Any forward-looking statement speaks only as of the date on which that statement is made. Except as required by law, the Company assumes no obligation to update any forward-looking statement to reflect events or circumstances that occur after the date on which the statement is made.
About Avnet
Avnet is a global electronic components distributor with extensive design, product, marketing and supply chain expertise for customers and suppliers at every stage of the product lifecycle. For the past 100 years, Avnet has helped its customers and suppliers around the world realize the transformative possibilities of technology. Learn more about Avnet at www.avnet.com. (AVT_IR)
AVNET, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
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|
|
|
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|
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Third Quarters Ended |
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Nine Months Ended |
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|
|
April 3, |
|
March 28, |
|
April 3, |
|
March 28, |
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|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
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|
|
(Thousands, except per share data) |
||||||||||||||
Sales |
|
$ |
4,916,714 |
|
|
$ |
4,309,818 |
|
|
$ |
14,307,945 |
|
|
$ |
13,474,632 |
|
Cost of sales |
|
|
4,348,364 |
|
|
|
3,790,885 |
|
|
|
12,712,262 |
|
|
|
11,886,247 |
|
Gross profit |
|
|
568,350 |
|
|
|
518,933 |
|
|
|
1,595,683 |
|
|
|
1,588,385 |
|
| Selling, general and administrative expenses |
|
|
463,092 |
|
|
|
469,646 |
|
|
|
1,376,333 |
|
|
|
1,391,024 |
|
| Goodwill and long-lived asset impairment expense |
|
|
— |
|
|
|
145,836 |
|
|
|
— |
|
|
|
145,836 |
|
| Restructuring, integration and other expenses |
|
|
17,574 |
|
|
|
19,211 |
|
|
|
55,943 |
|
|
|
58,073 |
|
| Operating income (loss) |
|
|
87,684 |
|
|
|
(115,760 |
) |
|
|
163,407 |
|
|
|
(6,548 |
) |
| Other income (expense), net |
|
|
4,779 |
|
|
|
(12,608 |
) |
|
|
(16,052 |
) |
|
|
(9,640 |
) |
| Interest and other financing expenses, net |
|
|
(22,342 |
) |
|
|
(29,718 |
) |
|
|
(66,128 |
) |
|
|
(97,254 |
) |
| Income (loss) before taxes |
|
|
70,121 |
|
|
|
(158,086 |
) |
|
|
81,227 |
|
|
|
(113,442 |
) |
| Income tax benefit |
|
|
(37,363 |
) |
|
|
(29,425 |
) |
|
|
(26,532 |
) |
|
|
(30,200 |
) |
| Net income (loss) |
|
$ |
107,484 |
|
|
$ |
(128,661 |
) |
|
$ |
107,759 |
|
|
$ |
(83,242 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
| Earnings (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
| Basic |
|
$ |
1.08 |
|
|
$ |
(1.29 |
) |
|
$ |
1.09 |
|
|
$ |
(0.82 |
) |
| Diluted |
|
$ |
1.07 |
|
|
$ |
(1.29 |
) |
|
$ |
1.08 |
|
|
$ |
(0.82 |
) |
|
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|
|
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|
||||
| Shares used to compute earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
| Basic |
|
|
99,542 |
|
|
|
99,479 |
|
|
|
99,125 |
|
|
|
101,013 |
|
| Diluted |
|
|
100,247 |
|
|
|
99,479 |
|
|
|
100,013 |
|
|
|
101,013 |
|
| Cash dividends paid per common share |
|
$ |
0.21 |
|
|
$ |
0.21 |
|
|
$ |
0.63 |
|
|
$ |
0.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| AVNET, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
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|
|
|
|
|
April 3, |
|
June 27, |
||
|
|
|
2021 |
|
2020 |
||
|
|
|
(Thousands) |
||||
| ASSETS |
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
322,749 |
|
$ |
477,038 |
| Receivables, net |
|
|
3,365,677 |
|
|
2,928,386 |
| Inventories |
|
|
2,760,156 |
|
|
2,731,988 |
| Prepaid and other current assets |
|
|
156,023 |
|
|
191,394 |
| Total current assets |
|
|
6,604,605 |
|
|
6,328,806 |
| Property, plant and equipment, net |
|
|
381,083 |
|
|
404,607 |
| Goodwill |
|
|
838,460 |
|
|
773,734 |
| Intangible assets, net |
|
|
33,770 |
|
|
65,437 |
| Operating lease assets |
|
|
275,662 |
|
|
275,917 |
| Other assets |
|
|
232,335 |
|
|
256,696 |
| Total assets |
|
$ |
8,365,915 |
|
$ |
8,105,197 |
|
|
|
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
| Short-term debt |
|
$ |
300,043 |
|
$ |
51 |
| Accounts payable |
|
|
2,001,743 |
|
|
1,754,078 |
| Accrued expenses and other |
|
|
526,974 |
|
|
472,924 |
| Short-term operating lease liabilities |
|
|
57,182 |
|
|
53,313 |
| Total current liabilities |
|
|
2,885,942 |
|
|
2,280,366 |
| Long-term debt |
|
|
895,913 |
|
|
1,424,791 |
| Long-term operating lease liabilities |
|
|
250,108 |
|
|
253,719 |
| Other liabilities |
|
|
396,065 |
|
|
419,923 |
| Total liabilities |
|
|
4,428,028 |
|
|
4,378,799 |
| Shareholders’ equity |
|
|
3,937,887 |
|
|
3,726,398 |
| Total liabilities and shareholders’ equity |
|
$ |
8,365,915 |
|
$ |
8,105,197 |
|
|
|
|
|
|
|
|
| AVNET, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
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|
|
|
||
|
|
|
Nine Months Ended |
||||||
|
|
|
April 3, 2021 |
|
March 28, 2020 |
||||
|
|
|
(Thousands) |
||||||
| Cash flows from operating activities: |
|
|
|
|
|
|
||
| Net income (loss) |
|
$ |
107,759 |
|
|
$ |
(83,242 |
) |
|
|
|
|
|
|
|
|
||
| Non-cash and other reconciling items: |
|
|
|
|
|
|
||
| Depreciation |
|
|
67,462 |
|
|
|
75,535 |
|
| Amortization |
|
|
35,730 |
|
|
|
62,240 |
|
| Amortization of operating lease assets |
|
|
42,054 |
|
|
|
46,560 |
|
| Deferred income taxes |
|
|
11,510 |
|
|
|
(42,529 |
) |
| Stock-based compensation |
|
|
22,293 |
|
|
|
20,757 |
|
| Goodwill, long-lived asset and other impairments |
|
|
15,166 |
|
|
|
145,836 |
|
| Other, net |
|
|
7,558 |
|
|
|
36,548 |
|
| Changes in (net of effects from businesses acquired and divested): |
|
|
|
|
|
|
||
| Receivables |
|
|
(405,700 |
) |
|
|
150,095 |
|
| Inventories |
|
|
63,017 |
|
|
|
227,996 |
|
| Accounts payable |
|
|
224,151 |
|
|
|
(112,923 |
) |
| Accrued expenses and other, net |
|
|
6,526 |
|
|
|
(84,263 |
) |
| Net cash flows provided by operating activities |
|
|
197,526 |
|
|
|
442,610 |
|
|
|
|
|
|
|
|
|
||
| Cash flows from financing activities: |
|
|
|
|
|
|
||
| Repayments under accounts receivable securitization, net |
|
|
— |
|
|
|
(127,400 |
) |
| Repayments under senior unsecured credit facility, net |
|
|
(232,347 |
) |
|
|
(1,194 |
) |
| Repayments under bank credit facilities and other debt, net |
|
|
(2,192 |
) |
|
|
(1,639 |
) |
| Repurchases of common stock |
|
|
— |
|
|
|
(235,830 |
) |
| Dividends paid on common stock |
|
|
(62,400 |
) |
|
|
(63,235 |
) |
| Other, net |
|
|
(11,455 |
) |
|
|
(15,132 |
) |
| Net cash flows used for financing activities |
|
|
(308,394 |
) |
|
|
(444,430 |
) |
|
|
|
|
|
|
|
|
||
| Cash flows from investing activities: |
|
|
|
|
|
|
||
| Purchases of property, plant and equipment |
|
|
(39,001 |
) |
|
|
(61,156 |
) |
| Acquisitions of assets |
|
|
(18,371 |
) |
|
|
(51,509 |
) |
| Other, net |
|
|
6,201 |
|
|
|
(12,547 |
) |
| Net cash flows used for investing activities |
|
|
(51,171 |
) |
|
|
(125,212 |
) |
| Effect of currency exchange rate changes on cash and cash equivalents |
|
|
7,750 |
|
|
|
(16,418 |
) |
| Cash and cash equivalents: |
|
|
|
|
|
|
||
| — decrease |
|
|
(154,289 |
) |
|
|
(143,450 |
) |
| — at beginning of period |
|
|
477,038 |
|
|
|
546,105 |
|
| — at end of period |
|
$ |
322,749 |
|
|
$ |
402,655 |
|
|
|
|
|
|
|
|
|
||
Non-GAAP Financial Information
