Q3 15 results slides final

1Proprietary information of Ingram Micro Inc. — Do not distribute or duplicate without Ingram Micro's express written permission.

Earnings Presentation

Third Quarter 2015

Ended October 3, 2015

Reported October 29, 2015

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Proprietary information of Ingram Micro Inc. — Do not distribute or duplicate without Ingram Micro's express written permission.2

� Certain comments made in this presentation may be characterized as forward-

looking statements under the Private Securities Litigation Reform Act of 1995.

� Those statements involve a number of factors that could cause actual results to

differ materially from these forward looking statements.

� Additional information concerning these factors is contained in the Company’s

latest Annual Report on Form 10-K under “Item 1A” “Risk Factors” and will be

contained in future filings with the SEC. Copies are available from the SEC, the

Company web site, or Ingram Micro Investor Relations.

Forward-Looking Statements

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• These slides include financial results prepared in accordance with generally accepted accounting principles (“GAAP”).

In addition to GAAP results, Ingram Micro is reporting non-GAAP operating income, non-GAAP operating margin,

non-GAAP net income, non-GAAP earnings per diluted share and non-GAAP return on invested capital. These non-

GAAP measures exclude charges associated with reorganization, acquisitions, integration and transition costs,

including those associated with the company’s previously announced cost savings programs, and the amortization of

intangible assets. These non-GAAP financial measures also exclude a charge related to an impairment of internally

developed software in the second quarter of 2015 resulting from the company’s decision to stop its global ERP

deployment, a charge in the third quarter of 2015 for an estimated settlement of employee related taxes assessed in

Europe, and a benefit related to the receipt of an LCD flat panel class action settlement in 2014. Non-GAAP net

income and non-GAAP earnings per diluted share also exclude the impact of foreign exchange gains or losses related

to the translation effect on Euro-based inventory purchases in Ingram Micro’s pan-European entity.

• The non-GAAP measures noted above are primary indicators that Ingram Micro’s management uses internally to

conduct and measure its business and evaluate the performance of its consolidated operations and operating

segments. Ingram Micro’s management believes these non-GAAP financial measures are useful because they

provide meaningful comparisons to prior periods and an alternate view of the impact of acquired businesses. These

non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with

GAAP. These non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when

viewed with our GAAP results and the accompanying reconciliations to corresponding GAAP financial measures,

provide a more complete understanding of factors and trends affecting Ingram Micro’s business. A material limitation

associated with these non-GAAP measures as compared to the GAAP measures is that they may not be comparable

to other companies with similarly titled items that present related measures differently. The non-GAAP measures

should be considered as a supplement to, and not as a substitute for or superior to, the corresponding measures

calculated in accordance with GAAP and may not be comparable to similarly titled measures used by other

companies.

Non-GAAP Information

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Net Sales

($ in mill ions)

October 3, 2015 September 27, 2014 USD % FXN % 1

North America 4,477.1$ 5,134.3$ -13% -11%

Europe 2,928.5 3,200.4 -8% 8%

Asia-Pacific 2,528.1 2,378.2 6% 16%

Latin America 582.2 524.9 11% 32%

Total Worldwide 10,515.9$ 11,237.8$ -6% 2%

1 Translated into constant currency

YoY %

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Operating Income

($ in millions) Thirteen Weeks Ended October 3, 2015

Stock-Based Consolidated

North America Europe Asia-Pacific Latin America Compensation Total

Net Sales 4,477.1$ 2,928.5$ 2,528.1$ 582.2$ -$ 10,515.9$

GAAP Operating Income 88.7$ 2.6$ 31.8$ 7.1$ (10.8)$ 119.4$

Reorganization, integration and transition costs 14.3 7.7 7.0 1.3 - 30.3

Amortization of intangible assets 8.1 3.2 2.0 0.9 - 14.2

Estimated settlement of employee related taxes - 4.7 - - - 4.7

Non-GAAP Operating Income 111.1$ 18.2$ 40.8$ 9.3$ (10.8)$ 168.6$

GAAP Operating Margin 1.98% 0.09% 1.26% 1.21% 1.14%

Non-GAAP Operating Margin 2.48% 0.62% 1.61% 1.59% 1.60%

Thirteen Weeks Ended September 27, 2014

Stock-Based Consolidated

North America Europe Asia-Pacific Latin America Compensation Total

Net Sales 5,134.3$ 3,200.4$ 2,378.2$ 524.9$ -$ 11,237.8$

GAAP Operating Income 85.7$ 2.1$ 31.0$ 9.2$ (8.3)$ 119.7$

Reorganization, integration and transition costs 9.9 15.4 0.7 0.5 - 26.5

Amortization of intangible assets 10.0 3.0 1.4 0.2 - 14.6

Non-GAAP Operating Income 105.6$ 20.5$ 33.1$ 9.9$ (8.3)$ 160.8$

GAAP Operating Margin 1.67% 0.07% 1.30% 1.75% 1.07%

Non-GAAP Operating Margin 2.06% 0.64% 1.39% 1.89% 1.43%

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Interest and Other Expense

($ in millions) Thirteen Weeks Ended

October 3, 2015 September 27, 2014

GAAP Interest and Other Expense 30.0$ 16.8$

Pan-Europe foreign exchange gain (loss) (2.3) 6.3

Non-GAAP Interest and Other Expense 27.7$ 23.1$

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Net Income

(Amounts in millions, except per share data)

October 3, 2015 September 27, 2014

Net Income Diluted EPS (1)


As Reported Under GAAP 64.9$ 0.42$ 72.2$ 0.45$

Reorganization, integration and transition costs 22.4 0.15 20.3 0.13

Amortization of intangible assets 10.5 0.07 10.2 0.06

Estimated settlement of employee related taxes 3.5 0.02 - -

Pan-Europe foreign exchange loss (gain) 1.7 0.01 (4.4) (0.02)

Non-GAAP Financial Measure 103.0$ 0.67$ 98.3$ 0.62$

1. Per share impact is calculated by dividing net income by the diluted weighted average shares outstanding of 154.7 and 159.5

for the thirteen weeks ended October 3, 2015 and September 27, 2014, respectively.

Thirteen Weeks Ended

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Working Capital Metrics

1. DSO: Accounts Receivables Days of Sales Outstanding

2. DIO: Days of Inventory Outstanding

3. DPO: Days of Accounts Payable Outstanding

Quarter Ended Oct. 3 '15 Jul. 4 '15 Jan. 3 '15 Sep. 27 ’14

DSO(1)

43 42 43 39

DIO(2)

34 35 31 37

DPO(3)

52 50 49 49

Working Capital Days 25 27 25 27

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Return on Invested Capital (ROIC)

1. NOPAT is net operating profit after tax for the trailing twelve month (TTM) period ended October 3, 2015, and is calculated by

reducing income from operations by the effective tax rate for the period (provision for income taxes divided by income before

income taxes).

2. Average invested capital equals the average of equity plus debt less cash as of the beginning and end of each quarter in the period.

3. ROIC is defined as TTM net operating profit after tax divided by average invested capital.

* Special items include reorganization, acquisitions, integration and transition costs, including those associated with the

company’s previously announced cost savings programs, and the amortization of intangible assets. They also include a charge of

$116 million related to an impairment of internally developed software in the second quarter of 2015 resulting from the

company’s decision to stop its global ERP deployment, a charge of $4.7 million in the third quarter of 2015 for an estimated

settlement of employee related taxes assessed in Europe and a benefit of $2.8 million related to the receipt of an LCD flat panel

class action settlement in the fourth quarter of 2014.

For the Trailing Twelve Months Ended October 3, 2015

Special

($ in millions) GAAP Items* Non-GAAP

Income from operations $420.2 $270.6 $690.8

Effective tax rate 30.0% 24.8% 28.0%

NOPAT (1)

$294.2 $203.4 $497.6

Average invested capital (2)

$4,687.4 $4,687.4

Return on invested capital (3)

6.3% 10.6%

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Gross Margin

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Non-GAAP Operating Margin

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Non-GAAP EPS

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Prior Quarters Non-GAAP Operating Margin($ in millions)

April 4, 2015 March 29, 2014

Net Sales 10,644.4$ 10,384.0$

GAAP Operating Income 97.7$ 68.4$

Reorganization, integration and transition costs 11.5 47.0

Amortization of intangible assets 16.0 14.1

LCD class action settlement - (6.6)

Non-GAAP Operating Income 125.2$ 122.9$

GAAP Operating Margin 0.92% 0.66%

Non-GAAP Operating Margin 1.18% 1.18%

July 4, 2015 June 28, 2014

Net Sales 10,553.3$ 10,909.4$

GAAP Operating Income 2.1 98.2

Reorganization, integration and transition costs 15.4 33.5

Amortization of intangible assets 17.1 14.4

Impairment of internally developed software 115.9 -

Non-GAAP Operating Income 150.5$ 146.2$

GAAP Operating Margin 0.02% 0.90%

Non-GAAP Operating Margin 1.43% 1.34%



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Prior Quarters Non-GAAP EPS(Amounts in millions, except per share data)

April 4, 2015 March 29, 2014



As Reported Under GAAP 43.3$ 0.27$ 24.8$ 0.16$




LCD class action settlement - - (4.7) (0.03)


July 4, 2015 June 28, 2014

Net Income (Loss) Diluted EPS (2)


As Reported Under GAAP (34.3)$ (0.22)$ 50.6$ 0.32$



Impairment of internally developed software 99.7 0.64 - -


Share dilution (3)

- (0.01) - -


1.

2.

3.


Per share impact is calculated by dividing net income by the diluted weighted average shares outstanding of 160.2 and 159.0

for the thirteen weeks ended April 4, 2015 and March 29, 2014, respectively.

Share dilution reflects impact of 3.2 common stock equivalents that are excluded from GAAP diluted weighted average shares

because they are antidilutive with respect to the GAAP net loss.

Per share impact is calculated by dividing net income by the diluted weighted average shares outstanding of 156.3 and 159.2

for the thirteen weeks ended July 4, 2015 and June 28, 2014, respectively.


15Proprietary information of Ingram Micro Inc. — Do not distribute or duplicate without Ingram Micro's express written permission.

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Q3 15 results slides final