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Table of Contents
Non
-GAAP financial data
Management believes that the presentation of non-GAAP operating income, non-GAAP net income and non-GAAP net income per diluted share is
useful to investors because it provides a meaningful comparison of our performance between periods. The following tables provide a detailed
reconciliation between results reported in accordance with generally accepted accounting principles in the United States ("GAAP") and non-GAAP
financial measures.
(1) Fiscal 2013 non-GAAP operating income excludes a $29.5 million value added tax assessment in relation to an assessment and penalties for various VAT
matters in one of our subsidiaries in Spain. Fiscal 2013 non-GAAP net income excludes this impact and associated interest expense of $11.5 million, net of the
$7.2 million tax impact.
(2) Fiscal 2012 non-GAAP operating income excludes a loss on disposal of subsidiaries of $28.3 million. Fiscal 2012 non-GAAP net income excludes the loss on
disposal of subsidiaries, net of the $9.1 million tax impact.
(3) Fiscal 2013, 2012 and 2011 non-GAAP operating income excludes acquisition-related intangible assets amortization expense. Fiscal 2013, 2012, and 2011 non-
GAAP net income excludes this expense, net of the related tax effects.
(4) Fiscal 2013 non-GAAP net income excludes the $25.1 million reversal of deferred tax valuation allowances related to a European jurisdiction.
Impact of Inflation
During the fiscal years ended January 31, 2013, 2012 and 2011, we do not believe that inflation had a material impact on our consolidated results of
operations or on our financial position.
29
Year ended January 31,
2013
2012
2011
(In thousands, except per share amounts)
(As restated)
(As restated)
GAAP to non-GAAP reconciliation of operating income:
Operating income
$
263,720
$
304,546
$
321,408
Value added tax assessment
(1)
29,462
0
0
Loss on disposal of subsidiaries
(2)
0
28,294
0
Acquisition-related intangible assets amortization expense
(3)
17,074
13,905
6,798
Non-GAAP operating income
$
310,256
$
346,745
$
328,206
GAAP to non-GAAP reconciliation of net income attributable to shareholders of
Tech Data Corporation:
Net income attributable to shareholders of Tech Data Corporation
$
176,255
$
190,750
$
208,372
Reversal of deferred tax valuation allowances
(4)
(25,128
)
0
0
Value added tax assessment and interest expense, net of tax
(1)
33,766
0
0
Loss on disposal of subsidiaries, net of tax
(2)
0
19,221
0
Acquisition-related intangible assets amortization expense, net of tax
(3)
12,559
10,521
5,033
Non-GAAP net income attributable to shareholders of Tech Data Corporation
$
197,452
$
220,492
$
213,405
GAAP to non-GAAP reconciliation of net income per share attributable to
shareholders of Tech Data Corporation—diluted:
Net income per share attributable to shareholders of Tech Data Corporation—diluted
$
4.50
$
4.30
$
4.25
Reversal of deferred tax valuation allowances
(4)
(0.64
)
0.00
0.00
Value added tax assessment and interest expense, net of tax
(1)
0.86
0.00
0.00
Loss on disposal of subsidiaries, net of tax
(2)
0.00
0.43
0.00
Acquisition-related intangible assets amortization expense, net of tax
(3)
0.32
0.24
0.10
Non-GAAP net income per share attributable to shareholders of Tech Data
Corporation—diluted
$
5.04
$
4.97
$
4.35