-- Second-Quarter Earnings Per Share of
$4.12; Non-GAAP Earnings Per Share of $4.37 -- -- Revenue in
line with guidance; Non-GAAP EPS above midpoint of guidance
--
Arrow Electronics, Inc. (NYSE:ARW) today reported second-quarter
2023 sales of $8.51 billion, a decrease of 10 percent year over
year. Second-quarter net income was $237 million, or $4.12 per
share on a diluted basis, compared with net income of $370 million,
or $5.54 per share on a diluted basis, in the second quarter of
2022. Non-GAAP net income1 was $251 million, or $4.37 per share on
a diluted basis, in the second quarter of 2023, compared with
non-GAAP net income of $386 million, or $5.78 per share on a
diluted basis, in the second quarter of 2022.
“The company posted solid second-quarter results in a softer
semiconductor market and a mixed information technology spending
environment, delivering revenue and earnings per share within our
guidance range,” said Sean Kerins, Arrow’s president, and chief
executive officer.
Global components second-quarter sales of $6.68 billion
reflected a decrease of 10 percent year over year. Europe
components second-quarter sales increased 19 percent year over
year. Asia-Pacific components second-quarter sales decreased 22
percent year over year. Americas components second-quarter sales
decreased 17 percent year over year. Global components
second-quarter operating income was $381 million, and
second-quarter non-GAAP operating income was $388 million.
“While demand in the west broadly remained resilient, customer
inventory levels were elevated in the quarter. Americas components
results were impacted by further declines in the shortage market,
which we now believe to be largely normalized. In Asia, we
experienced continued demand softness in China,” said Mr. Kerins.
“We were encouraged by our sequential inventory reduction, pricing
stability and growth in design-related activity.”
Global enterprise computing solutions (ECS) second-quarter sales
of $1.83 billion reflected a decrease of 8 percent year over year.
Europe enterprise computing solutions second-quarter sales
decreased 1 percent year over year. Americas enterprise computing
solutions second-quarter sales decreased 14 percent year over year.
Global enterprise computing solutions second-quarter operating
income was $86 million, and second-quarter non-GAAP operating
income was $87 million.
“We continue to see customers migrate to solutions delivered on
an as-a-service basis. Our ECS results reflect this trend as we saw
relative strength in cloud, software and services, and improved
operating margin year over year,” said Mr. Kerins.
“Reflecting our confidence in our ability to generate cash and
consistent with our desire to drive shareholder returns, we
repurchased approximately $200 million of shares during the second
quarter,” said Raj Agrawal, senior vice president and chief
financial officer. “As of the end of the second quarter, our
remaining repurchase authorization stands at approximately $824
million.”
1 A reconciliation of non-GAAP financial measures to GAAP
financial measures is presented in the reconciliation tables
included herein.
THIRD-QUARTER 2023 OUTLOOK
- Consolidated sales of $7.78 billion to $8.38 billion, with
global components sales of $6.00 billion to $6.40 billion, and
global enterprise computing solutions sales of $1.78 billion to
$1.98 billion
- Net income per share on a diluted basis of $3.25 to $3.45, and
non-GAAP net income per share on a diluted basis of $3.40 to
$3.60
- Average tax rate in the range of 23 to 25 percent
- Average diluted shares outstanding of ~56 million
- Interest expense in the range of $85 million to $90
million
- Changes in foreign currencies expected to increase
year-over-year growth in sales by $212 million, and earnings per
share on a diluted basis by $0.11 compared to the third quarter of
2022
- Changes in foreign currencies expected to increase
quarter-over-quarter growth in sales by $42 million and earnings
per share on a diluted basis by $0.04 compared to the second
quarter of 2023
- On a constant currency basis, our third-quarter sales guidance
implies a sequential growth rate range of down 11 percent to down 5
percent for global components and down 4 percent to up 7 percent
for global enterprise computing solutions, when compared to the
second quarter of 2023
Third-Quarter 2023 GAAP to
non-GAAP Outlook Reconciliation
NON-GAAP SALES RECONCILIATION
Quarter Ended
Quarter Ended
(in billions)
September 30, 2023
October 1, 2022
% Change
September 30, 2023
July 1, 2023
% Change
Global components sales, GAAP
$6.00-6.40
$7.30
(18%) - (12%)
$6.00-6.40
$6.68
(10%) - (4%)
Impact of changes in foreign
currencies
—
0.14
—
0.03
Global components sales, constant
currency
$6.00-6.40
$7.44
(19%) - (14%)
$6.00-6.40
$6.71
(11%) - (5%)
Global ECS sales, GAAP
$1.78-1.98
$1.97
(10%) - 1%
$1.78-1.98
$1.83
(3%) - 8%
Impact of changes in foreign
currencies
—
0.07
—
0.02
Global ECS sales, constant currency
$1.78-1.98
$2.04
(13%) - (3%)
$1.78-1.98
$1.85
(4%) - 7%
NON-GAAP EARNINGS
RECONCILIATION
Reported GAAP measure
Intangible amortization
expense
Restructuring & integration
charges
Non-GAAP measure
Net income per diluted share
$3.25 to $3.45
$0.10
$0.05
$3.40 to $3.60
CFO Commentary and Earnings
Presentation
Please refer to the CFO commentary and the earnings
presentation, which can be found at investor.arrow.com, as a
supplement to the company’s earnings release. The company uses its
website as a tool to disclose important information about the
company and to comply with its disclosure obligations under
Regulation Fair Disclosure.
Conference Call and Webcast
Information
Arrow Electronics will host a conference call to discuss
second-quarter 2023 financial results on Aug. 3, 2023, at 1:00 PM
ET. Register online at
https://conferencingportals.com/event/fEoxDDHd to obtain dial-in
information to access the live conference call. The conference call
will also be available via live webcast at investor.arrow.com.
Shortly after the conclusion of the conference call, a webcast
replay will be available at investor.arrow.com.
About Arrow Electronics
Arrow Electronics guides innovation forward for over 210,000
leading technology manufacturers and service providers. With 2022
sales of $37 billion, Arrow develops technology solutions that help
improve business and daily life. Learn more at
fiveyearsout.com.
Information Relating to Forward-Looking
Statements
This press release includes “forward-looking” statements, as the
term is defined under the federal securities laws, including but
not limited to statements regarding: Arrow’s future financial
performance, including its outlook on financial results for the
third quarter of fiscal 2023 such as sales, net income per diluted
share, non-GAAP net income per diluted share, average tax rate,
average diluted shares outstanding, interest and other expense,
impact to sales due to changes in foreign currencies, intangible
amortization expense per diluted share, restructuring &
integration charges per diluted share, and expectations regarding
market demand and shareholder returns. These and other
forward-looking statements are subject to numerous assumptions,
risks, and uncertainties, which could cause actual results or facts
to differ materially from such statements for a variety of reasons,
including, but not limited to: unfavorable economic conditions;
disruptions or inefficiencies in the supply chain; political
instability; impacts of military conflict and sanctions; industry
conditions; changes in product supply, pricing and customer demand;
competition; other vagaries in the global components and the global
ECS markets; deteriorating economic conditions, including economic
recession, inflation, tax rates, foreign currency exchange rates,
or the availability of capital; the effects of natural or man-made
catastrophic events; changes in relationships with key suppliers;
increased profit margin pressure; changes in legal and regulatory
matters; non-compliance with certain regulations, such as export,
antitrust, and anti-corruption laws; foreign tax and other loss
contingencies; outbreaks, epidemics, pandemics, or public health
crises; and the company's ability to generate cash flow. For a
further discussion of these and other factors that could cause the
company's future results to differ materially from any
forward-looking statements, see the section entitled “Risk Factors”
in the company's most recent Quarterly Report on Form 10-Q and the
company's most recent Annual Report on Form 10-K, as well as in
other filings the company makes with the Securities and Exchange
Commission. Shareholders and other readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date on which they are made. The company
undertakes no obligation to update publicly or revise any of the
forward-looking statements.
Certain Non-GAAP Financial
Information
In addition to disclosing financial results that are determined
in accordance with accounting principles generally accepted in the
United States (“GAAP”), the company also provides certain non-GAAP
financial information. The company provides non-GAAP sales,
operating income, income before income taxes, provision for income
taxes, consolidated net income, noncontrolling interests, net
income attributable to shareholders, effective tax rate and net
income per share on a diluted basis, which are non-GAAP measures
adjusted for the impact of changes in foreign currencies (referred
to as "changes in foreign currencies" or "on a constant currency
basis") by re-translating prior-period results at current period
foreign exchange rates, identifiable intangible asset amortization,
restructuring, integration, and other charges, net gains and losses
on investments, and impact of tax legislation changes. Management
believes that providing this additional information is useful to
the reader to better assess and understand the company’s operating
performance and future prospects in the same manner as management,
especially when comparing results with previous periods. Management
typically monitors the business as adjusted for these items, in
addition to GAAP results, to understand and compare operating
results across accounting periods, for internal budgeting purposes,
for short- and long-term operating plans, and to evaluate the
company's financial performance. However, analysis of results on a
non-GAAP basis should be used as a complement to, in conjunction
with, and not as a substitute for, data presented in accordance
with GAAP.
ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(In thousands except per share
data)
(Unaudited)
Quarter Ended
Six Months Ended
July 1, 2023
July 2, 2022
July 1, 2023
July 2, 2022
Sales
$
8,514,516
$
9,460,842
$
17,250,944
$
18,534,967
Cost of sales
7,448,467
8,224,628
15,071,073
16,091,249
Gross profit
1,066,049
1,236,214
2,179,871
2,443,718
Operating expenses:
Selling, general, and administrative
expenses
617,202
653,640
1,259,633
1,297,565
Depreciation and amortization
46,264
47,252
92,943
95,557
Restructuring, integration, and other
charges
10,333
2,494
12,893
7,392
673,799
703,386
1,365,469
1,400,514
Operating income
392,250
532,828
814,402
1,043,204
Equity in earnings of affiliated
companies
3,061
2,165
2,981
3,008
Gain (loss) on investments, net
497
(9,744
)
10,808
(7,733
)
Employee benefit plan expense, net
(803
)
(835
)
(1,656
)
(1,724
)
Interest and other financing expense,
net
(84,834
)
(38,506
)
(164,492
)
(72,491
)
Income before income taxes
310,171
485,908
662,043
964,264
Provision for income taxes
72,380
114,413
148,927
226,773
Consolidated net income
237,791
371,495
513,116
737,491
Noncontrolling interests
1,232
1,161
2,807
2,408
Net income attributable to
shareholders
$
236,559
$
370,334
$
510,309
$
735,083
Net income per share:
Basic
$
4.17
$
5.60
$
8.84
$
10.98
Diluted
$
4.12
$
5.54
$
8.74
$
10.84
Weighted-average shares outstanding:
Basic
56,720
66,078
57,726
66,964
Diluted
57,355
66,851
58,409
67,797
ARROW ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands except par
value)
(Unaudited)
July 1, 2023
December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
240,382
$
176,915
Accounts receivable, net
11,035,898
12,322,717
Inventories
5,452,198
5,319,369
Other current assets
402,729
521,339
Total current assets
17,131,207
18,340,340
Property, plant, and equipment, at
cost:
Land
5,691
5,691
Buildings and improvements
186,648
184,211
Machinery and equipment
1,612,005
1,583,661
1,804,344
1,773,563
Less: Accumulated depreciation and
amortization
(1,246,125
)
(1,177,107
)
Property, plant, and equipment, net
558,219
596,456
Investments in affiliated companies
62,138
65,112
Intangible assets, net
142,917
159,137
Goodwill
2,044,214
2,027,626
Other assets
597,204
574,511
Total assets
$
20,535,899
$
21,763,182
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
8,981,212
$
10,460,419
Accrued expenses
1,199,924
1,339,302
Short-term borrowings, including current
portion of long-term debt
488,168
589,883
Total current liabilities
10,669,304
12,389,604
Long-term debt
3,672,828
3,182,964
Other liabilities
539,293
579,261
Equity:
Shareholders’ equity:
Common stock, par value $1:
Authorized - 160,000 shares in both 2023
and 2022
Issued - 125,424 shares in both 2023 and
2022
125,424
125,424
Capital in excess of par value
1,203,064
1,208,708
Treasury stock (69,762 and 66,175 shares
in 2023 and 2022, respectively), at cost
(5,108,188
)
(4,637,345
)
Retained earnings
9,725,141
9,214,832
Accumulated other comprehensive loss
(359,096
)
(365,262
)
Total shareholders’ equity
5,586,345
5,546,357
Noncontrolling interests
68,129
64,996
Total equity
5,654,474
5,611,353
Total liabilities and equity
$
20,535,899
$
21,763,182
ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(In thousands)
(Unaudited)
Quarter Ended
July 1, 2023
July 2, 2022
Cash flows from operating activities:
Consolidated net income
$
237,791
$
371,495
Adjustments to reconcile consolidated net
income to net cash provided by (used for) operations:
Depreciation and amortization
46,264
47,252
Amortization of stock-based
compensation
8,852
13,885
Equity in earnings of affiliated
companies
(3,061
)
(2,165
)
Deferred income taxes
(25,869
)
(8,036
)
(Gain) loss on investments, net
(497
)
9,744
Other
1,665
1,680
Change in assets and liabilities:
Accounts receivable, net
(377,117
)
(464,917
)
Inventories
58,148
(294,990
)
Accounts payable
(8,558
)
162,366
Accrued expenses
(83,267
)
103,764
Other assets and liabilities
18,845
(22,660
)
Net cash used for operating activities
(126,804
)
(82,582
)
Cash flows from investing activities:
Acquisition of property, plant, and
equipment
(16,991
)
(16,974
)
Proceeds from collections of notes
receivable
95
373
Net cash used for investing activities
(16,896
)
(16,601
)
Cash flows from financing activities:
Change in short-term and other
borrowings
344,389
310,315
(Repayments of) proceeds from long-term
bank borrowings, net
(43,786
)
65,000
Proceeds from exercise of stock
options
10,447
4,370
Repurchases of common stock
(212,416
)
(219,532
)
Settlement of forward-starting interest
rate swap
56,711
—
Other
(2,474
)
(137
)
Net cash provided by financing
activities
152,871
160,016
Effect of exchange rate changes on
cash
25,657
(78,028
)
Net increase (decrease) in cash and cash
equivalents
34,828
(17,195
)
Cash and cash equivalents at beginning of
period
205,554
242,791
Cash and cash equivalents at end of
period
$
240,382
$
225,596
ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(In thousands)
(Unaudited)
Six Months Ended
July 1, 2023
July 2, 2022
Cash flows from operating activities:
Consolidated net income
$
513,116
$
737,491
Adjustments to reconcile consolidated net
income to net cash provided by (used for) operations:
Depreciation and amortization
92,943
95,557
Amortization of stock-based
compensation
28,349
31,236
Equity in earnings of affiliated
companies
(2,981
)
(3,008
)
Deferred income taxes
(33,399
)
(6,684
)
(Gain) loss on investments, net
(10,808
)
7,733
Other
2,986
2,366
Change in assets and liabilities:
Accounts receivable, net
1,324,772
(34,207
)
Inventories
(141,373
)
(755,892
)
Accounts payable
(1,513,259
)
(315,459
)
Accrued expenses
(215,583
)
60,123
Other assets and liabilities
52,237
(102,086
)
Net cash provided by (used for) operating
activities
97,000
(282,830
)
Cash flows from investing activities:
Acquisition of property, plant, and
equipment
(37,105
)
(36,244
)
Proceeds from collections of notes
receivable
237
20,542
Proceeds from settlement of net investment
hedge
10,725
—
Net cash used for investing activities
(26,143
)
(15,702
)
Cash flows from financing activities:
Change in short-term and other
borrowings
198,339
296,022
(Repayments of) proceeds from long-term
bank borrowings, net
(9,426
)
910,000
Net proceeds from note offering
496,268
—
Redemption of notes
(300,000
)
(350,000
)
Proceeds from exercise of stock
options
16,381
15,672
Repurchases of common stock
(516,217
)
(483,963
)
Settlement of forward-starting interest
rate swap
56,711
—
Other
(142
)
(137
)
Net cash (used for) provided by financing
activities
(58,086
)
387,594
Effect of exchange rate changes on
cash
50,696
(85,660
)
Net increase in cash and cash
equivalents
63,467
3,402
Cash and cash equivalents at beginning of
period
176,915
222,194
Cash and cash equivalents at end of
period
$
240,382
$
225,596
ARROW ELECTRONICS, INC.
NON-GAAP SALES RECONCILIATION
(In thousands)
(Unaudited)
Quarter Ended
July 1, 2023
July 2, 2022
% Change
Consolidated sales, as reported
$
8,514,516
$
9,460,842
(10.0
)%
Impact of changes in foreign
currencies
—
(17,566
)
Consolidated sales, constant currency
$
8,514,516
$
9,443,276
(9.8
)%
Global components sales, as reported
$
6,682,882
$
7,461,552
(10.4
)%
Impact of changes in foreign
currencies
—
(18,723
)
Global components sales, constant
currency
$
6,682,882
$
7,442,829
(10.2
)%
Americas components sales, as reported
$
2,066,562
$
2,479,362
(16.6
)%
Impact of changes in foreign
currencies
—
(603
)
Americas components sales, constant
currency
$
2,066,562
$
2,478,759
(16.6
)%
Asia components sales, as reported
$
2,462,841
$
3,173,786
(22.4
)%
Impact of changes in foreign
currencies
—
(41,205
)
Asia components sales, constant
currency
$
2,462,841
$
3,132,581
(21.4
)%
Europe components sales, as reported
$
2,153,479
$
1,808,404
19.1
%
Impact of changes in foreign
currencies
—
23,085
Europe components sales, constant
currency
$
2,153,479
$
1,831,489
17.6
%
Global ECS sales, as reported
$
1,831,634
$
1,999,290
(8.4
)%
Impact of changes in foreign
currencies
—
1,157
Global ECS sales, constant currency
$
1,831,634
$
2,000,447
(8.4
)%
Americas ECS sales, as reported
$
1,000,506
$
1,160,796
(13.8
)%
Impact of changes in foreign
currencies
—
(7,376
)
Americas ECS sales, constant currency
$
1,000,506
$
1,153,420
(13.3
)%
Europe ECS sales, as reported
$
831,128
$
838,494
(0.9
)%
Impact of changes in foreign
currencies
—
8,533
Europe ECS sales, constant currency
$
831,128
$
847,027
(1.9
)%
ARROW ELECTRONICS, INC.
NON-GAAP SALES RECONCILIATION
(In thousands)
(Unaudited)
Six Months Ended
July 1, 2023
July 2, 2022
% Change
Consolidated sales, as reported
$
17,250,944
$
18,534,967
(6.9
)%
Impact of changes in foreign
currencies
—
(220,344
)
Consolidated sales, constant currency
$
17,250,944
$
18,314,623
(5.8
)%
Global components sales, as reported
$
13,538,675
$
14,660,627
(7.7
)%
Impact of changes in foreign
currencies
—
(164,716
)
Global components sales, constant
currency
$
13,538,675
$
14,495,911
(6.6
)%
Americas components sales, as reported
$
4,300,015
$
4,819,905
(10.8
)%
Impact of changes in foreign
currencies
—
(2,297
)
Americas components sales, constant
currency
$
4,300,015
$
4,817,608
(10.7
)%
Asia components sales, as reported
$
4,839,036
$
6,105,315
(20.7
)%
Impact of changes in foreign
currencies
—
(87,707
)
Asia components sales, constant
currency
$
4,839,036
$
6,017,608
(19.6
)%
Europe components sales, as reported
$
4,399,624
$
3,735,407
17.8
%
Impact of changes in foreign
currencies
—
(74,712
)
Europe components sales, constant
currency
$
4,399,624
$
3,660,695
20.2
%
Global ECS sales, as reported
$
3,712,269
$
3,874,340
(4.2
)%
Impact of changes in foreign
currencies
—
(55,628
)
Global ECS sales, constant currency
$
3,712,269
$
3,818,712
(2.8
)%
Americas ECS sales, as reported
$
1,998,620
$
2,208,645
(9.5
)%
Impact of changes in foreign
currencies
—
(15,946
)
Americas ECS sales, constant currency
$
1,998,620
$
2,192,699
(8.9
)%
Europe ECS sales, as reported
$
1,713,649
$
1,665,695
2.9
%
Impact of changes in foreign
currencies
—
(39,682
)
Europe ECS sales, constant currency
$
1,713,649
$
1,626,013
5.4
%
ARROW ELECTRONICS, INC.
NON-GAAP EARNINGS
RECONCILIATION
(In thousands except per share
data)
(Unaudited)
Three months ended July 1,
2023
Reported GAAP measure
Intangible amortization
expense
Restructuring & Integration
charges
Non-recurring tax items
Other(1)
Non-GAAP measure
Operating income
$
392,250
$
7,908
$
10,333
$
—
$
—
$
410,491
Income before income taxes
310,171
7,908
10,333
—
(497
)
327,915
Provision for income taxes
72,380
1,992
2,597
(942
)
(119
)
75,908
Consolidated net income
237,791
5,916
7,736
942
(378
)
252,007
Noncontrolling interests
1,232
136
—
—
—
1,368
Net income attributable to
shareholders
$
236,559
$
5,780
$
7,736
$
942
$
(378
)
$
250,639
Net income per diluted share (2)
$
4.12
$
0.10
$
0.13
$
0.02
$
(0.01
)
$
4.37
Effective tax rate (3)
23.3
%
23.1
%
Three months ended July 2,
2022
Reported GAAP measure
Intangible amortization
expense
Restructuring & Integration
charges
Non-recurring tax items
Other(1)
Non-GAAP measure
Operating income
$
532,828
$
8,830
$
2,494
$
—
$
—
$
544,152
Income before income taxes
485,908
8,830
2,494
—
9,744
506,976
Provision for income taxes
114,413
2,263
362
—
2,356
119,394
Consolidated net income
371,495
6,567
2,132
—
7,388
387,582
Noncontrolling interests
1,161
133
—
—
—
1,294
Net income attributable to
shareholders
$
370,334
$
6,434
$
2,132
$
—
$
7,388
$
386,288
Net income per diluted share (2)
$
5.54
$
0.10
$
0.03
$
—
$
0.11
$
5.78
Effective tax rate (3)
23.5
%
23.6
%
ARROW ELECTRONICS, INC.
NON-GAAP EARNINGS
RECONCILIATION
(In thousands except per share
data)
(Unaudited)
Six months ended July 1, 2023
Reported GAAP measure
Intangible amortization
expense
Restructuring & Integration
charges
Non-recurring tax items
Other(1)
Non-GAAP measure
Operating income
$
814,402
$
15,888
$
12,893
$
—
$
—
$
843,183
Income before income taxes
662,043
15,888
12,893
—
(10,808
)
680,016
Provision for income taxes
148,927
4,002
3,317
(942
)
(2,590
)
152,714
Consolidated net income
513,116
11,886
9,576
942
(8,218
)
527,302
Noncontrolling interests
2,807
270
—
—
—
3,077
Net income attributable to
shareholders
$
510,309
$
11,616
$
9,576
$
942
$
(8,218
)
$
524,225
Net income per diluted share (2)
$
8.74
$
0.20
$
0.16
$
0.02
$
(0.14
)
$
8.98
Effective tax rate (3)
22.5
%
22.5
%
Six months ended July 2, 2022
Reported GAAP measure
Intangible amortization
expense
Restructuring & Integration
charges
Non-recurring tax items
Other(1)
Non-GAAP measure
Operating income
$
1,043,204
$
17,848
$
7,392
$
—
$
—
$
1,068,444
Income before income taxes
964,264
17,848
7,392
—
7,733
997,237
Provision for income taxes
226,773
4,573
1,567
—
1,870
234,783
Consolidated net income
737,491
13,275
5,825
—
5,863
762,454
Noncontrolling interests
2,408
273
—
—
—
2,681
Net income attributable to
shareholders
$
735,083
$
13,002
$
5,825
$
—
$
5,863
$
759,773
Net income per diluted share (2)
$
10.84
$
0.19
$
0.09
$
—
$
0.09
$
11.21
Effective tax rate (3)
23.5
%
23.5
%
(1)
Other includes (gain) loss on investments,
net.
(2)
The sum of the components for diluted EPS,
as adjusted may not agree to totals, as presented, due to
rounding.
(3)
The items as shown in this table,
represent the reconciling items for the tax rate as reported by
GAAP measure and as a non-GAAP measure.
ARROW ELECTRONICS, INC.
SEGMENT INFORMATION
(In thousands)
(Unaudited)
Quarter Ended
Six Months Ended
July 1, 2023
July 2, 2022
July 1, 2023
July 2, 2022
Sales:
Global components
$
6,682,882
$
7,461,552
$
13,538,675
$
14,660,627
Global ECS
1,831,634
1,999,290
3,712,269
3,874,340
Consolidated
$
8,514,516
$
9,460,842
$
17,250,944
$
18,534,967
Operating income (loss):
Global components
$
381,314
$
524,494
$
798,853
$
1,023,836
Global ECS
86,228
83,970
167,327
169,768
Corporate (a)
(75,292
)
(75,636
)
(151,778
)
(150,400
)
Consolidated
$
392,250
$
532,828
$
814,402
$
1,043,204
(a)
Corporate operating loss includes
restructuring, integration, and other charges of $10.3 million and
$12.9 million for the second quarter and first six months of 2023,
respectively, and $2.5 million and $7.4 million for the second
quarter and first six months of 2022, respectively.
NON-GAAP SEGMENT
RECONCILIATION
Quarter Ended
Six Months Ended
July 1, 2023
July 2, 2022
July 1, 2023
July 2, 2022
Global components operating income, as
reported
$
381,314
$
524,494
$
798,853
$
1,023,836
Intangible assets amortization expense
6,679
6,739
13,424
13,612
Global components non-GAAP operating
income
$
387,993
$
531,233
$
812,277
$
1,037,448
Global ECS operating income, as
reported
$
86,228
$
83,970
$
167,327
$
169,768
Intangible assets amortization expense
1,229
2,091
2,464
4,236
Global ECS non-GAAP operating income
$
87,457
$
86,061
$
169,791
$
174,004
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230803083703/en/
Investors: Anthony Bencivenga, Vice President, Investor
Relations 303-566-7456
Media: John Hourigan, Vice President, Public Affairs and
Corporate Marketing 303-824-4586
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