TECH DATA CORP

CIK:0000790703|SEC Filings

Consolidated Statement Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Income Statement [Abstract]
Net sales	$ 8,175,174	$ 8,406,424
Cost of products sold	7,643,515	7,897,045
Gross profit	531,659	509,379
Selling, general and administrative expenses	427,863	405,534
Acquisition, integration and restructuring expenses	17,681	6,221
Operating expenses	445,544	411,755
Operating income	86,115	97,624
Interest expense	17,034	26,257
Other expense (income), net	8,948	(693)
Income before income taxes	60,133	72,060
Provision for income taxes	12,068	16,660
Net income	$ 48,065	$ 55,400
Earnings per share:
Basic	$ 1.35	$ 1.50
Diluted	$ 1.34	$ 1.49
Weighted average common shares outstanding:
Basic	35,688	37,011
Diluted	36,002	37,247

Consolidated Statement Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Cash flows from operating activities:
Cash received from customers	$ 11,386,818	$ 11,913,347
Cash paid to vendors and employees	(11,356,142)	(11,800,318)
Interest paid, net	(30,207)	(35,101)
Income taxes paid	(8,198)	(14,739)
Net cash (used in) provided by operating activities	(7,729)	63,189
Cash flows from investing activities:
Expenditures for property and equipment	(5,596)	(7,745)
Software and software development costs	(13,944)	(7,534)
Proceeds from Hedge, Investing Activities	44,377	0
Other	(764)	(548)
Net cash provided by (used in) investing activities	24,073	(15,827)
Cash flows from financing activities:
Principal borrowings (payments) on long-term debt and capital securities	4,515	5,224
Cash paid for debt issuance costs	0	(1,028)
Net (repayments) borrowings on revolving credit loans	(472)	14,227
Payments for employee tax withholdings on equity awards	(10,774)	(8,602)
Proceeds from the reissuance of treasury stock	0	495
Repurchases of Common Stock	0	(35,681)
Other Financing Activities	(563)	0
Net cash used in financing activities	(7,294)	(35,813)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(21,475)	(13,172)
Net decrease in cash and cash equivalents	(12,425)	(1,623)
Cash and Cash Equivalents	841,366	799,123
Cash and Cash Equivalents	828,941	797,500
Reconciliation of net income to net cash (used in) provided by operating activities:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	48,065	55,400
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	41,991	37,257
Provision for losses on accounts receivable	10,832	1,765
Stock-based compensation expense	6,307	8,305
Accretion of debt discount and debt issuance costs	847	860
Changes in operating assets and liabilities:
Accounts receivable	690,145	751,836
Inventories	(60,180)	2,450
Prepaid expenses and other assets	(37,739)	1,763
Accounts payable	(752,022)	(706,381)
Accrued expenses and other liabilities	44,025	(90,066)
Total adjustments	(55,794)	7,789
Net cash (used in) provided by operating activities	$ (7,729)	$ 63,189

Consolidated Balance Sheet - USD ($) $ in Thousands	Apr. 30, 2020	Jan. 31, 2020
Current assets:
Cash and cash equivalents	$ 828,941	$ 841,366
Accounts receivable, less allowances of $80,400 and $79,440	5,367,227	6,192,203
Inventories	3,066,273	3,042,541
Prepaid expenses and other assets	388,790	362,182
Total current assets	9,651,231	10,438,292
Property and equipment, net	280,736	287,150
Goodwill	975,923	973,257
Intangible assets, net	1,052,033	1,094,676
Other assets, net	416,685	475,234
Total assets	12,376,608	13,268,609
Current liabilities:
Accounts payable	6,393,221	7,259,246
Accrued expenses and other liabilities	1,122,656	1,112,457
Revolving credit loans and current maturities of long-term debt, net	108,157	112,882
Total current liabilities	7,624,034	8,484,585
Long-term debt, less current maturities	1,337,541	1,338,136
Other long-term liabilities	308,542	326,433
Total liabilities	9,270,117	10,149,154
Commitments and contingencies (Note 10)
Shareholders’ equity:
Common stock, par value $.0015; 200,000,000 shares authorized; 59,245,585 shares issued at April 30, 2020 and January 31, 2020	89	89
Additional paid-in capital	838,882	855,020
Treasury stock, at cost (23,587,200 and 23,819,230 shares at April 30, 2020 and January 31, 2020)	(1,186,461)	(1,198,132)
Retained earnings	3,509,079	3,461,014
Accumulated other comprehensive (loss) income	(55,098)	1,464
Total shareholders' equity	3,106,491	3,119,455
Total liabilities and shareholders' equity	$ 12,376,608	$ 13,268,609