SANTA ANA, Calif., Feb. 13, 2014 /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
fourth quarter ended Dec. 28,
2013.
|
Fourth Quarter
Ended
|
|
|
Fiscal Year
Ended
|
|
|
Dec. 28,
2013
|
|
Dec. 29,
2012
|
|
Change
|
|
|
Dec. 28,
2013
|
|
Dec. 29,
2012
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
($B)
|
$11.8
|
|
$11.4
|
|
4%
|
|
|
$42.6
|
|
$37.8
|
|
12%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
6.00%
|
|
5.81%
|
|
19bp
|
|
|
5.85%
|
|
5.38%
|
|
47bp
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margin
|
1.46%
|
|
1.48%
|
|
(2bp)
|
|
|
1.21%
|
|
1.22%
|
|
(1bp)
|
|
Non-GAAP operating
margin
|
1.78%
|
|
1.66%
|
|
12bp
|
|
|
1.41%
|
|
1.35%
|
|
6bp
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per diluted
share
|
$0.71
|
|
$0.66
|
|
8%
|
|
|
$1.99
|
|
$1.99
|
|
-
|
|
Non-GAAP earnings per
diluted share
|
$0.88
|
|
$0.75
|
|
17%
|
|
|
$2.37
|
|
$2.04
|
|
16%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A
reconciliation of GAAP financial measures to non-GAAP financial
measures is presented in the Supplementary Information section in
this press release.
|
"The fourth quarter marked a strong close to a year where we
executed well on our key strategic and financial objectives," said
Alain Monie, Ingram Micro CEO. "We
successfully balanced revenue growth with margin and earnings
improvement and drove solid operating leverage across the business.
The end result of our focus and steady course is evident in our
fourth quarter and full year results, which demonstrate excellent
progress along the trajectory towards our 2015 financial targets
and helped us deliver strong shareholder value for the year."
Worldwide sales were an all-time record $11.8 billion, up 4 percent in U.S. dollars, when
compared with $11.4 billion in the
fourth quarter last year.
Worldwide gross profit was $710
million (6.00 percent of total sales), compared with
$661 million (5.81 percent of total
sales) in the 2012 fourth quarter.
Operating income was $173 million
(1.46 percent of total sales), compared with 2012 fourth quarter
operating income of $168 million
(1.48 percent of total sales). 2013 fourth quarter net income was
$112 million, or 71 cents per diluted share. This compares with
2012 fourth quarter net income of $101
million, or 66 cents per
diluted share.
Non-GAAP operating income for the 2013 fourth quarter was
$211 million (1.78 percent of total
sales). This compares with non-GAAP operating income for the 2012
fourth quarter of $189 million (1.66
percent of total sales).
2013 fourth quarter non-GAAP net income was $139 million, or 88
cents per diluted share, compared with non-GAAP net income
of $115 million, or 75 cents per diluted share, in the 2012 fourth
quarter.
The effective tax rate for the 2013 fourth quarter was 27
percent, lower than the company originally anticipated due largely
to the recognition of net discrete tax benefits during the quarter,
which benefited GAAP and non-GAAP earnings per diluted share by
approximately 4 cents.
Non-GAAP operating income, non-GAAP operating margin, non-GAAP
net income and non-GAAP earnings per diluted share are financial
measures that exclude the amortization of intangible assets and
charges associated with reorganization, integration and transition
costs. For the 2013 year, 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 net discrete tax benefit of $28.5 million in 2012, primarily related to the
write-off of the historical tax basis of the investment the company
had maintained in one of its 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.
Key 2013 fourth quarter business highlights:
- The company's mobility business was accretive to 2013 fourth
quarter non-GAAP earnings per diluted share by 11 cents. This brings total accretion from the
mobility business for the 2013 full year to 35 cents, above the company's target of
34 cents that was initially
established upon announcement of the acquisition of BrightPoint in
July 2012.
- Ingram Micro Mobility added new OEM distribution agreements in
Europe, Asia Pacific and Latin America and won new logistics contracts
in all regions.
- Australia achieved the
company's target for non-GAAP operating profitability in the 2013
fourth quarter, improving more than $12
million from the operating loss in last year's fourth
quarter.
- Ingram Micro added global enterprise IT asset disposition,
onsite data destruction and e-waste recycling services for large
enterprise customers, retail customers and OEMs, increasing its
supply chain capabilities and solutions offerings with the
acquisition of CloudBlue Technologies, Inc.
- The company expanded its capabilities in the e-commerce
logistics market with the acquisition of Shipwire, Inc., enhancing
its ability to accelerate growth in the rapidly expanding
e-commerce fulfillment industry, while also better enabling Ingram
Micro Logistics (IML) to meet the e-commerce needs of large
retailers with significantly reduced onboarding time, cost and
complexity.
- Leveraging the company's existing strong presence in
distribution, Ingram Micro Mobility announced that it expanded into
Latin America and now offers a
full suite of wireless device lifecycle services in the
region.
- Based on its current ability to reach an extensive network of
mobile devices and accessories resellers, Ingram Micro Mobility was
named a core distributor of Samsung Mobile smartphone and tablet
accessory products in the United
States.
- Cash flow from operations for the 2013 fourth quarter was
$353 million, bringing total 2013
full year cash flow from operations to $466
million. This compares to 2012 fourth quarter and full year
cash flow from operations of $81
million and $46 million,
respectively.
In order to further enhance its ability to innovate and respond
to market needs with greater speed and efficiency, the company also
announced its plan to proceed with a global organizational
effectiveness program that involves three critical aspects:
- Aligning and leveraging the company's infrastructure globally
with its evolving businesses, opportunities and resources;
- De-layering and simplifying the organization to enable the
company to be more nimble, responsive and collaborative; and
- Maintaining investments in expertise and capabilities to
continue to transform the company's business mix in faster growing,
higher margin businesses.
As a result of the alignment and de-layering programs, the
company expects annual savings between $80
and $100 million. One-time restructuring, integration and
other reorganization costs associated with these programs are
expected to be between $80 and $100
million, which includes $8
million in costs associated with implementation of
initiatives that occurred in the fourth quarter of 2013. The
majority of the costs are expected to be incurred in the first half
of 2014. The company anticipates the majority of the cost savings
beginning to occur in the second half of 2014 and the full run rate
of savings to be realized in 2015.
Monie commented, "Our company is proactively accompanying great
changes in the technology industry and evolving its business
composition and structure accordingly. As we explore and execute on
our various initiatives for growth and stronger profitability, the
overall objective of our organizational effectiveness programs –
which we have been working at developing over the past few months –
is to streamline and focus our resources to run our businesses
faster, smarter and better to capture the tremendous opportunities
we have already started to invest in, while generating greater,
sustainable shareholder value."
Outlook
For the 2014 year, the company currently expects worldwide
revenue to grow in the low- to mid-single-digits, in-line with
overall global IT spending. The company also expects to drive solid
non-GAAP operating leverage in 2014, as additional investments into
the business are more than offset by continued execution,
operational improvement and benefits from earlier investments, as
well as the favorable impact in the second half of 2014 from the
company's organizational effectiveness programs.
For the 2014 first quarter, the company currently expects a low
double-digit sequential decline in worldwide revenue and a
high-teen basis point sequential decline in gross margin, both
in-line with recent historical seasonality. The company also said
that it is continuing its organic investments, which also now
include investments into recently acquired businesses to leverage
Ingram Micro's global reach. Diluted weighted average shares
outstanding for the 2014 first quarter are expected to be 158.5
million.
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) 576-4387 (toll-free within the
United States and Canada)
or (719) 325-2469 (other countries), passcode "1001907."
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 "1001907."
About Ingram Micro Inc.
Ingram Micro is
the world's largest wholesale technology distributor and a global
leader in supply-chain and mobile device lifecycle services. 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. We may not realize all of the
benefits associated with our realignment and de-layering
programs.
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)
|
|
|
|
|
|
|
|
|
|
December
28,
|
|
December
29,
|
|
2013
|
|
2012
|
|
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
674,390
|
|
$
595,147
|
Trade accounts
receivable, net
|
5,454,832
|
|
5,457,299
|
Inventory
|
3,724,447
|
|
3,591,543
|
Other current
assets
|
521,902
|
|
522,390
|
|
|
|
|
Total current
assets
|
10,375,571
|
|
10,166,379
|
|
|
|
|
Property and
equipment, net
|
488,699
|
|
481,324
|
Goodwill
|
527,526
|
|
428,401
|
Intangible assets,
net
|
375,423
|
|
372,482
|
Other
assets
|
23,976
|
|
31,862
|
|
|
|
|
Total
assets
|
$
11,791,195
|
|
$
11,480,448
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
6,175,604
|
|
$
6,065,159
|
Accrued
expenses
|
710,040
|
|
585,404
|
Short-term debt and
current maturities of long-term debt
|
48,772
|
|
111,268
|
|
|
|
|
Total current
liabilities
|
6,934,416
|
|
6,761,831
|
|
|
|
|
Long-term debt, less
current maturities
|
797,454
|
|
943,275
|
Other
liabilities
|
109,700
|
|
164,089
|
|
|
|
|
Total
liabilities
|
7,841,570
|
|
7,869,195
|
|
|
|
|
Stockholders'
equity
|
3,949,625
|
|
3,611,253
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
11,791,195
|
|
$
11,480,448
|
|
|
|
|
Ingram Micro
Inc.
|
Consolidated
Statement of Income
|
(Amounts in 000s,
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended
|
|
December 28,
2013
|
|
December 29,
2012
|
|
|
|
|
Net sales
|
$
11,832,844
|
|
$
11,379,882
|
Cost of
sales
|
11,123,179
|
|
10,718,672
|
Gross
profit
|
709,665
|
|
661,210
|
|
|
|
|
Operating
expenses:
|
|
|
|
Selling,
general and administrative
|
509,414
|
|
477,797
|
Amortization
of intangible assets
|
13,080
|
|
12,534
|
Reorganization
costs
|
14,579
|
|
3,012
|
|
537,073
|
|
493,343
|
|
|
|
|
Income from
operations
|
172,592
|
|
167,867
|
|
|
|
|
Other expense
(income):
|
|
|
|
Interest
income
|
(1,766)
|
|
(2,805)
|
Interest
expense
|
13,192
|
|
17,438
|
Net foreign
currency exchange loss
|
1,713
|
|
982
|
Other
|
6,536
|
|
3,142
|
|
19,675
|
|
18,757
|
|
|
|
|
Income before income
taxes
|
152,917
|
|
149,110
|
|
|
|
|
Provision for income
taxes
|
40,717
|
|
47,759
|
|
|
|
|
Net income
|
$
112,200
|
|
$
101,351
|
|
|
|
|
Diluted earnings per
share
|
$
0.71
|
|
$
0.66
|
|
|
|
|
Diluted weighted
average
|
|
|
|
shares
outstanding
|
158,132
|
|
153,280
|
|
|
|
|
Ingram Micro
Inc.
|
Consolidated
Statement of Income
|
(Amounts in 000s,
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Fifty-two Weeks
Ended
|
|
December 28,
2013
|
|
December 29,
2012
|
|
|
|
|
Net sales
|
$
42,553,918
|
|
$
37,827,299
|
Cost of
sales
|
40,064,361
|
|
35,791,910
|
Gross
profit
|
2,489,557
|
|
2,035,389
|
|
|
|
|
Operating
expenses:
|
|
|
|
Selling,
general and administrative
|
1,891,573
|
|
1,542,650
|
Amortization
of intangible assets
|
48,480
|
|
20,711
|
Reorganization
costs
|
34,629
|
|
9,676
|
|
1,974,682
|
|
1,573,037
|
|
|
|
|
Income from
operations
|
514,875
|
|
462,352
|
|
|
|
|
Other expense
(income):
|
|
|
|
Interest
income
|
(7,652)
|
|
(10,216)
|
Interest
expense
|
59,165
|
|
55,690
|
Net foreign
currency exchange loss
|
11,578
|
|
10,546
|
Other
|
15,685
|
|
10,148
|
|
78,776
|
|
66,168
|
|
|
|
|
Income before income
taxes
|
436,099
|
|
396,184
|
|
|
|
|
Provision for income
taxes
|
125,516
|
|
90,275
|
|
|
|
|
Net income
|
$
310,583
|
|
$
305,909
|
|
|
|
|
Diluted earnings per
share
|
$
1.99
|
|
$
1.99
|
|
|
|
|
Diluted weighted
average
|
|
|
|
shares
outstanding
|
156,272
|
|
153,717
|
|
|
|
|
Ingram Micro
Inc.
|
Consolidated
Statement of Cash Flows
|
(Amounts in
000s)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fifty-two Weeks
Ended
|
|
|
|
|
|
December 28,
2013
|
|
December 29,
2012
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
Net income
|
$
310,583
|
|
$
305,909
|
|
Adjustments to
reconcile net income to cash
|
|
|
|
|
provided by
operating activities:
|
|
|
|
|
|
Depreciation and
amortization
|
128,915
|
|
70,416
|
|
|
Stock-based
compensation
|
30,340
|
|
27,218
|
|
|
Excess tax benefit
from stock-based compensation
|
(1,944)
|
|
(6,252)
|
|
|
Loss on disposal of
property and equipment
|
8,399
|
|
-
|
|
|
Gain on sale of land
and building
|
(1,045)
|
|
-
|
|
|
Noncash charges for
interest and bond discount amortization
|
2,554
|
|
2,017
|
|
|
Deferred income
taxes
|
(33,087)
|
|
(5,917)
|
|
Changes in operating assets
and liabilities, net of effects of acquisitions:
|
|
|
|
|
|
Trade accounts
receivable
|
(66,400)
|
|
(438,642)
|
|
|
Inventory
|
(159,779)
|
|
(200,351)
|
|
|
Other current
assets
|
(13,654)
|
|
22,552
|
|
|
Accounts
payable
|
234,913
|
|
468,961
|
|
|
Change in book
overdrafts
|
(67,370)
|
|
(95,965)
|
|
|
Accrued
expenses
|
93,615
|
|
(104,225)
|
|
|
|
|
Cash provided by
operating activities
|
466,040
|
|
45,721
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
Capital
expenditures
|
(95,639)
|
|
(92,300)
|
|
Sales of marketable
trading securities, net
|
1,877
|
|
2,735
|
|
Proceeds from sale of
land and building
|
1,169
|
|
-
|
|
Acquisition and
earn-out payments, net of cash acquired
|
(135,763)
|
|
(899,464)
|
|
|
|
|
Cash used by
investing activities
|
(228,356)
|
|
(989,029)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
Proceeds from
exercise of stock options
|
43,384
|
|
31,335
|
|
Repurchase of Class A
Common Stock
|
-
|
|
(50,000)
|
|
Excess tax benefit
from stock-based compensation
|
1,944
|
|
6,252
|
|
Net proceeds from
issuance of senior unsecured notes
|
-
|
|
296,256
|
|
Fees associated with
the amendment and extension of credit facilities
|
(1,086)
|
|
-
|
|
Net proceeds
(repayments) on revolving credit facilities
|
(195,729)
|
|
355,918
|
|
Other
|
(4,423)
|
|
-
|
|
|
|
|
Cash provided (used)
by financing activities
|
(155,910)
|
|
639,761
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
(2,531)
|
|
7,291
|
|
|
|
|
|
|
|
|
Increase (decrease)
in cash and cash equivalents
|
79,243
|
|
(296,256)
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of year
|
595,147
|
|
891,403
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, end of year
|
$
674,390
|
|
$
595,147
|
|
|
|
|
|
|
|
|
Ingram Micro
Inc.
|
Supplementary
Information
|
Income from
Operations - Reconciliation of GAAP to Non-GAAP
Information
|
(Amounts in
Millions)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended December 28, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
Europe
|
|
Asia-Pacific
|
|
Latin
America
|
|
Brightpoint
|
|
Stock-based
compensation
|
|
Consolidated
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
$
4,465.3
|
|
$
3,315.9
|
|
$
2,222.7
|
|
$
681.5
|
|
$
1,147.4
|
|
$
-
|
|
$
11,832.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Income
|
|
$
77.1
|
|
$
53.4
|
|
$
19.1
|
|
$
18.4
|
|
$
13.3
|
|
$
(8.7)
|
|
$
172.6
|
Reorganization,
integration and transition costs
|
|
8.4
|
|
5.3
|
|
3.4
|
|
-
|
|
8.0
|
|
-
|
|
25.1
|
Amortization of
intangible assets
|
|
3.0
|
|
0.6
|
|
0.2
|
|
0.2
|
|
9.1
|
|
-
|
|
13.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating Income
|
|
$
88.5
|
|
$
59.3
|
|
$
22.7
|
|
$
18.6
|
|
$
30.4
|
|
$
(8.7)
|
|
$
210.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Margin
|
|
1.73%
|
|
1.61%
|
|
0.86%
|
|
2.70%
|
|
1.16%
|
|
|
|
1.46%
|
Non-GAAP Operating
Margin
|
|
1.98%
|
|
1.79%
|
|
1.02%
|
|
2.73%
|
|
2.65%
|
|
|
|
1.78%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended December 29, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
Europe
|
|
Asia-Pacific
|
|
Latin
America
|
|
Brightpoint
|
|
Stock-based compensation
|
|
Consolidated Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
$
4,463.7
|
|
$
3,087.2
|
|
$
2,184.9
|
|
$
602.7
|
|
$
1,041.4
|
|
$
-
|
|
$
11,379.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Income
|
|
$
78.4
|
|
$
51.9
|
|
$
15.1
|
|
$
16.6
|
|
$
11.3
|
|
$
(5.4)
|
|
$
167.9
|
Reorganization,
integration and transition costs
|
|
1.0
|
|
0.8
|
|
0.2
|
|
0.0
|
|
6.7
|
|
-
|
|
8.7
|
Amortization of
intangible assets
|
|
1.7
|
|
2.2
|
|
0.2
|
|
0.2
|
|
8.2
|
|
-
|
|
12.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating Income
|
|
$
81.1
|
|
$
54.9
|
|
$
15.5
|
|
$
16.8
|
|
$
26.2
|
|
$
(5.4)
|
|
$
189.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Margin
|
|
1.76%
|
|
1.68%
|
|
0.69%
|
|
2.75%
|
|
1.08%
|
|
|
|
1.48%
|
Non-GAAP Operating
Margin
|
|
1.82%
|
|
1.78%
|
|
0.71%
|
|
2.79%
|
|
2.52%
|
|
|
|
1.66%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ingram Micro
Inc.
|
Supplementary
Information
|
Income from
Operations - Reconciliation of GAAP to Non-GAAP
Information
|
(Amounts in
Millions)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fifty-two Weeks
Ended December 28, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
Europe
|
|
Asia-Pacific
|
|
Latin
America
|
|
Brightpoint
|
|
Stock-based
compensation
|
|
Consolidated
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
$
16,434.0
|
|
$
10,843.5
|
|
$
8,698.1
|
|
$
2,051.9
|
|
$
4,526.4
|
|
$
-
|
|
$
42,553.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Income
|
|
$
296.2
|
|
$
85.0
|
|
$
74.4
|
|
$
43.1
|
|
$
46.5
|
|
$
(30.3)
|
|
$
514.9
|
Reorganization,
integration and transition costs
|
|
15.2
|
|
11.9
|
|
7.4
|
|
-
|
|
25.0
|
|
-
|
|
59.5
|
Amortization of
intangible assets
|
|
8.4
|
|
2.0
|
|
0.8
|
|
0.9
|
|
36.4
|
|
|
|
48.5
|
LCD class action
settlement
|
|
(28.5)
|
|
-
|
|
-
|
|
(1.0)
|
|
-
|
|
-
|
|
(29.5)
|
European indirect tax
declarations charge
|
|
-
|
|
5.0
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating Income
|
|
$
291.3
|
|
$
103.9
|
|
$
82.6
|
|
$
43.0
|
|
$
107.9
|
|
$
(30.3)
|
|
$
598.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Margin
|
|
1.80%
|
|
0.78%
|
|
0.86%
|
|
2.10%
|
|
1.03%
|
|
|
|
1.21%
|
Non-GAAP Operating
Margin
|
|
1.77%
|
|
0.96%
|
|
0.95%
|
|
2.10%
|
|
2.38%
|
|
|
|
1.41%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fifty-two
Weeks Ended December 29, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
Europe
|
|
Asia-Pacific
|
|
Latin
America
|
|
Brightpoint
|
|
Stock-based
compensation
|
|
Consolidated
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
$
15,880.1
|
|
$
10,614.8
|
|
$
8,347.2
|
|
$
1,943.8
|
|
$
1,041.4
|
|
$
-
|
|
$
37,827.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Income
|
|
$
283.7
|
|
$
103.3
|
|
$
53.6
|
|
$
37.7
|
|
$
11.3
|
|
$
(27.2)
|
|
$
462.4
|
Reorganization,
integration and transition costs
|
|
9.6
|
|
3.1
|
|
4.4
|
|
2.4
|
|
6.6
|
|
-
|
|
26.1
|
Amortization of
intangible assets
|
|
6.7
|
|
3.8
|
|
1.1
|
|
0.9
|
|
8.2
|
|
-
|
|
20.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating Income
|
|
$
300.0
|
|
$
110.2
|
|
$
59.1
|
|
$
41.0
|
|
$
26.1
|
|
$
(27.2)
|
|
$
509.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Margin
|
|
1.79%
|
|
0.97%
|
|
0.64%
|
|
1.94%
|
|
1.09%
|
|
|
|
1.22%
|
Non-GAAP Operating
Margin
|
|
1.89%
|
|
1.04%
|
|
0.71%
|
|
2.11%
|
|
2.51%
|
|
|
|
1.35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ingram Micro
Inc.
|
Supplementary
Information
|
Reconciliation of
GAAP to Non-GAAP Financial Measures
|
(Amounts in
Millions, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended December 28, 2013
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
Net
Income
|
|
Earnings per Share
(a)
|
|
|
|
|
|
As Reported Under
GAAP
|
|
$
112.2
|
|
$
0.71
|
Reorganization,
integration and transition costs
|
|
18.4
|
|
0.12
|
Amortization of
intangible assets
|
|
9.6
|
|
0.06
|
Pan-Europe foreign
exchange gain
|
|
(1.1)
|
|
(0.01)
|
Non-GAAP Financial
Measure
|
|
$
139.1
|
|
$
0.88
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended December 29, 2012
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
Net
Income
|
|
Earnings per Share
(a)
|
|
|
|
|
|
As Reported Under
GAAP
|
|
$
101.4
|
|
$
0.66
|
Reorganization,
integration and transition costs
|
|
5.8
|
|
0.04
|
Amortization of
intangible assets
|
|
8.4
|
|
0.05
|
Pan-Europe foreign
exchange gain
|
|
(0.4)
|
|
(0.00)
|
Non-GAAP Financial
Measure
|
|
$
115.2
|
|
$
0.75
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Per share impact is
calculated by dividing net income amount by the diluted weighted
average shares outstanding of 158,132 and
153,280 for the thirteen weeks ended December 28, 2013 and December
29, 2012, respectively.
|
|
|
Ingram Micro
Inc.
|
Supplementary
Information
|
Reconciliation of
GAAP to Non-GAAP Financial Measures
|
(Amounts in
Millions, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fifty-two Weeks
Ended December 28, 2013
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
Net
Income
|
|
Earnings per Share
(a)
|
|
|
|
|
|
As Reported Under
GAAP
|
|
$
310.6
|
|
$
1.99
|
Reorganization,
integration and transition costs
|
|
43.2
|
|
0.28
|
Amortization of
intangible assets
|
|
35.1
|
|
0.22
|
Pan-Europe foreign
exchange loss
|
|
0.0
|
|
0.00
|
LCD class action
settlement
|
|
(21.4)
|
|
(0.14)
|
European indirect tax
declarations charge
|
|
3.6
|
|
0.02
|
Non-GAAP Financial
Measure
|
|
$
371.1
|
|
$
2.37
|
|
|
|
|
|
|
|
|
|
|
|
|
Fifty-two
Weeks Ended December 29, 2012
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
Net
Income
|
|
Earnings per
Share (a)
|
|
|
|
|
|
As Reported Under
GAAP
|
|
$
305.9
|
|
$
1.99
|
Reorganization,
integration and transition costs
|
|
17.7
|
|
0.13
|
Amortization of
intangible assets
|
|
14.1
|
|
0.09
|
Pan-Europe foreign
exchange loss
|
|
3.8
|
|
0.02
|
Discrete tax item
related to worthless stock deduction
|
|
(28.5)
|
|
(0.19)
|
Non-GAAP Financial
Measure
|
|
$
313.0
|
|
$
2.04
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Per share impact is
calculated by dividing net income amount by the diluted weighted
average shares outstanding of 156,272 and
153,717 for the fifty-two weeks ended December 28, 2013 and
December 29, 2012, respectively.
|
|
|
(Logo:
http://photos.prnewswire.com/prnh/20100107/IMLOGO)
SOURCE Ingram Micro Inc.