$AVT
AVNET INC

2021 Q2 Form 10-Q Financial Statement

#000000885821000022 Filed on April 30, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2 2020 Q1
Revenue $4.917B $4.160B $4.310B
YoY Change 18.2% -11.13% -8.28%
Cost Of Revenue $4.348B $3.685B $3.791B
YoY Change 18.01% -9.82% -6.96%
Gross Profit $568.4M $475.1M $518.9M
YoY Change 19.63% -20.16% -16.86%
Gross Profit Margin 11.56% 11.42% 12.04%
Selling, General & Admin $463.1M $451.1M $469.6M
YoY Change 2.66% -1.85% 0.32%
% of Gross Profit 81.48% 94.95% 90.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $28.70M $44.50M $46.60M
YoY Change -35.51% -1.33% 0.22%
% of Gross Profit 5.05% 9.37% 8.98%
Operating Expenses $463.1M $451.1M $469.6M
YoY Change 2.66% -1.83% 0.32%
Operating Profit $87.68M $24.00M -$115.8M
YoY Change 265.35% -82.3% -175.62%
Interest Expense $22.34M -$25.50M $29.72M
YoY Change -187.62% -26.51% -18.03%
% of Operating Profit 25.48% -106.25%
Other Income/Expense, Net $4.779M $7.400M -$12.61M
YoY Change -35.42% 335.29% -244.4%
Pretax Income $70.12M -$16.10M -$158.1M
YoY Change -535.53% -74.44% -225.9%
Income Tax -$37.36M -$68.30M -$29.43M
% Of Pretax Income -53.28%
Net Earnings $107.5M $52.20M -$128.7M
YoY Change 105.91% -264.15% -246.13%
Net Earnings / Revenue 2.19% 1.25% -2.99%
Basic Earnings Per Share $1.08 -$1.29
Diluted Earnings Per Share $1.07 $527.8K -$1.29
COMMON SHARES
Basic Shares Outstanding 99.54M 98.75M 99.48M
Diluted Shares Outstanding 100.2M 99.48M

Balance Sheet

Concept 2021 Q2 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $323.0M $477.0M $403.0M
YoY Change -32.29% -12.64% -44.41%
Cash & Equivalents $322.7M $477.0M $402.7M
Short-Term Investments
Other Short-Term Assets $156.0M $191.0M $181.0M
YoY Change -18.32% 24.03% 39.23%
Inventory $2.760B $2.732B $2.745B
Prepaid Expenses
Receivables $3.366B $2.928B $2.988B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.605B $6.329B $6.317B
YoY Change 4.36% -7.96% -12.93%
LONG-TERM ASSETS
Property, Plant & Equipment $381.1M $404.6M $413.4M
YoY Change -5.81% -10.53% -9.15%
Goodwill $838.5M $773.7M $760.9M
YoY Change 8.37% -11.75%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $232.3M $256.7M $250.2M
YoY Change -9.49% 18.95% 29.66%
Total Long-Term Assets $1.761B $1.776B $1.773B
YoY Change -0.85% 5.22% -3.9%
TOTAL ASSETS
Total Short-Term Assets $6.605B $6.329B $6.317B
Total Long-Term Assets $1.761B $1.776B $1.773B
Total Assets $8.366B $8.105B $8.090B
YoY Change 3.22% -5.36% -11.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.002B $1.754B $1.734B
YoY Change 14.12% -5.91% -5.62%
Accrued Expenses $527.0M $472.9M $418.7M
YoY Change 11.43% 14.32% -5.5%
Deferred Revenue
YoY Change
Short-Term Debt $300.0M $51.00K $400.0M
YoY Change 588219.61% -99.98%
Long-Term Debt Due $300.0M $0.00 $400.0M
YoY Change -100.0% 700.0%
Total Short-Term Liabilities $2.886B $2.280B $2.608B
YoY Change 26.56% -11.56% 11.78%
LONG-TERM LIABILITIES
Long-Term Debt $895.9M $1.425B $1.194B
YoY Change -37.12% 0.34% -41.0%
Other Long-Term Liabilities $396.1M $419.9M $362.9M
YoY Change -5.68% -1.33% -4.5%
Total Long-Term Liabilities $1.292B $1.845B $1.557B
YoY Change -29.96% -0.04% -35.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.886B $2.280B $2.608B
Total Long-Term Liabilities $1.292B $1.845B $1.557B
Total Liabilities $4.428B $4.379B $4.412B
YoY Change 1.12% -1.02% -6.85%
SHAREHOLDERS EQUITY
Retained Earnings $2.453B $2.422B $2.390B
YoY Change 1.27% -12.49%
Common Stock $1.711B $1.693B $1.686B
YoY Change 1.04% 0.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.938B $3.726B $3.677B
YoY Change
Total Liabilities & Shareholders Equity $8.366B $8.105B $8.090B
YoY Change 3.22% -5.36% -11.1%

Cashflow Statement

Concept 2021 Q2 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income $107.5M $52.20M -$128.7M
YoY Change 105.91% -264.15% -246.13%
Depreciation, Depletion And Amortization $28.70M $44.50M $46.60M
YoY Change -35.51% -1.33% 0.22%
Cash From Operating Activities -$9.900M $287.6M $98.40M
YoY Change -103.44% -14.07% -63.45%
INVESTING ACTIVITIES
Capital Expenditures -$9.000M -$12.30M -$16.90M
YoY Change -26.83% -42.25% -45.83%
Acquisitions
YoY Change
Other Investing Activities $5.400M $2.600M $500.0K
YoY Change 107.69% -262.5% -98.66%
Cash From Investing Activities -$3.500M -$9.800M -$16.30M
YoY Change -64.29% -57.21% -371.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -35.50M -200.2M -160.4M
YoY Change -82.27% -59.5% 443.73%
NET CHANGE
Cash From Operating Activities -9.900M 287.6M 98.40M
Cash From Investing Activities -3.500M -9.800M -16.30M
Cash From Financing Activities -35.50M -200.2M -160.4M
Net Change In Cash -48.90M 77.60M -78.30M
YoY Change -163.02% -142.52% -131.87%
FREE CASH FLOW
Cash From Operating Activities -$9.900M $287.6M $98.40M
Capital Expenditures -$9.000M -$12.30M -$16.90M
Free Cash Flow -$900.0K $299.9M $115.3M
YoY Change -100.3% -15.76% -61.62%

Facts In Submission

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CY2019Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2019Q3 us-gaap Dividends Common Stock Cash
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CY2019Q3 us-gaap Stock Repurchased During Period Value
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CY2019Q3 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2019Q3 us-gaap Stockholders Equity
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CY2019Q4 us-gaap Net Income Loss
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CY2019Q4 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2019Q4 us-gaap Dividends Common Stock Cash
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CY2020Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-96351000
CY2020Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2020Q1 us-gaap Dividends Common Stock Cash
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us-gaap Net Income Loss
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Repayments Of Notes Payable
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us-gaap Repayments Of Lines Of Credit
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us-gaap Repayments Of Lines Of Credit
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Of Dividends Common Stock
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us-gaap Payments Of Dividends Common Stock
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us-gaap Net Cash Provided By Used In Financing Activities
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:23.75pt;margin:0pt;"><i style="font-style:italic;">Fiscal year</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:23.75pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:23.75pt;margin:0pt;">The Company operates on a “52/53 week” fiscal year, and fiscal 2021 contains 53 weeks compared to fiscal 2020, which contained 52 weeks. As a result, the first nine months of fiscal 2021 ended April 3, 2021, contained 40 weeks compared to the first nine months of fiscal 2020 ended March 28, 2020, which contained 39 weeks.</p>
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us-gaap Defined Benefit Plan Expected Return On Plan Assets
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us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Income Taxes Paid Net
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CashEquivalentsAtCarryingValue
43200000
CY2020Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
20900000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
888000
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
100247000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
99479000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
100013000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
101013000
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.08
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.29
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.09
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.82
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.07
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.29
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.08
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.82
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
5232000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
5366000
us-gaap Interest Paid Net
InterestPaidNet
61127000
us-gaap Interest Paid Net
InterestPaidNet
88472000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4916714000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4309818000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
14307945000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
13474632000
CY2021Q2 avt Restructuring Integration And Other Charges
RestructuringIntegrationAndOtherCharges
17574000
CY2020Q1 avt Restructuring Integration And Other Charges
RestructuringIntegrationAndOtherCharges
19211000
avt Goodwill And Long Lived Asset Impairment
GoodwillAndLongLivedAssetImpairment
145836000
CY2021Q2 avt Amortization Of Acquired Intangible Assets And Other
AmortizationOfAcquiredIntangibleAssetsAndOther
5283000
CY2020Q1 avt Amortization Of Acquired Intangible Assets And Other
AmortizationOfAcquiredIntangibleAssetsAndOther
21071000
avt Amortization Of Acquired Intangible Assets And Other
AmortizationOfAcquiredIntangibleAssetsAndOther
35875000
avt Amortization Of Acquired Intangible Assets And Other
AmortizationOfAcquiredIntangibleAssetsAndOther
62603000
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
87684000
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-115760000
us-gaap Operating Income Loss
OperatingIncomeLoss
163407000
us-gaap Operating Income Loss
OperatingIncomeLoss
-6548000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4916714000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4309818000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
14307945000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
13474632000
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
381083000
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
404607000

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