Avnet (AVT) FY2022 results: revenue $24.3 billion, up 24.4% on the year

Avnet Inc. (AVT) reported revenue of $24.3 billion for fiscal 2022, the year ended 2 July 2022, up 24.4% on the year before. Net income was $692 million, up 258.5%, and diluted earnings per share $6.94. The figures are the company's own, from the 10-K it filed with the SEC on 12 August 2022.

Revenue

$24.3 billion

+24.4% on the year

FY2015FY2022

Operating margin

3.9%

1.4% a year earlier

FY2015FY2022

Net income

$692 million

+258.5% on the year

FY2015FY2022

Diluted EPS

$6.94

+259.6% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	24,311	19,535	17,634	+24.4%
Cost of revenue	21,345	17,294	15,571	+23.4%
Gross profit	2,965	2,241	2,063	+32.3%
Gross margin	12.2%	11.5%	11.7%
Selling, general and administrative	1,995	1,875	1,842	+6.4%
Operating income	939	281	-4.6	+233.7%
Operating margin	3.9%	1.4%	-0.0%
Interest expense	100	89.5	123	+12.2%
Pre-tax income	833	173	-130	+381.9%
Income tax	141	-20.2	-98.6
Effective tax rate	16.9%	-11.7%	n/a
Net income	692	193	-31.1	+258.5%
Net margin	2.8%	1.0%	-0.2%
Diluted EPS	$6.94	$1.93	-$0.31	+259.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	-219	90.9	730
Capital expenditure	48.9	50.4	73.5	-2.9%
Free cash flow	-268	40.6	657
Free cash flow margin	-1.1%	0.2%	3.7%
Cash from investing	51.3	-61.2	-135
Cash from financing	156	-314	-645
Depreciation and amortisation	102	132	182	-22.4%
Share-based compensation	36.7	29.3	26.8	+25.2%
Buybacks	184	n/a	238
Dividends paid	98.5	84.3	84.0	+16.8%
Dividend per share	$1.00	$0.85	$0.84	+17.6%
Diluted shares, weighted	100m	100m	100m	-0.3%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	4,193	4,084	3,726	+2.7%
Debt	1,612	1,210	1,420	+33.2%
Operating lease liabilities	199	240	254	-16.9%
Other liabilities	4,385	3,391	2,705	+29.3%
Total liabilities and equity	10,389	8,925	8,105	+16.4%
Fixed assets	315	368	405	-14.5%
Goodwill	759	838	774	-9.5%
Intangible assets	12.7	28.5	65.4	-55.7%
Cash and equivalents	154	200	477	-23.0%
Receivables	4,301	3,576	2,928	+20.3%
Inventory	4,244	3,237	2,732	+31.1%
Other assets	603	678	724	-11.0%
Total assets	10,389	8,925	8,105	+16.4%

10-K for the year ended 2 July 2022, filed 12 August 2022: the filing.