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    Arrow Electronics Reports Third-Quarter 2024 Results

    10/31/24 8:00:00 AM ET
    $ARW
    Electronic Components
    Technology
    Get the next $ARW alert in real time by email

    -- Sales of $6.8 billion, at high-end of guidance range --

    -- Third-Quarter Earnings Per Diluted Share of $1.88; Non-GAAP Earnings Per Diluted Share of $2.38 --

    Arrow Electronics, Inc. (NYSE:ARW) today announced financial results for its third quarter of 2024.

    "In the third quarter, the company continued to execute well in a challenging environment. While the cyclical correction continues in our global components business, we saw enterprise IT spending gain momentum," said Sean Kerins, Arrow's president and chief executive officer. "I am pleased that we delivered revenue above the midpoint of our guidance range and non-GAAP earnings per diluted share ahead of our expectations," said Mr. Kerins.

     

     

     

     

     

     

     

     

     

     

     

     

     

    Arrow Consolidated

     

     

    Quarter Ended

     

    Nine Months Ended

     

     

     

    September 28,

     

     

    September 30,

     

     

    September 28,

     

     

    September 30,

    (in millions except per share data)

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

    Consolidated sales

     

    $

    6,823

     

    $

    8,007

     

    $

    20,640

     

    $

    25,258

    Net income attributable to shareholders

     

     

    101

     

     

    199

     

     

    293

     

     

    709

    Net income per diluted share

     

     

    1.88

     

     

    3.53

     

     

    5.42

     

     

    12.28

    Non-GAAP net income attributable to shareholders (1)

     

     

    128

     

     

    233

     

     

    410

     

     

    757

    Non-GAAP net income per diluted share

     

     

    2.38

     

     

    4.14

     

     

    7.59

     

     

    13.12

    In the third quarter of 2024, sales decreased 15 percent year over year. Changes in foreign currencies had a positive impact on growth of approximately $37 million on sales and $0.02 on earnings per share on a diluted basis compared to the third quarter of 2023.

    Global Components

    "In our global components business, the broader ecosystem inventory correction persists. Given the market environment, we remain focused on our suppliers and customers while managing the operational factors within our control," said Mr. Kerins.

     

     

     

     

     

     

     

     

     

     

     

     

     

    Global Components

     

     

    Quarter Ended

     

    Nine Months Ended

     

     

     

    September 28,

     

     

    September 30,

     

     

    September 28,

     

     

    September 30,

    (in millions)

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

    Global components sales

     

    $

    4,946

     

    $

    6,245

     

    $

    15,170

     

    $

    19,784

    Global components operating income

     

     

    189

     

     

    379

     

     

    624

     

     

    1,178

    Global components non-GAAP operating income

     

     

    193

     

     

    386

     

     

    654

     

     

    1,198

    In the third quarter of 2024, global components sales decreased 21 percent year over year. Americas components third-quarter sales decreased 12 percent year over year. EMEA components third-quarter sales decreased 35 percent year over year and decreased 36 percent year over year on a constant currency basis. Asia-Pacific components third-quarter sales decreased 15 percent year over year.

    Global Enterprise Computing Solutions

    "We saw better momentum and strong sales growth in our global ECS business, highlighted by a healthy market for hybrid cloud solutions, steady market dynamics in Europe, and an improving trajectory for us in North America," said Mr. Kerins.

     

     

     

     

     

     

     

     

     

     

     

     

     

    Global Enterprise Computing Solutions (ECS)

     

     

    Quarter Ended

     

    Nine Months Ended

     

     

     

    September 28,

     

     

    September 30,

     

     

    September 28,

     

     

    September 30,

    (in millions)

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

    Global ECS sales

     

    $

    1,877

     

    $

    1,762

     

    $

    5,471

     

    $

    5,474

    Global ECS operating income

     

     

    76

     

     

    55

     

     

    250

     

     

    222

    Global ECS non-GAAP operating income

     

     

    77

     

     

    56

     

     

    253

     

     

    226

    In the third quarter of 2024, global ECS sales increased 7 percent year over year and increased 6 percent year over year on a constant currency basis. EMEA ECS third-quarter sales increased 13 percent year over year and increased 11 percent year over year on a constant currency basis. Americas ECS third-quarter sales increased 2 percent year over year.

    Other Financial Information

    "In the third quarter, we reduced inventory levels by approximately $125 million, or $1.3 billion over the last 12 months. We also generated $81 million in cash flow from operations and repurchased $50 million of shares," said Raj Agrawal, Arrow's senior vice president and chief financial officer.

    "In line with our ongoing efforts to simplify our operations, we are restructuring the business to drive additional cost savings," said Mr. Agrawal.

    In addition to actions taken to date, the company estimates total restructuring expenses over the next two years of $185 million, including costs of $135 million for efficiency initiatives, as well as costs of approximately $50 million to exit certain lines of non-core business. The company has identified opportunities to reduce annual operating expenses by the end of 2026 by approximately $90 million to $100 million, primarily related to reorganizing and consolidating certain areas of the company's operations.

    1 A reconciliation of non-GAAP financial measures to GAAP financial measures is presented in the reconciliation tables included herein.

    Fourth-Quarter 2024 Outlook

    • Consolidated sales of $6.67 billion to $7.27 billion, with global components sales of $4.50 billion to $4.90 billion, and global enterprise computing solutions sales of $2.17 billion to $2.37 billion
    • Net income per share on a diluted basis of $1.35 to $1.55, and non-GAAP net income per share on a diluted basis of $2.48 to $2.68
    • Average tax rate in the range of 23 to 25 percent
    • Interest expense of approximately $60 million to $65 million
    • Changes in foreign currencies to increase sales by approximately $60 million, and earnings per share on a diluted basis by $0.02 compared to the fourth quarter of 2023
    • Changes in foreign currencies to have no impact on growth in sales or earnings per share on a diluted basis compared to the third quarter of 2024

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Fourth-Quarter 2024 GAAP to non-GAAP Outlook Reconciliation

    NON-GAAP SALES RECONCILIATION

     

     

    Quarter Ended

     

     

     

    Quarter Ended

     

     

     

     

    December 31,

     

    December 31,

     

     

     

    December 31,

     

    September 28,

     

     

    (in billions)

     

    2024

     

    2023

     

    % Change

     

    2024

     

    2024

     

    % Change

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Global components sales, GAAP

     

    $

    4.50 - 4.90

     

    $

    5.64

     

    (20%) - (13%)

     

    $

    4.50 - 4.90

     

    $

    4.95

     

    (9%) - (1%)

    Impact of changes in foreign currencies

     

     

    —

     

     

    0.04

     

     

     

     

    —

     

     

    —

     

     

    Global components sales, constant currency

     

    $

    4.50 - 4.90

     

    $

    5.68

     

    (21%) - (14%)

     

    $

    4.50 - 4.90

     

    $

    4.95

     

    (9%) - (1%)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Global ECS sales, GAAP

     

    $

    2.17 - 2.37

     

    $

    2.21

     

    (2%) - 7%

     

    $

    2.17 - 2.37

     

    $

    1.88

     

    15% - 26%

    Impact of changes in foreign currencies

     

     

    —

     

     

    0.02

     

     

     

     

    —

     

     

    —

     

     

    Global ECS sales, constant currency

     

    $

    2.17 - 2.37

     

    $

    2.23

     

    (3%) - 6%

     

    $

    2.17 - 2.37

     

    $

    1.88

     

    15% - 26%

     

     

     

     

     

     

     

     

     

     

     

     

     

    NON-GAAP EARNINGS RECONCILIATION

     

     

     

     

     

     

     

     

     

     

     

     

     

    Reported GAAP measure

     

    Intangible amortization

    expense

     

    Restructuring &

    integration charges

     

    Non-GAAP measure

    Net income per diluted share

     

     

    $1.35 to $1.55

     

     

    $0.10

     

     

    $1.03

     

     

    $2.48 to $2.68

    Earnings Presentation

    Please refer to 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.

    Webcast and Conference Call Information

    Arrow Electronics will host a conference call to discuss third-quarter 2024 financial results on Oct. 31, 2024, at 1:00 PM ET.

    A live webcast of the conference call will be available via the events section of investor.arrow.com or by accessing the webcast link directly at https://events.q4inc.com/attendee/487434328. Shortly after the conclusion of the conference call, a webcast replay will be available on the Arrow website for one year.

    About Arrow Electronics

    Arrow Electronics (NYSE:ARW) sources and engineers technology solutions for thousands of leading manufacturers and service providers. With global 2023 sales of $33 billion, Arrow's portfolio enables technology across major industries and markets. Learn more at arrow.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 fourth quarter of fiscal 2024 such as sales, net income per diluted share, non-GAAP net income per diluted share, average tax rate, 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, the timing of the completion of the Operating Expense Efficiency Plan (the "Plan") and Arrow's estimated costs and expected operating expense reductions from the Plan, industry trends and expectations regarding market demand and conditions 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: the incurrence of additional charges not currently contemplated and failure to realize contemplated cost savings due to unanticipated events that may occur, including in connection with the implementation of the Plan; unfavorable economic conditions; disruptions or inefficiencies in the supply chain; political instability and changes; 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; breaches of security or privacy of business information and information system failures, including related to current or future implementations, integrations and upgrades; outbreaks, epidemics, pandemics, or public health crises; restructuring activities and impacts thereof; and the company's ability to generate positive 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 the following non-GAAP metrics: sales, operating income (including by business segment), income before income taxes, provision for income taxes, consolidated net income, noncontrolling interest, net income attributable to shareholders, effective tax rate and net income per share on a diluted basis. The foregoing non-GAAP measures are adjusted by certain of the following, as applicable: 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; write downs (reversals) to inventory related to the wind down of a business within the global components reportable segment ("impact of wind down"); loss on extinguishment of debt; 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. For further discussion of our non-GAAP measures and related adjustments, refer to the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's most recent Quarterly Report on Form 10-Q and the company's most recent Annual Report on Form 10-K.

    ARROW ELECTRONICS, INC.

    CONSOLIDATED STATEMENTS OF OPERATIONS

    (In thousands except per share data)

    (Unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Quarter Ended

     

    Nine Months Ended

     

     

     

    September 28, 2024

     

     

    September 30, 2023

     

     

    September 28, 2024

     

     

    September 30, 2023

     

     

     

     

     

     

     

     

     

     

     

     

     

    Sales

     

    $

    6,823,319

     

     

    $

    8,007,019

     

     

    $

    20,640,447

     

     

    $

    25,257,963

     

    Cost of sales

     

     

    6,038,491

     

     

     

    7,027,422

     

     

     

    18,151,349

     

     

     

    22,098,495

     

    Gross profit

     

     

    784,828

     

     

     

    979,597

     

     

     

    2,489,098

     

     

     

    3,159,468

     

    Operating expenses:

     

     

     

     

     

     

     

     

     

     

     

     

    Selling, general, and administrative

     

     

    534,508

     

     

     

    563,150

     

     

     

    1,670,429

     

     

     

    1,822,783

     

    Depreciation and amortization

     

     

    40,592

     

     

     

    45,005

     

     

     

    123,356

     

     

     

    137,948

     

    Restructuring, integration, and other

     

     

    34,466

     

     

     

    31,359

     

     

     

    121,859

     

     

     

    44,252

     

     

     

     

    609,566

     

     

     

    639,514

     

     

     

    1,915,644

     

     

     

    2,004,983

     

    Operating income

     

     

    175,262

     

     

     

    340,083

     

     

     

    573,454

     

     

     

    1,154,485

     

    Equity in earnings of affiliated companies

     

     

    1,002

     

     

     

    1,392

     

     

     

    1,912

     

     

     

    4,373

     

    Gain (loss) on investments, net

     

     

    3,757

     

     

     

    (6,159

    )

     

     

    (760

    )

     

     

    4,649

     

    Loss on extinguishment of debt

     

     

    —

     

     

     

    —

     

     

     

    (1,657

    )

     

     

    —

     

    Employee benefit plan expense, net

     

     

    (979

    )

     

     

    (854

    )

     

     

    (2,892

    )

     

     

    (2,510

    )

    Interest and other financing expense, net

     

     

    (62,947

    )

     

     

    (82,180

    )

     

     

    (209,442

    )

     

     

    (246,672

    )

    Income before income taxes

     

     

    116,095

     

     

     

    252,282

     

     

     

    360,615

     

     

     

    914,325

     

    Provision for income taxes

     

     

    15,198

     

     

     

    52,241

     

     

     

    66,996

     

     

     

    201,168

     

    Consolidated net income

     

     

    100,897

     

     

     

    200,041

     

     

     

    293,619

     

     

     

    713,157

     

    Noncontrolling interests

     

     

    330

     

     

     

    1,382

     

     

     

    753

     

     

     

    4,189

     

    Net income attributable to shareholders

     

    $

    100,567

     

     

    $

    198,659

     

     

    $

    292,866

     

     

    $

    708,968

     

    Net income per share:

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

    $

    1.90

     

     

    $

    3.57

     

     

    $

    5.48

     

     

    $

    12.43

     

    Diluted

     

    $

    1.88

     

     

    $

    3.53

     

     

    $

    5.42

     

     

    $

    12.28

     

    Weighted-average shares outstanding:

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

     

    53,010

     

     

     

    55,597

     

     

     

    53,476

     

     

     

    57,021

     

    Diluted

     

     

    53,475

     

     

     

    56,298

     

     

     

    53,999

     

     

     

    57,715

     

    ARROW ELECTRONICS, INC.

    CONSOLIDATED BALANCE SHEETS

    (In thousands except par value)

    (Unaudited)

     

     

     

     

     

     

     

     

     

     

    September 28, 2024

     

    December 31, 2023

     

     

     

     

     

     

     

    ASSETS

     

     

     

     

     

     

    Current assets:

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    248,000

     

     

    $

    218,053

     

    Accounts receivable, net

     

     

    11,726,601

     

     

     

    12,238,073

     

    Inventories

     

     

    4,529,655

     

     

     

    5,187,225

     

    Other current assets

     

     

    1,022,620

     

     

     

    684,126

     

    Total current assets

     

     

    17,526,876

     

     

     

    18,327,477

     

    Property, plant, and equipment, at cost:

     

     

     

     

     

     

    Land

     

     

    5,691

     

     

     

    5,691

     

    Buildings and improvements

     

     

    193,315

     

     

     

    195,579

     

    Machinery and equipment

     

     

    1,648,708

     

     

     

    1,632,606

     

     

     

     

    1,847,714

     

     

     

    1,833,876

     

    Less: Accumulated depreciation and amortization

     

     

    (1,354,179

    )

     

     

    (1,303,136

    )

    Property, plant, and equipment, net

     

     

    493,535

     

     

     

    530,740

     

    Investments in affiliated companies

     

     

    61,506

     

     

     

    62,741

     

    Intangible assets, net

     

     

    105,313

     

     

     

    127,440

     

    Goodwill

     

     

    2,084,160

     

     

     

    2,050,426

     

    Other assets

     

     

    663,259

     

     

     

    627,344

     

    Total assets

     

    $

    20,934,649

     

     

    $

    21,726,168

     

    LIABILITIES AND EQUITY

     

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

     

    Accounts payable

     

    $

    9,392,389

     

     

    $

    10,070,015

     

    Accrued expenses

     

     

    1,668,633

     

     

     

    1,463,915

     

    Short-term borrowings, including current portion of long-term debt

     

     

    909,826

     

     

     

    1,653,954

     

    Total current liabilities

     

     

    11,970,848

     

     

     

    13,187,884

     

    Long-term debt

     

     

    2,363,241

     

     

     

    2,153,553

     

    Other liabilities

     

     

    564,483

     

     

     

    507,424

     

     

     

     

     

     

     

     

    Equity:

     

     

     

     

     

     

    Shareholders' equity:

     

     

     

     

     

     

    Common stock, par value $1:

     

     

     

     

     

     

    Authorized - 160,000 shares in both 2024 and 2023

     

     

     

     

     

     

    Issued - 58,059 and 57,691 shares in 2024 and 2023, respectively

     

     

    58,059

     

     

     

    57,691

     

    Capital in excess of par value

     

     

    582,572

     

     

     

    553,340

     

    Treasury stock (5,472 and 3,880 shares in 2024 and 2023, respectively), at cost

     

     

    (506,157

    )

     

     

    (297,745

    )

    Retained earnings

     

     

    6,083,083

     

     

     

    5,790,217

     

    Accumulated other comprehensive loss

     

     

    (254,460

    )

     

     

    (298,039

    )

    Total shareholders' equity

     

     

    5,963,097

     

     

     

    5,805,464

     

    Noncontrolling interests

     

     

    72,980

     

     

     

    71,843

     

    Total equity

     

     

    6,036,077

     

     

     

    5,877,307

     

    Total liabilities and equity

     

    $

    20,934,649

     

     

    $

    21,726,168

     

    ARROW ELECTRONICS, INC.

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In thousands)

    (Unaudited)

     

     

     

     

     

     

     

     

     

     

    Quarter Ended

     

     

    September 28, 2024

     

    September 30, 2023

    Cash flows from operating activities:

     

     

     

     

     

     

    Consolidated net income

     

    $

    100,897

     

     

    $

    200,041

     

    Adjustments to reconcile consolidated net income to net cash provided by operations:

     

     

     

     

     

     

    Depreciation and amortization

     

     

    40,592

     

     

     

    45,005

     

    Amortization of stock-based compensation

     

     

    8,487

     

     

     

    6,519

     

    Equity in earnings of affiliated companies

     

     

    (1,002

    )

     

     

    (1,392

    )

    Deferred income taxes

     

     

    (12,889

    )

     

     

    (19,639

    )

    Loss (gain) on investments, net

     

     

    (3,686

    )

     

     

    6,159

     

    Other

     

     

    (670

    )

     

     

    1,092

     

    Change in assets and liabilities, net of effects of acquired businesses:

     

     

     

     

     

     

    Accounts receivable, net

     

     

    (701,168

    )

     

     

    260,749

     

    Inventories

     

     

    169,211

     

     

     

    (383,647

    )

    Accounts payable

     

     

    550,797

     

     

     

    157,482

     

    Accrued expenses

     

     

    (83,506

    )

     

     

    127,235

     

    Other assets and liabilities

     

     

    13,495

     

     

     

    (77,897

    )

    Net cash provided by operating activities

     

     

    80,558

     

     

     

    321,707

     

    Cash flows from investing activities:

     

     

     

     

     

     

    Acquisition of property, plant, and equipment

     

     

    (18,519

    )

     

     

    (20,670

    )

    Other

     

     

    10,677

     

     

     

    —

     

    Net cash used for investing activities

     

     

    (7,842

    )

     

     

    (20,670

    )

    Cash flows from financing activities:

     

     

     

     

     

     

    Change in short-term and other borrowings

     

     

    549,451

     

     

     

    603,693

     

    Proceeds from (repayments of) long-term bank borrowings, net

     

     

    (613,449

    )

     

     

    (557,308

    )

    Net proceeds from note offering

     

     

    494,886

     

     

     

    —

     

    Redemption of notes

     

     

    (500,000

    )

     

     

    —

     

    Proceeds from exercise of stock options

     

     

    585

     

     

     

    443

     

    Repurchases of common stock

     

     

    (51,051

    )

     

     

    (203,491

    )

    Other

     

     

    (899

    )

     

     

    —

     

    Net cash used for financing activities

     

     

    (120,477

    )

     

     

    (156,663

    )

    Effect of exchange rate changes on cash

     

     

    82,752

     

     

     

    (51,462

    )

    Net increase in cash and cash equivalents

     

     

    34,991

     

     

     

    92,912

     

    Cash and cash equivalents at beginning of period

     

     

    213,009

     

     

     

    240,382

     

    Cash and cash equivalents at end of period

     

    $

    248,000

     

     

    $

    333,294

     

    ARROW ELECTRONICS, INC.

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In thousands)

    (Unaudited)

     

     

     

     

     

     

     

     

     

     

    Nine Months Ended

     

     

    September 28, 2024

     

    September 30, 2023

    Cash flows from operating activities:

     

     

     

     

     

     

    Consolidated net income

     

    $

    293,619

     

     

    $

    713,157

     

    Adjustments to reconcile consolidated net income to net cash provided by operations:

     

     

     

     

     

     

    Depreciation and amortization

     

     

    123,356

     

     

     

    137,948

     

    Amortization of stock-based compensation

     

     

    30,187

     

     

     

    34,868

     

    Equity in earnings of affiliated companies

     

     

    (1,912

    )

     

     

    (4,373

    )

    Deferred income taxes

     

     

    (20,287

    )

     

     

    (53,038

    )

    Loss on extinguishment of debt

     

     

    1,657

     

     

     

    —

     

    Loss (gain) on investments, net

     

     

    1,077

     

     

     

    (4,649

    )

    Other

     

     

    4,194

     

     

     

    4,078

     

    Change in assets and liabilities, net of effects of acquired businesses:

     

     

     

     

     

     

    Accounts receivable, net

     

     

    512,394

     

     

     

    1,585,521

     

    Inventories

     

     

    662,685

     

     

     

    (525,020

    )

    Accounts payable

     

     

    (687,015

    )

     

     

    (1,355,777

    )

    Accrued expenses

     

     

    189,537

     

     

     

    (88,348

    )

    Other assets and liabilities

     

     

    (305,543

    )

     

     

    (25,660

    )

    Net cash provided by operating activities

     

     

    803,949

     

     

     

    418,707

     

    Cash flows from investing activities:

     

     

     

     

     

     

    Acquisition of property, plant, and equipment

     

     

    (70,155

    )

     

     

    (57,775

    )

    Other

     

     

    17,129

     

     

     

    10,962

     

    Net cash used for investing activities

     

     

    (53,026

    )

     

     

    (46,813

    )

    Cash flows from financing activities:

     

     

     

     

     

     

    Change in short-term and other borrowings

     

     

    (595,069

    )

     

     

    802,032

     

    Proceeds from (repayments of) long-term bank borrowings, net

     

     

    60,158

     

     

     

    (566,734

    )

    Net proceeds from note offering

     

     

    989,564

     

     

     

    496,268

     

    Redemption of notes

     

     

    (1,000,000

    )

     

     

    (300,000

    )

    Proceeds from exercise of stock options

     

     

    5,353

     

     

     

    16,824

     

    Repurchases of common stock

     

     

    (214,352

    )

     

     

    (719,708

    )

    Settlement of forward-starting interest rate swap

     

     

    —

     

     

     

    56,711

     

    Other

     

     

    (1,040

    )

     

     

    (142

    )

    Net cash used for financing activities

     

     

    (755,386

    )

     

     

    (214,749

    )

    Effect of exchange rate changes on cash

     

     

    34,410

     

     

     

    (766

    )

    Net increase in cash and cash equivalents

     

     

    29,947

     

     

     

    156,379

     

    Cash and cash equivalents at beginning of period

     

     

    218,053

     

     

     

    176,915

     

    Cash and cash equivalents at end of period

     

    $

    248,000

     

     

    $

    333,294

     

    ARROW ELECTRONICS, INC.

    NON-GAAP SALES RECONCILIATION

    (In thousands)

    (Unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

     

    Quarter Ended

     

     

     

     

     

    September 28, 2024

     

    September 30, 2023

     

    % Change

     

     

     

     

     

     

     

     

     

     

     

    Consolidated sales, as reported

     

    $

    6,823,319

     

    $

    8,007,019

     

     

    (14.8

    )

    %

    Impact of changes in foreign currencies

     

     

    —

     

     

    36,708

     

     

     

     

    Consolidated sales, constant currency

     

    $

    6,823,319

     

    $

    8,043,727

     

     

    (15.2

    )

    %

     

     

     

     

     

     

     

     

     

     

    Global components sales, as reported

     

    $

    4,946,059

     

    $

    6,245,192

     

     

    (20.8

    )

    %

    Impact of changes in foreign currencies

     

     

    —

     

     

    24,592

     

     

     

     

    Global components sales, constant currency

     

    $

    4,946,059

     

    $

    6,269,784

     

     

    (21.1

    )

    %

     

     

     

     

     

     

     

     

     

     

    Americas components sales, as reported

     

    $

    1,638,459

     

    $

    1,869,934

     

     

    (12.4

    )

    %

    Impact of changes in foreign currencies

     

     

    —

     

     

    (809

    )

     

     

     

    Americas components sales, constant currency

     

    $

    1,638,459

     

    $

    1,869,125

     

     

    (12.3

    )

    %

     

     

     

     

     

     

     

     

     

     

    Asia components sales, as reported

     

    $

    2,017,814

     

    $

    2,387,835

     

     

    (15.5

    )

    %

    Impact of changes in foreign currencies

     

     

    —

     

     

    2,433

     

     

     

     

    Asia components sales, constant currency

     

    $

    2,017,814

     

    $

    2,390,268

     

     

    (15.6

    )

    %

     

     

     

     

     

     

     

     

     

     

    EMEA components sales, as reported

     

    $

    1,289,786

     

    $

    1,987,423

     

     

    (35.1

    )

    %

    Impact of changes in foreign currencies

     

     

    —

     

     

    22,968

     

     

     

     

    EMEA components sales, constant currency

     

    $

    1,289,786

     

    $

    2,010,391

     

     

    (35.8

    )

    %

     

     

     

     

     

     

     

     

     

     

    Global ECS sales, as reported

     

    $

    1,877,260

     

    $

    1,761,827

     

     

    6.6

     

    %

    Impact of changes in foreign currencies

     

     

    —

     

     

    12,116

     

     

     

     

    Global ECS sales, constant currency

     

    $

    1,877,260

     

    $

    1,773,943

     

     

    5.8

     

    %

     

     

     

     

     

     

     

     

     

     

    Americas ECS sales, as reported

     

    $

    1,033,115

     

    $

    1,015,924

     

     

    1.7

     

    %

    Impact of changes in foreign currencies

     

     

    —

     

     

    (645

    )

     

     

     

    Americas ECS sales, constant currency

     

    $

    1,033,115

     

    $

    1,015,279

     

     

    1.8

     

    %

     

     

     

     

     

     

     

     

     

     

    EMEA ECS sales, as reported

     

    $

    844,145

     

    $

    745,903

     

     

    13.2

     

    %

    Impact of changes in foreign currencies

     

     

    —

     

     

    12,761

     

     

     

     

    EMEA ECS sales, constant currency

     

    $

    844,145

     

    $

    758,664

     

     

    11.3

     

    %

    ARROW ELECTRONICS, INC.

    NON-GAAP SALES RECONCILIATION

    (In thousands)

    (Unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

     

    Nine Months Ended

     

     

     

     

     

    September 28, 2024

     

    September 30, 2023

     

    % Change

     

     

     

     

     

     

     

     

     

     

     

    Consolidated sales, as reported

     

    $

    20,640,447

     

    $

    25,257,963

     

     

    (18.3

    )

    %

    Impact of changes in foreign currencies

     

     

    —

     

     

    (6,154

    )

     

     

     

    Consolidated sales, constant currency

     

    $

    20,640,447

     

    $

    25,251,809

     

     

    (18.3

    )

    %

     

     

     

     

     

     

     

     

     

     

    Global components sales, as reported

     

    $

    15,169,507

     

    $

    19,783,867

     

     

    (23.3

    )

    %

    Impact of changes in foreign currencies

     

     

    —

     

     

    (24,213

    )

     

     

     

    Global components sales, constant currency

     

    $

    15,169,507

     

    $

    19,759,654

     

     

    (23.2

    )

    %

     

     

     

     

     

     

     

     

     

     

    Americas components sales, as reported

     

    $

    4,807,991

     

    $

    6,169,949

     

     

    (22.1

    )

    %

    Impact of changes in foreign currencies

     

     

    —

     

     

    (2,994

    )

     

     

     

    Americas components sales, constant currency

     

    $

    4,807,991

     

    $

    6,166,955

     

     

    (22.0

    )

    %

     

     

     

     

     

     

     

     

     

     

    Asia components sales, as reported

     

    $

    5,975,729

     

    $

    7,226,871

     

     

    (17.3

    )

    %

    Impact of changes in foreign currencies

     

     

    —

     

     

    (39,533

    )

     

     

     

    Asia components sales, constant currency

     

    $

    5,975,729

     

    $

    7,187,338

     

     

    (16.9

    )

    %

     

     

     

     

     

     

     

     

     

     

    EMEA components sales, as reported

     

    $

    4,385,787

     

    $

    6,387,047

     

     

    (31.3

    )

    %

    Impact of changes in foreign currencies

     

     

    —

     

     

    18,314

     

     

     

     

    EMEA components sales, constant currency

     

    $

    4,385,787

     

    $

    6,405,361

     

     

    (31.5

    )

    %

     

     

     

     

     

     

     

     

     

     

    Global ECS sales, as reported

     

    $

    5,470,940

     

    $

    5,474,096

     

     

    (0.1

    )

    %

    Impact of changes in foreign currencies

     

     

    —

     

     

    18,059

     

     

     

     

    Global ECS sales, constant currency

     

    $

    5,470,940

     

    $

    5,492,155

     

     

    (0.4

    )

    %

     

     

     

     

     

     

     

     

     

     

    Americas ECS sales, as reported

     

    $

    2,904,933

     

    $

    3,014,544

     

     

    (3.6

    )

    %

    Impact of changes in foreign currencies

     

     

    —

     

     

    (3,184

    )

     

     

     

    Americas ECS sales, constant currency

     

    $

    2,904,933

     

    $

    3,011,360

     

     

    (3.5

    )

    %

     

     

     

     

     

     

     

     

     

     

    EMEA ECS sales, as reported

     

    $

    2,566,007

     

    $

    2,459,552

     

     

    4.3

     

    %

    Impact of changes in foreign currencies

     

     

    —

     

     

    21,243

     

     

     

     

    EMEA ECS sales, constant currency

     

    $

    2,566,007

     

    $

    2,480,795

     

     

    3.4

     

    %

    ARROW ELECTRONICS, INC.

    NON-GAAP EARNINGS RECONCILIATION

    (In thousands except per share data)

    (Unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three months ended September 28, 2024

     

     

     

    Reported

     

    Intangible

     

    Restructuring,

     

    Impact of

     

     

    Non

     

     

     

     

     

     

     

     

    GAAP

     

    amortization

     

    Integration

     

    Wind

     

     

    recurring

     

     

     

    Non-GAAP

     

     

     

    measure

     

    expense

     

    and other

     

    Down(1)

     

     

    tax items

     

    Other(2)

     

    measure

     

    Operating income

     

    $

    175,262

     

    $

    7,308

     

    $

    34,466

     

    $

    (1,857

    )

     

    $

    —

    $

    —

     

     

    $

    215,179

     

    Income before income taxes

     

     

    116,095

     

     

    7,308

     

     

    34,466

     

     

    (1,857

    )

     

     

    —

     

    (3,757

    )

     

     

    152,255

     

    Provision for income taxes

     

     

    15,198

     

     

    1,819

     

     

    8,592

     

     

    (444

    )

     

     

    —

     

    (902

    )

     

     

    24,263

     

    Consolidated net income

     

     

    100,897

     

     

    5,489

     

     

    25,874

     

     

    (1,413

    )

     

     

    —

     

    (2,855

    )

     

     

    127,992

     

    Noncontrolling interests

     

     

    330

     

     

    136

     

     

    —

     

     

    —

     

     

     

    —

     

    —

     

     

     

    466

     

    Net income attributable to shareholders

     

    $

    100,567

     

    $

    5,353

     

    $

    25,874

     

    $

    (1,413

    )

     

    $

    —

    $

    (2,855

    )

     

    $

    127,526

     

    Net income per diluted share (4)

     

    $

    1.88

     

    $

    0.10

     

    $

    0.48

     

    $

    (0.03

    )

     

    $

    —

    $

    (0.05

    )

     

    $

    2.38

     

    Effective tax rate (5)

     

     

    13.1

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    15.9

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three months ended September 30, 2023

     

     

     

    Reported

     

    Intangible

     

    Restructuring,

     

    Impact of

     

     

    Non

     

     

     

     

     

     

     

     

    GAAP

     

    amortization

     

    Integration

     

    Wind

     

     

    recurring

     

     

     

    Non-GAAP

     

     

     

    measure

     

    expense

     

    and other

     

    Down(1)

     

     

    tax items

     

    Other(2)

     

    measure

     

    Operating income

     

    $

    340,083

     

    $

    7,863

     

    $

    31,359

     

    $

    —

     

    $

    —

    $

    —

     

    $

    379,305

     

    Income before income taxes

     

     

    252,282

     

     

    7,863

     

     

    31,359

     

     

    —

     

     

    —

     

    6,159

     

     

    297,663

     

    Provision for income taxes

     

     

    52,241

     

     

    1,959

     

     

    7,321

     

     

    —

     

     

    —

     

    1,476

     

     

    62,997

     

    Consolidated net income

     

     

    200,041

     

     

    5,904

     

     

    24,038

     

     

    —

     

     

    —

     

    4,683

     

     

    234,666

     

    Noncontrolling interests

     

     

    1,382

     

     

    138

     

     

    —

     

     

    —

     

     

    —

     

    —

     

     

    1,520

     

    Net income attributable to shareholders

     

    $

    198,659

     

    $

    5,766

     

    $

    24,038

     

    $

    —

     

    $

    —

    $

    4,683

     

    $

    233,146

     

    Net income per diluted share (4)

     

    $

    3.53

     

    $

    0.10

     

    $

    0.43

     

    $

    —

     

    $

    —

    $

    0.08

     

    $

    4.14

     

    Effective tax rate (5)

     

     

    20.7

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    21.2

    %

    ARROW ELECTRONICS, INC.

    NON-GAAP EARNINGS RECONCILIATION

    (In thousands except per share data)

    (Unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Nine months ended September 28, 2024

     

     

     

    Reported

     

    Intangible

     

    Restructuring,

     

    Impact of

     

     

    Non

     

     

     

     

     

     

     

     

     

    GAAP

     

    amortization

     

    Integration

     

    Wind

     

     

    recurring

     

     

     

     

    Non-GAAP

     

     

     

    measure

     

    expense

     

    and other

     

    Down(1)

     

     

    tax items

     

     

    Other(3)

     

     

    measure

     

    Operating income

     

    $

    573,454

     

    $

    22,310

     

    $

    121,859

     

    $

    10,229

     

    $

    —

     

    $

    —

     

    $

    727,852

     

    Income before income taxes

     

     

    360,615

     

     

    22,310

     

     

    121,859

     

     

    10,229

     

     

    —

     

     

    2,417

     

     

    517,430

     

    Provision for income taxes

     

     

    66,996

     

     

    5,562

     

     

    30,820

     

     

    2,447

     

     

    —

     

     

    580

     

     

    106,405

     

    Consolidated net income

     

     

    293,619

     

     

    16,748

     

     

    91,039

     

     

    7,782

     

     

    —

     

     

    1,837

     

     

    411,025

     

    Noncontrolling interests

     

     

    753

     

     

    406

     

     

    —

     

     

    —

     

     

    —

     

     

    —

     

     

    1,159

     

    Net income attributable to shareholders

     

    $

    292,866

     

    $

    16,342

     

    $

    91,039

     

    $

    7,782

     

    $

    —

     

    $

    1,837

     

    $

    409,866

     

    Net income per diluted share (4)

     

    $

    5.42

     

    $

    0.30

     

    $

    1.69

     

    $

    0.14

     

    $

    —

     

    $

    0.03

     

    $

    7.59

     

    Effective tax rate (5)

     

     

    18.6

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    20.6

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Nine months ended September 30, 2023

     

     

     

    Reported

     

    Intangible

     

    Restructuring,

     

    Impact of

     

     

    Non

     

     

     

     

     

     

     

     

    GAAP

     

    amortization

     

    Integration

     

    Wind

     

     

    recurring

     

     

     

     

    Non-GAAP

     

     

     

    measure

     

    expense

     

    and other

     

    Down(1)

     

     

    tax items

     

     

    Other(2)

     

     

    measure

     

    Operating income

     

    $

    1,154,485

     

    $

    23,751

     

    $

    44,252

     

    $

    —

     

    $

    —

     

     

    $

    —

     

     

    $

    1,222,488

     

    Income before income taxes

     

     

    914,325

     

     

    23,751

     

     

    44,252

     

     

    —

     

     

    —

     

     

     

    (4,649

    )

     

     

    977,679

     

    Provision for income taxes

     

     

    201,168

     

     

    5,961

     

     

    10,638

     

     

    —

     

     

    (942

    )

     

     

    (1,114

    )

     

     

    215,711

     

    Consolidated net income

     

     

    713,157

     

     

    17,790

     

     

    33,614

     

     

    —

     

     

    942

     

     

     

    (3,535

    )

     

     

    761,968

     

    Noncontrolling interests

     

     

    4,189

     

     

    408

     

     

    —

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    4,597

     

    Net income attributable to shareholders

     

    $

    708,968

     

    $

    17,382

     

    $

    33,614

     

    $

    —

     

    $

    942

     

     

    $

    (3,535

    )

     

    $

    757,371

     

    Net income per diluted share (4)

     

    $

    12.28

     

    $

    0.30

     

    $

    0.58

     

    $

    —

     

    $

    0.02

     

     

    $

    (0.06

    )

     

    $

    13.12

     

    Effective tax rate (5)

     

     

    22.0

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    22.1

    %

    ______________________________

    (1) Includes write downs (reversals) of inventory related to the wind down of a business.

    (2) Other includes loss (gain) on investments, net.

    (3) Other includes loss (gain) on investments, net and loss on extinguishment of debt.

    (4) The sum of the components for non-GAAP diluted EPS, as adjusted may not agree to totals, as presented, due to rounding.

    (5) The items as shown in this table, represent the reconciling items for the tax rate as reported and as a non-GAAP measure.

    ARROW ELECTRONICS, INC.

    SEGMENT INFORMATION

    (In thousands)

    (Unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Quarter Ended

     

    Nine Months Ended

     

     

    September 28,

     

    September 30,

     

    September 28,

     

    September 30,

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    Sales:

     

     

     

     

     

     

     

     

     

     

     

     

    Global components

     

    $

    4,946,059

     

     

    $

    6,245,192

     

     

    $

    15,169,507

     

     

    $

    19,783,867

     

    Global ECS

     

     

    1,877,260

     

     

     

    1,761,827

     

     

     

    5,470,940

     

     

     

    5,474,096

     

    Consolidated

     

    $

    6,823,319

     

     

    $

    8,007,019

     

     

    $

    20,640,447

     

     

    $

    25,257,963

     

    Operating income (loss):

     

     

     

     

     

     

     

     

     

     

     

     

    Global components (a)

     

    $

    188,600

     

     

    $

    379,053

     

     

    $

    624,363

     

     

    $

    1,177,906

     

    Global ECS (b)

     

     

    75,614

     

     

     

    54,624

     

     

     

    249,654

     

     

     

    221,951

     

    Corporate (c)

     

     

    (88,952

    )

     

     

    (93,594

    )

     

     

    (300,563

    )

     

     

    (245,372

    )

    Consolidated

     

    $

    175,262

     

     

    $

    340,083

     

     

    $

    573,454

     

     

    $

    1,154,485

     

    (a)

    Global components operating income includes a reversal of $1.9 million and charges of $10.2 million in inventory write downs related to the wind down of a business for the third quarter and first nine months of 2024. Global components operating income includes $62.2 million in settlement charges recorded as a reduction to operating expense for the third quarter and first nine months of 2023.

    (b)

    For the third quarter and first nine months of 2023, global ECS operating income includes charges of $21.9 million and $25.4 million, respectively, to increase the allowance for credit losses related to one customer. For the first nine months of 2024, global ECS operating income includes a reversal of $20.0 million for aged receivables that were collected, related to the same customer, which was taken during the second quarter of 2024.

    (c)

    Corporate operating loss includes restructuring, integration, and other charges of $34.5 million and $121.9 million for the third quarter and first nine months of 2024, respectively, and $31.4 million and $44.3 million for the third quarter and first nine months of 2023, respectively.

    NON-GAAP SEGMENT RECONCILIATION

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Quarter Ended

     

    Nine Months Ended

     

     

    September 28,

     

    September 30,

     

    September 28,

     

    September 30,

     

     

    2024

     

     

    2023

     

    2024

     

    2023

    Global components operating income, as reported

     

    $

    188,600

     

     

    $

    379,053

     

    $

    624,363

     

    $

    1,177,906

    Intangible assets amortization expense

     

     

    6,247

     

     

     

    6,640

     

     

    19,134

     

     

    20,064

    Impact of wind down to inventory

     

     

    (1,857

    )

     

     

    —

     

     

    10,229

     

     

    —

    Global components non-GAAP operating income

     

    $

    192,990

     

     

    $

    385,693

     

    $

    653,726

     

    $

    1,197,970

     

     

     

     

     

     

     

     

     

     

     

     

     

    Global ECS operating income, as reported

     

    $

    75,614

     

     

    $

    54,624

     

    $

    249,654

     

    $

    221,951

    Intangible assets amortization expense

     

     

    1,061

     

     

     

    1,223

     

     

    3,176

     

     

    3,687

    Global ECS non-GAAP operating income

     

    $

    76,675

     

     

    $

    55,847

     

    $

    252,830

     

    $

    225,638

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241031098147/en/

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