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Table of Contents
ITEM 6. Selected Financial Data.
The following table sets forth certain selected consolidated financial data. This information should be read in conjunction with Management’s
Discussion and Analysis of Financial Condition and Results of Operations and our consolidated financial statements and notes thereto
appearing elsewhere in this Annual Report.
FIVE-YEAR FINANCIAL SUMMARY
(In thousands, except per share data)
Year ended January 31,
2015
2014
2013
2012
2011
Income statement data:
(1)
Net sales
27,670,632
26,821,904
$
25,358,329
25,647,313
$
23,619,938
Gross profit
1,393,954
1,362,346
1,303,054
1,377,441
1,278,253
Operating income
(2) (3) (4) (5) (6) (7)
267,635
227,513
263,720
304,546
321,408
Consolidated net income
(6) (8) (9) (10) (11)
175,172
179,932
183,040
201,202
212,992
Net income attributable to noncontrolling
interest
(12)
0
(6,785
)
(10,452
)
(4,620
)
Net income attributable to shareholders of
Tech Data Corporation
175,172
179,932
$
176,255
190,750
$
208,372
Net income per share attributable to
shareholders of Tech Data Corporation—
basic
4.59
4.73
$
4.53
4.36
$
4.29
Net income per share attributable to
shareholders of Tech Data Corporation—
diluted
4.57
4.71
$
4.50
4.30
$
4.25
Dividends per common share
0
0
Balance sheet data:
(1)
Working capital
(13)
1,834,997
1,851,447
$
1,700,485
1,720,564
$
1,899,124
Total assets
6,138,246
7,169,666
6,830,960
5,796,268
6,524,639
Revolving credit loans and current
maturities of long-term debt, net
13,303
43,481
167,522
48,490
434,435
Long-term debt, less current maturities
353,097
354,121
354,458
57,253
60,076
Equity attributable to shareholders of Tech
Data Corporation
1,960,143
2,098,611
1,918,369
1,953,804
2,108,451
(1)
See further discussion in Note 5 of Notes to Consolidated Financial Statements of the Company’
s acquisition of SDG in fiscal 2013.
(2)
During fiscal 2015, the Company incurred $22.0 million of restatement and remediation related expenses and recorded a gain of $5.1 million associated with legal settlements
with certain manufacturers of LCD flat panel displays (see further discussion in Note 1 of Notes to Consolidated Financial Statements).
(3)
During fiscal 2015, the Company decreased its accrual for various value added tax matters related to its Spanish subsidiary by $6.2 million (see further discussion in Note 13
of Notes to Consolidated Financial Statements).
(4)
During fiscal 2015, the Company incurred a $1.3 million loss on disposal of subsidiaries related to the plan to sell certain of the Company’s operations in Latin America (see
further discussion in Note 6 of Notes to Consolidated Financial Statements).
(5)
During fiscal 2014, the Company incurred $53.8 million of restatement and remediation related expenses and recorded a gain of $35.5 million associated with legal
settlements with certain manufacturers of LCD flat panel displays (see further discussion in Note 1 of Notes to Consolidated Financial Statements).
(6)
During fiscal 2013, the Company increased its accrual for various value added tax matters related to its Spanish subsidiary by $41.0 million, including operating expenses of
$29.5 million in relation to the assessment and penalties and $11.5 million for associated interest expense (see further discussion in Note 13 of Notes to Consolidated
Financial Statements).
(7)
During fiscal 2012, the Company incurred a $28.3 million loss on disposal of subsidiaries related to the closure of certain of the Company’
s operations in Latin America.
(8)
During fiscal 2015, the Company recorded income tax benefits of $19.2 million primarily related to the reversal of deferred tax valuation allowances in certain jurisdictions
in Europe, partially offset by income tax expenses of $5.6 million related to undistributed earnings on assets held for sale in certain Latin American jurisdictions (see further
discussion in Note 8 of Notes to Consolidated Financial Statements).
(9)
During fiscal 2014, the Company recorded income tax benefits of $45.3 million for the reversal of deferred tax valuation allowances primarily related to certain jurisdictions
in Europe (see further discussion in Note 8 of Notes to Consolidated Financial Statements).
(10)
During fiscal 2013, the Company recorded a $25.1 million reversal of deferred tax valuation allowances related to a specific jurisdiction in Europe (see further discussion in
Note 8 of Notes to Consolidated Financial Statements).
(11)
During fiscal 2012, the Company recorded a $13.6 million reversal of deferred tax valuation allowances which was substantially offset by the write-off of deferred income
tax assets associated with the closure of Brazil’s commercial operations.
(12)
During fiscal 2013, the Company completed the acquisition of Brightstar Corp.’s fifty percent ownership interest in Brightstar Europe Limited, which was a consolidated
joint venture between Tech Data and Brightstar Corp (see further discussion in Note 5 of Notes to Consolidated Financial Statements).
(13)
Working capital represents total current assets less total current liabilities in the Consolidated Balance Sheet.