AVT FY 2013 Earnings Report — Avnet, Inc. Revenue & Financial Results | Market Cap Arena

FY 2013 Earnings

Reported August 9, 2013

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2013	Prior Q	FY 2012	QoQ Change	YoY Change
Revenue	$25.5B	—	$25.7B	—	-1.0%
Op. Income	$626M	—	$884M	—	-29.2%
Gross Margin	11.7%	—	11.9%	—	-0.2pp
Net Margin	1.8%	—	2.2%	—	-0.4pp
EPS (Diluted)	$3.21	—	$3.79	—	-15.3%
Free Cash Flow	$599M	—	$400M	—	49.7%

Revenue Flow

Item	Amount
REVENUE	$25.5B
Cost of Revenue	$22.5B
GROSS PROFIT	$3.0B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$2.2B
Other Expenses	$150M
Operating Expenses	$2.4B
Cost & Expenses	$24.8B
OPERATING INCOME	$626M
Interest Income	$0
Interest Expense	$108M
Other Income/Expenses	-$77M
INCOME BEFORE TAX	$549M
Income Tax Expense	$99M
Net Income from Continuing Ops	$450M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$450M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$450M
D&A	$121M
EBIT	$657M
EBITDA	$778M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$25.5B
Cost of Revenue	$22.5B
GROSS PROFIT	$3.0B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$2.2B
Other Expenses	$150M
Operating Expenses	$2.4B
Cost & Expenses	$24.8B
OPERATING INCOME	$626M
Interest Income	$0
Interest Expense	$108M
Other Income/Expenses	-$77M
INCOME BEFORE TAX	$549M
Income Tax Expense	$99M
Net Income from Continuing Ops	$450M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$450M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$450M
D&A	$121M
EBIT	$657M
EBITDA	$778M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$450M
Depreciation & Amortization	$121M
Stock-Based Compensation	$44M
Deferred Income Tax	-$10M
Other Non-Cash Items	$44M
Change in Working Capital	$47M
OPERATING CASH FLOW	$696M
Capital Expenditure	-$97M
Acquisitions (Net)	-$259M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$3M
NET CASH FROM INVESTING	-$353M
Net Debt Issuance	-$142M
Common Stock Repurchased	-$207M
Common Dividends Paid	$0
Other Financing Activities	$5M
NET CASH FROM FINANCING	-$344M
FREE CASH FLOW	$599M
Net Change in Cash	$2M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.0B
Short-Term Investments	$0
Net Receivables	$4.9B
Inventory	$2.3B
Other Current Assets	$214M
TOTAL CURRENT ASSETS	$8.4B
PP&E (Net)	$493M
Goodwill	$1.3B
Intangible Assets	$172M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$364M
TOTAL NON-CURRENT ASSETS	$2.1B
TOTAL ASSETS	$10.5B
Account Payables	$3.3B
Short-Term Debt	$838M
Deferred Revenue	$54M
Other Current Liabilities	$360M
TOTAL CURRENT LIABILITIES	$4.8B
Long-Term Debt	$1.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$157M
TOTAL NON-CURRENT LIABILITIES	$1.4B
TOTAL LIABILITIES	$6.2B
Common Stock	$137M
Additional Paid-In Capital	$1.3B
Retained Earnings	$2.8B
Treasury Stock	-$764.0K
Accum. Other Comp. Income	$29M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$4.3B
Minority Interest	$0
TOTAL EQUITY	$4.3B
TOTAL LIABILITIES & EQUITY	$10.5B
Total Debt	$2.0B
Net Debt	$1.0B