Financial Data and Key Metrics Changes - Second quarter sales increased by 14% year-over-year on a non-GAAP basis adjusted for currency [12] - Gross margin for the second quarter was 13.1%, up 140 basis points year-over-year [12] - Operating expenses as a percentage of sales decreased to 7.4%, down 20 basis points year-over-year [12] - Operating cash flow was negative $83 million due to working capital investments [13] - Net debt totaled $3.3 billion, with total liquidity at $2.3 billion, including cash of $226 million [14] Business Line Data and Key Metrics Changes - The Global Components segment saw strong demand for electronic components, with book-to-bill ratios well above parity and record backlog levels [7][8] - Operating profit for the Global Components segment reached record levels, driven by a favorable mix of higher-margin products [8] - The Americas and EMEA regions experienced year-over-year growth rates exceeding 20% [9] - The enterprise computing solutions business showed healthy demand for complex IT content, although hardware sales faced supply constraints [9] Market Data and Key Metrics Changes - EMEA region delivered record second quarter sales, while the Americas region sales were slightly down year-over-year due to supply chain constraints [10] - Despite COVID-related shutdowns in China, the Asia region still achieved record quarterly sales [9] - The company expects upside in hardware categories once fulfillment improves [10] Company Strategy and Development Direction - The company is focused on enhancing capabilities in engineering and supply chain to improve profitability and navigate market challenges [6] - Investments in technology solutions are aimed at making a positive impact, particularly in semi-autonomous technology and clean energy solutions [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's future, citing strong demand outpacing supply in various sectors [28] - The company anticipates continued operating leverage for global components, with profit expected to grow faster than sales [16] - Management acknowledged currency headwinds impacting sales and EPS growth, estimating a $350 million headwind to sales and $0.25 to EPS [16][21] Other Important Information - The company repurchased approximately $225 million of shares during the quarter, with a remaining repurchase authorization of about $288 million [14] - The average euro-dollar exchange rate for the quarter was $1.06 to EUR 1 [12] Q&A Session Summary Question: Can you help us understand your comment about normal seasonality? - Management noted that normal seasonality in Europe is magnified by FX headwinds [20] Question: What is the FX impact on the outlook quarter-over-quarter or year-over-year? - Year-over-year, the FX impact is estimated at $350 million to sales and $0.25 to EPS [21] Question: Are you seeing shortages in inventory or hitting equilibrium? - Management indicated that while inventories increased, it was more about pricing than units, and they are not yet at equilibrium [23] Question: Can you discuss the price increases from suppliers? - Management confirmed substantial price increases have been seen, but the future is uncertain [34] Question: How did the systems part of your business perform? - Management stated that hardware supply constraints worsened in Q2, but there was a benefit from more software and cloud solutions [38] Question: What is the outlook for the enterprise computing solutions segment? - Management noted that demand for security applications has decreased, primarily due to hardware constraints [42]

Arrow Electronics, Inc. (NYSE:ARW) Q1 2022 Earnings Conference Call May 5, 2022 1:00 PM ET Company Participants Rick Seidlitz - Principal Financial Officer Mike Long - Chairman, President, and CEO Sean Kerins - COO Conference Call Participants Toshiya Hari - Goldman Sachs & Company Joe Quatrochi - Wells Fargo Matt Sheerin - Stifel Ruplu Bhattacharya - Bank of America William Stein - Truist Securities Nikolay Todorov - Longbow Research Jim Suva - Citigroup Operator Good day and thank you for standing by. Wel ...

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