$AVT
AVNET INC

2022 Q1 Form 10-Q Financial Statement

#000000885822000010 Filed on January 28, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $5.865B $4.668B
YoY Change 25.64% 8.31%
Cost Of Revenue $5.152B $4.157B
YoY Change 23.94% 9.66%
Gross Profit $713.0M $511.3M
YoY Change 39.47% -1.48%
Gross Profit Margin 12.16% 10.95%
Selling, General & Admin $501.4M $442.1M
YoY Change 13.41% -5.87%
% of Gross Profit 70.31% 86.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.80M $32.60M
YoY Change -20.87% -30.04%
% of Gross Profit 3.62% 6.38%
Operating Expenses $501.4M $442.1M
YoY Change 13.41% -5.87%
Operating Profit $211.7M $57.22M
YoY Change 269.92% -149.43%
Interest Expense $21.63M $21.49M
YoY Change 0.67% -27.7%
% of Operating Profit 10.22% 37.55%
Other Income/Expense, Net $1.737M -$1.333M
YoY Change -230.31% -89.43%
Pretax Income $191.8M $34.40M
YoY Change 457.45% -121.76%
Income Tax $40.96M $15.24M
% Of Pretax Income 21.36% 44.3%
Net Earnings $150.8M $19.16M
YoY Change 687.04% -114.89%
Net Earnings / Revenue 2.57% 0.41%
Basic Earnings Per Share $1.52 $0.19
Diluted Earnings Per Share $1.50 $0.19
COMMON SHARES
Basic Shares Outstanding 99.03M 98.94M
Diluted Shares Outstanding 100.3M 99.93M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $167.8M $376.0M
YoY Change -55.37% -6.7%
Cash & Equivalents $167.8M $376.3M
Short-Term Investments
Other Short-Term Assets $156.0M $156.0M
YoY Change -0.02% -13.81%
Inventory $3.543B $2.816B
Prepaid Expenses
Receivables $4.078B $3.105B
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.944B $6.454B
YoY Change 23.08% 2.18%
LONG-TERM ASSETS
Property, Plant & Equipment $338.2M $403.3M
YoY Change -16.14% -2.44%
Goodwill $823.7M $834.8M
YoY Change -1.33% 9.71%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $207.4M $248.1M
YoY Change -16.39% -0.86%
Total Long-Term Assets $1.637B $1.810B
YoY Change -9.57% 2.07%
TOTAL ASSETS
Total Short-Term Assets $7.944B $6.454B
Total Long-Term Assets $1.637B $1.810B
Total Assets $9.581B $8.264B
YoY Change 15.93% 2.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.694B $1.936B
YoY Change 39.16% 11.65%
Accrued Expenses $588.6M $520.5M
YoY Change 13.09% 24.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $311.8M
YoY Change -100.0% -22.04%
Long-Term Debt Due $350.0M $312.0M
YoY Change 12.18% -22.0%
Total Short-Term Liabilities $3.689B $2.826B
YoY Change 30.51% 8.38%
LONG-TERM LIABILITIES
Long-Term Debt $1.145B $895.6M
YoY Change 27.8% -25.0%
Other Long-Term Liabilities $323.3M $372.0M
YoY Change -13.11% 2.52%
Total Long-Term Liabilities $1.468B $1.268B
YoY Change 15.79% -18.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.689B $2.826B
Total Long-Term Liabilities $1.468B $1.268B
Total Liabilities $5.378B $4.354B
YoY Change 23.52% -1.33%
SHAREHOLDERS EQUITY
Retained Earnings $2.686B $2.366B
YoY Change 13.52% -1.02%
Common Stock $1.741B $1.709B
YoY Change 1.87% 1.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.203B $3.911B
YoY Change
Total Liabilities & Shareholders Equity $9.581B $8.264B
YoY Change 15.93% 2.16%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $150.8M $19.16M
YoY Change 687.04% -114.89%
Depreciation, Depletion And Amortization $25.80M $32.60M
YoY Change -20.87% -30.04%
Cash From Operating Activities -$232.2M $85.00M
YoY Change -373.22% -13.62%
INVESTING ACTIVITIES
Capital Expenditures -$10.09M $8.700M
YoY Change -215.99% -151.48%
Acquisitions
YoY Change
Other Investing Activities $67.95M -$18.40M
YoY Change -469.3% -3780.0%
Cash From Investing Activities $57.86M -$9.800M
YoY Change -690.42% -39.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 56.75M -184.6M
YoY Change -130.74% 15.09%
NET CHANGE
Cash From Operating Activities -232.2M 85.00M
Cash From Investing Activities 57.86M -9.800M
Cash From Financing Activities 56.75M -184.6M
Net Change In Cash -117.6M -109.4M
YoY Change 7.52% 39.72%
FREE CASH FLOW
Cash From Operating Activities -$232.2M $85.00M
Capital Expenditures -$10.09M $8.700M
Free Cash Flow -$222.2M $76.30M
YoY Change -391.15% -33.82%

Facts In Submission

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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 2022 contains 52 weeks compared to fiscal 2021, which contained 53 weeks. As a result, the first six months of fiscal 2022, contained 26 weeks compared to the first six months of fiscal 2021, which contained 27 weeks.</p>
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RevenueFromContractWithCustomerExcludingAssessedTax
5865217000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4668172000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11449912000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9391232000
CY2021Q1 avt Restructuring Integration And Other Charges
RestructuringIntegrationAndOtherCharges
11948000
avt Restructuring Integration And Other Charges
RestructuringIntegrationAndOtherCharges
5272000
avt Restructuring Integration And Other Charges
RestructuringIntegrationAndOtherCharges
38369000
CY2022Q1 avt Amortization Of Acquired Intangible Assets And Other
AmortizationOfAcquiredIntangibleAssetsAndOther
3796000
CY2021Q1 avt Amortization Of Acquired Intangible Assets And Other
AmortizationOfAcquiredIntangibleAssetsAndOther
10417000
avt Amortization Of Acquired Intangible Assets And Other
AmortizationOfAcquiredIntangibleAssetsAndOther
9035000
avt Amortization Of Acquired Intangible Assets And Other
AmortizationOfAcquiredIntangibleAssetsAndOther
30592000
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
211672000
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
57221000
us-gaap Operating Income Loss
OperatingIncomeLoss
379915000
us-gaap Operating Income Loss
OperatingIncomeLoss
75723000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5865217000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4668172000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11449912000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9391232000
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
338199000
CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
368452000

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