TECH DATA CORPORATION (NASDAQ:TECD) Files An 8-K Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition.
On June 1, 2017, Tech Data Corporation (the Company) issued a
press release, furnished as Exhibit 99.1 and incorporated herein
by reference, announcing its financial results for the three
months ended April 30, 2017. The information in this Form 8-K,
including Exhibit 99.1, is furnished and shall not be deemed
filed for purposes of Section 18 of the Securities Exchange Act
of 1934, as amended, or otherwise subject to the liabilities of
that section and shall not be deemed incorporated by reference
into any registration statement or other document filed to the
Securities Act of 1933, as amended, except as shall be expressly
set forth by specific reference in such a filing.
GAAP to Non-GAAP Reconciliation
The disclosures of financial results for the three months ended
April 30, 2017, contained herein are prepared in accordance with
U.S. Generally Accepted Accounting Principles (GAAP) and are
accompanied by disclosures and financial measures that are not
prepared in conformity with GAAP. These non-GAAP disclosures
include certain adjustments as noted below not reflected in the
GAAP presentations.
| LCD settlements and other, net: |
For the three months ended April 30, 2017, non-GAAP operating
income and non-GAAP operating margin exclude gains associated
with LCD settlements and other, net of $12.7 million. For the
three months ended April 30, 2017, non-GAAP net income and
non-GAAP net income per diluted share exclude this item, net of
the tax impact.
| Acquisition and integration expenses: |
For the three months ended April 30, 2017, non-GAAP operating
income and non-GAAP operating margin exclude acquisition and
integration expenses of $42.1 million. For the three months ended
April 30, 2017, non-GAAP net income and non-GAAP net income per
diluted share exclude this item, net of the tax impact.
|
Acquisition-related intangible assets amortization expense: |
For the three months ended April 30, 2017, non-GAAP selling,
general and administrative expenses, non-GAAP operating income
and non-GAAP operating margin exclude acquisition-related
intangible assets amortization expense of $18.7 million. For the
three months ended April 30, 2017, non-GAAP net income and
non-GAAP net income per diluted share exclude this item, net of
the tax impact.
| Acquisition-related financing expenses: |
For the three months ended April 30, 2017, non-GAAP net income
and non-GAAP net income per diluted share exclude
acquisition-related financing expenses of $8.8 million, net of
the tax impact.
In addition to GAAP results, Company management believes that the
presentation of non-GAAP financial measures is useful to
investors because it provides investors with a more complete
understanding of our operational results and a meaningful
comparison of our performance between periods. The non-GAAP
results should only be used in conjunction with results reported
in accordance with GAAP and are not intended to be a substitute
for results reported in accordance with GAAP. Non-GAAP financial
measures presented in the press release, supplemental slide
presentation and similar documents issued by the Company include
but are not limited to net sales, income or expense items as
adjusted for the impact of changes in foreign currencies
(referred to as constant currency) and the impact of the exit of
certain country operations, non-GAAP operating income, non-GAAP
operating margin, non-GAAP net income, non-GAAP earnings per
diluted share and Return on Invested Capital. These non-GAAP
financial measures do not have any standardized meaning and are
therefore unlikely to be comparable to similar measures presented
by comparable companies. Management may also use these non-GAAP
financial measures to establish operational goals and, in some
cases, for measuring performance for compensation purposes. The
press release and supplemental slide presentation provide a
detailed reconciliation between results reported in accordance
with GAAP and non-GAAP financial measures.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
The following materials are attached as exhibits to this Current
Report on Form 8-K:
| Exhibit | ||
| Number | Description | |
| 99.1 | Press Release, dated June 1, 2017. | |
| 99.2 | Supplemental slide presentation dated June 1, 2017. |
About TECH DATA CORPORATION (NASDAQ:TECD)
Tech Data Corporation is a wholesale distributor of technology products. The Company serves as a link in the technology supply chain by bringing products from the technology vendors to market, as well as providing its customers with logistics capabilities and services. It operates through the segment of distributing technology products, logistics management and other value-added services. It operates in two geographic segments: the Americas and Europe. It provides resellers training and technical support suite of electronic commerce tools customized shipping documents product configuration or integration services and access to financing programs. Its customers include value-added resellers, direct marketers, retailers and corporate resellers who support the diverse technology needs of end users. It sells its products to customers in approximately 100 countries throughout North America, South America, Europe, the Middle East and Africa. TECH DATA CORPORATION (NASDAQ:TECD) Recent Trading Information
TECH DATA CORPORATION (NASDAQ:TECD) closed its last trading session up +6.10 at 103.07 with 1,032,177 shares trading hands.