-- Record Sales, Gross Profit, Operating
Income, and Earnings Per Share --
-- Second-Quarter Earnings Per Share of
$5.54; Non-GAAP Earnings Per Share of $5.78 --
Arrow Electronics, Inc. (NYSE:ARW) today reported second-quarter
2022 sales of $9.46 billion, an increase of 10 percent from sales
of $8.56 billion in the second quarter of 2021. Second-quarter net
income was $370 million, or $5.54 per share on a diluted basis,
compared with net income of $241 million, or $3.23 per share on a
diluted basis, in the second quarter of 2021. Non-GAAP net income1
was $386 million, or $5.78 per share on a diluted basis, in the
second quarter of 2022, compared with non-GAAP net income of $249
million, or $3.34 per share on a diluted basis, in the second
quarter of 2021. In the second quarter of 2022, changes in foreign
currencies had negative impacts on growth of approximately $291
million on sales and $0.17 on earnings per share on a diluted basis
compared to the second quarter of 2021.
“We’ve continued to build and deliver on our record performance
for the past several quarters. While market conditions are
challenging, they also provide ample opportunities to demonstrate
Arrow's commitment to the success of our customers and suppliers,”
said Sean Kerins, president, and chief executive officer. “Thanks
to the dedication and focused execution of our team, we delivered
all-time record quarterly sales, gross profit, operating income,
and earnings per share while in the face of ongoing supply and
demand imbalance.”
Global components second-quarter sales of $7.46 billion
reflected an increase of 13 percent year over year and non-GAAP
sales increased 16 percent year over year. Asia-Pacific components
second-quarter sales increased 1 percent year over year. Americas
components second-quarter sales increased 26 percent year over
year. Europe components second-quarter sales increased 21 percent
year over year and non-GAAP sales in the region increased 37
percent year over year. Global components second-quarter operating
income was $524 million, and second-quarter non-GAAP operating
income was $531 million.
“Demand for electronic components and associated design,
engineering and supply chain services remained strong. Past
investments to enhance our capabilities, especially in the areas of
engineering and supply chain capabilities, have led to advancements
in profit performance. This is proof positive that we are uniquely
positioned to help our customers navigate today’s challenges,” said
Mr. Kerins.
Global enterprise computing solutions second-quarter sales of
$2.00 billion reflected an increase of 2 percent year over year and
non-GAAP sales increased 8 percent year over year. Europe
enterprise computing solutions second-quarter sales increased 7
percent year over year and non-GAAP sales in the region increased
21 percent year over year. Americas enterprise computing solutions
second-quarter sales decreased 1 percent year over year. Global
enterprise computing solutions second-quarter operating income was
$84 million, and second-quarter non-GAAP operating income was $86
million.
“Global demand for more complex, enterprise IT content was
healthy, and while supply constraints represented a headwind to
hardware sales, we saw strength in our software and cloud
portfolios. We continue to see strength in cloud, software and
enterprise solutions and are well positioned for the transition to
IT-as-a-Service,” said Mr. Kerins.
“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 $225
million of shares in the second quarter of 2022. Our current
repurchase authorization stands at approximately $288 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.
THIRD-QUARTER 2022 OUTLOOK
- Consolidated sales of $8.92 billion to $9.52 billion, with
global components sales of $7.17 billion to $7.47 billion, and
global enterprise computing solutions sales of $1.75 billion to
$2.05 billion
- Net income per share on a diluted basis of $5.11 to $5.27, and
non-GAAP net income per share on a diluted basis of $5.27 to
$5.43
- Average tax rate of approximately 23.5 percent compared to the
long-term range of 23 to 25 percent
- Average diluted shares outstanding of 65 million
- Interest expense of approximately $46 million
- Expecting average USD-to-Euro exchange rate of $1.02 to €1;
changes in foreign currencies to decrease sales by approximately
$350 million, and earnings per share on a diluted basis by $.25
compared to the second quarter of 2021
Third-Quarter 2022 Outlook
Reported GAAP measure
Intangible amortization
expense
Restructuring & integration
charges
Non-GAAP measure
Net income per diluted share
$5.11 to $5.27
$.10
$.06
$5.27 to $5.43
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 statements regarding: Arrow’s future financial
performance, including its outlook on financial results for the
third 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 & 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: disruptions or inefficiencies in the
supply chain, including any potential adverse effects of the
ongoing global COVID-19 pandemic, impacts of the conflict in
Ukraine, industry conditions, changes in product supply, pricing
and customer demand, competition, other vagaries in the global
components and the global enterprise computing solutions (“ECS”)
markets, economic conditions, including changes in inflation rates,
tax rates, or the availability of capital, changes in relationships
with key suppliers, increased profit margin pressure, changes in
legal and regulatory matters, non-compliance with certain
regulations, such as export, antitrust, and anti-corruption laws,
foreign tax and other loss contingencies, 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 most recent Quarterly
Report on Form 10-Q and the company's most recent Annual Report on
Form 10-K, as well as in other filings the company makes with the
Securities and Exchange Commission. Shareholders and other readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date on which they are made.
The company undertakes no obligation to update publicly or revise
any of the forward-looking statements.
Certain Non-GAAP Financial
Information
In addition to disclosing financial results that are determined
in accordance with accounting principles generally accepted in the
United States (“GAAP”), the company also provides certain non-GAAP
financial information. The company provides non-GAAP sales, gross
profit, operating income, income before income taxes, provision for
income taxes, net income, noncontrolling interests, net income
attributable to shareholders, effective tax rate 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, pension settlement loss 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, and not as a substitute for 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
Six Months Ended
July 2, 2022
July 3, 2021
July 2, 2022
July 3, 2021
Sales
$
9,460,842
$
8,562,631
$
18,534,967
$
16,948,550
Cost of sales
8,224,628
7,562,526
16,091,249
15,018,335
Gross profit
1,236,214
1,000,105
2,443,718
1,930,215
Operating expenses:
Selling, general, and
administrative expenses
653,640
602,084
1,297,565
1,176,651
Depreciation and
amortization
47,252
48,539
95,557
98,870
Restructuring, integration, and
other charges
2,494
8,960
7,392
14,669
703,386
659,583
1,400,514
1,290,190
Operating income
532,828
340,522
1,043,204
640,025
Equity in earnings of affiliated
companies
2,165
190
3,008
1,034
Gain (loss) on investments, net
(9,744
)
6,726
(7,733
)
9,519
Employee benefit plan expense, net
(835
)
(1,438
)
(1,724
)
(2,668
)
Interest and other financing expense,
net
(38,506
)
(30,685
)
(72,491
)
(64,341
)
Income before income taxes
485,908
315,315
964,264
583,569
Provision for income taxes
114,413
74,113
226,773
135,139
Consolidated net income
371,495
241,202
737,491
448,430
Noncontrolling interests
1,161
561
2,408
1,468
Net income attributable to
shareholders
$
370,334
$
240,641
$
735,083
$
446,962
Net income per share:
Basic
$
5.60
$
3.27
$
10.98
$
6.02
Diluted
$
5.54
$
3.23
$
10.84
$
5.94
Weighted-average shares outstanding:
Basic
66,078
73,693
66,964
74,294
Diluted
66,851
74,611
67,797
75,197
ARROW ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands except par
value)
(Unaudited)
July 2, 2022
December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents
$
225,596
$
222,194
Accounts receivable, net
10,851,466
11,123,946
Inventories
4,886,562
4,201,965
Other current assets
460,808
345,218
Total current assets
16,424,432
15,893,323
Property, plant, and equipment, at
cost:
Land
5,691
5,736
Buildings and improvements
184,677
186,097
Machinery and equipment
1,528,875
1,523,919
1,719,243
1,715,752
Less: Accumulated depreciation
and amortization
(1,093,656
)
(1,032,941
)
Property, plant, and equipment,
net
625,587
682,811
Investments in affiliated companies
65,732
63,695
Intangible assets, net
175,854
195,029
Goodwill
2,020,574
2,080,371
Other assets
582,271
620,311
Total assets
$
19,894,450
$
19,535,540
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
9,162,534
$
9,617,084
Accrued expenses
1,244,505
1,326,386
Short-term borrowings,
including current portion of long-term debt
626,048
382,619
Total current liabilities
11,033,087
11,326,089
Long-term debt
2,856,490
2,244,443
Other liabilities
606,590
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
1,198,530
1,189,845
Treasury stock (60,821 and
57,358 shares in 2022 and 2021, respectively), at cost
(4,080,505
)
(3,629,265
)
Retained earnings
8,523,031
7,787,948
Accumulated other comprehensive
loss
(426,014
)
(191,657
)
Total shareholders’ equity
5,340,466
5,282,295
Noncontrolling interests
57,817
58,551
Total equity
5,398,283
5,340,846
Total liabilities and
equity
$
19,894,450
$
19,535,540
ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(In thousands)
(Unaudited)
Quarter Ended
July 2, 2022
July 3, 2021
Cash flows from operating activities:
Consolidated net income
$
371,495
$
241,202
Adjustments to reconcile
consolidated net income to net cash provided by (used for)
operations:
Depreciation and
amortization
47,252
48,539
Amortization of stock-based
compensation
13,885
8,744
Equity in earnings of
affiliated companies
(2,165
)
(190
)
Deferred income taxes
(8,036
)
(1,594
)
Loss (gain) on investments,
net
9,744
(6,726
)
Other
1,680
4,759
Change in assets and
liabilities:
Accounts receivable, net
(464,917
)
(313,735
)
Inventories
(294,990
)
(357,065
)
Accounts payable
162,366
562,461
Accrued expenses
103,764
79,459
Other assets and
liabilities
(22,660
)
15,526
Net cash provided by (used for) operating
activities
(82,582
)
281,380
Cash flows from investing activities:
Acquisition of property, plant,
and equipment
(16,974
)
(20,929
)
Other
373
—
Net cash used for investing activities
(16,601
)
(20,929
)
Cash flows from financing activities:
Change in short-term and other
borrowings
310,315
(2,379
)
Proceeds (payments) from
long-term bank borrowings, net
65,000
(20,433
)
Proceeds from exercise of stock
options
4,370
15,226
Repurchases of common stock
(219,532
)
(250,708
)
Other
(137
)
(159
)
Net cash provided by (used for) financing
activities
160,016
(258,453
)
Effect of exchange rate changes on
cash
(78,028
)
14,371
Net increase (decrease) in cash and cash
equivalents
(17,195
)
16,369
Cash and cash equivalents at beginning of
period
242,791
227,701
Cash and cash equivalents at end of
period
$
225,596
$
244,070
ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(In thousands)
(Unaudited)
Six Months Ended
July 2, 2022
July 3, 2021
Cash flows from operating activities:
Consolidated net income
$
737,491
$
448,430
Adjustments to reconcile
consolidated net income to net cash provided by (used for)
operations:
Depreciation and
amortization
95,557
98,870
Amortization of stock-based
compensation
31,236
21,967
Equity in earnings of
affiliated companies
(3,008
)
(1,034
)
Deferred income taxes
(6,684
)
12,069
Loss (gain) on investments,
net
7,733
(9,519
)
Other
2,366
6,133
Change in assets and
liabilities:
Accounts receivable, net
(34,207
)
283,042
Inventories
(755,892
)
(370,212
)
Accounts payable
(315,459
)
(277,663
)
Accrued expenses
60,123
83,102
Other assets and
liabilities
(102,086
)
(18,341
)
Net cash provided by (used for) operating
activities
(282,830
)
276,844
Cash flows from investing activities:
Acquisition of property, plant,
and equipment
(36,244
)
(41,109
)
Proceeds from sale of property,
plant, and equipment
—
22,171
Proceeds from collections of
notes receivable
20,542
—
Net cash used for investing activities
(15,702
)
(18,938
)
Cash flows from financing activities:
Change in short-term and other
borrowings
296,022
(14,831
)
Proceeds from long-term bank
borrowings, net
910,000
134,241
Redemption of notes
(350,000
)
(130,860
)
Proceeds from exercise of stock
options
15,672
41,317
Repurchases of common stock
(483,963
)
(411,327
)
Other
(137
)
(159
)
Net cash provided by (used for) financing
activities
387,594
(381,619
)
Effect of exchange rate changes on
cash
(85,660
)
(5,832
)
Net increase (decrease) in cash and cash
equivalents
3,402
(129,545
)
Cash and cash equivalents at beginning of
period
222,194
373,615
Cash and cash equivalents at end of
period
$
225,596
$
244,070
ARROW ELECTRONICS, INC.
NON-GAAP SALES RECONCILIATION
(In thousands)
(Unaudited)
Quarter Ended
July 2, 2022
July 3, 2021
% Change
Consolidated sales, as reported
$
9,460,842
$
8,562,631
10.5
%
Impact of changes in foreign
currencies
—
(290,517
)
Non-GAAP consolidated sales
$
9,460,842
$
8,272,114
14.4
%
Global components sales, as reported
$
7,461,552
$
6,610,761
12.9
%
Impact of changes in foreign
currencies
—
(191,715
)
Non-GAAP global components sales
$
7,461,552
$
6,419,046
16.2
%
Americas components sales, as reported
$
2,479,362
$
1,970,756
25.8
%
Impact of changes in foreign
currencies
—
(1,950
)
Non-GAAP Americas components sales
$
2,479,362
$
1,968,806
25.9
%
Asia components sales, as reported
$
3,173,786
$
3,149,343
0.8
%
Impact of changes in foreign
currencies
—
(23,348
)
Non-GAAP Asia components sales
$
3,173,786
$
3,125,995
1.5
%
Europe components sales, as reported
$
1,808,404
$
1,490,662
21.3
%
Impact of changes in foreign
currencies
—
(166,417
)
Non-GAAP Europe components sales
$
1,808,404
$
1,324,245
36.6
%
Global ECS sales, as reported
$
1,999,290
$
1,951,870
2.4
%
Impact of changes in foreign
currencies
—
(98,802
)
Non-GAAP global ECS sales
$
1,999,290
$
1,853,068
7.9
%
Americas ECS sales, as reported
$
1,160,796
$
1,167,355
(0.6
) %
Impact of changes in foreign
currencies
—
(7,312
)
Non-GAAP Americas ECS sales
$
1,160,796
$
1,160,043
0.1
%
Europe ECS sales, as reported
$
838,494
$
784,515
6.9
%
Impact of changes in foreign
currencies
—
(91,490
)
Non-GAAP Europe ECS sales
$
838,494
$
693,025
21.0
%
ARROW ELECTRONICS, INC.
NON-GAAP SALES RECONCILIATION
(In thousands)
(Unaudited)
Six Months Ended
July 2, 2022
July 3, 2021
% Change
Consolidated sales, as reported
$
18,534,967
$
16,948,550
9.4
%
Impact of changes in foreign
currencies
—
(442,068
)
Non-GAAP Consolidated sales
$
18,534,967
$
16,506,482
12.3
%
Global components sales, as reported
$
14,660,627
$
13,054,014
12.3
%
Impact of changes in foreign
currencies
—
(292,016
)
Non-GAAP Global components sales
$
14,660,627
$
12,761,998
14.9
%
Americas components sales, as reported
$
4,819,905
$
3,671,929
31.3
%
Impact of changes in foreign
currencies
—
(2,722
)
Non-GAAP Americas components sales
$
4,819,905
$
3,669,207
31.4
%
Asia components sales, as reported
$
6,105,315
$
6,322,821
(3.4
) %
Impact of changes in foreign
currencies
—
(23,978
)
Non-GAAP Asia components sales
$
6,105,315
$
6,298,843
(3.1
) %
Europe components sales, as reported
$
3,735,407
$
3,059,264
22.1
%
Impact of changes in foreign
currencies
—
(265,316
)
Non-GAAP Europe components sales
$
3,735,407
$
2,793,948
33.7
%
Global ECS sales, as reported
$
3,874,340
$
3,894,536
(0.5
) %
Impact of changes in foreign
currencies
—
(150,052
)
Non-GAAP Global ECS sales
$
3,874,340
$
3,744,484
3.5
%
Americas ECS sales, as reported
$
2,208,645
$
2,318,693
(4.7
) %
Impact of changes in foreign
currencies
—
(9,765
)
Non-GAAP Americas ECS sales
$
2,208,645
$
2,308,928
(4.3
) %
Europe ECS sales, as reported
$
1,665,695
$
1,575,843
5.7
%
Impact of changes in foreign
currencies
—
(140,287
)
Non-GAAP Europe ECS sales
$
1,665,695
$
1,435,556
16.0
%
ARROW ELECTRONICS, INC.
NON-GAAP EARNINGS
RECONCILIATION
(In thousands except per share
data)
(Unaudited)
Three months ended July 2,
2022
Reported GAAP measure
Intangible amortization
expense
Restructuring & Integration
charges
Other(1)
Non-GAAP measure
Sales
$
9,460,842
$
—
$
—
$
—
$
9,460,842
Gross Profit
1,236,214
—
—
—
1,236,214
Operating income
532,828
8,830
2,494
—
544,152
Income before income taxes
485,908
8,830
2,494
9,744
506,976
Provision for income taxes
114,413
2,263
362
2,356
119,394
Consolidated net income
371,495
6,567
2,132
7,388
387,582
Noncontrolling interests
1,161
133
—
—
1,294
Net income attributable to
shareholders
$
370,334
$
6,434
$
2,132
$
7,388
$
386,288
Net income per diluted share (3)
$
5.54
$
0.10
$
0.03
$
0.11
$
5.78
Effective tax rate (4)
23.5
%
23.6
%
Three months ended July 3,
2021
Reported GAAP measure
Intangible amortization
expense
Restructuring & Integration
charges(5)
Other(2)
Non-GAAP measure
Sales
$
8,562,631
$
—
$
—
$
—
$
8,562,631
Gross Profit
1,000,105
—
—
—
1,000,105
Operating income
340,522
9,316
8,960
—
358,798
Income before income taxes
315,315
9,316
8,960
(6,545
)
327,046
Provision for income taxes
74,113
2,382
2,088
(1,575
)
77,008
Consolidated net income
241,202
6,934
6,872
(4,970
)
250,038
Noncontrolling interests
561
150
—
—
711
Net income attributable to
shareholders
$
240,641
$
6,784
$
6,872
$
(4,970
)
$
249,327
Net income per diluted share (3)
$
3.23
$
0.09
$
0.09
$
(0.07
)
$
3.34
Effective tax rate (4)
23.5
%
23.5
%
ARROW ELECTRONICS, INC.
NON-GAAP EARNINGS
RECONCILIATION
(In thousands except per share
data)
(Unaudited)
Six months ended July 2, 2022
Reported GAAP measure
Intangible amortization
expense
Restructuring & Integration
charges
Other(1)
Non-GAAP measure
Sales
$
18,534,967
$
—
$
—
$
—
$
18,534,967
Gross Profit
2,443,718
—
—
—
2,443,718
Operating income
1,043,204
17,848
7,392
—
1,068,444
Income before income taxes
964,264
17,848
7,392
7,733
997,237
Provision for income taxes
226,773
4,573
1,567
1,870
234,783
Consolidated net income
737,491
13,275
5,825
5,863
762,454
Noncontrolling interests
2,408
273
—
—
2,681
Net income attributable to
shareholders
$
735,083
$
13,002
$
5,825
$
5,863
$
759,773
Net income per diluted share (3)
$
10.84
$
0.19
$
0.09
$
0.09
$
11.21
Effective tax rate (4)
23.5
%
23.5
%
Six months ended July 3, 2021
Reported GAAP measure
Intangible amortization
expense
Restructuring & Integration
charges(5)
Other(2)
Non-GAAP measure
Sales
$
16,948,550
$
—
$
—
$
—
$
16,948,550
Gross Profit
1,930,215
—
—
—
1,930,215
Operating income
640,025
18,642
14,669
—
673,336
Income before income taxes
583,569
18,642
14,669
(9,338
)
607,542
Provision for income taxes
135,139
4,767
3,254
(2,247
)
140,913
Consolidated net income
448,430
13,875
11,415
(7,091
)
466,629
Noncontrolling interests
1,468
300
—
—
1,768
Net income attributable to
shareholders
$
446,962
$
13,575
$
11,415
$
(7,091
)
$
464,861
Net income per diluted share (3)
$
5.94
$
0.18
$
0.15
$
(0.09
)
$
6.18
Effective tax rate (4)
23.2
%
23.2
%
(1)
Other includes loss on investments,
net.
(2)
Other includes gain on investments, net
and pension settlement loss.
(3)
The sum of the components for diluted EPS,
as adjusted may not agree to totals, as presented, due to
rounding.
(4)
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.
(5)
Restructuring & Integration charges
include impairment related to various long-lived assets
ARROW ELECTRONICS, INC.
SEGMENT INFORMATION
(In thousands)
(Unaudited)
Quarter Ended
Six Months Ended
July 2, 2022
July 3, 2021
July 2, 2022
July 3, 2021
Sales:
Global components
$
7,461,552
$
6,610,761
$
14,660,627
$
13,054,014
Global ECS
1,999,290
1,951,870
3,874,340
3,894,536
Consolidated
$
9,460,842
$
8,562,631
$
18,534,967
$
16,948,550
Operating income (loss):
Global components (a)
$
524,494
$
327,036
$
1,023,836
$
616,419
Global ECS
83,970
81,099
169,768
158,458
Corporate (b)
(75,636
)
(67,613
)
(150,400
)
(134,852
)
Consolidated
$
532,828
$
340,522
$
1,043,204
$
640,025
(a)
Global components operating income
includes $8.2 million and $12.5 million related to proceeds from
legal settlements for the second quarter and first six months of
2021, respectively.
(b)
Corporate operating income includes
restructuring, integration, and other charges of $2.5 million and
$7.4 million for the second quarter and first six months of 2022,
respectively, and $4.5 million and $10.2 million for the second
quarter and first six months of 2021, respectively.
NON-GAAP SEGMENT
RECONCILIATION
Quarter Ended
Six Months Ended
July 2, 2022
July 3, 2021
July 2, 2022
July 3, 2021
Global components operating income, as
reported
$
524,494
$
327,036
$
1,023,836
$
616,419
Intangible assets amortization
expense
6,739
6,995
13,612
13,999
Restructuring, integration, and
other charges
—
4,482
—
4,482
Global components non-GAAP operating
income
$
531,233
$
338,513
$
1,037,448
$
634,900
Global ECS operating income, as
reported
$
83,970
$
81,099
$
169,768
$
158,458
Intangible assets amortization
expense
2,091
2,321
4,236
4,643
Global ECS non-GAAP operating income
$
86,061
$
83,420
$
174,004
$
163,101
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220804005210/en/
Contact: Richard Seidlitz, Vice President, Principal Accounting
Officer, Interim Principal Financial Officer 303-305-4936
Media Contact: John Hourigan, Vice President, Global
Communications 303-824-4586
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