[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited consolidated financial statements for Q1 FY2021, reporting a net loss of $18.9 million compared to a $41.8 million net income in the prior-year period [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheets (in millions) | Balance Sheet Items | Oct 3, 2020 | June 27, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$8,381.4** | **$8,105.2** | | Total current assets | $6,602.2 | $6,328.8 | | **Total Liabilities** | **$4,603.9** | **$4,378.8** | | Total current liabilities | $2,766.4 | $2,280.4 | | Long-term debt | $1,195.2 | $1,424.8 | | **Total Shareholders' Equity** | **$3,777.5** | **$3,726.4** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Consolidated Statements of Operations (in millions, except per share) | Income Statement | Q1 FY2021 (ended Oct 3, 2020) | Q1 FY2020 (ended Sep 28, 2019) | | :--- | :--- | :--- | | Sales | $4,723.1 | $4,630.0 | | Gross Profit | $516.1 | $543.8 | | Operating Income | $18.5 | $62.7 | | Net (Loss) Income | $(18.9) | $41.8 | | Diluted (Loss) Earnings Per Share | $(0.19) | $0.40 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Statements of Cash Flows (in millions) | Cash Flow Activity | Q1 FY2021 (ended Oct 3, 2020) | Q1 FY2020 (ended Sep 28, 2019) | | :--- | :--- | :--- | | Net cash provided by operating activities | $122.4 | $195.6 | | Net cash used for investing activities | $(37.9) | $(42.4) | | Net cash used for financing activities | $(88.3) | $(22.8) | | **Cash and cash equivalents at end of period** | **$483.1** | **$664.1** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) - The first quarter of fiscal 2021 contained 14 weeks, compared to 13 weeks in the first quarter of fiscal 2020, which impacts year-over-year comparisons[19](index=19&type=chunk) - The company adopted Topic 326 (Credit Losses), resulting in a cumulative effect adjustment that increased the allowance for credit losses by **$17.2 million** (**$14.5 million**, net of tax)[21](index=21&type=chunk) Segment Sales (in millions) | Segment Sales | Q1 FY2021 | Q1 FY2020 | | :--- | :--- | :--- | | Electronic Components | $4,382.1 | $4,294.2 | | Farnell | $340.9 | $335.8 | | **Total Sales** | **$4,723.1** | **$4,630.0** | - During Q1 FY2021, the company initiated restructuring actions, recording **$26.9 million** in expenses related to severance and facility exit costs, primarily impacting over 150 employees[69](index=69&type=chunk)[70](index=70&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Analyzes Q1 FY2021 financial results, noting a 2.0% reported sales increase to $4.72 billion, but a 6.0% organic sales decrease, with operating income falling 70.5% to $18.5 million Key Financial Metrics | Metric | Q1 FY2021 | Q1 FY2020 | | :--- | :--- | :--- | | Sales | $4.72B | $4.63B | | YoY Sales Growth (Reported) | 2.0% | - | | YoY Sales Growth (Organic, Constant Currency) | (6.0%) | - | | Gross Profit Margin | 10.9% | 11.7% | | Operating Income | $18.5M | $62.7M | | Adjusted Operating Income | $65.1M | $107.4M | - The decrease in organic sales was attributed to the negative impacts of the COVID-19 pandemic across all segments and regions, and lower sales from the Texas Instruments (TI) distribution agreement, which is set to terminate[84](index=84&type=chunk) - The company recorded restructuring, integration, and other expenses of **$26.4 million** in Q1 FY2021, which included a gain on a legal settlement of **$8.2 million**[99](index=99&type=chunk) - As of October 3, 2020, the company had a strong liquidity position with **$483.1 million** in cash and cash equivalents and approximately **$1.48 billion** of total availability under its credit facilities[116](index=116&type=chunk)[117](index=117&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Reports no material changes in market risk exposure since FY2020, with 88% of debt at a fixed rate as of October 3, 2020 - The company's exposure to market risks associated with foreign currency exchange rates and interest rates has not changed materially since June 27, 2020[128](index=128&type=chunk) - As of October 3, 2020, **88%** of the company's debt bears interest at a fixed rate, while **12%** is at variable rates, with a hypothetical 1.0% interest rate increase resulting in a **$0.4 million** decrease in pre-tax income for the quarter[129](index=129&type=chunk) [Item 4. Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of October 3, 2020, with no material changes to internal control over financial reporting - The Interim CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[130](index=130&type=chunk) - No material changes were made to the company's internal control over financial reporting during the first quarter of fiscal 2021[131](index=131&type=chunk) [PART II. OTHER INFORMATION](index=42&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, not expected to materially impact financial position or liquidity - The company does not anticipate that any pending lawsuits, claims, or investigations will have a material adverse effect on its financial condition, liquidity, or results of operations[51](index=51&type=chunk)[132](index=132&type=chunk) [Item 1A. Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors from the 10-K, except for revised risks concerning the COVID-19 pandemic and logistics disruptions - The COVID-19 pandemic has negatively impacted the global economy and the company's operations, with its ultimate impact remaining uncertain until a vaccine is widely available[135](index=135&type=chunk)[136](index=136&type=chunk) - Major disruptions to the company's global logistics capabilities, from IT issues, natural disasters, pandemics, or reliance on third-party transportation, could adversely impact operations and profitability[137](index=137&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 FY2021, Avnet did not repurchase any shares of its common stock, with $469.0 million remaining available under the program - The company did not repurchase any shares during the first quarter of fiscal 2021[138](index=138&type=chunk) - As of October 3, 2020, **$469.0 million** remained available under the company's share repurchase authorization[58](index=58&type=chunk)[138](index=138&type=chunk) [Item 6. Exhibits](index=45&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with Form 10-Q, including CEO and CFO certifications under Sarbanes-Oxley Act Sections 302 and 906 - The report includes certifications from the CEO and CFO pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[140](index=140&type=chunk) [Signature Page](index=46&type=section&id=Signature%20Page) Confirms the official signing of the Form 10-Q report by the Chief Financial Officer on October 30, 2020 - The Form 10-Q report was duly signed on October 30, 2020, by Thomas Liguori, the Chief Financial Officer of Avnet, Inc[143](index=143&type=chunk)[144](index=144&type=chunk)

Financial Data and Key Metrics Changes - Revenues for Q1 2021 were $4.7 billion, representing a sequential growth of 13.5% and an increase year-over-year [10][18] - Adjusted diluted earnings per share (EPS) was $0.36, significantly above prior guidance [10][19] - Operating expenses as a percentage of revenues decreased from 10.4% to 9.6% [18][19] - Cash flow from operations totaled $122 million, marking the eighth consecutive quarter of positive cash flow [19] Business Line Data and Key Metrics Changes - Electronic components revenue was $4.4 billion, up 13.3% sequentially, with strong growth in Asia [20][21] - Farnell revenues totaled $341 million, up 16.7% sequentially, with an operating margin of 3.5% [21][22] - The company added 28,000 SKUs to Farnell's inventory, aiming to reach a total of 250,000 SKUs by fiscal year 2022 [14][61] Market Data and Key Metrics Changes - The Asia region saw a 22% sequential revenue increase on a constant currency basis, driven by demand in various verticals, particularly automotive [11][20] - The Americas and EMEA regions showed positive trends, with EMEA slightly below parity but improving [12][20] Company Strategy and Development Direction - The company is focusing on its primary components distribution operations while strategically investing in Farnell to enhance digital capabilities [14][17] - A flatter organizational structure is being implemented to improve responsiveness to customer and supplier needs [15][17] - The company aims to improve revenue growth and increase market share in key target markets [15][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about operational improvements and financial results, despite ongoing uncertainty related to the pandemic [10][11] - The company is committed to enhancing profitability and return on capital metrics while maintaining a healthy balance sheet [23][27] - Future guidance for Q2 2021 includes revenues in the range of $4.0 to $4.4 billion and adjusted EPS between $0.33 and $0.43 [26] Other Important Information - The company is focused on cash liquidity and intends to support dividends, with share buybacks on pause due to COVID-19 uncertainties [44] - The company has a strong liquidity position, ending the quarter with $483 million in cash and equivalents [22] Q&A Session Summary Question: Will the company see year-over-year revenue growth in fiscal '21? - Management confirmed that excluding TI, they expect to see year-over-year revenue growth [30] Question: Why isn't incremental revenue leading to better margins in Farnell? - Management indicated that operational improvements and the ramp-up of the Farnell lead distribution center are expected to enhance margins over time [31][32] Question: What are the capital allocation priorities? - The company is prioritizing cash liquidity and intends to support dividends, with no active M&A plans currently [43][44] Question: How are customer inventory levels being managed? - Management noted that they do not see significant inventory buildup among customers and are closely monitoring demand forecasts [66] Question: What is the status of the TI transition? - The company is in the final quarter of the TI transition and is tracking progress closely [53][54] Question: How is the company addressing working capital targets? - The company aims to reduce working capital to the mid-70-day range by the end of calendar year 2021, focusing on receivables, payables, and inventory [75]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 27, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |-----------------------------------------------------------------------------------------------------|--------------------------------------------------------| | | | | For the ...

Avnet, Inc. (NASDAQ:AVT) Q4 2020 Earnings Conference Call August 6, 2020 4:30 PM ET Company Participants Joe Burke – Vice President, Treasurer and Investor Relations Phil Gallagher – interim Chief Executive Officer Tom Liguori – Chief Financial Officer Conference Call Participants Adam Tindle – Raymond James Matt Sheerin – Stifel Ruplu Bhattacharya – Bank of America Tim Yang – Citi Shawn Harrison – Loop Capital Joe Quatrochi – Wells Fargo William Stein – Truist Securities Nik Todorov – Longbow Research Oper ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 28, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File #1-4224 AVNET, INC. (Exact name of registrant as specified in its charter) New York 11-1890605 (State or other jurisdiction ...

Avnet, Inc. (NASDAQ:AVT) Q3 2020 Earnings Conference Call April 27, 2020 4:30 PM ET Company Participants Joe Burke - SVP, Treasury and IR Bill Amelio - CEO Tom Liguori - CFO Phil Gallagher - President, Electronic Components Conference Call Participants Adam Tindle - Raymond James Ruplu Bhattacharya - Bank of America Merrill Lynch William Stein - SunTrust Robinson Humphrey Matt Sheerin - Stifel Steven Fox - Fox Advisors Sean Harrison - Loop Capital Tim Yang - Citi Nikolay Todorov - Longbow Research Joe Quatr ...

Avnet, Inc. (NASDAQ:AVT) Q2 2020 Earnings Conference Call January 23, 2020 4:30 PM ET Company Participants Joe Burke - SVP, Treasury and IR Bill Amelio - CEO Tom Liguori - CFO Phil Gallagher - President, Electronic Components Conference Call Participants Adam Tindle - Raymond James Shawn Harrison - Longbow Research Ruplu Bhattacharya - Bank of America Merrill Lynch Matt Sheerin - Stifel Tim Yang - Citi Joe Quatrochi - Wells Fargo Steven Fox - Cross Research Mark Delaney - Goldman Sachs William Stein - SunTr ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 28, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File #1-4224 AVNET, INC. (Exact name of registrant as specified in its charter) New York 11-1890605 (State or other jurisdict ...