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Table of Contents
TECH DATA CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
Year ended January 31,
2013
2012
2011
(As restated) (1)
(As restated) (1)
Cash flows from operating activities:
Cash received from customers
$
26,528,455
$
27,033,946
$
24,752,938
Cash paid to vendors and employees
(26,306,835
)
(26,404,749
)
(24,487,671
)
Interest paid, net
(11,422
)
(18,313
)
(15,927
)
Income taxes paid
(89,445
)
(85,978
)
(73,211
)
Net cash provided by operating activities
120,753
524,906
176,129
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired
(310,253
)
(24,898
)
(141,138
)
Expenditures for property and equipment
(14,871
)
(13,672
)
(18,688
)
Software and software development costs
(23,494
)
(30,887
)
(12,112
)
Gains on investments
2,941
335
4,794
Net cash used in investing activities
(345,677
)
(69,122
)
(167,144
)
Cash flows from financing activities:
Proceeds from the reissuance of treasury stock
3,397
35,093
5,005
Cash paid for purchase of treasury stock
(185,114
)
(314,886
)
(200,000
)
(Repayments) borrowings on long-term loans from joint venture partner
(49,549
)
460
34,556
Acquisition of noncontrolling interest in joint venture
(117,220
)
0
0
Return of capital to joint venture partner
(9,074
)
0
0
Proceeds from issuance of Senior Notes, net of expenses
345,810
0
0
Net borrowings (repayments) on revolving credit loans
87,240
(41,195
)
(51,472
)
Principal payments on long-term debt
(500
)
(352,316
)
(454
)
Excess tax benefit from stock-based compensation
5,304
2,003
1,180
Net cash provided by (used in) financing activities
80,294
(670,841
)
(211,185
)
Effect of exchange rate changes on cash and cash equivalents
(1,068
)
(21,279
)
(2,633
)
Net decrease in cash and cash equivalents
(145,698
)
(236,336
)
(204,833
)
Cash and cash equivalents at beginning of year
486,262
722,598
927,431
Cash and cash equivalents at end of year
$
340,564
$
486,262
$
722,598
Reconciliation of net income to net cash provided by operating activities:
Net income attributable to shareholders of Tech Data Corporation
$
176,255
$
190,750
$
208,372
Net income attributable to noncontrolling interest
6,785
10,452
4,620
Consolidated net income
183,040
201,202
212,992
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Loss on disposal of subsidiaries
0
28,294
0
Depreciation and amortization
58,353
57,332
47,285
Provision for losses on accounts receivable
9,653
10,813
11,798
Stock-based compensation expense
13,616
11,994
10,353
Accretion of debt discount on Senior Notes and convertible senior debentures
88
8,994
10,278
Deferred income taxes
(22,759
)
(33,952
)
7,230
Excess tax benefit from stock-based compensation
(5,304
)
(2,003
)
(1,180
)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable
(103,538
)
(10,744
)
(13,726
)
Inventories
(151,713
)
457,190
(481,572
)
Prepaid expenses and other assets
(105,080
)
(38,101
)
(29,579
)
Accounts payable
218,618
(124,577
)
396,329
Accrued expenses and other liabilities
25,779
(41,536
)
5,921
Total adjustments
(62,287
)
323,704
(36,863
)