EX-99.1 2 q22023pressreleaseex991.htm EX-99.1 Document
ARROW ELECTRONICS, INC.
9201 E. DRY CREEK ROAD
CENTENNIAL, CO 80112
303-824-4000
NEWS

Exhibit 99.1
Arrow Electronics Reports Second-Quarter 2023 Results
-- Second-Quarter Earnings Per Share of $4.12; Non-GAAP Earnings Per Share of $4.37 --
-- Revenue in line with guidance; Non-GAAP EPS above midpoint of guidance --
CENTENNIAL, Colo.--(BUSINESS WIRE)- Aug. 3, 2023--Arrow Electronics, Inc. (NYSE:ARW) today reported second-quarter 2023 sales of $8.51 billion, a decrease of 10 percent year over year. Second-quarter net income was $237 million, or $4.12 per share on a diluted basis, compared with net income of $370 million, or $5.54 per share on a diluted basis, in the second quarter of 2022. Non-GAAP net income1 was $251 million, or $4.37 per share on a diluted basis, in the second quarter of 2023, compared with non-GAAP net income of $386 million, or $5.78 per share on a diluted basis, in the second quarter of 2022.
“The company posted solid second-quarter results in a softer semiconductor market and a mixed information technology spending environment, delivering revenue and earnings per share within our guidance range,” said Sean Kerins, Arrow’s president, and chief executive officer.
Global components second-quarter sales of $6.68 billion reflected a decrease of 10 percent year over year. Europe components second-quarter sales increased 19 percent year over year. Asia-Pacific components second-quarter sales decreased 22 percent year over year. Americas components second-quarter sales decreased 17 percent year over year. Global components second-quarter operating income was $381 million, and second-quarter non-GAAP operating income was $388 million.
“While demand in the west broadly remained resilient, customer inventory levels were elevated in the quarter. Americas components results were impacted by further declines in the shortage market, which we now believe to be largely normalized. In Asia, we experienced continued demand softness in China,” said Mr. Kerins. “We were encouraged by our sequential inventory reduction, pricing stability and growth in design-related activity.”
Global enterprise computing solutions (ECS) second-quarter sales of $1.83 billion reflected a decrease of 8 percent year over year. Europe enterprise computing solutions second-quarter sales decreased 1 percent year over year. Americas enterprise computing solutions second-quarter sales decreased 14 percent year over year. Global enterprise computing solutions second-quarter operating income was $86 million, and second-quarter non-GAAP operating income was $87 million.
“We continue to see customers migrate to solutions delivered on an as-a-service basis. Our ECS results reflect this trend as we saw relative strength in cloud, software and services, and improved operating margin year over year,” said Mr. Kerins.
“Reflecting our confidence in our ability to generate cash and consistent with our desire to drive shareholder returns, we repurchased approximately $200 million of shares during the second quarter,” said Raj Agrawal, senior vice president and chief financial officer. “As of the end of the second quarter, our remaining repurchase authorization stands at approximately $824 million.”












1 A reconciliation of non-GAAP financial measures to GAAP financial measures is presented in the reconciliation tables included herein.
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THIRD-QUARTER 2023 OUTLOOK
•Consolidated sales of $7.78 billion to $8.38 billion, with global components sales of $6.00 billion to $6.40 billion, and global enterprise computing solutions sales of $1.78 billion to $1.98 billion
•Net income per share on a diluted basis of $3.25 to $3.45, and non-GAAP net income per share on a diluted basis of $3.40 to $3.60
•Average tax rate in the range of 23 to 25 percent
•Average diluted shares outstanding of ~56 million
•Interest expense in the range of $85 million to $90 million
•Changes in foreign currencies expected to increase year-over-year growth in sales by $212 million, and earnings per share on a diluted basis by $0.11 compared to the third quarter of 2022
•Changes in foreign currencies expected to increase quarter-over-quarter growth in sales by $42 million and earnings per share on a diluted basis by $0.04 compared to the second quarter of 2023
•On a constant currency basis, our third-quarter sales guidance implies a sequential growth rate range of down 11 percent to down 5 percent for global components and down 4 percent to up 7 percent for global enterprise computing solutions, when compared to the second quarter of 2023
Third-Quarter 2023 GAAP to non-GAAP Outlook Reconciliation
NON-GAAP SALES RECONCILIATION
Quarter EndedQuarter Ended
(in billions)September 30, 2023October 1, 2022% ChangeSeptember 30, 2023July 1, 2023% Change
Global components sales, GAAP$6.00-6.40$7.30 (18%) - (12%)$6.00-6.40$6.68 (10%) - (4%)
Impact of changes in foreign currencies— 0.14 — 0.03 
Global components sales, constant currency$6.00-6.40$7.44 (19%) - (14%)$6.00-6.40$6.71 (11%) - (5%)
Global ECS sales, GAAP$1.78-1.98$1.97 (10%) - 1%$1.78-1.98$1.83 (3%) - 8%
Impact of changes in foreign currencies— 0.07 — 0.02 
Global ECS sales, constant currency$1.78-1.98$2.04 (13%) - (3%)$1.78-1.98$1.85 (4%) - 7%
NON-GAAP EARNINGS RECONCILIATION
Reported GAAP measureIntangible amortization expenseRestructuring & integration chargesNon-GAAP measure
Net income per diluted share$3.25 to $3.45$0.10$0.05$3.40 to $3.60
CFO Commentary and Earnings Presentation
Please refer to the CFO commentary and the earnings presentation, which can be found at investor.arrow.com, as a supplement to the company’s earnings release. The company uses its website as a tool to disclose important information about the company and to comply with its disclosure obligations under Regulation Fair Disclosure.



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Conference Call and Webcast Information
Arrow Electronics will host a conference call to discuss second-quarter 2023 financial results on Aug. 3, 2023, at 1:00 PM ET. Register online at https://conferencingportals.com/event/fEoxDDHd to obtain dial-in information to access the live conference call. The conference call will also be available via live webcast at investor.arrow.com. Shortly after the conclusion of the conference call, a webcast replay will be available at investor.arrow.com.
About Arrow Electronics
Arrow Electronics guides innovation forward for over 210,000 leading technology manufacturers and service providers. With 2022 sales of $37 billion, Arrow develops technology solutions that help improve business and daily life. Learn more at fiveyearsout.com.

Information Relating to Forward-Looking Statements
This press release includes “forward-looking” statements, as the term is defined under the federal securities laws, including but not limited to statements regarding: Arrow’s future financial performance, including its outlook on financial results for the third quarter of fiscal 2023 such as sales, net income per diluted share, non-GAAP net income per diluted share, average tax rate, average diluted shares outstanding, interest and other expense, impact to sales due to changes in foreign currencies, intangible amortization expense per diluted share, restructuring & integration charges per diluted share, and expectations regarding market demand and shareholder returns. These and other forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which could cause actual results or facts to differ materially from such statements for a variety of reasons, including, but not limited to: unfavorable economic conditions; disruptions or inefficiencies in the supply chain; political instability; impacts of military conflict and sanctions; industry conditions; changes in product supply, pricing and customer demand; competition; other vagaries in the global components and the global ECS markets; deteriorating economic conditions, including economic recession, inflation, tax rates, foreign currency exchange rates, or the availability of capital; the effects of natural or man-made catastrophic events; changes in relationships with key suppliers; increased profit margin pressure; changes in legal and regulatory matters; non-compliance with certain regulations, such as export, antitrust, and anti-corruption laws; foreign tax and other loss contingencies; outbreaks, epidemics, pandemics, or public health crises; and the company's ability to generate cash flow. For a further discussion of these and other factors that could cause the company's future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the company's most recent Quarterly Report on Form 10-Q and the company's most recent Annual Report on Form 10-K, as well as in other filings the company makes with the Securities and Exchange Commission. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to update publicly or revise any of the forward-looking statements.
Certain Non-GAAP Financial Information
In addition to disclosing financial results that are determined in accordance with accounting principles generally accepted in the United States (“GAAP”), the company also provides certain non-GAAP financial information. The company provides non-GAAP sales, operating income, income before income taxes, provision for income taxes, consolidated net income, noncontrolling interests, net income attributable to shareholders, effective tax rate and net income per share on a diluted basis, which are non-GAAP measures adjusted for the impact of changes in foreign currencies (referred to as "changes in foreign currencies" or "on a constant currency basis") by re-translating prior-period results at current period foreign exchange rates, identifiable intangible asset amortization, restructuring, integration, and other charges, net gains and losses on investments, and impact of tax legislation changes. Management believes that providing this additional information is useful to the reader to better assess and understand the company’s operating performance and future prospects in the same manner as management, especially when comparing results with previous periods. Management typically monitors the business as adjusted for these items, in addition to GAAP results, to understand and compare operating results across accounting periods, for internal budgeting purposes, for short- and long-term operating plans, and to evaluate the company's financial performance. However, analysis of results on a non-GAAP basis should be used as a complement to, in conjunction with, and not as a substitute for, data presented in accordance with GAAP.
Contacts
Investors:            Anthony Bencivenga,
            Vice President, Investor Relations
            303-566-7456

Media:            John Hourigan,
            Vice President, Public Affairs and Corporate Marketing
            303-824-4586
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ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share data)
(Unaudited)
Quarter EndedSix Months Ended
July 1, 2023July 2, 2022July 1, 2023July 2, 2022
Sales$8,514,516 $9,460,842 $17,250,944 $18,534,967 
Cost of sales7,448,467 8,224,628 15,071,073 16,091,249 
Gross profit1,066,049 1,236,214 2,179,871 2,443,718 
Operating expenses:
Selling, general, and administrative expenses617,202 653,640 1,259,633 1,297,565 
Depreciation and amortization46,264 47,252 92,943 95,557 
Restructuring, integration, and other charges10,333 2,494 12,893 7,392 
673,799 703,386 1,365,469 1,400,514 
Operating income392,250 532,828 814,402 1,043,204 
Equity in earnings of affiliated companies3,061 2,165 2,981 3,008 
Gain (loss) on investments, net497 (9,744)10,808 (7,733)
Employee benefit plan expense, net(803)(835)(1,656)(1,724)
Interest and other financing expense, net(84,834)(38,506)(164,492)(72,491)
Income before income taxes310,171 485,908 662,043 964,264 
Provision for income taxes72,380 114,413 148,927 226,773 
Consolidated net income237,791 371,495 513,116 737,491 
Noncontrolling interests1,232 1,161 2,807 2,408 
Net income attributable to shareholders$236,559 $370,334 $510,309 $735,083 
Net income per share:
Basic$4.17 $5.60 $8.84 $10.98 
Diluted$4.12 $5.54 $8.74 $10.84 
Weighted-average shares outstanding:
Basic56,720 66,078 57,726 66,964 
Diluted57,355 66,851 58,409 67,797 
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ARROW ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands except par value)
(Unaudited)
July 1, 2023December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents$240,382 $176,915 
Accounts receivable, net11,035,898 12,322,717 
Inventories5,452,198 5,319,369 
Other current assets402,729 521,339 
Total current assets17,131,207 18,340,340 
Property, plant, and equipment, at cost:
Land5,691 5,691 
Buildings and improvements186,648 184,211 
Machinery and equipment1,612,005 1,583,661 
 1,804,344 1,773,563 
Less: Accumulated depreciation and amortization(1,246,125)(1,177,107)
Property, plant, and equipment, net558,219 596,456 
Investments in affiliated companies62,138 65,112 
Intangible assets, net142,917 159,137 
Goodwill2,044,214 2,027,626 
Other assets597,204 574,511 
Total assets$20,535,899 $21,763,182 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$8,981,212 $10,460,419 
Accrued expenses1,199,924 1,339,302 
Short-term borrowings, including current portion of long-term debt488,168 589,883 
Total current liabilities10,669,304 12,389,604 
Long-term debt3,672,828 3,182,964 
Other liabilities539,293 579,261 
Equity:
Shareholders’ equity:
Common stock, par value $1:
Authorized - 160,000 shares in both 2023 and 2022
Issued - 125,424 shares in both 2023 and 2022125,424 125,424 
Capital in excess of par value
1,203,064 1,208,708 
Treasury stock (69,762 and 66,175 shares in 2023 and 2022, respectively), at cost(5,108,188)(4,637,345)
Retained earnings
9,725,141 9,214,832 
Accumulated other comprehensive loss(359,096)(365,262)
Total shareholders’ equity5,586,345 5,546,357 
Noncontrolling interests68,129 64,996 
Total equity5,654,474 5,611,353 
Total liabilities and equity$20,535,899 $21,763,182 
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ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Quarter Ended
July 1, 2023July 2, 2022
Cash flows from operating activities:
Consolidated net income$237,791 $371,495 
Adjustments to reconcile consolidated net income to net cash provided by (used for) operations:
Depreciation and amortization46,264 47,252 
Amortization of stock-based compensation8,852 13,885 
Equity in earnings of affiliated companies(3,061)(2,165)
Deferred income taxes(25,869)(8,036)
(Gain) loss on investments, net(497)9,744 
Other1,665 1,680 
Change in assets and liabilities:
Accounts receivable, net(377,117)(464,917)
Inventories58,148 (294,990)
Accounts payable(8,558)162,366 
Accrued expenses(83,267)103,764 
Other assets and liabilities18,845 (22,660)
Net cash used for operating activities(126,804)(82,582)
Cash flows from investing activities:
Acquisition of property, plant, and equipment(16,991)(16,974)
Proceeds from collections of notes receivable95 373 
Net cash used for investing activities(16,896)(16,601)
Cash flows from financing activities:
Change in short-term and other borrowings344,389 310,315 
(Repayments of) proceeds from long-term bank borrowings, net(43,786)65,000 
Proceeds from exercise of stock options10,447 4,370 
Repurchases of common stock(212,416)(219,532)
Settlement of forward-starting interest rate swap56,711 — 
Other(2,474)(137)
Net cash provided by financing activities152,871 160,016 
Effect of exchange rate changes on cash25,657 (78,028)
Net increase (decrease) in cash and cash equivalents34,828 (17,195)
Cash and cash equivalents at beginning of period205,554 242,791 
Cash and cash equivalents at end of period$240,382 $225,596 
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ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six Months Ended
July 1, 2023July 2, 2022
Cash flows from operating activities:
Consolidated net income$513,116 $737,491 
Adjustments to reconcile consolidated net income to net cash provided by (used for) operations:
Depreciation and amortization92,943 95,557 
Amortization of stock-based compensation28,349 31,236 
Equity in earnings of affiliated companies(2,981)(3,008)
Deferred income taxes(33,399)(6,684)
(Gain) loss on investments, net(10,808)7,733 
Other2,986 2,366 
Change in assets and liabilities:
Accounts receivable, net1,324,772 (34,207)
Inventories(141,373)(755,892)
Accounts payable(1,513,259)(315,459)
Accrued expenses(215,583)60,123 
Other assets and liabilities52,237 (102,086)
Net cash provided by (used for) operating activities97,000 (282,830)
Cash flows from investing activities:
Acquisition of property, plant, and equipment(37,105)(36,244)
Proceeds from collections of notes receivable237 20,542 
Proceeds from settlement of net investment hedge10,725 — 
Net cash used for investing activities(26,143)(15,702)
Cash flows from financing activities:
Change in short-term and other borrowings198,339 296,022 
(Repayments of) proceeds from long-term bank borrowings, net(9,426)910,000 
Net proceeds from note offering496,268 — 
Redemption of notes(300,000)(350,000)
Proceeds from exercise of stock options16,381 15,672 
Repurchases of common stock(516,217)(483,963)
Settlement of forward-starting interest rate swap56,711 — 
Other(142)(137)
Net cash (used for) provided by financing activities(58,086)387,594 
Effect of exchange rate changes on cash50,696 (85,660)
Net increase in cash and cash equivalents63,467 3,402 
Cash and cash equivalents at beginning of period176,915 222,194 
Cash and cash equivalents at end of period$240,382 $225,596 
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ARROW ELECTRONICS, INC.
NON-GAAP SALES RECONCILIATION
(In thousands)
(Unaudited)
Quarter Ended
July 1, 2023July 2, 2022% Change
Consolidated sales, as reported$8,514,516 $9,460,842 (10.0)%
Impact of changes in foreign currencies— (17,566)
Consolidated sales, constant currency$8,514,516 $9,443,276 (9.8)%
Global components sales, as reported$6,682,882 $7,461,552 (10.4)%
Impact of changes in foreign currencies— (18,723)
Global components sales, constant currency$6,682,882 $7,442,829 (10.2)%
Americas components sales, as reported$2,066,562 $2,479,362 (16.6)%
Impact of changes in foreign currencies— (603)
Americas components sales, constant currency$2,066,562 $2,478,759 (16.6)%
Asia components sales, as reported$2,462,841 $3,173,786 (22.4)%
Impact of changes in foreign currencies— (41,205)
Asia components sales, constant currency$2,462,841 $3,132,581 (21.4)%
Europe components sales, as reported$2,153,479 $1,808,404 19.1 %
Impact of changes in foreign currencies— 23,085 
Europe components sales, constant currency$2,153,479 $1,831,489 17.6 %
Global ECS sales, as reported$1,831,634 $1,999,290 (8.4)%
Impact of changes in foreign currencies— 1,157 
Global ECS sales, constant currency$1,831,634 $2,000,447 (8.4)%
Americas ECS sales, as reported$1,000,506 $1,160,796 (13.8)%
Impact of changes in foreign currencies— (7,376)
Americas ECS sales, constant currency$1,000,506 $1,153,420 (13.3)%
Europe ECS sales, as reported$831,128 $838,494 (0.9)%
Impact of changes in foreign currencies— 8,533 
Europe ECS sales, constant currency$831,128 $847,027 (1.9)%
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ARROW ELECTRONICS, INC.
NON-GAAP SALES RECONCILIATION
(In thousands)
(Unaudited)
Six Months Ended
July 1, 2023July 2, 2022% Change
Consolidated sales, as reported$17,250,944 $18,534,967 (6.9)%
Impact of changes in foreign currencies— (220,344)
Consolidated sales, constant currency$17,250,944 $18,314,623 (5.8)%
Global components sales, as reported$13,538,675 $14,660,627 (7.7)%
Impact of changes in foreign currencies— (164,716)
Global components sales, constant currency$13,538,675 $14,495,911 (6.6)%
Americas components sales, as reported$4,300,015 $4,819,905 (10.8)%
Impact of changes in foreign currencies— (2,297)
Americas components sales, constant currency$4,300,015 $4,817,608 (10.7)%
Asia components sales, as reported$4,839,036 $6,105,315 (20.7)%
Impact of changes in foreign currencies— (87,707)
Asia components sales, constant currency$4,839,036 $6,017,608 (19.6)%
Europe components sales, as reported$4,399,624 $3,735,407 17.8 %
Impact of changes in foreign currencies— (74,712)
Europe components sales, constant currency$4,399,624 $3,660,695 20.2 %
Global ECS sales, as reported$3,712,269 $3,874,340 (4.2)%
Impact of changes in foreign currencies— (55,628)
Global ECS sales, constant currency$3,712,269 $3,818,712 (2.8)%
Americas ECS sales, as reported$1,998,620 $2,208,645 (9.5)%
Impact of changes in foreign currencies— (15,946)
Americas ECS sales, constant currency$1,998,620 $2,192,699 (8.9)%
Europe ECS sales, as reported$1,713,649 $1,665,695 2.9 %
Impact of changes in foreign currencies— (39,682)
Europe ECS sales, constant currency$1,713,649 $1,626,013 5.4 %

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ARROW ELECTRONICS, INC.
NON-GAAP EARNINGS RECONCILIATION
(In thousands except per share data)
(Unaudited)
Three months ended July 1, 2023
Reported
GAAP
measure		Intangible
amortization
expense		Restructuring
& Integration
charges		Non- recurring tax items
Other(1)
Non-GAAP
measure
Operating income$392,250 $7,908 $10,333 $— $— $410,491 
Income before income taxes310,171 7,908 10,333 — (497)327,915 
Provision for income taxes72,380 1,992 2,597 (942)(119)75,908 
Consolidated net income237,791 5,916 7,736 942 (378)252,007 
Noncontrolling interests1,232 136 — — — 1,368 
Net income attributable to shareholders$236,559 $5,780 $7,736 $942 $(378)$250,639 
Net income per diluted share (2)
$4.12 $0.10 $0.13 $0.02 $(0.01)$4.37 
Effective tax rate (3)
23.3 %23.1 %
Three months ended July 2, 2022
Reported
GAAP
measure		Intangible
amortization
expense		Restructuring
& Integration
charges		Non- recurring tax items
Other(1)
Non-GAAP
measure
Operating income$532,828 $8,830 $2,494 $— $— $544,152 
Income before income taxes485,908 8,830 2,494 — 9,744 506,976 
Provision for income taxes114,413 2,263 362 — 2,356 119,394 
Consolidated net income371,495 6,567 2,132 — 7,388 387,582 
Noncontrolling interests1,161 133 — — — 1,294 
Net income attributable to shareholders$370,334 $6,434 $2,132 $— $7,388 $386,288 
Net income per diluted share (2)
$5.54 $0.10 $0.03 $— $0.11 $5.78 
Effective tax rate (3)
23.5 %23.6 %



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ARROW ELECTRONICS, INC.
NON-GAAP EARNINGS RECONCILIATION
(In thousands except per share data)
(Unaudited)
Six months ended July 1, 2023
Reported
GAAP
measure		Intangible
amortization
expense		Restructuring
& Integration
charges		Non- recurring tax items
Other(1)
Non-GAAP
measure
Operating income$814,402 $15,888 $12,893 $— $— $843,183 
Income before income taxes662,043 15,888 12,893 — (10,808)680,016 
Provision for income taxes148,927 4,002 3,317 (942)(2,590)152,714 
Consolidated net income513,116 11,886 9,576 942 (8,218)527,302 
Noncontrolling interests2,807 270 — — — 3,077 
Net income attributable to shareholders$510,309 $11,616 $9,576 $942 $(8,218)$524,225 
Net income per diluted share (2)
$8.74 $0.20 $0.16 $0.02 $(0.14)$8.98 
Effective tax rate (3)
22.5 %22.5 %
Six months ended July 2, 2022
Reported
GAAP
measure		Intangible
amortization
expense		Restructuring
& Integration
charges		Non- recurring tax items
Other(1)
Non-GAAP
measure
Operating income$1,043,204 $17,848 $7,392 $— $— $1,068,444 
Income before income taxes964,264 17,848 7,392 — 7,733 997,237 
Provision for income taxes226,773 4,573 1,567 — 1,870 234,783 
Consolidated net income737,491 13,275 5,825 — 5,863 762,454 
Noncontrolling interests2,408 273 — — — 2,681 
Net income attributable to shareholders$735,083 $13,002 $5,825 $— $5,863 $759,773 
Net income per diluted share (2)
$10.84 $0.19 $0.09 $— $0.09 $11.21 
Effective tax rate (3)
23.5 %23.5 %
(1) Other includes (gain) loss on investments, net.
(2) The sum of the components for diluted EPS, as adjusted may not agree to totals, as presented, due to rounding.
(3) The items as shown in this table, represent the reconciling items for the tax rate as reported by GAAP measure and as a non-GAAP measure.
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ARROW ELECTRONICS, INC.
SEGMENT INFORMATION
(In thousands)
(Unaudited)
Quarter EndedSix Months Ended
July 1, 2023July 2, 2022July 1, 2023July 2, 2022
Sales:
Global components$6,682,882 $7,461,552 $13,538,675 $14,660,627 
Global ECS1,831,634 1,999,290 3,712,269 3,874,340 
Consolidated$8,514,516 $9,460,842 $17,250,944 $18,534,967 
Operating income (loss):
Global components$381,314 $524,494 $798,853 $1,023,836 
Global ECS 86,228 83,970 167,327 169,768 
Corporate (a)(75,292)(75,636)(151,778)(150,400)
Consolidated$392,250 $532,828 $814,402 $1,043,204 

(a)Corporate operating loss includes restructuring, integration, and other charges of $10.3 million and $12.9 million for the second quarter and first six months of 2023, respectively, and $2.5 million and $7.4 million for the second quarter and first six months of 2022, respectively.

NON-GAAP SEGMENT RECONCILIATION
Quarter EndedSix Months Ended
July 1, 2023July 2, 2022July 1, 2023July 2, 2022
Global components operating income, as reported$381,314 $524,494 $798,853 $1,023,836 
Intangible assets amortization expense6,679 6,739 13,424 13,612 
Global components non-GAAP operating income$387,993 $531,233 $812,277 $1,037,448 
Global ECS operating income, as reported$86,228 $83,970 $167,327 $169,768 
Intangible assets amortization expense1,229 2,091 2,464 4,236 
Global ECS non-GAAP operating income$87,457 $86,061 $169,791 $174,004 



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