Record fourth quarter sales of $5.2 billion, up 25.7% year over year with diluted EPS of $0.85

Fourth quarter adjusted diluted EPS of $1.12, up 75% year over year

Avnet, Inc. (NASDAQ:AVT) today announced results for its fourth quarter and fiscal year ended July 3, 2021.

Commenting on the Company's financial results, Avnet Chief Executive Officer Phil Gallagher stated, "In the fourth quarter, we delivered strong sales growth with record sales in our Electronic Components business and at Farnell, driving operating margin improvement approaching our 3% and 10% near-term targets, respectively. We remain well-positioned across all operating regions and are continuing to capitalize on the strong demand environment to capture additional market opportunities. Avnet's role at the center of the technology supply chain continues to be more vital than ever. As a result, our focus on providing trusted support to our customers and suppliers is driving robust financial performance which is demonstrated in our results."

Fiscal Fourth Quarter Key Financial Highlights:

Sales of $5.2 billion, up from $4.9 billion sequentially and $4.2 billion in the prior year quarter.
- On a constant currency basis, sales grew 21.5% year over year and 6.4% sequentially.
GAAP diluted earnings per share of $0.85, compared with $0.53 in the prior year quarter.
- Non-GAAP adjusted diluted earnings per share of $1.12, compared with $0.64 in the prior year quarter.
GAAP operating margin of 2.3% increased 221 basis points year over year.
- Adjusted operating margin of 2.9% increased 187 basis points year over year.
Farnell operating margins increased 469 basis points year over year and 224 basis points sequentially to 8.3%.

Key Financial Metrics ($ in millions, except per share data)
Fourth Quarter Results (GAAP)
	Jun – 21			Jun – 20			Change Y/Y		Mar – 21			Change Q/Q
Sales	$	5,226.7		$	4,159.7		25.7	%	$	4,916.7		6.3	%
Operating Income		118.0			1.9		6,045.9	%		87.7		34.6	%
Operating Income Margin		2.3	%		0.1	%	221	bps		1.8	%	48	bps
Diluted Earnings Per Share (EPS)	$	0.85		$	0.53		60.4	%	$	1.07		(20.6	)%
Fourth Quarter Results (Non-GAAP)⁽¹⁾
	Jun – 21			Jun – 20			Change Y/Y		Mar – 21			Change Q/Q
Sales	$	5,226.7		$	4,159.7		25.7	%	$	4,916.7		6.3	%
Adjusted Operating Income		151.8			42.9		253.7	%		110.5		37.3	%
Adjusted Operating Income Margin		2.9	%		1.0	%	187	bps		2.3	%	65	bps
Adjusted Diluted Earnings Per Share (EPS)	$	1.12		$	0.64		75.0	%	$	0.74		51.4	%
Segment and Geographical Mix
	Jun – 21			Jun – 20			Change Y/Y		Mar – 21			Change Q/Q
Electronic Components (EC) Sales	$	4,785.3		$	3,867.6		23.7	%	$	4,520.6		5.9	%
EC Operating Income Margin		3.1	%		1.5	%	157	bps		2.6	%	47	bps
Farnell Sales	$	441.4		$	292.1		51.1	%	$	396.1		11.4	%
Farnell Operating Income Margin		8.3	%		3.6	%	469	bps		6.0	%	224	bps
Americas Sales	$	1,194.4		$	1,149.3		3.9	%	$	1,161.0		2.9	%
EMEA Sales		1,737.3			1,344.2		29.3	%		1,585.6		9.6	%
Asia Sales		2,295.0			1,666.2		37.7	%		2,170.1		5.8	%
TI Sales
	Jun – 21			Jun – 20			Change Y/Y		Mar – 21			Change Q/Q
Sales of TI Products	$	-		$	322.5		-	%	$	1.7		-	%

____________________________
(1)	A reconciliation of non-GAAP financial measures to GAAP financial measures is presented in the "Non-GAAP Financial Information" section of this press release.

Additional Fourth Quarter Fiscal 2021 Highlights

Returned $22 million to shareholders with dividends paid during the quarter, upon increasing the dividend by 4.8% in the fiscal fourth quarter.
Redeemed $300 million of outstanding 3.75% notes in May 2021 and refinanced with $300 million 3.0% notes due May 2031.
Infineon ATV awarded Avnet Americas Distributor of the Year.
ams Osram named Avnet Americas Distributor of the Year.
Avnet was selected as Mercury Supplier of the Year.

Outlook for the First Quarter of Fiscal 2022 Ending on October 2, 2021
	Guidance Range	Midpoint
Sales	$5.1B – $5.4B	$5.25B
Adjusted Diluted EPS⁽¹⁾	$1.02 – $1.12	$1.07

____________________________
(1)	A reconciliation of non-GAAP guidance to GAAP guidance is presented in the "Non-GAAP Financial Information" section of this press release.

The above guidance is based upon current market conditions and inventory availability. The mid-point of the sales guidance indicates year over year organic growth of 26% after excluding the extra week and sales of TI products in the first quarter of fiscal 2021. The above guidance also excludes amortization of intangibles, any potential restructuring, integration, and other expenses and certain income tax adjustments. The above guidance assumes an effective tax rate of between 19% and 23% as compared to 13.5% in the fourth quarter of fiscal 2021. The above guidance assumes 100 million average diluted shares outstanding and average U.S. Dollar to Euro and GBP currency exchange rates are as shown below:


	Q1 Fiscal
	2022	Q4 Fiscal	Q1 Fiscal
	Guidance	2021	2021
Euro	$1.18	$1.20	$1.17
GBP	$1.39	$1.40	$1.29

Today's Conference Call and Webcast Details

Avnet will host a quarterly webcast and teleconference today at 1:30 p.m. PT and 4:30 p.m. ET to discuss its financial results and provide a corporate update. The webcast can be accessed via Avnet's Investor Relations web page at: https://ir.avnet.com.

Those who would still like to participate in the live call can dial 877-407-8112 or 201-689-8840. A replay of the conference call will be available for 90 days, through November 9 at 5:00 p.m. ET, and can be accessed by dialing: 877-660-6853 or 201-612-7415 and using Conference ID: 13719590.

Forward-Looking Statements

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the financial condition, results of operations and business of the Company. You can find many of these statements by looking for words like "believes," "projected", "plans," "expects," "anticipates," "should," "will," "may," "estimates" or similar expressions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties. You should understand that the following important factors, in addition to those discussed elsewhere in the Company's Annual Report on Form 10-K for the fiscal year ended June 27, 2020 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, could affect the Company's future results of operations, and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements: the scope and duration of the COVID-19 pandemic and its impact on global economic systems, access to financial markets and the Company's employees, operations, customers, and supply chain; competitive pressures among distributors of electronic components; an industry down-cycle in semiconductors; relationships with key suppliers and allocations of products by suppliers; risks relating to the Company's international sales and operations, including risks relating to the ability to repatriate cash, foreign currency fluctuations, inflation, duties and taxes, and compliance with international and U.S. laws; risks relating to acquisitions, divestitures and investments; adverse effects on the Company's supply chain, operations of its distribution centers, shipping costs, third-party service providers, customers and suppliers, including as a result of issues caused by natural and weather-related disasters, pandemics and health related crisis, social unrest or warehouse modernization and relocation efforts; risks related to cyber-attacks, other privacy and security incidents and information systems, including related to current or future implementations, integrations or upgrades; general economic and business conditions (domestic, foreign and global) affecting the Company's operations and financial performance and, indirectly, the Company's credit ratings, debt covenant compliance, and liquidity and access to financing; geopolitical events, including the uncertainty caused by the United Kingdom's exit from, and agreement for a new partnership with, the European Union; and legislative or regulatory changes affecting the Company's businesses.

Any forward-looking statement speaks only as of the date on which that statement is made. Except as required by law, the Company assumes no obligation to update any forward-looking statement to reflect events or circumstances that occur after the date on which the statement is made.

About Avnet

As a leading global technology distributor and solutions provider, Avnet has served customers' evolving needs for an entire century. We support customers at each stage of a product's lifecycle, from idea to design and from prototype to production. Our unique position at the center of the technology value chain enables us to accelerate the design and supply stages of product development so customers can realize revenue faster. Decade after decade, Avnet helps its customers and suppliers around the world realize the transformative possibilities of technology. Learn more about Avnet at www.avnet.com. (AVT_IR)

AVNET, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Fourth Quarters Ended						Years Ended
	July 3,			June 27,			July 3,			June 27,
	2021			2020			2021			2020
	(Thousands, except per share data)
Sales	$	5,226,734		$	4,159,700		$	19,534,679		$	17,634,333
Cost of sales		4,581,787			3,684,629			17,294,049			15,570,877
Gross profit		644,947			475,071			2,240,630			2,063,456
Selling, general and administrative expenses		498,497			451,099			1,874,831			1,842,122
Restructuring, integration, impairment and other expenses		28,449			22,052			84,391			225,962
Operating income (loss)		118,001			1,920			281,408			(4,628	)
Other (expense) income, net		(2,955	)		7,425			(19,006	)		(2,215	)
Interest and other financing expenses, net		(23,345	)		(25,489	)		(89,473	)		(122,742	)
Income (loss) before taxes		91,701			(16,144	)		172,929			(129,585	)
Income tax expense (benefit)		6,346			(68,304	)		(20,185	)		(98,504	)
Net income (loss)	$	85,355		$	52,160		$	193,114		$	(31,081	)

Earnings (loss) per share:
Basic	$	0.86		$	0.53		$	1.95		$	(0.31	)
Diluted	$	0.85		$	0.53		$	1.93		$	(0.31	)

Shares used to compute earnings per share:
Basic		99,655			98,855			99,258			100,474
Diluted		100,630			99,025			100,168			100,474
Cash dividends paid per common share	$	0.22		$	0.21		$	0.85		$	0.84

AVNET, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	July 3,		June 27,
	2021		2020
	(Thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	199,691	$	477,038
Receivables, net		3,576,130		2,928,386
Inventories		3,236,837		2,731,988
Prepaid and other current assets		150,763		191,394
Total current assets		7,163,421		6,328,806
Property, plant and equipment, net		368,452		404,607
Goodwill		838,105		773,734
Intangible assets, net		28,539		65,437
Operating lease assets		265,988		275,917
Other assets		260,917		256,696
Total assets	$	8,925,422	$	8,105,197

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term debt	$	23,078	$	51
Accounts payable		2,401,357		1,754,078
Accrued expenses and other		572,457		472,924
Short-term operating lease liabilities		58,346		53,313
Total current liabilities		3,055,238		2,280,366
Long-term debt		1,191,329		1,424,791
Long-term operating lease liabilities		239,838		253,719
Other liabilities		354,833		419,923
Total liabilities		4,841,238		4,378,799
Shareholders' equity		4,084,184		3,726,398
Total liabilities and shareholders' equity	$	8,925,422	$	8,105,197

AVNET, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Years Ended
	July 3, 2021			June 27, 2020
	(Thousands)
Cash flows from operating activities:
Net income (loss)	$	193,114		$	(31,081	)

Non-cash and other reconciling items:
Depreciation		90,884			101,100
Amortization		41,033			81,139
Amortization of operating lease assets		56,782			60,656
Deferred income taxes		14,650			(34,264	)
Stock-based compensation		29,339			26,832
Goodwill, long-lived asset and other impairments		15,166			159,346
Other, net		22,512			31,343
Changes in (net of effects from businesses acquired and divested):
Receivables		(615,353	)		221,486
Inventories		(409,075	)		266,791
Accounts payable		620,973			(106,990	)
Accrued expenses and other, net		30,924			(46,176	)
Net cash flows provided by operating activities		90,949			730,182

Cash flows from financing activities:
Issuance of notes, net of discounts		297,660			—
Repayments of public notes		(305,077	)		(302,038	)
Borrowings (repayments) under accounts receivable securitization, net		22,900			(227,300	)
Borrowings (repayments) under senior unsecured credit facility, net		(231,680	)		223,058
Repayments under bank credit facilities and other debt, net		(2,789	)		(2,123	)
Repurchases of common stock		—			(237,842	)
Dividends paid on common stock		(84,309	)		(83,975	)
Other, net		(10,718	)		(14,330	)
Net cash flows used for financing activities		(314,013	)		(644,550	)

Cash flows from investing activities:
Purchases of property, plant and equipment		(50,363	)		(73,516	)
Acquisitions of assets and businesses		(18,381	)		(51,509	)
Other, net		7,548			(9,992	)
Net cash flows used for investing activities		(61,196	)		(135,017	)
Effect of currency exchange rate changes on cash and cash equivalents		6,913			(19,682	)
Cash and cash equivalents:
— decrease		(277,347	)		(69,067	)
— at beginning of period		477,038			546,105
— at end of period	$	199,691		$	477,038

Non-GAAP Financial Information

In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States ("GAAP"), the Company also discloses certain non-GAAP financial information including (i) adjusted operating income, (ii) adjusted operating expenses, (iii) adjusted other income (expense), (iv) adjusted income tax expense, (v) adjusted income before income taxes, (vi) adjusted diluted earnings per share, and (vii) sales adjusted for the impact of significant acquisitions and other items (as defined in the Organic Sales section of this document).

There are also references to the impact of foreign currency in the discussion of the Company's results of operations. When the U.S. Dollar strengthens and the stronger exchange rates of the current year are used to translate the results of operations of Avnet's subsidiaries denominated in foreign currencies, the resulting impact is a decrease in U.S. Dollars of reported results. Conversely, when the U.S. Dollar weakens and the weaker exchange rates of the current year are used to translate the results of operations of Avnet's subsidiaries denominated in foreign currencies, the resulting impact is an increase in U.S. Dollars of reported results. In the discussion of the Company's results of operations, results excluding this impact are referred to as "constant currency." Management believes organic sales and sales in constant currency are useful measures for evaluating current period performance as compared with prior periods and for understanding underlying trends. In order to determine the translation impact of changes in foreign currency exchange rates on sales, income or expense items for subsidiaries reporting in currencies other than the U.S. Dollar, the Company adjusts the average exchange rates used in current periods to be consistent with the average exchange rates in effect during the comparative period.

Management believes that operating income and operating expenses adjusted for restructuring, integration and other expenses, goodwill and intangible asset impairment expenses and amortization of acquired intangible assets and other, are useful measures to help investors better assess and understand the Company's operating performance. This is especially the case when comparing results with previous periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of Avnet's normal operating results or non-cash in nature. Management analyzes operating income and operating expenses without the impact of these items as an indicator of ongoing margin performance and underlying trends in the business. Management also uses these non-GAAP measures to establish operational goals and, in most cases, for measuring performance for compensation purposes. Management measures operating income for its reportable segments excluding restructuring, integration and other expenses, goodwill and intangible asset impairment expenses and amortization of acquired intangible assets and other.

Additional non-GAAP metrics management uses is adjusted operating income margin, which is defined as adjusted operating income (as defined above) divided by sales.

Management also believes income tax expense (benefit), net income and diluted earnings (loss) per share adjusted for the impact of the items described above and certain items impacting other income (expense) and income tax expense (benefit) are useful to investors because they provide a measure of the Company's net profitability on a more comparable basis to historical periods and provide a more meaningful basis for forecasting future performance. Adjustment to income tax expense (benefit) and the effective income tax rate include the effect of changes in tax laws including recent tax law changes in the U.S., certain changes in valuation allowances and unrecognized tax benefits, income tax audit settlements and adjustments to the adjusted interim effective tax rate based upon the expected annual adjusted effective tax rate. Additionally, because of management's focus on generating shareholder value, of which net profitability is a primary driver, management believes net income and diluted earnings (loss) per share excluding the impact of these items provides an important measure of the Company's net profitability for the investing public.

Any analysis of results and outlook on a non-GAAP basis should be used as a complement to, and in conjunction with, results presented in accordance with GAAP. All amounts below relate to Avnet's continuing operations.

				Quarters Ended
	Fiscal Year			July 3,			April 3,			January 2,			October 3,
	2021*			2021			2021			2021			2020
	*($ in thousands, except per share amounts)*

GAAP selling, general and administrative expenses	$	1,874,831		$	498,497		$	463,092		$	442,084		$	471,158
Amortization of intangible assets and other		(41,245	)		(5,370	)		(5,283	)		(10,417	)		(20,175	)
Adjusted operating expenses		1,833,586			493,127			457,809			431,667			450,983

GAAP operating income	$	281,408		$	118,001		$	87,684		$	57,221		$	18,502
Restructuring, integration and other expenses		84,391			28,449			17,574			11,948			26,420
Amortization of intangible assets and other		41,245			5,370			5,283			10,417			20,175
Adjusted operating income		407,044			151,820			110,541			79,586			65,097

GAAP income (loss) before income taxes	$	172,929		$	91,701		$	70,121		$	34,403		$	(23,297	)
Restructuring, integration and other expenses		84,391			28,449			17,574			11,948			26,420
Amortization of intangible assets and other		41,245			5,370			5,283			10,417			20,175
Other expenses - equity investment impairments and other		20,413			5,139			-			51			15,223
Adjusted income before income taxes		318,978			130,659			92,978			56,819			38,521

GAAP income tax expense (benefit)	$	(20,185	)	$	6,346		$	(37,363	)	$	15,240		$	(4,408	)
Restructuring, integration and other expenses		17,468			6,172			4,118			2,577			4,601
Amortization of intangible assets and other		9,099			1,025			1,008			2,037			5,029
Other expenses - equity investment impairments and other		90			38			-			26			26
Income tax benefit (expense) items, net		41,275			4,091			50,682			(10,788	)		(2,710	)
Adjusted income tax expense		47,747			17,672			18,445			9,092			2,538

GAAP net income (loss)	$	193,114		$	85,355		$	107,484		$	19,163		$	(18,889	)
Restructuring, integration and other expenses (net of tax)		66,923			22,277			13,456			9,371			21,819
Amortization of intangible assets and other (net of tax)		32,146			4,345			4,275			8,380			15,146
Other expenses - equity investment impairments and other (net of tax)		20,323			5,101			-			25			15,197
Income tax (benefit) expense items, net		(41,275	)		(4,091	)		(50,682	)		10,788			2,710
Adjusted net income		271,231			112,987			74,533			47,727			35,983

GAAP diluted earnings (loss) per share	$	1.93		$	0.85		$	1.07		$	0.19		$	(0.19	)
Restructuring, integration and other expenses (net of tax)		0.67			0.22			0.13			0.09			0.22
Amortization of intangible assets and other (net of tax)		0.32			0.04			0.04			0.09			0.15
Other expenses - equity investment impairments and other (net of tax)		0.20			0.05			-			0.00			0.15
Income tax (benefit) expense items, net		(0.41	)		(0.04	)		(0.50	)		0.11			0.03
Adjusted diluted EPS		2.71			1.12			0.74			0.48			0.36
^{______________________________} ^* May not foot/cross foot due to rounding and differences in average diluted shares between quarterly periods compared to the fiscal year to date.

				Quarters Ended
	Fiscal Year			June 27,			March 28,			December 29,			September 29,
	2020*			2020*			2020*			2019*			2019*
	*($ in thousands, except per share amounts)*
GAAP selling, general and administrative expenses	$	1,842,122		$	451,099		$	469,646		$	464,873		$	456,503
Amortization of intangible assets and other		(81,555	)		(18,952	)		(21,071	)		(21,454	)		(20,078	)
Adjusted operating expenses		1,760,567			432,147			448,576			443,419			436,426

GAAP operating (loss) income	$	(4,628	)	$	1,920		$	(115,760	)	$	46,475		$	62,738
Restructuring, integration and other expenses		81,870			23,796			19,211			14,265			24,598
Goodwill and long-lived asset impairment expenses (benefits)		144,092			(1,744	)		145,836			-			-
Amortization of intangible assets and other		81,555			18,952			21,071			21,454			20,078
Adjusted operating income		302,889			42,924			70,358			82,194			107,414

GAAP (loss) income before income taxes	$	(128,107	)	$	(16,144	)	$	(158,086	)	$	12,086		$	34,038
Restructuring, integration and other expenses		81,870			23,796			19,211			14,265			24,598
Goodwill and long-lived asset impairment expenses (benefits)		144,092			(1,744	)		145,836			-			-
Amortization of intangible assets and other		81,555			18,952			21,071			21,454			20,078
Other expenses and early debt redemption		21,582			2,054			15,526			4,002			-
Adjusted income before income taxes		200,992			26,914			43,558			51,807			78,713

GAAP income tax expense (benefit)	$	(98,574	)	$	(68,304	)	$	(29,425	)	$	6,870		$	(7,714	)
Restructuring, integration and other expenses		18,648			4,659			4,372			3,377			6,240
Goodwill and long-lived asset impairment expenses		6,433			207			6,226			-			-
Amortization of intangible assets and other		16,119			3,613			4,307			3,964			4,235
Other expenses and early debt redemption		6,238			506			4,992			740			-
Income tax benefit (expense) items, net		47,655			22,996			15,119			(4,071	)		13,611
Adjusted income tax (benefit) expense		(3,481	)		(36,323	)		5,591			10,880			16,372

GAAP net (loss) income	$	(29,533	)	$	52,160		$	(128,661	)	$	5,216		$	41,752
Restructuring, integration and other expenses (net of tax)		63,222			19,137			14,839			10,888			18,358
Goodwill and long-lived asset impairment expenses (benefits) (net of tax)		137,659			(1,951	)		139,610			-			-
Amortization of intangible assets and other (net of tax)		65,436			15,339			16,764			17,490			15,843
Other expenses and early debt redemption (net of tax)		15,344			1,548			10,534			3,262			-
Income tax (benefit) expense items, net		(47,655	)		(22,996	)		(15,119	)		4,071			(13,611	)
Adjusted net income		204,473			63,237			37,967			40,927			62,341

GAAP diluted (loss) earnings per share	$	(0.29	)	$	0.53		$	(1.29	)	$	0.05		$	0.40
Restructuring, integration and other expenses (net of tax)		0.63			0.19			0.15			0.11			0.18
Goodwill and long-lived asset impairment expenses (benefits) (net of tax)		1.37			(0.02	)		1.39			-			-
Amortization of intangible assets and other (net of tax)		0.65			0.15			0.17			0.17			0.15
Other expenses and early debt redemption (net of tax)		0.15			0.02			0.11			0.03			-
Income tax (benefit) expense items, net		(0.47	)		(0.23	)		(0.15	)		0.04			(0.13	)
Adjusted diluted EPS		2.04			0.64			0.38			0.40			0.60
^{________________________________} ^* May not foot/cross foot due to rounding and differences in average diluted shares between quarterly periods compared to the fiscal year to date.

Sales of TI Products

In December 2020, the termination of the Company's electronic components distribution agreement with Texas Instruments ("TI") was completed. Sales of TI products by quarter are outlined in the following table:

Fourth Quarter

Third Quarter

Second Quarter

First Quarter

Fourth Quarter

July 3,

April 3,

January 2,

October 3,

June 27,

2021

2020

(in millions)

Sales of TI Products

1.7

49.6

241.0

322.5

Organic Sales

Organic sales is defined as sales adjusted for the impact of significant acquisitions, divestitures and other items by adjusting Avnet's prior and current periods (if necessary) to include the sales of acquired businesses and exclude the sales of divested businesses as if the acquisitions and divestitures had occurred at the beginning of the earliest period presented. Additionally, fiscal 2021 sales are adjusted for the estimated impact of the extra week of sales in the first quarter of fiscal 2021 due to the 14-week fiscal first quarter and the 53-week fiscal year. Organic sales in constant currency is defined as organic sales (as defined above) excluding the impact of changes in foreign currency exchange rates.

As a result of declining sales due to the termination of the TI distribution agreement discussed further above, organic sales growth rates have also been adjusted to exclude sales of TI products.

The following table presents the reconciliation of reported sales to organic sales for the fourth quarter and full year of fiscal 2021.


	Quarter Ended							Year Ended
		Sales				Organic										Organic
		As Reported				Sales		Sales				Organic				Sales
		and Organic		TI Sales		Adj for TI		As Reported		Estimated		Sales		TI Sales		Adj for TI
		Q4-Fiscal		Q4-Fiscal		Q4-Fiscal		Q4-Fiscal		Extra		Q4-Fiscal		Q4-Fiscal		Q4-Fiscal
		2021		2021⁽¹⁾		2021⁽¹⁾		2021		Week⁽²⁾		2021		2021⁽¹⁾		2021⁽¹⁾
		*(in millions)*
Avnet		$	5,226.7	$	—	$	5,226.7	$	19,534.7	$	306.0	$	19,228.7	$	292.2	$	18,936.5
Avnet by region
Americas		$	1,194.4	$	—	$	1,194.4	$	4,662.5	$	77.0	$	4,585.5	$	82.9	$	4,502.6
EMEA			1,737.3		—		1,737.3		6,149.9		97.0		6,052.9		124.2		5,928.7
Asia			2,295.0		—		2,295.0		8,722.3		132.0		8,590.3		85.1		8,505.2
Avnet by segment
EC		$	4,785.3	$	—	$	4,785.3	$	18,030.5	$	284.0	$	17,746.5	$	292.2	$	17,454.3
Farnell			441.4		—		441.4		1,504.2		22.0		1,482.2		—		1,482.2

_____________________
(1)	Sales adjusted for the impact of the termination of the TI distribution contract.
(2)	The impact of the additional week of sales in the first quarter of fiscal 2021 is estimated.

The following table presents reported and organic sales growth rates for the fourth quarter and full year of fiscal 2021 compared to fiscal 2020.


	Quarter Ended						Year Ended
			Sales		Organic											Organic
			As Reported		Sales					Sales				Organic		Sales
	Sales		and Organic		Adj for TI					As Reported				Sales		Adj for TI
	As Reported		Year-Year %		Year-Year %		Sales			Year-Year %		Organic		Year-Year %		Year-Year %
	and Organic		Change in		Change in		As Reported			Change in		Sales		Change in		Change in
	Year-Year		Constant		Constant		Year-Year			Constant		Year-Year		Constant		Constant
	% Change		Currency		Currency⁽¹⁾		% Change			Currency		% Change		Currency		Currency⁽¹⁾
Avnet	25.7	%	21.5	%	31.7	%	10.8		%	8.0	%	9.0	%	6.3	%	14.8	%
Avnet by region
Americas	3.9	%	3.9	%	12.3	%	(2.0	)	%	(2.0	)%	(3.6	)%	(3.6	)%	2.8	%
EMEA	29.3		18.2		28.7		6.9			(0.4	)	5.2		(2.1	)	5.4
Asia	37.7		36.9		48.2		22.4			21.7		20.6		19.8		30.8
Avnet by segment
EC	23.7	%	20.0	%	30.9	%	10.3		%	7.8	%	8.6	%	6.0	%	15.3	%
Farnell	51.1		41.1		41.1		16.2			11.2		14.5		9.5		9.5

_____________________
(1)	Sales growth rates excluding the impact of the termination of the TI distribution agreement.

Historical Segment Financial Information
				Fiscal 2021
				Quarters Ended
				Fourth Quarter			Third Quarter			Second Quarter			First Quarter
	Fiscal Year			July 3,			January 2,			January 2,			October 3,
	2021*			2021			2021			2021			2020
	(in millions)
Sales:
Electronic Components	$	18,030.5		$	4,785.3		$	4,520.6		$	4,342.4		$	4,382.2
Farnell		1,504.2			441.4			396.1			325.8			340.9
Avnet sales	$	19,534.7		$	5,226.7		$	4,916.7		$	4,668.2		$	4,723.1

Operating income:
Electronic Components	$	454.8		$	147.8		$	118.6		$	103.9		$	84.4
Farnell		86.9			36.5			23.9			14.6			12.0
		541.7			184.3			142.5			118.5			96.4
Corporate expenses		(134.7	)		(32.5	)		(31.9	)		(39.0	)		(31.3	)
Restructuring, integration and other expenses		(84.4	)		(28.4	)		(17.6	)		(11.9	)		(26.4	)
Amortization of acquired intangible assets and other		(41.2	)		(5.4	)		(5.3	)		(10.4	)		(20.2	)
Avnet operating income	$	281.4		$	118.0		$	87.7		$	57.2		$	18.5

Sales by geographic area:
Americas	$	4,662.5		$	1,194.4		$	1,161.0		$	1,101.5		$	1,205.7
EMEA		6,149.9			1,737.3			1,585.6			1,346.3			1,480.7
Asia		8,722.3			2,295.0			2,170.1			2,220.4			2,036.7
Avnet sales	$	19,534.7		$	5,226.7		$	4,916.7		$	4,668.2		$	4,723.1
________________________________ * May not foot/cross foot due to rounding


				Fiscal Year 2020
				Quarters Ended
					Fourth Quarter			Third Quarter			Second Quarter			First Quarter
	Fiscal Year				June 27,			March 28,			December 28,			September 28,
	2020*				2020*			2020*			2019			2019
	(in millions)
Sales:
Electronic Components	$	16,340.1			$	3,867.6		$	3,974.7		$	4,203.6		$	4,294.2
Farnell		1,294.2				292.1			335.1			331.2			335.8
Avnet	$	17,634.3			$	4,159.7		$	4,309.8		$	4,534.8		$	4,630.0

Operating income (loss):
Electronic Components	$	349.1			$	58.9		$	84.8		$	93.1		$	112.3
Farnell		75.5				10.4			23.4			20.0			21.8
		424.6				69.3			108.2			113.1			134.1
Corporate expenses		(121.6	)			(26.3	)		(37.8	)		(30.9	)		(26.7	)
Restructuring, integration and other expenses		(81.9	)			(23.8	)		(19.2	)		(14.3	)		(24.6	)
Goodwill and long-lived asset impairment expenses		(144.1	)			1.7			(145.8	)		-			-
Amortization of acquired intangible assets and other		(81.6	)			(19.0	)		(21.1	)		(21.4	)		(20.1	)
Avnet operating (loss) income	$	(4.6	)		$	1.9		$	(115.8	)	$	46.5		$	62.7

Sales by geographic area:
Americas	$	4,755.3			$	1,149.3		$	1,203.6		$	1,186.6		$	1,215.8
EMEA		5,753.4				1,344.2			1,512.5			1,425.8			1,470.9
Asia		7,125.6				1,666.2			1,593.7			1,922.4			1,943.3
Avnet	$	17,634.3			$	4,159.7		$	4,309.8		$	4,534.8		$	4,630.0
________________________________ * May not foot/cross foot due to rounding

Guidance Reconciliation

The following table presents the reconciliation of non-GAAP adjusted diluted earnings per share guidance to the expected GAAP diluted earnings per share guidance for the first quarter of fiscal 2022.

	Low End of			High End of
	Guidance Range			Guidance Range

Adjusted diluted earnings per share guidance	$	1.02		$	1.12
Restructuring, integration and other expense (net of tax)		(0.08	)		(0.04	)
Amortization of intangibles and other (net of tax)		(0.04	)		(0.02	)
Income tax expense adjustments		(0.05	)		0.05
GAAP diluted earnings per share guidance	$	0.85		$	1.11

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Avnet Reports Fourth Quarter and Fiscal 2021 Financial Results