Tech Data Corp. (NASDAQ:TECD) Q4 2015 Earnings Conference Call - Final Transcript
Mar 03, 2016 • 09:00 am ET
Good morning. Welcome to Tech Data Corporation's Fiscal Year 2015 Fourth Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. After the presentation, we will conduct a question-and-answer session. Today's conference is being recorded. If you have any objections, you may disconnect at this time.
Now, I'll turn the meeting over to Brian Hancock, Investor Relations Manager. Sir, you may begin.
Thank you, Kevin. Good morning and welcome to Tech Data's Earnings Conference Call and Webcast to review our Financial Results for the Fourth Quarter of Fiscal Year 2015. I'm joined this morning by Bob Dutkowsky, Chief Executive Officer and Jeff Howells, Executive Vice President and Chief Financial Officer. We have prepared supplemental schedules to go along with today's call. The schedules can be found on Tech Data's Investor Relations website located at www.techdata.com/investor. Unless otherwise specified, all growth comparisons we make on the call today relate to the corresponding period of the previous fiscal year.
Before we begin, I would like to remind all listeners that today's earnings press release and certain matters discussed on today's call may including forward-looking statements as defined in the Private Securities Litigation Reform Act 1995. These statements are based on the Company's current expectations and are subject to risks and uncertainties.
These risks and uncertainties include, but not are limited to, those factors identified in the press release and in our filing with the Securities and Exchange Commission, specifically our most recent Annual Report on Form 10-K which identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements.
Please be advised that the statements made during today's call should be considered to represent the expectations of management as of the date of this call. The Company undertakes no duty to update any forward-looking statements to actual results or changes in expectations.
Also, throughout this conference call, we'll reference both GAAP and non-GAAP financial measures in which we exclude from our GAAP financial results certain items. For the fourth quarter of fiscal 2015 and 2014, we incurred expenses of $2.4 million and $24.8 million respectively related to the restatement and remediation effort. For the fourth quarter of 2015, we incurred an expense of $1.3 million related to loss on disposal of subsidiaries and in the fourth quarter of fiscal 2014, we recognized a benefit of $12.6 million related to receipt of LCD legal settlements. These items appear on separate line items on our income statement and have been excluded from our non-GAAP results.
A detailed reconciliation between results reported in accordance with GAAP and non-GAAP financial measures can be found in the press release and Appendix of the slide presentation. In addition, this call is the property of Tech Data and may not be recorded or rebroadcast without specific written permission from the company.
I will now turn the call over to Tech Data's Chief Executive Officer, Bob Dutkowsky. Bob?
Robert M. Dutkowsky
Thank you, Brian. Good morning, everyone, and thanks for joining us