美國

證券交易委員會

華盛頓特區20549

表格 10-Q


☒	根據1934年證券交易法第13或15(d)節的季度報告

截至季度結束日期的財務報告2024年9月28日

☐	根據1934年證券交易法第13或15(d)節的轉型報告書

過渡期從_____到_____

委託文件號1-4224

AVNET, 有限公司。

(根據其章程規定的註冊人準確名稱)


紐約				11-1890605
(所在州或其他司法管轄區)				（美國國內國稅局僱主
成立或組織的州）				唯一識別號碼）


2211 South 47th Street, 鳳凰城, Arizona		85034
，（主要行政辦公地址）		(郵政編碼)

(480) 643-2000

（註冊人電話號碼，包括區號。）

無數據

（如果自上次報告以來發生了更改，請提供公司名稱、地址和財政年度的更改。）

每個交易所的名稱


每種類別的證券	交易代碼	註冊在每個交易所的名稱：
每股普通股的面值爲1.00美元	AVT	納斯達克全球精選市場

請在以下空格內打勾，以表示註冊人：(1)在過去12個月(或註冊人所要求提交此類報告的更短期間內)已提交了根據1934年證券交易法第13或15(d)條規定需要提交的所有報告；並且(2)在過去90個天內一直遵守此類提交要求。是 ☑否☐

請打勾，表明申報人在過去12個月內（或申報人需要提交此類文件的更短期間內）已按規則405或本章節232.405條的規定遞交了每份互動數據文件。

是 þ否◻

請通過複選標誌指示註冊人是大型快速提交者、加速提交者、非加速提交者、較小報告公司還是新興成長公司。請參閱交易所法第120億.2規定"大型快速提交者"、"加速提交者"、"較小報告公司"和"新興成長公司"的定義。

大型加速存取器 ☑		加速審核員 ☐
非加速申報人☐		小型報告公司☐
新興成長型企業 ☐

如果是新興成長型企業，請勾選複選標記，表明註冊者已選擇不使用延長過渡期來符合根據證券交易法第13(a)條規定提供的任何新財務會計準則。 ☐

請在以下方框內打勾：公司是否是空殼公司(根據證券交易法第12b-2條規定定義）。是☐否☑

截至2024年10月25日，登記公司普通股的流通總股數是 86,940,948 申報人預計於2024年11月22日舉行的股東年會的部分內容將在本報告的第三部分中以參考文件的形式被納入，該股東年會的明確代理聲明。

第一部分

財務信息

項目1.

基本報表

安富利公司及其子公司

合併資產負債表

(未經審計)


	九月28日，		2023年6月29日,
	2024		2024

	(千，除股份外
	金額）
資產
流動資產：
現金及現金等價物	$	267,521	$	310,941
應收款項		4,575,854		4,391,187
存貨		5,614,102		5,468,730
預付賬款及其他流動資產		221,767		199,694
總流動資產		10,679,244		10,370,552
物業、廠房及設備，淨值		584,119		568,169
商譽		818,858		780,984
經營租賃資產		211,736		208,971
其他資產		303,607		280,471
總資產	$	12,597,564	$	12,209,147
負債和股東權益
流動負債：
短期債務	$	524,055	$	492,711
應付賬款		3,588,033		3,345,510
應計費用和其他		580,257		573,055
短期經營租賃負債		55,538		53,993
總流動負債		4,747,883		4,465,269
長期債務		2,430,730		2,406,629
長期經營租賃負債		175,330		173,886
其他負債		205,886		237,859
總負債		7,559,829		7,283,643
承諾和或可能負債（附註6）
股東權益：
普通股 $1.00 批准; 授權 300,000,000 股份；已發行 87,253,739 股份和 89,045,996 股份，分別		87,254		89,046
額外實收資本		1,736,027		1,721,369
滾存收益		3,533,854		3,601,812
累計其他綜合損失		(319,400)		(486,723)
總股東權益		5,037,735		4,925,504
總負債和股東權益	$	12,597,564	$	12,209,147

請參見合併基本報表的說明。

安富利公司及子公司

合併運營報表

(未經審計)


	第一季度結束
	九月28日，		9月30日，
	2024		2023

	(千元，除每股金額外)
銷售	$	5,604,152	$	6,335,648
銷售成本		4,996,785		5,587,542
毛利潤		607,367		748,106
銷售、一般和管理費用		438,791		487,286
重組、整合及其他費用		26,351		7,051
營業收入		142,225		253,769
其他（費用）收益，淨		(3,043)		5,960
利息和其他融資費用，淨額		(64,444)		(70,796)
法律和解及其他收益		—		86,499
稅前收入		74,738		275,432
所得稅費用		15,782		66,164
凈利潤	$	58,956	$	209,268

每股收益：
基本	$	0.67	$	2.29
稀釋	$	0.66	$	2.25

計算每股收益所用的股份：
基本		88,092		91,495
稀釋		89,392		93,178
每股普通股現金分紅派息	$	0.33	$	0.31

請參見合併基本報表的說明。

安富利公司及其子公司

股東權益的綜合報表

(未經審計)


									累計
	普通股		普通股		額外				其他		總計
	股票-		股票-		實收資本		留存收益		綜合的		股東的
	股份		金額		資本		業績		(損失) 收入		股權

	(千)
截至2024年6月29日的餘額		89,046	$	89,046	$	1,721,369	$	3,601,812	$	(486,723)	$	4,925,504
凈利潤		—		—		—		58,956		—		58,956
其他綜合收益		—		—		—		—		167,323		167,323
現金分紅		—		—		—		(28,861)		—		(28,861)
回購普通股		(1,888)		(1,888)		—		(98,053)		—		(99,941)
基於股票的補償		96		96		14,658		—		—		14,754
2024年9月28日的餘額		87,254	$	87,254	$	1,736,027	$	3,533,854	$	(319,400)	$	5,037,735


									累計
	普通股		普通股		額外				其他		總計
	股票-		股票-		實收資本		留存收益		綜合的		股東的
	股份		金額		資本		業績		(損失) 收入		股權

	(千)
餘額，2023年7月1日		91,504	$	91,504	$	1,691,334	$	3,378,212	$	(409,381)	$	4,751,669
凈利潤		—		—		—		209,268		—		209,268
其他綜合損失		—		—		—		—		(93,761)		(93,761)
現金分紅		—		—		—		(28,320)		—		(28,320)
回購普通股		(559)		(559)		—		(26,484)		—		(27,043)
基於股票的補償		39		39		10,731		—		—		10,770
截至2023年9月30日的餘額		90,984	$	90,984	$	1,702,065	$	3,532,676	$	(503,142)	$	4,822,583

請參見合併基本報表的說明。

安富利公司及其子公司

合併現金流量表

(未經審計)


	第一季度結束
	九月28日，		9月30日，
	2024		2023

	(千)
經營活動產生的現金流：
凈利潤	$	58,956	$	209,268

非現金及其他對賬項目：
折舊和攤銷		19,883		21,517
操作租賃資產的攤銷		13,926		13,271
遞延所得稅		(17,572)		5,575
基於股票的補償		10,987		9,355
其他，淨數		19,337		(20,171)
對（剔除收購和出售業務影響後的）變動：
應收款項		(94,393)		30,190
存貨		(29,230)		(371,604)
應付賬款		213,610		111,489
應計費用及其他，淨額		(89,179)		(50,184)
經營活動提供的（使用的）淨現金流量		106,325		(41,294)

融資活動產生的現金流:
應收賬款證券化下的借款（償還），淨額		27,900		(92,100)
(償還) 高級無擔保信貸額度下的借款，淨額		(11,353)		243,613
銀行信貸額度及其他債務的償還，淨額		(824)		(133)
回購普通股票		(99,995)		(24,324)
普通股股息派發		(28,861)		(28,320)
其他，淨數		3,766		1,414
融資活動產生的淨現金流量（使用）		(109,367)		100,150

投資活動的現金流：
購買物業、廠房和設備		(31,776)		(76,089)
其他，淨數		330		300
用於投資活動的淨現金流		(31,446)		(75,789)

貨幣兌換率變動對現金及現金等價物的影響		(8,932)		7,382

現金及現金等價物：
— 減少		(43,420)		(9,551)
— 在期初		310,941		288,230
— 期末時	$	267,521	$	278,679

請參見合併基本報表的說明。

安富利公司及其子公司
合併財務報表附註
(未經審計)

1. 陳述基礎及新 會計公告

管理層認爲，隨附的未經審計的 interim consolidated 基本報表包含所有必要的調整，以公正地展示安富利公司及其合併子公司（統稱爲「公司」或「安富利」）的財務狀況、經營成果、綜合收益和現金流量。所有這些調整均爲正常循環性質。爲使2025財年的合併基本報表呈現，已經對2024財年的餘額進行了一些重分類。

根據美國公認會計原則（「GAAP」）編制基本報表要求管理層進行估算和假設，這些估算和假設會影響合併基本報表中報告的金額。實際結果可能與這些估算和假設有所不同。

中期經營結果不一定表示整個財年的預期結果。此Form 10-Q中包含的信息應與公司截至2024年6月29日的Annual Report on Form 10-K中包含的合併基本報表及附帶說明一同閱讀。

Recently issued accounting pronouncements

在2023年12月，FASB發佈了ASU No. 2023-09， 收入稅（主題740）：稅務披露的改進 （「ASU No. 2023-09」），它更新了與有效所得稅率調節相關的收入稅披露，並要求按管轄區披露所繳納的收入稅。ASU No. 2023-09還提供了進一步的披露可比性。ASU No. 2023-09將於2026財年對公司生效，並允許提前採用。公司目前正在評估採用ASU No. 2023-09對其披露的影響。

在2023年11月，FASB 發佈了ASU No. 2023-07， 分部報告（主題280）：改善可報告分部的披露 （「ASU No. 2023-07」）要求通過增加對重要分部費用的披露來增強分部披露。ASU No. 2023-07將在2025財政年度對公司生效，2026財政年度的中期也適用，並允許提前採用。公司目前正在評估採納ASU No. 2023-07對其披露的影響。

2. 營運資本

應收款項

公司的應收賬款和信用損失準備金如下：


	九月28日，		2023年6月29日,
	2024		2024

	(千)
應收款項	$	4,688,102	$	4,499,691
信用損失準備金	$	(112,248)	$	(108,504)

安富利公司及其子公司

合併財務報表附註 - （續）

公司在2025財年和2024財年的第一季度信用損失準備金中有如下活動：


	九月28日，		9月30日，
	2024		2023

	(千)
期初餘額	$	108,504	$	112,843
信用損失準備金		1,552		4,157
信用損失回收		10		(364)
應收賬款覈銷		(1,170)		(959)
外幣影響及其他		3,352		(2,188)
期末餘額	$	112,248	$	113,489

存貨

公司的庫存主要由從供應商處購買的電子元器件構成，這些元器件可用於公司正常的電子元器件分銷業務，銷售給客戶。庫存中分類的電子元器件用於供應鏈服務項目（元件），在這些情況下，公司作爲客戶或在某些情況下作爲元件供應商的代理人。鑑於這些供應鏈服務涉及爲元件提供採購、倉儲和物流服務，因此公司將基礎元件分類在合併資產負債表的庫存中。作爲代理人的供應鏈服務中持有的元件約佔 6截至2024年9月28日的庫存的 7截至2024年6月29日的庫存的

3. 商譽

下表顯示了截至2024年9月28日第一季度可報告部門的商譽變化。


	電子
	組件		法納爾		總計

	(千)
2024年6月29日的賬面價值 ⁽¹⁾	$	295,957	$	485,027	$	780,984
外幣折算		8,111		29,763		37,874
截至2024年9月28日的賬面價值 ⁽¹⁾	$	304,068	$	514,790	$	818,858

(1)	包括以前財政年度的累計減值 $1,482,677 的累計減值

安富利公司及其子公司

合併財務報表附註 - （續）

4. 債務

短期債務包括以下項目（以千爲單位的賬面餘額）：


	九月28日，		2023年6月29日,		九月28日，		2023年6月29日,
	2024		2024		2024		2024

	利率				未償餘額
循環信貸額度：
應收賬款證券化計劃（到期於2024年12月）	5.70	%	6.19	%	$	443,000	$	415,100
其他短期債務	4.62	%	5.43	%		81,055		77,611
短期債務					$	524,055	$	492,711

該公司在美國與一組金融機構建立了一項應收賬款證券化計劃（「證券化計劃」）。證券化計劃允許公司在持續的循環基礎上，轉移一個特定的應收賬款池中的未分割權益，以提供高達$的借款的擔保或抵押。700 證券化計劃不符合資產負債表外會計處理的條件，證券化計劃下的任何借款均在合併資產負債表中作爲債務記錄。在證券化計劃下，公司合法地出售並隔離某些美國應收賬款，形成一家完全擁有且合併的破產隔離特殊目的實體。這些應收賬款在合併資產負債表中記錄在「應收款」項內，總計$1.01 十億和$1.05 截至2024年9月28日和2024年6月29日分別爲十億。證券化計劃包含與所售應收款質量相關的某些附帶條款。

其他開空短期債務由各種有承諾的和無承諾的信貸額度及其他形式的銀行債務組成，這些債務主要用於支持公司持續的運營資金需求，包括其海外業務。

長期債務包括以下內容（以千計的賬面餘額）：


	九月28日，		2023年6月29日,		九月28日，		2023年6月29日,
	2024		2024		2024		2024

	利率				未償餘額
循環信貸額度：
信貸額度（到期日爲2027年8月）	5.05	%	5.05	%	$	768,612	$	745,480
其他長期債務	4.74	%	4.74	%		23,059		22,748
公開票據到期：
2026年4月	4.63	%	4.63	%		550,000		550,000
2031年5月	3.00	%	3.00	%		300,000		300,000
2023年6月	5.50	%	5.50	%		300,000		300,000
2028年3月	6.25	%	6.25	%		500,000		500,000
折現和債務發行成本之前的長期債務						2,441,671		2,418,228
未攤銷的折扣和債務發行成本						(10,941)		(11,599)
長期債務					$	2,430,730	$	2,406,629

公司有一個五年 $1.50 與一組銀行的十億循環信貸額度（「信貸額度」），將於2027年8月到期。它由循環信貸額度以及最多發行$200.0 百萬的信用證和最多$300.0 以某些批准的貨幣提供了百萬美元的貸款。截止到2024年9月28日和2024年6月29日，金額爲$0.9 在信用額度下，發行的信用證爲百萬美元。在信用額度下，公司

安富利公司及其子公司

合併財務報表附註 - （續）

公司合併資產負債表中衍生金融工具的位置和公允價值如下：


	九月28日，		2023年6月29日,
	2024		2024

	(千)
經濟對沖
預付賬款及其他流動資產	$	11,990	$	12,116
應計費用和其他	$	17,073	$	16,957
交叉貨幣掉期
其他負債	$	35,851	$	16,241

公司合併的運營報表中衍生金融工具的位置如下：


		第一季度結束
		九月28日，		9月30日，
		2024		2023

		(千)
經濟對沖	其他（費用）收益，淨	$	24,037	$	(2,103)
交叉貨幣掉期	利息及其他融資費用，淨額	$	701	$	1,013

6. 承諾和或有事項

公司可能會不時成爲各種訴訟、索賠、調查和其他與其業務相關的法律程序的當事方或以其他方式參與其中。儘管訴訟存在固有的不確定性，管理層並不預期這些事項會對公司的財務狀況、流動性或運營結果產生重大不利影響。

公司還目前面臨與遵守政府法律和法規有關的各種待決和潛在法律事務及調查。對於其中某些事項，無法判斷最終結果，公司也無法合理估計最大的潛在賠償或可能損失的區間，特別是對於處於早期階段的事項。公司目前認爲，這些事項的解決不會對公司的財務狀況或流動性產生重大不利影響，但在任何單個報告期內可能對其運營結果產生重要影響。

截至2024年9月28日和2024年6月29日，公司估計的總負債爲$13.7 百萬和$17.2 百萬，分別歸類於應計費用和其他，用於在這些日期時合理可估算的與合規相關的事項。

法律和解及其他的收益

在2024財年的第一季度，公司記錄了法律和解及其他的收益$86.5 百萬，與針對某些電容器製造商的索賠和解相關，該收益在本季度也以現金形式實現。

7. 所得稅

下文對合並運營報表中所列期間的有效稅率的討論是與21%的美國法定聯邦所得稅稅率進行比較的。

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AVNET, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

The Company’s effective tax rate on its income before taxes was 21.1% in the first quarter of fiscal 2025. During the first quarter of fiscal 2025, the Company’s effective tax rate was unfavorably impacted primarily by (i) increases to unrecognized tax benefit reserves and audit settlements, (ii) the mix of income in higher tax jurisdictions, and (iii) increases to valuation allowances, partially offset by (iv) increases in tax attribute carryforwards.

During the first quarter of fiscal 2024, the Company’s effective tax rate on its income before taxes was 24.0%. During the first quarter of fiscal 2024, the Company’s effective tax rate was unfavorably impacted primarily by (i) increases to unrecognized tax benefit reserves net of settlements, (ii) U.S. state taxes, and (iii) the mix of income in higher tax jurisdictions.

The Pillar Two rules published by the Organization for Economic Co-operation and Development (OECD) are effective for the Company in fiscal year 2025. The company does not expect Pillar Two taxes to have a significant impact on its income tax expense and is closely monitoring the potential impacts of further legislation, regulatory guidance, and regulations issued in the countries in which the Company does business.

8. Pension plan

The Company has a noncontributory defined benefit pension plan that covers substantially all current and some former U.S. employees (the “Plan”). Components of net periodic pension cost for the Plan was as follows:


	First Quarters Ended
	September 28,		September 30,
	2024		2023

	(Thousands)
Service cost within selling, general and administrative expenses	$	2,870	$	2,563

Interest cost		6,183		6,145
Expected return on plan assets		(10,438)		(9,985)
Amortization of prior service cost		1		1
Recognized net actuarial loss		1,285		56
Total net periodic pension benefit within other (expense) income, net		(2,969)		(3,783)

Net periodic pension benefit	$	(99)	$	(1,220)

The Company made $4.0 million of contributions during the first quarter of fiscal 2025 and expects to make additional contributions to the Plan of $4.0 million in the remainder of fiscal 2025.

9. Shareholders’ equity

Share repurchase program

In August 2024, the Company’s Board of Directors approved an increase in the Company’s existing share repurchase plan. With this increase, the Company is authorized to repurchase up to an aggregate of $600 million of common stock. During the first quarter of fiscal 2025, the Company repurchased 1.9 million shares for a total cost of $99.0 million, excluding excise tax. As of September 28, 2024, the Company had $566.6 million remaining under its increased share repurchase authorization.

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AVNET, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Common stock dividend

In August 2024, the Company’s Board of Directors approved a dividend of $0.33 per common share and dividend payments of $28.9 million were made in September 2024.

10. Earnings per share


	First Quarters Ended
	September 28,		September 30,
	2024		2023

	(Thousands, except per share data)
Numerator:
Net income	$	58,956	$	209,268

Denominator:
Weighted average common shares for basic earnings per share		88,092		91,495
Net effect of dilutive stock-based compensation awards		1,300		1,683
Weighted average common shares for diluted earnings per share		89,392		93,178
Basic earnings per share	$	0.67	$	2.29
Diluted earnings per share	$	0.66	$	2.25
Stock options excluded from earnings per share calculation due to an anti-dilutive effect		—		122

11. Additional cash flow information

Non-cash investing and financing activities and supplemental cash flow information were as follows:


	First Quarters Ended
	September 28,		September 30,
	2024		2023

	(Thousands)
Non-cash Investing Activities:
Capital expenditures incurred but not paid	$	15,514	$	13,967
Non-cash Financing Activities:
Unsettled share repurchases	$	1,011	$	2,718
Supplemental Cash Flow Information:
Interest	$	71,856	$	81,446
Income tax payments, net	$	75,716	$	78,357

Included in cash and cash equivalents as of September 28, 2024, and June 29, 2024, was $21.3 million and $14.1 million, respectively, of cash equivalents, which was primarily comprised of investment grade money market funds and overnight time deposits.

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AVNET, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

12. Segment information

Electronic Components (“EC”) and Farnell (“Farnell”) are the Company’s reportable segments (“operating groups”).


	First Quarters Ended
	September 28,		September 30,
	2024		2023

	(Thousands)
Sales
Electronic Components	$	5,257,058	$	5,914,405
Farnell		347,094		421,243
		5,604,152		6,335,648
Operating income:
Electronic Components	$	197,369	$	272,751
Farnell		1,859		17,671
		199,228		290,422
Corporate expenses		(30,284)		(28,724)
Restructuring, integration, and other expenses		(26,351)		(7,051)
Amortization of acquired intangible assets		(368)		(878)
Operating income	$	142,225	$	253,769

Sales, by geographic area:
Americas	$	1,329,884	$	1,573,521
EMEA		1,668,169		2,308,051
Asia		2,606,099		2,454,076
Sales	$	5,604,152	$	6,335,648

13. Restructuring expenses

Fiscal 2025

During fiscal 2025, the Company executed certain restructuring actions to reduce future operating expenses including specific restructuring actions to reduce expenses within the Farnell operating group. The following table presents the activity during the first quarter of fiscal 2025 related to the restructuring liabilities established during fiscal 2025:


			Facility		Asset
	Severance		Exit Costs		Impairments		Total

	(Thousands)
Fiscal 2025 restructuring expenses	$	3,353	$	5,228	$	14,904	$	23,485
Cash payments		(1,684)		(5,217)		—		(6,901)
Non-cash amounts		—		(11)		(14,904)		(14,915)
Other, principally foreign currency translation		30		—		—		30
Balance at September 28, 2024	$	1,699	$	—	$	—	$	1,699

Severance expense recorded in the first quarter of fiscal 2025 related to the reduction, or planned reduction, of approximately 40 employees, primarily in operations, distribution centers, and business support functions. Of the $23.5

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This Quarterly Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) with respect to the financial condition, results of operations, and business of the Company. Many of these statements can be found by looking for words like “continue,” “believes,” “projected,” “plans,” “expects,” “anticipates,” “should,” “will,” “may,” “estimates,” or similar expressions in this Quarterly Report or in documents incorporated by reference in this Quarterly Report. These forward-looking statements are subject to numerous assumptions, risks, and uncertainties. The following important factors, in addition to those discussed elsewhere in this Quarterly Report, and the Company’s Annual Report on Form 10-K for the fiscal year ended June 29, 2024, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, could affect the Company’s future results of operations, and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements: geopolitical events and military conflicts; pandemics and other health-related crises; competitive pressures among distributors of electronic components; an industry down-cycle in semiconductors; relationships with key suppliers and allocations of products by suppliers; accounts receivable defaults; risks relating to the Company’s international sales and operations, including risks relating to repatriating cash, foreign currency fluctuations, inflation, duties and taxes, sanctions and trade restrictions, and compliance with international and U.S. laws; risks relating to acquisitions, divestitures and investments; adverse effects on the Company’s supply chain, operations of its distribution centers, shipping costs, third-party service providers, customers and suppliers, including as a result of issues caused by military conflicts, terrorist attacks, natural and weather-related disasters, pandemics and health related crises, warehouse modernization, and relocation efforts; risks related to cyber security attacks, other privacy and security incidents, and information systems failures, including related to current or future implementations, integrations, and upgrades; general economic and business conditions (domestic, foreign and global) affecting the Company’s operations and financial performance and, indirectly, the Company’s credit ratings, debt covenant compliance, liquidity, and access to financing; constraints on employee retention and hiring; and legislative or regulatory changes.

Any forward-looking statement speaks only as of the date on which that statement is made. Except as required by law, the Company assumes no obligation to update any forward-looking statement to reflect events or circumstances that occur after the date on which the statement is made.

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

For a description of the Company’s critical accounting policies and an understanding of Avnet and the significant factors that influenced the Company’s performance during the quarter ended September 28, 2024, this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) should be read in conjunction with the consolidated financial statements, including the related notes, appearing in Item 1 of this Quarterly Report on Form 10-Q, as well as the Company’s Annual Report on Form 10-K for the fiscal year ended June 29, 2024.

The discussion of the Company’s results of operations includes references to the impact of foreign currency translation. When the U.S. Dollar strengthens and the stronger exchange rates are used to translate the results of operations of Avnet’s subsidiaries denominated in foreign currencies, the result is a decrease in U.S. Dollars of reported results. Conversely, when the U.S. Dollar weakens, the weaker exchange rates result in an increase in U.S. Dollars of reported results. In the discussion that follows, results excluding this impact, primarily for subsidiaries in Europe, the Middle East and Africa (“EMEA”) and Asia/Pacific (“Asia”), are referred to as “constant currency.”

In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the U.S. (“GAAP”), the Company also discloses certain non-GAAP financial information, including:

●

“Adjusted operating income,” which is operating income excluding (i) restructuring, integration, and other expenses, and (ii) amortization of acquired intangible assets.

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The reconciliation of operating income to adjusted operating income is presented in the following table:


	First Quarters Ended
	September 28,		September 30,
	2024		2023

	(Thousands)
Operating income	$	142,225	$	253,769
Restructuring, integration, and other expenses		26,351		7,051
Amortization of acquired intangible assets		368		878
Adjusted operating income	$	168,944	$	261,698

Management believes that providing this additional information is useful to financial statement users to better assess and understand operating performance, especially when comparing results with prior periods or forecasting performance for future periods, primarily because management typically monitors the business with and without these adjustments to GAAP results. Management also uses these non-GAAP measures to establish operational goals and, in many cases, for measuring performance for compensation purposes. However, any analysis of results on a non-GAAP basis should be used in conjunction with results presented in accordance with GAAP.

OVERVIEW

Organization

Avnet, Inc., including its consolidated subsidiaries (collectively, the “Company” or “Avnet”), is a leading global electronic component distributor and solutions provider that has served customers’ evolving needs for more than a century. Founded in 1921, the Company works with suppliers in every major technology segment to serve customers in more than 140 countries.

Avnet has two primary operating groups — Electronic Components (“EC”) and Farnell. Both operating groups have operations in each of the three major economic regions of the world: (i) the Americas, (ii) EMEA, and (iii) Asia. EC markets, sells, and distributes (i) semiconductors, (ii) interconnect, passive and electromechanical components, and (iii) other integrated and embedded components, to a diverse customer base serving many end-markets. Farnell distributes electronic components and industrial products to a diverse customer base utilizing multi-channel sales and marketing resources.

Industry outlook

The global electronic components market has a history of cyclical downturns followed by periods of increased demand. Beginning in the second half of calendar year 2023, the industry began to experience a downturn marked by a decrease in sales due to a combination of elevated customer inventory levels and lower underlying demand for electronic components. As a result, the Company has seen elevated inventory levels and decreased sales, resulting in lower operating income. The duration of the current downturn is uncertain, although the Company had year over year sales growth in the Asia region during the first quarter of fiscal 2025. The Company expects sales in the second quarter of fiscal 2025 to be down 4% to up 2% as compared to the first quarter of fiscal 2025.

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Results of Operations


		Quarters Ended
		Q1 2025			Q1 2024			Variance		Variance %

Sales	$	5,604		$	6,336		$	(731)		(11.6)	%
Gross profit		607			748			(141)		(18.8)	%
Selling, general and administrative expenses		439			487			(48)		(10.0)	%
Restructuring, integration, and other expenses		26			7			19		273.7	%
Operating income		142			254			(112)		(44.0)	%
Adjusted operating income		169			262			(93)		(35.4)	%
Other (expense) income, net		(3)			6			(9)		(151.1)	%
Interest and other financing expenses, net		(64)			(71)			6		(9.0)	%
Gain on legal settlements and other		—			86			(86)		(100.0)	%
Income tax expense		16			66			(50)		(76.2)	%
Net income		59			209			(150)		(71.8)	%
Diluted earnings per share		0.66			2.25			(1.59)		(70.7)	%

Other Metrics
Gross profit margin		10.8	%		11.8	%		(97)	bps	(1.0)	%
Operating income margin		2.5	%		4.0	%		(147)	bps	(1.5)	%
Adjusted operating income margin		3.0	%		4.1	%		(112)	bps	(1.1)	%
Effective tax rate		21.1	%		24.0	%		(290)	bps	(2.9)	%

Sales

The following table presents the percentage change in sales for the first quarter of fiscal 2025 as compared to fiscal 2024, by geographic region and operating group.


	Quarter Ended
	September 28, 2024
			Sales
			Year-Year %
	Sales		Change in
	Year-Year %		Constant
	Change		Currency
Avnet	(11.6)	%	(11.7)	%
Avnet by region
Americas	(15.5)	%	(15.5)	%
EMEA	(27.7)	%	(28.4)	%
Asia	6.2	%	6.4	%
Avnet by operating group
EC	(11.1)	%	(11.2)	%
Farnell	(17.6)	%	(18.2)	%

Sales of $5.60 billion for the first quarter of fiscal 2025 decreased $731.5 million, or 11.6%, as compared to $6.34 billion for the same quarter last year, primarily due to reduced demand for electronic components resulting from the current market downturn in the electronic components industry.

EC sales of $5.26 billion in the first quarter of fiscal 2025 decreased $657.3 million, or 11.1%, from the prior year first quarter sales of $5.91 billion, with the Americas and EMEA regions contributing to the decrease offset by sales growth in the Asia region. The decrease in sales is primarily due to sales volume decreases due to the market downturn in the electronic components industry and, to a lesser extent, an unfavorable product mix of lower priced electronic components.

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Farnell sales for the first quarter of fiscal 2025 were $347.1 million, reflecting a decrease of $74.1 million, or 17.6%, compared to the same period in the prior year. Farnell sales in constant currency for the first quarter of fiscal 2025 decreased by 18.2% year over year. The decrease in sales in the first quarter of fiscal 2025 is primarily due to lower demand for on-the-board electronic components.

Gross Profit

The Company’s gross profit is primarily affected by sales volume and product and geographic sales mix. Gross profit for the first quarter of fiscal 2025 was $140.7 million, or 18.8% lower than the first quarter of fiscal 2024. This decrease is primarily due to sales volume decreases in both operating groups.

Gross profit margin decreased by 97 basis points to 10.8% for the first quarter of fiscal 2025 when compared to the first quarter of fiscal 2024. The decrease in gross profit margin is primarily due to shifts in geographic sales mix. Sales in the higher gross profit margin western regions represented approximately 53% of sales in the first quarter of fiscal 2025, versus 61% during the first quarter of fiscal 2024.

EC gross profit margin decreased year over year largely due to the change in geographic mix and from an increase in product mix to lower margin electronic components. Farnell gross profit margin decreased year over year, primarily due to lower sales of higher margin on-the-board electronic components.

Selling, General and Administrative Expenses

Selling, general, and administrative expenses (“SG&A expenses”) decreased $48.5 million or 10.0% from the first quarter of fiscal 2024. The decrease in SG&A expenses is primarily due to decreases in variable operating expenses associated with the decrease in sales volumes discussed above and from restructuring actions, slightly offset by the impact of changes in foreign currency translation rates.

Management monitors SG&A expenses as a percentage of sales and as a percentage of gross profit. In the first quarter of fiscal 2025, SG&A expenses were 7.8% of sales and 72.2% of gross profit, as compared with 7.7% and 65.1%, respectively, in the first quarter of fiscal 2024. The year-over-year increases in SG&A expenses as a percentage of both sales and gross profit are primarily due to the decrease in sales and gross profit without a proportional reduction in SG&A expenses, resulting in lower operating leverage.

Restructuring, Integration, and Other Expenses

In fiscal 2024, the Company initiated a restructuring plan to improve operating income by reducing SG&A expenses including within the Farnell operating group. In the first quarter of fiscal 2025, these efforts continued, leading to $23.5 million in restructuring, integration, and other expenses primarily for Farnell. Additionally, the Company incurred $2.9 million in distribution center start-up integration costs, primarily in EC EMEA.

As a result of these initiatives, the Company recorded total restructuring, integration, and other expense in the first quarter of fiscal 2025 of $26.4 million comprised of severance and other employee-related expenses of $3.4 million for reductions of approximately 40 employees across the Company, $5.2 million of facility exit costs primarily related to an office closure in the Americas, $14.9 million of asset impairments, and $2.9 million of integration and other costs. The after-tax impact of restructuring, integration, and other expenses were $19.7 million and $0.22 per share on a diluted basis.

Comparatively, the Company recorded restructuring, integration, and other expenses of $7.1 million during the first quarter of fiscal 2024 consisting of severance costs of $2.7 million, and other expenses of $4.4 million.

See Note 13 “Restructuring expenses” to the Company’s consolidated financial statements included in this Quarterly Report on Form 10-Q.

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LIQUIDITY AND CAPITAL RESOURCES

Cash Flow

Operating Activities

Net cash provided by operating activities was $106.3 million for the first quarter of fiscal 2025, compared to net cash used by operating activities of $41.3 million for the first quarter of fiscal 2024. The $147.6 million increase in net cash provided by operating activities year over year is primarily due to improvements in cash used for working capital and other as working capital levels have begun to be more in line with sales, offset by lower cash provided by net income. Cash generated from working capital and other was $0.8 million during the first quarter of fiscal 2025, compared to cash used of $280.1 million during the first quarter of fiscal 2024, with the difference attributable primarily to inventories. During the first quarter of fiscal 2025, the Company used less cash to purchase inventory due to inventory levels already being elevated and because of lower sales. The Company also had increases in accounts receivable due to timing of sales and collections when compared to the prior year. The Company received $86.1 million of cash from legal settlements during the first quarter of fiscal 2024.

Financing Activities

Net borrowings of debt totaled $15.7 million during the first quarter of fiscal 2025, including net proceeds of $27.9 million under the Securitization Program, offset by net repayments of $11.4 million under the Credit Facility and $0.8 million for other debt. This compares to $151.4 million of net borrowing during the first quarter of the prior fiscal year. The Company paid cash dividends to shareholders of $0.33 per share, or $28.9 million, during the first quarter of fiscal 2025 as compared to $0.31 per share, or $28.3 million, during the first quarter of fiscal 2024. The Company has repurchased $100.0 million of common stock under the share repurchase plan during the first quarter of fiscal 2025 compared to $24.3 million in the same period of the prior year.

Investing Activities

The Company’s purchases of property, plant and equipment decreased during the first quarter of fiscal 2025 by $44.3 million, when compared to the same period in fiscal 2024, primarily due to distribution center investments in EMEA in the first quarter of fiscal 2024.

Contractual Obligations

For a detailed description of the Company’s long-term debt and lease commitments for the next five years and thereafter, see Long-Term Contractual Obligations appearing in Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended June 29, 2024. There are no material changes to this information outside of normal borrowings and repayments of long-term debt and operating lease payments. The Company does not currently have any material non-cancellable commitments for capital expenditures or inventory purchases outside of the normal course of business.

Financing Transactions

See Note 4, “Debt” to the Company’s consolidated financial statements included in this Quarterly Report on Form 10-Q for additional information on financing transactions, including the Credit Facility, the Securitization Program, and other outstanding debt as of September 28, 2024. The Company was in compliance with all covenants under the Credit Facility and the Securitization Program as of September 28, 2024, and June 29, 2024.

The Company has various lines of credit, financing arrangements, and other forms of bank debt in the U.S. and various foreign locations to fund the short-term working capital, foreign exchange, overdraft, capital expenditure, and letter of credit needs of its wholly owned subsidiaries. Outstanding borrowings under such forms of debt at the end of first quarter of fiscal 2025 was $0.10 billion.

As an alternative form of liquidity outside of the United States, the Company sells certain of its trade accounts receivable on a non-recourse basis to financial institutions pursuant to factoring agreements. The Company accounts for

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these transactions as sales of receivables and presents cash proceeds as cash provided by operating activities in the consolidated statements of cash flows. Factoring fees for the sales of trade accounts receivable are recorded within “Interest and other financing expenses, net” and were not material to the consolidated financial statements.

Liquidity

The Company held cash and cash equivalents of $267.5 million as of September 28, 2024, of which $230.1 million was held outside the United States. As of June 29, 2024, the Company held cash and cash equivalents of $310.9 million, of which $179.6 million was held outside of the United States.

During periods of weakening demand in the electronic components industry, the Company typically generates cash from operating activities. Conversely, the Company will use cash for working capital requirements during periods of higher growth. The Company generated $837.6 million in cash flows from operating activities over the trailing four fiscal quarters ended September 28, 2024.

Liquidity is subject to many factors, such as normal business operations and general economic, financial, competitive, legislative, and regulatory factors that are beyond the Company’s control. Cash balances held in foreign locations that cannot be remitted back to the U.S. in a tax efficient manner are generally used for ongoing working capital, including the need to purchase inventories, capital expenditures, and other foreign business needs. In addition, local government regulations may restrict the Company’s ability to move funds among various locations under certain circumstances. Management does not believe such restrictions would limit the Company’s ability to pursue its intended business strategy.

As of the end of the first quarter of fiscal 2025, the Company had a combined total borrowing capacity of $2.20 billion under the Credit Facility and the Securitization Program. There were $768.6 million of borrowings outstanding and $0.9 million in letters of credit issued under the Credit Facility, and $443.0 million outstanding under the Securitization Program, resulting in approximately $824.7 million of total committed availability as of September 28, 2024. Availability under the Securitization Program is subject to the Company having sufficient eligible trade accounts receivable in the United States to support desired borrowings. The Company expects to amend and extend the Securitization Program during the second quarter of fiscal 2025 in the normal course of business.

During the first quarter of fiscal 2025, the Company had an average daily balance outstanding of approximately $1.09 billion under the Credit Facility, and approximately $468.4 million under the Securitization Program. The Company also has average borrowings that are higher than quarter end borrowings from various lines of credit, financing arrangements, and other forms of bank debt in the U.S. and various foreign locations.

As of September 28, 2024, the Company may repurchase up to an aggregate of $566.6 million of shares of the Company’s common stock through the share repurchase program approved by the Board of Directors. The Company may repurchase stock from time to time at the discretion of management, subject to strategic considerations, market conditions (including share price), and other factors. The Company may terminate or limit the share repurchase program at any time without prior notice. During the first quarter of fiscal 2025, the Company repurchased $99.0 million of common stock.

The Company has historically paid quarterly cash dividends on shares of its common stock, and future dividends are subject to approval by the Board of Directors. During the first quarter of fiscal 2025, the Board of Directors approved a dividend of $0.33 per share, which resulted in $28.9 million of dividend payments during the quarter.

The Company continually monitors and reviews its liquidity position and funding needs. Management believes that the Company’s ability to generate operating cash flows through the liquidation of working capital in the future and available borrowing capacity, including capacity for the non-recourse sale of trade accounts receivable, will be sufficient to meet its future liquidity needs. Additionally, the Company believes that it has sufficient access to additional liquidity from the capital markets if necessary.

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Recently Issued Accounting Pronouncements

See Note 1, “Basis of presentation and new accounting pronouncements” to the Company’s consolidated financial statements included in this Quarterly Report on Form 10-Q for a description of recently issued accounting pronouncements.

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

The Company seeks to reduce earnings and cash flow volatility associated with changes in interest rates and foreign currency exchange rates through financial arrangements that are intended to provide an economic hedge against the risks associated with such volatility. The Company continues to have exposure to such risks to the extent they are not economically hedged.

See Item 7A, Quantitative and Qualitative Disclosures About Market Risk, in the Company’s Annual Report on Form 10-K for the fiscal year ended June 29, 2024, for further discussion of market risks associated with foreign currency exchange rates and interest rates. Avnet’s exposure to such risks has not changed materially since June 29, 2024, as the Company continues to economically hedge the majority of its foreign currency exchange exposures. Thus, any increase or decrease in the fair value of the Company’s forward foreign currency exchange contracts is generally offset by an opposite effect on the related economically hedged position. For interest rate risk, the Company continues to maintain a combination of fixed and variable rate debt to mitigate the exposure to fluctuations in market interest rates.

See Liquidity and Capital Resources — Financing Transactions appearing in Item 2 of this Quarterly Report on Form 10-Q for further discussion of the Company’s financing transactions and capital structure. As of September 28, 2024, approximately 56% of the Company’s debt bears interest at a fixed rate and 44% of the Company’s debt bears interest at variable rates. Therefore, a hypothetical 1.0% (100 basis points) increase in interest rates would result in a $3.2 million decrease in income before income taxes in the Company’s consolidated statement of operations for the first quarter of fiscal 2025.

Item 4.

Controls and Procedures

The Company’s management, including its Chief Executive Officer and Chief Financial Officer, have evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)) as of the end of the reporting period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this Quarterly Report on Form 10-Q, the Company’s disclosure controls and procedures are effective such that material information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified by the Securities and Exchange Commission’s rules and forms and is accumulated and communicated to management, including the Company’s principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

During the first quarter of fiscal 2025, there were no changes to the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II

OTHER INFORMATION

Item 1.

Legal Proceedings

Pursuant to SEC regulations, including but not limited to Item 103 of Regulation S-K, the Company regularly assesses the status of and developments in pending environmental and other legal proceedings to determine whether any such proceedings should be identified specifically in this discussion of legal proceedings, and has concluded that no

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particular pending legal proceeding requires public disclosure. Based on the information known to date, management believes that the Company has appropriately accrued in its consolidated financial statements for its share of the estimable costs of environmental and other legal proceedings.

The Company is also currently subject to various pending and potential legal matters and investigations relating to compliance with governmental laws and regulations, including import/export and environmental matters. The Company currently believes that the resolution of such matters will not have a material adverse effect on the Company’s financial position or liquidity but could possibly be material to its results of operations in any single reporting period.

Item 1A.

Risk Factors

The discussion of the Company’s business and operations should be read together with the risk factors contained in Item 1A of its Annual Report on Form 10-K for the fiscal year ended June 29, 2024, which describe various risks and uncertainties to which the Company is or may become subject. These risks and uncertainties have the potential to affect the Company’s business, financial condition, results of operations, cash flows, strategies or prospects in a material and adverse manner. As of September 28, 2024, there have been no material changes to the risk factors set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended June 29, 2024.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

The Company’s Board of Directors approved the repurchase plan of up to an aggregate of $600 million of common stock including the increase approved in August 2024. The following table includes the Company’s monthly purchases of the Company’s common stock, excluding excise tax, during the first quarter of fiscal 2025, under the share repurchase program, which is part of publicly announced plans.


				Total Number of	Approximate Dollar
	Total	Average		Shares Purchased	Value of Shares That
	Number	Price		as Part of Publicly	May Yet Be
	of Shares	Paid per		Announced Plans	Purchased under the
Period	Purchased	Share		or Programs	Plans or Programs
June 30 – July 27	760,000	$	52.41	760,000	$	113,902,000
July 28 – August 24	633,171	$	52.76	633,171	$	592,316,000
August 25 – September 28	494,386	$	52.01	494,386	$	566,605,000

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Item 6.

Exhibits

Exhibit
Number		Exhibit

31.1*		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1**		Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2**		Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS*		XBRL - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH*		XBRL Taxonomy Extension Schema Document.

101.DEF*		XBRL Taxonomy Extension Definition Linkbase Document.

101.CAL*		XBRL Taxonomy Extension Calculation Linkbase Document.

101.LAB*		XBRL Taxonomy Extension Label Linkbase Document.

101.PRE*		XBRL Taxonomy Extension Presentation Linkbase Document.

*	Filed herewith.
**	Furnished herewith. The information in these exhibits shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to liability under that section, and shall not be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.

	頁碼
第一部分財務信息

項目1. 基本報表（未經審計）

2024年9月28日和2024年6月29日的合併資產負債表	2

2024年9月28日和2023年9月30日止首季度綜合收益綜合報表	3

2024年9月28日和2023年9月30日止首季度綜合收入綜合報表	4

2024年9月28日和2023年9月30日止首季度股東權益綜合報表	5

2024年9月28日和2023年9月30日結束的第一季度現金流量綜合報表	6

合併財務報表註釋	7

項目2.財務狀況與經營結果的管理討論與分析	16

項目 3. 關於市場風險的定量和定性披露	23

項目4. 控制與程序	23

第二部分.其他信息

項目1. 法律訴訟	23

項目1A ：風險因素	24

項目 2. 未註冊的股權銷售及資金用途	24

項目 6. 陳列品和契約款項(第6頁)	25

簽署頁	26


	第一季度結束
	九月28日，		9月30日，
	2024		2023

	(千)
凈利潤	$	58,956	$	209,268
其他綜合收益(損失), 淨額(稅後):
外幣翻譯及其他		185,833		(107,036)
交叉貨幣掉期		(19,610)		11,808
養老金調整		1,100		1,467
其他綜合收益（損失）的總額，淨稅後		167,323		(93,761)
稅後總綜合收入	$	226,279	$	115,507

	AVNET, INC.


	By:	/s/ KENNETH A. JACOBSON
		Kenneth A. Jacobson
		Chief Financial Officer



	Severance
	(Thousands)
Balance at June 29, 2024	$	23,838
Cash payments		(7,023)
Changes in estimates, net		(127)
Other, principally foreign currency translation		40
Balance at September 28, 2024	$	16,728