Thank healthy good families and everyone everyone. you, their safe. I hope Bill, and afternoon, are and
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we actions will our to support financial these and our As each. review quarter performance, priorities third discuss I
during Turning quarter original for ranges billion to Slide within and our XX, were $X.XX. adjusted was EPS the $X.X were provided third revenues earnings Both revenues our guidance EPS the adjusted and last call. our
to likely we distribution most short throughout support needs. customer keep the our centers that of our to were teams operating able global continue While would and fall we preannounced guidance, quarter our
tax and work rate expense from income to the part of to as interest rate A business our operations, lower was tax, lower mix of our improve contributed perspective. as well with cost effort The EPS and performance. the geographic longer-term tax a
mix from Asia. higher than lower Gross XX% quarter, to margin was revenues primarily of a due of last
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the Asia pandemic. impacted region the first became by
were travel areas health manage conferences. costs. over and safety distribution quarter, our shift we These work higher, inefficiencies as freight well of centers, for costs lower and new COVID-XX.This class as sequentially operating and costs incurred patterns, in through prior and new Adjusted year additional as in to overshadowed procedures million expenses like higher $XXX included increases both the cost
difficult the we impact put net on a $XX to number precise to While related to it costs the million. is roughly COVID-XX, be additional estimate
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a revenues from Texas TI quarter the our were $XX ago. sequentially, $XXX the and Instruments flat Regarding third from in million, million decline year transition,
revenues TI year. continue to as see in We decline through a calendar the we expect
to of a equity Farnell There interim million, segment. other of in to result a asset in includes included impairment which related which $XX COVID-XX, and were $XXX we a impairments expense. charge recorded impairment our of million equity of is goodwill test million intangible macroeconomic acquisitions includes As The and an of performed goodwill investments, Components charge investments. Electronic $XXX impacts no
to X.X% due lower by On of resulted in operating revenues reflects EMEA Slide were segment COVID-XX. show $X Americas and Asia typical components seasonality. we billion has revenues Year XX, primarily down sequentially New Electronic Electronic slightly Sequentially, volume. which region. from X.X% sales declined Chinese X.X%, lower components' increased, usable revenues and the margins and revenues sequentially,
Farnell in weakening in operating revenues progress million, the off Farnell due April totaled strong March to operating COVID-XX X% fairly margin team quarter impacts. the The improvement. achieved a in $XXX and showing March demand appears for with X.X% quarter sequentially. demand. began trailed be margin, up The Farnell to
of Turning and healthy ended million working our continue quarter sufficient balance balance needs and the support customers. our billion. a debt operations with XX, balance with $XXX to sheet on a cash of to the we global and cash We liquidity flows business of have capital $X.X to Slide sheet,
Our and leverage debt X.X was was gross X.X. debt ratio our net leverage ratio
Recently, $XX, share book per of tangible value to net receivables, share asked the per book remained previously the relatively charge have both a value parts us Our key quality $XX. our about Tangible investors discussed. due constant sequentially $X our we and inventory decrease value. at book was impairment of
working of quarter capital, of regularly $X billion receivable $X.X billion accounts review As we had of and March of valuations. these billion inventory. We $X end, including
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with The same goes the inventory.
sheet with processes contractual teams or capital healthy our suppliers by affected inventory, global our and daily have disciplined and balance quarterly We we by managing should market various prices. ensure aged, in performing become changes arrangements focus Our obsolete maintaining a Avnet reviews. inventories on working
Turning to Slide liquidity on XX.
position remains Our strong. liquidity
All of on our businesses working cash. and are focused managing capital generating
on cash accountability, downturn. last the reporting, well as million we flow we XXXX, and metrics to During in processes, These are put The processes operations. liquidity us actions improved we with and of managed in during throughout benefits generations. place the calendar systems XXXX and serving automated year our year put focus in place the tools cash from $XXX generation of today, pandemic reaped
the generated $XX debt straight sixth of flow the In is million cash $XX flow of to used positive down third and we million cash This shareholders. from pay operations. operations. quarter, returned We million quarter cash from the $XX of to
want we a have forward, meaning flow. to revenues inventory remind cash contribute balance Going to that we decline, which and purchases, we when positive you sheet, receivables that both collect counter-cyclical of reduce
expect the would of use when expect additional to we And cash capital. the We future, continue. revenues working that to in accommodate to improve some that
any we in board, liquidity. implement Turning possible evaluated team future, required XX, to order as for with to economic several our management scenarios and the to actions ensure identify slide a along
the As have actions. a result taken following we
focus suspended March, to and a of on continue We program buyback economic our managing cash. inventories, the result our receivables as in share We generating businesses early uncertainties.
We hires. paused M&A curtailed non-essential and services activities also outside our and
implementing are actions debt. manage to our We
For Slide on shown XX. our debt out is as background, spread maturity
mature a end for we months. the $XXX in next not not due maturity April. of The we due until another the June, which have have note We means at redeem debt which next will do December, note XX XXXX, million does
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$X by are of matures line cash operations, intend over near and U.S. our to it Overall, summer, credit billion end securitization medium-term and is and it liquidity receivable receivables. dates includes out facilities our fund the supported Our and to renew we this of maturity debt to at time. our spread
the to outlook customers our employees, to of serve business continue partners. on Turning business suppliers, despite Slide we XX, COVID-XX, needs and
not outbreak. businesses fourth extent may are unable we provide China many can what pandemic position. adversely the liquidity region we global to color COVID-XX guidance Therefore, COVID-XX is are We to the be next quarter. are the from companies, providing confident in for quarter. The we the and predict for recovering operational Like our Greater the is the for to fourth appears the quarter impact
Some parts and of uncertainty Southeast India, Japan. in remains Asia,
revenues. expect in to off drop EMEA We
given downturn revenues. that cases in America's COVID-XX restrictions. Farnell government sizable has experienced fairly continued cautious, along The region is with
However, in defense we medical and see markets. strength aerospace,
proactive months imposed the stabilize but times, as travel commerce we to expect managed operating do our near-term the We and are steps higher to as so restrictions. liquidity. in continue navigate we third to secure through performance to These incur the expenses and uncertain COVID-XX government in We quarter Avnet ahead continue the took our look to crisis.
As Avnet next years, anniversary, our and XX centennial a milestone. served said, huge customers suppliers is which is had for and Bill year
healthy team, Avnet come. management a on years As and strong keeping we're for to focused
for line With that, Operator? the let's open Q&A.
