AVT FY 2012 Earnings Report — Avnet, Inc. Revenue & Financial Results | Market Cap Arena

FY 2012 Earnings

Reported August 10, 2012

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2012	Prior Q	FY 2011	QoQ Change	YoY Change
Revenue	$25.7B	—	$26.5B	—	-3.1%
Op. Income	$884M	—	$930M	—	-4.9%
Gross Margin	11.9%	—	11.7%	—	0.2pp
Net Margin	2.2%	—	2.5%	—	-0.3pp
EPS (Diluted)	$3.79	—	$4.34	—	-12.7%
Free Cash Flow	$400M	—	$129M	—	209.2%

Revenue Flow

Item	Amount
REVENUE	$25.7B
Cost of Revenue	$22.7B
GROSS PROFIT	$3.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$2.1B
Other Expenses	$74M
Operating Expenses	$2.2B
Cost & Expenses	$24.8B
OPERATING INCOME	$884M
Interest Income	$0
Interest Expense	$91M
Other Income/Expenses	-$93M
INCOME BEFORE TAX	$791M
Income Tax Expense	$224M
Net Income from Continuing Ops	$567M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$567M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$567M
D&A	$101M
EBIT	$882M
EBITDA	$983M
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$25.7B
Cost of Revenue	$22.7B
GROSS PROFIT	$3.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$2.1B
Other Expenses	$74M
Operating Expenses	$2.2B
Cost & Expenses	$24.8B
OPERATING INCOME	$884M
Interest Income	$0
Interest Expense	$91M
Other Income/Expenses	-$93M
INCOME BEFORE TAX	$791M
Income Tax Expense	$224M
Net Income from Continuing Ops	$567M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$567M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$567M
D&A	$101M
EBIT	$882M
EBITDA	$983M
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$567M
Depreciation & Amortization	$101M
Stock-Based Compensation	$36M
Deferred Income Tax	$12M
Other Non-Cash Items	$63M
Change in Working Capital	-$251M
OPERATING CASH FLOW	$529M
Capital Expenditure	-$129M
Acquisitions (Net)	-$313M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$1M
NET CASH FROM INVESTING	-$441M
Net Debt Issuance	$596M
Common Stock Repurchased	-$318M
Common Dividends Paid	$0
Other Financing Activities	$6M
NET CASH FROM FINANCING	$283M
FREE CASH FLOW	$400M
Net Change in Cash	$332M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.0B
Short-Term Investments	$0
Net Receivables	$4.6B
Inventory	$2.4B
Other Current Assets	$0
TOTAL CURRENT ASSETS	$8.3B
PP&E (Net)	$461M
Goodwill	$1.1B
Intangible Assets	$0
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$352M
TOTAL NON-CURRENT ASSETS	$1.9B
TOTAL ASSETS	$10.2B
Account Payables	$3.2B
Short-Term Debt	$872M
Deferred Revenue	$85M
Other Current Liabilities	$331M
TOTAL CURRENT LIABILITIES	$4.8B
Long-Term Debt	$1.3B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$191M
TOTAL NON-CURRENT LIABILITIES	$1.5B
TOTAL LIABILITIES	$6.3B
Common Stock	$143M
Additional Paid-In Capital	$1.3B
Retained Earnings	$2.5B
Treasury Stock	-$697.0K
Accum. Other Comp. Income	-$46M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.9B
Minority Interest	$0
TOTAL EQUITY	$3.9B
TOTAL LIABILITIES & EQUITY	$10.2B
Total Debt	$2.1B
Net Debt	$1.1B