2014 Q2 Form 10-Q Financial Statement

#000000885814000009 Filed on April 25, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $7.049B $6.684B $6.299B
YoY Change 6.95% 6.11% 0.29%
Cost Of Revenue $6.212B $5.879B $5.543B
YoY Change 6.73% 6.06% 0.29%
Gross Profit $837.0M $804.9M $756.0M
YoY Change 8.57% 6.47% 0.29%
Gross Profit Margin 11.87% 12.04% 12.0%
Selling, General & Admin $604.5M $594.0M $561.1M
YoY Change 10.25% 5.87% 8.23%
% of Gross Profit 72.22% 73.8% 74.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $36.70M $34.90M $46.30M
YoY Change 16.51% -24.62% 77.39%
% of Gross Profit 4.38% 4.34% 6.12%
Operating Expenses $604.5M $594.0M $561.1M
YoY Change 10.27% 5.87% 8.23%
Operating Profit $232.5M $184.8M $167.6M
YoY Change 4.4% 10.28% -22.68%
Interest Expense -$24.30M $25.33M $27.34M
YoY Change -15.03% -7.37% 16.07%
% of Operating Profit -10.45% 13.7% 16.31%
Other Income/Expense, Net -$4.600M $2.511M $4.106M
YoY Change -31.34% -38.85% 26.53%
Pretax Income $175.6M $165.0M $144.4M
YoY Change 38.16% 14.28% -28.14%
Income Tax -$10.60M $51.14M $58.18M
% Of Pretax Income -6.04% 31.0% 40.3%
Net Earnings $186.3M $113.9M $86.20M
YoY Change 47.74% 32.08% -41.6%
Net Earnings / Revenue 2.64% 1.7% 1.37%
Basic Earnings Per Share $0.82 $0.63
Diluted Earnings Per Share $1.327M $0.81 $0.62
COMMON SHARES
Basic Shares Outstanding 138.4M shares 138.4M shares 137.1M shares
Diluted Shares Outstanding 140.2M shares 139.0M shares

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $929.0M $960.0M $821.0M
YoY Change -7.93% 16.93% -12.66%
Cash & Equivalents $929.0M $960.1M $820.9M
Short-Term Investments
Other Short-Term Assets $191.3M $199.1M $220.6M
YoY Change -10.68% -9.78% 2.12%
Inventory $2.613B $2.510B $2.285B
Prepaid Expenses
Receivables $5.221B $4.984B $4.778B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $8.954B $8.653B $8.104B
YoY Change 7.15% 6.78% -2.42%
LONG-TERM ASSETS
Property, Plant & Equipment $535.0M $522.3M $486.3M
YoY Change 8.61% 7.4% 6.15%
Goodwill $1.348B $1.344B $1.254B
YoY Change 6.91% 7.23% 15.9%
Intangibles $184.3M $197.8M
YoY Change 7.02%
Long-Term Investments
YoY Change
Other Assets $233.5M $182.8M $367.1M
YoY Change 21.83% -50.21% 17.48%
Total Long-Term Assets $2.301B $2.247B $2.107B
YoY Change 8.67% 6.65% 13.76%
TOTAL ASSETS
Total Short-Term Assets $8.954B $8.653B $8.104B
Total Long-Term Assets $2.301B $2.247B $2.107B
Total Assets $11.26B $10.90B $10.21B
YoY Change 7.45% 6.75% 0.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.402B $3.207B $3.175B
YoY Change 3.79% 0.99% -1.92%
Accrued Expenses $711.4M $709.1M $686.6M
YoY Change 0.89% 3.29% 5.01%
Deferred Revenue
YoY Change
Short-Term Debt $865.1M $848.4M $578.6M
YoY Change 3.21% 46.64% -38.09%
Long-Term Debt Due $865.0M $848.0M $579.0M
YoY Change 3.22% 46.46% -38.01%
Total Short-Term Liabilities $4.979B $4.765B $4.441B
YoY Change 3.26% 7.3% -7.98%
LONG-TERM LIABILITIES
Long-Term Debt $1.214B $1.222B $1.501B
YoY Change 0.57% -18.59% 26.8%
Other Long-Term Liabilities $172.7M $178.4M $186.2M
YoY Change 9.91% -4.18% 93.39%
Total Long-Term Liabilities $1.386B $1.400B $1.687B
YoY Change 1.64% -17.0% 31.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.979B $4.765B $4.441B
Total Long-Term Liabilities $1.386B $1.400B $1.687B
Total Liabilities $6.365B $6.165B $6.128B
YoY Change 2.91% 0.61% 0.36%
SHAREHOLDERS EQUITY
Retained Earnings $3.257B $3.099B $2.677B
YoY Change 16.21% 15.77% 7.63%
Common Stock $1.494B $1.482B $1.426B
YoY Change 2.46% 3.89% 1.73%
Preferred Stock
YoY Change
Treasury Stock (at cost) $675.0K $811.0K $766.0K
YoY Change -11.65% 5.87% 9.74%
Treasury Stock Shares 36.84K shares 42.08K shares 38.31K shares
Shareholders Equity $4.890B $4.736B $4.084B
YoY Change
Total Liabilities & Shareholders Equity $11.26B $10.90B $10.21B
YoY Change 7.45% 6.75% 0.53%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $186.3M $113.9M $86.20M
YoY Change 47.74% 32.08% -41.6%
Depreciation, Depletion And Amortization $36.70M $34.90M $46.30M
YoY Change 16.51% -24.62% 77.39%
Cash From Operating Activities $33.50M $358.1M $22.00M
YoY Change -87.44% 1527.73% -6.78%
INVESTING ACTIVITIES
Capital Expenditures -$42.00M -$34.20M -$20.10M
YoY Change 90.91% 70.15% -17.96%
Acquisitions
YoY Change
Other Investing Activities -$1.400M $2.300M -$72.90M
YoY Change -90.97% -103.16% -39.95%
Cash From Investing Activities -$43.40M -$32.00M -$93.00M
YoY Change 15.73% -65.59% -36.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -22.30M -144.7M 88.20M
YoY Change -44.11% -264.06% 1.03%
NET CHANGE
Cash From Operating Activities 33.50M 358.1M 22.00M
Cash From Investing Activities -43.40M -32.00M -93.00M
Cash From Financing Activities -22.30M -144.7M 88.20M
Net Change In Cash -32.20M 181.4M 17.20M
YoY Change -117.0% 954.65% -149.0%
FREE CASH FLOW
Cash From Operating Activities $33.50M $358.1M $22.00M
Capital Expenditures -$42.00M -$34.20M -$20.10M
Free Cash Flow $75.50M $392.3M $42.10M
YoY Change -73.86% 831.83% -12.47%

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us-gaap Number Of Businesses Acquired
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us-gaap Objectives For Using Derivative Instruments
ObjectivesForUsingDerivativeInstruments
This subjects the Company to the risks associated with fluctuations in foreign currency exchange rates. The Company reduces this risk by utilizing natural hedging (i.e., offsetting receivables and payables) as well as by creating offsetting positions through the use of derivative financial instruments, primarily forward foreign exchange contracts typically with maturities of less than sixty days ("economic hedges"). The Company continues to have exposure to foreign currency risks to the extent they are not hedged.
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2014Q1 us-gaap Severance Costs1
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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CY2014Q1 us-gaap Share Price
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CY2013Q2 us-gaap Short Term Borrowings
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us-gaap Stock Repurchase Program Authorized Amount
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750000000 USD
CY2014Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
223200000 USD
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
31700 shares
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
1300000 USD
CY2013Q2 us-gaap Stockholders Equity
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CY2014Q1 us-gaap Treasury Stock Shares
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CY2013Q2 us-gaap Treasury Stock Shares
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CY2013Q2 us-gaap Treasury Stock Value
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CY2014Q1 us-gaap Treasury Stock Value
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CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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140179000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2013Q1 avt Amortizationofacquiredintangibleassetsandother
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8746000 USD
avt Amortizationofacquiredintangibleassetsandother
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23844000 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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137102000 shares
CY2014Q1 avt Amortizationofacquiredintangibleassetsandother
Amortizationofacquiredintangibleassetsandother
12868000 USD
avt Amortizationofacquiredintangibleassetsandother
Amortizationofacquiredintangibleassetsandother
34456000 USD
avt Business Acquisition Aggregate Annualized Revenueof Acquired Businesses
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490000000 USD
avt Business Combination Bargain Purchase And Other Gain Recognized Pre Tax Amount
BusinessCombinationBargainPurchaseAndOtherGainRecognizedPreTaxAmount
31400000 USD
CY2014Q1 avt Business Combination Recognized Identifiable Assets Acquiredand Liabilities Assumed Property Plantand Equipmentand Other Non Current Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredandLiabilitiesAssumedPropertyPlantandEquipmentandOtherNonCurrentAssets
28155000 USD
CY2014Q1 avt Business Combination Recognized Identifiable Assets Acquiredand Liabilities Assumed Short Term Debt
BusinessCombinationRecognizedIdentifiableAssetsAcquiredandLiabilitiesAssumedShortTermDebt
45942000 USD
CY2014Q1 avt Definedbenefitplansestimatedfutureemployercontributionseachremainingquarterofcurrentfiscalyear
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10000000 USD
avt Divestiture Of Business Proceeds Received From Earn Out
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0 USD
avt Divestiture Of Business Proceeds Received From Earn Out
DivestitureOfBusinessProceedsReceivedFromEarnOut
3613000 USD
CY2013Q1 avt Gainon Legal Settlement Bargain Purchaseand Other
GainonLegalSettlementBargainPurchaseandOther
0 USD
avt Gainon Legal Settlement Bargain Purchaseand Other
GainonLegalSettlementBargainPurchaseandOther
31350000 USD
CY2014Q1 avt Gainon Legal Settlement Bargain Purchaseand Other
GainonLegalSettlementBargainPurchaseandOther
2965000 USD
avt Gainon Legal Settlement Bargain Purchaseand Other
GainonLegalSettlementBargainPurchaseandOther
22102000 USD
CY2013Q3 avt Gainon Legal Settlement Bargain Purchaseand Other
GainonLegalSettlementBargainPurchaseandOther
19100000 USD
avt Intangible Assets Weighted Average Useful Life
IntangibleAssetsWeightedAverageUsefulLife
P8Y
CY2013Q2 avt Long Term Debt Noncurrent Before Discount On Notes
LongTermDebtNoncurrentBeforeDiscountOnNotes
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CY2014Q1 avt Long Term Debt Noncurrent Before Discount On Notes
LongTermDebtNoncurrentBeforeDiscountOnNotes
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avt Operating Income Loss Before Restructuring Charges
OperatingIncomeLossBeforeRestructuringCharges
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avt Operating Income Loss Before Restructuring Charges
OperatingIncomeLossBeforeRestructuringCharges
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CY2014Q1 avt Operating Income Loss Before Restructuring Charges
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CY2013Q1 avt Operating Income Loss Before Restructuring Charges
OperatingIncomeLossBeforeRestructuringCharges
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avt Proceedsfromrepaymentsofbankandotherdebtnet
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avt Proceedsfromrepaymentsofbankandotherdebtnet
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avt Restructuring Integration And Other Charges
RestructuringIntegrationAndOtherCharges
66624000 USD
CY2014Q1 avt Restructuring Integration And Other Charges
RestructuringIntegrationAndOtherCharges
26083000 USD
CY2013Q1 avt Restructuring Integration And Other Charges
RestructuringIntegrationAndOtherCharges
27341000 USD
avt Restructuring Integration And Other Charges
RestructuringIntegrationAndOtherCharges
89655000 USD
CY2014Q1 avt Salespreviouslyreportedin E Mpriortotransferofbusiness
SalespreviouslyreportedinEMpriortotransferofbusiness
110900000 USD
avt Salespreviouslyreportedin E Mpriortotransferofbusiness
SalespreviouslyreportedinEMpriortotransferofbusiness
344600000 USD
avt Stock Repurchase Program Aggregate Cost Of Shares Repurchased Since Inception
StockRepurchaseProgramAggregateCostOfSharesRepurchasedSinceInception
526800000 USD
avt Stock Repurchase Program Aggregate Number Of Shares Repurchased Since Inception
StockRepurchaseProgramAggregateNumberOfSharesRepurchasedSinceInception
17921700 shares
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-28
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-03-29
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000008858
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
138399637 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
AVNET INC

Files In Submission

Name View Source Status
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