Avnet Reports Third Quarter Fiscal Year 2017 Results
Investing in New Global ERP System to Support Digital Transformation Provides Fiscal 2018 Outlook Reflecting
Impact of Supplier Program Changes
Avnet, Inc. (NYSE:AVT) today announced results for the third quarter fiscal year 2017 ended April 1, 2017.
- Diluted earnings per share from continuing operations of $0.69
- Adjusted diluted EPS from continuing operations of $0.88
- Premier Farnell sales exceeded expectations and contributed to margin expansion
- Completed sale of Technology Solutions for ~$2.4 billion in cash and ~$250 million in Tech Data
Corporation shares
- Paid down ~$1.8 billion of debt and increased share repurchase authorization by $500 million
- Accelerating ERP depreciation charges of approximately $18 million in FY17 and $72 million in
FY18
| |
|
|
|
|
Third Quarters Ended |
|
|
|
|
April 1, 2017 |
|
April 2, 2016 |
|
Change |
| Avnet (1) |
|
|
|
$ in millions, except per share data |
|
| Sales |
|
|
|
$ |
4,441.9 |
|
$ |
4,082.0 |
|
8.8 |
|
% |
| Constant Currency (2) |
|
|
|
|
|
|
|
|
|
10.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating Income |
|
|
|
|
114.3 |
|
|
150.0 |
|
(23.8 |
) |
% |
| Adjusted Operating Income (3) |
|
|
|
|
172.3 |
|
|
161.3 |
|
6.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
| Income from continuing operations |
|
|
|
|
89.9 |
|
|
107.8 |
|
(16.6 |
) |
% |
| Adjusted Income from continuing operations (3) |
|
|
|
|
114.3 |
|
|
107.1 |
|
6.7 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted EPS |
|
|
|
$ |
0.69 |
|
$ |
0.82 |
|
(15.9 |
) |
% |
| Adjusted Diluted EPS (3) |
|
|
|
$ |
0.88 |
|
$ |
0.81 |
|
8.6 |
|
% |
|
_______________________
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
|
The information excludes the Technology Solutions (TS) business as the sale of this
business was completed during the quarter. See “Discontinued Operations,” below. |
| (2) |
|
Year-over-year sales growth rate excludes the impact of changes in foreign currency
exchange rates. A discussion on the impact of foreign currency on Avnet results of operations is included in Exhibit 99.2 to
the Form 8-K filed with the Securities Exchange Commission on April 27, 2017 (“ Exhibit 99.2”). |
| (3) |
|
Non-GAAP measures. Refer to Exhibit 99.2 for a reconciliation of non-GAAP financial
information. |
“Our organic revenue grew 3.4% sequentially in constant currency and adjusted operating income increased 4.8%. Our investments
in e-commerce continue to yield results as digital sales exceeded a $700 million annual run rate driven by better than expected
revenue at Premier Farnell where operating income margin exceeded 10%,” said Bill Amelio, CEO of Avnet. “Our EMEA team delivered
another strong quarter as organic revenue grew 16% sequentially in constant currency and operating income margin increased 21 basis
points. Despite near-term challenges in our upcoming quarters related to supplier losses and changes to supplier programs, we are
confident our investments in digital tools and our transformation initiatives that are focused on streamlining our operations and
improving our ability to serve our customers and suppliers. This will position Avnet for future profitable growth in a rapidly
changing technology supply chain environment.”
Avnet Regional Sales Results
| |
|
|
|
|
|
|
Year-over-Year Growth Rates |
|
|
|
|
Q3 FY17 |
|
Reported |
|
Organic |
|
|
|
|
Sales |
|
Sales |
|
Sales |
|
|
|
|
(in millions)
|
|
|
|
|
| Avnet Total |
|
|
|
$ |
4,441.9 |
|
8.8 |
|
% |
|
0.2 |
|
% |
| Constant Currency (1) |
|
|
|
|
|
|
10.6 |
|
% |
|
1.8 |
|
% |
| Americas |
|
|
|
$ |
1,328.6 |
|
8.3 |
|
% |
|
(2.8 |
) |
% |
| EMEA |
|
|
|
$ |
1,615.9 |
|
21.4 |
|
% |
|
7.4 |
|
% |
| Constant Currency (1) |
|
|
|
|
|
|
27.0 |
|
% |
|
12.3 |
|
% |
| Asia |
|
|
|
$ |
1,497.4 |
|
(1.7 |
) |
% |
|
(4.2 |
) |
% |
| Constant Currency (1) |
|
|
|
|
|
|
(1.6 |
) |
% |
|
(4.1 |
) |
% |
|
___________________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Refer to Exhibit 99.2. |
- Sales increased 10.6% from the year ago quarter in constant currency
- Organic sales increased 1.8% in constant currency
- EMEA organic sales increased 12.3% year over year in constant currency on an organic basis,
representing the 15th consecutive quarter of organic growth
- Gross profit margin increased 142 basis points from the year ago quarter primarily due to the
addition of Premier Farnell, as well as improvements in the Asia region
- Working capital (defined as receivables plus inventories less accounts payables) increased 9.1%
sequentially, primarily due to an increase in the EMEA and Asia regions
Cash Flow and Returns to Shareholders
- Cash flow from continuing operations was a use of $163 million in the March quarter
- Cash and cash equivalents at the end of the quarter was $1.13 billion; net debt (total debt less cash
and cash equivalents) was $628 million
- During the March quarter, the Company repurchased 3.1 million shares, representing an aggregate
investment of $140.1 million
- Entering the fourth quarter, the Company had $534.8 million remaining under the current share
repurchase authorization
- Avnet paid a dividend of $0.18 per share or $23.1 million during the quarter
“In the March quarter, we used approximately $2.4 billion of cash from the sale of our Technology Solutions business to
strengthen our balance sheet and increase the amount of funds available to return to shareholders,” said Kevin Moriarty, CFO of
Avnet. “We paid down approximately $1.8 billion of debt, which will reduce our future interest expense and result in credit
statistics that solidly support our investment grade credit rating. We also increased our dividend 5.9% while allocating an
additional $500 million to our share repurchase program. In addition, we locked in the gain on our Tech Data Corporation shares to
ensure that we will have another $250 million of cash available over the next twelve months. With our strong balance sheet and
improved liquidity, we are well positioned to invest in growth and our digital transformation that will drive financial performance
in the future.”
ERP Update
Given the Company is now solely focused on components and has acquired significant digital resources, the Company recently
performed a thorough review of both its Enterprise Resource Planning (ERP) system in the Americas (“Evolve”) and its global IT
strategy going forward. The Company has decided to pursue a global ERP system that incorporates key elements of its international
ERP systems that have been successfully supporting the business for many years. In addition to supporting the Company’s emerging
digital business model, the global ERP system is expected to enhance the customer experience, lower operational cost and improve
global analytics. While this system may take up to 24 months to complete, the Company will continue to invest necessary resources
to modify and maintain the Evolve system in the Americas to continue to deliver support to customers and suppliers. As a result of
this decision, the Company expects to recognize accelerated depreciation on the Evolve system, which will negatively impact results
by approximately $18 million per quarter over the next eight quarters.
Outlook for Fourth Quarter of Fiscal 2017 Ending on July 1, 2017
- Sales are expected to be in the range of $4.35 billion to $4.65 billion
- Adjusted diluted earnings per share from continuing operations is expected to be in the range of
$0.72 to $0.82 per share
- The guidance assumes 127 million average diluted shares outstanding and an adjusted tax rate of 22%
to 26%
Preliminary Outlook for Fiscal 2018 Ending on June 30, 2018
- Sales are expected to be in the range of $17.3 billion to $17.7 billion
- Adjusted diluted earnings per share from continuing operations is expected to be in the range of
$3.00 to $3.50 per share
- The guidance assumes 126 million average diluted shares outstanding and an adjusted tax rate of 22%
to 26%
The above guidance excludes any additional acquisitions, the amortization of intangibles, Evolve accelerated depreciation, any
potential restructuring, integration, and other expenses and certain income tax adjustments. In addition, the above guidance
assumes that the average U.S. Dollar to Euro currency exchange rate for the fourth quarter of fiscal 2017 is $1.08 to €1.00. This
compares with an average exchange rate of $1.13 to the Euro in the fourth quarter of fiscal 2016.
Refer to Exhibit 99.2 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on April 27, 2017, for
a reconciliation of non-GAAP guidance.
Discontinued Operations
In February 2017, Avnet completed the sale of its Technology Solutions business to Tech Data Corporation. As a result, the TS
business is considered a discontinued operation.
Forward-Looking Statements
This document contains certain “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. These statements are based on management’s current
expectations and are subject to uncertainty and changes in facts and circumstances. The forward-looking statements herein include
statements addressing future financial and operating results of Avnet and may include words such as “will,” “anticipate,” “intend,”
“estimate,” “forecast,” “expect,” “feel,” “believe,” “should,” and other words and terms of similar meaning in connection with any
discussions of future operating or financial performance, business prospects or market conditions. Actual results may differ
materially from the expectations contained in the forward-looking statements.
The following factors, among others, could cause actual results to differ materially from those described in the forward-looking
statements: Avnet’s ability to retain and grow market share and to generate additional cash flow, risks associated with any
acquisition activities and the successful integration of acquired companies, implementing and maintaining ERP systems and
transitioning to a global ERP system, supplier losses and changes to supplier programs, the sale of the TS business, an industry
down-cycle in semiconductors, declines in sales, changes in business conditions and the economy in general, changes in market
demand and pricing pressures, any material changes in the allocation of product or product rebates by suppliers, and other
competitive and/or regulatory factors affecting the businesses of Avnet generally.
More detailed information about these and other factors is set forth in Avnet’s filings with the Securities and Exchange
Commission, including Avnet’s reports on Form 10-K, Form 10-Q and Form 8-K. Except as required by law, Avnet is under no obligation
to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Teleconference and Upcoming Events
Avnet will host a quarterly teleconference today at 11:00 a.m. Eastern Time. Financial information including financial statement
reconciliations of GAAP to non-GAAP financial measures, will be available through www.ir.avnet.com. Please log onto the site 15 minutes prior to the start of the event to register or download
any necessary software. An archive copy of the teleconference will also be available after the call.
For a listing of Avnet’s upcoming events and other information, please visit Avnet’s investor relations website at www.ir.avnet.com.
About Avnet
From idea to design and from prototype to production, Avnet supports customers at each stage of a product’s lifecycle. A
comprehensive portfolio of design and supply chain services makes Avnet the go-to guide for innovators who set the pace for
technological change. 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.
Visit the Avnet Investor Relations website at www.ir.avnet.com or contact us at investorrelations@avnet.com.
|
AVNET, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
|
| |
|
|
|
|
|
|
|
Third Quarters Ended |
|
|
|
Nine Months Ended |
|
|
|
|
|
|
|
April 1, |
|
|
April 2, |
|
|
|
April 1, |
|
|
April 2, |
|
|
|
|
|
|
|
2017 |
|
|
2016 |
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
(Thousands, except per share data) |
| Sales |
|
|
|
|
|
|
$ |
4,441,896 |
|
|
|
$ |
4,081,961 |
|
|
|
|
$ |
12,833,559 |
|
|
|
$ |
12,771,628 |
|
| Cost of sales |
|
|
|
|
|
|
|
3,811,910 |
|
|
|
|
3,561,019 |
|
|
|
|
|
11,094,733 |
|
|
|
|
11,189,459 |
|
| Gross profit |
|
|
|
|
|
|
|
629,986 |
|
|
|
|
520,942 |
|
|
|
|
|
1,738,826 |
|
|
|
|
1,582,169 |
|
| Selling, general and administrative expenses |
|
|
|
|
|
|
|
480,190 |
|
|
|
|
362,064 |
|
|
|
|
|
1,275,417 |
|
|
|
|
1,093,982 |
|
| Restructuring, integration and other expenses |
|
|
|
|
|
|
|
35,513 |
|
|
|
|
8,854 |
|
|
|
|
|
95,382 |
|
|
|
|
35,455 |
|
| Operating income |
|
|
|
|
|
|
|
114,283 |
|
|
|
|
150,024 |
|
|
|
|
|
368,027 |
|
|
|
|
452,732 |
|
| Other income (expense), net |
|
|
|
|
|
|
|
19,439 |
|
|
|
|
1,453 |
|
|
|
|
|
(30,809 |
) |
|
|
|
284 |
|
| Interest expense |
|
|
|
|
|
|
|
(27,534 |
) |
|
|
|
(21,388 |
) |
|
|
|
|
(81,518 |
) |
|
|
|
(64,385 |
) |
| Income from continuing operations before taxes |
|
|
|
|
|
|
|
106,188 |
|
|
|
|
130,089 |
|
|
|
|
|
255,700 |
|
|
|
|
388,631 |
|
| Income tax expense |
|
|
|
|
|
|
|
16,268 |
|
|
|
|
22,297 |
|
|
|
|
|
65,627 |
|
|
|
|
69,774 |
|
| Income from continuing operations, net of tax |
|
|
|
|
|
|
|
89,920 |
|
|
|
|
107,792 |
|
|
|
|
|
190,073 |
|
|
|
|
318,857 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income (loss) from discontinued operations, net of tax |
|
|
|
|
|
|
|
(35,237 |
) |
|
|
|
15,667 |
|
|
|
|
|
36,671 |
|
|
|
|
90,868 |
|
| Gain on sale of discontinued operations, net of tax |
|
|
|
|
|
|
|
217,088 |
|
|
|
|
— |
|
|
|
|
|
217,088 |
|
|
|
|
— |
|
| Income from discontinued operations, net of tax |
|
|
|
|
|
|
|
181,851 |
|
|
|
|
15,667 |
|
|
|
|
|
253,759 |
|
|
|
|
90,868 |
|
| Net income |
|
|
|
|
|
|
$ |
271,771 |
|
|
|
$ |
123,459 |
|
|
|
|
$ |
443,832 |
|
|
|
$ |
409,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per share - basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Continuing operations |
|
|
|
|
|
|
$ |
0.70 |
|
|
|
$ |
0.83 |
|
|
|
|
$ |
1.48 |
|
|
|
$ |
2.42 |
|
| Discontinued operations |
|
|
|
|
|
|
|
1.42 |
|
|
|
|
0.12 |
|
|
|
|
|
1.98 |
|
|
|
|
0.69 |
|
| Net income per share - basic |
|
|
|
|
|
|
$ |
2.12 |
|
|
|
$ |
0.95 |
|
|
|
|
$ |
3.46 |
|
|
|
$ |
3.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per share - diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Continuing operations |
|
|
|
|
|
|
$ |
0.69 |
|
|
|
$ |
0.82 |
|
|
|
|
$ |
1.46 |
|
|
|
$ |
2.37 |
|
| Discontinued operations |
|
|
|
|
|
|
|
1.41 |
|
|
|
|
0.12 |
|
|
|
|
|
1.95 |
|
|
|
|
0.68 |
|
| Net income per share - diluted |
|
|
|
|
|
|
$ |
2.10 |
|
|
|
$ |
0.94 |
|
|
|
|
$ |
3.41 |
|
|
|
$ |
3.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares used to compute earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
|
|
|
|
|
128,487 |
|
|
|
|
129,811 |
|
|
|
|
|
127,973 |
|
|
|
|
131,834 |
|
| Diluted |
|
|
|
|
|
|
|
129,432 |
|
|
|
|
131,650 |
|
|
|
|
|
129,847 |
|
|
|
|
134,298 |
|
| Cash dividends paid per common share |
|
|
|
|
|
|
$ |
0.18 |
|
|
|
$ |
0.17 |
|
|
|
|
$ |
0.52 |
|
|
|
$ |
0.51 |
|
|
AVNET, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
|
| |
|
|
|
|
|
|
|
|
April 1, |
|
|
July 2, |
|
|
|
|
|
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
(Thousands) |
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
|
|
|
|
|
|
$ |
|
1,129,233 |
|
|
$ |
|
1,031,478 |
| Marketable securities |
|
|
|
|
|
|
|
|
|
261,549 |
|
|
|
|
— |
| Receivables, net |
|
|
|
|
|
|
|
|
|
3,237,440 |
|
|
|
|
2,769,906 |
| Inventories |
|
|
|
|
|
|
|
|
|
2,771,236 |
|
|
|
|
2,559,921 |
| Prepaid and other current assets |
|
|
|
|
|
|
|
|
|
273,534 |
|
|
|
|
81,197 |
| Current assets held for sale |
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
2,561,471 |
| Total current assets |
|
|
|
|
|
|
|
|
|
7,672,992 |
|
|
|
|
9,003,973 |
| Property, plant and equipment, net |
|
|
|
|
|
|
|
|
|
526,025 |
|
|
|
|
453,209 |
| Goodwill |
|
|
|
|
|
|
|
|
|
1,140,978 |
|
|
|
|
621,852 |
| Intangible assets, net |
|
|
|
|
|
|
|
|
|
285,390 |
|
|
|
|
22,571 |
| Other assets |
|
|
|
|
|
|
|
|
|
220,393 |
|
|
|
|
239,133 |
| Non-current assets held for sale |
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
899,067 |
| Total assets |
|
|
|
|
|
|
|
$ |
|
9,845,778 |
|
|
$ |
|
11,239,805 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short-term debt |
|
|
|
|
|
|
|
$ |
|
32,574 |
|
|
$ |
|
1,152,599 |
| Accounts payable |
|
|
|
|
|
|
|
|
|
1,731,275 |
|
|
|
|
1,590,777 |
| Accrued expenses and other |
|
|
|
|
|
|
|
|
|
880,794 |
|
|
|
|
394,888 |
| Current liabilities held for sale |
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
1,804,229 |
| Total current liabilities |
|
|
|
|
|
|
|
|
|
2,644,643 |
|
|
|
|
4,942,493 |
| Long-term debt |
|
|
|
|
|
|
|
|
|
1,724,234 |
|
|
|
|
1,339,204 |
| Other liabilities |
|
|
|
|
|
|
|
|
|
377,328 |
|
|
|
|
223,053 |
| Non-current liabilities held for sale |
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
43,769 |
| Total liabilities |
|
|
|
|
|
|
|
|
|
4,746,205 |
|
|
|
|
6,548,519 |
| Shareholders’ equity |
|
|
|
|
|
|
|
|
|
5,099,573 |
|
|
|
|
4,691,286 |
| Total liabilities and shareholders’ equity |
|
|
|
|
|
|
|
$ |
|
9,845,778 |
|
|
$ |
|
11,239,805 |
|
AVNET, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
| |
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
|
|
|
|
April 1, |
|
|
|
April 2, |
|
|
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
(Thousands) |
| Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
|
|
|
|
|
|
$ |
443,832 |
|
|
|
|
$ |
409,725 |
|
| Less: Income from discontinued operations, net of tax |
|
|
|
|
|
|
|
|
253,759 |
|
|
|
|
|
90,868 |
|
| Income from continuing operations |
|
|
|
|
|
|
|
|
190,073 |
|
|
|
|
|
318,857 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-cash and other reconciling items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation |
|
|
|
|
|
|
|
|
63,800 |
|
|
|
|
|
50,789 |
|
| Amortization |
|
|
|
|
|
|
|
|
34,185 |
|
|
|
|
|
5,900 |
|
| Deferred income taxes |
|
|
|
|
|
|
|
|
(15,562 |
) |
|
|
|
|
3,963 |
|
| Stock-based compensation |
|
|
|
|
|
|
|
|
41,778 |
|
|
|
|
|
47,724 |
|
| Other, net |
|
|
|
|
|
|
|
|
10,563 |
|
|
|
|
|
28,687 |
|
| Changes in (net of effects from businesses acquired and divested): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Receivables |
|
|
|
|
|
|
|
|
(335,617 |
) |
|
|
|
|
254,305 |
|
| Inventories |
|
|
|
|
|
|
|
|
86,103 |
|
|
|
|
|
(351,731 |
) |
| Accounts payable |
|
|
|
|
|
|
|
|
86,120 |
|
|
|
|
|
(103,236 |
) |
| Accrued expenses and other, net |
|
|
|
|
|
|
|
|
(20,977 |
) |
|
|
|
|
(73,147 |
) |
| Net cash flows provided by operating activities - continuing operations |
|
|
|
|
|
|
|
|
140,466 |
|
|
|
|
|
182,111 |
|
| Net cash flows (used) provided by operating activities - discontinued
operations |
|
|
|
|
|
|
|
|
(325,096 |
) |
|
|
|
|
115,016 |
|
| Net cash flows (used) provided by operating activities |
|
|
|
|
|
|
|
|
(184,630 |
) |
|
|
|
|
297,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Issuance of notes, net of issuance costs |
|
|
|
|
|
|
|
|
296,374 |
|
|
|
|
|
542,043 |
|
| Repayment of notes |
|
|
|
|
|
|
|
|
(530,800 |
) |
|
|
|
|
(250,000 |
) |
| Borrowings (repayments) under accounts receivable securitization, net |
|
|
|
|
|
|
|
|
(492,000 |
) |
|
|
|
|
(400,012 |
) |
| Borrowings (repayments) of bank and revolving debt, net |
|
|
|
|
|
|
|
|
(168,386 |
) |
|
|
|
|
412,253 |
|
| Borrowings of term loans |
|
|
|
|
|
|
|
|
530,756 |
|
|
|
|
|
— |
|
| Repayments of term loans |
|
|
|
|
|
|
|
|
(511,358 |
) |
|
|
|
|
— |
|
| Repurchases of common stock |
|
|
|
|
|
|
|
|
(124,598 |
) |
|
|
|
|
(334,177 |
) |
| Dividends paid on common stock |
|
|
|
|
|
|
|
|
(66,477 |
) |
|
|
|
|
(66,944 |
) |
| Other, net |
|
|
|
|
|
|
|
|
15,838 |
|
|
|
|
|
(12,028 |
) |
| Net cash flows used for financing activities - continuing operations |
|
|
|
|
|
|
|
|
(1,050,651 |
) |
|
|
|
|
(108,865 |
) |
| Net cash flows provided by financing activities - discontinued
operations |
|
|
|
|
|
|
|
|
3,447 |
|
|
|
|
|
36,227 |
|
| Net cash flows used for financing activities |
|
|
|
|
|
|
|
|
(1,047,204 |
) |
|
|
|
|
(72,638 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Purchases of property, plant and equipment |
|
|
|
|
|
|
|
|
(107,960 |
) |
|
|
|
|
(106,776 |
) |
| Acquisitions of businesses, net of cash acquired |
|
|
|
|
|
|
|
|
(801,164 |
) |
|
|
|
|
— |
|
| Other, net |
|
|
|
|
|
|
|
|
18,404 |
|
|
|
|
|
9,559 |
|
| Net cash flows used for investing activities - continuing operations |
|
|
|
|
|
|
|
|
(890,720 |
) |
|
|
|
|
(97,217 |
) |
| Net cash flows provided (used) for investing activities - discontinued
operations |
|
|
|
|
|
|
|
|
2,235,384 |
|
|
|
|
|
(25,092 |
) |
| Net cash flows provided (used) for investing activities |
|
|
|
|
|
|
|
|
1,344,664 |
|
|
|
|
|
(122,309 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Effect of currency exchange rate changes on cash and cash equivalents |
|
|
|
|
|
|
|
|
(15,075 |
) |
|
|
|
|
1,752 |
|
| Net change in cash and cash equivalents |
|
|
|
|
|
|
|
|
97,755 |
|
|
|
|
|
103,932 |
|
| Cash and cash equivalents at beginning of period |
|
|
|
|
|
|
|
|
1,031,478 |
|
|
|
|
|
932,553 |
|
| Cash and cash equivalents at end of period |
|
|
|
|
|
|
|
$ |
1,129,233 |
|
|
|
|
$ |
1,036,485 |
|
Avnet, Inc.
Investor Relations Contact
Vincent Keenan, 480-643-7053
Investor Relations
investorrelations@avnet.com
or
Media Relations Contact
Maureen O’Leary, 480-643-7499
Corporate Communications
maureen.oleary@avnet.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20170427005717/en/