ARW - Earnings call transcript Q4 2019 | Arrow Electronics, Inc.

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Arrow Electronics Fourth Quarter and Year-End 2019 Earnings Conference Call. At this time all participants are in a listen-only mode. [Operator Instructions] Please be advised that today’s conference is being recorded. [Operator Instructions] Thank you.

I would now like to turn the call over to your speaker today, Steve O’Brien. sir. ahead, go Please

Steve O’Brien

Chief day President, XXXX to us earnings are President, Financial computing President call Good Vice enterprise Stansbury, quarter and Global Components; President on Electronics and and today Chief and Chairman, Long, year-end conference Andy Mike Officer; and Jacqueline. Chris Arrow Senior King, welcome Officer; fourth the Executive Global Thanks, solutions. call. Kerins, With Sean

non-GAAP. of some figures on the are As a reminder, today’s discussed call

investor.arrow.com, along this can the our access release at reconciliation of You the commentary, webcast earnings call. with non-GAAP earnings CFO and

We prepared by will then begin a with which followed a few moments be remarks, of question-and-answer period. will

our I’ll now to and CEO, Chairman, call Mike Long. hand the President

Mike Long

Thanks you all of Steve. time for you, to to today. the Thank taking join us

thanks that engineering, our our of will operating the our we quarter, solving business, income components delivered our cash share needs, chain technologies sales increased to by design supply future and strong results. growth, to customers’ solutions lead in earnings produced across per scale Asia card driven flow line and commitment During customers. the the scale improvement. computing again nontraditional to and newer We and fourth profit Enterprise the pull through

margin soon positioned well drive we XXXX, begin As we’re as conditions profit expansion growth improve. to demand and as the

value. the on quickly shareholder enhance of are we remain to down industry and actions cost that organization economic the has and which to The sharpened optimization opportunities will enabled disposition concluding business wind us adapt focus, our and corrections We have mobility focused streamlined long-term have our our conditions. asset and PC

alter changes in but along the We no in hopeful economic bouncing the that fourth is would and industry saw business no the quarter fourth showed demand our the improvement. The for bottom. backdrop signs quarter, that stance our

near-term delivered some achieve strong current see expectations. by remaining we able we improving while economic cautious macro to design By cash working adapting during the flexible the we’re line additional capital and Demand our – smaller nimble our of we their during had and engineering weakened on generally our quarter, in what conditions more To conditions, inventories. customers beyond the from facing, returns utilize sales text services market through provide customers to fourth and the were back who originally pared quarter However, flow anticipated. with remain very realignment.

Manufacturing, move to to engineering offshore. continued the work of and continued time, our European same At consumption exports design decline.

some While traditionally we see starting said, our suppliers customers third With stability. sequential first Backlog quarter, improvement, did a all from of there’s increase activity design of that Design cycle are to to to quarter signs year-over-year signs seeing are since and is And the production, improvement increased higher of market. business given mix and trails the which margins. design activity XX- in between regions. third and improved XXXX. quarter-over-quarter from total the increased XX-month in and a lag the

with this throughout our market very been in have design activities. correction, the pleased However, stability we

but the end improvement Book-to-bill with third remain regions. book-to-bill Overall, in times than parity in all to long-term at averages. consistent exiting correction. Lead regions shorter consistent indicators was Other year, near and all approach the quarter. appear are fourth quarter and the the last X.XX of an quarter the with showed third to was market our compared

they last Our levels quarters. largest is levels three levels. customers results proportion appropriate normal historic Americas of inventory survey customer the normally had category. returned saying The sentiment of Appropriate the to improved over

too also customers they of saying remained high. had proportion However, much the inventory

and technical leadership. Despite to a through want backdrop, challenging committed emphasize to driving innovation that I Arrow remains engineering

first any the do contribution With from assumes no And supplier to saw the no quarter to changes. respond incremental from incremental we recent We’re our near-term not fourth pressures. contribution to changing results significant guidance we market this quarter program business way changes. the understanding,

business our our to requirements to listen to suppliers like address do to and continue their closely customers customers way us and to. the and We suppliers would

to fourth expectations. our We software-led line solutions demand our the business. quarter, Now to turning was our in enterprise In for solutions did our meet commitment. computing with well guidance

the smaller purchase single-digit the slow, expenditures appetite billings While pace was solutions continued, large-scale fourth to year-over-year notably aggregate, grew last year. at in the less than quarter. of low IT In rate

operating Our income deliver quarter even with we operating changes. The increased currency success income the approach third unfavorable a return consistent portfolio to results. of is as expected, growth fourth in designed foreign approach and our drove quarter in again the to

computing grew to adjusted XXXX realignment newer was For of hybrid and enterprise XXXX, the architectures, full hardware income also to this currency. in growth systems. Behind small significant software, the for cloud solutions operating declines legacy offsetting year slightly compared profit

In while head to challenges external adaptable closing, we address proactively continue on. we can what face control to remaining

capabilities engineering our Our remain strategic to be key advantage.

over that continue to leading to expand drive opportunities end our to quarters. and progress the you confident everywhere. long engineering forward will to performance the term, on look performance innovation improve and coming apart I the We’re the updating our tremendous set us business, of know-how customers in

the over more Chris our to hand to and call results details expectations for first provide quarter the fourth quarter. now on I’ll our

Chris Stansbury

asset the currencies. €X, $X.XX in the decreased quarter with for actual were wind-down the previously foreign for PC Thanks, line Sales $X.XX year-over-year our is Mike. The the rate Fourth which for business. we rate forecast. exchange excluding X% mobility used in quarter disposition billion, adjusted was changes and sales and to

decrease an wind-down and $X.XX and were asset disposition X% PC foreign prior Global sales mobility year-over-year components business. and line in currencies. in the changes excluding the for is guidance This of adjusted billion, represents with

year-over-year the all-time was The from level. also the reached contribution X% all-time an quarter and Asia sales annual record percentage Asia for and year. sales quarterly increased record an and

strong. opportunities line often Our we products cross-sell offer customers. we as new And those performance in card be other new in add Asia to find continues to customers, our to

do returns. anticipate we to a higher higher margins, Asian a to be headwind will not While Asia mix is headwind contribution

Americas, XX% adjusted. decreased as the year-over-year In sales In adjusted. year-over-year XX% decreased Europe, as sales

We performance to and sales in quarters, are across In verticals lag demand to Americas several Asia our continue western experiencing key the regions. factors. to due we in the all expect of lower the coming Europe

First, and carry region, Asia in has to customers tend inventory. the less higher asset velocity

Second, be the products lower more Western elastic we customers’ economic to expect demand of to to And Americas large in for continue see uncertain face offshore our we manufacturing conditions. cost regions. third, customers

of year-over-year. global was Global operating decline income the This decreased for X.X%. margin components quarter components. margin consecutive XX% third was year-over-year Operating

through downturns program a and corrections, when to first and quarters mix return regional a of seen more the cost then same, consecutive margin no optimal And During typically expect our continue to past optimization market conditions improve. from while we’ve recovery to two come are we five demand decline. product margin

billion for currencies, $X.X as the of services in year-over-year regions. hardware, changes were Enterprise our decreased foreign storage computing infrastructure, single-digit networking. X% both midpoint next-gen adjusted rate including prior expected in was range. year-over-year solutions low and at and a of and an at adjusted software Billings sales Growth increased by increase driven

enterprise increased currencies. computing sales sales year-over-year for decreased in solutions adjusted Europe X% X% changes as Americas year-over-year, foreign adjusted.

solutions in while changes currencies, in saw and relatively and fourth points year-over. Enterprise for Europe adjusted dispositions. operating foreign Operating quarter, computing income software more and services, increased security infrastructure, X% strength increased XX Americas in the margin saw strength storage. year-over-year, more basis During

effective adjusted year-over-year. changes operating Consolidated quarter, and the expenses decreased a results income end consolidated slightly million year-over-year was low and wind the X% company of our XX.X%. below disposition was currencies. foreign other the range for for operating with rate near total tax long-term the expectation. for XX% The Interest to the expense in year to decreased Returning down, within quarter prior XXXX our and range XX.X% $XX effective of was XX% tax Full rate target at XX%.

share and quarter on was earnings per a compared the XXXX. fourth negatively approximately year-over-year. the XX% share earnings basis, impacted down dollar per was growth negatively $XXX diluted XX% impacted $X.XX million year-over-year. by approximately Earnings stronger and We share one of income $X.XX percentage by to point Net down per estimate were

$XXX reported net cash the flow non-GAAP flow and demand year flow flow. million greater reduction EBITDA income. cash weak operating our or in ability to convert current to XXX% totaled by $XXX Turning driven Full cash capital. working by strong XXXX a to We of in of a million, environment cash

committed Consistent cash and reduced excess quarter. repurchased approximately the our the shareholders. million X.X past $XXX We same shares approximately XX over we repurchased to returning time million of over We during million to months with practice, or $XXX shares frame. remain by approximately X% that stock our outstanding last

we quarter, reduced approximately million. fourth also $XXX During by borrowings the

Our near-term reduction. share be capital to continue repurchases and priorities debt will allocation

mind in this our that I’ve gives financial call results. during high-level of shared a keep information Please summary the

CFO our segment more results, For website on this regarding commentary published please the morning. detail business to the refer

guidance. Now

the wind excludes disposition guidance our PC to mobility of outlook, asset business. and Turning our down the

shorter the always of computing is capture of enterprise not activity heightened the on two on end XXXX April first will XX. will sales but XX, the will four March be By quarters our X, early XXXX than Our the comparison, of closed April quarter March last first quarter of the X first March only and days XXXX, respectively. Not also solutions that quarter quarter quarter first XX, unusually for close first business.

quarter comparison on the We compared estimate to in the sales a will early of basis and date million diluted $XXX first an unfavorable share earnings closing result XXXX. per to $X.XX to of

days two normal. quarters third and second earlier Our closed than also

quarters will quarters, calendar these be capture impacted. since preceding will the don’t However, these closing meaningfully the year-on-year we , since from expect comparisons to quarters days

fiscal XX. December always closes on Our year

XXXX. and quarter So, we fourth should quarter of capture lost from first during the profits sales our

some mandated extension In business Chinese China shutdowns manufactured addition, and week seeing lead transportation as the by Year New of delays due times disclosed we longer in products the release, the are holiday and government. and press our of to in

the on at are our situation business the quantify time. We monitoring but impacts this cannot closely,

with quarter anticipate billion, that billion. component $X.XXX $X.XX first will billion sales between $X.XX We and total global billion and sales $X.XXX be between

sales global and between $X.XXX be billion $X.XXX computing will Our solutions enterprise billion.

of end target the our the effective expense of XX% expect quarter will outstanding be long-term and of $XX other diluted tax higher XX.X% the for anticipate XX%. rate We We shares range towards to million. million and approximately $XX approximately interest of average

$X.XX. result, any a we are range a excluding charges, earnings to the in diluted As $X.XX on basis, share of be forecasting to per

have rate to foreign impacts approximately The growth first dollar XXXX. purposes average that will the $X.XX negative $XX and $X.XX exchange forecasting on using compared for of we’re earnings Euro to sales in per on million currencies We of changes quarter €X. estimate to share is U.S. in our

over to With that, call for I’ll Q&A. the the turn operator

Operator

Instructions] Thank Your from Harrison [Operator you. first from Shawn Longbow Research. comes question

Your is open. line

Shawn Harrison

you to my are here any year? guess that share seeing way the beginning they and is, quarter there’s to components throughout global the you shift going question share there about, your first If I maybe business. first how a in transition everybody. transition Hi, on calendar is market speak in

Mike Long

Yes. We We in from don’t didn’t have December anticipate supplier any contribution anything the program changes. any quarter.

not anything quarter. in first meaningful the We’re forecasting

the were year. way If of most transition supplier shift if in it, you at all the remember, the look changes happening of And you half. second the the other the guys can end sometime through

there’s in at nothing point. this So there

Shawn Harrison

And Chris, of of as Mike. cash think flow either a first Thanks, quarter the then income? the in the excess year net for first will follow-up, half Okay. you XXX% conversion of or do operating be still

Chris Stansbury

Yes.

that had I And for that That trying working start Shawn. flow said, things the QX, neutral. other to way would we performance. in territory, QX current still we’ve negative we that opportunities there’s years, although expect think our would the to I last in being think reduce negative the capital we’ll be environment. see five to – in rates all to think Normally, equal, slow, in do I cash fight

net target. is of the GAAP income XX% So

and certainly I think could little we’ll above have target, but to that, we that’s the see. be a

Shawn Harrison

you. Thank

Operator

Tindle And question from from comes your James. next Adam Raymond

line is open. Your

Adam Tindle

afternoon. Okay. downturns. I end observations prior Mike, market this to wanted on downturn start Thanks. Good from versus some just

operating release I about improvement? we time the should greater as leverage Could press the see touch expect slower this of think to that cadence margin you on upturn, also we the to? versus And prior. maybe and mentioned you resiliency potential think in you positive just attribute on what a the side, flip

Mike Long

faster time. Well, this you I think time that reaction was what saw

and try you earnings to good the share pull as second quarter, the it. first to it what for which was our The the news try business the $XXX we prepared earnings sort in best of quickly the of consider we a had is come then restructured had offset think we to I for XX customers. were news market time, the the to did downturn. And to The like we sort weeks. do years. The keep during and and out, sort quarter, of in And start going them know, haven’t was did in would executed keep of per sales on I matter that million couple of we drawer. very our We almost a plans target, out the of for is, put bad

So resilient downturn. made ourselves this more I time think the we during around

growth find you time. We’ve going the backlog typically always I a And the think themselves little just if you see from very customers kind seen like time of now a bit And it been a haven’t different years run it’s It’s quarters turn it seen we’ve margin. time later, seems inventory. bounce What and It’s put next in regions. back, historical the There’s that, be negative like six-quarter does come, down. obviously usually take five those been down for of we’ve But than on. yet, of you that the starting XX we’ve to a and all that, do things in we’re just it to to but seems in of would the quarters X% around rarely funny – sort seen acting is or because but back. that, couple catalyst away we’re is downturn, we the still drawer which stabilize bigger for the everything in would seeing seen X%, past. next a bounce sales when has been X% we

and we’re going there. saying of at customers until want more to those think, to is now. down expectation clarity, appropriate is of inventory good doing part they’re that And have are levels that little That’s they’ll in that I the increasing news. My then a inventory, start the surveys right running right even they’re they back bit see

that expect And the have out. that’s I their know, they inventory they’re what market of uptick usually as below filling the we’ll too. time you a pretty forecast would the that’s And plus So, feel being snapback. going good this

Adam Tindle

from expected Okay, And on or very I make that the to sure what yet what expected a understanding comments changes. that internally? the I just scenario Is – is could supplier want And just where you move there be occur around the there to Arrow – helpful. clarify, contribution are of has I’m kind you messaging just it? to mean, changed doesn’t no

Mike Long

there’s been has think I changed. that don’t anything

last the I think we quarter. said exact thing same

have the thing transition appropriately. out think I it’s is the to think I being chain and continue beginning. customer supply been important from the And don’t And there, right it’s most to same our handled it’s allowing any the year, And half second the of go. don’t see enough we in things I worry really more got now. comment, it the even and about to until I because purview

Adam Tindle

Got it. Thank you.

Operator

next question Your Matt from from comes Stifel. Sheerin

open. is Your line

Matt Sheerin

thank Yes, you.

under America gross against pressure. that and margin Just better, given about work the wanted like, to trends Mike, to ask sounds still Europe Asia continue North particularly up holding mix you and it will with the

last running margins to we kind XXX until the been points still XX% the basis Should couple down range be in So changes? mix modeling low about in of down year-on-year. be that you’ve of quarters

Mike Long

the half I would have that, half, new of and now changes kind the I say then. But through you and you catalyst first and then to get of don’t back see get that in, other much change you least back. then a at between if any come orders then the and blend market Matt, it half

looks year the would going it I year right So, the following honestly be into would in later we say from the now. way and

Matt Sheerin

you you’re do the you’re commentary your that inventory. is And have the seeing, the the could of have to good the suppliers? some inventory in position at issues relative guess, positive supply helpful. I be? might an where you and coronavirus chain that’s to be put relative that one And looked that your around you bottlenecks – Okay, – early and competitors issues And that in or position advantageous

Mike Long

it. think you hit I Yes,

slowly got we’ve We with XXth. what the the from to plenty now going closed to It’s sitting I is, how the problem can is is board move know the will inventory, But no do heard And don’t you that We’ve good it inventory an on they on around. the ability going until happens and as the there is have We are product, inventory. see. the of the good be immediate orders news think up, when gear XXth, snapback manufacturers, their to be they want affected. we��re side that. of affected news

XXth producing on Foxconn heard start I to the that XXth. I again think was or going

doesn’t it And and look that’s we can’t why I to true. know true. that’s true that a that’s really date. I want around said, it’s don’t That’s out guidance too So like to like frame be exact But the hope going we we string – I the because put hope all far.

Matt Sheerin

enough. Fair

Okay, Mike. thanks lot, a

Mike Long

Yes.

Operator

Research. comes Fox from question next from Your Steven Cross

Your open. line is

Steven Fox

about Hi, directionally region basis, versus on talk good Can they trended you year ago afternoon. bit quarter? prior by say, the a a a how versus, little like-for-like components margins

Mike Long

probably Steve. Yes, not,

far getting bit saw, the Europe downturn, better is the tell down. in up for time I in a think year. you that too I the given can What year. expected came that’s this of at than little that everything really, held But you look if later numbers you

So, marketable of right the to year, are the out started half why we using now. the later bouncing the the Europe in term come going year. That until well it I of don’t see expect bottom that’s I – change think in to any along you’re second

Steven Fox

up as comment up you. forward? it And And positioned on you are you much the much in of the would able you winding about are that? you are in being as follow going seeing a as bit? for Thank Can little not at Okay. offshoring western like? manufacturing China picking terms that to customers’ you Specifically, expand the of sort regions. then customers in – your Is

Mike Long

I Any have think, the positioned seen, for have business. that we’re of destination, the have we well followed the the offshoring that. captured we to customer we

seeing slow benefit from see a that. are We I like would that bit. little to

So be business, and that to deal anybody important It’s me, really on semiconductor important. to is China us. getting for going in the with depends a

I think able is, not. is. yes, anybody. I listen going line bottom we’re said my to weren’t to capture they I would beginning it. Senator for wherever the I stand still and be those They’re go. went wish it on what record the there. is the to in But it good But tariffs sales

Steven Fox

very Thank Great. much. you

Operator

Tim next Citi. Yang comes Your question from from

is Your line open.

Tim Yang

question. taking margin. for on the follow-up A thanks gross Hi, question

I by to that was think basis sequentially the next points implied I And think guidance roughly gross margin XX to last points your XX points basis line. underperformed increase basis XX quarter quarter. in roughly margin for is gross brand-new

ago? here on And So, you the forward, my last quarter? it or elaborate those question looking for reasons getting or is compared a worse Is the quarter that, volume, pricing to mix? can softness margin factors better

Mike Long

it’s basis I Well, XX mix, think a points.

do change You the doesn’t can XX math, basis mix of much take a very for it points.

into anything going to quarter, way. – believe swing it’s for good the much using translating such the in the forward. mix is too per read We regions and trend over that, into it’s we that stabilize amount where cash a the there’s get and we’re news it. right saw much small either take now, into to slight purposes, not of wouldn’t which market, all to mix the income, that. we translating – But mix is it because I’ll the market go be sales earnings and mix, given all it’s the the downside pretty can So up share, But a margins practical is as trending

for to and best we’re going we’re we do. the what continue the to doing shareholders, So can that’s

Tim Yang

growth understand how is XXXX income, then that’s next do could ECS it, exclude the we a but year feel operating operating the those And about income impact year? think for I Got results, that days should we selling the selling growth you very helpful. days still for impact? ECS if that

Mike Long

the Sean the while over abuse let else. taking that, a product business because answer to and year everything for realign started the half to his going changes and actually and he cloud he I’m last to compensate had Yes.

lap. So, I’ll let him take that

Sean Kerins

And thanks, Mike. Thanks, sure. Tim. Yes,

Tim, in the the XXXX. Mike comments, year goal year remains back opening his So it we pointed of in progress certainly as make out our and growth, some half for of income the with did operating full

path I forward. like So, our our position actually and

there lead Our going things is of strategy software-based to and not more continue us will That kinds solution The that existing to time be over selling. certainly channel date. change. help to will to new helped get partners us to

the then, base our in steady And of investments longer to mid-market on card and course, ecosystem. tend progress expansion. our rely customer fully executing making channel tail customers more capabilities we’re also Those on customer value. the in We’re with line and of

right going So forward the I put those changed. position. will hasn’t are again, And in think continue that strategy our to things us the

Tim Yang

you. Thank Great.

Operator

Fargo. question from Joe from next Your comes Quatrochi Wells

Your line open. is

Joe Quatrochi

guess, cost Yes. understand see Chris, level Thanks think OpEx as How And you help in half for I you to think regards if year? of this wondering the we should I question. of the I could the about with right was and I then, us start optimization, done. the back in demand taking into to that’s March improvement OpEx. we the some guess, quarter said

Chris Stansbury

$XXX said, So today. million the the bulk really, the cost are in cuts, as of Mike P&L

rate. closed look a QX, you where I’d good as say that’s at So, we

renormalizes and really we year, into your the was guys to relates in the I you as will quite incentive caution a bit think go that corporate obviously around so expense that we lower, model XXXX. that fact that compensation only obviously a given our see tough that had

is, to leverage we’ve As we when later that would the see whenever in to start see the P&L, the expect we year, extent deleverage look we that to in some return. the to growth, had

flow we think should to that And been. strategy has some expense with when it you good as growth, a of We business, said, as a resilient leverage Mike the are see return point. got the as the very So combined we see structure model. at through ever that

Joe Quatrochi

sort you XXXX. spending general share follow-up, just your IT On in side, could expectations a was just kind the then of Thanks. wondering in as if And ECS for just of I

Mike Long

still think, going networking, growth general, in I it, actually going on legacy is of It’s seeing virtualization, it’s are seeing the things, of And off. everything don’t I anemic. rates relatively that, year. that Where those think industry of growth to the else products standard is we’re But software, storage, really good on hardware is be expect course good. the numbers I to we’re we’re pretty seeing be rest And types know, as here servers high. Well, the change over to the that are in much really high. you pretty the

So, it took a does growth participate. economy little while to start offset those. some if And seeing the year, I think good we’ll this

I X% anywhere think X%. seen to I’ve IT changing it month And numbers now. every spend on from happens to virtually be just

to and out. great see is But to pushed one it clip more the where think products going to new be at be – we’ll So, old time. a going it’s down are again, I grow the hardware all comes going

Joe Quatrochi

Thanks.

Mike Long

Yes.

Operator

next Your question from Bank comes Bhattacharya America. from Ruplu of

open. Your line is

Ruplu Bhattacharya

point you saw basis Hi, ECS margins, my the fourth question Maybe, about taking improvement in good, another XXX thanks on questions. sequential quarter. for the

we be elaborate helpful. understand, the to how much that should that can how versus you. there about sustain? Any And much how would So of margins that guidance was trying can much volume? Thank how you quarter, of in was first think of higher mix

Mike Long

Sean, to? you’d like

Sean Kerins

we fairly important that mix and And steadily. be Yes, think fourth year-on-year volume, we what QX. execute tends right business, And QX, margins the in at as to dramatically this think a it change operating you quarter, at we’re In in versus more function it case we see and the than in it’s long sequentially. the year-over-year sure. plans today, at ballpark. we again, certainly look Well, line be versus look as doesn’t year-over-year I and if of have certainly mix more I same for sales should the was margins in we held the to on margin looking similar the place

Ruplu Bhattacharya

or enough on details thanks Thank you you think shift you’re about I semiconductor add for share would the the do think should incremental support seeing question just in you that. How think should XXXX specifically, with you or Or to I how general? have your and think have that we more customer appreciate CapEx Maybe, that. helpful CapEx. we CapEx mean for that’s Okay, the – do and infrastructure about second warehouses? to on you.

Chris Stansbury

Yes.

ERP we’ve So, at around you had a And we for year us. $XXX deal in back behind CapEx time, of finished implementations. as in go That’s largely mentioned great past, our million. last if the obviously spending

little XXXX bit left and ECS significantly. more in business as warehousing XXXX, in in in And the need we business Just the a Europe. again, addressing the grown for are has

wrapped So that will be XXXX. in up

I for to would range. built And that is XXXX out. million this the in point $XXX number it think a we warehousing good at gets expect then down see come thereafter as

Ruplu Bhattacharya

for Okay, Thanks the great. details.

Operator

time. the the We back have call no presenters. I’ll further questions over at this turn

Steve O’Brien

closing, will statement. Arrow’s In Jacqueline. Thanks, I review harbor safe

publicly of risks obligation cause uncertainties results. are subject to company no the Some of number materially These and of forward-looking the the or variety comments future financial that could or and from such of to made statements on undertakes today’s call may a facts reasons, actual forward-looking a any include statements, differ including revise update results addressing statements statements. for statements to

Arrow’s filings. SEC risks in included these about information is Detailed

have Electronics, Arrow me. you feel and please the about a information presented have interest in free you Thank questions your If to contact nice today, day. any for

Operator

gentlemen, and concludes this Ladies conference today’s you Thank for call. participating.

You disconnect. may now

Arrow Electronics (ARW) 6 Feb 202019 Q4 Earnings call transcript