Acquisitions (Tables)

12 Months Ended

Jun. 30, 2017

Schedule of Unaudited Consolidated Pro Forma Results of Operations

The following tables summarize the Company's unaudited consolidated pro forma results of operations as though the acquisition happened on July 1, 2015. The pro forma consolidated financial statements do not necessarily reflect what the combined company's financial condition or results from operations would have been had the acquisition occurred on the dates indicated. They also may not be useful in predicting the future financial condition and results of operations of the combined company. The actual financial position and results of operations may differ significantly from the pro forma amounts reflected herein due to a variety of factors.

For the two months ended August 31, 2016 and the fiscal year ended June 30, 2016, the Company has not provided for a change in fair value of contingent consideration.



	Fiscal year ended June 30, 2017				Fiscal year ended June 30, 2016
	(in thousands, except per share data)				(in thousands, except per share data)
	As Reported, Consolidated		Pro forma, Consolidated ⁽¹⁾		As Reported, Consolidated		Pro forma, Consolidated ⁽²⁾
Net Sales	$	3,568,186	$	3,573,402	$	3,540,226	$	3,568,567
Operating income	88,239		89,691		96,877		102,085
Net Income	69,246		70,331		63,619		66,823
Earnings per share:
Basic	$	2.74	$	2.78	$	2.40	$	2.52
Diluted	$	2.71	$	2.76	$	2.38	$	2.50

⁽¹⁾ Pro forma results include actual results from Intelisys for the two months ended August 31, 2016. Adjustments include additional amortization and depreciation expense as if the fair value of identifiable intangible assets, including software, had been recorded on July 1, 2015. On a gross basis, operating income includes additional amortization expense of $1.1 million and additional depreciation expense of $0.2 million for the fiscal year ended June 30, 2017. Net income, net of tax, includes additional amortization expense of $0.7 million and additional depreciation expense of $0.1 million for the fiscal year ended June 30, 2017. Adjustments also include additional income tax expense of $0.8 million and adding back acquisition costs of $0.5 million.

⁽²⁾Includes actual results for Intelisys for the fiscal year ended June 30, 2016. On a gross basis, operating income includes additional amortization expense of $6.3 million and additional depreciation expense of $1.0 million for the fiscal year ended June 30, 2016. Net income, net of tax, includes additional amortization expense of $4.0 million and additional depreciation expense of $0.6 million for the fiscal year ended June 30, 2016. Adjustments also include additional income tax expense of $4.6 million and adding back acquisition costs of $0.3 million.

Following the August 29, 2016 acquisition date, Intelisys contributed the following results to the Condensed Consolidated Income Statement for the fiscal year ended June 30, 2017.



	Fiscal year ended June 30, 2017
	(in thousands)
Net Sales	$	29,422
Amortization of intangible assets	(5,386		)
Change in fair value of contingent consideration	(12,117		)
Operating loss ⁽¹⁾	(4,204		)
Net loss ⁽¹⁾	$	(2,675	)

⁽¹⁾Operating loss and net loss reflect amortization expense of $5.4 million and expense for change in fair value of contingent consideration of $12.1 million in fiscal year June 30, 2017.

Intelisys [Member]

Business Acquisition [Line Items]

Schedule of Purchase Price Allocation



	Intelisys
	(in thousands)
Receivables, net	$	21,655
Other current assets	1,547
Property and equipment, net	5,298
Goodwill	109,005
Identifiable intangible assets	63,110
Other non-current assets	1,839
	$	202,454
Accounts payable	$	21,063
Accrued expenses and other current liabilities	2,587
Contingent consideration	95,000
Consideration transferred, net of cash acquired	83,804
	$	202,454

KBZ [Member]

Business Acquisition [Line Items]

Schedule of Purchase Price Allocation

The purchase price allocation is as follows:



	September 4, 2015
	(in thousands)
Receivables, net	$	63,131
Inventory	11,227
Other current assets	10,303
Property and equipment, net	677
Goodwill	21,639
Identifiable intangible assets	18,400
Other non-current assets	1,399
	$	126,776
Accounts payable	$	48,271
Accrued expenses and other current liabilities	14,863
Other long-term liabilities	2,167
Consideration transferred, net of cash acquired	61,475
	$	126,776