Reports Record Q4 and Annual Non-GAAP Earnings per Share
CLEARWATER, Fla., (March 04, 2016) — Tech Data Corporation (NASDAQ: TECD) (the “Company”) today announced its financial results for the fourth quarter ended January 31, 2016.
|Three months ended January 31,||Twelve months ended January 31,|
|($ in millions,
except per share amounts)
|Operating income (GAAP)||$145.2||$101.7||$401.4||$267.6|
|Operating margin (GAAP)||1.94%||1.39%||1.52%||0.97%|
|Operating income (Non-GAAP)||$116.8||$111.7||$319.1||$308.0|
|Operating margin (Non-GAAP)||1.56%||1.52%||1.21%||1.11%|
|Net income (GAAP)||$96.1||$80.7||$265.7||$175.2|
|Net income (Non-GAAP)||$80.9||$74.9||$208.2||$190.8|
|EPS – diluted (GAAP)||$2.72||$2.11||$7.36||$4.57|
|EPS – diluted (Non-GAAP)||$2.29||$1.96||$5.77||$4.97|
A reconciliation of GAAP to non-GAAP financial measures is presented in the financial tables of this press release.
This information is also available on the Investor Relations section of Tech Data’s website at www.techdata.com/investor.
Financial Highlights for the Fourth Quarter Ended January 31, 2016:
Financial Highlights for the Fiscal Year Ended January 31, 2016:
“Our fourth-quarter results marked a strong finish to an excellent fiscal year for Tech Data. Building upon the positive momentum of the first nine months, our teams in both regions executed well in Q4, delivering higher-than-expected sales and record fourth-quarter non-GAAP earnings per share,” said Robert M. Dutkowsky, chief executive officer. “At the beginning of the fiscal year, we set out to optimize our operations and leverage our infrastructure by aligning our resources with more strategic, higher-growth areas. This focus enabled us to achieve all of our aspirational financial objectives in fiscal 2016. We gained share in selected markets, improved non-GAAP operating and net income, and grew non-GAAP earnings per share by 16 percent to the highest level in our company’s history, despite experiencing significant foreign currency headwinds throughout the year.”
“Additionally, we delivered a return on invested capital of 13 percent in fiscal 2016—a year-over-year improvement of 200 basis points,” continued Dutkowsky. “We also generated $189 million of operating cash flow and returned $147 million to shareholders through share repurchases, bringing our cumulative share repurchases to $1.3 billion, or nearly 46% of total shares issued. Tech Data’s strong fiscal 2016 performance validates our strategy and firmly positions us to leverage new opportunities in the evolving IT marketplace on behalf of our customers, vendor partners, shareholders, and employees.”
A webcast of today’s conference call to discuss its financial results for the fourth quarter ended January 31, 2016. including supplemental schedules, is available to all interested parties and can be obtained at www.techdata.com/investor. The webcast will be available for replay for three months.
— ENDS —
Non-GAAP Financial Information
The non-GAAP financial information contained in this release is included with the intention of providing investors a more complete understanding of the Company’s operational results and trends, but should only be used in conjunction with results reported in accordance with Generally Accepted Accounting Principles (“GAAP”). Certain non-GAAP measures presented in this release or other releases, presentations and similar documents issued by the Company include 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. Certain non-GAAP measures also exclude acquisition-related intangible assets amortization expense, benefits associated with legal settlements, value-added tax assessment matters, a loss on disposal of subsidiaries, and restatement and remediation-related expenses. A detailed reconciliation of the adjustments between results calculated using GAAP and non-GAAP in this release is contained in the attached financial schedules. This information can also be obtained from the Company’s Investor Relations website at www.techdata.com/investor.
This press release includes “forward-looking statements” within the meaning of the federal securities laws and regulations, including those regarding the Company’s business outlook. These statements are subject to risks and uncertainties, including the risks identified in the Company’s most recent Annual Report on Form 10-K filed March 26, 2015. A number of important factors could cause actual events and results to differ materially from those contained in or implied by the forward-looking statements. Forward-looking statements reflect management’s analysis as of the filing date of this press release. The Company does not undertake to update or revise these statements to reflect subsequent developments.
About Tech Data
Tech Data Corporation is one of the world’s largest wholesale distributors of technology products, services and solutions. Its advanced logistics capabilities and value added services enable 105,000 resellers to efficiently and cost effectively support the diverse technology needs of end users in more than 100 countries. Tech Data generated $26.4 billion in net sales for the fiscal year ended January 31, 2016. It is ranked No. 107 on the Fortune 500® and one of Fortune’s “World’s Most Admired Companies.” To learn more, visit www.techdata.com, or follow on Facebook and Twitter.
Charles V. Dannewitz, Executive Vice President and Chief Financial Officer
Tel: 001 727-532-8028
Arleen Quiñones, Vice President, Investor Relations and Corporate Communications
Tel: 001 727-532-8866