Avnet Reports Third Quarter Fiscal 2021 Financial Results

Any forward-looking statement speaks only as of the date on which that statement is made. Except as required by law, the Company assumes no obligation to update any forward-looking statement to reflect events or circumstances that occur after the date on which the statement is made.

About Avnet

Avnet is a global electronic components distributor with extensive design, product, marketing and supply chain expertise for customers and suppliers at every stage of the product lifecycle. For the past 100 years, Avnet has helped its customers and suppliers around the world realize the transformative possibilities of technology. Learn more about Avnet at www.avnet.com. (AVT_IR)

AVNET, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Quarters Ended

 

Nine Months Ended

 

 

April 3,

 

March 28,

 

April 3,

 

March 28,

 

 

2021

 

2020

 

2021

 

2020

 

 

(Thousands, except per share data)

Sales

 

$

4,916,714

 

 

$

4,309,818

 

 

$

14,307,945

 

 

$

13,474,632

 

Cost of sales

 

 

4,348,364

 

 

 

3,790,885

 

 

 

12,712,262

 

 

 

11,886,247

 

Gross profit

 

 

568,350

 

 

 

518,933

 

 

 

1,595,683

 

 

 

1,588,385

 

Selling, general and administrative expenses

 

 

463,092

 

 

 

469,646

 

 

 

1,376,333

 

 

 

1,391,024

 

Goodwill and long-lived asset impairment expense

 

 

 

 

 

145,836

 

 

 

 

 

 

145,836

 

Restructuring, integration and other expenses

 

 

17,574

 

 

 

19,211

 

 

 

55,943

 

 

 

58,073

 

Operating income (loss)

 

 

87,684

 

 

 

(115,760

)

 

 

163,407

 

 

 

(6,548

)

Other income (expense), net

 

 

4,779

 

 

 

(12,608

)

 

 

(16,052

)

 

 

(9,640

)

Interest and other financing expenses, net

 

 

(22,342

)

 

 

(29,718

)

 

 

(66,128

)

 

 

(97,254

)

Income (loss) before taxes

 

 

70,121

 

 

 

(158,086

)

 

 

81,227

 

 

 

(113,442

)

Income tax benefit

 

 

(37,363

)

 

 

(29,425

)

 

 

(26,532

)

 

 

(30,200

)

Net income (loss)

 

$

107,484

 

 

$

(128,661

)

 

$

107,759

 

 

$

(83,242

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.08

 

 

$

(1.29

)

 

$

1.09

 

 

$

(0.82

)

Diluted

 

$

1.07

 

 

$

(1.29

)

 

$

1.08

 

 

$

(0.82

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used to compute earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

99,542

 

 

 

99,479

 

 

 

99,125

 

 

 

101,013

 

Diluted

 

 

100,247

 

 

 

99,479

 

 

 

100,013

 

 

 

101,013

 

Cash dividends paid per common share

 

$

0.21

 

 

$

0.21

 

 

$

0.63

 

 

$

0.63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVNET, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

 

 

 

 

 

 

 

 

April 3,

 

June 27,

 

 

2021

 

2020

 

 

(Thousands)

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

322,749

 

$

477,038

Receivables, net

 

 

3,365,677

 

 

2,928,386

Inventories

 

 

2,760,156

 

 

2,731,988

Prepaid and other current assets

 

 

156,023

 

 

191,394

Total current assets

 

 

6,604,605

 

 

6,328,806

Property, plant and equipment, net

 

 

381,083

 

 

404,607

Goodwill

 

 

838,460

 

 

773,734

Intangible assets, net

 

 

33,770

 

 

65,437

Operating lease assets

 

 

275,662

 

 

275,917

Other assets

 

 

232,335

 

 

256,696

Total assets

 

$

8,365,915

 

$

8,105,197

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Short-term debt

 

$

300,043

 

$

51

Accounts payable

 

 

2,001,743

 

 

1,754,078

Accrued expenses and other

 

 

526,974

 

 

472,924

Short-term operating lease liabilities

 

 

57,182

 

 

53,313

Total current liabilities

 

 

2,885,942

 

 

2,280,366

Long-term debt

 

 

895,913

 

 

1,424,791

Long-term operating lease liabilities

 

 

250,108

 

 

253,719

Other liabilities

 

 

396,065

 

 

419,923

Total liabilities

 

 

4,428,028

 

 

4,378,799

Shareholders’ equity

 

 

3,937,887

 

 

3,726,398

Total liabilities and shareholders’ equity

 

$

8,365,915

 

$

8,105,197

 

 

 

 

 

 

 

AVNET, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

April 3, 2021

 

March 28, 2020

 

 

(Thousands)

Cash flows from operating activities:

 

 

 

 

 

 

Net income (loss)

 

$

107,759

 

 

$

(83,242

)

 

 

 

 

 

 

 

Non-cash and other reconciling items:

 

 

 

 

 

 

Depreciation

 

 

67,462

 

 

 

75,535

 

Amortization

 

 

35,730

 

 

 

62,240

 

Amortization of operating lease assets

 

 

42,054

 

 

 

46,560

 

Deferred income taxes

 

 

11,510

 

 

 

(42,529

)

Stock-based compensation

 

 

22,293

 

 

 

20,757

 

Goodwill, long-lived asset and other impairments

 

 

15,166

 

 

 

145,836

 

Other, net

 

 

7,558

 

 

 

36,548

 

Changes in (net of effects from businesses acquired and divested):

 

 

 

 

 

 

Receivables

 

 

(405,700

)

 

 

150,095

 

Inventories

 

 

63,017

 

 

 

227,996

 

Accounts payable

 

 

224,151

 

 

 

(112,923

)

Accrued expenses and other, net

 

 

6,526

 

 

 

(84,263

)

Net cash flows provided by operating activities

 

 

197,526

 

 

 

442,610

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

Repayments under accounts receivable securitization, net

 

 

 

 

 

(127,400

)

Repayments under senior unsecured credit facility, net

 

 

(232,347

)

 

 

(1,194

)

Repayments under bank credit facilities and other debt, net

 

 

(2,192

)

 

 

(1,639

)

Repurchases of common stock

 

 

 

 

 

(235,830

)

Dividends paid on common stock

 

 

(62,400

)

 

 

(63,235

)

Other, net

 

 

(11,455

)

 

 

(15,132

)

Net cash flows used for financing activities

 

 

(308,394

)

 

 

(444,430

)

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of property, plant and equipment

 

 

(39,001

)

 

 

(61,156

)

Acquisitions of assets

 

 

(18,371

)

 

 

(51,509

)

Other, net

 

 

6,201

 

 

 

(12,547

)

Net cash flows used for investing activities

 

 

(51,171

)

 

 

(125,212

)

Effect of currency exchange rate changes on cash and cash equivalents

 

 

7,750

 

 

 

(16,418

)

Cash and cash equivalents:

 

 

 

 

 

 

— decrease

 

 

(154,289

)

 

 

(143,450

)

— at beginning of period

 

 

477,038

 

 

 

546,105

 

— at end of period

 

$

322,749

 

 

$

402,655

 

 

 

 

 

 

 

 

Non-GAAP Financial Information

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8  Next Page »



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise