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Tech Data Corporation (NASDAQ:TECD)

February 12, 2013 12:40 pm ET

Executives

Robert M. Dutkowsky - Chief Executive Officer and Executive Director

Jeffery P. Howells - Chief Financial Officer, Executive Vice President and Director

Analysts

Bill C. Shope - Goldman Sachs Group Inc., Research Division

Bill C. Shope - Goldman Sachs Group Inc., Research Division

All right. Thank you, all, for joining us this morning. I'm Bill Shope, I cover IT hardware for Goldman. We're very fortunate to have Tech Data with us here today. Bob Dutkowsky, CEO; and Jeff Howells, CFO. Just to start off and give you guys a quick note before they do their Safe Harbor statement, they are in a quiet period right now. So we're going to stick with longer-term strategic-type questions and try not to touch too much on the near term.

And with that...

Question-and-Answer Session

Robert M. Dutkowsky

And we may make some forward-looking statements. So we would invite you to look at our filings with the Securities and Exchange Commission for more details.

Bill C. Shope - Goldman Sachs Group Inc., Research Division

Well, if I could start with a longer-term question. How do we think about your growth as a company versus traditional IT spending? Obviously, there's plenty of debate out there on where IT spending may settle out. It feels like it's getting a little better right now, but how should we think about your growth relative to that? The dragging forces, potentially and the tailwinds.

Robert M. Dutkowsky

Sure. So first of all, Bill, thank you for having us back. When you talk about IT growth and then you talk about an IT distributor, you have to take a slightly different view of the opportunity. So here's the way we look at it. Historically, IT spending grows around 4% to 6%. There are years when it's down 20%, there are years when it's up 15%. On average, it's 4% to 6%. But that includes things like mainframes and networking capacity and big outsourcing contracts, things that an IT distributor doesn't necessarily play in. So what we look at is what we call the available or addressable distribution market. And then inside of that, there are areas that are growing exceptionally strong and there are areas that are declining rapidly. And so, the challenge a distributor has is to optimize the flow of the business, such that you deselect the declining pieces and invest heavily in the fast-growing pieces. In this year that we've just seen gone by, I'll just give you 2 examples of that. Clearly, the printer world has slowed and the tablet world has grown exponentially. And so, as a distributor, we care that both of those products are on our Line Card. We divest our attention away from printers. We still sell them because people want them, but we don't put as much energy or attention, so our revenues go down. Maybe, disproportionately, they go down. But then we put a lot more of our energy into the tablet space and our revenues go up. When you add all that together, our goal is to grow at or slightly faster than the IT spending rates. And if we can optimize our revenues and our profits inside of that window, we can give our shareholders a nice return on their investment.

Bill C. Shope - Goldman Sachs Group Inc., Research Division

Part of the diversification-type strategy, if I may, is obviously your global footprint. I think, it's sometimes confusing for investors that economics behind your business in international regions can be quite different from the U.S. and your strategy in the competitive dynamics are different as well. Can you walk us through some of those differences and how you tailor your strategy for countries abroad?

Robert M. Dutkowsky

Yes, that's a great question. So let me -- again, if you step back and look at the big picture, the Americas is primarily a direct go-to-market model from the vendor point of view. Think about it, all the big vendors are headquartered here and they built their own on-the-ground sales forces here to take their products to the market. Europe, one step removed from that, is primarily a channel-oriented market. First of all, there's not a lot of Fortune 500 companies that are headquartered in Europe; it's much more than SMB-oriented market; and the vendors have not invested as much in the direct go-to-market model, so they rely on distributors much more. Consequently, if you look at Tech Data, we're about -- greater than 60% of our revenues now come from Europe and less than 40% of our revenues come from the Americas. We've optimized our business around the way that the vendors view the go-to-market model. And so we think Europe continues to be a very attractive market for Tech Data. Today, we're the largest broadline distributor in Europe. We're the largest value distributor in Europe. Bigger than the ERO or Avnet in the European footprint. And we're the second-largest mobility vendor in Europe, and we're one of the largest software vendors or distributors in Europe. So our investments in Europe, very much reflect the focus that the vendors have on a channel-oriented go-to-market, and we've invested to take advantage of that.

Bill C. Shope - Goldman Sachs Group Inc., Research Division

How do you think about the competitive landscapes and the differences amongst the regions?

Robert M. Dutkowsky

Again, radically different. The markets have evolved over time, radically different. And maybe I'll let Jeff handle this one, just given the hint that the Americas market consolidated back about 10 years ago. The European market continues to be an open market. So Jeff, why don't you comment on that?

Jeffery P. Howells

Yes. I think it's clear that over the '90s, the Americas consolidated into 2 or 3 broadline distributors and 2 value distributors. And we have to remember that our vendors and our customers need 3 to 5 in every market. The vendors don't want to have too much concentration in 1 or 2 distributors. So we have vendors that have a very efficient model with 3 to 5 distributor partners, and that allows them to manage their inventory tighter and make sure that there's access to the product. From the customer perspective, they need to access distributors from 3 to 5 because they need to share in credit. We generally won't issue any individual reseller enough credit to fund all their business and credit is about half of the value proposition we bring to the marketplace. So the Americas became very efficient from that perspective, well over a decade ago of the -- through the consolidation. Europe, on the other hand, stalled in their consolidation for a variety of reasons. And I always assessed it to the way the banks had a duel of debt and equity position in many of the distribution companies over there, and that changed over the last 5 to 10 years. And we've now seen a wave of a consolidation in Europe. But in any given geo, there still could be 10 or 15 distributors. There are now fewer, and there's been consolidation. Over the last 6 years, Tech Data has acquired 17 different companies in Europe. 14 of those have been smaller affiliates, especially distributors with a particular focus in a geo or a product category. Three had been larger acquisitions. The most recent that we did of SDG that closed on November 1, which is a very specific company that has both value and broadline under the distribution window. But the point being that it has consolidated. And Tech Data in the last 6 years has probably acquired or participated in about 1/3 of the deals that have been done either by us, our competitors or locals coming together. So finally, there is consolidation in Europe, which is a healthier environment for resellers, healthier for distribution and healthier for vendors. And it's healthier for vendors because they have less touch points and they have more consolidated pools of inventory versus puddles of inventory all over Europe. We also open with the economics of one region versus the other. Europe, still, today, allows for a slightly higher gross margin opportunity on product that cover the economical cost of operating in the Tech Data infrastructure 13 to 15, 16 countries, depending on whether you consider us a full operation or just a sales-office operation. So the SG&A, if you will, is higher in Europe. And so the margins have to be a little bit higher. But to date, the operating margin opportunity has been probably -- we characterize it in the 2/3 to 3/4. If you're optimized, you can generally earn about 2/3 or 3/4 in Europe of what you can earn in the Americas. Yet it's a big marketplace, we've invested heavily in there. And by my managing the metrics correctly, as you can tell from our P&L, we've been able to get the right return on invested capital, both on our organic business as combined with the acquired businesses. And we've had one of the best return on invested capitals in our industry in the 13% to 14% over the last few -- couple, 3 years. So different environments, different go-to-market, but at the end of the day, it's serving the same type customers and the same vendors just in a different way.

Robert M. Dutkowsky

And consequently, we run our businesses very differently. The Americas business, we have a president of the Americas, and he has his own P&L. The European business has a president and he has his own P&L. It comes together at Tech Data at the end, but the actual execution on the ground is very different to match this uniqueness that Jeff was describing. It's different when you have to compete against 15 competitors than when you have to compete against 4. You have to -- your competitive analysis is different, your pricing strategies have to be different. And so we've gotten very -- we think very good return out of pushing the power and the execution right down close to the customer. And we think it makes us more responsive than some of our competitors who try to manage it centrally.

Bill C. Shope - Goldman Sachs Group Inc., Research Division

Okay. When we look at the -- shifting back to the product end-markets you had talked about, specific product end-markets, there's been a ton of changes.

Obviously, the tablet I'm using right now wasn't part of the equation 3 years ago. When you look at the evolution of your business model, where do you see that you have secular advantages in terms of some of these product shifts? And where are there areas that you may have work to do?

Robert M. Dutkowsky

So we started off on a journey of diversification about a half dozen years ago. And if you think about where Tech Data has been in this side key [ph] Distribution market, for about 40 years. But we primarily were a PC desktop company. We made our mark, serving that space, PCs, printers and the ecosystem that goes around that. When we looked at that, and we said, "That's probably not going to be a sustainable market." And if you looked at the trends that were pushing the industry, there were really a couple of big ones. First was the industry standardization of the data center. The data center moved from proprietary technologies called UNIX and mainframes into industry-standard, Intel-based bladed servers, network attached storage. It was a market that we were very comfortable in. And so we invested to go upstream. And that's why today, for example, in Europe, we're bigger than ERO or Avnet are in the data center. That investment's paid great dividends. Our line card in that space has products from HP, IBM, Cisco, VMware, Oracle, the who's IBM, we just added the high-end IBM storage products in the United States. So it is really a strong pillar for the Tech Data story today. The second place we focused on was mobility. In the always on, always-connected world, it was clear that mobile products were going to explode. So we built practices in both geographies. We formed a joint venture with Brightstar in Europe. That business went from 0 to nearly $2 billion in revenue in 4 years. And then late last year, we bought 50 -- the other 50% from Brightstar and we now own that whole initiative in Europe. We also have a joint venture with Brightstar in the United States to take smartphones into VAR channel, which we think is an untapped market space. As well as not only smartphones, but tablets and AirBooks and the whole mobile product set. Like you said, the tablet you're using didn't exist 3 years ago. 3 years ago, we sold virtually no tablets. 2 years ago, we've sold $300 million worth of tablets. And last year, we sold $1 billion worth of tablets, okay. So if you think about that, maybe PCs shrunk, but tablets grew. And so we can wind up to still have the healthy performance of the business. Data center mobility, the third area we focused on was software. We felt like software was an area of distribution that was underappreciated, very complex, very labor-intensive. We invested in tools and systems to automate much of the licensing of software, which is what we do. And at the end of the day, software is a very powerful return on invested capital tool for a distributor. We don't put software on the shelf, we sell license keys. We buy it and sell it one second later, it doesn't take a lot of capital. And so by blending in a more robust software business, we were able to improve the return on invested capital metrics of the company. The fourth area that we focused on was consumer electronics. And that really was driven around the whole prosumer philosophy that's taking place in technology. The Bring Your Own Device, the ease-of-use that consumer-oriented technologies were pushing into the enterprise. We felt it was important that we have a footprint in the consumer space. And I take you through all that because those 4 areas do a couple of things for Tech Data. The first is it makes us, we believe, the best-positioned end-to-end distributor in the market space. From the data center to the living room, we have practices, skills, P&Ls, structures, vendor relationships and customers that keep us grounded in all of those areas. Second area we think that's important is if you look out over the next 5 to 10 years, think where the next great sea [ph] Changers are going to happen in technology. They're going to happen in the data center, mobile products, driven through software, influenced by the consumer. And so, now Tech Data is not just dependent on the desktop anymore, we really are able to react to the changes that are going to happen in Tech spending over the next 5 to 10 years. Great example of that is the one that I just gave you. Three years ago, we didn't sell a tablet. Last year, we sold $1 billion worth of tablets. So if we hadn't moved into that space aggressively, we could've got left behind in that environment. So we feel really comfortable that we have our eyes now on the playing field of where technology's really headed. We have the vendor relationships that'll help us continue to grow in those spaces, and we're building the competencies inside of the company to be able to take advantage of those. Our belief is if you're a distributor and you're not playing in all of those, you're going to get left behind. And so the investments we've made over the last handful of years have -- really, are going to pay us dividends for the long term.

Bill C. Shope - Goldman Sachs Group Inc., Research Division

Now when you're in the early stages of a transition like that, obviously, there's questions of cannibalization of existing business lines within the mobility segment. So how do you balance that? How does it net out for you? And when does it sort of immediately come into the positive?

Robert M. Dutkowsky

It's interesting because cannibalization is not a word that's in our vocabulary. Because we have both sides of the equation, typically on the line card, right? When PCs shrink and tablets grow, Apple has to make the right calls on technology and investments in IP. HP has to make the right calls on how they're going to shrink their supply chain, et cetera, et cetera. We don't care. If the market wants tablets, we have tablets. If the market wants AirBooks, we have AirBooks. If the market wants virtualized desktops, we have the data center. If you want to stream video into your house, we have Wi-Fi-attached televisions. I mean, we don't care where the big change happens. So cannibalization is just not a word that we think about, we think about recruiting the right vendors, having the relationships with the right vendors, and then earning enough of the vendors' trust that they give us more of their products. Again, a great example, just last month, we signed IBM. We added the pSeries, which is their higher-end proprietary systems, and we added their high-end storage offerings to our Line Card. And that's -- and I think that's an acknowledgment that a company like IBM sees our value in the data center. If we hadn't invested in storage and server and in infrastructure, they wouldn't come to us and say, "Please take these products." So then -- all right. So those products cannibalize somebody else's business, but we have both of them, right. And then to take that conversation a step farther, now picture the value we bring to our borrowers. The borrower walks into a customer, the customer wants to buy a server and some storage. We can say, "Well, we can help you configure IBM servers, HP servers, Cisco's data center of products. You want to attach IBM storage to that or HP storage to that, or EMC storage to that? We have that. You want to virtualize that? We have VMware." And we can help them with all of that deployment of all those products. Configuration, sizings, interactions of products, that's our value proposition that we give back. There's a winner and a loser in there. If we're positioned right, we can win on both sides of the equation.

Bill C. Shope - Goldman Sachs Group Inc., Research Division

Can we talk about your software strategy a bit more? Obviously , generally, I think folks have pictured the distributors as hard-goods distributors. Can you talk about the business model behind software? What that means from a margin perspective to you and a return on capital perspective and how you balance those 2?

Robert M. Dutkowsky

Yes. I'll save the metrics side for Jeff. Let me just give you the reality of the complexity of software licensing. So we have products on our Line Card from companies like Microsoft and VMware and Oracle and Symantec and McAfee and Trend Micro and a whole host of array of others. Those are thousands and thousands of SKUs for those software products. Office 2010 alone had 7,000 SKUs for Jeff to pick from. So our VAR walks into their customer, the customer says, "I want 10 licenses of Office 2010." They turn to us and say, "I want 10 licenses of Office 2010." We used to have battalions of people behind the curtain that would figure out what the right SKU was for that offering. So we built an offering in the marketplace called the StreamOne. You can Google it, you can see it out there. And StreamOne, it's first version was a license selector. It would allow the VAR to log into techdata.com and answer a series of questions, again, I'll use the example of Office 2010, and take 7,000 SKUs and get it down to the right SKU in about 15 seconds. Our error rates on ordering just Office 2010 used to be about 50%. Half the time, we would get it wrong. Now we're well over 95% correct, okay. That's an investment that a distributor makes to make the whole ecosystem of software sales easier. Jeff can talk to you about the metrics of the software business.

Jeffery P. Howells

Yes. Let me also make it a little broader than that, if I look at software or data center, for example. The data center, we would be doing more value add with the reseller, and so we would have a higher margin on that product. And software, we're automating the tools. So we're bringing less value add, we're helping in the selection of the right tool. And so that would be a tighter margin on that product, probably both on the gross and the operating level, but we would have less invested in costs on a day-to-day basis. We'd have less capital deployed, because we wouldn't have inventory. We wouldn't have to receive it, put it away, pick it, pack it and ship it. We'd actually be selling a license that comes through the Tech Data automated selection tool. We'd be buying the software 1 minute before we sell it and allowing the reseller to have a key or a license to that product for his customer. And we'd generally be paying for that software to the vendor about the same time as we collect from the reseller for that sale. So we'd have very little, if any, capital. So it's a tighter mix or a tighter operating margin and gross margin. And that goes into the blend of our overall business. And the business changes over the years as different pieces of the business grow or the higher-margin product categories grow or contract. And then the market moves to tighter margins like, as you've heard us say on the last 2 or 3 conference calls, they move to the tablet market and smartphones, being the fastest-growing segments of our business, tighten the operating margin percentages of our business and the gross margin. But because of the high velocity in growth, that allows us to continue our growth in operating income, euros and dollars, that translates into the bottom line growth for the overall P&L. So a lot of different moving pieces and parts. But that's key to our job, over the years, to watch that evolution, to see how the business is costing and then see where and how we're going to balance the quantity versus quality OpEx of our P&L, knowing that both of them are very important. And the final comment on that is, that's how we create our compensation programs for our sales staff and other employees is that balance of quality, which is the dollars and euros generated, and the quality with the percentage. And our tools and our applications allow us at the sales level to see what are we making on that sale and then everyone is driven to try to put the right mix together as the products evolve over the years.

Bill C. Shope - Goldman Sachs Group Inc., Research Division

If we can shift to the data center opportunity a bit more. One of the things we've focused on quite a bit in our OEM coverage has been the move towards cloud-centric data centers. And one of the derivative effects of that is a shift towards white-box servers. And frankly, a slow shift away from traditional OEMs in that respect. How do we think about -- if that dynamic were to continue, how do we think about the opportunity for you versus the risks, obviously, moving away from some of your OEM partners?

Robert M. Dutkowsky

So you really kind of asked 2 pieces of the question. One piece is, how does Tech Data -- how is Tech Data going to maximize the cloud opportunity? We'll talk about that one. And then -- we'll handle the white box piece first. So our view of the white box growth is that most of that is in Web 2.0 kind of companies, large consumers of servers. 75% of Tech Data's opportunity is in SMB. So our belief in the data would show that today, SMB is primarily a branded market. The SMB needs the support of a VAR and they need the support of a vendor to be able to trust that one server that they have in their business is going to work. If you were Facebook and you have 10,000 servers, one goes down every hour, you just unplug it and push it aside and put another one in. If you're a women's boutique on the corner and you have one server that does your inventory, your point of sale, your website, you got to have a branded product that's got servers and support behind it. So in our world, the white box threat is not that prominent right now. We're not saying that it couldn't become a threat over time, but we've chosen to put our weight behind companies like Cisco and IBM and HP in the server space and use their strength, and they view us as a primary route to market in the SMB space for servers. Let them fight the the battle of the Web 2.0 big enterprise. From a cloud perspective, we think the cloud is a wonderful opportunity for distribution because most VARs know how to make money by buying a box and selling a box and billing for a box. That's how they're built. And they have to make a transition into -- as a service environment. So there's a tremendous opportunity for someone to lead the channel into the cloud. And we believe that, that's our role. So we announced the TDCloud back couple of years ago, and TDCloud really has 3 components. The first is, it's an education tool for the VAR, to get the VARs to understand how the cloud works and how they can monetize the cloud. Secondly, IBM and Cisco both say, today, 75% of the revenue in the cloud really is installing private cloud architectures inside of businesses. What's private cloud architectures? It's highly-available, highly-scalable, highly-secure server storage and networking. It's what we sell. And so we're helping the VARs implement private clouded architectures in their clients today. And then the third piece is to be able to bring private cloud solutions in and have the VAR integrate the private cloud and the public cloud solutions in the customer's office. Great example. VAR sells a small business a server, storage, networking infrastructure. But that infrastructure needs to be backed up off-site. So we sell the hardware components the VAR sold, and then we have offerings, let's say, from Amazon Web Services for backup and restore. The VAR sells all the on-site hardware and they sell the Amazon Web Service, all sourced through us, okay. The last piece of that is the VAR needs help in how to pick those solutions, how to provision those solutions and then how to do monthly billing. And so the latest version of the StreamOne tool I told you about has those offerings built into it. So the VAR can go to techdata.com, find Amazon Web Services, backup and restore, provision that through Tech Data, and the billing comes from Tech Data, okay. So the VAR can migrate into the cloud world very seamlessly with our help and our assistance. Yet the last point I'll make about the cloud, the cloud will make computing more prevalent. And more prevalent computing says, "There will be more end-user devices attached." And that's what our strength is. Think about it. I view a data center in a small business as just another end-user. It's another end-user device, but all the mobility products -- the always on, always-connected world -- the cloud computing demands were really the most efficient route to market to bring all of those end-user products into the market space. And so the cloud creates a great opportunity for us to lead the VAR, to monetize the cloud and to grow our footprint as the cloud expands. So we think it's a real upside for us.

Bill C. Shope - Goldman Sachs Group Inc., Research Division

If I could, I want to shift to your capital allocation, cash usage. First of all, how do you think about your M&A needs and opportunities still? And outside of that, how do you balance that versus the potential to return more cash to shareholders?

Robert M. Dutkowsky

Sure. Well, let's start with history. Over the last 6 years, we've acquired 41% of our issued shares, $1.1 billion worth of stock being bought back, surpassing any of the competitors we have and the aggressive nature that our board and management teams have gone back to buy our stock. We've also, in that same period of time, rounded out our European infrastructure, acquiring 17 different companies. And those companies have ranged from small, fill-in, specialty niche distributors, like an Autodesk distributor, to a higher-end localized distributor that may be -- carry higher-end advanced infrastructure solution type products to broader acquisitions we've done. So our view is, we've been very reasonable but consistent over the last 6 years in returning -- making returns to our shareholders in the short term through stock buybacks and then investing for the medium and long term through the diversification in Europe and to leverage our infrastructure and make sure we fill out the key areas of our business. And then on the organic growth side, the opportunity in the very near term has been in our mobility business in Europe, which we grew organically with a joint venture partner and then bought them out. Turning that, as Bob said, over a 4- or 5-year period from 0 to $1.8 billion. We haven't reported the entire number for this year, but it was one of the fastest-growing pieces of our worldwide business. So to date, I think we've been reasonably aggressive, but in our still-conservative nature in M&A and capital allocation to stock buybacks. If we look on the very far periphery, we also like to keep our rating agencies happy to maintain our investment-grade ratings so that we keep access to very low-cost debt to fuel our business. And so the pace of change, both on the M&A front and the stock buyback front is very much in concert with their view and guidance into the pace that, that activity can happen so that we absorb it and we've maintained good offerings, statistics, a very strong balance sheet. So going forward, as we said in our last call, our near-term objective is to kind of pull back a little on the M&A and to integrate the SDG acquisition which we will do over the first few quarters of the new fiscal year, which began on February 1, reap the benefit of that to the extent, hopefully, at or above our expectations and we moved it to our transaction, and see how the overall markets evolve as we go to these conferences over even the last 3 weeks, there's always the mixed tone of what the business is going to be this year and take that into consideration as we determine where to go in the near term. So the short term, probably a little bit of a pause on M&A activity and buybacks. But in the overall scheme of things, completely open eye and ear to continuing those at the right time, at the right pace, based upon on our cash generation, our performance and our view of the marketplace. So if I look at our balance sheet now, rock-solid, strong. And the ability to sit here today and have about 38 million shares outstanding instead of 63 million or 64 million shares outstanding, our existing shareholders, even in a tough economic climate, are getting a pretty good reward as far as the earnings power of the company.

Bill C. Shope - Goldman Sachs Group Inc., Research Division

I think we're running close on time here. I wanted to see if there any questions from the audience before I close out here. Anyone? Well, I think I'll close it on a longer-term strategic deal [ph], if we could. When you look at -- you just talked about your organic and inorganic investments. When you look at that path and your strategy right now, where do you expect to focus and where do you see Tech Data 5 years from now?

Robert M. Dutkowsky

So I would -- I think that we'll stay focused in those 4 areas I described before, because we're comfortable that, that's where the sea [ph] Changes are going to happen. We have to stay close to each of those, so we have management teams that are focused on the opportunities inside of those, always recruiting new vendors, always watching out for the next great technology that might come into one of those areas. I would see the fifth area of opportunity for us around extending the capability of our supply chain to some of our strategic partners. We're already embarked on that, but I think that, that business will continue to do well for us. And I think that our strategy is to try to fill up our fixed-cost infrastructure more efficiently. So much of the investments that we've made in Europe over the last handful of years have been to, in fact, to fill up that fixed-cost infrastructure. When we finish that process, then we still have Asia-Pacific as the next great frontier for us to go to. And over last few years, we've looked at the opportunities to go to Asia carefully. But we realize that we have one more dollar or euro to invest on behalf of our shareholders, we get a better return if we invested in that, filling up that fixed-cost infrastructure. When we reach some saturation point on that, then it'll either be -- make more inorganic investments in the geographies or turn to Asia-Pacific. Interesting enough, for an IT distributor, there is really no first-mover advantage. We don't need to be the first player in a geography. We need to get into a geography at a reasonable price point and use our vendor relationships to grow our business from there. So when Jeff describes the strength of our balance sheet, that said, the opportunity for us to move to Asia, is always there, and our vendors would like us to go to Asia-Pacific at some point in time and take our strengths and our capabilities there. So Asia-Pacific would be out in the horizon as a good opportunity that sits in front of us.

Bill C. Shope - Goldman Sachs Group Inc., Research Division

All right. Well, thank you for joining us. We really appreciate it. You both...

Robert M. Dutkowsky

Appreciate it.

Bill C. Shope - Goldman Sachs Group Inc., Research Division

Thank you, all, for joining us as well.

Robert M. Dutkowsky

Thank you.

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Source: Tech Data Corp. Presents at Goldman Sachs Technology & Internet Conference 2013, Feb-12-2013 09:40 AM

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