SANTA ANA, Calif., Feb. 26, 2015 /PRNewswire/ -- Ingram Micro
Inc. (NYSE: IM) today announced financial results for the fourth
quarter ended Jan. 3, 2015.
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(US$ in millions,
except
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Fourth Quarter
Ended
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Year
Ended
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EPS and diluted
shares)
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Jan.
3,
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Dec.
28,
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Change
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Jan.
3,
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Dec.
28,
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Change
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2015
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2013
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2015
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2013
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Net
sales
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$13,956
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$11,833
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18%
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$46,487
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$42,554
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9%
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Non-GAAP operating
income
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$247
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$211
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17%
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$676
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$598
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13%
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Non-GAAP operating
margin
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1.77%
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1.78%
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-1 bps
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1.45%
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1.41%
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4 bps
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Operating
income
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$201
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$173
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16%
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$487
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$515
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-5%
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Operating
margin
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1.44%
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1.46%
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-2 bps
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1.05%
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1.21%
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-16 bps
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Non-GAAP net
income
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$156
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$139
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12%
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$409
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$371
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10%
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Net income
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$119
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$112
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6%
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$267
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$311
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-14%
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Non-GAAP earnings per
diluted share
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$0.98
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$0.88
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11%
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$2.56
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$2.37
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8%
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Earnings per diluted
share
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$0.74
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$0.71
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4%
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$1.67
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$1.99
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-16%
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Diluted shares
outstanding (millions)
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159.9
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158.1
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159.5
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156.3
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A
reconciliation of GAAP financial measures to non-GAAP financial
measures is presented in the
Supplementary Information section in this press
release.
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Alain Monie, Ingram Micro CEO,
commented, "As illustrated by strong financial performance, the
fourth quarter was an excellent finish to another year of executing
on our long-term plans and financial commitments. We continued to
grow revenue well above market rates, resulting from strong
performance across all regions and in all of our major product and
services lines, including accelerated growth rates in mobility,
supply chain solutions and cloud. We are consistently winning
important customer contracts and vendor authorizations globally and
we are profitably gaining share in a number of markets as
illustrated by a 17 percent increase in non-GAAP operating income
and 11 percent growth in non-GAAP earnings per diluted
share. As our full year financial expectations indicate, we
remain confident in our ability to deliver continued strong
earnings growth, improved returns on capital and meaningful local
currency revenue growth, particularly in our services
business."
Fourth Quarter Results of Operations
Driven by strong growth across all geographies, worldwide sales
increased year-over-year by more than $2
billion to $14.0 billion versus $11.8
billion in the 2013 fourth quarter. The addition of a
14th week in the 2014 fourth quarter benefited worldwide
sales by approximately 7 percentage points when compared to last
year. The translation of foreign currencies resulted in a
year-over-year headwind to fourth quarter revenue growth of more
than 4 percentage points. Non-GAAP operating income was up 17% over
last year benefiting from strong performance in North America and Asia Pacific, driven by solid operating
leverage and increasing revenue contribution from key strategic
initiatives, including mobility, supply chain solutions and cloud.
Europe's profitability was
negatively impacted by the strengthening U.S. Dollar, a greater mix
of consumer product sales and increased competitive pricing
pressure. Interest and other expense increased by more than
$10 million over the 2013 fourth
quarter, due primarily to higher interest expense and nearly
$4 million in higher foreign currency
exchange losses.
2014 fourth quarter non-GAAP net income was $156 million, leading to an historical high in
earnings of 98 cents per diluted
share, up from non-GAAP net income of $139
million, or 88 cents per
diluted share in the prior year's fourth quarter. The translation
of foreign currencies negatively impacted 2014 fourth quarter
non-GAAP net income by $8 million, or
5 cents per diluted share, when
compared to the 2013 fourth quarter.
Key 2014 fourth quarter business highlights:
- Ingram Micro is strengthening its position as a leading global
provider of device lifecycle services with the acquisition of
ANOVO, a provider of reverse logistics and repair services for
high-tech products such as smartphones and set-top boxes. The
acquisition is expected to close in the 2015 first quarter. ANOVO
generates annual revenue in excess of $300
million from operations in 11 countries
across Europe and Latin America.
- The company broadened its geographic reach and expanded its
capabilities around high value solutions with the acquisition of a
majority interest in Armada, the largest value-added technology
distributor in Turkey with annual revenues of approximately
$300 million.
- Gartner, Inc. named CloudBlue, an Ingram Micro company and a
leading provider of IT asset disposition services (ITAD),
a "Leader" in the recently released "Magic Quadrant for IT Asset
Disposition, Worldwide."
- Ingram Micro further expanded its cloud marketplace to channel
partners in Canada and
Mexico, bringing an automated
platform that makes it easier and more profitable for channel
partners to deliver cloud services to small and mid-sized
businesses. For the 2014 year, the company's cloud business grew in
excess of 100 percent.
- Google has teamed with Ingram Micro to handle inventory and
shipping for a "modular" smartphone in a pilot region.
- Ingram Micro further expanded its government business with the
addition of VMWare's line of solutions.
- Dell named Ingram Micro "Distribution Partner of the Year" for
the second consecutive year.
- Microsoft awarded Ingram Micro the Gold Level of Excellence in
Operations for delivering market-leading operational excellence
supporting Microsoft technology over the past year.
- Cisco honored the company as its Global Collaboration
Midmarket Distributor of the Year.
Outlook
The following statements are based on the company's current
expectations for the 2015 first quarter and fiscal year and exclude
the amortization of intangible assets, charges associated with
acquisition-related costs, 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 2015, Ingram Micro expects the demand environment to remain
stable and expects that the company will continue to outpace IT
spending growth in local currency in the majority of its
countries.
For the 2015 year, revenue is expected to grow mid-single digits
in local currency and to be relatively flat in U.S. dollars. The
negative effect of currency translation versus last year impacts
Ingram Micro's previously provided earnings expectations for 2015
by approximately 15 cents per diluted
share. The company's financial expectations assume the average
exchange rate for the 2015 year to be a $1.15 per Euro.
For the 2015 first quarter, revenue in U.S. dollars is expected
to be flat to up 3 percent versus last year. The company
anticipates, however, that it will continue to face increased
competitive pricing pressure in Europe. Non-GAAP earnings per diluted share
for the 2015 first quarter is expected to be in the range of
40 to 47 cents, which includes a
negative impact of 4 cents related to currency movement, when
compared with the first quarter last year.
Non-GAAP Disclosures
In addition to GAAP results, Ingram Micro is reporting non-GAAP
operating income, non-GAAP operating margin, non-GAAP net income
and non-GAAP earnings per diluted share. These non-GAAP
measures exclude charges associated with reorganization,
integration and transition costs, including those associated with
the company's previously announced organizational effectiveness
program and integration of BrightPoint, as well as
acquisition-related costs and the amortization of intangible
assets. These non-GAAP financial measures also exclude
a benefit related to the receipt of an LCD flat panel class action
settlement and the impact of a reserve recorded in 2013 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.
The non-GAAP measures noted above are primary indicators that
Ingram Micro's management uses internally to conduct and measure
its business and evaluate the performance of its consolidated
operations and operating segments. Ingram Micro's management
believes these non-GAAP financial measures are useful because they
provide meaningful comparisons to prior periods and an alternate
view of the impact of acquired businesses. These non-GAAP financial
measures are used in addition to and in conjunction with results
presented in accordance with GAAP. These non-GAAP financial
measures reflect an additional way of viewing aspects of our
operations that, when viewed with our GAAP results and the
accompanying reconciliations to corresponding GAAP financial
measures, provide a more complete understanding of factors and
trends affecting Ingram Micro's business. A material limitation
associated with these non-GAAP measures as compared to the GAAP
measures is that they may not be comparable to other companies with
similar items that present related measures differently. The
non-GAAP measures should be considered as a supplement to, and not
as a substitute for or superior to, the corresponding measures
calculated in accordance with GAAP and may not be comparable to
similarly titled measures used by other companies.
Reconciliation of GAAP to non-GAAP financial measures for the
periods presented are attached to the press release.
Conference Call and Webcast
Additional information about Ingram Micro's financial results
will be presented in a conference call with presentation slides
today at 5 p.m. ET. To listen to the
conference call webcast and view the accompanying presentation
slides, visit the company's website at www.ingrammicro.com
(Investor Relations section). The conference call is also
accessible by telephone at (877) 869-3847 (toll-free within
the United States and Canada) or (201) 689-8261 (other
countries).
The replay of the conference call with presentation slides will
be available for one week at www.ingrammicro.com (Investor
Relations section) or by calling (877) 660-6853 or (201) 612-7415,
conference ID "13599198."
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) changes in macro-economic
conditions can affect our business and results of operations; (2)
our acquisition and investment strategies may not produce the
expected benefits, which may adversely affect results of
operations; (3) we are dependent on a variety of information
systems, which, if not properly functioning, and available,
or if we experience system security breaches, data protection
breaches or other cyber-attacks, could adversely
disrupt our business and harm our reputation and net sales; (4)
failure to retain and recruit key personnel would harm our ability
to meet key objectives; (5) we operate a global business that
exposes us to risks associated with conducting business in multiple
jurisdictions; (6) our failure to adequately adapt to industry
changes could negatively impact our future operating results; (7)
we continually experience intense competition across all markets
for our products and services; (8) termination of a key supply or
services agreement or a significant change in supplier terms or
conditions of sale could negatively affect our operating margins,
revenue or the level of capital required to fund our operations;
(9) substantial defaults by our customers or the loss of
significant customers could negatively impact our business, results
of operations, financial condition or liquidity; (10) changes in,
or interpretations of, tax rules and regulations, changes in the
mix of our business amongst different tax jurisdictions, and
deterioration of the performance of our business may adversely
affect our effective income tax rates or operating margins and we
may be required to pay additional taxes and/or tax assessments, as
well as record valuation allowances relating to our deferred tax
assets; (11) our goodwill and identifiable intangible assets
could become impaired, which could reduce the value of our assets
and reduce our net income in the year in which the write-off
occurs; (12) changes in our credit rating or
other market factors, such as adverse capital and credit market
conditions or reductions in cash flow from operations may affect
our ability to meet liquidity needs, reduce access to capital,
and/or increase our costs of borrowing; (13) we cannot predict the
outcome of litigation matters and other contingencies that we may
be involved with from time to time; (14) We may become
involved in intellectual property disputes that could cause us to
incur substantial costs, divert the efforts of management or
require us to pay substantial damages or licensing fees;
(15) Our failure to comply with the requirements of
environmental regulations could adversely affect our business;
(16) we face a variety of risks in our reliance on
third-party service companies, including shipping companies, for
the delivery of our products and outsourcing arrangements; (17)
changes in accounting rules could adversely affect our future
operating results; and (18) our quarterly results have fluctuated
significantly. There are additional contingencies
associated with each of the above identified risks. For
example, in connection with our acquisition strategy, we risk
failing to realize the anticipated benefits of an acquisition due
to, among other things, the unsuccessful integration of an acquired
business. Despite its global presence, Ingram Micro may fail to
proactively identify and tap into emerging markets and
geographies. We have historically instituted, and will
continue to institute, changes to our strategies, operations and
processes in an effort to address and mitigate risks; however,
there are no assurances that Ingram Micro will be successful in
these efforts. For a further discussion of significant factors to
consider in connection with forward-looking statements concerning
Ingram Micro, reference is made to our SEC filings, and
specifically to Item 1A- Risk Factors, of our latest
Annual Report on Form 10K .
© 2014 Ingram Micro Inc. All rights reserved. Ingram Micro
and the registered Ingram Micro logo are trademarks used under
license by Ingram Micro Inc.
Ingram Micro
Inc.
|
Consolidated
Balance Sheet
|
(Amounts in
000s)
|
(Unaudited)
|
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|
|
|
|
|
|
|
|
January
3,
|
|
December
28,
|
|
2015
|
|
2013
|
|
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|
|
ASSETS
|
|
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|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
692,777
|
|
$
674,390
|
Trade accounts
receivable, net
|
6,115,328
|
|
5,454,832
|
Inventory
|
4,145,012
|
|
3,724,447
|
Other current
assets
|
532,406
|
|
521,902
|
|
|
|
|
Total current
assets
|
11,485,523
|
|
10,375,571
|
|
|
|
|
Property and
equipment, net
|
432,430
|
|
488,699
|
Goodwill
|
532,483
|
|
527,526
|
Intangible assets,
net
|
318,689
|
|
375,423
|
Other
assets
|
62,318
|
|
23,976
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|
Total
assets
|
$
12,831,443
|
|
$
11,791,195
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|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
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|
Current
liabilities:
|
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|
Accounts
payable
|
$
6,522,369
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|
$
6,175,604
|
Accrued
expenses
|
542,038
|
|
710,040
|
Short-term debt and
current maturities of long-term debt
|
372,026
|
|
48,772
|
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|
Total current
liabilities
|
7,436,433
|
|
6,934,416
|
|
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|
Long-term debt, less
current maturities
|
1,096,889
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|
797,454
|
Other
liabilities
|
132,295
|
|
109,700
|
|
|
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|
Total
liabilities
|
8,665,617
|
|
7,841,570
|
|
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|
Stockholders'
equity
|
4,165,826
|
|
3,949,625
|
|
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|
Total liabilities and
stockholders' equity
|
$
12,831,443
|
|
$
11,791,195
|
|
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|
|
Ingram Micro
Inc.
|
Consolidated
Statement of Income
|
(Amounts in 000s,
except per share data)
|
(Unaudited)
|
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|
Fourteen
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Thirteen
|
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Weeks
Ended
|
|
Weeks
Ended
|
|
January 3,
2015
|
|
December 28,
2013
|
|
|
|
|
Net sales
|
$
13,956,218
|
|
$
11,832,844
|
Cost of
sales
|
13,180,915
|
|
11,123,179
|
Gross
profit
|
775,303
|
|
709,665
|
|
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|
Operating
expenses:
|
|
|
|
Selling, general and
administrative
|
544,205
|
|
509,414
|
Amortization of
intangible assets
|
15,822
|
|
13,080
|
Reorganization
costs
|
14,308
|
|
14,579
|
|
574,335
|
|
537,073
|
|
|
|
|
Income from
operations
|
200,968
|
|
172,592
|
|
|
|
|
Other expense
(income):
|
|
|
|
Interest
income
|
(1,100)
|
|
(1,766)
|
Interest
expense
|
23,322
|
|
13,192
|
Net foreign currency
exchange loss
|
5,413
|
|
1,713
|
Other
|
2,394
|
|
6,536
|
|
30,029
|
|
19,675
|
|
|
|
|
Income before income
taxes
|
170,939
|
|
152,917
|
|
|
|
|
Provision for income
taxes
|
51,928
|
|
40,717
|
|
|
|
|
Net income
|
$
119,011
|
|
$
112,200
|
|
|
|
|
Diluted earnings per
share
|
$
0.74
|
|
$
0.71
|
|
|
|
|
Diluted weighted
average
|
|
|
|
shares
outstanding
|
159,948
|
|
158,132
|
|
|
|
|
Ingram Micro
Inc.
|
Consolidated
Statement of Income
|
(Amounts in 000s,
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Fifty-three
|
|
Fifty-two
|
|
Weeks
Ended
|
|
Weeks
Ended
|
|
January 3,
2015
|
|
December 28,
2013
|
|
|
|
|
Net sales
|
$
46,487,426
|
|
$
42,553,918
|
Cost of
sales
|
43,821,709
|
|
40,064,361
|
Gross
profit
|
2,665,717
|
|
2,489,557
|
|
|
|
|
Operating
expenses:
|
|
|
|
Selling, general and
administrative
|
2,025,948
|
|
1,891,573
|
Amortization of
intangible assets
|
58,962
|
|
48,480
|
Reorganization
costs
|
93,545
|
|
34,629
|
|
2,178,455
|
|
1,974,682
|
|
|
|
|
Income from
operations
|
487,262
|
|
514,875
|
|
|
|
|
Other expense
(income):
|
|
|
|
Interest
income
|
(4,882)
|
|
(7,652)
|
Interest
expense
|
77,728
|
|
59,165
|
Net foreign currency
exchange loss
|
4,260
|
|
11,578
|
Other
|
15,405
|
|
15,685
|
|
92,511
|
|
78,776
|
|
|
|
|
Income before income
taxes
|
394,751
|
|
436,099
|
|
|
|
|
Provision for income
taxes
|
128,060
|
|
125,516
|
|
|
|
|
Net income
|
$
266,691
|
|
$
310,583
|
|
|
|
|
Diluted earnings per
share
|
$
1.67
|
|
$
1.99
|
|
|
|
|
Diluted weighted
average
|
|
|
|
shares
outstanding
|
159,452
|
|
156,272
|
Ingram Micro
Inc.
|
Consolidated
Statement of Cash Flows
|
(Amounts in
000s)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fifty-three
|
|
Fifty-two
|
|
|
|
|
|
Weeks
Ended
|
|
Weeks
Ended
|
|
|
|
|
|
January 3,
2015
|
|
December 28,
2013
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
Net income
|
$
266,691
|
|
$
310,583
|
|
Adjustments to
reconcile net income to cash
|
|
|
|
|
(used) provided
by operating activities:
|
|
|
|
|
|
Depreciation and
amortization
|
146,028
|
|
128,915
|
|
|
Stock-based
compensation
|
36,022
|
|
30,340
|
|
|
Excess tax benefit
from stock-based compensation
|
(5,572)
|
|
(1,944)
|
|
|
Write-off of
assets
|
12,855
|
|
8,399
|
|
|
Gain on sale of land
and building
|
(1,684)
|
|
(1,045)
|
|
|
Noncash charges for
interest and bond discount amortization
|
2,425
|
|
2,554
|
|
|
Deferred income
taxes
|
(29,282)
|
|
(33,087)
|
|
Changes in operating assets
and liabilities, net of effects of acquisitions:
|
|
|
|
|
|
Trade accounts
receivable
|
(601,083)
|
|
(66,400)
|
|
|
Inventory
|
(405,611)
|
|
(159,779)
|
|
|
Other current
assets
|
(24,268)
|
|
(13,654)
|
|
|
Accounts
payable
|
252,977
|
|
234,913
|
|
|
Change in book
overdrafts
|
52,486
|
|
(67,370)
|
|
|
Accrued
expenses
|
(192,086)
|
|
93,615
|
|
|
|
|
Cash (used) provided
by operating activities
|
(490,102)
|
|
466,040
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
Capital
expenditures
|
(88,651)
|
|
(95,639)
|
|
Sale (purchase) of
marketable securities, net
|
(187)
|
|
1,877
|
|
Proceeds from sale of
land and building
|
67,470
|
|
1,169
|
|
Cost-based
investment
|
(10,000)
|
|
-
|
|
Acquisitions and
earn-out payment, net of cash acquired
|
(40,924)
|
|
(135,763)
|
|
|
|
|
Cash used by
investing activities
|
(72,292)
|
|
(228,356)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
Proceeds from
exercise of stock options
|
19,334
|
|
43,384
|
|
Excess tax benefit
from stock-based compensation
|
5,572
|
|
1,944
|
|
Net proceeds from
issuance of senior unsecured notes, net of issuance
costs
|
494,995
|
|
-
|
|
Fees associated with
the amendment and extension of credit facilities
|
-
|
|
(1,086)
|
|
Net proceeds from
(repayments of) revolving credit facilities
|
99,789
|
|
(195,729)
|
|
Other
|
|
-
|
|
(4,423)
|
|
|
|
|
Cash provided (used)
by financing activities
|
619,690
|
|
(155,910)
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
(38,909)
|
|
(2,531)
|
|
|
|
|
|
|
|
|
Increase in cash and
cash equivalents
|
18,387
|
|
79,243
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of year
|
674,390
|
|
595,147
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, end of year
|
$
692,777
|
|
$
674,390
|
Ingram Micro
Inc.
|
Supplementary
Information
|
Income from
Operations - Reconciliation of GAAP to Non-GAAP
Information
|
(Amounts in
Millions)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourteen Weeks
Ended January 3, 2015
|
|
|
|
|
|
|
|
|
|
|
Stock-based
|
|
Consolidated
|
|
|
North
America
|
|
Europe
|
|
Asia-Pacific
|
|
Latin
America
|
|
compensation
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
$
6,041.7
|
|
$
4,186.0
|
|
$
2,964.8
|
|
$
763.7
|
|
$
-
|
|
$
13,956.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Income
|
|
$
124.2
|
|
$
34.2
|
|
$
37.3
|
|
$
16.6
|
|
$
(11.3)
|
|
$
201.0
|
Reorganization,
integration and transition costs
|
|
12.3
|
|
16.4
|
|
2.4
|
|
1.4
|
|
-
|
|
32.5
|
Amortization of
intangible assets
|
|
11.5
|
|
2.7
|
|
1.4
|
|
0.2
|
|
-
|
|
15.8
|
LCD class action
settlement
|
|
(2.8)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(2.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating
Income
|
|
$
145.2
|
|
$
53.3
|
|
$
41.1
|
|
$
18.2
|
|
$
(11.3)
|
|
$
246.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Margin
|
|
2.06%
|
|
0.82%
|
|
1.26%
|
|
2.17%
|
|
|
|
1.44%
|
Non-GAAP Operating
Margin
|
|
2.40%
|
|
1.27%
|
|
1.39%
|
|
2.38%
|
|
|
|
1.77%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended December 28, 2013
|
|
|
|
|
|
|
|
|
|
|
Stock-based
|
|
Consolidated
|
|
|
North
America
|
|
Europe
|
|
Asia-Pacific
|
|
Latin
America
|
|
compensation
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
$
4,719.9
|
|
$
4,047.1
|
|
$
2,384.3
|
|
$
681.5
|
|
$
-
|
|
$
11,832.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Income
|
|
$
85.5
|
|
$
62.1
|
|
$
15.3
|
|
$
18.4
|
|
$
(8.7)
|
|
$
172.6
|
Reorganization,
integration and transition costs
|
|
8.6
|
|
10.9
|
|
5.6
|
|
-
|
|
-
|
|
25.1
|
Amortization of
intangible assets
|
|
8.6
|
|
2.9
|
|
1.4
|
|
0.2
|
|
-
|
|
13.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating
Income
|
|
$
102.7
|
|
$
75.9
|
|
$
22.3
|
|
$
18.6
|
|
$
(8.7)
|
|
$
210.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Margin
|
|
1.81%
|
|
1.53%
|
|
0.64%
|
|
2.70%
|
|
|
|
1.46%
|
Non-GAAP Operating
Margin
|
|
2.18%
|
|
1.88%
|
|
0.94%
|
|
2.73%
|
|
|
|
1.78%
|
Ingram Micro
Inc.
|
Supplementary
Information
|
Income from
Operations - Reconciliation of GAAP to Non-GAAP
Information
|
(Amounts in
Millions)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fifty-three Weeks
Ended January 3, 2015
|
|
|
|
|
|
|
|
|
|
|
Stock-based
|
|
Consolidated
|
|
|
North
America
|
|
Europe
|
|
Asia-Pacific
|
|
Latin
America
|
|
compensation
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
$
19,929.1
|
|
$
14,263.4
|
|
$
9,991.2
|
|
$
2,303.7
|
|
$
-
|
|
$
46,487.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Income
|
|
$
343.5
|
|
$
28.2
|
|
$
108.8
|
|
$
42.8
|
|
$
(36.0)
|
|
$
487.3
|
Reorganization,
integration and transition costs
|
|
52.2
|
|
78.0
|
|
6.9
|
|
2.5
|
|
-
|
|
139.6
|
Amortization of
intangible assets
|
|
41.1
|
|
11.4
|
|
5.6
|
|
0.8
|
|
-
|
|
58.9
|
LCD class action
settlement
|
|
(9.4)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(9.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating
Income
|
|
$
427.4
|
|
$
117.6
|
|
$
121.3
|
|
$
46.1
|
|
$
(36.0)
|
|
$
676.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Margin
|
|
1.72%
|
|
0.20%
|
|
1.09%
|
|
1.86%
|
|
|
|
1.05%
|
Non-GAAP Operating
Margin
|
|
2.14%
|
|
0.82%
|
|
1.21%
|
|
2.00%
|
|
|
|
1.45%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fifty-two Weeks
Ended December 28, 2013
|
|
|
|
|
|
|
|
|
|
|
Stock-based
|
|
Consolidated
|
|
|
North
America
|
|
Europe
|
|
Asia-Pacific
|
|
Latin
America
|
|
compensation
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
$
17,367.1
|
|
$
13,184.2
|
|
$
9,950.7
|
|
$
2,051.9
|
|
$
-
|
|
$
42,553.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Income
|
|
$
329.3
|
|
$
92.8
|
|
$
80.0
|
|
$
43.1
|
|
$
(30.3)
|
|
$
514.9
|
Reorganization,
integration and transition costs
|
|
23.9
|
|
23.3
|
|
12.3
|
|
-
|
|
-
|
|
59.5
|
Amortization of
intangible assets
|
|
30.4
|
|
11.4
|
|
5.8
|
|
0.9
|
|
-
|
|
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
|
|
$
355.1
|
|
$
132.5
|
|
$
98.1
|
|
$
43.0
|
|
$
(30.3)
|
|
$
598.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Margin
|
|
1.90%
|
|
0.70%
|
|
0.80%
|
|
2.10%
|
|
|
|
1.21%
|
Non-GAAP Operating
Margin
|
|
2.04%
|
|
1.00%
|
|
0.99%
|
|
2.09%
|
|
|
|
1.41%
|
Ingram Micro
Inc.
|
Supplementary
Information
|
Reconciliation of
GAAP to Non-GAAP Financial Measures
|
(Amounts in
Millions, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourteen Weeks
Ended January 3, 2015
|
|
|
|
|
|
Diluted
|
|
|
|
Net
Income
|
|
Earnings per Share
(a)
|
|
|
|
|
|
|
|
As Reported Under
GAAP
|
|
$
119.0
|
|
$
0.74
|
|
Reorganization,
integration and transition costs
|
|
27.3
|
|
0.17
|
|
Amortization of
intangible assets
|
|
11.2
|
|
0.07
|
|
Pan-Europe foreign
exchange loss
|
|
0.5
|
|
0.01
|
|
LCD class action
settlement
|
|
(2.0)
|
|
(0.01)
|
|
|
|
|
|
|
|
Non-GAAP Financial
Measure
|
|
$
156.0
|
|
$
0.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
(a)
|
Per share impact is
calculated by dividing net income amount by the diluted weighted
average shares outstanding of 159.9 and 158.1 for the fourteen
weeks ended January 3, 2015 and thirteen weeks ended December 28,
2013, respectively.
|
Ingram Micro
Inc.
|
Supplementary
Information
|
Reconciliation of
GAAP to Non-GAAP Financial Measures
|
(Amounts in
Millions, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fifty-three Weeks
Ended January 3, 2015
|
|
|
|
|
|
Diluted
|
|
|
|
Net
Income
|
|
Earnings per Share
(a)
|
|
|
|
|
|
|
|
As Reported Under
GAAP
|
|
$
266.7
|
|
$
1.67
|
|
Reorganization,
integration and transition costs
|
|
112.4
|
|
0.71
|
|
Amortization of
intangible assets
|
|
41.8
|
|
0.26
|
|
Pan-Europe foreign
exchange gain
|
|
(5.6)
|
|
(0.04)
|
|
LCD class action
settlement
|
|
(6.7)
|
|
(0.04)
|
|
|
|
|
|
|
|
Non-GAAP Financial
Measure
|
|
$
408.6
|
|
$
2.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
(a)
|
Per share impact is
calculated by dividing net income amount by the diluted weighted
average shares outstanding of 159.5 and 156.3 for the fifty-three
weeks ended January 3, 2015 and fifty-two weeks ended December 28,
2013, respectively.
|
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SOURCE Ingram Micro Inc.