Arrow Electronics Gross profit (Q2, 2018)932.8 M

Arrow Electronics Gross profit margin (Q2, 2018), %12.6%

Arrow Electronics Net income (Q2, 2018)171 M

Arrow Electronics EBIT (Q2, 2018)286.8 M

Arrow Electronics Cash, 30-Jun-2018330.5 M

Arrow Electronics EV10.3 B

Arrow Electronics revenue was $26.81 b in FY, 2017 which is a 12.5% year over year increase from the previous period.

Arrow Electronics revenue breakdown by business segment: 31.6% from Global ECS and 68.4% from Global Components

Arrow Electronics revenue breakdown by geographic segment: 46.3% from Americas, 28.6% from EMEA and 25.1% from Asia/Pacific

USD | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|

## Revenue | 22.8 b | 23.3 b | 23.8 b | 26.8 b |

| 7% | 2% | 2% | 13% |

## Cost of goods sold | 19.8 b | 20.2 b | 20.7 b | 23.5 b |

## Gross profit | 3 b | 3 b | 3.1 b | 3.4 b |

| 13% | 13% | 13% | 13% |

## General and administrative expense | 2 b | 2 b | 2.1 b | 2.2 b |

## Operating expense total | 2.2 b | 2.2 b | 2.3 b | 2.4 b |

## EBIT | 762.3 m | 824.5 m | 858.5 m | 928.5 m |

| 3% | 4% | 4% | 3% |

## Interest expense | 116 m | 135.4 m | 150.7 m | 163.8 m |

## Pre tax profit | 683.3 m | 692.2 m | 715.4 m | 694.3 m |

## Income tax expense | 184.9 m | 191.7 m | 190.7 m | 287.1 m |

## Net Income | 498.4 m | 500.5 m | 524.7 m | 407.2 m |

- Source: SEC Filings

USD | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 5 b | 5.8 b | 5.7 b | 5.5 b | 6 b | 5.9 b | 5.8 b | 6.5 b | 7 b | 6.9 b | 7.4 b |

## Cost of goods sold | 4.3 b | 5.1 b | 5 b | 4.7 b | 5.2 b | 5.2 b | 5 b | 5.6 b | 6.1 b | 6 b | 6.5 b |

## Gross profit | 685.3 m | 768.6 m | 742.4 m | 748.9 m | 798.8 m | 773.2 m | 759.9 m | 824 m | 843.4 m | 868.9 m | 932.8 m |

| 14% | 13% | 13% | 14% | 13% | 13% | 13% | 13% | 12% | 13% | 13% |

## General and administrative expense | 454.5 m | 504.8 m | 497.9 m | 505.8 m | 518.7 m | 510 m | 515.5 m | 532.3 m | 552.9 m | 563 m | 580.4 m |

## Operating expense total | 4.8 b | 5.6 b | 5.5 b | 5.3 b | 5.7 b | 5.7 b | 5.6 b | 594.1 m | 607.4 m | 632.9 m | 646 m |

## EBIT | 177.4 m | 206.9 m | 185.8 m | 181.4 m | 223.6 m | 198.7 m | 191.7 m | 229.8 m | 236 m | 236 m | 286.8 m |

| 4% | 4% | 3% | 3% | 4% | 3% | 3% | 4% | 3% | 3% | 4% |

## Interest expense | 30.9 m | 34.7 m | 35.4 m | 35.6 m | 39 m | 37.2 m | 38.1 m | 42.4 m | 39.7 m | 45.2 m | 60.8 m |

## Pre tax profit | 147 m | 172.7 m | 152.1 m | 147.6 m | 186.8 m | 162.8 m | 154.6 m | 130.2 m | 181.7 m | 186.5 m | 222.7 m |

## Income tax expense | 40.9 m | 48 m | 41.8 m | 41.1 m | 51.5 m | 44.9 m | 39.2 m | 29.6 m | 46.2 m | 46.6 m | 51.7 m |

## Net Income | 106.1 m | 124.7 m | 110.3 m | 106.6 m | 135.3 m | 117.8 m | 115.4 m | 100.6 m | 135.5 m | 139.9 m | 171 m |

- Source: SEC Filings

USD | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|

## Cash | 400.4 m | 273.1 m | 534.3 m | 730.1 m |

## Accounts Receivable | 6 b | 6.2 b | 6.7 b | 8.2 b |

## Inventories | 2.3 b | 2.5 b | 2.9 b | 3.3 b |

## Current Assets | 9 b | 9.2 b | 10.3 b | 12.4 b |

## PP&E | 636.3 m | 700.2 m | 756.3 m | 838.5 m |

## Goodwill | 2.1 b | 2.4 b | 2.4 b | 2.5 b |

## Total Assets | 12.4 b | 13 b | 14.2 b | 16.5 b |

## Accounts Payable | 5 b | 5.2 b | 5.8 b | 6.8 b |

## Short-term debt | 13.5 m | 44 m | 93.8 m | 356.8 m |

## Current Liabilities | 5.8 b | 6.1 b | 6.7 b | 8 b |

## Long-term debt | 2.1 b | 2.4 b | 2.7 b | 2.9 b |

## Total Debt | 2.1 b | 2.4 b | 2.8 b | 3.3 b |

## Common Stock | 125.4 m | 125.4 m | 125.4 m | 125.4 m |

## Additional Paid-in Capital | 1.1 b | 1.1 b | 1.1 b | 1.1 b |

## Retained Earnings | 4.2 b | 4.7 b | 5.2 b | 5.6 b |

## Total Equity | 4.2 b | 4.2 b | 4.5 b | 5 b |

## Debt to Equity Ratio | 0.5 x | 0.6 x | 0.6 x | 0.7 x |

## Debt to Assets Ratio | 0.2 x | 0.2 x | 0.2 x | 0.2 x |

## Financial Leverage | 3 x | 3.1 x | 3.2 x | 3.3 x |

USD | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 305.3 m | 399.7 m | 336.7 m | 394.7 m | 495.8 m | 384.4 m | 521.6 m | 419.9 m | 584.3 m | 548.6 m | 330.5 m |

## Accounts Receivable | 4.9 b | 5.1 b | 5.1 b | 5.3 b | 5.7 b | 5.9 b | 5.9 b | 6.5 b | 7.1 b | 7.4 b | 8.1 b |

## Inventories | 2.3 b | 2.5 b | 2.5 b | 2.4 b | 2.5 b | 2.6 b | 2.9 b | 3 b | 3.2 b | 3.6 b | 3.8 b |

## Current Assets | 7.7 b | 8.3 b | 8.2 b | 8.4 b | 9 b | 9.2 b | 9.5 b | 10.2 b | 11 b | 11.8 b | 12.5 b |

## PP&E | 642.6 m | 671.4 m | 690 m | 725.3 m | 737.6 m | 750.5 m | 786.6 m | 789.9 m | 1.5 b | 849.9 m | 835.8 m |

## Goodwill | 2.1 b | 2.3 b | 2.4 b | 2.4 b | 2.4 b | 2.4 b | 2.4 b | 2.4 b | 2.5 b | 2.7 b | 2.7 b |

## Total Assets | 11.1 b | 12.1 b | 12 b | 12.4 b | 12.9 b | 13.1 b | 13.4 b | 14.2 b | 15.1 b | 16.1 b | 16.7 b |

## Accounts Payable | 3.6 b | 4.2 b | 3.9 b | 4.2 b | 4.6 b | 4.7 b | 4.8 b | 5.3 b | 5.8 b | 6.1 b | 6.5 b |

## Short-term debt | 13.6 m | 86.8 m | 85.8 m | 46.1 m | 111.3 m | 77.3 m | 471.8 m | 427 m | 380.2 m | 38.2 m | 114.9 m |

## Current Liabilities | 4.3 b | 5 b | 4.6 b | 4.9 b | 5.5 b | 5.5 b | 6 b | 6.4 b | 7 b | 7 b | 7.4 b |

## Long-term debt | 2.5 b | 2.5 b | 2.7 b | 2.6 b | 2.6 b | 2.7 b | 2.5 b | 2.6 b | 2.8 b | 3.5 b | 3.7 b |

## Total Debt | 2.5 b | 2.6 b | 2.8 b | 2.7 b | 2.7 b | 2.8 b | 2.9 b | 3.1 b | 3.2 b | 3.6 b | 3.8 b |

## Common Stock | 125.4 m | 125.4 m | 125.4 m | 125.4 m | 125.4 m | 125.4 m | 125.4 m | 125.4 m | 125.4 m | 125.4 m | 125.4 m |

## Additional Paid-in Capital | 1.1 b | 1.1 b | 1.1 b | 1.1 b | 1.1 b | 1.1 b | 1.1 b | 1.1 b | 1.1 b | 1.1 b | 1.1 b |

## Retained Earnings | 4.3 b | 4.4 b | 4.5 b | 4.8 b | 4.9 b | 5 b | 5.3 b | 5.4 b | 5.5 b | 5.8 b | 5.9 b |

## Total Equity | 4 b | 4.2 b | 4.2 b | 4.4 b | 4.4 b | 4.5 b | 4.6 b | 4.8 b | 4.9 b | 5.1 b | 5.2 b |

## Debt to Equity Ratio | 0.6 x | 0.6 x | 0.7 x | 0.6 x | 0.6 x | 0.6 x | 0.6 x | 0.6 x | 0.6 x | 0.7 x | 0.7 x |

## Debt to Assets Ratio | 0.2 x | 0.2 x | 0.2 x | 0.2 x | 0.2 x | 0.2 x | 0.2 x | 0.2 x | 0.2 x | 0.2 x | 0.2 x |

## Financial Leverage | 2.8 x | 2.9 x | 2.9 x | 2.8 x | 2.9 x | 2.9 x | 2.9 x | 3 x | 3.1 x | 3.1 x | 3.2 x |

USD | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|

## Net Income | 498.4 m | 500.5 m | 524.7 m | 407.2 m |

## Depreciation and Amortization | 156 m | 155.8 m | 159.2 m | 153.6 m |

## Accounts Receivable | (521.6 m) | (69 m) | (636.9 m) | (1.1 b) |

## Inventories | (210.8 m) | (42.8 m) | (404 m) | (379.8 m) |

## Accounts Payable | 628.7 m | 33.4 m | 582.2 m | 816.6 m |

## Cash From Operating Activities | 673.3 m | 655.1 m | 355.8 m | 124.6 m |

## Purchases of PP&E | (122.5 m) | (154.8 m) | (164.7 m) | (203.9 m) |

## Cash From Investing Activities | (244.8 m) | (664 m) | (241.4 m) | (188.8 m) |

## Short-term Borrowings | (41.3 m) | |||

## Long-term Borrowings | (558.9 m) | |||

## Cash From Financing Activities | (434.9 m) | (84.2 m) | 166.1 m | 256.7 m |

## Net Change in Cash | 9.8 m | (127.3 m) | 261.2 m | 195.8 m |

USD | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|

## Net Income | 106.1 m | 230.8 m | 341.1 m | 106.6 m | 241.9 m | 359.8 m | 115.4 m | 216 m | 351.4 m | 139.9 m | 310.9 m |

## Depreciation and Amortization | 37.2 m | 76.9 m | 117.9 m | 40.9 m | 81.3 m | 121.5 m | 37.1 m | 74.5 m | 113.1 m | 47.2 m | 93.7 m |

## Accounts Receivable | 935.3 m | 1.1 b | 1.1 b | 996.7 m | 529.2 m | 335.5 m | 926.9 m | 398 m | (59.1 m) | 789.8 m | (73.6 m) |

## Inventories | 48.6 m | (82.8 m) | (44.9 m) | 44.6 m | (22.5 m) | (117.7 m) | (38.2 m) | (149.9 m) | (255.8 m) | (260.6 m) | (499.9 m) |

## Accounts Payable | (1.3 b) | (1 b) | (1.3 b) | (1 b) | (606.7 m) | (513.4 m) | (982.4 m) | (601.7 m) | (113.8 m) | (691.8 m) | (240.7 m) |

## Cash From Operating Activities | (241.6 m) | 219.4 m | 110.9 m | (36.6 m) | 111.3 m | 135.8 m | (20.9 m) | (133.1 m) | 1.8 m | (75.1 m) | (484.8 m) |

## Purchases of PP&E | (31.2 m) | (68.8 m) | (113.1 m) | (49.3 m) | (88.3 m) | (126.3 m) | (62.1 m) | (101.9 m) | (149.6 m) | (34.7 m) | (66.6 m) |

## Cash From Investing Activities | (162.2 m) | (537.5 m) | (624 m) | (95.8 m) | (145.8 m) | (207.3 m) | (54.2 m) | (83 m) | (131.3 m) | (336.4 m) | (371.8 m) |

## Short-term Borrowings | (14.4 m) | (18.4 m) | 59.6 m | ||||||||

## Long-term Borrowings | (300 m) | (300 m) | |||||||||

## Cash From Financing Activities | 323.4 m | 325.3 m | 476.6 m | 253.6 m | 270.6 m | 203.4 m | 64 m | 91.4 m | 181.4 m | 235.5 m | 452.2 m |

## Net Change in Cash | (95.1 m) | (634 k) | (63.6 m) | 121.6 m | 222.7 m | 111.3 m | (12.8 m) | (114.4 m) | 50 m | (181.4 m) | (399.6 m) |

USD | Y, 2018 |
---|---|

## EV/EBIT | 35.9 x |

## EV/CFO | -21.3 x |

## Debt/Equity | 0.7 x |

## Debt/Assets | 0.2 x |

## Financial Leverage | 3.2 x |

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Arrow Electronics's Enterprise Customers was reported to be 150 k in Q2, 2018.

FY, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | FY, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | FY, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | FY, 2017 | Q1, 2018 | Q2, 2018 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Enterprise Customers | 100 k | 100 k | 100 k | 100 k | 100 k | 100 k | 100 k | 100 k | 125 k | 125 k | 125 k | 125 k | 150 k | 150 k | 150 k |

## Locations | 464 | 460 | 460 | 460 | 471 | 460 | 460 | 460 | 465 | 465 | 465 | 465 | 345 | 345 | 345 |

## Distribution Centers | 40 | 40 | 49 | 45 | |||||||||||

## Sales Offices | 300 | 300 | 300 | 300 | |||||||||||

## Countries | 56 | 56 | 56 | 56 | 53 | 53 | 80 |

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