Tech Data 2014 Annual Report Download - page 25

Table of Contents
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 GAAP and non-GAAP financial measures.
(1) Fiscal 2014 non-GAAP operating income excludes restatement-related expenses of $13.2 million in the Americas and $40.6 million in Europe and a gain associated with legal
settlements in the Americas of $35.5 million. Fiscal 2014 non-GAAP net income excludes these items, net of the related tax effects.
(2) Fiscal 2013 non-GAAP operating income excludes a $29.5 million value added tax assessment in relation to an assessment and penalties for various value-added tax 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.
(3) 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
Year ended January 31,
2014 2013 2012
(In thousands, except per share amounts)
GAAP to non-GAAP reconciliation of operating income - Americas:
Operating income - Americas
$
156,143
$
150,055
$
173,978
Restatement-related expenses and LCD settlements
(1)
(22,284
)
0
0
Loss on disposal of subsidiaries
(3)
0
0
28,294
Acquisition-related intangible assets amortization expense
(4)
170
0
0
Non-GAAP operating income - Americas
$
134,029
$
150,055
$
202,272
GAAP to non-GAAP reconciliation of operating income - Europe:
Operating income - Europe
$
80,228
$
127,281
$
142,562
Restatement-related expenses
(1)
40,564
0
0
Value added tax assessment
(2)
0
29,462
0
Acquisition-related intangible assets amortization expense
(4)
28,974
17,074
13,905
Non-GAAP operating income - Europe
$
149,766
$
173,817
$
156,467
Consolidated GAAP to non-GAAP reconciliation of operating income:
Operating income
$
227,513
$
263,720
$
304,546
Restatement-related expenses and LCD settlements
(1)
18,280
0
0
Value added tax assessment
(2)
0
29,462
0
Loss on disposal of subsidiaries
(3)
0
0
28,294
Acquisition-related intangible assets amortization expense
(4)
29,144
17,074
13,905
Non-GAAP operating income
$
274,937
$
310,256
$
346,745
GAAP to non-GAAP reconciliation of net income attributable to shareholders of Tech
Data Corporation:
Net income attributable to shareholders of Tech Data Corporation
$
179,932
$
176,255
$
190,750
Restatement-related expenses and LCD settlements, net of tax
(1)
17,021
0
0
Reversal of deferred tax valuation allowances
(5)
(45,303
)
(25,128
)
0
Value added tax assessment and interest expense, net of tax
(2)
0
33,766
0
Loss on disposal of subsidiaries, net of tax
(3)
0
0
19,221
Acquisition-related intangible assets amortization expense, net of tax
(4)
21,305
12,559
10,521
Non-GAAP net income attributable to shareholders of Tech Data Corporation
$
172,955
$
197,452
$
220,492
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
$
4.71
$
4.50
$
4.30
Restatement-related expenses and LCD settlements, net of tax
(1)
0.44
0.00
0.00
Reversal deferred tax valuation allowances
(5)
(1.19
)
(0.64
)
0.00
Value added tax assessment and interest expense, net of tax
(2)
0.00
0.86
0.00
Loss on disposal of subsidiaries, net of tax
(3)
0.00
0.00
0.43
Acquisition-related intangible assets amortization expense, net of tax
(4)
0.56
0.32
0.24
Non-GAAP net income per share attributable to shareholders of Tech Data Corporation—
diluted
$
4.52
$
5.04
$
4.97