Avnet Reports First Quarter Fiscal 2021 Financial Results

First quarter sales of $4.7 billion

Operating cash flow of $122 million; the 8th consecutive quarter of positive cash flow

PHOENIX--(BUSINESS WIRE)--Avnet, Inc. (Nasdaq: AVT) today announced results for its first quarter ended October 3, 2020.


Fiscal First Quarter Key Financial Highlights:

  • Sales of $4.7 billion, up from $4.2 billion in the previous quarter and $4.6 billion in the prior year quarter.
  • GAAP diluted loss per share of $0.19, compared with earnings per share of $0.40 a year ago.
    • Non-GAAP adjusted diluted EPS of $0.36 compared with $0.60 a year ago.
  • Cash flow from operations totaled $122 million, and totaled $657 million over the trailing four quarter period.
  • Reduced revolving debt by $63 million with net debt of $879 million at the end of the quarter.
  • The first quarter sales of $4.7 billion and adjusted operating expenses of $451 million represent 14 weeks of activity compared to the normal 13-week quarter. Adjusted to a 13-week quarter, estimated organic sales were $4.4 billion and estimated adjusted operating expenses were $431 million.

CEO Commentary

“Our first quarter results reflect improving macroeconomic conditions and our renewed emphasis on effective execution within our Electronic Components business. Revenues were better than expected, driven by improving demand in our Asia region and across a variety of verticals, most notably auto. In the quarter, we sharpened our focus on our primary components distribution business and continued to diligently help our supplier partners deploy their technologies to meet the needs of our end customers,” said Avnet Interim CEO Phil Gallagher. “We are rebalancing our strategy, realigning our organizational structure and we continue to see great value in Farnell’s opportunity to strengthen Avnet’s global digital footprint to be more responsive to customer and supplier needs. I am proud of how Avnet is managing through this challenging environment and diversifying our revenue streams to deliver on our 2021 fiscal year priorities of improving top-line growth, generating greater operating margin and earning an adequate return on capital.”

Key Financial Metrics

 

 ($ in millions, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter Results (GAAP)(1)

 

 

 

 

Sep – 20

 

 

Sep – 19

 

Change Y/Y

 

Jun – 20

 

Change Q/Q

 

Sales

 

$

4,723.1

 

 

 

$

4,630.0

 

 

2.0

 %

 

$

4,159.7

 

 

13.5

 %

 

Operating Income

 

 

18.5

 

 

 

 

62.7

 

 

(70.5

)%

 

 

1.9

 

 

863.6

 %

 

Operating Income Margin

 

 

0.4

%

 

 

1.4

%

 

(97

) bps

 

 

 

0.1

%

 

34

  bps

 

 

Diluted (Loss) Earnings Per Share

 

$

(0.19

)

 

 

$

0.40

 

 

(147.5

)%

 

$

0.53

 

 

(135.8

) %

 

First Quarter Results (Non-GAAP)(1)(2)

 

 

 

Sep – 20

 

Sep – 19

 

Change Y/Y

 

Jun – 20

 

Change Q/Q

 

Sales

 

$

4,723.1

 

 

 

$

4,630.0

 

 

2.0

 %

 

$

4,159.7

 

 

13.5

  %

 

Adjusted Operating Income

 

 

65.1

 

 

 

 

107.4

 

 

(39.4

)%

 

 

42.9

 

 

51.7

 %

 

Adjusted Operating Income Margin

 

 

1.4

%

 

 

2.3

%

 

(94

) bps

 

 

 

1.0

%

 

35

  bps

 

 

Adjusted Diluted Earnings Per Share

 

$

0.36

 

 

 

$

0.60

 

 

(40.0

)%

 

$

0.64

 

 

(43.8

) %

 

Segment and Geographical Mix

 

 

 

Sep – 20

 

Sep – 19

 

Change Y/Y

 

Jun – 20

 

Change Q/Q

 

Electronic Components (EC) Sales(1)

 

$

4,382.2

$

4,294.2

2.1

 %

 

$

3,867.6

 

13.3

  %

 

EC Operating Income Margin

 

 

1.9

%

 

 

2.6

%

 

(68

) bps

 

 

 

1.5

%

 

41

  bps

 

 

Farnell Sales(1)

 

$

340.9

 

 

$

335.8

 

1.5

 %

 

$

292.1

 

 

16.7

  %

 

Farnell Operating Income Margin

 

 

3.5

%

 

 

6.5

%

 

(298

) bps

 

 

 

3.6

%

 

(6

) bps

 

 

Americas Sales(1)

 

$

1,205.7

 

 

 

$

1,215.8

 

 

(0.8

)%

 

$

1,149.3

 

 

4.9

  %

 

EMEA Sales(1)

 

 

1,480.7

 

 

 

 

1,470.9

 

 

0.7

 %

 

 

1,344.2

 

 

10.2

  %

 

Asia Sales(1)

 

 

2,036.7

 

 

 

 

1,943.3

 

 

4.8

 %

 

 

1,666.2

 

 

22.2

  %

 


(1) The first quarter of fiscal 2021 contained 14 weeks, compared to 13 weeks in the first and fourth quarters of fiscal 2020.

(2) A reconciliation of non-GAAP financial measures to GAAP financial measures is presented in the “Non-GAAP Financial Information” section of this press release.

CFO Commentary

“In our first quarter, we generated $122 million of cash flow from operations. This is our eighth consecutive quarter of positive cash flow, which illustrates our team’s continued execution in managing cash, working capital and debt as we proceed through the economic cycle,” said Avnet CFO Tom Liguori. “Our $75 million annual operating expense reduction plan is on track and we expect it will be fully implemented for our second quarter. All of these initiatives support our 2021 fiscal year priorities, as Phil stated, of improving operating income and returns on capital while growing revenues.”

Additional First Quarter Fiscal 2021 Updates

  • Returned $21 million to shareholders with dividends paid during the quarter.
  • Avnet America awarded “Partner 2 Win- Distributor of the Year” by BAE Systems.

 

 Outlook for the Second Quarter of Fiscal 2021 Ending on January 2, 2021

 

 

 

 

 

 

Guidance Range

 

Midpoint

Sales

 

$4.0B – $4.4B

 

$4.2B

Non-GAAP Diluted EPS(1)

 

$0.33 – $0.43

 

$0.38

Estimated Annual Tax Rate

 

13% – 17%

 

15%


(1) A reconciliation of non-GAAP guidance to GAAP guidance is presented in the “Non-GAAP Financial Information” section of this press release.

The above guidance is based upon market conditions existing as of today, and excludes amortization of intangibles, any potential restructuring, integration, and other expenses and certain income tax adjustments. The above sales guidance assumes approximately $200 million in lower sales of Texas Instruments products as compared to the first quarter of fiscal 2021. The above guidance assumes 100 million average diluted shares outstanding and average U.S. Dollar to Euro and GBP currency exchange rates are as shown below:

 

 

 

 

 

 

 

 

 

Q2 Fiscal

 

 

 

 

 

 

2021

 

Q1 Fiscal

 

Q2 Fiscal

 

 

Guidance

 

2021

 

2020

Euro

 

$1.18

 

$1.17

 

$1.11

GBP

 

$1.30

 

$1.29

 

$1.28

Today’s Conference Call and Webcast Details

Avnet will host a quarterly webcast and teleconference today at 1:30 p.m. PDT and 4:30 p.m. EDT to discuss its financial results and provide a corporate update. The webcast can be accessed via Avnet’s Investor Relations web page at: www.ir.avnet.com, or from the following link Avnet Earnings Call Webcast and Slides.

Those who would still like to participate in the live call can dial 877-407-8112 or 201-689-8840. A replay of the conference call will be available for 30 days, through November 27 at 5:00 p.m. EDT, and can be accessed by dialing: 877-660-6853 or 201-612-7415 and using Conference ID: 13705277. The webcast will be available for 90 days.

Forward-Looking Statements

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the financial condition, results of operations and business of the Company. You can find many of these statements by looking for words like “believes,” “plans,” “expects,” “anticipates,” “should,” “will,” “may,” “estimates” or similar expressions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties. You should understand that the following important factors, in addition to those discussed elsewhere in the Company’s Annual Report on Form 10-K for the fiscal year ended June 27, 2020 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, could affect the Company’s future results of operations, and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements: the scope and duration of the COVID-19 pandemic and its impact on global economic systems, access to financial markets and the Company’s employees, operations, customers, and supply chain; competitive pressures among distributors of electronic components; an industry down-cycle in semiconductors; relationships with key suppliers and allocations of products by suppliers; risks relating to the Company’s international sales and operations, including risks relating to the ability to repatriate cash, foreign currency fluctuations, duties and taxes, and compliance with international and U.S. laws; risks relating to acquisitions, divestitures and investments; adverse effects on the Company’s supply chain, operations of its distribution centers, shipping costs, third-party service providers, customers and suppliers, including as a result of issues caused by natural and weather-related disasters, pandemics and health related crisis, social unrest or warehouse modernization and relocation efforts; risks related to cyber-attacks and the Company’s information systems, including related to current or future implementations; general economic and business conditions (domestic, foreign and global) affecting the Company’s operations and financial performance and, indirectly, the Company’s credit ratings, debt covenant compliance, and liquidity and access to financing; geopolitical events, including the uncertainty caused by the United Kingdom’s planned exit from the European Union commonly referred to as “Brexit”; and legislative or regulatory changes affecting the Company’s businesses.

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 nearly a century, 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)

 

 

 

 

 

 

 

 

 

 

First Quarters Ended

 

 

 

October 3,

 

September 28,

 

 

 

2020

 

 

2019

 

 

 

 

(Thousands, except per share data)

 

Sales

 

$

4,723,059

 

 

$

4,630,009

 

 

Cost of sales

 

 

4,206,979

 

 

 

4,086,170

 

 

Gross profit

 

 

516,080

 

 

 

543,839

 

 

Selling, general and administrative expenses

 

 

471,158

 

 

 

456,503

 

 

Restructuring, integration and other expenses

 

 

26,420

 

 

 

24,598

 

 

Operating income

 

 

18,502

 

 

 

62,738

 

 

Other (expense) income, net

 

 

(19,498

)

 

 

4,931

 

 

Interest and other financing expenses, net

 

 

(22,301

)

 

 

(33,631

)

 

Income (loss) before taxes

 

 

(23,297

)

 

 

34,038

 

 

Income tax benefit

 

 

(4,408

)

 

 

(7,714

)

 

Net (loss) income

 

$

(18,889

)

 

$

41,752

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

 

 

Basic

 

$

(0.19

)

 

$

0.40

 

 

Diluted

 

$

(0.19

)

 

$

0.40

 

 

 

 

 

 

 

 

 

 

Shares used to compute earnings per share:

 

 

 

 

 

 

 

Basic

 

 

98,897

 

 

 

103,130

 

 

Diluted

 

 

98,897

 

 

 

104,377

 

 

Cash dividends paid per common share

 

$

0.21

 

 

$

0.21

 

 

 

 

 

 

 

 

 

 

 

AVNET, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

 

 

 

 

 

 

 

 

 

October 3,

 

June 27,

 

 

 

2020

 

2020

 

 

 

(Thousands)

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

483,056

 

$

477,038

 

Receivables, net

 

 

2,964,531

 

 

2,928,386

 

Inventories

 

 

2,944,673

 

 

2,731,988

 

Prepaid and other current assets

 

 

209,928

 

 

191,394

 

Total current assets

 

 

6,602,188

 

 

6,328,806

 

Property, plant and equipment, net

 

 

404,136

 

 

404,607

 

Goodwill

 

 

798,865

 

 

773,734

 

Intangible assets, net

 

 

47,448

 

 

65,437

 

Operating lease assets

 

 

288,669

 

 

275,917

 

Other assets

 

 

240,089

 

 

256,696

 

Total assets

 

$

8,381,395

 

$

8,105,197

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Short-term debt

 

$

166,992

 

$

51

 

Accounts payable

 

 

2,005,126

 

 

1,754,078

 

Accrued expenses and other

 

 

535,376

 

 

472,924

 

Short-term operating lease liabilities

 

 

58,912

 

 

53,313

 

Total current liabilities

 

 

2,766,406

 

 

2,280,366

 

Long-term debt

 

 

1,195,203

 

 

1,424,791

 

Long-term operating lease liabilities

 

 

262,850

 

 

253,719

 

Other liabilities

 

 

379,425

 

 

419,923

 

Total liabilities

 

 

4,603,884

 

 

4,378,799

 

Shareholders’ equity

 

 

3,777,511

 

 

3,726,398

 

Total liabilities and shareholders’ equity

 

$

8,381,395

 

$

8,105,197

 

 

 

 

 

 

 

 

 

 

AVNET, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

 

 

 

 

 

 

 

 

First Quarters Ended

 

 

 

October 3, 2020

 

September 28, 2019

 

 

 

(Thousands)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net (loss) income

 

$

(18,889

)

 

$

41,752

 

 

 

 

 

 

 

 

 

 

Non-cash and other reconciling items:

 

 

 

 

 

 

 

Depreciation

 

 

21,845

 

 

 

24,669

 

 

Amortization

 

 

20,117

 

 

 

19,911

 

 

Amortization of operating lease assets

 

 

14,079

 

 

 

15,839

 

 

Deferred income taxes

 

 

6,614

 

 

 

(3,970

)

 

Stock-based compensation

 

 

4,961

 

 

 

7,218

 

 

Asset impairment expense

 

 

15,166

 

 

 

 

 

Other, net

 

 

10,898

 

 

 

8,034

 

 

Changes in (net of effects from businesses acquired and divested):

 

 

 

 

 

 

 

Receivables

 

 

(7,116

)

 

 

(6,703

)

 

Inventories

 

 

(136,426

)

 

 

(64,194

)

 

Accounts payable

 

 

228,740

 

 

 

189,746

 

 

Accrued expenses and other, net

 

 

(37,545

)

 

 

(36,660

)

 

Net cash flows provided by operating activities

 

 

122,444

 

 

 

195,642

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Borrowings under accounts receivable securitization, net

 

 

166,900

 

 

 

110,800

 

 

Repayments under senior unsecured credit facility, net

 

 

(234,190

)

 

 

(1,100

)

 

Repayments under bank credit facilities and other debt, net

 

 

(545

)

 

 

(745

)

 

Repurchases of common stock

 

 

 

 

 

(110,805

)

 

Dividends paid on common stock

 

 

(20,756

)

 

 

(21,451

)

 

Other, net

 

 

281

 

 

 

548

 

 

Net cash flows used for financing activities

 

 

(88,310

)

 

 

(22,753

)

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

 

(19,998

)

 

 

(29,864

)

 

Acquisitions of assets

 

 

(18,700

)

 

 

 

 

Other, net

 

 

753

 

 

 

(12,515

)

 

Net cash flows used for investing activities

 

 

(37,945

)

 

 

(42,379

)

 

Effect of currency exchange rate changes on cash and cash equivalents

 

 

9,829

 

 

 

(12,507

)

 

Cash and cash equivalents:

 

 

 

 

 

 

 

— increase

 

 

6,018

 

 

 

118,003

 

 

— at beginning of period

 

 

477,038

 

 

 

546,105

 

 

— at end of period

 

$

483,056

 

 

$

664,108

 

 

Non-GAAP Financial Information

In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company also discloses certain non-GAAP financial information including (i) adjusted operating income, (ii) adjusted operating expenses, (iii) adjusted other income (expense), (iv) adjusted income tax expense, (v) adjusted income from continuing operations, (vi) adjusted diluted earnings per share from continuing operations, and (vii) sales adjusted for the impact of significant acquisitions and other items (as defined in the Organic Sales section of this document).

There are also references to the impact of foreign currency in the discussion of the Company’s results of operations. When the U.S. Dollar strengthens and the stronger exchange rates of the current year are used to translate the results of operations of Avnet’s subsidiaries denominated in foreign currencies, the resulting impact is a decrease in U.S. Dollars of reported results. Conversely, when the U.S. Dollar weakens and the weaker exchange rates of the current year are used to translate the results of operations of Avnet’s subsidiaries denominated in foreign currencies, the resulting impact is an increase in U.S. Dollars of reported results. In the discussion of the Company’s results of operations, results excluding this impact are referred to as “constant currency.” Management believes organic sales and sales in constant currency are useful measures for evaluating current period performance as compared with prior periods and for understanding underlying trends. In order to determine the translation impact of changes in foreign currency exchange rates on sales, income or expense items for subsidiaries reporting in currencies other than the U.S. Dollar, the Company adjusts the average exchange rates used in current periods to be consistent with the average exchange rates in effect during the comparative period.

Management believes that operating income and operating expenses adjusted for restructuring, integration and other expenses, goodwill and intangible asset impairment expenses and amortization of acquired intangible assets and other, are useful measures to help investors better assess and understand the Company’s operating performance. This is especially the case when comparing results with previous periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of Avnet’s normal operating results or non-cash in nature. Management analyzes operating income and operating expenses without the impact of these items as an indicator of ongoing margin performance and underlying trends in the business. Management also uses these non-GAAP measures to establish operational goals and, in most cases, for measuring performance for compensation purposes. Management measures operating income for its reportable segments excluding restructuring, integration and other expenses, goodwill and intangible asset impairment expenses and amortization of acquired intangible assets and other.

Additional non-GAAP metrics management uses is adjusted operating income margin, which is defined as adjusted operating income (as defined above) divided by sales.

Management also believes income tax expense (benefit), income from continuing operations and diluted earnings (loss) per share from continuing operations adjusted for the impact of the items described above and certain items impacting other income (expense) and income tax expense (benefit) are useful to investors because they provide a measure of the Company’s net profitability on a more comparable basis to historical periods and provide a more meaningful basis for forecasting future performance. Adjustment to income tax expense (benefit) and the effective income tax rate include the effect of changes in tax laws including recent tax law changes in the U.S., certain changes in valuation allowances and unrecognized tax benefits, income tax audit settlements and adjustments to the adjusted interim effective tax rate based upon the expected annual adjusted effective tax rate. Additionally, because of management’s focus on generating shareholder value, of which net profitability is a primary driver, management believes income from continuing operations and diluted earnings (loss) per share from continuing operations excluding the impact of these items provides an important measure of the Company’s net profitability for the investing public.

Any analysis of results and outlook on a non-GAAP basis should be used as a complement to, and in conjunction with, results presented in accordance with GAAP. All amounts below relate to Avnet’s continuing operations.

 

 

 

 

 

 

Fiscal 2021

 

 

Quarter Ended

 

 

October 3, 2020*

 

 

($ in thousands, except per share amounts)

 

 

 

 

GAAP selling, general and administrative expenses

 

$

471,158

 

Amortization of intangible assets and other

 

 

(20,175

)

Adjusted operating expenses

 

 

450,983

 

 

 

 

 

GAAP operating income

 

$

18,502

 

Restructuring, integration and other expenses

 

 

26,420

 

Amortization of intangible assets and other

 

 

20,175

 

Adjusted operating income

 

 

65,097

 

 

 

 

 

GAAP loss before income taxes

 

$

(23,297

)

Restructuring, integration and other expenses

 

 

26,420

 

Amortization of intangible assets and other

 

 

20,175

 

Other expenses - equity investment impairments

 

 

15,223

 

Adjusted income before income taxes

 

 

38,521

 

 

 

 

 

GAAP income tax benefit

 

$

(4,408

)

Restructuring, integration and other expenses

 

 

4,601

 

Amortization of intangible assets and other

 

 

5,029

 

Other expenses - equity investment impairments

 

 

26

 

Income tax expense items, net

 

 

(2,710

)

Adjusted income tax expense

 

 

2,538

 

 

 

 

 

GAAP loss

 

$

(18,889

)

Restructuring, integration and other expenses (net of tax)

 

 

21,819

 

Amortization of intangible assets and other (net of tax)

 

 

15,146

 

Other expenses - equity investment impairments (net of tax)

 

 

15,197

 

Income tax expense items, net

 

 

2,710

 

Adjusted income

 

 

35,983

 

 

 

 

 

GAAP diluted loss per share

 

$

(0.19

)

Restructuring, integration and other expenses (net of tax)

 

 

0.22

 

Amortization of intangible assets and other (net of tax)

 

 

0.15

 

Other expenses - equity investment impairments (net of tax)

 

 

0.15

 

Income tax expense items, net

 

 

0.03

 

Adjusted diluted EPS

 

 

0.36

 

 

* May not foot due to rounding.


 

 

 

 

Quarters Ended

 

Fiscal Year

 

June 27,

 

March 28,

 

December 29,

 

September 29,

 

2020*

 

2020*

 

2020*

 

2019*

 

2019*

 

($ in thousands, except per share amounts)

GAAP selling, general and administrative expenses - continuing operations

$

1,842,122

 

 

$

451,099

 

 

$

469,646

 

 

$

464,873

 

 

$

456,503

 

Amortization of intangible assets and other - continuing operations

 

(81,555

)

 

 

(18,952

)

 

 

(21,071

)

 

 

(21,454

)

 

 

(20,078

)

Adjusted operating expenses - continuing operations

 

1,760,567

 

 

 

432,147

 

 

 

448,576

 

 

 

443,419

 

 

 

436,426

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating (loss) income - continuing operations

$

(4,628

)

 

$

1,920

 

 

$

(115,760

)

 

$

46,475

 

 

$

62,738

 

Restructuring, integration and other expenses - continuing operations

 

81,870

 

 

 

23,796

 

 

 

19,211

 

 

 

14,265

 

 

 

24,598

 

Goodwill and intangible asset impairment expenses (benefits) - continuing operations

 

144,092

 

 

 

(1,744

)

 

 

145,836

 

 

 

-

 

 

 

-

 

Amortization of intangible assets and other - continuing operations

 

81,555

 

 

 

18,952

 

 

 

21,071

 

 

 

21,454

 

 

 

20,078

 

Adjusted operating income - continuing operations

 

302,889

 

 

 

42,924

 

 

 

70,358

 

 

 

82,194

 

 

 

107,414

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP (loss) income before income taxes- continuing operations

$

(128,107

)

 

$

(16,144

)

 

$

(158,086

)

 

$

12,086

 

 

$

34,038

 

Restructuring, integration and other expenses - continuing operations

 

81,870

 

 

 

23,796

 

 

 

19,211

 

 

 

14,265

 

 

 

24,598

 

Goodwill and intangible asset impairment expenses (benefits) - continuing operations

 

144,092

 

 

 

(1,744

)

 

 

145,836

 

 

 

-

 

 

 

-

 

Amortization of intangible assets and other - continuing operations

 

81,555

 

 

 

18,952

 

 

 

21,071

 

 

 

21,454

 

 

 

20,078

 

Other expenses and early debt redemption - continuing operations

 

21,582

 

 

 

2,054

 

 

 

15,526

 

 

 

4,002

 

 

 

-

 

Adjusted income before income taxes - continuing operations

 

200,992

 

 

 

26,914

 

 

 

43,558

 

 

 

51,807

 

 

 

78,713

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP income tax expense (benefit) - continuing operations

$

(98,574

)

 

$

(68,304

)

 

$

(29,425

)

 

$

6,870

 

 

$

(7,714

)

Restructuring, integration and other expenses - continuing operations

 

18,648

 

 

 

4,659

 

 

 

4,372

 

 

 

3,377

 

 

 

6,240

 

Goodwill and intangible asset impairment expenses - continuing operations

 

6,433

 

 

 

207

 

 

 

6,226

 

 

 

-

 

 

 

-

 

Amortization of intangible assets and other - continuing operations

 

16,119

 

 

 

3,613

 

 

 

4,307

 

 

 

3,964

 

 

 

4,235

 

Other expenses and early debt redemption - continuing operations

 

6,238

 

 

 

506

 

 

 

4,992

 

 

 

740

 

 

 

-

 

Income tax benefit (expense) items, net - continuing operations

 

47,655

 

 

 

22,996

 

 

 

15,119

 

 

 

(4,071

)

 

 

13,611

 

Adjusted income tax (benefit) expense - continuing operations

 

(3,481

)

 

 

(36,323

)

 

 

5,591

 

 

 

10,880

 

 

 

16,372

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP (loss) income - continuing operations

$

(29,533

)

 

$

52,160

 

 

$

(128,661

)

 

$

5,216

 

 

$

41,752

 

Restructuring, integration and other expenses (net of tax) - continuing operations

 

63,222

 

 

 

19,137

 

 

 

14,839

 

 

 

10,888

 

 

 

18,358

 

Goodwill and intangible asset impairment expenses (benefits) (net of tax) - continuing operations

 

137,659

 

 

 

(1,951

)

 

 

139,610

 

 

 

-

 

 

 

-

 

Amortization of intangible assets and other (net of tax) - continuing operations

 

65,436

 

 

 

15,339

 

 

 

16,764

 

 

 

17,490

 

 

 

15,843

 

Other expenses and early debt redemption (net of tax) - continuing operations

 

15,344

 

 

 

1,548

 

 

 

10,534

 

 

 

3,262

 

 

 

-

 

Income tax (benefit) expense items, net - continuing operations

 

(47,655

)

 

 

(22,996

)

 

 

(15,119

)

 

 

4,071

 

 

 

(13,611

)

Adjusted income - continuing operations

 

204,473

 

 

 

63,237

 

 

 

37,967

 

 

 

40,927

 

 

 

62,341

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted (loss) earnings per share - continuing operations

$

(0.29

)

 

$

0.53

 

 

$

(1.29

)

 

$

0.05

 

 

$

0.40

 

Restructuring, integration and other expenses (net of tax) - continuing operations

 

0.63

 

 

 

0.19

 

 

 

0.15

 

 

 

0.11

 

 

 

0.18

 

Goodwill and intangible asset impairment expenses (benefits) (net of tax) - continuing operations

 

1.37

 

 

 

(0.02

)

 

 

1.39

 

 

 

-

 

 

 

-

 

Amortization of intangible assets and other (net of tax) - continuing operations

 

0.65

 

 

 

0.15

 

 

 

0.17

 

 

 

0.17

 

 

 

0.15

 

Other expenses and early debt redemption (net of tax) - continuing operations

 

0.15

 

 

 

0.02

 

 

 

0.11

 

 

 

0.03

 

 

 

-

 

Income tax (benefit) expense items, net - continuing operations

 

(0.47

)

 

 

(0.23

)

 

 

(0.15

)

 

 

0.04

 

 

 

(0.13

)

Adjusted diluted EPS - continuing operations

 

2.04

 

 

 

0.64

 

 

 

0.38

 

 

 

0.40

 

 

 

0.60

 

 

* May not foot/cross foot due to rounding and differences in average diluted shares between quarterly periods compared to the fiscal year to date.


Contacts

Investor Relations Contacts
Joe Burke, 480-643-7431
Joseph.Burke@avnet.com

Media Relations Contact
Jeanne Forbis, 480-643-7499
jeanne.forbis@avnet.com


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