[November 10, 2017] |
|
Ingram Micro Reports Third Quarter Financial Results
Ingram Micro Inc. today announced financial results for the third
quarter ended Sept. 30, 2017.
Third Quarter Results of Operations
Ingram Micro experienced strong global demand, led by strength in
technology solutions and mobility distribution. Worldwide 2017 third
quarter sales were $11.66 billion, an increase of 14 percent in USD,
with gross margin of 6.23 percent. This compares to sales of $10.23
billion and gross margin of 7.00 percent in the 2016 third quarter. The
translation of foreign currencies versus last year had a positive impact
of 2 percentage points on worldwide sales. 2017 third quarter non-GAAP
operating income was $147 million, or 1.26 percent of revenue, and
non-GAAP net income was $87 million. This compares to 2016 third quarter
non-GAAP operating income of $177 million, or 1.73 percent of revenue,
and non-GAAP net income of $107 million.
2017 third quarter gross margin, non-GAAP operating income and non-GAAP
net income were impacted by a higher mix of sales of lower margin,
consumer focused product lines globally, lower profit contribution from
the company's U.S. mobility business, and continued strategic
investments in the company's cloud and commerce and fulfillment
businesses.
2017 third quarter GAAP operating income and net income was $105
million, or 0.90 percent of revenue, and $61 million, respectively,
including:
-
The pre-tax negative impact of approximately $19 million in
restructuring, merger, acquisition and transition costs primarily
related to retention payments and the vesting of restricted shares and
stock options due to HNA Group's acquisition of Ingram Micro; and
-
The pre-tax negative impact of $23 million in amortization expense.
This compares to 2016 third quarter GAAP operating income and net income
of $137 million, or 1.34 percent of revenue, and $79 million,
respectively.
Non-GAAP Disclosures
In addition to GAAP results, Ingram Micro is reporting non-GAAP
operating income, non-GAAP operating margin and non-GAAP net income for
the 2017 third quarter and the nine months ended September 30,
2017. These non-GAAP measures exclude charges associated with
reorganization, merger, acquisitions, integration and transition costs,
including those associated with the company's previously announced cost
savings programs, and the amortization of intangible assets. These
non-GAAP financial measures also exclude a loss on the sale of affiliate
and a gain related to a legal settlement in the 2016 second quarter.
Non-GAAP net income also excludes 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. 2017 year-to-date
non-GAAP net income also excludes a non-cash tax benefit primarily
related to the reversal of a valuation allowance against certain
deferred tax assets in Australia.
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 similarly
titled 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.
A reconciliation of GAAP to non-GAAP financial measures for the periods
presented is attached to this press release.
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.
© 2017 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 30,
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
2016
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
$
|
431,895
|
|
|
|
|
|
$
|
796,164
|
Restricted cash
|
|
|
|
|
|
|
|
|
|
13,895
|
|
|
|
|
|
|
64,916
|
Trade accounts receivable, net
|
|
|
|
|
|
|
|
|
|
6,300,198
|
|
|
|
|
|
|
6,354,905
|
Inventory
|
|
|
|
|
|
|
|
|
|
4,480,065
|
|
|
|
|
|
|
3,902,626
|
Other current assets
|
|
|
|
|
|
|
|
|
|
698,231
|
|
|
|
|
|
|
691,253
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
|
|
|
|
|
|
|
11,924,284
|
|
|
|
|
|
|
11,809,864
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
|
|
|
|
|
|
397,239
|
|
|
|
|
|
|
381,876
|
Goodwill
|
|
|
|
|
|
|
|
|
|
937,708
|
|
|
|
|
|
|
904,920
|
Intangible assets, net
|
|
|
|
|
|
|
|
|
|
406,073
|
|
|
|
|
|
|
445,646
|
Other assets
|
|
|
|
|
|
|
|
|
|
245,757
|
|
|
|
|
|
|
176,643
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
|
|
|
|
$
|
13,911,061
|
|
|
|
|
|
$
|
13,718,949
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDER'S EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
|
|
|
|
$
|
6,571,889
|
|
|
|
|
|
$
|
7,174,946
|
Accrued expenses
|
|
|
|
|
|
|
|
|
|
749,930
|
|
|
|
|
|
|
856,627
|
Short-term debt and current maturities of long-term debt
|
|
|
|
|
|
|
|
|
|
216,794
|
|
|
|
|
|
|
559,773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
|
|
|
|
|
|
|
7,538,613
|
|
|
|
|
|
|
8,591,346
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, less current maturities
|
|
|
|
|
|
|
|
|
|
1,747,942
|
|
|
|
|
|
|
832,459
|
Other liabilities
|
|
|
|
|
|
|
|
|
|
255,093
|
|
|
|
|
|
|
181,393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
|
|
|
|
|
|
9,541,648
|
|
|
|
|
|
|
9,605,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholder's equity
|
|
|
|
|
|
|
|
|
|
4,369,413
|
|
|
|
|
|
|
4,113,751
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholder's equity
|
|
|
|
|
|
|
|
|
$
|
13,911,061
|
|
|
|
|
|
$
|
13,718,949
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ingram Micro Inc.
|
Consolidated Statement of Income
|
(Amounts in 000s)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended
|
|
|
|
|
|
|
|
|
|
September 30, 2017
|
|
|
|
|
|
October 1, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
|
|
|
|
|
$
|
11,660,547
|
|
|
|
|
|
|
$
|
10,226,826
|
|
Cost of sales
|
|
|
|
|
|
|
|
|
|
10,933,761
|
|
|
|
|
|
|
|
9,511,447
|
|
Gross profit
|
|
|
|
|
|
|
|
|
|
726,786
|
|
|
|
|
|
|
|
715,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative
|
|
|
|
|
|
|
|
|
|
584,242
|
|
|
|
|
|
|
|
548,373
|
|
Amortization of intangible assets
|
|
|
|
|
|
|
|
|
|
23,211
|
|
|
|
|
|
|
|
20,574
|
|
Reorganization costs
|
|
|
|
|
|
|
|
|
|
2,071
|
|
|
|
|
|
|
|
7,471
|
|
Merger related costs
|
|
|
|
|
|
|
|
|
|
12,456
|
|
|
|
|
|
|
|
1,897
|
|
|
|
|
|
|
|
|
|
|
|
621,980
|
|
|
|
|
|
|
|
578,315
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
|
|
|
|
|
|
|
104,806
|
|
|
|
|
|
|
|
137,064
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense (income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
|
|
|
|
|
(3,608
|
)
|
|
|
|
|
|
|
(1,956
|
)
|
Interest expense
|
|
|
|
|
|
|
|
|
|
25,806
|
|
|
|
|
|
|
|
19,640
|
|
Net foreign currency exchange (gain) loss
|
|
|
|
|
|
|
|
|
|
(8,816
|
)
|
|
|
|
|
|
|
3,728
|
|
Other
|
|
|
|
|
|
|
|
|
|
4,790
|
|
|
|
|
|
|
|
3,020
|
|
|
|
|
|
|
|
|
|
|
|
18,172
|
|
|
|
|
|
|
|
24,432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
|
|
|
|
|
|
|
86,634
|
|
|
|
|
|
|
|
112,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
|
|
|
|
|
|
|
25,679
|
|
|
|
|
|
|
|
34,109
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
$
|
60,955
|
|
|
|
|
|
|
$
|
78,523
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ingram Micro Inc.
|
Consolidated Statement of Income
|
(Amounts in 000s)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-nine Weeks Ended
|
|
|
|
|
|
|
|
|
|
September 30, 2017
|
|
|
|
|
|
October 1, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
|
|
|
|
|
$
|
32,890,193
|
|
|
|
|
|
|
$
|
29,686,033
|
|
Cost of sales
|
|
|
|
|
|
|
|
|
|
30,796,393
|
|
|
|
|
|
|
|
27,620,012
|
|
Gross profit
|
|
|
|
|
|
|
|
|
|
2,093,800
|
|
|
|
|
|
|
|
2,066,021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative
|
|
|
|
|
|
|
|
|
|
1,700,548
|
|
|
|
|
|
|
|
1,658,674
|
|
Amortization of intangible assets
|
|
|
|
|
|
|
|
|
|
68,477
|
|
|
|
|
|
|
|
73,220
|
|
Reorganization costs
|
|
|
|
|
|
|
|
|
|
11,421
|
|
|
|
|
|
|
|
31,727
|
|
Loss on sale of affiliate
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
14,878
|
|
Merger related costs
|
|
|
|
|
|
|
|
|
|
76,913
|
|
|
|
|
|
|
|
14,605
|
|
|
|
|
|
|
|
|
|
|
|
1,857,359
|
|
|
|
|
|
|
|
1,793,104
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
|
|
|
|
|
|
|
236,441
|
|
|
|
|
|
|
|
272,917
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense (income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
|
|
|
|
|
(8,943
|
)
|
|
|
|
|
|
|
(5,214
|
)
|
Interest expense
|
|
|
|
|
|
|
|
|
|
77,206
|
|
|
|
|
|
|
|
58,264
|
|
Net foreign currency exchange (gain) loss
|
|
|
|
|
|
|
|
|
|
(10,373
|
)
|
|
|
|
|
|
|
12,842
|
|
Other
|
|
|
|
|
|
|
|
|
|
14,216
|
|
|
|
|
|
|
|
10,218
|
|
|
|
|
|
|
|
|
|
|
|
72,106
|
|
|
|
|
|
|
|
76,110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
|
|
|
|
|
|
|
164,335
|
|
|
|
|
|
|
|
196,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
|
|
|
|
|
|
|
20,970
|
|
|
|
|
|
|
|
61,733
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
$
|
143,365
|
|
|
|
|
|
|
$
|
135,074
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ingram Micro Inc.
|
Consolidated Statement of Cash Flows
|
(Amounts in 000s)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-nine Weeks Ended
|
|
|
|
|
|
|
|
|
|
September 30, 2017
|
|
|
|
|
|
October 1, 2016
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
$
|
143,365
|
|
|
|
|
|
|
$
|
135,074
|
|
Adjustments to reconcile net income to cash used by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
150,931
|
|
|
|
|
|
|
|
151,374
|
|
Stock-based compensation
|
|
|
|
|
|
|
|
|
|
20,517
|
|
|
|
|
|
|
|
29,564
|
|
Unpaid merger related costs
|
|
|
|
|
|
|
|
|
|
44,540
|
|
|
|
|
|
|
|
4,130
|
|
Excess tax benefit from stock-based compensation
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
(8,437
|
)
|
Gain on marketable securities, net
|
|
|
|
|
|
|
|
|
|
(5,318
|
)
|
|
|
|
|
|
|
-
|
|
Gain on sale of property and equipment
|
|
|
|
|
|
|
|
|
|
(2,930
|
)
|
|
|
|
|
|
|
(1,606
|
)
|
Loss on sale of affiliate
|
|
|
|
|
|
|
|
|
|
1,739
|
|
|
|
|
|
|
|
14,878
|
|
Noncash charges for interest and bond discount amortization
|
|
|
|
|
|
|
|
|
|
3,283
|
|
|
|
|
|
|
|
2,500
|
|
Deferred income taxes
|
|
|
|
|
|
|
|
|
|
(43,430
|
)
|
|
|
|
|
|
|
(1,152
|
)
|
Changes in operating assets and liabilities, net of effects of
acquisitions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade accounts receivable
|
|
|
|
|
|
|
|
|
|
322,006
|
|
|
|
|
|
|
|
529,205
|
|
Inventory
|
|
|
|
|
|
|
|
|
|
(424,014
|
)
|
|
|
|
|
|
|
(355,948
|
)
|
Other current assets
|
|
|
|
|
|
|
|
|
|
(15,476
|
)
|
|
|
|
|
|
|
(63,572
|
)
|
Accounts payable
|
|
|
|
|
|
|
|
|
|
(893,984
|
)
|
|
|
|
|
|
|
(400,839
|
)
|
Change in book overdrafts
|
|
|
|
|
|
|
|
|
|
(33,480
|
)
|
|
|
|
|
|
|
(61,653
|
)
|
Accrued expenses
|
|
|
|
|
|
|
|
|
|
(94,554
|
)
|
|
|
|
|
|
|
(110,418
|
)
|
Cash used by operating activities
|
|
|
|
|
|
|
|
|
|
(826,805
|
)
|
|
|
|
|
|
|
(136,900
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
|
|
|
|
|
|
(94,544
|
)
|
|
|
|
|
|
|
(80,229
|
)
|
Movements from restricted cash
|
|
|
|
|
|
|
|
|
|
51,021
|
|
|
|
|
|
|
|
-
|
|
Sale of marketable securities, net
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
4,700
|
|
Proceeds from sale of property and equipment
|
|
|
|
|
|
|
|
|
|
3,197
|
|
|
|
|
|
|
|
1,237
|
|
Proceeds from sale of affiliate
|
|
|
|
|
|
|
|
|
|
9,825
|
|
|
|
|
|
|
|
27,847
|
|
Acquisitions, net of cash acquired
|
|
|
|
|
|
|
|
|
|
(20,771
|
)
|
|
|
|
|
|
|
(173,311
|
)
|
Cash used by investing activities
|
|
|
|
|
|
|
|
|
|
(51,272
|
)
|
|
|
|
|
|
|
(219,756
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise of stock options
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
3,296
|
|
Excess tax benefit from stock-based compensation
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
8,437
|
|
Equity contribution from Parent
|
|
|
|
|
|
|
|
|
|
37,500
|
|
|
|
|
|
|
|
-
|
|
Settlement of stock-based awards due to Merger
|
|
|
|
|
|
|
|
|
|
(48,177
|
)
|
|
|
|
|
|
|
-
|
|
Other consideration for acquisitions
|
|
|
|
|
|
|
|
|
|
(15,100
|
)
|
|
|
|
|
|
|
(2,091
|
)
|
Net proceeds from revolving and other credit facilities
|
|
|
|
|
|
|
|
|
|
545,482
|
|
|
|
|
|
|
|
87,160
|
|
Cash provided by financing activities
|
|
|
|
|
|
|
|
|
|
519,705
|
|
|
|
|
|
|
|
96,802
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
(5,897
|
)
|
|
|
|
|
|
|
13,663
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
(364,269
|
)
|
|
|
|
|
|
|
(246,191
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, beginning of period
|
|
|
|
|
|
|
|
|
|
796,164
|
|
|
|
|
|
|
|
935,267
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period
|
|
|
|
|
|
|
|
|
$
|
431,895
|
|
|
|
|
|
|
$
|
689,076
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ingram Micro Inc.
|
Supplementary Information
|
Income from Operations - Reconciliation of GAAP to Non-GAAP
Information
|
(Amounts in Millions)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended
|
|
|
|
|
|
|
|
|
|
September 30, 2017
|
|
|
|
|
|
October 1, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
|
|
|
|
|
|
|
$
|
11,660.5
|
|
|
|
|
|
|
$
|
10,226.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating Income
|
|
|
|
|
|
|
|
|
$
|
104.8
|
|
|
|
|
|
|
$
|
137.1
|
|
Reorganization, integration and transition costs
|
|
|
|
|
|
|
|
|
|
6.8
|
|
|
|
|
|
|
|
17.0
|
|
Amortization of intangible assets
|
|
|
|
|
|
|
|
|
|
23.2
|
|
|
|
|
|
|
|
20.6
|
|
Merger related costs
|
|
|
|
|
|
|
|
|
|
12.5
|
|
|
|
|
|
|
|
1.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating Income
|
|
|
|
|
|
|
|
|
$
|
147.3
|
|
|
|
|
|
|
$
|
176.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating Margin
|
|
|
|
|
|
|
|
|
|
0.90
|
%
|
|
|
|
|
|
|
1.34
|
%
|
Non-GAAP Operating Margin
|
|
|
|
|
|
|
|
|
|
1.26
|
%
|
|
|
|
|
|
|
1.73
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-nine Weeks Ended
|
|
|
|
|
|
|
|
|
|
September 30, 2017
|
|
|
|
|
|
October 1, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
|
|
|
|
|
|
|
$
|
32,890.2
|
|
|
|
|
|
|
$
|
29,686.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating Income
|
|
|
|
|
|
|
|
|
$
|
236.4
|
|
|
|
|
|
|
$
|
272.9
|
|
Reorganization, integration and transition costs
|
|
|
|
|
|
|
|
|
|
23.8
|
|
|
|
|
|
|
|
63.2
|
|
Amortization of intangible assets
|
|
|
|
|
|
|
|
|
|
68.5
|
|
|
|
|
|
|
|
73.3
|
|
Merger related costs
|
|
|
|
|
|
|
|
|
|
76.9
|
|
|
|
|
|
|
|
14.6
|
|
Loss on sale of affiliate
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
14.9
|
|
Settlement of a class action lawsuit
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
(3.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating Income
|
|
|
|
|
|
|
|
|
$
|
405.6
|
|
|
|
|
|
|
$
|
435.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating Margin
|
|
|
|
|
|
|
|
|
|
0.72
|
%
|
|
|
|
|
|
|
0.92
|
%
|
Non-GAAP Operating Margin
|
|
|
|
|
|
|
|
|
|
1.23
|
%
|
|
|
|
|
|
|
1.47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ingram Micro Inc.
|
Supplementary Information
|
Reconciliation of GAAP to Non-GAAP Financial Measures
|
(Amounts in Millions)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended
|
|
|
|
|
|
|
|
|
|
September 30, 2017
|
|
|
|
|
|
October 1, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
|
|
|
Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported Under GAAP
|
|
|
|
|
|
|
|
|
$
|
61.0
|
|
|
|
|
|
|
$
|
78.5
|
|
Reorganization, integration and transition costs
|
|
|
|
|
|
|
|
|
|
4.7
|
|
|
|
|
|
|
|
12.1
|
|
Amortization of intangible assets
|
|
|
|
|
|
|
|
|
|
16.0
|
|
|
|
|
|
|
|
14.6
|
|
Merger related costs
|
|
|
|
|
|
|
|
|
|
8.6
|
|
|
|
|
|
|
|
1.3
|
|
Pan-Europe foreign currency exchange (gain) loss
|
|
|
|
|
|
|
|
|
|
(3.1
|
)
|
|
|
|
|
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measure
|
|
|
|
|
|
|
|
|
$
|
87.2
|
|
|
|
|
|
|
$
|
107.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-nine Weeks Ended
|
|
|
|
|
|
|
|
|
|
September 30, 2017
|
|
|
|
|
|
October 1, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
|
|
|
Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported Under GAAP
|
|
|
|
|
|
|
|
|
$
|
143.4
|
|
|
|
|
|
|
$
|
135.1
|
|
Reorganization, integration and transition costs
|
|
|
|
|
|
|
|
|
|
16.8
|
|
|
|
|
|
|
|
45.4
|
|
Amortization of intangible assets
|
|
|
|
|
|
|
|
|
|
48.7
|
|
|
|
|
|
|
|
52.3
|
|
Merger related costs
|
|
|
|
|
|
|
|
|
|
55.1
|
|
|
|
|
|
|
|
10.6
|
|
Loss on sale of affiliate
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
10.2
|
|
Settlement of a class action lawsuit
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
(2.6
|
)
|
Pan-Europe foreign currency exchange loss
|
|
|
|
|
|
|
|
|
|
2.6
|
|
|
|
|
|
|
|
1.1
|
|
Reversal of a valuation allowance against certain deferred tax
assets in Australia
|
|
|
|
|
|
|
|
|
|
(30.6
|
)
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measure
|
|
|
|
|
|
|
|
|
$
|
236.0
|
|
|
|
|
|
|
$
|
252.1
|
|
Note: Amounts above are net of applicable income taxes.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171110005163/en/
[ Back To TMCnet.com's Homepage ]
|