-- Full-Year Cash Provided by Operating Activities of $858 Million --
-- Returned Approximately $390 Million to Shareholders in 2019 --
CENTENNIAL, Colo. — (BUSINESS WIRE) — February 6, 2020 — Arrow Electronics, Inc. (NYSE: ARW) today reported fourth-quarter 2019 sales of $7.34 billion, a decrease of 7 percent from sales of $7.92 billion in the fourth quarter of 2018. Fourth-quarter sales as adjusted decreased 5%. The company reported fourth-quarter net income of $112 million, or $1.36 per share on a diluted basis, compared with net income of $231 million, or $2.63 per share on a diluted basis, in the fourth quarter of 2018. Excluding certain items1, net income would have been $181 million, or $2.20 per share on a diluted basis, in the fourth quarter of 2019, compared with net income of $227 million, or $2.59 per share on a diluted basis, in the fourth quarter of 2018. In the fourth quarter of 2019, changes in foreign currencies had negative impacts on growth of approximately $65 million or 1 percent on sales and $.04 or 1 percent on earnings per share on a diluted basis compared to the fourth quarter of 2018.
“Arrow’s commitment to delivering unmatched engineering and design services to customers on behalf of our suppliers is serving the company well during the ongoing industry correction,” said Michael J. Long, chairman, president, and chief executive officer. “Global components’ sales and margin performance continue to demonstrate greater resiliency compared to past economic and semiconductor industry corrections. As we prepare for economic recovery, we continue to increase the scale of our Asia components business, which we expect to lead to greater profit. Arrow is well positioned to accelerate profit growth and expansion as soon as demand from end-customers stabilizes and improves.”
Global components fourth-quarter sales of $4.74 billion decreased 10 percent year over year. Sales, as adjusted, decreased 8 percent year over year. Asia-Pacific components sales increased 4 percent year over year. Europe components sales decreased 16 percent year over year. Sales in the region, as adjusted, decreased 12 percent year over year. Americas components sales decreased 19 percent year over year. Sales in the region, as adjusted, decreased 16 percent year over year. Global components fourth-quarter operating income was $150 million. Fourth-quarter operating income, excluding amortization of intangibles expense, as adjusted, was $172 million.
“During the fourth quarter, and throughout 2019, Arrow’s enterprise computing solutions focused on accelerating the evolution toward selling advanced, next-generation software and hardware architectures,” added Mr. Long. “We believe our line card and capabilities are well positioned to assure mutual success for suppliers, VARs and MSPs, and their customers as we begin the new decade.”
Global enterprise computing solutions fourth-quarter sales of $2.60 billion decreased 2 percent year over year. Global enterprise computing solutions sales, as adjusted, decreased 1 percent year over year. Europe sales increased 1 percent year over year. Sales in the region, as adjusted, increased 4 percent year over year. Americas sales decreased 4 percent year over year. Sales in the region, as adjusted, decreased 3 percent year over year. Global enterprise computing solutions fourth-quarter operating income was $149 million. Fourth-quarter operating income, excluding amortization of intangibles expense, as adjusted, was $156 million. Fourth-quarter operating income as a percentage of sales increased 20 basis points year over year.
FULL-YEAR RESULTS
Full-year 2019 sales of $28.92 billion decreased 3 percent from sales of $29.68 billion in 2018. Net loss for 2019 was $204 million, or $(2.44) per share, compared with net income of $716 million, or $8.10 per share on a diluted basis, in 2018. Excluding certain items1, net income would have been $636 million, or $7.55 per share on a diluted basis, in 2019 compared with net income of $778 million, or $8.79 per share on a diluted basis, in 2018. In 2019, changes in foreign currencies had negative impacts on growth of approximately $513 million, or 2 percent on sales, and $.23, or 2 percent, on earnings per share on a diluted basis compared to 2018.
“With our flexibility, Arrow was able to adapt to changing market conditions in 2019,” said Chris Stansbury, senior vice president and chief financial officer. “Fourth-quarter and full-year 2019 cash flow provided by operating activities were $495 million and $858 million, respectively. Disciplined working capital management, continued profitability from our leading positions in the markets we serve, and efficiencies from our largely complete cost optimization activities, were all key drivers in generating our strong cash flow. We remain committed to returning excess cash to shareholders, and returned approximately $100 million to shareholders through our stock repurchase program during the fourth quarter, and approximately $390 million in 2019. At the end of the year, we had approximately $339 million of remaining authorization under our share repurchase program.”
FIRST-QUARTER 2020 OUTLOOK
- Consolidated sales of $6.225 billion to $6.625 billion, with global components sales of $4.55 billion to $4.75 billion, and global enterprise computing solutions sales of $1.675 billion to $1.875 billion
- Earnings per share on a diluted basis of $.99 to $1.29, and earnings per share on a diluted basis, excluding certain items1 of $1.29 to $1.39 per share, assuming an average tax rate of approximately 24.5 percent compared to the long-term range of 23 to 25 percent, and average diluted shares outstanding of 82 million
- Interest expense of approximately $52 million
- Expecting average USD-to-Euro exchange rate of $1.12 to €1; changes in foreign currencies to negatively impact sales growth by approximately $30 million, and earnings per share on a diluted basis by $.01 compared to the first quarter of 2019
“As we look to the first quarter, we are seeing some delays and extended lead times of products manufactured in China due to business and transportation shutdowns, as well as the extension of the New Year Holiday week mandated by the Chinese government. The situation in that region remains uncertain, and we are monitoring conditions closely. Currently, we are not able to quantify the potential impacts to our first-quarter outlook," said Mr. Stansbury.
“Separately, our first quarter of 2020 will close on March 28, 2020, two days earlier than the first quarter of 2019, and three days before the end of the calendar month. We expect this will negatively impact sales by approximately $225 million, and earnings per share on a diluted basis by approximately $.11 compared to the first quarter of 2019. The earlier closing date will only impact global enterprise computing solutions. Additionally, while the second and third quarters of 2020 will close two days earlier than the second and third quarters of 2019, we expect impacts to year-over-year comparisons should be negligible. We anticipate the fourth quarter of 2020 will benefit by the corresponding amounts lost from the first quarter.”
Please refer to the CFO commentary, which can be found at investor.arrow.com, as a supplement to the company’s earnings release.
Arrow Electronics guides innovation forward for over 175,000 leading technology manufacturers and service providers. With 2019 sales of $29 billion, Arrow develops technology solutions that improve business and daily life. Learn more at fiveyearsout.com.
1 A reconciliation of non-GAAP adjusted financial measures, including sales, as adjusted, gross profit, operating income, as adjusted, net income attributable to shareholders, as adjusted, and net income per share, as adjusted, to GAAP financial measures is presented in the reconciliation tables included herein.
Information Relating to Forward-Looking Statements
This press release includes forward-looking statements that 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: industry conditions, changes in product supply, pricing and customer demand, competition, other vagaries in the global components and global enterprise computing solutions markets, changes in relationships with key suppliers, increased profit margin pressure, changes in legal and regulatory matters, non-compliance with certain regulations, such as export, anti-trust, and anti-corruption laws, the company's ability to generate cash flow, and disruptions in the company’s business due to epidemics (such as the coronavirus). Forward-looking statements are those statements which are not statements of historical fact. These forward-looking statements can be identified by forward-looking words such as “expects,” “anticipates,” “intends,” “plans,” “may,” “will,” “believes,” “seeks,” “estimates,” and similar expressions. 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.
For a further discussion of factors to consider in connection with these forward-looking statements, investors should refer to Item 1A Risk Factors of the company’s Annual Report on Form 10-K for the year ended Dec. 31, 2019.
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 relating to sales, operating income, net income attributable to shareholders, and net income per basic and diluted share.
The company provides sales, gross profit, and operating expenses as 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, the impact of dispositions by adjusting the company's operating results for businesses disposed, as if the dispositions had occurred at the beginning of the earliest period presented (referred to as dispositions), the impact of the company's personal computer and mobility asset disposition business (referred to as wind down), the impact of inventory write-downs related to the digital business (referred to as “digital inventory write-downs and recoveries”), and the impact of the notes receivable reserves and inventory write-downs related to the AFS business (referred to as “AFS notes receivable reserves and credits” and “AFS inventory write-downs and recoveries,” respectively). Operating income is adjusted to exclude identifiable intangible asset amortization, restructuring, integration, and other charges, loss on disposition of businesses, net, AFS notes receivable reserves and credits and inventory write-downs and recoveries, digital inventory write-downs and recoveries, the impact of non-cash charges related to goodwill, trade names, and long-lived assets, and the impact of wind down. Net income attributable to shareholders as adjusted to exclude identifiable intangible asset amortization, restructuring, integration, and other charges, and loss on disposition of businesses, net, AFS notes receivable reserves and credits and inventory write-downs and recoveries, digital inventory write-downs and recoveries, the impact of non-cash charges related to goodwill, trade names, and long-lived assets, the impact of wind down, pension settlements, net gains and losses on investments, and certain tax adjustments including related interest expense. A reconciliation of the company’s non-GAAP financial information to GAAP is set forth in the tables below.
The company believes that such non-GAAP financial information is useful to investors to assist in assessing and understanding the company’s operating performance and underlying trends in the company’s business because management considers these items referred to above to be outside the company’s core operating results. This non-GAAP financial information is among the primary indicators management uses as a basis for evaluating the company’s financial and operating performance. In addition, the company’s Board of Directors may use this non-GAAP financial information in evaluating management performance and setting management compensation.
The presentation of this additional non-GAAP financial information is not meant to be considered in isolation or as a substitute for, or alternative to, sales, operating income, net income and net income per basic and diluted share determined in accordance with GAAP. Analysis of results and outlook on a non-GAAP basis should be used as a complement to, and in conjunction with, data presented in accordance with GAAP.
ARROW ELECTRONICS, INC. |
||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(In thousands except per share data) |
||||||||||||||||
|
|
|
|
|||||||||||||
|
Quarter Ended |
|
Year Ended |
|||||||||||||
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|||||||||
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|||||||||
Sales |
$ |
7,338,190 |
|
|
$ |
7,918,182 |
|
|
$ |
28,916,847 |
|
|
$ |
29,676,768 |
|
|
Cost of sales |
6,515,247 |
|
|
6,942,812 |
|
|
25,618,466 |
|
|
25,975,856 |
|
|||||
Gross profit |
822,943 |
|
|
975,370 |
|
|
3,298,381 |
|
|
3,700,912 |
|
|||||
Operating expenses: |
|
|
|
|
|
|
|
|||||||||
Selling, general, and administrative expenses |
513,878 |
|
|
583,943 |
|
|
2,191,612 |
|
|
2,303,051 |
|
|||||
Depreciation and amortization |
50,051 |
|
|
47,183 |
|
|
189,790 |
|
|
186,384 |
|
|||||
Loss on disposition of businesses, net |
5,813 |
|
|
— |
|
|
21,252 |
|
|
3,604 |
|
|||||
Impairments |
— |
|
|
— |
|
|
698,246 |
|
|
— |
|
|||||
Restructuring, integration, and other charges |
15,093 |
|
|
9,864 |
|
|
89,785 |
|
|
60,361 |
|
|||||
|
584,835 |
|
|
640,990 |
|
|
3,190,685 |
|
|
2,553,400 |
|
|||||
Operating income |
238,108 |
|
|
334,380 |
|
|
107,696 |
|
|
1,147,512 |
|
|||||
Equity in earnings (losses) of affiliated companies |
(610 |
) |
|
(1,524 |
) |
|
(2,765 |
) |
|
(2,332 |
) |
|||||
Gain (loss) on investments, net |
3,967 |
|
|
(10,221 |
) |
|
11,831 |
|
|
(14,166 |
) |
|||||
Employee benefit plan expense |
(21,500 |
) |
|
(3,086 |
) |
|
(24,849 |
) |
|
(6,870 |
) |
|||||
Interest and other financing expense, net |
(50,317 |
) |
|
(54,584 |
) |
|
(203,743 |
) |
|
(214,771 |
) |
|||||
Income (loss) before income taxes |
169,648 |
|
|
264,965 |
|
|
(111,830 |
) |
|
909,373 |
|
|||||
Provision for income taxes |
57,460 |
|
|
32,474 |
|
|
88,338 |
|
|
187,799 |
|
|||||
Consolidated net income (loss) |
112,188 |
|
|
232,491 |
|
|
(200,168 |
) |
|
721,574 |
|
|||||
Noncontrolling interests |
175 |
|
|
1,838 |
|
|
3,919 |
|
|
5,379 |
|
|||||
Net income (loss) attributable to shareholders |
$ |
112,013 |
|
|
$ |
230,653 |
|
|
$ |
(204,087 |
) |
|
$ |
716,195 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Net income (loss) per share: |
|
|
|
|
|
|
|
|||||||||
Basic |
$ |
1.37 |
|
|
$ |
2.66 |
|
|
$ |
(2.44 |
) |
|
$ |
8.19 |
|
|
Diluted |
$ |
1.36 |
|
|
$ |
2.63 |
|
|
$ |
(2.44 |
) |
|
$ |
8.10 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|||||||||
Basic |
81,613 |
|
|
86,559 |
|
|
83,568 |
|
|
87,476 |
|
|||||
Diluted |
82,493 |
|
|
87,561 |
|
|
83,568 |
|
|
88,444 |
|
|||||
ARROW ELECTRONICS, INC. |
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
(In thousands except par value) |
||||||||
|
|
|
|
|
||||
|
|
December 31,
|
|
December 31,
|
||||
|
|
|
|
|||||
ASSETS |
|
|
|
|||||
Current assets: |
|
|
|
|||||
Cash and cash equivalents |
$ |
300,103 |
|
|
$ |
509,327 |
|
|
Accounts receivable, net |
8,482,687 |
|
|
8,945,463 |
|
|||
Inventories |
3,477,120 |
|
|
3,878,678 |
|
|||
Other current assets |
266,249 |
|
|
274,832 |
|
|||
Total current assets |
12,526,159 |
|
|
13,608,300 |
|
|||
Property, plant, and equipment, at cost: |
|
|
|
|||||
Land |
7,793 |
|
|
7,882 |
|
|||
Buildings and improvements |
173,370 |
|
|
158,712 |
|
|||
Machinery and equipment |
1,481,525 |
|
|
1,425,933 |
|
|||
|
1,662,688 |
|
|
1,592,527 |
|
|||
Less: Accumulated depreciation and amortization |
(859,578 |
) |
|
(767,827 |
) |
|||
Property, plant, and equipment, net |
803,110 |
|
|
824,700 |
|
|||
Investments in affiliated companies |
86,942 |
|
|
83,693 |
|
|||
Intangible assets, net |
271,903 |
|
|
372,644 |
|
|||
Goodwill |
2,061,322 |
|
|
2,624,690 |
|
|||
Other assets |
651,360 |
|
|
270,418 |
|
|||
Total assets |
$ |
16,400,796 |
|
|
$ |
17,784,445 |
|
|
LIABILITIES AND EQUITY |
|
|
|
|||||
Current liabilities: |
|
|
|
|||||
Accounts payable |
$ |
7,046,221 |
|
|
$ |
7,631,879 |
|
|
Accrued expenses |
880,507 |
|
|
912,292 |
|
|||
Short-term borrowings, including current portion of long-term debt |
331,431 |
|
|
246,257 |
|
|||
Total current liabilities |
8,258,159 |
|
|
8,790,428 |
|
|||
Long-term debt |
2,640,129 |
|
|
3,239,115 |
|
|||
Other liabilities |
636,115 |
|
|
378,536 |
|
|||
Equity: |
|
|
|
|||||
Shareholders' equity: |
|
|
|
|||||
Common stock, par value $1: |
|
|
|
|||||
Authorized – 160,000 shares in both 2019 and 2018 |
|
|
|
|||||
Issued – 125,424 shares in both 2019 and 2018 |
125,424 |
|
|
125,424 |
|
|||
Capital in excess of par value |
1,150,006 |
|
|
1,135,934 |
|
|||
Treasury stock (44,804 and 40,233 shares in 2019 and 2018, respectively), at cost |
(2,332,548 |
) |
|
(1,972,254 |
) |
|||
Retained earnings |
6,131,248 |
|
|
6,335,335 |
|
|||
Accumulated other comprehensive loss |
(262,211 |
) |
|
(299,449 |
) |
|||
Total shareholders' equity |
4,811,919 |
|
|
5,324,990 |
|
|||
Noncontrolling interests |
54,474 |
|
|
51,376 |
|
|||
Total equity |
4,866,393 |
|
|
5,376,366 |
|
|||
Total liabilities and equity |
$ |
16,400,796 |
|
|
$ |
17,784,445 |
|
|
ARROW ELECTRONICS, INC. |
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(In thousands) |
||||||||
(Unaudited) |
||||||||
|
|
|
||||||
|
|
Quarter Ended |
||||||
|
|
December 31, 2019 |
|
December 31, 2018 |
||||
Cash flows from operating activities: |
|
|
|
|||||
Consolidated net income |
$ |
112,188 |
|
|
$ |
232,491 |
|
|
Adjustments to reconcile consolidated net income to net cash provided by operations: |
|
|
|
|||||
Depreciation and amortization |
50,051 |
|
|
47,183 |
|
|||
Amortization of stock-based compensation |
6,321 |
|
|
8,134 |
|
|||
Equity in (earnings) losses of affiliated companies |
610 |
|
|
1,524 |
|
|||
Deferred income taxes |
15,196 |
|
|
(16,533 |
) |
|||
(Gain) loss on investment, net |
(3,840 |
) |
|
10,221 |
|
|||
Loss on disposition of businesses, net |
5,813 |
|
|
— |
|
|||
Pension settlement expense |
20,111 |
|
|
— |
|
|||
Other |
(155 |
) |
|
3,142 |
|
|||
Change in assets and liabilities, net of effects of acquired and disposed businesses: |
|
|
|
|||||
Accounts receivable |
(578,059 |
) |
|
(752,891 |
) |
|||
Inventories |
40,448 |
|
|
(162,825 |
) |
|||
Accounts payable |
827,614 |
|
|
764,726 |
|
|||
Accrued expenses |
43,649 |
|
|
96,946 |
|
|||
Other assets and liabilities |
(45,145 |
) |
|
31,016 |
|
|||
Net cash provided by operating activities |
494,802 |
|
|
263,134 |
|
|||
|
|
|
|
|||||
Cash flows from investing activities: |
|
|
|
|||||
Proceeds from (cash paid on) disposition of businesses |
(11,769 |
) |
|
— |
|
|||
Acquisition of property, plant, and equipment |
(30,111 |
) |
|
(30,439 |
) |
|||
Proceeds from sale of property, plant, and equipment |
— |
|
|
5,421 |
|
|||
Cash paid for customer relationship intangible asset |
(7,616 |
) |
|
(20,000 |
) |
|||
Other |
(4,127 |
) |
|
(2,500 |
) |
|||
Net cash used for investing activities |
(53,623 |
) |
|
(47,518 |
) |
|||
|
|
|
|
|||||
Cash flows from financing activities: |
|
|
|
|||||
Change in short-term and other borrowings |
(20,794 |
) |
|
88,034 |
|
|||
Proceeds from (repayment of) long-term bank borrowings, net |
(308,047 |
) |
|
(114,120 |
) |
|||
Proceeds from exercise of stock options |
5,201 |
|
|
900 |
|
|||
Repurchases of common stock |
(100,009 |
) |
|
(150,132 |
) |
|||
Net cash used for financing activities |
(423,649 |
) |
|
(175,318 |
) |
|||
Effect of exchange rate changes on cash |
20,319 |
|
|
(5,162 |
) |
|||
Net increase in cash and cash equivalents |
37,849 |
|
|
35,136 |
|
|||
Cash and cash equivalents at beginning of period |
262,254 |
|
|
474,191 |
|
|||
Cash and cash equivalents at end of period |
$ |
300,103 |
|
|
$ |
509,327 |
|
|
ARROW ELECTRONICS, INC. |
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(In thousands) |
||||||||
|
||||||||
|
|
Year Ended |
||||||
|
|
December 31,
|
|
December 31,
|
||||
Cash flows from operating activities: |
|
|
|
|||||
Consolidated net income (loss) |
$ |
(200,168 |
) |
|
$ |
721,574 |
|
|
Adjustments to reconcile consolidated net income to net cash provided by operations: |
|
|
|
|||||
Depreciation and amortization |
189,790 |
|
|
186,384 |
|
|||
Amortization of stock-based compensation |
41,070 |
|
|
46,238 |
|
|||
Equity in (earnings) losses of affiliated companies |
2,765 |
|
|
2,332 |
|
|||
Deferred income taxes |
(50,288 |
) |
|
1,236 |
|
|||
(Gain) loss on investment, net |
(11,462 |
) |
|
14,166 |
|
|||
Loss on disposition of businesses, net |
21,252 |
|
|
3,604 |
|
|||
Pension settlement expense |
20,111 |
|
|
1,665 |
|
|||
Impairments |
698,246 |
|
|
— |
|
|||
Other |
10,659 |
|
|
9,198 |
|
|||
Change in assets and liabilities, net of effects of acquired and disposed businesses: |
|
|
|
|||||
Accounts receivable |
338,849 |
|
|
(1,007,308 |
) |
|||
Inventories |
383,058 |
|
|
(618,875 |
) |
|||
Accounts payable |
(521,575 |
) |
|
936,423 |
|
|||
Accrued expenses |
(27,475 |
) |
|
112,123 |
|
|||
Other assets and liabilities |
(36,837 |
) |
|
(136,070 |
) |
|||
Net cash provided by operating activities |
857,995 |
|
|
272,690 |
|
|||
|
|
|
|
|||||
Cash flows from investing activities: |
|
|
|
|||||
Cash consideration paid for acquired businesses, net of cash acquired |
— |
|
|
(331,563 |
) |
|||
Proceeds from (cash paid on) disposition of businesses |
(13,094 |
) |
32,013 |
|
||||
Acquisition of property, plant, and equipment |
(143,191 |
) |
|
(135,336 |
) |
|||
Proceeds from sale of property, plant and equipment |
— |
|
|
5,421 |
|
|||
Cash paid for customer relationship intangible asset |
(7,616 |
) |
|
(20,000 |
) |
|||
Other |
(9,682 |
) |
|
(13,500 |
) |
|||
Net cash used for investing activities |
(173,583 |
) |
|
(462,965 |
) |
|||
|
|
|
|
|||||
Cash flows from financing activities: |
|
|
|
|||||
Change in short-term and other borrowings |
(113,923 |
) |
|
192,192 |
|
|||
Proceeds from (repayments of) long-term bank borrowings, net |
(405,007 |
) |
|
306,635 |
|
|||
Redemption of notes |
— |
|
|
(300,000 |
) |
|||
Proceeds from exercise of stock options |
16,911 |
|
|
8,819 |
|
|||
Repurchases of common stock |
(404,203 |
) |
|
(243,305 |
) |
|||
Other |
(147 |
) |
|
(1,174 |
) |
|||
Net cash provided by (used for) financing activities |
(906,369 |
) |
|
(36,833 |
) |
|||
Effect of exchange rate changes on cash |
12,733 |
|
|
6,352 |
|
|||
Net decrease in cash and cash equivalents |
(209,224 |
) |
|
(220,756 |
) |
|||
Cash and cash equivalents at beginning of period |
509,327 |
|
|
730,083 |
|
|||
Cash and cash equivalents at end of period |
$ |
300,103 |
|
|
$ |
509,327 |
|
|
ARROW ELECTRONICS, INC. |
|||||||||||
NON-GAAP SALES RECONCILIATION |
|||||||||||
(In thousands) |
|||||||||||
(Unaudited) |
|||||||||||
|
|
Quarter Ended |
|
|
|||||||
|
|
December 31,
|
|
December 31,
|
|
% Change |
|||||
|
|
|
|
|
|
||||||
Consolidated sales, as reported |
$ |
7,338,190 |
|
|
$ |
7,918,182 |
|
|
(7.3 |
)% |
|
Impact of changes in foreign currencies |
— |
|
|
(65,384 |
) |
|
|
||||
Impact of dispositions and wind down |
(19,375 |
) |
|
(118,184 |
) |
|
|
||||
Consolidated sales, as adjusted |
$ |
7,318,815 |
|
|
$ |
7,734,614 |
|
|
(5.4 |
)% |
|
|
|
|
|
|
|
||||||
Global components sales, as reported |
$ |
4,738,993 |
|
|
$ |
5,261,477 |
|
|
(9.9 |
)% |
|
Impact of changes in foreign currencies |
— |
|
|
(40,608 |
) |
|
|
||||
Impact of dispositions and wind down |
(19,375 |
) |
|
(102,965 |
) |
|
|
||||
Global components sales, as adjusted |
$ |
4,719,618 |
|
|
$ |
5,117,904 |
|
|
(7.8 |
)% |
|
|
|
|
|
|
|
||||||
Americas components sales, as reported |
$ |
1,644,757 |
|
|
$ |
2,021,033 |
|
|
(18.6 |
)% |
|
Impact of changes in foreign currencies |
— |
|
|
(214 |
) |
|
|
||||
Impact of dispositions and wind down |
(19,239 |
) |
|
(78,246 |
) |
|
|
||||
Americas components sales, as adjusted |
$ |
1,625,518 |
|
|
$ |
1,942,573 |
|
|
(16.3 |
)% |
|
|
|
|
|
|
|
||||||
Europe components sales, as reported |
$ |
1,189,016 |
|
|
$ |
1,407,429 |
|
|
(15.5 |
)% |
|
Impact of changes in foreign currencies |
— |
|
|
(36,312 |
) |
|
|
||||
Impact of dispositions and wind down |
(136 |
) |
|
(24,719 |
) |
|
|
||||
Europe components sales, as adjusted |
$ |
1,188,880 |
|
|
$ |
1,346,398 |
|
|
(11.7 |
)% |
|
|
|
|
|
|
|
||||||
Asia components sales, as reported |
$ |
1,905,220 |
|
|
$ |
1,833,015 |
|
|
3.9 |
% |
|
Impact of changes in foreign currencies |
— |
|
|
(4,082 |
) |
|
|
||||
Asia components sales, as adjusted |
$ |
1,905,220 |
|
|
$ |
1,828,933 |
|
|
4.2 |
% |
|
|
|
|
|
|
|
||||||
Global ECS sales, as reported |
$ |
2,599,197 |
|
|
$ |
2,656,705 |
|
|
(2.2 |
)% |
|
Impact of changes in foreign currencies |
— |
|
|
(24,776 |
) |
|
|
||||
Impact of dispositions |
— |
|
|
(15,219 |
) |
|
|
||||
Global ECS sales, as adjusted |
$ |
2,599,197 |
|
|
$ |
2,616,710 |
|
|
(0.7 |
)% |
|
|
|
|
|
|
|
||||||
Europe ECS sales, as reported |
$ |
959,449 |
|
|
$ |
954,343 |
|
|
0.5 |
% |
|
Impact of changes in foreign currencies |
— |
|
|
(20,834 |
) |
|
|
||||
Impact of dispositions |
— |
|
|
(15,219 |
) |
|
|
||||
Europe ECS sales, as adjusted |
$ |
959,449 |
|
|
$ |
918,290 |
|
|
4.5 |
% |
|
|
|
|
|
|
|
||||||
Americas ECS sales, as reported |
$ |
1,639,748 |
|
|
$ |
1,702,362 |
|
|
(3.7 |
)% |
|
Impact of changes in foreign currencies |
— |
|
|
(3,942 |
) |
|
|
||||
Americas ECS sales, as adjusted |
$ |
1,639,748 |
|
|
$ |
1,698,420 |
|
|
(3.5 |
)% |
|
ARROW ELECTRONICS, INC. |
|||||||||||
NON-GAAP SALES RECONCILIATION |
|||||||||||
(In thousands) |
|||||||||||
(Unaudited) |
|||||||||||
|
|
|
|
|
|||||||
|
|
Year Ended |
|
|
|||||||
|
|
December 31,
|
|
December 31,
|
|
% Change |
|||||
|
|
|
|
|
|
||||||
Consolidated sales, as reported |
$ |
28,916,847 |
|
|
$ |
29,676,768 |
|
|
(2.6 |
)% |
|
Impact of changes in foreign currencies |
— |
|
|
(513,217 |
) |
|
|
||||
Impact of dispositions and wind down |
(251,614 |
) |
|
(496,108 |
) |
|
|
||||
Consolidated sales, as adjusted |
$ |
28,665,233 |
|
|
$ |
28,667,443 |
|
|
flat |
||
|
|
|
|
|
|
||||||
Global components sales, as reported |
$ |
20,250,735 |
|
|
$ |
20,856,851 |
|
|
(2.9 |
)% |
|
Impact of changes in foreign currencies |
— |
|
|
(337,828 |
) |
|
|
||||
Impact of dispositions and wind down |
(240,473 |
) |
|
(415,707 |
) |
|
|
||||
Global components sales, as adjusted |
$ |
20,010,262 |
|
|
$ |
20,103,316 |
|
|
(0.5 |
)% |
|
|
|
|
|
|
|
||||||
Americas components sales, as reported |
$ |
7,167,295 |
|
|
$ |
7,816,533 |
|
|
(8.3 |
)% |
|
Impact of changes in foreign currencies |
— |
|
|
(4,496 |
) |
|
|
||||
Impact of dispositions and wind down |
(189,963 |
) |
|
(310,198 |
) |
|
|
||||
Americas components sales, as adjusted |
$ |
6,977,332 |
|
|
$ |
7,501,839 |
|
|
(7.0 |
)% |
|
|
|
|
|
|
|
||||||
Europe components sales, as reported |
$ |
5,412,379 |
|
|
$ |
5,733,222 |
|
|
(5.6 |
)% |
|
Impact of changes in foreign currencies |
— |
|
|
(292,551 |
) |
|
|
||||
Impact of dispositions and wind down |
(50,510 |
) |
|
(105,509 |
) |
|
|
||||
Europe components sales, as adjusted |
$ |
5,361,869 |
|
|
$ |
5,335,162 |
|
|
0.5 |
% |
|
|
|
|
|
|
|
||||||
Asia components sales, as reported |
$ |
7,671,061 |
|
|
$ |
7,307,096 |
|
|
5.0 |
% |
|
Impact of changes in foreign currencies |
— |
|
|
(40,781 |
) |
|
|
||||
Asia components sales, as adjusted |
$ |
7,671,061 |
|
|
$ |
7,266,315 |
|
|
5.6 |
% |
|
|
|
|
|
|
|
||||||
Global ECS sales, as reported |
$ |
8,666,112 |
|
|
$ |
8,819,917 |
|
|
(1.7 |
)% |
|
Impact of changes in foreign currencies |
— |
|
|
(175,389 |
) |
|
|
||||
Impact of dispositions |
(11,141 |
) |
|
(80,401 |
) |
|
|
||||
Global ECS sales, as adjusted |
$ |
8,654,971 |
|
|
$ |
8,564,127 |
|
|
1.1 |
% |
|
|
|
|
|
|
|
||||||
Europe ECS sales, as reported |
$ |
3,034,087 |
|
|
$ |
3,077,391 |
|
|
(1.4 |
)% |
|
Impact of changes in foreign currencies |
— |
|
|
(145,468 |
) |
|
|
||||
Impact of dispositions |
(11,141 |
) |
|
(52,908 |
) |
|
|
||||
Europe ECS sales, as adjusted |
$ |
3,022,946 |
|
|
$ |
2,879,015 |
|
|
5.0 |
% |
|
|
|
|
|
|
|
||||||
Americas ECS sales, as reported |
$ |
5,632,025 |
|
|
$ |
5,742,526 |
|
|
(1.9 |
)% |
|
Impact of changes in foreign currencies |
— |
|
|
(29,921 |
) |
|
|
||||
Impact of dispositions |
— |
|
|
(27,493 |
) |
|
|
||||
Americas ECS sales, as adjusted |
$ |
5,632,025 |
|
|
$ |
5,685,112 |
|
|
(0.9 |
)% |
|
ARROW ELECTRONICS, INC. |
||||||||||||||||||||||||||||||||||||
NON-GAAP EARNINGS RECONCILIATION |
||||||||||||||||||||||||||||||||||||
(In thousands except per share data) |
||||||||||||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Three months ended December 31, 2019 |
||||||||||||||||||||||||||||||||||||
|
|
Reported
|
|
Intangible
|
|
Restructuring
|
|
AFS Write
|
|
Digital Write
|
|
Impact of
|
|
Tax
|
|
Other(1) |
|
Non-GAAP
|
||||||||||||||||||
Sales |
$ |
7,338,190 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(19,375 |
) |
$ |
— |
|
$ |
— |
|
$ |
7,318,815 |
|
|||||||||
Gross Profit |
822,943 |
|
— |
|
— |
|
— |
|
1,117 |
|
5,388 |
|
— |
|
— |
|
829,448 |
|
||||||||||||||||||
Operating income |
238,108 |
|
14,311 |
|
16,350 |
|
2,850 |
|
1,117 |
|
10,912 |
|
— |
|
1,002 |
|
284,650 |
|
||||||||||||||||||
Income before income taxes |
169,648 |
|
14,311 |
|
16,350 |
|
2,850 |
|
1,117 |
|
10,942 |
|
— |
|
17,919 |
|
233,137 |
|
||||||||||||||||||
Provision for income taxes |
57,460 |
|
4,050 |
|
3,042 |
|
607 |
|
156 |
|
(18,380 |
) |
1,806 |
|
2,700 |
|
51,441 |
|
||||||||||||||||||
Consolidated net income |
112,188 |
|
10,261 |
|
13,308 |
|
2,243 |
|
961 |
|
29,322 |
|
(1,806 |
) |
15,219 |
|
181,696 |
|
||||||||||||||||||
Noncontrolling interests |
175 |
|
138 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
313 |
|
||||||||||||||||||
Net income attributable to shareholders |
$ |
112,013 |
|
$ |
10,123 |
|
$ |
13,308 |
|
$ |
2,243 |
|
$ |
961 |
|
$ |
29,322 |
|
$ |
(1,806 |
) |
$ |
15,219 |
|
$ |
181,383 |
|
|||||||||
Net income per diluted share(5) |
$ |
1.36 |
|
$ |
0.12 |
|
$ |
0.16 |
|
$ |
0.03 |
|
$ |
0.01 |
|
$ |
0.36 |
|
$ |
(0.02 |
) |
$ |
0.18 |
|
$ |
2.20 |
|
|||||||||
Effective tax rate |
33.9 |
% |
|
|
|
|
|
|
|
22.1 |
% |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Three months ended December 31, 2018 |
||||||||||||||||||||||||||||||||||||
|
|
Reported
|
|
Intangible
|
|
Restructuring
|
|
AFS Write
|
|
Digital Write
|
|
Impact of
|
|
Tax
|
|
Other(2) |
|
Non-GAAP
|
||||||||||||||||||
Sales |
$ |
7,918,182 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(102,965 |
) |
$ |
— |
|
$ |
— |
|
$ |
7,815,217 |
|
|||||||||
Gross Profit |
975,370 |
|
— |
|
— |
|
— |
|
— |
|
(16,947 |
) |
— |
|
— |
|
958,423 |
|
||||||||||||||||||
Operating income |
334,380 |
|
9,493 |
|
11,126 |
|
— |
|
— |
|
4,471 |
|
— |
|
— |
|
359,470 |
|
||||||||||||||||||
Income before income taxes |
264,965 |
|
9,493 |
|
11,126 |
|
— |
|
— |
|
4,114 |
|
— |
|
11,886 |
|
301,584 |
|
||||||||||||||||||
Provision for income taxes |
32,474 |
|
2,772 |
|
4,786 |
|
— |
|
— |
|
1,635 |
|
28,323 |
|
3,025 |
|
73,015 |
|
||||||||||||||||||
Consolidated net income |
232,491 |
|
6,721 |
|
6,340 |
|
— |
|
— |
|
2,479 |
|
(28,323 |
) |
8,861 |
|
228,569 |
|
||||||||||||||||||
Noncontrolling interests |
1,838 |
|
142 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
1,980 |
|
||||||||||||||||||
Net income attributable to shareholders |
$ |
230,653 |
|
$ |
6,579 |
|
$ |
6,340 |
|
$ |
— |
|
$ |
— |
|
$ |
2,479 |
|
$ |
(28,323 |
) |
$ |
8,861 |
|
$ |
226,589 |
|
|||||||||
Net income per diluted share(5) |
$ |
2.63 |
|
$ |
0.08 |
|
$ |
0.07 |
|
$ |
— |
|
$ |
— |
|
$ |
0.03 |
|
$ |
(0.32 |
) |
$ |
0.10 |
|
$ |
2.59 |
|
|||||||||
Effective tax rate |
12.3 |
% |
|
|
|
|
|
|
|
24.2 |
% |
|||||||||||||||||||||||||
NON-GAAP EARNINGS RECONCILIATION |
||||||||||||||||||||||||||||||||||||||||
(In thousands except per share data) |
||||||||||||||||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2019 |
||||||||||||||||||||||||||||||||||||||||
|
|
Reported
|
|
Intangible
|
|
Restructuring
|
|
AFS Write
|
|
Digital Write
|
|
Impairments(4) |
|
Impact of
|
|
Tax
|
|
Other(1) |
|
Non-GAAP
|
||||||||||||||||||||
Sales |
$ |
28,916,847 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(240,473 |
) |
$ |
— |
|
$ |
— |
|
$ |
28,676,374 |
|
||||||||||
Gross Profit |
3,298,381 |
|
— |
|
— |
|
1,868 |
|
22,332 |
|
— |
|
(1,975 |
) |
— |
|
— |
|
3,320,606 |
|
||||||||||||||||||||
Operating income |
107,696 |
|
42,383 |
|
78,429 |
|
18,037 |
|
22,332 |
|
623,796 |
|
162,244 |
|
— |
|
1,868 |
|
1,056,785 |
|
||||||||||||||||||||
Income before income taxes |
(111,830 |
) |
42,383 |
|
78,429 |
|
18,037 |
|
22,332 |
|
623,796 |
|
162,356 |
|
— |
|
10,921 |
|
846,424 |
|
||||||||||||||||||||
Provision for income taxes |
88,338 |
|
11,913 |
|
19,540 |
|
4,339 |
|
5,390 |
|
64,246 |
|
12,631 |
|
(1,696 |
) |
750 |
|
205,451 |
|
||||||||||||||||||||
Consolidated net income |
(200,168 |
) |
30,470 |
|
58,889 |
|
13,698 |
|
16,942 |
|
559,550 |
|
149,725 |
|
1,696 |
|
10,171 |
|
640,973 |
|
||||||||||||||||||||
Noncontrolling interests |
3,919 |
|
558 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
4,477 |
|
||||||||||||||||||||
Net income attributable to shareholders |
$ |
(204,087 |
) |
$ |
29,912 |
|
$ |
58,889 |
|
$ |
13,698 |
|
$ |
16,942 |
|
$ |
559,550 |
|
$ |
149,725 |
|
$ |
1,696 |
|
$ |
10,171 |
|
$ |
636,496 |
|
||||||||||
Net income per diluted share(5) |
$ |
(2.44 |
) |
$ |
0.36 |
|
$ |
0.70 |
|
$ |
0.16 |
|
$ |
0.20 |
|
$ |
6.70 |
|
$ |
1.79 |
|
$ |
0.02 |
|
$ |
0.12 |
|
$ |
7.55 |
|
||||||||||
Effective tax rate |
(79.0 |
)% |
|
|
|
|
|
|
|
|
24.3 |
% |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Year ended December 31, 2018 |
||||||||||||||||||||||||||||||||||||||||
|
|
Reported
|
|
Intangible
|
|
Restructuring
|
|
AFS Write
|
|
Digital Write
|
|
Impairments |
|
Impact of
|
|
Tax
|
|
Other(3) |
|
Non-GAAP
|
||||||||||||||||||||
Sales |
$ |
29,676,768 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(415,707 |
) |
$ |
— |
|
$ |
— |
|
$ |
29,261,061 |
|
||||||||||
Gross Profit |
3,700,912 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(71,091 |
) |
— |
|
— |
|
3,629,821 |
|
||||||||||||||||||||
Operating income |
1,147,512 |
|
38,215 |
|
49,297 |
|
— |
|
— |
|
— |
|
19,910 |
|
— |
|
3,604 |
|
1,258,538 |
|
||||||||||||||||||||
Income before income taxes |
909,373 |
|
38,215 |
|
49,297 |
|
— |
|
— |
|
— |
|
19,675 |
|
— |
|
19,435 |
|
1,035,995 |
|
||||||||||||||||||||
Provision for income taxes |
187,799 |
|
10,782 |
|
14,815 |
|
— |
|
— |
|
— |
|
6,031 |
|
28,323 |
|
4,678 |
|
252,428 |
|
||||||||||||||||||||
Consolidated net income |
721,574 |
|
27,433 |
|
34,482 |
|
— |
|
— |
|
— |
|
13,644 |
|
(28,323 |
) |
14,757 |
|
783,567 |
|
||||||||||||||||||||
Noncontrolling interests |
5,379 |
|
589 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
5,968 |
|
||||||||||||||||||||
Net income attributable to shareholders |
$ |
716,195 |
|
$ |
26,844 |
|
$ |
34,482 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
13,644 |
|
$ |
(28,323 |
) |
$ |
14,757 |
|
777,599 |
|
|||||||||||
Net income per diluted share(5) |
$ |
8.10 |
|
$ |
0.30 |
|
$ |
0.39 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
0.15 |
|
$ |
(0.32 |
) |
$ |
0.17 |
|
$ |
8.79 |
|
||||||||||
Effective tax rate |
20.7 |
% |
|
|
|
|
|
|
|
|
24.4 |
% |
||||||||||||||||||||||||||||
(1) |
Other includes loss on disposition of businesses, net, gain (loss) on investments, net, interest related to uncertain tax position related to the Tax Act and pension settlement. |
|
(2) |
Other includes gain (loss) on investments, net, and pension settlement. |
|
(3) |
Other includes loss on disposition of businesses, net, gain (loss) on investments, net, and pension settlement. |
|
(4) |
Impairments include goodwill impairments of $570,175, tradename impairments of $46,000, and $7,621 in impairment charges related to various other long-lived assets. |
|
(5) |
For the year ended December 31, 2019, the non-GAAP net income per diluted share calculation includes 752 thousand shares that were excluded from the GAAP net income per diluted share calculation. Additionally, in all periods presented the sum of the components for diluted EPS, as adjusted may not agree to totals, as presented, due to rounding. |
|
(6) |
Amounts for restructuring, integration, and other charges, identifiable intangible asset amortization, loss on disposition of businesses, net, certain tax adjustments, and impairments related to the personal computer and mobility asset disposition business are included in “impact of wind down” above. |
|
(7) |
Includes income tax expense related to repatriation of foreign earnings and the Tax Act. |
|
ARROW ELECTRONICS, INC. |
||||||||||||||||
SEGMENT INFORMATION |
||||||||||||||||
(In thousands) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Quarter Ended |
|
Year Ended |
||||||||||||
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||
Sales: |
|
|
|
|
|
|
|
|||||||||
Global components |
$ |
4,738,993 |
|
|
$ |
5,261,477 |
|
|
$ |
20,250,735 |
|
|
$ |
20,856,851 |
|
|
Global ECS |
2,599,197 |
|
|
2,656,705 |
|
|
8,666,112 |
|
|
8,819,917 |
|
|||||
Consolidated |
$ |
7,338,190 |
|
|
$ |
7,918,182 |
|
|
$ |
28,916,847 |
|
|
$ |
29,676,768 |
|
|
Operating income (loss): |
|
|
|
|
|
|
|
|||||||||
Global components |
$ |
149,794 |
|
|
$ |
252,313 |
|
|
$ |
(10,199 |
) |
|
$ |
1,007,638 |
|
|
Global ECS |
148,711 |
|
|
152,195 |
|
|
426,192 |
|
|
427,605 |
|
|||||
Corporate (a) |
(60,397 |
) |
|
(70,128 |
) |
|
(308,297 |
) |
|
(287,731 |
) |
|||||
Consolidated |
$ |
238,108 |
|
|
$ |
334,380 |
|
|
$ |
107,696 |
|
|
$ |
1,147,512 |
|
|
| (a) | Includes restructuring, integration, and other charges of $16.4 million and $79.0 million for the fourth quarter and year ended December 31, 2019 and $11.1 million and $49.3 million for the fourth quarter and year ended December 31, 2018, respectively. Also included is a net loss on disposition of $1.0 million and $1.9 million for the fourth quarter and year ended December 31, 2019 and $3.6 million for the year ended December 31, 2018, respectively. |
|
NON-GAAP SEGMENT RECONCILIATION |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Quarter Ended |
|
Year Ended |
||||||||||||
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||
Global components operating income, as reported |
$ |
149,794 |
|
|
$ |
252,313 |
|
|
$ |
(10,199 |
) |
|
$ |
1,007,638 |
|
|
Intangible assets amortization expense (b) |
7,135 |
|
|
6,600 |
|
|
26,594 |
|
|
24,226 |
|
|||||
Impairments (b) |
— |
|
|
— |
|
|
623,796 |
|
|
— |
|
|||||
Impact of wind-down (b) |
10,912 |
|
|
5,733 |
|
|
161,664 |
|
|
8,846 |
|
|||||
AFS notes receivable reserve |
2,850 |
|
|
— |
|
|
18,037 |
|
|
— |
|
|||||
Digital inventory reserve |
1,117 |
|
|
— |
|
|
22,332 |
|
|
— |
|
|||||
Global components operating income, as adjusted |
$ |
171,808 |
|
|
$ |
264,646 |
|
|
$ |
842,224 |
|
|
$ |
1,040,710 |
|
|
Global ECS operating income, as reported |
$ |
148,711 |
|
|
$ |
152,195 |
|
|
$ |
426,192 |
|
|
$ |
427,605 |
|
|
Intangible assets amortization expense |
7,176 |
|
|
2,893 |
|
|
15,789 |
|
|
13,989 |
|
|||||
Global ECS operating income, as adjusted |
$ |
155,887 |
|
|
$ |
155,088 |
|
|
$ |
441,981 |
|
|
$ |
441,594 |
|
|
(b) |
Restructuring, integration, and other charges, identifiable intangible asset amortization, loss on disposition of businesses, net, and impairments related to the personal computer and mobility asset disposition business are included in “impact of wind down” above. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20200206005263/en/
Contact:
Steven O’Brien
Vice President, Investor Relations
303-824-4544
Media Contact:
John Hourigan
Vice President, Global Communications
303-824-4586