AVT FY 2011 Earnings Report — Avnet, Inc. Revenue & Financial Results | Market Cap Arena

FY 2011 Earnings

Reported August 12, 2011

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2011	Prior Q	FY 2010	QoQ Change	YoY Change
Revenue	$26.5B	—	$19.2B	—	38.5%
Op. Income	$930M	—	$636M	—	46.3%
Gross Margin	11.7%	—	11.9%	—	-0.2pp
Net Margin	2.5%	—	2.1%	—	0.4pp
EPS (Diluted)	$4.34	—	$2.68	—	61.9%
Free Cash Flow	$129M	—	-$97M	—	233.0%

Revenue Flow

Item	Amount
REVENUE	$26.5B
Cost of Revenue	$23.4B
GROSS PROFIT	$3.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$2.1B
Other Expenses	$77M
Operating Expenses	$2.2B
Cost & Expenses	$25.6B
OPERATING INCOME	$930M
Interest Income	$0
Interest Expense	$92M
Other Income/Expenses	-$59M
INCOME BEFORE TAX	$871M
Income Tax Expense	$202M
Net Income from Continuing Ops	$669M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$669M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$669M
D&A	$81M
EBIT	$963M
EBITDA	$1.0B
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$26.5B
Cost of Revenue	$23.4B
GROSS PROFIT	$3.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$2.1B
Other Expenses	$77M
Operating Expenses	$2.2B
Cost & Expenses	$25.6B
OPERATING INCOME	$930M
Interest Income	$0
Interest Expense	$92M
Other Income/Expenses	-$59M
INCOME BEFORE TAX	$871M
Income Tax Expense	$202M
Net Income from Continuing Ops	$669M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$669M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$669M
D&A	$81M
EBIT	$963M
EBITDA	$1.0B
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$669M
Depreciation & Amortization	$81M
Stock-Based Compensation	$29M
Deferred Income Tax	$16M
Other Non-Cash Items	$34M
Change in Working Capital	-$551M
OPERATING CASH FLOW	$278M
Capital Expenditure	-$149M
Acquisitions (Net)	-$691M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$30M
NET CASH FROM INVESTING	-$810M
Net Debt Issuance	$59M
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	$4M
NET CASH FROM FINANCING	$63M
FREE CASH FLOW	$129M
Net Change in Cash	-$417M

Balance Sheet

Item	Amount
Cash & Equivalents	$675M
Short-Term Investments	$0
Net Receivables	$4.8B
Inventory	$2.6B
Other Current Assets	$0
TOTAL CURRENT ASSETS	$8.2B
PP&E (Net)	$419M
Goodwill	$885M
Intangible Assets	$0
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$374M
TOTAL NON-CURRENT ASSETS	$1.7B
TOTAL ASSETS	$9.9B
Account Payables	$3.6B
Short-Term Debt	$243M
Deferred Revenue	$72M
Other Current Liabilities	$280M
TOTAL CURRENT LIABILITIES	$4.5B
Long-Term Debt	$1.3B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$98M
TOTAL NON-CURRENT LIABILITIES	$1.4B
TOTAL LIABILITIES	$5.8B
Common Stock	$153M
Additional Paid-In Capital	$1.2B
Retained Earnings	$2.3B
Treasury Stock	-$695.0K
Accum. Other Comp. Income	$377M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$4.1B
Minority Interest	$0
TOTAL EQUITY	$4.1B
TOTAL LIABILITIES & EQUITY	$9.9B
Total Debt	$1.5B
Net Debt	$841M