Tech Data 2013 Annual Report Download - page 61

Download and view the complete annual report

Please find page 61 of the 2013 Tech Data annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 172

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172

Table of Contents
Consolidated Statement of Cash Flows
Fiscal Year Ended January 31, 2012
As Previously
Reported
Adjustments
As Restated
(In thousands)
Cash flows from operating activities:
Cash received from customers
$
26,435,178
$
598,768
$
27,033,946
Cash paid to suppliers and employees
(25,827,475
)
(577,274
)
(26,404,749
)
Interest paid
(18,313
)
0
(18,313
)
Income taxes paid
(85,978
)
0
(85,978
)
Net cash provided by operating activities
503,412
21,494
524,906
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired
(24,898
)
0
(24,898
)
Expenditures for property and equipment
(13,385
)
(287
)
(13,672
)
Software development costs
(30,985
)
98
(30,887
)
Gains on investments
0
335
335
Net cash used in investing activities
(69,268
)
146
(69,122
)
Cash flows from financing activities:
Proceeds from the reissuance of treasury stock
35,093
0
35,093
Cash paid for purchase of treasury stock
(314,886
)
0
(314,886
)
Borrowings on long-term loans from joint venture partner
460
0
460
Net borrowings (repayments) on revolving credit loans
(41,195
)
0
(41,195
)
Principal payments on long-term debt
(352,316
)
0
(352,316
)
Excess tax benefit from stock-based compensation
2,003
0
2,003
Net cash used in financing activities
(670,841
)
0
(670,841
)
Effect of exchange rate changes on cash and cash equivalents
(21,850
)
571
(21,279
)
Net decrease in cash and cash equivalents
(258,547
)
22,211
(236,336
)
Cash and cash equivalents at beginning of year
763,725
(41,127
)
722,598
Cash and cash equivalents at end of year
$
505,178
$
(18,916
)
$
486,262
Reconciliation of net income to net cash provided by operating activities:
Net income attributable to shareholders of Tech Data Corporation
$
206,396
$
(15,646
)
$
190,750
Net income attributable to noncontrolling interest
10,452
0
10,452
Consolidated net income
216,848
(15,646
)
201,202
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Loss on disposal of subsidiaries
28,294
0
28,294
Depreciation and amortization
57,332
0
57,332
Provision for losses on accounts receivable
10,546
267
10,813
Stock-based compensation expense
10,699
1,295
11,994
Accretion of debt discount on Senior Notes and convertible senior debentures
8,994
0
8,994
Deferred income taxes
(29,746
)
(4,206
)
(33,952
)
Excess tax benefit from stock-based compensation
(2,003
)
0
(2,003
)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable
(48,887
)
38,143
(10,744
)
Inventories
370,858
86,332
457,190
Prepaid expenses and other assets
(43,358
)
5,257
(38,101
)
Accounts payable
(41,081
)
(83,496
)
(124,577
)
Accrued expenses and other liabilities
(35,084
)
(6,452
)
(41,536
)
Total adjustments
286,564
37,140
323,704
Net cash provided by operating activities
$
503,412
$
21,494
$
524,906