Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Intcomex, Inc. | d471037d8k.htm |
Exhibit 99.1
2012 YTD “Normalized” Adjusted EBITDA
“Normalized” Adjusted EBITDA
(US $ in millions)
(Unaudited)
| 2012 | Key Highlights
• “Normalized” Adjusted EBITDA accounts for other events not captured in Adj. EBITDA, as reported
• Argentina Loss: Non-severance costs associated with closure of Argentina operations
• Inventory Liquidations:
• Q2: Company liquidated two models of mobile devices
• Q3: Significant markdown on IT products, particularly notebook PCs due to market oversupply
• Company believes obsolescence charges in 2012 are an aberration and has implemented new purchasing processes for 2013 | |||||||||||||||||
| Q1 | Q2 | Q3 | Total | |||||||||||||||
| Revenue |
$ | 390.5 | $ | 347.3 | $ | 330.3 | $ | 1,068.1 | ||||||||||
| Adjusted EBITDA (reported) |
$ | 10.9 | $ | 6.4 | $ | 3.6 | $ | 20.9 | ||||||||||
| Other events, excluded from Adj. EBITDA |
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| Argentina Loss |
0.5 | 0.3 | 0.1 | 0.9 | ||||||||||||||
| Impact of Inventory Liquidations |
— | 1.0 | 1.5 | 2.5 | ||||||||||||||
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| $ | 0.5 | $ | 1.3 | $ | 1.6 | $ | 3.4 | |||||||||||
| Normalized Inventory Obsolescence |
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| Actual Obsolescence Charge |
1.4 | 1.6 | 1.6 | 4.6 | ||||||||||||||
| Normal Obsolescence Charge |
0.4 | 0.4 | 0.4 | 1.2 | ||||||||||||||
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| Excessive Obsolescence |
$ | 1.0 | $ | 1.2 | $ | 1.2 | $ | 3.4 | ||||||||||
| Normalized Adjusted EBITDA |
$ | 12.4 | $ | 8.9 | $ | 6.4 | $ | 27.7 | ||||||||||
| Reported Gross Profit |
$ | 34.0 | $ | 29.7 | $ | 27.0 | $ | 90.7 | ||||||||||
| Reported Gross Margin (%) |
8.7 | % | 8.5 | % | 8.2 | % | 8.5 | % | ||||||||||
| Normalized Gross Profit (1) |
$ | 35.0 | $ | 31.9 | $ | 29.7 | $ | 96.6 | ||||||||||
| Normalized Gross Margin (%) |
9.0 | % | 9.1 | % | 9.0 | % | 9.0 | % | ||||||||||
| (1) | Normalized Gross Profit calculated as Reported Gross Profit adjusted to exclude inventory liquidation costs and excessive inventory obsolescence. |
1
Gross Profit to Normalized Gross Profit Reconciliation
(US $ in millions)
(Unaudited)
| Quarter Ended | 9 Months Ended | |||||||||||||||
| 03/31/12 | 06/30/12 | 09/30/12 | 09/30/12 | |||||||||||||
| Normalized Gross Profit Reconciliation: |
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| Gross Profit |
$ | 34.0 | $ | 29.7 | $ | 27.0 | $ | 90.7 | ||||||||
| Gross Profit Margin |
8.7 | % | 8.5 | % | 8.2 | % | 8.5 | % | ||||||||
| Impact of Inventory Liquidations |
— | 1.0 | 1.5 | 2.5 | ||||||||||||
| Excessive Obsolescence |
1.0 | 1.2 | 1.2 | 3.4 | ||||||||||||
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| Normalized Gross Profit |
$ | 35.0 | $ | 31.9 | $ | 29.7 | $ | 96.6 | ||||||||
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| Normalized Gross Profit Margin |
9.0 | % | 9.1 | % | 9.0 | % | 9.0 | % | ||||||||
2
Net Income to Adjusted EBITDA Reconciliation
(US $ in millions)
(Unaudited)
| Year Ended | Nine Months Ended | LTM | ||||||||||||||||||||||||||
| 12/31/08 | 12/31/09 | 12/31/10 | 12/31/11 | 09/30/11 | 09/30/12 | 09/30/12 | ||||||||||||||||||||||
| EBITDA Reconciliation: |
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| Net (Loss) Income |
$ | (35.3 | ) | $ | 7.2 | $ | (3.7 | ) | $ | 4.2 | $ | (1.0 | ) | $ | 3.8 | $ | 8.9 | |||||||||||
| Interest Expense, net |
16.5 | 17.0 | 20.6 | 20.1 | 14.8 | 15.9 | 21.2 | |||||||||||||||||||||
| Provision for Income Taxes |
1.6 | 2.8 | 1.4 | 3.2 | 1.7 | 1.3 | 2.8 | |||||||||||||||||||||
| Depreciation and Amortization |
3.9 | 4.3 | 4.3 | 4.8 | 3.5 | 3.5 | 4.8 | |||||||||||||||||||||
| EBITDA |
$ | (13.3 | ) | $ | 31.3 | $ | 22.6 | $ | 32.3 | $ | 19.0 | $ | 24.5 | $ | 37.8 | |||||||||||||
| Goodwill Impairment Charge |
18.8 | — | — | — | — | — | — | |||||||||||||||||||||
| Foreign Exchange Loss (Gain) |
15.5 | (3.1 | ) | (2.0 | ) | 5.5 | 3.7 | (0.8 | ) | 1.0 | ||||||||||||||||||
| Write-Off of IPO Costs |
2.0 | — | 0.5 | 0.2 | — | — | 0.2 | |||||||||||||||||||||
| Non-Cash Compensation Cost |
0.3 | 0.2 | 0.2 | 0.1 | 0.1 | 0.2 | 0.2 | |||||||||||||||||||||
| Payroll and VAT Charge |
0.5 | — | — | — | — | — | — | |||||||||||||||||||||
| Severance Payments |
— | — | — | 1.3 | 1.2 | 1.1 | 1.3 | |||||||||||||||||||||
| Relocation / Restructuring Charges |
1.5 | 0.6 | — | — | — | — | — | |||||||||||||||||||||
| Gain on Bond Repurchases |
(3.5 | ) | (4.4 | ) | — | (0.1 | ) | (0.1 | ) | — | — | |||||||||||||||||
| Gain on Termination of Non-compete Agreement, net |
— | — | — | — | — | (4.2 | ) | (4.2 | ) | |||||||||||||||||||
| Adjusted EBITDA |
$ | 21.8 | $ | 24.6 | $ | 21.3 | $ | 39.3 | $ | 24.0 | $ | 20.9 | $ | 36.2 | ||||||||||||||
| Argentina Loss |
— | — | — | — | — | 0.9 | 0.9 | |||||||||||||||||||||
| Impact of Inventory Liquidations |
— | — | — | — | — | 2.5 | 2.5 | |||||||||||||||||||||
| Excessive Obsolescence |
— | — | — | — | — | 3.4 | 3.4 | |||||||||||||||||||||
| Normalized Adjusted EBITDA |
$ | 21.8 | $ | 24.6 | $ | 21.3 | $ | 39.3 | $ | 24.0 | $ | 27.7 | $ | 43.0 | ||||||||||||||
3
Net Income to Adjusted EBITDA Reconciliation
(US $ in millions)
(Unaudited)
| Quarter Ended | Nine Months Ended | |||||||||||||||
| 03/31/12 | 06/30/12 | 09/30/12 | 9/30/12 | |||||||||||||
| EBITDA Reconciliation: |
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| Net Income (Loss) |
$ | 5.3 | $ | 0.1 | $ | (1.6 | ) | $ 3.8 | ||||||||
| Interest Expense, net |
5.3 | 5.5 | 5.1 | 15.9 | ||||||||||||
| Provision for Income Taxes |
1.2 | 0.2 | — | 1.3 | ||||||||||||
| Depreciation and Amortization |
1.2 | 1.2 | 1.1 | 3.5 | ||||||||||||
| EBITDA |
$ | (13.0 | ) | $ | 7.0 | $ | 4.6 | $ 24.5 | ||||||||
| Foreign Exchange (Gain) Loss |
(2.7 | ) | 3.4 | (1.4 | ) | (0.8 | ) | |||||||||
| Non-Cash Compensation Cost |
— | — | 0.2 | 0.2 | ||||||||||||
| Severance Payments |
0.6 | 0.2 | 0.3 | 1.1 | ||||||||||||
| Gain on Termination of Non-compete Agreement, net |
— | (4.2 | ) | — | (4.2 | ) | ||||||||||
| Adjusted EBITDA |
$ | 10.9 | $ | 6.4 | $ | 3.6 | $ 20.9 | |||||||||
| Argentina Loss |
0.5 | 0.3 | 0.1 | 0.9 | ||||||||||||
| Impact of Inventory Liquidations |
— | 1.0 | 1.5 | 2.5 | ||||||||||||
| Excessive Obsolescence |
1.0 | 1.2 | 1.2 | 3.4 | ||||||||||||
| Normalized Adjusted EBITDA |
$ | 12.4 | $ | 8.9 | $ | 6.4 | $ 27.7 | |||||||||
4