
1.33
|
Reorganization, integration and transition
costs
|
|
14.4
|
|
0.09
|
Amortization of
intangible assets
|
|
6.8
|
|
0.04
|
Pan-Europe foreign
exchange loss
|
|
4.9
|
|
0.03
|
Discrete tax items
(b)
|
|
(34.6)
|
|
(0.22)
|
Non-GAAP Financial
Measure
|
|
$
196.1
|
|
$
1.27
|
|
|
|
|
|
(a)
|
Per share impact is
calculated by dividing net income amount by the diluted weighted
average shares outstanding of 155,629 and 153,871 for the
thirty-nine weeks ended September 28, 2013 and September 29, 2012,
respectively.
|
(b)
|
Reflects a net
discrete benefit primarily related to the write-off of the
historical tax basis of the investment we have maintained in one of our Latin American
subsidiary holding companies, realized during the
period.
|
(Logo: http://photos.prnewswire.com/prnh/20100107/IMLOGO)
SOURCE Ingram Micro Inc.