Ingram Micro Revenue Is Falling, IPO Filing Shows

Tech distributor Ingram Micro inched closer Monday to going public, laying out a historical picture of its financial numbers to potential investors in a comprehensive filing.

Ingram Micro announced that it has filed its registration statement with the United States Securities and Exchanges Commission (SEC) for its proposed initial public offering.

Ingram Micro Holding Corporation will trade under the symbol "INGM" New York Stock Exchange at a yet-to-be-determined date. The common stock will sell through the selling stockholder Imola JV Holdings, an entity of private equity group Platinum Equity, which owns Ingram. Ingram has also not yet announced a number of available shares or price range.

Ingram Micro IPO

The plans to go public are well-documented. Ingram filed a for S-1 registration statement with the SEC in 2022.

Earlier this year, Reuters reported that Ingram Micro was seeking an IPO with a valuation of $8 billion. Platinum Equity purchased the distributor in 2020 for approximately $7.2 billion.

Ingram Micro Revenue

The lengthy registration statement in Ingram's filing offers a window into how the distributor's revenue has shifted over the years.

Undaudited Ingram Micro net sales for 2023 totaled $48 billion. That was down from $50.8 billion in 2022 and $54.4 billion in 2021.

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At the same time, cost of sales has declined from $50.3 billion in 2021 to $47.1 billion in 2022 to $44.5 billion in 2023. Gross profit was $3.5 billion for 2023.

Source: Ingram Micro S-1

At the half way point of 2023, Ingram had driven about $23.1 billion in net sales. At the half way point of 2024, Ingram had driven about $22.9 billion. Services accounted for less than 10% of the distributor's overall net sales.

Ingram announced a small layoff in February and another cut the previous year.

Ingram said 24,150 people were working for it full-time as of June 29, in addition to about 2,000 temporary and contract workers.

The distributor works with more than 1,500 technology vendors, according to its filing. Sixteen percent of consolidated net sales on the Ingram Micro in 2023 came from Apple. Eleven percent came from Cisco, and ten percent came from HP.