Slide 1: Avnet First Quarter Fiscal Year 2025 Financial Results
Avnet First Quarter Fiscal Year 2025 Financial Results October 30, 2024
Slide 2: Safe Harbor Statement
Safe Harbor Statement This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the financial condition, results of operations, and business of the
Slide 3: Q1 FY25 Highlights
Q1 FY25 Highlights Regional demand • Asia growth Y/Y offset by EMEA and the Americas, as $5.6B expected Revenue -12% Y/Y End market demand • Aerospace & defense and compute increased Y/Y 2.5% 3.0% Operating Adjusted Margin Operating Lead times Margin (1) • Lead times generally stable Book-to-bill $0
Slide 4: Revenue
Revenue Y/Y growth $6.34B $6.20B Revenue As Constant $5.65B $5.56B $5.60B ($M) reported currency REGIONS Americas $1,330 (16%) (16%) EMEA $1,668 (28%) (28%) Asia $2,606 6% 6% SEGMENTS Electronic Components $5,257 (11%) (11%) Farnell $347 (18%) (18%) Q1 Q2 Q3 Q4 Q1 AVNET $5,604 (12%) (12%) FY24 FY24
Slide 5: Q1 Income Statement
Q1 Income Statement SG&A Expenses $5.6B Sales as % of Gross Profit 72.2% 65.1% 10.8% Gross margin down 97 bps Y/Y and down 72 bps Q/Q $439M SG&A expenses – down 10% Y/Y and down 3% Q/Q 72.2% SG&A expenses as a percentage of gross profit Q1 Q1 FY24 FY25 5
Slide 6: Q1 Adjusted Operating Income
(1) Q1 Adjusted Operating Income 4.1% 3.9% 3.6% 3.5% $262M Adj Op Y/Y Adj Op Y/Y $242M 3.0% Income growth Margin growth (1) (1) $203M ($M) $193M $169M SEGMENTS Electronic Components $197 -28% 3.8% -86 bps Farnell $ 2 -89% 0.5% -366 bps Corporate Expenses ($30) - - - AVNET $169 -35% 3.0% -112 bps Q1
Slide 7: Q1 Non-operating & Adjusted Diluted EPS
(1) Q1 Non-operating & Adjusted Diluted EPS Adjusted Diluted EPS (1) $64M Interest expense down $6M Y/Y and flat Q/Q $1.61 23.0% Adjusted effective tax rate (2) $0.92 Adjusted diluted EPS (1) – down 43% Y/Y and down 25% $0.92 Q/Q Q1 Q1 FY24 FY25 (1) Non-GAAP measure. See Appendices for Non-GAAP Defi
Slide 8: Q1 Balance Sheet & Liquidity
Q1 Balance Sheet & Liquidity Inventory – $145M increase Q/Q, including impact of $5.6B Diluted Shares Outstanding F/X and inventory received at quarter end 93M 89M 107 WC days – down 3 days Q/Q 3.0x Gross debt leverage $825M Available committed lines of credit $99M Share repurchases $0.33 Dividend –
Slide 9: Outlook for Q2 FY25
Outlook for Q2 FY25 (ending December 28, 2024) Metric Guidance Range Midpoint Sales $5.40B – $5.70B $5.55B Adjusted Diluted EPS (1) $0.80 – $0.90 $0.85 Factors impacting our Q2 FY25 outlook • Based on current market conditions • Implies a sequential sales change of up approximately 2% to down approx
Slide 10: Non-GAAP Definitions
Non-GAAP Definitions In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company also discloses certain non-GAAP financial information including (i) adjusted operating income, (ii) adjusted oth
Slide 11: Appendix: Reconciliation of GAAP to Non-GAAP Measures
Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarter Ended September 28, 2024 ($ in thousands, except per share amounts) GAAP operating income $ 142,225 Restructuring, integration, and other expenses 26,351 Amortization of intangible assets 368 Adjusted operating income 168,944 GAAP other e
Slide 12: Appendix: Reconciliation of GAAP to Non-GAAP Measures
Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarters Ended Fiscal Year June 29, March 30, December 30, September 30, 2024 2024 2024 2023 2023 ($ in thousands, except per share amounts) GAAP operating income $ 844,367 $ 164,189 $ 190,151 $ 236,257 $ 253,769 Restructuring, integration, and o
Slide 13: Appendix: Reconciliation of GAAP to Non-GAAP Measures
Appendix: Reconciliation of GAAP to Non-GAAP Measures Low End of High End of Guidance Range Guidance Range Adjusted diluted earnings per share guidance $ 0.80 $ 0.90 Restructuring, integration, and other expenses (net of tax) (0.10) (0.05) GAAP diluted earnings per share guidance $ 0.70 $ 0.85 13