– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
-- Record Sales, Gross Profit, Operating Income, and Earnings Per Share -- -- First-Quarter Earnings Per Share of $5.31; Non-GAAP Earnings Per Share of $5.43 --
CENTENNIAL, Colo.--(BUSINESS WIRE)--Arrow Electronics, Inc. (NYSE:ARW) today reported first-quarter 2022 sales of $9.07 billion, an increase of 8 percent from sales of $8.39 billion in the first quarter of 2021. First-quarter net income was $365 million, or $5.31 per share on a diluted basis, compared with a net income of $206 million, or $2.72 per share on a diluted basis, in the first quarter of 2021. Non-GAAP net income1 was $373 million, or $5.43 per share on a diluted basis, in the first quarter of 2022, compared with non-GAAP net income of $216 million, or $2.84 per share on a diluted basis, in the first quarter of 2021.
“Arrow’s unwavering commitment to our customers’ success continues to foster expanding opportunities for our own business in the areas of supply chain as a service, designed and engineered value-enhancing solutions, and secure management of mission-critical software workloads,” said Michael J. Long, chairman, president, and chief executive officer. “At Arrow, we continue to enhance the solutions and services we provide as the markets we serve change at an increasingly rapid pace. Our record results this quarter demonstrate that we remain ahead of the curve, supported by the best team in the industry. We expect component supply to remain well below demand in the coming quarters and through the better part of 2022.”
Global components first-quarter sales of $7.20 billion reflected an increase of 12 percent year over year and non-GAAP sales increased 13 percent year over year. Asia-Pacific components first-quarter sales decreased 8 percent year over year. Americas components first-quarter sales increased 38 percent year over year. Europe components first-quarter sales increased 23 percent year over year and non-GAAP sales in the region increased 31 percent year over year. Global components first-quarter operating income was $499 million, and first-quarter non-GAAP operating income was $506 million.
“The current market environment has enabled the global components business to showcase our experience and industry knowledge that makes us uniquely positioned to help our customers navigate today’s challenges. This includes helping to mitigate production risks and facilitate a continuous stream of products to market,” said Mr. Long.
Global enterprise computing solutions ("ECS") first-quarter sales of $1.88 billion reflected a decrease of 3 percent year over year and non-GAAP sales decreased 1 percent year over year. Europe enterprise computing solutions first-quarter sales increased 5 percent year over year and non-GAAP sales in the region increased 11 percent year over year. Americas enterprise computing solutions first-quarter sales decreased 9 percent year over year. Global enterprise computing solutions first-quarter operating income was $86 million, and first-quarter non-GAAP operating income was $88 million.
“Demand for complex IT solutions continues to grow, and we expect to see significant upside in this area when near-term project postponements and incompletions resulting from supply chain challenges are resolved,” said Mr. Long.
“Our return on invested capital remains favorable, and our leverage ratios are near their lowest levels in ten years,” said Rick Seidlitz, vice president and interim principal financial officer. “Our strong profitability and the effective management of our balance sheet enabled us to deliver on our commitment to return cash to shareholders through the repurchase of approximately $250 million of shares for the fourth consecutive quarter, bringing total cash returned to shareholders over the last 12 months to approximately $1 billion. Our current repurchase authorization stands at approximately $513 million.”
1 A reconciliation of non-GAAP financial measures, including sales, gross profit, operating income, net income attributable to shareholders, and net income per share, to GAAP financial measures is presented in the reconciliation tables included herein.
SECOND-QUARTER 2022 OUTLOOK
Second-Quarter 2022 Outlook |
||||
|
Reported GAAP
|
Intangible amortization
|
Restructuring &
|
Non-GAAP measure |
Net income per diluted share |
$5.32 - $5.48 |
$.10 |
$.06 |
$5.48 to $5.64 |
Please refer to the CFO commentary, 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 comply with its disclosure obligations under Regulation Fair Disclosure.
Arrow Electronics guides innovation forward for over 220,000 leading technology manufacturers and service providers. With 2021 sales of $34 billion, Arrow develops technology solutions that 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 the statements contained in quotes of Arrow's executives and statements regarding: Arrow’s future financial performance, including its outlook on financial results for the second quarter of fiscal 2022, such as sales, net income per diluted share, non-GAAP net income per diluted share, average tax rate, average diluted shares outstanding, interest expense, average USD-to-Euro exchange rate, impact to sales due to changes in foreign currencies, intangible amortization expense per diluted share, restructuring and integration charges per diluted share, and expectation regarding market demand. These 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: potential adverse effects of the ongoing global COVID-19 pandemic, including actions taken to contain or mitigate the impact of COVID-19, impacts of the conflict in Ukraine, industry conditions, changes in product supply, pricing and customer demand, the global supply chain disruption, economic conditions, inflationary pressures, competition, other vagaries in the global components and the global enterprise computing solutions markets, changes in relationships with key suppliers, increased profit margin pressure, foreign currency fluctuation, 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, 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 periodic reports on Form 10-K and Form 10-Q and subsequent filings made 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, gross profit, operating income, income before income taxes, provision for income taxes, net income, noncontrolling interests, net income attributable to shareholders, 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") by re-translating prior-period results at current period foreign exchange rates, identifiable intangible asset amortization, restructuring, integration, and other charges, and net gains and losses on investments. Management believes that providing this additional information is useful to the reader to better assess and understand the company’s operating performance, especially when comparing results with previous periods, primarily because management typically monitors the business adjusted for these items in addition to GAAP results. However, analysis of results on a non-GAAP basis should be used as a complement to, and in conjunction with, data presented in accordance with GAAP. A reconciliation of the company’s non-GAAP financial information to GAAP is set forth in the tables below.
ARROW ELECTRONICS, INC. |
||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||
(In thousands except per share data) |
||||||||
(Unaudited) |
||||||||
|
|
|
||||||
|
Quarter Ended |
|||||||
|
April 2, 2022 |
April 3, 2021 |
||||||
|
|
|
||||||
Sales |
$ |
9,074,125 |
|
$ |
8,385,919 |
|
||
Cost of sales |
|
7,866,621 |
|
|
7,455,809 |
|
||
Gross profit |
|
1,207,504 |
|
|
930,110 |
|
||
Operating expenses: |
|
|
||||||
Selling, general, and administrative expenses |
|
643,925 |
|
|
574,567 |
|
||
Depreciation and amortization |
|
48,305 |
|
|
50,331 |
|
||
Restructuring, integration, and other charges |
|
4,898 |
|
|
5,709 |
|
||
|
|
697,128 |
|
|
630,607 |
|
||
Operating income |
|
510,376 |
|
|
299,503 |
|
||
Equity in earnings of affiliated companies |
|
843 |
|
|
844 |
|
||
Gain on investments, net |
|
2,011 |
|
|
2,793 |
|
||
Employee benefit plan expense, net |
|
(889 |
) |
|
(1,230 |
) |
||
Interest and other financing expense, net |
|
(33,985 |
) |
|
(33,656 |
) |
||
Income before income taxes |
|
478,356 |
|
|
268,254 |
|
||
Provision for income taxes |
|
112,360 |
|
|
61,026 |
|
||
Consolidated net income |
|
365,996 |
|
|
207,228 |
|
||
Noncontrolling interests |
|
1,247 |
|
|
907 |
|
||
Net income attributable to shareholders |
$ |
364,749 |
|
$ |
206,321 |
|
||
Net income per share: |
|
|
||||||
Basic |
$ |
5.38 |
|
$ |
2.76 |
|
||
Diluted |
$ |
5.31 |
|
$ |
2.72 |
|
||
Weighted-average shares outstanding: |
|
|
||||||
Basic |
|
67,840 |
|
|
74,882 |
|
||
Diluted |
|
68,749 |
|
|
75,794 |
|
||
ARROW ELECTRONICS, INC. |
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
(In thousands except par value) |
||||||||
(Unaudited) |
||||||||
|
|
|
||||||
|
April 2, 2022 |
December 31, 2021 |
||||||
|
|
|
||||||
ASSETS |
|
|
||||||
Current assets: |
|
|
||||||
Cash and cash equivalents |
$ |
242,791 |
|
$ |
222,194 |
|
||
Accounts receivable, net |
|
10,621,942 |
|
|
11,123,946 |
|
||
Inventories |
|
4,645,116 |
|
|
4,201,965 |
|
||
Other current assets |
|
431,635 |
|
|
345,218 |
|
||
Total current assets |
|
15,941,484 |
|
|
15,893,323 |
|
||
Property, plant, and equipment, at cost: |
|
|
||||||
Land |
|
5,691 |
|
|
5,736 |
|
||
Buildings and improvements |
|
185,000 |
|
|
186,097 |
|
||
Machinery and equipment |
|
1,533,688 |
|
|
1,523,919 |
|
||
|
|
1,724,379 |
|
|
1,715,752 |
|
||
Less: Accumulated depreciation and amortization |
|
(1,066,180 |
) |
|
(1,032,941 |
) |
||
Property, plant, and equipment, net |
|
658,199 |
|
|
682,811 |
|
||
Investments in affiliated companies |
|
65,239 |
|
|
63,695 |
|
||
Intangible assets, net |
|
185,753 |
|
|
195,029 |
|
||
Goodwill |
|
2,067,249 |
|
|
2,080,371 |
|
||
Other assets |
|
594,929 |
|
|
620,311 |
|
||
Total assets |
$ |
19,512,853 |
|
$ |
19,535,540 |
|
||
LIABILITIES AND EQUITY |
|
|
||||||
Current liabilities: |
|
|
||||||
Accounts payable |
$ |
9,110,391 |
|
$ |
9,617,084 |
|
||
Accrued expenses |
|
1,243,853 |
|
|
1,326,386 |
|
||
Short-term borrowings, including current portion of long-term debt |
|
317,399 |
|
|
382,619 |
|
||
Total current liabilities |
|
10,671,643 |
|
|
11,326,089 |
|
||
Long-term debt |
|
2,790,819 |
|
|
2,244,443 |
|
||
Other liabilities |
|
621,508 |
|
|
624,162 |
|
||
|
|
|
||||||
Equity: |
|
|
||||||
Shareholders’ equity: |
|
|
||||||
Common stock, par value $1: |
|
|
||||||
Authorized - 160,000 shares in both 2022 and 2021 |
|
|
||||||
Issued - 125,424 shares in both 2022 and 2021 |
|
125,424 |
|
|
125,424 |
|
||
Capital in excess of par value |
|
1,186,595 |
|
|
1,189,845 |
|
||
Treasury stock (58,987 and 57,358 shares in 2022 and 2021, respectively), at cost |
|
(3,861,793 |
) |
|
(3,629,265 |
) |
||
Retained earnings |
|
8,152,697 |
|
|
7,787,948 |
|
||
Accumulated other comprehensive loss |
|
(232,969 |
) |
|
(191,657 |
) |
||
Total shareholders’ equity |
|
5,369,954 |
|
|
5,282,295 |
|
||
Noncontrolling interests |
|
58,929 |
|
|
58,551 |
|
||
Total equity |
|
5,428,883 |
|
|
5,340,846 |
|
||
Total liabilities and equity |
$ |
19,512,853 |
|
$ |
19,535,540 |
|
||
ARROW ELECTRONICS, INC. |
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(In thousands) |
||||||||
(Unaudited) |
||||||||
|
|
|||||||
|
Quarter Ended |
|||||||
|
April 2, 2022 |
April 3, 2021 |
||||||
Cash flows from operating activities: |
|
|
||||||
Consolidated net income |
$ |
365,996 |
|
$ |
207,228 |
|
||
Adjustments to reconcile consolidated net income to net cash used for operations: |
|
|
||||||
Depreciation and amortization |
|
48,305 |
|
|
50,331 |
|
||
Amortization of stock-based compensation |
|
17,351 |
|
|
13,223 |
|
||
Equity in earnings of affiliated companies |
|
(843 |
) |
|
(844 |
) |
||
Deferred income taxes |
|
1,352 |
|
|
13,663 |
|
||
Gain on investments, net |
|
(2,011 |
) |
|
(2,793 |
) |
||
Other |
|
686 |
|
|
1,374 |
|
||
Change in assets and liabilities: |
|
|
||||||
Accounts receivable, net |
|
430,710 |
|
|
596,777 |
|
||
Inventories |
|
(460,902 |
) |
|
(13,147 |
) |
||
Accounts payable |
|
(477,825 |
) |
|
(840,124 |
) |
||
Accrued expenses |
|
(43,641 |
) |
|
3,643 |
|
||
Other assets and liabilities |
|
(79,426 |
) |
|
(33,867 |
) |
||
Net cash used for operating activities |
|
(200,248 |
) |
|
(4,536 |
) |
||
Cash flows from investing activities: |
|
|
||||||
Acquisition of property, plant, and equipment |
|
(19,270 |
) |
|
(20,180 |
) |
||
Proceeds from sale of property, plant, and equipment |
|
— |
|
|
22,171 |
|
||
Proceeds from collections of notes receivable |
|
20,169 |
|
|
— |
|
||
Net cash provided by investing activities |
|
899 |
|
|
1,991 |
|
||
Cash flows from financing activities: |
|
|
||||||
Change in short-term and other borrowings |
|
(14,293 |
) |
|
(12,452 |
) |
||
Proceeds from long-term bank borrowings, net |
|
845,000 |
|
|
154,674 |
|
||
Redemption of notes |
|
(350,000 |
) |
|
(130,860 |
) |
||
Proceeds from exercise of stock options |
|
11,302 |
|
|
26,091 |
|
||
Repurchases of common stock |
|
(264,431 |
) |
|
(160,619 |
) |
||
Net cash provided by (used for) financing activities |
|
227,578 |
|
|
(123,166 |
) |
||
Effect of exchange rate changes on cash |
|
(7,632 |
) |
|
(20,203 |
) |
||
Net increase (decrease) in cash and cash equivalents |
|
20,597 |
|
|
(145,914 |
) |
||
Cash and cash equivalents at beginning of period |
|
222,194 |
|
|
373,615 |
|
||
Cash and cash equivalents at end of period |
$ |
242,791 |
|
$ |
227,701 |
|
||
ARROW ELECTRONICS, INC. |
||||||||||
NON-GAAP SALES RECONCILIATION |
||||||||||
(In thousands) |
||||||||||
(Unaudited) |
||||||||||
|
Quarter Ended |
|
||||||||
|
April 2, 2022 |
April 3, 2021 |
% Change |
|||||||
|
|
|
|
|||||||
Consolidated sales, as reported |
$ |
9,074,125 |
$ |
8,385,919 |
|
8.2 |
% |
|||
Impact of changes in foreign currencies |
|
— |
|
(151,551 |
) |
|
||||
Non-GAAP consolidated sales |
$ |
9,074,125 |
$ |
8,234,368 |
|
10.2 |
% |
|||
|
|
|
|
|||||||
Global components sales, as reported |
$ |
7,199,075 |
$ |
6,443,253 |
|
11.7 |
% |
|||
Impact of changes in foreign currencies |
|
— |
|
(100,301 |
) |
|
||||
Non-GAAP global components sales |
$ |
7,199,075 |
$ |
6,342,952 |
|
13.5 |
% |
|||
|
|
|
|
|||||||
Americas components sales, as reported |
$ |
2,340,543 |
$ |
1,701,173 |
|
37.6 |
% |
|||
Impact of changes in foreign currencies |
|
— |
|
(772 |
) |
|
||||
Non-GAAP Americas components sales |
$ |
2,340,543 |
$ |
1,700,401 |
|
37.6 |
% |
|||
|
|
|
|
|||||||
Asia components sales, as reported |
$ |
2,931,529 |
$ |
3,173,478 |
|
(7.6 |
) % |
|||
Impact of changes in foreign currencies |
|
— |
|
(630 |
) |
|
||||
Non-GAAP Asia components sales |
$ |
2,931,529 |
$ |
3,172,848 |
|
(7.6 |
) % |
|||
|
|
|
|
|||||||
Europe components sales, as reported |
$ |
1,927,003 |
$ |
1,568,602 |
|
22.8 |
% |
|||
Impact of changes in foreign currencies |
|
— |
|
(98,899 |
) |
|
||||
Non-GAAP Europe components sales |
$ |
1,927,003 |
$ |
1,469,703 |
|
31.1 |
% |
|||
|
|
|
|
|||||||
Global ECS sales, as reported |
$ |
1,875,050 |
$ |
1,942,666 |
|
(3.5 |
) % |
|||
Impact of changes in foreign currencies |
|
— |
|
(51,250 |
) |
|
||||
Non-GAAP global ECS sales |
$ |
1,875,050 |
$ |
1,891,416 |
|
(0.9 |
) % |
|||
|
|
|
|
|||||||
Americas ECS sales, as reported |
$ |
1,047,849 |
$ |
1,151,338 |
|
(9.0 |
) % |
|||
Impact of changes in foreign currencies |
|
— |
|
(2,453 |
) |
|
||||
Non-GAAP Americas ECS sales |
$ |
1,047,849 |
$ |
1,148,885 |
|
(8.8 |
) % |
|||
|
|
|
|
|||||||
Europe ECS sales, as reported |
$ |
827,201 |
$ |
791,328 |
|
4.5 |
% |
|||
Impact of changes in foreign currencies |
|
— |
|
(48,797 |
) |
|
||||
Non-GAAP Europe ECS sales |
$ |
827,201 |
$ |
742,531 |
|
11.4 |
% |
|||
ARROW ELECTRONICS, INC. |
||||||||||||||||||
NON-GAAP EARNINGS RECONCILIATION |
||||||||||||||||||
(In thousands except per share data) |
||||||||||||||||||
(Unaudited) |
||||||||||||||||||
|
||||||||||||||||||
Three months ended April 2, 2022 |
||||||||||||||||||
|
Reported GAAP measure |
Intangible amortization expense |
Restructuring & Integration charges |
Other(1) |
Non-GAAP measure |
|||||||||||||
Sales |
$9,074,125 |
|
$ |
— |
$ |
— |
$ |
— |
|
$9,074,125 |
|
|||||||
Gross Profit |
|
1,207,504 |
|
|
— |
|
— |
|
— |
|
|
1,207,504 |
|
|||||
Operating income |
|
510,376 |
|
|
9,018 |
|
4,898 |
|
— |
|
|
524,292 |
|
|||||
Income before income taxes |
|
478,356 |
|
|
9,018 |
|
4,898 |
|
(2,011 |
) |
|
490,261 |
|
|||||
Provision for income taxes |
|
112,360 |
|
|
2,310 |
|
1,205 |
|
(486 |
) |
|
115,389 |
|
|||||
Consolidated net income |
|
365,996 |
|
|
6,708 |
|
3,693 |
|
(1,525 |
) |
|
374,872 |
|
|||||
Noncontrolling interests |
|
1,247 |
|
|
140 |
|
— |
|
— |
|
|
1,387 |
|
|||||
Net income attributable to shareholders |
$364,749 |
|
$6,568 |
$3,693 |
($1,525 |
) |
$373,485 |
|
||||||||||
Net income per diluted share (3) |
$5.31 |
|
$0.10 |
$0.05 |
($0.02 |
) |
$5.43 |
|
||||||||||
Effective tax rate (2) |
|
23.5 |
% |
|
|
|
|
23.5 |
% |
|||||||||
|
|
|
|
|
|
|||||||||||||
Three months ended April 3, 2021 |
||||||||||||||||||
|
Reported GAAP measure |
Intangible amortization expense |
Restructuring & Integration charges |
Other(1) |
Non-GAAP measure |
|||||||||||||
Sales |
$8,385,919 |
|
$ |
— |
$ |
— |
$ |
— |
|
$8,385,919 |
|
|||||||
Gross Profit |
|
930,110 |
|
|
— |
|
— |
|
— |
|
|
930,110 |
|
|||||
Operating income |
|
299,503 |
|
|
9,326 |
|
5,709 |
|
— |
|
|
314,538 |
|
|||||
Income before income taxes |
|
268,254 |
|
|
9,326 |
|
5,709 |
|
(2,793 |
) |
|
280,496 |
|
|||||
Provision for income taxes |
|
61,026 |
|
|
2,385 |
|
1,166 |
|
(672 |
) |
|
63,905 |
|
|||||
Consolidated net income |
|
207,228 |
|
|
6,941 |
|
4,543 |
|
(2,121 |
) |
|
216,591 |
|
|||||
Noncontrolling interests |
|
907 |
|
|
150 |
|
— |
|
— |
|
|
1,057 |
|
|||||
Net income attributable to shareholders |
$206,321 |
|
$6,791 |
$4,543 |
($2,121 |
) |
$215,534 |
|
||||||||||
Net income per diluted share |
$2.72 |
|
$0.09 |
$0.06 |
($0.03 |
) |
$2.84 |
|
||||||||||
Effective tax rate (2) |
|
22.7 |
% |
|
|
|
|
22.8 |
% |
|||||||||
|
|
|
|
|
|
|||||||||||||
(1) Other includes gain on investments, net. |
||||||||||||||||||
(2) 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. |
||||||||||||||||||
(3) The sum of the components for diluted EPS, as adjusted may not agree to totals, as presented, due to rounding. |
||||||||||||||||||
ARROW ELECTRONICS, INC. |
||||||||
SEGMENT INFORMATION |
||||||||
(In thousands) |
||||||||
(Unaudited) |
||||||||
|
|
|||||||
|
Quarter Ended |
|||||||
|
April 2, 2022 |
April 3, 2021 |
||||||
Sales: |
|
|
||||||
Global components |
$ |
7,199,075 |
|
$ |
6,443,253 |
|
||
Global ECS |
|
1,875,050 |
|
|
1,942,666 |
|
||
Consolidated |
$ |
9,074,125 |
|
$ |
8,385,919 |
|
||
Operating income (loss): |
|
|
||||||
Global components (a) |
$ |
499,342 |
|
$ |
289,383 |
|
||
Global ECS |
|
85,798 |
|
|
77,359 |
|
||
Corporate (b) |
|
(74,764 |
) |
|
(67,239 |
) |
||
Consolidated |
$ |
510,376 |
|
$ |
299,503 |
|
||
(a) |
Global components operating income includes $4.3 million related to proceeds from legal settlements for the first quarter of 2021. |
|
(b) |
Corporate operating income includes restructuring, integration, and other charges of $4.9 million for the first quarter of 2022 and $5.7 million for the first quarter of 2021. |
NON-GAAP SEGMENT RECONCILIATION |
||||||
|
|
|||||
|
Quarter Ended |
|||||
|
April 2, 2022 |
April 3, 2021 |
||||
|
|
|
||||
Global components operating income, as reported |
$ |
499,342 |
$ |
289,383 |
||
Intangible assets amortization expense |
|
6,873 |
|
7,004 |
||
Global components non-GAAP operating income |
$ |
506,215 |
$ |
296,387 |
||
|
|
|
||||
Global ECS operating income, as reported |
$ |
85,798 |
$ |
77,359 |
||
Intangible assets amortization expense |
|
2,145 |
|
2,322 |
||
Global ECS non-GAAP operating income |
$ |
87,943 |
$ |
79,681 |
||
-- Рекордные продажи, Валовая Прибыль, Операционная Прибыль и Прибыль на Акцию -- -- Прибыль на акцию за первый квартал составила $5,31; Прибыль на акцию без учета GAAP составила $5,43 --
CENTENNIAL, Колорадо.-- (BUSINESS WIRE)--Arrow Electronics, Inc. (NYSE:ARW) сегодня сообщила о продажах в первом квартале 2022 года в размере 9,07 миллиарда долларов, что на 8 процентов больше по сравнению с продажами в размере 8,39 миллиарда долларов в первом квартале 2021 года. Чистая прибыль за первый квартал составила 365 миллионов долларов, или 5,31 доллара на акцию на разводненной основе, по сравнению с чистой прибылью в размере 206 миллионов долларов, или 2,72 доллара на акцию на разводненной основе, в первом квартале 2021 года. Чистая прибыль без учета GAAP1 в первом квартале 2022 года составила 373 миллиона долларов, или 5,43 доллара на акцию на разводненной основе, по сравнению с чистой прибылью без учета GAAP в размере 216 миллионов долларов, или 2,84 доллара на акцию на разводненной основе, в первом квартале 2021 года.
“Непоколебимая приверженность Arrow успеху наших клиентов продолжает способствовать расширению возможностей для нашего собственного бизнеса в области цепочки поставок как услуги, разработанных и разработанных решений, повышающих ценность, и безопасного управления критически важными рабочими нагрузками программного обеспечения”, - сказал Майкл Дж. Лонг, председатель, президент и главный исполнительный директор офицер. “В Arrow мы продолжаем совершенствовать решения и услуги, которые мы предоставляем, поскольку рынки, которые мы обслуживаем, меняются все более быстрыми темпами. Наши рекордные результаты в этом квартале демонстрируют, что мы по-прежнему опережаем события при поддержке лучшей команды в отрасли. Мы ожидаем, что предложение компонентов останется значительно ниже спроса в ближайшие кварталы и в течение большей части 2022 года”.
Продажи Global components в первом квартале составили 7,20 миллиарда долларов, что отражает рост на 12 процентов в годовом исчислении, а продажи без учета GAAP увеличились на 13 процентов в годовом исчислении. Продажи компонентов в Азиатско-Тихоокеанском регионе в первом квартале снизились на 8 процентов в годовом исчислении. Продажи Americas components в первом квартале выросли на 38 процентов в годовом исчислении. Продажи европейских компонентов в первом квартале выросли на 23 процента в годовом исчислении, а продажи без учета GAAP в регионе выросли на 31 процент в годовом исчислении. Операционная прибыль Global components за первый квартал составила 499 миллионов долларов, а операционная прибыль за первый квартал без учета GAAP составила 506 миллионов долларов.
“Текущая рыночная конъюнктура позволила глобальному компонентному бизнесу продемонстрировать наш опыт и отраслевые знания, что делает нас уникальными в плане оказания помощи нашим клиентам в решении современных задач. Это включает в себя помощь в снижении производственных рисков и обеспечении непрерывного потока продукции на рынок”, - сказал г-н Лонг.
Продажи Global enterprise computing solutions ("ECS") в первом квартале составили 1,88 миллиарда долларов, что отражает снижение на 3 процента в годовом исчислении, а продажи без учета GAAP снизились на 1 процент в годовом исчислении. Продажи корпоративных вычислительных решений в Европе в первом квартале выросли на 5 процентов в годовом исчислении, а продажи без учета GAAP в регионе выросли на 11 процентов в годовом исчислении. Продажи Americas enterprise computing solutions в первом квартале снизились на 9 процентов в годовом исчислении. Операционная прибыль Global enterprise computing solutions за первый квартал составила 86 миллионов долларов, а операционная прибыль за первый квартал без учета GAAP составила 88 миллионов долларов.
“Спрос на комплексные ИТ-решения продолжает расти, и мы ожидаем увидеть значительный рост в этой области, когда будут устранены краткосрочные задержки проектов и неполадки, вызванные проблемами в цепочке поставок”, - сказал г-н Лонг.
“Наша доходность на вложенный капитал остается благоприятной, а наши коэффициенты левереджа близки к самому низкому уровню за последние десять лет”, - сказал Рик Зайдлиц, вице-президент и временно исполняющий обязанности главного финансового директора. “Наша высокая прибыльность и эффективное управление нашим балансом позволили нам выполнить наше обязательство по возврату денежных средств акционерам путем выкупа акций на сумму около 250 миллионов долларов четвертый квартал подряд, в результате чего общая сумма денежных средств, возвращенных акционерам за последние 12 месяцев, составила примерно 1 миллиард долларов. Наше текущее разрешение на выкуп составляет примерно 513 миллионов долларов”.
1 Сверка финансовых показателей, не относящихся к GAAP, включая продажи, валовую прибыль, операционный доход, чистую прибыль, причитающуюся акционерам, и чистую прибыль на акцию, с финансовыми показателями GAAP представлена в таблицах сверки, включенных в настоящий документ.
прогноз на второй квартал 2022 года
Second-Quarter 2022 Outlook |
||||
|
Reported GAAP
|
Intangible amortization
|
Restructuring &
|
Non-GAAP measure |
Net income per diluted share |
$5.32 - $5.48 |
$.10 |
$.06 |
$5.48 to $5.64 |
Пожалуйста, ознакомьтесь с комментарием финансового директора, который можно найти по адресу investor.arrow.com , в качестве дополнения к отчету о прибылях и убытках компании. Компания использует свой веб-сайт в качестве инструмента для раскрытия важной информации о компании и соблюдения своих обязательств по раскрытию информации в соответствии с Положением о справедливом раскрытии информации.
Arrow Electronics направляет инновации вперед для более чем 220 000 ведущих производителей технологий и поставщиков услуг. С объемом продаж в 2021 году в 34 миллиарда долларов Arrow разрабатывает технологические решения, которые улучшают бизнес и повседневную жизнь. Узнайте больше на сайте fiveyearsout.com .
Информация, касающаяся Прогнозных заявлений
Этот пресс-релиз включает “прогнозные” заявления, как этот термин определен в соответствии с федеральным законодательством о ценных бумагах, включая, но не ограничиваясь заявлениями, содержащимися в цитатах руководителей Arrow, и заявлениями, касающимися: будущих финансовых показателей Arrow, включая прогноз финансовых результатов за второй квартал 2022 финансового года, такие, как продажи, чистая прибыль на разводненную акцию, чистая прибыль на разводненную акцию без учета GAAP, средняя налоговая ставка, средние разводненные акции в обращении, процентные расходы, средний обменный курс доллара США к евро, влияние на продажи из-за изменений в иностранной валюте, расходы на амортизацию нематериальных активов на разводненную акцию, реструктуризация и интеграция расходы на разводненную акцию и ожидания относительно рыночного спроса. Эти прогнозные заявления подвержены многочисленным допущениям, рискам и неопределенностям, которые могут привести к тому, что фактические результаты или факты будут существенно отличаться от таких заявлений по целому ряду причин, включая, но не ограничиваясь: потенциальные неблагоприятные последствия продолжающейся глобальной пандемии COVID-19, включая действия, предпринятые для сдерживания или смягчение последствий COVID-19, последствий конфликта в Украине, условий в отрасли, изменений в поставках продукции, ценообразовании и потребительском спросе, сбоев в глобальной цепочке поставок, экономических условий, инфляционного давления, конкуренции, других капризов на глобальных рынках компонентов и глобальных корпоративных вычислительных решений, изменений в отношениях с ключевых поставщиков, повышенное давление на маржу прибыли, колебания валютных курсов, изменения в правовых и нормативных вопросах, несоблюдение определенных нормативных актов, таких как экспортное, антимонопольное и антикоррупционное законодательство, иностранные налоги и другие непредвиденные убытки, а также способность компании генерировать денежный поток. Для дальнейшего обсуждения этих и других факторов, которые могут привести к тому, что будущие результаты компании будут существенно отличаться от любых прогнозных заявлений, см. раздел, озаглавленный “Факторы риска”, в периодических отчетах компании по форме 10-K и Форме 10-Q и последующих заявках, поданных в Комиссию по ценным бумагам и биржам Комиссия. Акционерам и другим читателям рекомендуется не полагаться чрезмерно на эти прогнозные заявления, которые относятся только к дате, на которую они сделаны. Компания не берет на себя никаких обязательств по публичному обновлению или пересмотру каких-либо прогнозных заявлений.
Определенная Финансовая информация, Не относящаяся к ОПБУ
В дополнение к раскрытию финансовых результатов, которые определяются в соответствии с принципами бухгалтерского учета, общепринятыми в Соединенных Штатах (“GAAP”), компания также предоставляет определенную финансовую информацию, не относящуюся к GAAP. Компания предоставляет продажи, не относящиеся к GAAP, валовую прибыль, операционный доход, доход до налогообложения, резерв по налогу на прибыль, чистая прибыль, неконтролирующие доли участия, чистая прибыль, приходящаяся на акционеров, и чистая прибыль на акцию на разводненной основе, которые не являются показателями GAAP, скорректированными с учетом влияния изменений в иностранных валютах (именуемых "изменения в иностранных валютах") путем пересчета результатов предыдущего периода в иностранной валюте текущего периода обменные курсы, амортизация идентифицируемых нематериальных активов, реструктуризация, интеграция и другие расходы, а также чистые прибыли и убытки по инвестициям. Руководство считает, что предоставление этой дополнительной информации полезно для читателя, чтобы лучше оценить и понять операционную деятельность компании, особенно при сравнении результатов с предыдущими периодами, прежде всего потому, что руководство обычно отслеживает бизнес с поправкой на эти статьи в дополнение к результатам GAAP. Однако анализ результатов на основе, отличной от GAAP, следует использовать в качестве дополнения к данным, представленным в соответствии с GAAP, и в сочетании с ними. Сверка финансовой информации компании, не относящейся к GAAP, с GAAP приведена в таблицах ниже.
Arrow Electronics, INC. |
||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||
(In thousands except per share data) |
||||||||
(Unaudited) |
||||||||
|
|
|
||||||
|
Quarter Ended |
|||||||
|
April 2, 2022 |
April 3, 2021 |
||||||
|
|
|
||||||
Sales |
$ |
9,074,125 |
|
$ |
8,385,919 |
|
||
Cost of sales |
|
7,866,621 |
|
|
7,455,809 |
|
||
Gross profit |
|
1,207,504 |
|
|
930,110 |
|
||
Operating expenses: |
|
|
||||||
Selling, general, and administrative expenses |
|
643,925 |
|
|
574,567 |
|
||
Depreciation and amortization |
|
48,305 |
|
|
50,331 |
|
||
Restructuring, integration, and other charges |
|
4,898 |
|
|
5,709 |
|
||
|
|
697,128 |
|
|
630,607 |
|
||
Operating income |
|
510,376 |
|
|
299,503 |
|
||
Equity in earnings of affiliated companies |
|
843 |
|
|
844 |
|
||
Gain on investments, net |
|
2,011 |
|
|
2,793 |
|
||
Employee benefit plan expense, net |
|
(889 |
) |
|
(1,230 |
) |
||
Interest and other financing expense, net |
|
(33,985 |
) |
|
(33,656 |
) |
||
Income before income taxes |
|
478,356 |
|
|
268,254 |
|
||
Provision for income taxes |
|
112,360 |
|
|
61,026 |
|
||
Consolidated net income |
|
365,996 |
|
|
207,228 |
|
||
Noncontrolling interests |
|
1,247 |
|
|
907 |
|
||
Net income attributable to shareholders |
$ |
364,749 |
|
$ |
206,321 |
|
||
Net income per share: |
|
|
||||||
Basic |
$ |
5.38 |
|
$ |
2.76 |
|
||
Diluted |
$ |
5.31 |
|
$ |
2.72 |
|
||
Weighted-average shares outstanding: |
|
|
||||||
Basic |
|
67,840 |
|
|
74,882 |
|
||
Diluted |
|
68,749 |
|
|
75,794 |
|
||
Arrow Electronics, INC. |
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
(In thousands except par value) |
||||||||
(Unaudited) |
||||||||
|
|
|
||||||
|
April 2, 2022 |
December 31, 2021 |
||||||
|
|
|
||||||
ASSETS |
|
|
||||||
Current assets: |
|
|
||||||
Cash and cash equivalents |
$ |
242,791 |
|
$ |
222,194 |
|
||
Accounts receivable, net |
|
10,621,942 |
|
|
11,123,946 |
|
||
Inventories |
|
4,645,116 |
|
|
4,201,965 |
|
||
Other current assets |
|
431,635 |
|
|
345,218 |
|
||
Total current assets |
|
15,941,484 |
|
|
15,893,323 |
|
||
Property, plant, and equipment, at cost: |
|
|
||||||
Land |
|
5,691 |
|
|
5,736 |
|
||
Buildings and improvements |
|
185,000 |
|
|
186,097 |
|
||
Machinery and equipment |
|
1,533,688 |
|
|
1,523,919 |
|
||
|
|
1,724,379 |
|
|
1,715,752 |
|
||
Less: Accumulated depreciation and amortization |
|
(1,066,180 |
) |
|
(1,032,941 |
) |
||
Property, plant, and equipment, net |
|
658,199 |
|
|
682,811 |
|
||
Investments in affiliated companies |
|
65,239 |
|
|
63,695 |
|
||
Intangible assets, net |
|
185,753 |
|
|
195,029 |
|
||
Goodwill |
|
2,067,249 |
|
|
2,080,371 |
|
||
Other assets |
|
594,929 |
|
|
620,311 |
|
||
Total assets |
$ |
19,512,853 |
|
$ |
19,535,540 |
|
||
LIABILITIES AND EQUITY |
|
|
||||||
Current liabilities: |
|
|
||||||
Accounts payable |
$ |
9,110,391 |
|
$ |
9,617,084 |
|
||
Accrued expenses |
|
1,243,853 |
|
|
1,326,386 |
|
||
Short-term borrowings, including current portion of long-term debt |
|
317,399 |
|
|
382,619 |
|
||
Total current liabilities |
|
10,671,643 |
|
|
11,326,089 |
|
||
Long-term debt |
|
2,790,819 |
|
|
2,244,443 |
|
||
Other liabilities |
|
621,508 |
|
|
624,162 |
|
||
|
|
|
||||||
Equity: |
|
|
||||||
Shareholders’ equity: |
|
|
||||||
Common stock, par value $1: |
|
|
||||||
Authorized - 160,000 shares in both 2022 and 2021 |
|
|
||||||
Issued - 125,424 shares in both 2022 and 2021 |
|
125,424 |
|
|
125,424 |
|
||
Capital in excess of par value |
|
1,186,595 |
|
|
1,189,845 |
|
||
Treasury stock (58,987 and 57,358 shares in 2022 and 2021, respectively), at cost |
|
(3,861,793 |
) |
|
(3,629,265 |
) |
||
Retained earnings |
|
8,152,697 |
|
|
7,787,948 |
|
||
Accumulated other comprehensive loss |
|
(232,969 |
) |
|
(191,657 |
) |
||
Total shareholders’ equity |
|
5,369,954 |
|
|
5,282,295 |
|
||
Noncontrolling interests |
|
58,929 |
|
|
58,551 |
|
||
Total equity |
|
5,428,883 |
|
|
5,340,846 |
|
||
Total liabilities and equity |
$ |
19,512,853 |
|
$ |
19,535,540 |
|
||
Arrow Electronics, INC. |
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(In thousands) |
||||||||
(Unaudited) |
||||||||
|
|
|||||||
|
Quarter Ended |
|||||||
|
April 2, 2022 |
April 3, 2021 |
||||||
Cash flows from operating activities: |
|
|
||||||
Consolidated net income |
$ |
365,996 |
|
$ |
207,228 |
|
||
Adjustments to reconcile consolidated net income to net cash used for operations: |
|
|
||||||
Depreciation and amortization |
|
48,305 |
|
|
50,331 |
|
||
Amortization of stock-based compensation |
|
17,351 |
|
|
13,223 |
|
||
Equity in earnings of affiliated companies |
|
(843 |
) |
|
(844 |
) |
||
Deferred income taxes |
|
1,352 |
|
|
13,663 |
|
||
Gain on investments, net |
|
(2,011 |
) |
|
(2,793 |
) |
||
Other |
|
686 |
|
|
1,374 |
|
||
Change in assets and liabilities: |
|
|
||||||
Accounts receivable, net |
|
430,710 |
|
|
596,777 |
|
||
Inventories |
|
(460,902 |
) |
|
(13,147 |
) |
||
Accounts payable |
|
(477,825 |
) |
|
(840,124 |
) |
||
Accrued expenses |
|
(43,641 |
) |
|
3,643 |
|
||
Other assets and liabilities |
|
(79,426 |
) |
|
(33,867 |
) |
||
Net cash used for operating activities |
|
(200,248 |
) |
|
(4,536 |
) |
||
Cash flows from investing activities: |
|
|
||||||
Acquisition of property, plant, and equipment |
|
(19,270 |
) |
|
(20,180 |
) |
||
Proceeds from sale of property, plant, and equipment |
|
— |
|
|
22,171 |
|
||
Proceeds from collections of notes receivable |
|
20,169 |
|
|
— |
|
||
Net cash provided by investing activities |
|
899 |
|
|
1,991 |
|
||
Cash flows from financing activities: |
|
|
||||||
Change in short-term and other borrowings |
|
(14,293 |
) |
|
(12,452 |
) |
||
Proceeds from long-term bank borrowings, net |
|
845,000 |
|
|
154,674 |
|
||
Redemption of notes |
|
(350,000 |
) |
|
(130,860 |
) |
||
Proceeds from exercise of stock options |
|
11,302 |
|
|
26,091 |
|
||
Repurchases of common stock |
|
(264,431 |
) |
|
(160,619 |
) |
||
Net cash provided by (used for) financing activities |
|
227,578 |
|
|
(123,166 |
) |
||
Effect of exchange rate changes on cash |
|
(7,632 |
) |
|
(20,203 |
) |
||
Net increase (decrease) in cash and cash equivalents |
|
20,597 |
|
|
(145,914 |
) |
||
Cash and cash equivalents at beginning of period |
|
222,194 |
|
|
373,615 |
|
||
Cash and cash equivalents at end of period |
$ |
242,791 |
|
$ |
227,701 |
|
||
Arrow Electronics, INC. |
||||||||||
NON-GAAP SALES RECONCILIATION |
||||||||||
(In thousands) |
||||||||||
(Unaudited) |
||||||||||
|
Quarter Ended |
|
||||||||
|
April 2, 2022 |
April 3, 2021 |
% Change |
|||||||
|
|
|
|
|||||||
Consolidated sales, as reported |
$ |
9,074,125 |
$ |
8,385,919 |
|
8.2 |
% |
|||
Impact of changes in foreign currencies |
|
— |
|
(151,551 |
) |
|
||||
Non-GAAP consolidated sales |
$ |
9,074,125 |
$ |
8,234,368 |
|
10.2 |
% |
|||
|
|
|
|
|||||||
Global components sales, as reported |
$ |
7,199,075 |
$ |
6,443,253 |
|
11.7 |
% |
|||
Impact of changes in foreign currencies |
|
— |
|
(100,301 |
) |
|
||||
Non-GAAP global components sales |
$ |
7,199,075 |
$ |
6,342,952 |
|
13.5 |
% |
|||
|
|
|
|
|||||||
Americas components sales, as reported |
$ |
2,340,543 |
$ |
1,701,173 |
|
37.6 |
% |
|||
Impact of changes in foreign currencies |
|
— |
|
(772 |
) |
|
||||
Non-GAAP Americas components sales |
$ |
2,340,543 |
$ |
1,700,401 |
|
37.6 |
% |
|||
|
|
|
|
|||||||
Asia components sales, as reported |
$ |
2,931,529 |
$ |
3,173,478 |
|
(7.6 |
) % |
|||
Impact of changes in foreign currencies |
|
— |
|
(630 |
) |
|
||||
Non-GAAP Asia components sales |
$ |
2,931,529 |
$ |
3,172,848 |
|
(7.6 |
) % |
|||
|
|
|
|
|||||||
Europe components sales, as reported |
$ |
1,927,003 |
$ |
1,568,602 |
|
22.8 |
% |
|||
Impact of changes in foreign currencies |
|
— |
|
(98,899 |
) |
|
||||
Non-GAAP Europe components sales |
$ |
1,927,003 |
$ |
1,469,703 |
|
31.1 |
% |
|||
|
|
|
|
|||||||
Global ECS sales, as reported |
$ |
1,875,050 |
$ |
1,942,666 |
|
(3.5 |
) % |
|||
Impact of changes in foreign currencies |
|
— |
|
(51,250 |
) |
|
||||
Non-GAAP global ECS sales |
$ |
1,875,050 |
$ |
1,891,416 |
|
(0.9 |
) % |
|||
|
|
|
|
|||||||
Americas ECS sales, as reported |
$ |
1,047,849 |
$ |
1,151,338 |
|
(9.0 |
) % |
|||
Impact of changes in foreign currencies |
|
— |
|
(2,453 |
) |
|
||||
Non-GAAP Americas ECS sales |
$ |
1,047,849 |
$ |
1,148,885 |
|
(8.8 |
) % |
|||
|
|
|
|
|||||||
Europe ECS sales, as reported |
$ |
827,201 |
$ |
791,328 |
|
4.5 |
% |
|||
Impact of changes in foreign currencies |
|
— |
|
(48,797 |
) |
|
||||
Non-GAAP Europe ECS sales |
$ |
827,201 |
$ |
742,531 |
|
11.4 |
% |
|||
Arrow Electronics, INC. |
||||||||||||||||||
NON-GAAP EARNINGS RECONCILIATION |
||||||||||||||||||
(In thousands except per share data) |
||||||||||||||||||
(Unaudited) |
||||||||||||||||||
|
||||||||||||||||||
Three months ended April 2, 2022 |
||||||||||||||||||
|
Reported GAAP measure |
Intangible amortization expense |
Restructuring & Integration charges |
Other(1) |
Non-GAAP measure |
|||||||||||||
Sales |
$9,074,125 |
|
$ |
— |
$ |
— |
$ |
— |
|
$9,074,125 |
|
|||||||
Gross Profit |
|
1,207,504 |
|
|
— |
|
— |
|
— |
|
|
1,207,504 |
|
|||||
Operating income |
|
510,376 |
|
|
9,018 |
|
4,898 |
|
— |
|
|
524,292 |
|
|||||
Income before income taxes |
|
478,356 |
|
|
9,018 |
|
4,898 |
|
(2,011 |
) |
|
490,261 |
|
|||||
Provision for income taxes |
|
112,360 |
|
|
2,310 |
|
1,205 |
|
(486 |
) |
|
115,389 |
|
|||||
Consolidated net income |
|
365,996 |
|
|
6,708 |
|
3,693 |
|
(1,525 |
) |
|
374,872 |
|
|||||
Noncontrolling interests |
|
1,247 |
|
|
140 |
|
— |
|
— |
|
|
1,387 |
|
|||||
Net income attributable to shareholders |
$364,749 |
|
$6,568 |
$3,693 |
($1,525 |
) |
$373,485 |
|
||||||||||
Net income per diluted share (3) |
$5.31 |
|
$0.10 |
$0.05 |
($0.02 |
) |
$5.43 |
|
||||||||||
Effective tax rate (2) |
|
23.5 |
% |
|
|
|
|
23.5 |
% |
|||||||||
|
|
|
|
|
|
|||||||||||||
Three months ended April 3, 2021 |
||||||||||||||||||
|
Reported GAAP measure |
Intangible amortization expense |
Restructuring & Integration charges |
Other(1) |
Non-GAAP measure |
|||||||||||||
Sales |
$8,385,919 |
|
$ |
— |
$ |
— |
$ |
— |
|
$8,385,919 |
|
|||||||
Gross Profit |
|
930,110 |
|
|
— |
|
— |
|
— |
|
|
930,110 |
|
|||||
Operating income |
|
299,503 |
|
|
9,326 |
|
5,709 |
|
— |
|
|
314,538 |
|
|||||
Income before income taxes |
|
268,254 |
|
|
9,326 |
|
5,709 |
|
(2,793 |
) |
|
280,496 |
|
|||||
Provision for income taxes |
|
61,026 |
|
|
2,385 |
|
1,166 |
|
(672 |
) |
|
63,905 |
|
|||||
Consolidated net income |
|
207,228 |
|
|
6,941 |
|
4,543 |
|
(2,121 |
) |
|
216,591 |
|
|||||
Noncontrolling interests |
|
907 |
|
|
150 |
|
— |
|
— |
|
|
1,057 |
|
|||||
Net income attributable to shareholders |
$206,321 |
|
$6,791 |
$4,543 |
($2,121 |
) |
$215,534 |
|
||||||||||
Net income per diluted share |
$2.72 |
|
$0.09 |
$0.06 |
($0.03 |
) |
$2.84 |
|
||||||||||
Effective tax rate (2) |
|
22.7 |
% |
|
|
|
|
22.8 |
% |
|||||||||
|
|
|
|
|
|
|||||||||||||
(1) Other includes gain on investments, net. |
||||||||||||||||||
(2) 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. |
||||||||||||||||||
(3) The sum of the components for diluted EPS, as adjusted may not agree to totals, as presented, due to rounding. |
||||||||||||||||||
Arrow Electronics, INC. |
||||||||
SEGMENT INFORMATION |
||||||||
(In thousands) |
||||||||
(Unaudited) |
||||||||
|
|
|||||||
|
Quarter Ended |
|||||||
|
April 2, 2022 |
April 3, 2021 |
||||||
Sales: |
|
|
||||||
Global components |
$ |
7,199,075 |
|
$ |
6,443,253 |
|
||
Global ECS |
|
1,875,050 |
|
|
1,942,666 |
|
||
Consolidated |
$ |
9,074,125 |
|
$ |
8,385,919 |
|
||
Operating income (loss): |
|
|
||||||
Global components (a) |
$ |
499,342 |
|
$ |
289,383 |
|
||
Global ECS |
|
85,798 |
|
|
77,359 |
|
||
Corporate (b) |
|
(74,764 |
) |
|
(67,239 |
) |
||
Consolidated |
$ |
510,376 |
|
$ |
299,503 |
|
||
(a) |
Global components operating income includes $4.3 million related to proceeds from legal settlements for the first quarter of 2021. |
|
(b) |
Corporate operating income includes restructuring, integration, and other charges of $4.9 million for the first quarter of 2022 and $5.7 million for the first quarter of 2021. |
NON-GAAP SEGMENT RECONCILIATION |
||||||
|
|
|||||
|
Quarter Ended |
|||||
|
April 2, 2022 |
April 3, 2021 |
||||
|
|
|
||||
Global components operating income, as reported |
$ |
499,342 |
$ |
289,383 |
||
Intangible assets amortization expense |
|
6,873 |
|
7,004 |
||
Global components non-GAAP operating income |
$ |
506,215 |
$ |
296,387 |
||
|
|
|
||||
Global ECS operating income, as reported |
$ |
85,798 |
$ |
77,359 |
||
Intangible assets amortization expense |
|
2,145 |
|
2,322 |
||
Global ECS non-GAAP operating income |
$ |
87,943 |
$ |
79,681 |
||
