SANTA ANA, Calif., Oct. 23, 2014 /PRNewswire/ -- Ingram Micro
Inc. (NYSE: IM) today announced financial results for the third
quarter ended Sept. 27, 2014.
(US$ in millions,
except EPS and diluted shares)
|
|
Third Quarter
Ended
|
|
|
September 27,
2014
|
|
September 28,
2013
|
|
Change
|
|
|
|
|
|
|
|
Net Sales
|
|
$
|
11,238
|
|
$
|
10,151
|
|
11%
|
|
|
|
|
|
|
|
Non-GAAP operating
income
|
|
$
|
161
|
|
$
|
135
|
|
19%
|
Non-GAAP operating
margin
|
|
|
1.43%
|
|
|
1.33%
|
|
10 bps
|
|
|
|
|
|
|
|
Operating
income
|
|
$
|
120
|
|
$
|
138
|
|
(13)%
|
Operating
margin
|
|
|
1.07%
|
|
|
1.36%
|
|
-29 bps
|
|
|
|
|
|
|
|
Non-GAAP earnings per
diluted share
|
|
$
|
0.62
|
|
$
|
0.53
|
|
17%
|
Earnings per diluted
share
|
|
$
|
0.45
|
|
$
|
0.50
|
|
10%
|
|
|
|
|
|
|
|
Diluted shares
outstanding (millions)
|
|
159.5
|
|
157.1
|
|
|
A reconciliation of GAAP financial measures to non-GAAP
financial measures is presented in the Supplementary
Information section in this press release.
Alain Monié, Ingram Micro CEO, commented, "We delivered strong
third quarter financial results as we continue to take advantage of
market opportunities to drive very solid revenue growth, improved
returns and robust earnings growth and leverage. Revenue grew 11%
and strong operating leverage led to a 19% increase in non-GAAP
operating income. We are benefiting from new wins and strong market
share and we are enhancing earnings power through disciplined cost
management and execution on our global organizational effectiveness
program. We also maintained our focus on optimizing the balance
sheet, generating cash flow from operations for the quarter while
growing the business significantly. I am very pleased with our
third quarter performance, which reflects the strength of our
diversified geographic reach, solutions portfolio, world class
partnerships and strong execution."
Worldwide sales increased by more than $1
billion to $11.2 billion from
$10.2 billion in the third quarter
last year.
Worldwide gross profit was $646
million, compared with $599
million in the 2013 third quarter. Gross profit increased by
8 percent year-over-year benefiting from strong sales across most
regions. Gross margin was down versus last year as revenue growth
was led by a greater mix of high volume sales, particularly in
mobility and systems.
The company drove strong operating leverage, with non-GAAP
operating income for the 2014 third quarter increasing 19 percent -
nearly double the company's revenue growth - to $161 million. This compares with non-GAAP
operating income for the 2013 third quarter of $135 million.
2014 third quarter non-GAAP net income also benefited from
strong operating leverage, increasing 18 percent to $98 million, or 62
cents per diluted share, compared with non-GAAP net income
of $83 million, or 53 cents per diluted share, in the 2013 third
quarter.
On a GAAP basis, operating income was $120 million and net income was $72 million, or 45
cents per diluted share. 2013 third quarter operating
income was $138 million and net
income was $79 million, or
50 cents per diluted share. 2014 and
2013 third quarter operating income were affected by $27 million and $11
million, respectively, of pre-tax charges for
reorganization, integration and transition costs and by
$15 million and $12 million, respectively, of amortization of
intangible assets. 2013 third quarter 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 charges related to
indirect tax declarations in Europe.
The company generated approximately $60
million in cash flow from operations in the 2014 third
quarter compared to cash used in operations of more than
$200 million in the year-earlier
period.
Key 2014 third quarter business highlights:
- The company signed a definitive share purchase agreement to
acquire a majority interest in Armada, the largest value-add
technology distributor in Turkey.
- Ingram Micro expanded its relationship with IBM and
now offers IBM SoftLayer cloud services - the foundation
for IBM's cloud portfolio.
- The company partnered with Microsoft to rollout Microsoft's
Cloud Service Provider, a new cloud service delivery platform for
Microsoft's cloud services.
- CloudBlue, the company's IT asset disposal business, was
awarded a contract with an existing Fortune 100 financial services
company to provide IT asset disposal in India.
- The company went live with Shipwire's web-based logistics
platform fully integrated into Ingram Micro's Sydney warehouse.
- Ingram Micro expanded its device-recovery service operations at
a key returns center in Plainfield, Ind. to help support the
refurbishment or recycling of more than 40,000 mobile devices every
day in North America.
- The company added Google's Chromebook to its portfolio line,
reaching agreements with 65 channel partners to resell Google
Chrome solutions into the K-12 student market in the U.S.
- Ingram Micro added Alcatel One Touch range of handsets to its
offerings in India.
Outlook
The following statement is based on the Company's current
expectations for the 2014 fourth quarter and excludes the
amortization of intangible assets, charges associated with
reorganization, integration and transition costs and other 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 2014 fourth quarter, the company currently expects
worldwide revenue to increase between 8 to 12 percent over the 2013
fourth quarter, with non-GAAP earnings per diluted share of
$0.95 to $1.02.
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 the amortization of intangible assets, and charges
associated with reorganization, integration and transition costs
and other expense reduction programs, including those associated
with the company's previously announced organizational
effectiveness program. These non-GAAP financial measures also
exclude a benefit related to the receipt of an LCD flat panel class
action settlement and the impact of a reserve recorded for
estimated potential charges related to indirect tax declarations in
Europe in certain historical
periods. 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, conference ID
"13591022."
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 new wins and market share and our ability to enhance earnings
power, 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 our organizational effectiveness
programs, and to realize the expected benefits of our acquisitions
or our organizational effectiveness programs; 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. 28, 2013;
other risks or uncertainties may be detailed from time to time in
Ingram Micro's future SEC filings.
© 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)
|
|
|
|
|
|
|
|
|
|
September
27,
|
|
December
28,
|
|
2014
|
|
2013
|
|
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
497,820
|
|
$ 674,390
|
Trade accounts
receivable, net
|
4,858,259
|
|
5,454,832
|
Inventory
|
4,253,181
|
|
3,724,447
|
Other current
assets
|
561,766
|
|
521,902
|
|
|
|
|
Total current
assets
|
10,171,026
|
|
10,375,571
|
|
|
|
|
Property and
equipment, net
|
472,609
|
|
488,699
|
Goodwill
|
530,051
|
|
527,526
|
Intangible assets,
net
|
343,202
|
|
375,423
|
Other
assets
|
44,967
|
|
23,976
|
|
|
|
|
Total
assets
|
$ 11,561,855
|
|
$ 11,791,195
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$ 5,706,528
|
|
$ 6,175,604
|
Accrued
expenses
|
530,419
|
|
710,040
|
Short-term debt and
current maturities of long-term debt
|
143,558
|
|
48,772
|
|
|
|
|
Total current
liabilities
|
6,380,505
|
|
6,934,416
|
|
|
|
|
Long-term debt, less
current maturities
|
984,603
|
|
797,454
|
Other
liabilities
|
99,719
|
|
109,700
|
|
|
|
|
Total
liabilities
|
7,464,827
|
|
7,841,570
|
|
|
|
|
Stockholders'
equity
|
4,097,028
|
|
3,949,625
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$ 11,561,855
|
|
$ 11,791,195
|
Ingram Micro
Inc.
|
Consolidated
Statement of Income
|
(Amounts in 000s,
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended
|
|
September 27,
2014
|
|
September 28,
2013
|
|
|
|
|
Net sales
|
$
11,237,840
|
|
$
10,150,615
|
Cost of
sales
|
10,591,751
|
|
9,551,782
|
Gross
profit
|
646,089
|
|
598,833
|
|
|
|
|
Operating
expenses:
|
|
|
|
Selling, general and
administrative
|
494,507
|
|
442,756
|
Amortization of
intangible assets
|
14,567
|
|
11,638
|
Reorganization
costs
|
17,300
|
|
6,748
|
|
526,374
|
|
461,142
|
|
|
|
|
Income from
operations
|
119,715
|
|
137,691
|
|
|
|
|
Other expense
(income):
|
|
|
|
Interest
income
|
(1,045)
|
|
(2,031)
|
Interest
expense
|
16,659
|
|
16,032
|
Net foreign currency
exchange loss (gain)
|
(3,323)
|
|
8,117
|
Other
|
4,467
|
|
2,070
|
|
16,758
|
|
24,188
|
|
|
|
|
Income before income
taxes
|
102,957
|
|
113,503
|
|
|
|
|
Provision for income
taxes
|
30,723
|
|
34,565
|
|
|
|
|
Net income
|
$
72,234
|
|
$
78,938
|
|
|
|
|
Diluted earnings per
share
|
$
0.45
|
|
$
0.50
|
|
|
|
|
|
|
|
|
Diluted weighted
average shares outstanding
|
159,543
|
|
157,144
|
Ingram Micro
Inc.
|
Consolidated
Statement of Income
|
(Amounts in 000s,
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Thirty-nine Weeks
Ended
|
|
September 27,
2014
|
|
September 28, 2013
|
|
|
|
|
Net sales
|
$
32,531,208
|
|
$
30,721,074
|
Cost of
sales
|
30,640,794
|
|
28,941,182
|
Gross
profit
|
1,890,414
|
|
1,779,892
|
|
|
|
|
Operating
expenses:
|
|
|
|
Selling, general and
administrative
|
1,481,743
|
|
1,382,159
|
Amortization of
intangible assets
|
43,140
|
|
35,400
|
Reorganization
costs
|
79,237
|
|
20,050
|
|
1,604,120
|
|
1,437,609
|
|
|
|
|
Income from
operations
|
286,294
|
|
342,283
|
|
|
|
|
Other expense
(income):
|
|
|
|
Interest
income
|
(3,782)
|
|
(5,886)
|
Interest
expense
|
54,406
|
|
45,973
|
Net foreign currency
exchange loss (gain)
|
(1,153)
|
|
9,865
|
Other
|
13,011
|
|
9,150
|
|
62,482
|
|
59,102
|
|
|
|
|
Income before income
taxes
|
223,812
|
|
283,181
|
|
|
|
|
Provision for income
taxes
|
76,132
|
|
84,798
|
|
|
|
|
Net income
|
$
147,680
|
|
$
198,383
|
|
|
|
|
Diluted earnings per
share
|
$
0.93
|
|
$
1.27
|
|
|
|
|
Diluted weighted
average shares
outstanding
|
159,181
|
|
155,629
|
Ingram Micro
Inc.
|
Consolidated
Statement of Cash Flows
|
(Amounts in
000s)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-nine Weeks
Ended
|
|
|
|
|
|
September 27,
2014
|
|
September 28,
2013
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
Net income
|
$
147,680
|
|
$
198,383
|
|
Adjustments to
reconcile net income to cash provided (used) by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
108,202
|
|
94,359
|
|
|
Stock-based
compensation
|
24,761
|
|
21,649
|
|
|
Excess tax benefit
from stock-based compensation
|
(4,338)
|
|
(1,787)
|
|
|
Write-off of
assets
|
8,302
|
|
5,875
|
|
|
Gain on sale of land
and building
|
-
|
|
(1,045)
|
|
|
Noncash charges for
interest and bond discount amortization
|
1,769
|
|
1,842
|
|
|
Deferred income
taxes
|
(30,973)
|
|
10,154
|
|
Changes in operating assets
and liabilities, net of effects of acquisitions:
|
|
|
|
|
|
Trade accounts
receivable
|
566,097
|
|
1,010,692
|
|
|
Inventory
|
(551,609)
|
|
(199,279)
|
|
|
Other current
assets
|
(30,350)
|
|
(42,667)
|
|
|
Accounts
payable
|
(603,481)
|
|
(1,005,513)
|
|
|
Change in book
overdrafts
|
166,361
|
|
53,840
|
|
|
Accrued
expenses
|
(196,364)
|
|
(33,102)
|
|
|
|
|
Cash provided (used)
by operating activities
|
(393,943)
|
|
113,401
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
Capital
expenditures
|
(52,369)
|
|
(66,423)
|
|
Sale of marketable
securities, net
|
1,100
|
|
542
|
|
Proceeds from sale of
land and building
|
-
|
|
1,169
|
|
Cost-based
investment
|
(10,000)
|
|
-
|
|
Acquisitions and
earn-out payment, net of cash acquired
|
(18,880)
|
|
(14,408)
|
|
|
|
|
Cash used by
investing activities
|
(80,149)
|
|
(79,120)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
Proceeds from
exercise of stock options
|
16,943
|
|
39,517
|
|
Excess tax benefit
from stock-based compensation
|
4,338
|
|
1,787
|
|
Fees associated with
the amendment and extension of credit facilities
|
-
|
|
(1,086)
|
|
Net proceeds from
(repayments of) revolving credit facilities
|
283,133
|
|
(155,272)
|
|
|
|
|
Cash provided (used)
by financing activities
|
304,414
|
|
(115,054)
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
(6,892)
|
|
(12,748)
|
|
|
|
|
|
|
|
|
Decrease in cash and
cash equivalents
|
(176,570)
|
|
(93,521)
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
674,390
|
|
595,147
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
$
497,820
|
|
$
501,626
|
Ingram Micro
Inc.
|
Supplementary
Information
|
Income from
Operations - Reconciliation of GAAP to Non-GAAP
Information
|
(Amounts in
Millions)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended September 27, 2014
|
|
|
North
America
|
|
Europe
|
|
Asia-Pacific
|
|
Latin
America
|
|
Stock-based compensation
|
|
Consolidated Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
$
5,134.3
|
|
$3,200.4
|
|
$ 2,378.2
|
|
$
524.9
|
|
$
-
|
|
$ 11,237.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Income
|
|
$
85.7
|
|
$ 2.1
|
|
$ 31.0
|
|
$
9.2
|
|
$
(8.3)
|
|
$
119.7
|
Reorganization,
integration and transition costs
|
|
9.9
|
|
15.4
|
|
0.7
|
|
0.5
|
|
-
|
|
26.5
|
Amortization of
intangible assets
|
|
10.0
|
|
3.0
|
|
1.4
|
|
0.2
|
|
-
|
|
14.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating
Income
|
|
$
105.6
|
|
$ 20.5
|
|
$ 33.1
|
|
$
9.9
|
|
$
(8.3)
|
|
$ 160.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Margin
|
|
1.67%
|
|
0.07%
|
|
1.30%
|
|
1.75%
|
|
|
|
1.07%
|
Non-GAAP Operating
Margin
|
|
2.06%
|
|
0.64%
|
|
1.39%
|
|
1.89%
|
|
|
|
1.43%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended September 28, 2013
|
|
|
North
America
|
|
Europe
|
|
Asia-Pacific
|
|
Latin
America
|
|
Stock-based compensation
|
|
Consolidated Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
$
4,305.3
|
|
$2,927.3
|
|
$ 2,469.4
|
|
$
448.6
|
|
$
-
|
|
$ 10,150.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Income
|
|
$
107.1
|
|
$ 6.2
|
|
$ 22.4
|
|
$
9.6
|
|
$
(7.7)
|
|
$
137.7
|
Reorganization,
integration and transition costs
|
|
4.1
|
|
5.0
|
|
1.5
|
|
-
|
|
-
|
|
10.6
|
Amortization of
intangible assets
|
|
7.3
|
|
2.7
|
|
1.4
|
|
0.2
|
|
-
|
|
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
|
|
$
90.0
|
|
$ 18.9
|
|
$ 25.3
|
|
$
8.9
|
|
$
(7.7)
|
|
$ 135.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Margin
|
|
2.49%
|
|
0.21%
|
|
0.91%
|
|
2.15%
|
|
|
|
1.36%
|
Non-GAAP Operating
Margin
|
|
2.09%
|
|
0.65%
|
|
1.02%
|
|
1.97%
|
|
|
|
1.33%
|
Ingram Micro
Inc.
|
Supplementary
Information
|
Income from
Operations - Reconciliation of GAAP to Non-GAAP
Information
|
(Amounts in
Millions)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-nine Weeks
Ended September 27, 2014
|
|
|
North
America
|
|
Europe
|
|
Asia-Pacific
|
|
Latin
America
|
|
Stock-based compensation
|
|
Consolidated Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
$ 13,887.4
|
|
$10,077.4
|
|
$ 7,026.4
|
|
$
1,540.0
|
|
$
-
|
|
$ 32,531.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Income
|
|
$
219.5
|
|
$ (6.0)
|
|
$ 71.4
|
|
$
26.2
|
|
$
(24.8)
|
|
$
286.3
|
Reorganization,
integration and transition costs
|
|
39.7
|
|
61.6
|
|
4.5
|
|
1.1
|
|
-
|
|
106.9
|
Amortization of
intangible assets
|
|
29.6
|
|
8.7
|
|
4.3
|
|
0.6
|
|
-
|
|
43.2
|
LCD class action
settlement
|
|
(6.6)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(6.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating
Income
|
|
$
282.2
|
|
$ 64.3
|
|
$ 80.2
|
|
$
27.9
|
|
$
(24.8)
|
|
$ 429.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Margin
|
|
1.58%
|
|
(0.06%)
|
|
1.02%
|
|
1.70%
|
|
|
|
0.88%
|
Non-GAAP Operating
Margin
|
|
2.03%
|
|
0.64%
|
|
1.14%
|
|
1.81%
|
|
|
|
1.32%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-nine Weeks
Ended September 28, 2013
|
|
|
North
America
|
|
Europe
|
|
Asia-Pacific
|
|
Latin
America
|
|
Stock-based compensation
|
|
Consolidated Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
$ 12,647.1
|
|
$ 9,137.2
|
|
$ 7,566.4
|
|
$
1,370.4
|
|
$
-
|
|
$ 30,721.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Income
|
|
$
243.8
|
|
$ 30.7
|
|
$ 64.7
|
|
$
24.7
|
|
$
(21.6)
|
|
$
342.3
|
Reorganization,
integration and transition costs
|
|
15.2
|
|
12.4
|
|
6.8
|
|
-
|
|
-
|
|
34.4
|
Amortization of
intangible assets
|
|
21.9
|
|
8.5
|
|
4.4
|
|
0.7
|
|
-
|
|
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
|
|
$
252.4
|
|
$ 56.6
|
|
$ 75.9
|
|
$
24.3
|
|
$
(21.6)
|
|
$ 387.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Margin
|
|
1.93%
|
|
0.34%
|
|
0.86%
|
|
1.80%
|
|
|
|
1.11%
|
Non-GAAP Operating
Margin
|
|
2.00%
|
|
0.62%
|
|
1.00%
|
|
1.78%
|
|
|
|
1.26%
|
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 27, 2014
|
|
|
|
|
|
Diluted
|
|
|
|
Net
Income
|
|
Earnings per Share
(a)
|
|
|
|
|
|
|
|
As Reported Under
GAAP
|
|
$ 72.2
|
|
$
0.45
|
|
Reorganization,
integration and transition costs
|
|
20.3
|
|
0.13
|
|
Amortization of
intangible assets
|
|
10.2
|
|
0.06
|
|
Pan-Europe foreign
exchange gain
|
|
(4.4)
|
|
(0.02)
|
|
|
|
|
|
|
|
Non-GAAP Financial
Measure
|
|
$ 98.3
|
|
$
0.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended September 28, 2013
|
|
|
|
|
|
Diluted
|
|
|
|
Net
Income
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Per share impact is
calculated by dividing net income amount by the diluted weighted
average shares outstanding of 159.5 and
157.1 for the thirteen weeks ended September 27, 2014 and September
28, 2013, 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 27, 2014
|
|
|
|
|
|
Diluted
|
|
|
|
Net
Income
|
|
Earnings per Share
(a)
|
|
|
|
|
|
|
|
As Reported Under
GAAP
|
|
$ 147.7
|
|
$
0.93
|
|
Reorganization,
integration and transition costs
|
|
85.1
|
|
0.54
|
|
Amortization of
intangible assets
|
|
30.6
|
|
0.19
|
|
LCD class action
settlement
|
|
(4.7)
|
|
(0.03)
|
|
Pan-Europe foreign
exchange gain
|
|
(6.1)
|
|
(0.04)
|
|
|
|
|
|
|
|
Non-GAAP Financial
Measure
|
|
$ 252.6
|
|
$
1.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-nine Weeks
Ended September 28, 2013
|
|
|
|
|
|
Diluted
|
|
|
|
Net
Income
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Per share impact is
calculated by dividing net income amount by the diluted weighted
average shares outstanding of 159.2
and 155.6 for the thirty-nine weeks ended September 27, 2014 and
September 28, 2013, respectively.
|
|
|
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SOURCE Ingram Micro Inc.