Tech Data, le acquisizioni europee fanno fare il salto di qualità

Pubblicato il: 14/03/2018
Autore: F.M.

Il distributore registra le migliori performance di sempre in tutti i comparti finanziari sia per quanto riguarda il proprio ultimo trimestre fiscale, sia per l'intero anno fiscale.

Tech Data chiude il proprio quarto trimestre fiscale e anno fiscale 2018 con ottimi risultati, in un mercato come quello della distribuzione che rimane più o meno flat da diverso tempo.
Le percentuali di crescita sono in doppia cifra e variano dal 40 al 49 percento, se si prende l'intero anno fiscale o il solo ultimo trimestre, con riferimento all'anno precedente.
E questo  grazie alla crescita per acquisizioni, che ha visto un entrata importante come quella di Avnet Technology e anche alla capacità di saper interpretare il cambiamento di mercato derivato dalle nuove teconolgie.

tech data ceoCome sottolinea Robert M. Dutkowsky, chairman and chief executive officer di Tech Data Corporation "L'ottima performance ottenuta nel quarto trimestre completa un anno storico e contrassegnato da grandi trasformazioni per Tech Data".
"L'anno fiscale 2018, concluso il 31 gennaio 2018 - continua il CEO di Tech Data - è stato inoltre un anno di importanti avanzamenti strategici e finanziari: abbiamo infatti registrato il livello massimo di vendite, utili non-GAAP e flussi di cassa operativi della nostra storia, dimostrando così la maggiore redditività e il solido profilo di cash flow della nuova Tech Data e questa eccellente performance finanziaria ci ha permesso di ripagare 850 milioni di dollari di debiti e di raggiungere la nostra leverage ratio target post-acquisizione molto prima del piano da 18-24 mesi. I nostri dipendenti, clienti e fornitori partner sono entusiasti del valore apportato oggi sul mercato da Tech Data e delle potenzialità future della nostra azienda".

Tabella riassuntiva dei principali indicatori finanziari
tech data risultati finanziari
Principali indicatori finanziari relativi al quarto trimestre dell'anno fiscale, terminato il 31 gennaio 2018

Net sales
were $11.1 billion, an increase of 49 percent compared to the prior-year quarter. The increase in
net sales is primarily due to the addition of the Technology Solutions business acquired from Avnet, Inc.
on February 27, 2017 (“Technology Solutions”). On a constant currency basis, net sales increased 40
percent.
Americas: Net sales were $4.3 billion (39 percent of worldwide net sales), an increase of 59
percent compared to the prior-year quarter. The increase in net sales is primarily attributed to
the addition of Technology Solutions. On a constant currency basis, net sales increased 58
percent.
Europe: Net sales were $6.5 billion (58 percent of worldwide net sales), an increase of 37
percent compared to the prior-year quarter. The increase in net sales is primarily attributed to
the addition of Technology Solutions. On a constant currency basis, net sales increased 24
percent.
Asia Pacific: Net sales were $0.3 billion (3 percent of worldwide net sales). Asia Pacific net
sales are attributed to the addition of Technology Solutions.

Gross profit was $616.9 million, an increase of $245.8 million, or 66 percent compared to the prior-year
quarter. As a percentage of net sales, gross profit was 5.56 percent compared to 5.00 percent in the
prior-year quarter. The increase in gross profit and gross margin percentage is primarily due to the
addition of Technology Solutions.

Selling, general and administrative expenses: were $429.0 million, or 3.87 percent of net sales,
compared to $253.9 million, or 3.42 percent of net sales in the prior-year quarter. Non-GAAP SG&A was
$400.9 million, an increase of $152.0 million, or 61 percent, compared to the prior-year quarter. As a
percentage of net sales, non-GAAP SG&A was 3.61 percent, compared to 3.35 percent in the prior-year
quarter. The increase in both dollars and percentage of net sales, on a GAAP and non-GAAP basis, is
primarily due to the addition of Technology Solutions.

Worldwide operating income was $151.9 million, or 1.37 percent of net sales compared to $103.1 million
or 1.39 percent of net sales in the prior-year quarter. Non-GAAP operating income was $216.0 million, an
increase of $93.8 million, or 77 percent, compared to the prior-year quarter. As a percentage of net sales,
non-GAAP operating income was 1.95 percent, an improvement of 31 basis points over the prior-year
quarter.
Americas: Operating income was $53.9 million, or 1.26 percent of net sales, compared to $39.3
million, or 1.45 percent of net sales in the prior-year quarter. Non-GAAP operating income was
$85.1 million, an increase of $37.7 million, or 80 percent, compared to the prior-year quarter. As
a percentage of net sales, non-GAAP operating income was 1.98 percent, an improvement of
23 basis points over the prior-year quarter.
Europe: Operating income was $100.4 million, or 1.55 percent of net sales, compared to $66.7
million, or 1.41 percent of net sales in the prior-year quarter. Non-GAAP operating income was
$130.4 million, an increase of $52.7 million, or 68 percent, compared to the prior-year quarter.
As a percentage of net sales, non-GAAP operating income was 2.02 percent, an improvement
of 37 basis points over the prior-year quarter.
Asia Pacific: Operating income was $5.7 million, or 1.69 percent of net sales. Non-GAAP
operating income was $7.5 million, or 2.21 percent of net sales.

Stock-based compensation expense was $8.2 million, an increase of $5.2 million, compared to
the prior-year quarter. This includes $1.2 million of acquisition and integration-related stock
compensation expense. These expenses are excluded from the regional operating results and
presented as a separate line item in the company’s segment reporting (see the GAAP to nonGAAP
reconciliation in the financial tables of this press release).
Net income was $1.3 million, compared to $78.8 million in the prior-year quarter. Net income for the
current quarter includes $95.4 million of income tax expenses incurred as a result of the transition tax and
impact on deferred taxes from the U.S. Tax Cuts and Jobs Act enacted in December 2017. Non-GAAP net
income was $134.7 million, an increase of $47.7 million, or 55 percent, compared to the prior-year quarter.
Earnings per share on a diluted basis (“EPS”) were $0.03, compared to $2.22 in the prior year quarter.
Non-GAAP EPS was $3.50, an increase of $1.05, or 43 percent compared to the prior-year quarter.
Net cash generated by operations during the quarter was $657 million.


Principali indicatori finanziari relativi all'intero anno fiscale, terminato il 31 gennaio 2018

Net sales were $36.8 billion, an increase of 40 percent compared to the prior year. The increase in net
sales is primarily due to the addition of Technology Solutions. On a constant currency basis, net sales
increased 38 percent.
Americas: Net sales were $16.0 billion (43 percent of worldwide net sales), an increase of 54
percent compared to the prior year. The increase in net sales is primarily due to the addition of
Technology Solutions. On a constant currency basis, net sales increased 53 percent.
Europe: Net sales were $19.7 billion (54 percent of worldwide net sales), an increase of 24
percent compared to the prior year. The increase in net sales is primarily due to the addition of
Technology Solutions. On a constant currency basis, net sales increased 21 percent.
Asia Pacific: Net sales were $1.1 billion (3 percent of worldwide net sales). Asia Pacific net
sales are attributed to the addition of Technology Solutions.

Gross profit
was $2.1 billion, an increase of $813.7 million, or 62 percent compared to the prior year. As
a percentage of net sales, gross profit was 5.75 percent compared to 4.96 percent in the prior year. The increase in gross profit and gross margin percentage is primarily due to the addition of Technology
Solutions.
Selling, general and administrative expenses (“SG&A”) were $1.6 billion, or 4.38 percent of net sales,
compared to $984.2 million, or 3.75 percent of net sales in the prior year. Non-GAAP SG&A was $1.5
billion, an increase of $549.9 million, or 57 percent, compared to the prior year. As a percentage of net
sales, non-GAAP SG&A was 4.11 percent, compared to 3.67 percent in the prior year. The increase in
both dollars and percentage of net sales, on a GAAP and non-GAAP basis, is primarily due to the
addition of Technology Solutions.

Worldwide operating income
was $410.1 million, or 1.12 percent of net sales compared to $291.9 million
or 1.11 percent of net sales in the prior year. Non-GAAP operating income was $602.7 million, an increase
of $263.8 million, or 78 percent, compared to the prior year. As a percentage of net sales, non-GAAP
operating income was 1.64 percent, an improvement of 35 basis points over the prior year.
Americas: Operating income was $248.4 million, or 1.56 percent of net sales, compared to
$144.2 million, or 1.39 percent of net sales in the prior year. Non-GAAP operating income was
$333.7 million, an increase of $173.7 million, or 109 percent, compared to the prior year. As a
percentage of net sales, non-GAAP operating income was 2.09 percent, an improvement of 55
basis points over the prior year.
Europe: Operating income was $173.6 million, or 0.88 percent of net sales, compared to $161.6
million, or 1.02 percent of net sales in the prior year. Non-GAAP operating income was $271.3
million, an increase of $78.4 million, or 41 percent, compared to the prior year. As a percentage
of net sales, non-GAAP operating income was 1.38 percent compared to 1.22 percent in the
prior year.
Asia Pacific: Operating income was $17.5 million, or 1.57 percent of net sales. Non-GAAP
operating income was $23.3 million, or 2.09 percent of net sales.
o Stock-based compensation expense was $29.4 million, an increase of $15.4 million, compared
to the prior year. This includes $3.8 million of acquisition and integration-related stock
compensation expense. These expenses are excluded from the regional operating results and
presented as a separate line item in the company’s segment reporting (see the GAAP to nonGAAP
reconciliation in the financial tables of this press release).

Net income
was $116.6 million, compared to $195.1 million in the prior year. Net income for the current
fiscal year includes $95.4 million of income tax expenses incurred as a result of the transition tax and
impact on deferred taxes from the U.S. Tax Cuts and Jobs Act. Non-GAAP net income was $348.3 million,
an increase of $123.0 million, or 55 percent, compared to the prior year.
Earnings per share on a diluted basis (“EPS”) were $3.05, compared to $5.51 in the prior year. Non-GAAP
EPS was $9.11, an increase of $2.75, or 43 percent compared to the prior year.
Net cash generated by operations during the fiscal year was $1.1 billion.
Return on invested capital for the trailing twelve months was 5 percent, compared to 13 percent in the
prior year. Adjusted return on invested capital for the trailing twelve months was 12 percent, compared
to 14 percent in the prior year.

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