Executive severance and employee retention. During the fourth quarter of fiscal
2012, we incurred severance charges related to certain executives of the
Company. In addition, during the fourth quarter of fiscal 2012, the Company
awarded retention bonuses to executives and other key employees of the Company.
We exclude these costs because we do not believe they are indicative of our
normal operating costs.
Restructuring. We incur charges due to the restructuring of our business,
including severance charges and contractual obligations associated with facility
reductions resulting from our streamlining efforts. The amount and timing of any
future restructuring activity is difficult to predict.
Share-based Compensation Expense. We incur expenses related to share-based
compensation included in our U.S. GAAP presentation of cost of revenues and
selling, general and administrative expense. Although share-based compensation
is an expense we incur and is viewed as a form of compensation, the expense
varies in amount from period to period, and is affected by market forces that
are difficult to predict and are not within the control of management, such as
the market price and volatility of our shares, risk-free interest rates and the
expected term and forfeiture rates of the awards.
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Impairment of goodwill and long-lived assets. Although an impairment of goodwill and long-lived assets does not directly impact the Company's current cash position, such expense represents the declining value of the goodwill recorded at the time of the business acquisition and the other long-lived assets that were acquired. We exclude these impairments because they are not indicative of our normal operating costs.
Other non-operating (gains) losses. We exclude other non-operating (gains) losses as they do not relate to the performance of our core supply chain business. This caption includes items such as the derecognition of accrued pricing liabilities and gains or losses on the sale of assets.
Equity in losses of affiliates and impairments. We exclude equity in losses of affiliates and impairments related to our @Ventures portfolio of investments. We exclude these costs because they are not related to or indicative of the results of the Company's core supply chain business.
Discontinued Operations. We exclude gains or losses associated with the Company's discontinued operations. We exclude these costs because they are not indicative of the results of the Company's core supply chain business.
Fiscal Year 2012 compared to Fiscal Year 2011
Net Revenue: As a % As a % of of Total Total Net Net 2012 Revenue 2011 Revenue $ Change % Change (In thousands) Americas
$ 249,94035.0 % $ 296,36235.1 % $ (46,422 )(15.7 %) Asia 218,880 30.7 % 233,724 27.7 % (14,844 ) (6.4 %) Europe 211,319 29.6 % 275,065 32.6 % (63,746 ) (23.2 %) All Other 33,808 4.7 % 39,126 4.6 % (5,318 ) (13.6 %)