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Table of Contents
TECH DATA CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
Year ended January 31,
2015
2014
2013
Cash flows from operating activities:
Cash received from customers
$
29,380,493
$
28,253,552
$
26,531,396
Cash paid to vendors and employees
(29,177,542
)
(27,775,887
)
(26,306,835
)
Interest paid
(24,546
)
(23,082
)
(11,422
)
Income taxes paid
(59,024
)
(75,435
)
(89,445
)
Net cash provided by operating activities
119,381
379,148
123,694
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired
0
6,377
(310,253
)
Acquisition of trademark
0
(1,519
)
0
Expenditures for property and equipment
(18,639
)
(15,598
)
(14,871
)
Proceeds from sale of fixed assets
7,121
0
0
Software and software development costs
(9,536
)
(13,271
)
(23,494
)
Net cash used in investing activities
(21,054
)
(24,011
)
(348,618
)
Cash flows from financing activities:
Proceeds from the reissuance of treasury stock
1,456
1,139
3,397
Cash paid for purchase of treasury stock
(52,997
)
0
(185,114
)
Repayments on long-term loans from joint venture partner
0
0
(49,549
)
Acquisition of noncontrolling interest in joint venture
0
0
(117,220
)
Return of capital to joint venture partner
0
0
(9,074
)
Acquisition earn-out payment
(5,060
)
(6,183
)
0
Proceeds from issuance of Senior Notes, net of expenses
0
0
345,810
Net borrowings (repayments) on revolving credit loans
7,269
(122,656
)
87,240
Principal payments on long-term debt
(546
)
(538
)
(500
)
Excess tax benefit from stock-based compensation
749
927
5,304
Net cash (used in) provided by financing activities
(49,129
)
(127,311
)
80,294
Effect of exchange rate changes on cash and cash equivalents
(72,057
)
1,711
(1,068
)
Net (decrease) increase in cash and cash equivalents
(22,859
)
229,537
(145,698
)
Cash and cash equivalents at beginning of year
570,101
340,564
486,262
Less: Cash balance of businesses held for sale at end of year
4,247
0
0
Cash and cash equivalents at end of year
$
542,995
$
570,101
$
340,564
Reconciliation of net income to net cash provided by operating activities:
Net income attributable to shareholders of Tech Data Corporation
$
175,172
$
179,932
$
176,255
Net income attributable to noncontrolling interest
0
0
6,785
Consolidated net income
175,172
179,932
183,040
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on disposal of subsidiaries
1,330
0
0
Depreciation and amortization
68,746
72,979
58,353
Provision for losses on accounts receivable
10,415
11,725
9,653
Stock-based compensation expense
13,668
8,858
13,616
Accretion of debt discount on Senior Notes and convertible senior debentures
264
264
88
Deferred income taxes
(335
)
(53,484
)
(22,759
)
Excess tax benefit from stock-based compensation
(749
)
(927
)
(5,304
)
Gain on sale of fixed assets
(2,350
)
0
0
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable
22,166
(36,031
)
(103,538
)
Inventories
245,474
(209,383
)
(151,713
)