Attached files
| file | filename |
|---|---|
| EX-99.1 - EX-99.1 - AVNET INC | avt-20160810ex99152699c.htm |
| 8-K - 8-K - AVNET INC | avt-20160810x8k.htm |
Supplemental and Non-GAAP Financial Information
In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company also discloses in this document certain non-GAAP financial information including adjusted operating income, adjusted operating expenses, adjusted income tax expense, adjusted net income and adjusted diluted earnings per share, as well as sales adjusted for the impact of acquisitions and other items (as defined in the Organic Sales section of this document). There are also references to the impact of foreign currency in the discussion of the Company’s results of operations. When the U.S. Dollar strengthens and the stronger exchange rates of the current year are used to translate the results of operations of Avnet’s subsidiaries denominated in foreign currencies, the resulting impact is a decrease in U.S. Dollars of reported results. Conversely, when the U.S. Dollar weakens and the weaker exchange rates of the current year are used to translate the results of operations of Avnet’s subsidiaries denominated in foreign currencies, the resulting impact is an increase in U.S. Dollars of reported results. In the discussion of the Company’s results of operations, results excluding this impact are referred to as “excluding the impact of changes in foreign currency exchange rates” or “constant currency.” Management believes organic sales and sales in constant currency are useful measures for evaluating current period performance as compared with prior periods and for understanding underlying trends. In order to determine the translation impact of changes in foreign currency exchange rates on sales, income or expense items for subsidiaries reporting in currencies other than the U.S. Dollar, the Company adjusts the average exchange rates used in current periods to be consistent with the average exchange rates in effect during the comparative period.
Management believes that operating income and operating expenses adjusted for (i) restructuring, integration and other expenses and (ii) amortization of acquired intangible assets and other, are useful measures to help investors better assess and understand the Company’s operating performance, especially when comparing results with previous periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of Avnet’s normal operating results or non-cash in nature. Management analyzes operating income and operating expenses without the impact of these items as an indicator of ongoing margin performance and underlying trends in the business. Management also uses these non-GAAP measures to establish operational goals and, in many cases, for measuring performance for compensation purposes.
Additional non-GAAP metrics management uses are adjusted operating income margin, which is defined as adjusted operating income (as defined above) divided by sales and adjusted operating expense to gross profit ratio, which is defined as adjusted operating expenses (as defined above) divided by gross profit.
Management also believes income tax expense, net income and diluted EPS adjusted for (i) the impact of the items described above, (ii) certain items impacting other expense and (iii) certain items impacting income tax expense is useful to investors because it provides a measure of the Company’s net profitability on a more comparable basis to historical periods and provides a more meaningful basis for forecasting future performance. Additionally, because of management’s focus on generating shareholder value, of which net profitability is a primary driver, management believes net income and diluted EPS excluding the impact of these items provides an important measure of the Company’s net profitability for the investing public.
Other metrics management monitors in its assessment of business performance include return on working capital (ROWC), return on capital employed (ROCE) and working capital velocity (WC velocity).
|
· |
ROWC is defined as annualized adjusted operating income (as defined above) divided by the sum of the monthly average balances of receivables and inventories less accounts payable. |
|
· |
ROCE is defined as annualized, tax effected adjusted operating income (as defined above) divided by the monthly average balances of interest-bearing debt and equity (including the impact of adjustments to operating income discussed above) less cash and cash equivalents. |
|
· |
WC velocity is defined as annualized sales divided by the sum of the monthly average balances of receivables and inventories less accounts payable. |
Any analysis of results and outlook on a non-GAAP basis should be used as a complement to, and in conjunction with, results presented in accordance with GAAP.
|
|
|
|
|
|
Quarters Ended |
|
||||||||||
|
|
|
|
|
July 2, |
|
April 2, |
|
January 2, |
|
October 3, |
|
|||||
|
|
|
Fiscal 2016* |
|
2016* |
|
2016* |
|
2016* |
|
2015* |
|
|||||
|
|
|
$ in thousands, except per share amounts |
|
|||||||||||||
|
GAAP selling, general and administrative expenses |
|
$ |
2,170,524 |
|
$ |
542,100 |
|
$ |
539,038 |
|
$ |
530,831 |
|
$ |
558,556 |
|
|
Amortization of intangible assets and other |
|
|
28,614 |
|
|
5,769 |
|
|
7,433 |
|
|
7,921 |
|
|
7,491 |
|
|
Adjusted operating expenses |
|
$ |
2,141,910 |
|
$ |
536,330 |
|
$ |
531,605 |
|
$ |
522,910 |
|
$ |
551,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income |
|
$ |
787,669 |
|
$ |
172,973 |
|
$ |
181,618 |
|
$ |
226,115 |
|
$ |
206,962 |
|
|
Restructuring, integration and other expenses |
|
|
79,318 |
|
|
15,966 |
|
|
16,172 |
|
|
21,222 |
|
|
25,958 |
|
|
Amortization of intangible assets and other |
|
|
28,614 |
|
|
5,769 |
|
|
7,433 |
|
|
7,921 |
|
|
7,491 |
|
|
Total adjustments |
|
|
107,932 |
|
|
21,736 |
|
|
23,605 |
|
|
29,143 |
|
|
33,449 |
|
|
Adjusted operating income |
|
$ |
895,601 |
|
$ |
194,709 |
|
$ |
205,223 |
|
$ |
255,258 |
|
$ |
240,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income tax expense |
|
$ |
163,978 |
|
$ |
38,453 |
|
$ |
37,078 |
|
$ |
41,196 |
|
$ |
47,252 |
|
|
Restructuring, integration and other expenses (income tax benefit) |
|
|
26,975 |
|
|
5,652 |
|
|
5,369 |
|
|
7,121 |
|
|
8,833 |
|
|
Amortization of intangible assets and other (income tax benefit) |
|
|
8,856 |
|
|
2,084 |
|
|
2,057 |
|
|
2,408 |
|
|
2,307 |
|
|
Income tax adjustments, net |
|
|
16,527 |
|
|
(1,445) |
|
|
7,056 |
|
|
11,295 |
|
|
(379) |
|
|
Total adjustments to income tax expense |
|
|
52,358 |
|
|
6,290 |
|
|
14,482 |
|
|
20,824 |
|
|
10,761 |
|
|
Adjusted income tax expense |
|
$ |
216,336 |
|
$ |
44,743 |
|
$ |
51,560 |
|
$ |
62,020 |
|
$ |
58,013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
|
$ |
506,531 |
|
$ |
96,806 |
|
$ |
123,459 |
|
$ |
156,012 |
|
$ |
130,254 |
|
|
Restructuring, integration and other expenses (net of tax) |
|
|
52,343 |
|
|
10,314 |
|
|
10,804 |
|
|
14,100 |
|
|
17,125 |
|
|
Amortization of intangible assets and other (net of tax) |
|
|
19,758 |
|
|
3,685 |
|
|
5,376 |
|
|
5,513 |
|
|
5,184 |
|
|
Income tax adjustments, net |
|
|
(16,527) |
|
|
1,445 |
|
|
(7,056) |
|
|
(11,295) |
|
|
379 |
|
|
Total adjustments to net income (net of tax) |
|
|
55,575 |
|
|
15,445 |
|
|
9,124 |
|
|
8,318 |
|
|
22,688 |
|
|
Adjusted net income |
|
$ |
562,106 |
|
$ |
112,251 |
|
$ |
132,582 |
|
$ |
164,330 |
|
$ |
152,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted EPS |
|
$ |
3.80 |
|
$ |
0.75 |
|
$ |
0.94 |
|
$ |
1.16 |
|
$ |
0.96 |
|
|
Restructuring, integration and other expenses (net of tax) |
|
|
0.39 |
|
|
0.08 |
|
|
0.08 |
|
|
0.10 |
|
|
0.12 |
|
|
Amortization of intangible assets and other (net of tax) |
|
|
0.15 |
|
|
0.03 |
|
|
0.04 |
|
|
0.04 |
|
|
0.04 |
|
|
Income tax adjustments, net |
|
|
(0.12) |
|
|
0.01 |
|
|
(0.05) |
|
|
(0.08) |
|
|
- |
|
|
Total adjustments to diluted EPS (net of tax) |
|
|
0.42 |
|
|
0.12 |
|
|
0.07 |
|
|
0.06 |
|
|
0.16 |
|
|
Adjusted EPS |
|
$ |
4.22 |
|
$ |
0.86 |
|
$ |
1.01 |
|
$ |
1.22 |
|
$ |
1.12 |
|
* May not foot due to rounding
|
|
|
|
|
|
Quarters Ended |
|
||||||||||
|
|
|
|
|
June 27, |
|
March 28, |
|
|
December 27, |
|
September 27, |
|
||||
|
|
|
Fiscal 2015* |
|
2015* |
|
2015* |
|
2014* |
|
2014* |
|
|||||
|
|
|
$ in thousands, except per share amounts |
|
|||||||||||||
|
GAAP selling, general and administrative expenses |
|
$ |
2,274,642 |
|
$ |
561,585 |
|
$ |
555,148 |
|
$ |
573,962 |
|
$ |
583,946 |
|
|
Amortization of intangible assets and other |
|
|
54,049 |
|
|
19,603 |
|
|
11,187 |
|
|
11,052 |
|
|
12,208 |
|
|
Adjusted operating expenses |
|
$ |
2,220,593 |
|
$ |
541,982 |
|
$ |
543,961 |
|
$ |
562,910 |
|
$ |
571,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income |
|
$ |
827,673 |
|
$ |
180,477 |
|
$ |
203,712 |
|
$ |
250,287 |
|
$ |
193,197 |
|
|
Restructuring, integration and other expenses |
|
|
90,805 |
|
|
43,734 |
|
|
15,494 |
|
|
13,257 |
|
|
18,320 |
|
|
Amortization of intangible assets and other |
|
|
54,049 |
|
|
19,603 |
|
|
11,187 |
|
|
11,052 |
|
|
12,208 |
|
|
Total adjustments |
|
|
144,854 |
|
|
63,337 |
|
|
26,681 |
|
|
24,309 |
|
|
30,528 |
|
|
Adjusted operating income |
|
$ |
972,527 |
|
$ |
243,814 |
|
$ |
230,393 |
|
$ |
274,596 |
|
$ |
223,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP other (expense) income, net |
|
$ |
(19,043) |
|
$ |
(3,080) |
|
$ |
(8,945) |
|
$ |
(5,524) |
|
$ |
(1,493) |
|
|
Venezuela foreign currency loss |
|
|
3,737 |
|
|
3,737 |
|
|
- |
|
|
- |
|
|
- |
|
|
Adjusted other (expense) income, net |
|
$ |
(15,306) |
|
$ |
657 |
|
$ |
(8,945) |
|
$ |
(5,524) |
|
$ |
(1,493) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income tax expense |
|
$ |
141,053 |
|
$ |
(5,064) |
|
$ |
49,367 |
|
$ |
56,391 |
|
$ |
40,358 |
|
|
Restructuring, integration and other expenses (income tax benefit) |
|
|
24,907 |
|
|
13,219 |
|
|
3,459 |
|
|
3,069 |
|
|
5,160 |
|
|
Amortization of intangible assets and other (income tax benefit) |
|
|
17,405 |
|
|
7,315 |
|
|
3,479 |
|
|
3,377 |
|
|
3,235 |
|
|
Income tax adjustments, net |
|
|
55,101 |
|
|
45,770 |
|
|
(2,192) |
|
|
5,597 |
|
|
5,926 |
|
|
Total adjustments to income tax expense |
|
|
97,413 |
|
|
66,304 |
|
|
4,746 |
|
|
12,043 |
|
|
14,321 |
|
|
Adjusted income tax expense |
|
$ |
238,466 |
|
$ |
61,240 |
|
$ |
54,113 |
|
$ |
68,434 |
|
$ |
54,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
|
$ |
571,913 |
|
$ |
158,733 |
|
$ |
121,529 |
|
$ |
163,706 |
|
$ |
127,946 |
|
|
Restructuring, integration and other expenses (net of tax) |
|
|
65,897 |
|
|
30,514 |
|
|
12,035 |
|
|
10,188 |
|
|
13,160 |
|
|
Amortization of intangible assets and other (net of tax) |
|
|
36,643 |
|
|
12,287 |
|
|
7,708 |
|
|
7,675 |
|
|
8,973 |
|
|
Venezuela foreign currency loss (net of tax) |
|
|
3,737 |
|
|
3,737 |
|
|
- |
|
|
- |
|
|
- |
|
|
Income tax adjustments, net |
|
|
(55,101) |
|
|
(45,770) |
|
|
2,192 |
|
|
(5,597) |
|
|
(5,926) |
|
|
Total adjustments to net income (net of tax) |
|
|
51,176 |
|
|
768 |
|
|
21,935 |
|
|
12,266 |
|
|
16,207 |
|
|
Adjusted net income |
|
$ |
623,089 |
|
$ |
159,501 |
|
$ |
143,464 |
|
$ |
175,972 |
|
$ |
144,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted EPS |
|
$ |
4.12 |
|
$ |
1.15 |
|
$ |
0.88 |
|
$ |
1.18 |
|
$ |
0.91 |
|
|
Restructuring, integration and other expenses (net of tax) |
|
|
0.47 |
|
|
0.22 |
|
|
0.09 |
|
|
0.07 |
|
|
0.09 |
|
|
Amortization of intangible assets and other (net of tax) |
|
|
0.26 |
|
|
0.09 |
|
|
0.06 |
|
|
0.06 |
|
|
0.07 |
|
|
Venezuela foreign currency loss (net of tax) |
|
|
0.03 |
|
|
0.03 |
|
|
- |
|
|
- |
|
|
- |
|
|
Income tax adjustments, net |
|
|
(0.39) |
|
|
(0.33) |
|
|
0.02 |
|
|
(0.04) |
|
|
(0.04) |
|
|
Total adjustments to diluted EPS (net of tax) |
|
|
0.37 |
|
|
0.01 |
|
|
0.16 |
|
|
0.09 |
|
|
0.12 |
|
|
Adjusted EPS |
|
$ |
4.49 |
|
$ |
1.16 |
|
$ |
1.04 |
|
$ |
1.27 |
|
$ |
1.02 |
|
* May not foot due to rounding
Organic Sales
Organic sales is defined as reported sales adjusted for the impact of significant acquisitions, divestitures and other items by adjusting Avnet’s prior periods to include the sales of acquired businesses and exclude the sales of divested businesses as if the acquisitions and divestitures had occurred at the beginning of the earliest period presented. Organic sales in constant currency is defined as organic sales (as defined above) excluding the impact of changes in foreign currency exchange rates.
The following tables present the reconciliation of reported sales to organic sales for the fourth quarters and full years of fiscal 2016 and fiscal 2015.
|
|
|
Fourth Quarter Ended |
|
Year Ended |
|
||||||||
|
|
|
|
|
|
|
Acquisitions/ |
|
|
|
||||
|
|
|
As Reported and |
|
As |
|
Divestitures (1)/ |
|
|
|
|
|||
|
|
|
Organic Sales - |
|
Reported - |
|
Estimated |
|
Organic Sales - |
|
||||
|
|
|
Fiscal 2016 |
|
Fiscal 2016 |
|
Extra Week (2) |
|
Fiscal 2016 |
|
||||
|
|
|
(in millions) |
|
||||||||||
|
Avnet, Inc. |
|
$ |
6,226.8 |
|
$ |
26,219.3 |
|
$ |
(464.1) |
|
$ |
25,755.2 |
|
|
EM |
|
|
3,939.2 |
|
|
16,566.8 |
|
|
(300.0) |
|
|
16,266.8 |
|
|
TS |
|
|
2,287.6 |
|
|
9,652.5 |
|
|
(164.1) |
|
|
9,488.4 |
|
|
EM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
1,082.2 |
|
$ |
4,665.3 |
|
$ |
(82.0) |
|
$ |
4,583.3 |
|
|
EMEA |
|
|
1,293.0 |
|
|
5,091.3 |
|
|
(92.0) |
|
|
4,999.3 |
|
|
Asia |
|
|
1,564.0 |
|
|
6,810.2 |
|
|
(126.0) |
|
|
6,684.2 |
|
|
TS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
1,382.9 |
|
$ |
5,758.3 |
|
$ |
(123.1) |
|
$ |
5,635.2 |
|
|
EMEA |
|
|
620.8 |
|
|
2,719.7 |
|
|
(18.0) |
|
|
2,701.7 |
|
|
Asia |
|
|
283.9 |
|
|
1,174.5 |
|
|
(23.0) |
|
|
1,151.5 |
|
|
|
|
Fourth Quarter Ended |
|
Year Ended |
|
||||||||||||||
|
|
|
As Reported - |
|
Acquisitions/ |
|
Organic Sales - |
|
As Reported - |
|
Acquisitions/ |
|
Organic Sales - |
|
||||||
|
|
|
Fiscal 2015 |
|
Divestitures (1) |
|
Fiscal 2015 |
|
Fiscal 2015 |
|
Divestitures (1) |
|
Fiscal 2015 |
|
||||||
|
|
|
(in millions) |
|
||||||||||||||||
|
Avnet, Inc. |
|
$ |
6,796.3 |
|
$ |
31.6 |
|
$ |
6,827.9 |
|
$ |
27,924.7 |
|
$ |
125.7 |
|
$ |
28,050.4 |
|
|
EM |
|
|
4,315.9 |
|
|
— |
|
|
4,315.9 |
|
|
17,344.7 |
|
|
— |
|
|
17,344.7 |
|
|
TS |
|
|
2,480.4 |
|
|
31.6 |
|
|
2,512.0 |
|
|
10,580.0 |
|
|
125.7 |
|
|
10,705.7 |
|
|
EM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
1,269.9 |
|
$ |
— |
|
$ |
1,269.9 |
|
$ |
4,922.1 |
|
$ |
— |
|
$ |
4,922.1 |
|
|
EMEA |
|
|
1,245.0 |
|
|
— |
|
|
1,245.0 |
|
|
5,004.6 |
|
|
— |
|
|
5,004.6 |
|
|
Asia |
|
|
1,801.0 |
|
|
— |
|
|
1,801.0 |
|
|
7,418.0 |
|
|
— |
|
|
7,418.0 |
|
|
TS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
1,497.2 |
|
$ |
6.6 |
|
$ |
1,503.8 |
|
$ |
6,221.9 |
|
$ |
24.1 |
|
$ |
6,246.0 |
|
|
EMEA |
|
|
624.8 |
|
|
25.0 |
|
|
649.8 |
|
|
2,871.6 |
|
|
101.6 |
|
|
2,973.2 |
|
|
Asia |
|
|
358.4 |
|
|
— |
|
|
358.4 |
|
|
1,486.5 |
|
|
— |
|
|
1,486.5 |
|
|
(1) |
Includes the following acquisitions: |
• Orchestra Service Gmbh acquired in November 2015 in the TS EMEA Region
• ExitCertified Corporation acquired in January 2016 in the TS America Region
|
(2) |
The impact of the additional week of sales in the first quarter of fiscal 2016 is estimated |
|
|
|
|
|
|
|
|
|
Sales |
|
|
|
|
Organic |
|
|
|
|
|
Sales |
|
|
|
|
As Reported |
|
|
|
|
Sales |
|
||
|
|
|
As Reported |
|
Sales |
|
Year-Year % |
|
Organic |
|
Year-Year % |
|
||||
|
|
|
and Organic |
|
As Reported |
|
Change in |
|
Sales |
|
Change in |
|
||||
|
|
|
Q4-Fiscal |
|
Year-Year |
|
Constant |
|
Year-Year |
|
Constant |
|
||||
|
|
|
2016 |
|
% Change |
|
Currency |
|
% Change |
|
Currency |
|
||||
|
|
|
(Dollars in thousands) |
|
||||||||||||
|
Avnet, Inc. |
|
$ |
6,226,812 |
|
(8.4) |
% |
|
(8.3) |
% |
|
(8.8) |
% |
|
(8.7) |
% |
|
EM |
|
|
3,939,249 |
|
(8.7) |
|
|
(9.4) |
|
|
(8.7) |
|
|
(9.4) |
|
|
TS |
|
|
2,287,563 |
|
(7.8) |
|
|
(6.4) |
|
|
(8.9) |
|
|
(7.6) |
|
|
EM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
1,082,203 |
|
(14.8) |
% |
|
— |
|
|
(14.8) |
% |
|
— |
|
|
EMEA |
|
|
1,293,090 |
|
3.9 |
|
|
2.2 |
% |
|
3.9 |
|
|
2.2 |
% |
|
Asia/Pacific |
|
|
1,563,956 |
|
(13.2) |
|
|
(13.8) |
|
|
(13.2) |
|
|
(13.8) |
|
|
TS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
1,382,941 |
|
(7.6) |
% |
|
— |
|
|
(8.0) |
% |
|
— |
|
|
EMEA |
|
|
620,751 |
|
(0.7) |
|
|
0.8 |
% |
|
(4.5) |
|
|
(3.0) |
% |
|
Asia/Pacific |
|
|
283,871 |
|
(20.8) |
|
|
(17.8) |
|
|
(20.8) |
|
|
(17.8) |
|
ROWC, ROCE and WC Velocity
The following tables (in thousands) present the calculations for ROWC, ROCE and WC velocity.
|
|
|
|
|
FY16 |
|
|
Q4 FY16 |
|
|
Q3 FY16 |
|
|
Q2 FY16 |
|
|
Q1 FY16 |
|
|||||
|
Sales |
|
|
|
$ |
26,219,279 |
|
|
$ |
6,226,812 |
|
|
$ |
6,174,716 |
|
|
$ |
6,848,057 |
|
|
$ |
6,969,694 |
|
|
Sales, annualized (1) |
|
(a) |
|
|
26,219,279 |
|
|
$ |
24,907,248 |
|
|
|
24,698,864 |
|
|
|
27,392,228 |
|
|
|
26,385,270 |
|
|
Adjusted operating income (2) |
|
|
|
|
895,601 |
|
|
$ |
194,709 |
|
|
|
205,223 |
|
|
|
255,258 |
|
|
|
240,411 |
|
|
Adjusted annualized operating income (1) |
|
(b) |
|
|
895,601 |
|
|
$ |
778,836 |
|
|
|
820,892 |
|
|
|
1,021,032 |
|
|
|
910,127 |
|
|
Adjusted effective tax rate (2) (3) |
|
|
|
|
27.8 |
% |
|
|
27.8 |
% |
|
|
27.8 |
% |
|
|
27.8 |
% |
|
|
27.8 |
% |
|
Adjusted annualized operating income, after tax |
|
(c) |
|
|
646,713 |
|
|
$ |
562,397 |
|
|
|
592,765 |
|
|
|
737,287 |
|
|
|
657,203 |
|
|
Average monthly working capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
|
|
4,815,529 |
|
|
$ |
4,768,442 |
|
|
|
4,905,736 |
|
|
|
4,982,198 |
|
|
|
4,787,201 |
|
|
Inventories |
|
|
|
|
2,814,071 |
|
|
$ |
2,935,788 |
|
|
|
2,787,825 |
|
|
|
2,747,160 |
|
|
|
2,745,479 |
|
|
Accounts payable |
|
|
|
|
(3,166,749) |
|
|
$ |
(3,154,351) |
|
|
|
(3,265,178) |
|
|
|
(3,256,725) |
|
|
|
(3,182,154) |
|
|
Average working capital |
|
(d) |
|
$ |
4,462,851 |
|
|
$ |
4,549,879 |
|
|
$ |
4,428,383 |
|
|
$ |
4,472,633 |
|
|
$ |
4,350,526 |
|
|
Average monthly capital employed |
|
(e) |
|
$ |
6,049,519 |
|
|
$ |
6,177,923 |
|
|
$ |
6,028,867 |
|
|
$ |
6,026,327 |
|
|
$ |
5,909,334 |
|
|
ROWC = (b) / (d) |
|
|
|
|
20.1 |
% |
|
|
17.1 |
% |
|
|
18.5 |
% |
|
|
22.8 |
% |
|
|
20.9 |
% |
|
WC Velocity = (a) / (d) |
|
|
|
|
5.9 |
|
|
|
5.5 |
|
|
|
5.6 |
|
|
|
6.1 |
|
|
|
6.1 |
|
|
ROCE = (c) / (e) |
|
|
|
|
10.7 |
% |
|
|
9.1 |
% |
|
|
9.8 |
% |
|
|
12.2 |
% |
|
|
11.1 |
% |
|
|
|
|
|
FY15 |
|
|
Q4 FY15 |
|
|
Q3 FY15 |
|
|
Q2 FY15 |
|
|
Q1 FY15 |
|
|||||
|
Sales |
|
|
|
$ |
27,924,657 |
|
|
$ |
6,796,331 |
|
|
$ |
6,736,860 |
|
|
$ |
7,551,880 |
|
|
$ |
6,839,587 |
|
|
Sales, annualized |
|
(a) |
|
|
27,924,657 |
|
|
|
27,185,324 |
|
|
|
26,947,440 |
|
|
|
30,207,520 |
|
|
|
27,358,348 |
|
|
Adjusted operating income (2) |
|
|
|
|
972,527 |
|
|
|
243,814 |
|
|
|
230,393 |
|
|
|
274,596 |
|
|
|
223,725 |
|
|
Adjusted annualized operating income |
|
(b) |
|
|
972,527 |
|
|
|
975,256 |
|
|
|
921,572 |
|
|
|
1,098,384 |
|
|
|
894,900 |
|
|
Adjusted effective tax rate (3) |
|
|
|
|
27.7 |
% |
|
|
27.7 |
% |
|
|
27.7 |
% |
|
|
27.7 |
% |
|
|
27.7 |
% |
|
Adjusted annualized operating income, after tax |
|
(c) |
|
|
703,332 |
|
|
|
705,305 |
|
|
|
666,481 |
|
|
|
794,351 |
|
|
|
647,192 |
|
|
Average monthly working capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
|
|
5,109,326 |
|
|
|
4,979,668 |
|
|
|
5,251,882 |
|
|
|
5,318,083 |
|
|
|
4,993,653 |
|
|
Inventories |
|
|
|
|
2,667,351 |
|
|
|
2,593,545 |
|
|
|
2,564,071 |
|
|
|
2,700,424 |
|
|
|
2,729,194 |
|
|
Accounts payable |
|
|
|
|
(3,274,382) |
|
|
|
(3,234,283) |
|
|
|
(3,344,479) |
|
|
|
(3,437,897) |
|
|
|
(3,231,037) |
|
|
Average working capital |
|
(d) |
|
$ |
4,502,295 |
|
|
$ |
4,338,930 |
|
|
$ |
4,471,474 |
|
|
$ |
4,580,610 |
|
|
$ |
4,491,810 |
|
|
Average monthly capital employed |
|
(e) |
|
$ |
6,077,926 |
|
|
$ |
5,898,475 |
|
|
$ |
6,028,015 |
|
|
$ |
6,161,858 |
|
|
$ |
6,101,274 |
|
|
ROWC = (b) / (d) |
|
|
|
|
21.6 |
% |
|
|
22.5 |
% |
|
|
20.6 |
% |
|
|
24.0 |
% |
|
|
19.9 |
% |
|
WC Velocity = (a) / (d) |
|
|
|
|
6.2 |
|
|
|
6.3 |
|
|
|
6.0 |
|
|
|
6.6 |
|
|
|
6.1 |
|
|
ROCE = (c) / (e) |
|
|
|
|
11.6 |
% |
|
|
12.0 |
% |
|
|
11.1 |
% |
|
|
12.9 |
% |
|
|
10.6 |
% |
|
(1) |
Annualized amounts are based on a 53-week fiscal year. |
|
(2) |
See reconciliation to GAAP amounts in the preceding tables in this Non-GAAP Financial Information section. |
|
(3) |
Adjusted effective tax rate for each quarterly period in a fiscal year is based upon the currently anticipated annual effective tax rate, excluding the tax effect of the income tax adjustments above in the reconciliation to GAAP amounts in this Non-GAAP Financial Information section. |
Guidance Reconciliation
The following table presents the reconciliation of non-GAAP adjusted diluted earnings per share guidance to the expected GAAP diluted earnings per share guidance for the first quarter of fiscal 2017.
|
|
|
High End of |
|
Low End of |
|
||
|
|
|
Guidance Range |
|
Guidance Range |
|
||
|
|
|
|
|
|
|
|
|
|
Adjusted diluted earnings per share guidance |
|
$ |
0.94 |
|
$ |
0.84 |
|
|
Restructuring, integration and other expense (net of tax) |
|
|
(0.06) |
|
|
(0.10) |
|
|
Amortization of intangibles and other (net of tax) |
|
|
(0.03) |
|
|
(0.04) |
|
|
Income tax expense adjustments |
|
|
0.02 |
|
|
(0.02) |
|
|
GAAP diluted earnings per share guidance |
|
$ |
0.87 |
|
$ |
0.68 |
|