Tech Data 2013 Annual Report Download - page 27
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Table of Contents
For fiscal 2013, non-GAAP operating income excludes a value added tax assessment of $29.5 million in relation to an assessment and penalties for
various VAT matters in one of our subsidiaries in Spain. For fiscal 2012, non-
GAAP operating income excludes a loss on disposal of subsidiaries of
$28.3 million for the exit of the Company’s in-country commercial operations in Brazil and Colombia in the fourth quarter of fiscal 2012. In
addition, non-GAAP operating income excludes acquisition-
related intangible assets amortization expense in Europe of $17.1 million, $13.9 million
and $6.8 million, in fiscal 2013, 2012 and 2011, respectively. Management believes that this non-GAAP measure is useful to investors because it
provides a meaningful comparison of our performance between periods.
We sell many products purchased from the world’s leading systems, peripherals, networking and software vendors. Products purchased from
Hewlett-Packard Company generated 21% , 25% and 27% of our net sales in fiscal 2013, 2012 and 2011, respectively. In addition, approximately
12% of our consolidated net sales in fiscal 2013 were from products purchased from Apple, Inc. There were no other vendors that accounted for
10% or more of our net sales in the past three fiscal years.
24
2013
% of net sales
2012
% of net sales
2011
% of net sales
Net sales by geographic region ($ in
thousands):
(As restated)
(As restated)
Americas
$
9,823,515
38.7%
$
10,405,428
40.6%
$
10,096,732
42.7%
Europe
15,534,814
61.3%
15,241,885
59.4%
13,523,206
57.3%
Total
$
25,358,329
100.0%
$
25,647,313
100.0%
$
23,619,938
100.0%
Year-over-year (decrease) increase in net
sales (%): 2013 vs. 2012
2012 vs. 2011
Americas (US$) (5.6)%
3.1%
Europe (US$) 1.9%
12.7%
Europe (Euro) 9.3%
7.7%
Total (US$) (1.1)%
8.6%
2013
% of net sales
2012
% of net sales
2011
% of net sales
Operating income ($ in thousands):
(As restated)
(As restated)
Americas
$
150,055
1.53%
$
173,978
1.67%
$
178,043
1.76%
Europe
127,281
0.82%
142,562
0.94%
153,718
1.14%
Stock-based compensation expense
(13,616
)
(0.05)%
(11,994
)
(0.05)%
(10,353
)
(0.04)%
Total
$
263,720
1.04%
$
304,546
1.19%
$
321,408
1.36%
2013
% of net sales
2012
% of net sales
2011
% of net sales
Non-GAAP operating income ($ in
thousands):
(As restated)
(As restated)
Americas
$
150,055
1.53%
$
202,272
1.94%
$
178,043
1.76%
Europe
173,817
1.12%
156,467
1.03%
160,516
1.19%
Stock-based compensation expense
(13,616
)
(0.05)%
(11,994
)
(0.05)%
(10,353
)
(0.04)%
Total
$
310,256
1.22%
$
346,745
1.35%
$
328,206
1.39%