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Avnet Reports Fourth Quarter and Fiscal 2022 Financial Results

By Business Wire

Business Wire
Overall Rating

Fourth quarter sales of $6.4 billion and operating income margin of 4.5%

Fiscal 2022 sales of $24.3 billion and record diluted EPS of $6.94

Farnell achieves record revenues of $1.8 billion with operating margin over 13%


PHOENIX--(BUSINESS WIRE)--#Avnet--Avnet, Inc. (Nasdaq: AVT) today announced results for its fourth quarter and fiscal year ended July 2, 2022.

Commenting on the Company’s financial results, Avnet Chief Executive Officer Phil Gallagher stated, “We are pleased to end the fiscal year on a high note, delivering another strong quarter of year-over-year sales growth and operating margin expansion. Supported by solid execution across our businesses, Avnet continues to gain share and secure new opportunities in the markets in which we compete. Despite an evolving macro environment, we remain well-positioned to continue to grow our business profitably by helping our customers and suppliers navigate an increasingly complex market.”

Fiscal Fourth Quarter Key Financial Highlights:

  • Sales of $6.4 billion up 21.9% year over year from $5.2 billion.
    • On a constant currency basis, sales increased 28.2% year over year.
  • GAAP diluted earnings per share increased to $2.51, compared with $0.85 in the prior year quarter.
    • Non-GAAP adjusted diluted earnings per share of $2.07, compared with $1.12 in the prior year quarter.
  • GAAP operating income margin of 4.5%, increased 221 basis points year over year.
    • Adjusted operating income margin of 4.5%, increased 161 basis points year over year.
  • Electronic Components operating income margin of 4.3%, increased 122 basis points year over year.
  • Farnell operating income margin of 14.2% increased 597 basis points year over year.
  • Returned $25 million to shareholders in dividends during the quarter, an 18% per share increase year over year.
  • Returned $102 million to shareholders in the quarter from share repurchases, representing 2.4% of outstanding shares.

Fiscal 2022 Key Financial Highlights:

  • Sales of $24.3 billion up 24.5% year over year from $19.5 billion.
    • On a constant currency basis, sales increased 27.2% year over year.
  • GAAP diluted earnings per share increased to $6.94, compared with $1.93 in the prior year.
    • Non-GAAP adjusted diluted earnings per share of $6.93, compared with $2.71 in the prior year.
  • GAAP operating income margin of 3.9%, increased 242 basis points year over year.
    • Adjusted operating income margin of 4.1%, increased 197 basis points year over year.
  • Electronic Components operating income margin of 3.9%, increased 135 basis points year over year.
  • Farnell operating income margin of 13.4% increased 764 basis points year over year.
  • Returned $98 million to shareholders in dividends during the fiscal year.
  • Returned $193 million to shareholders in the fiscal year from share repurchases, representing 4.7% of outstanding shares.

Key Financial Metrics

($ in millions, except per share data)

Fourth Quarter Results (GAAP)

Jun – 22

Jun – 21

Change Y/Y

Mar – 22

Change Q/Q

Sales

$

6,372.7

$

5,226.7

21.9

%

$

6,488.1

(1.8

)%

Operating Income

284.7

118.0

141.3

%

274.4

3.8

%

Operating Income Margin

4.5

%

2.3

%

221

bps

4.2

%

24

bps

Diluted Earnings Per Share (EPS)

$

2.51

$

0.85

195.3

%

$

1.84

36.4

%

Fourth Quarter Results (Non-GAAP)(1)

Jun – 22

Jun – 21

Change Y/Y

Mar – 22

Change Q/Q

Sales

$

6,372.7

$

5,226.7

21.9

%

$

6,488.1

(1.8

)%

Adjusted Operating Income

287.6

151.8

89.5

%

303.7

(5.3

)%

Adjusted Operating Income Margin

4.5

%

2.9

%

161

bps

4.7

%

(17

)bps

Adjusted Diluted Earnings Per Share (EPS)

$

2.07

$

1.12

84.8

%

$

2.15

(3.7

)%

Segment and Geographical Mix

Jun – 22

Jun – 21

Change Y/Y

Mar – 22

Change Q/Q

Electronic Components (EC) Sales

$

5,930.4

$

4,785.3

23.9

%

$

6,019.1

(1.5

)%

EC Operating Income Margin

4.3

%

3.1

%

122

bps

4.4

%

(9

)bps

Farnell Sales

$

442.3

$

441.4

0.2

%

$

469.0

(5.7

)%

Farnell Operating Income Margin

14.2

%

8.3

%

597

bps

14.9

%

(65

)bps

Americas Sales

$

1,618.4

$

1,194.4

35.5

%

$

1,627.2

(0.5

)%

EMEA Sales

2,064.0

1,737.3

18.8

%

2,185.7

(5.6

)%

Asia Sales

2,690.3

2,295.0

17.2

%

2,675.2

0.6

%

______________________
(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.

Outlook for the First Quarter of Fiscal 2023 Ending on October 1, 2022

Guidance Range

Midpoint

Sales

$6.20B – $6.50B

$6.35B

Adjusted Diluted EPS(1)

$1.85 – $1.95

$1.90

______________________
(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, including a $100 million negative impact on sales at mid-point of guidance from the recent strengthening of the U.S. Dollar as compared to the fourth quarter. This guidance implies a sequential growth rate range of down 1% to up 4% in constant currency, and assumes a typical seasonal shift in sales to Asia from the western regions.

The above guidance also excludes amortization of intangibles and certain income tax adjustments. The above guidance assumes an effective tax rate of between 21% and 25%. The above guidance assumes 96 million average diluted shares outstanding and average currency exchange rates as shown in the table below:

Q1 Fiscal

2023

Q4 Fiscal

Q1 Fiscal

Guidance

2022

2022

Euro to U.S. Dollar

$1.02

$1.06

$1.18

GBP to U.S. Dollar

$1.20

$1.26

$1.38

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 8, 2022 at 5:00 p.m. ET, and can be accessed by dialing: 877-660-6853 or 201-612-7415 and using Conference ID: 13730217.

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. 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 July 3, 2021 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: geopolitical events and military conflicts; pandemics and other health-related crises, including COVID-19; competitive pressures among distributors of electronic components; an industry down-cycle in semiconductors, including supply shortages; relationships with key suppliers and allocations of products by suppliers, including increased non-cancellable/non-returnable orders; accounts receivable defaults; 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, sanctions and trade restrictions, 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 military conflicts, terrorist attacks, natural and weather-related disasters, pandemics and health related crisis, warehouse modernization and relocation efforts; risks related to cyber security attacks, other privacy and security incidents and information systems failures, 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, liquidity and access to financing; constraints on employee retention and hiring; 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 2,

July 3,

July 2,

July 3,

2022

2021

2022

2021

(Thousands, except per share data)

Sales

$

6,372,653

$

5,226,734

$

24,310,708

$

19,534,679

Cost of sales

5,593,022

4,581,787

21,345,317

17,294,049

Gross profit

779,631

644,947

2,965,391

2,240,630

Selling, general and administrative expenses

494,943

498,497

1,994,847

1,874,831

Russian-Ukraine conflict related expenses

26,261

Restructuring, integration and other expenses

28,449

5,272

84,391

Operating income

284,688

118,001

939,011

281,408

Other expense, net

(6,160

)

(2,955

)

(5,302

)

(19,006

)

Interest and other financing expenses, net

(29,987

)

(23,345

)

(100,375

)

(89,473

)

Income before taxes

248,541

91,701

833,334

172,929

Income tax expense (benefit)

1,718

6,346

140,955

(20,185

)

Net income

$

246,823

$

85,355

$

692,379

$

193,114

Earnings per share:

Basic

$

2.54

$

0.86

$

7.02

$

1.95

Diluted

$

2.51

$

0.85

$

6.94

$

1.93

Shares used to compute earnings per share:

Basic

97,309

99,655

98,662

99,258

Diluted

98,387

100,630

99,819

100,168

Cash dividends paid per common share

$

0.26

$

0.22

$

1.00

$

0.85

AVNET, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

July 2,

July 3,

2022

2021

(Thousands)

ASSETS

Current assets:

Cash and cash equivalents

$

153,693

$

199,691

Receivables

4,301,002

3,576,130

Inventories

4,244,148

3,236,837

Prepaid and other current assets

177,783

150,763

Total current assets

8,876,626

7,163,421

Property, plant and equipment, net

315,204

368,452

Goodwill

758,833

838,105

Intangible assets, net

12,651

28,539

Operating lease assets

227,138

265,988

Other assets

198,080

260,917

Total assets

$

10,388,532

$

8,925,422

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Short-term debt

$

174,422

$

23,078

Accounts payable

3,431,683

2,401,357

Accrued expenses and other

591,020

572,457

Short-term operating lease liabilities

54,529

58,346

Total current liabilities

4,251,654

3,055,238

Long-term debt

1,437,400

1,191,329

Long-term operating lease liabilities

199,418

239,838

Other liabilities

307,300

354,833

Total liabilities

6,195,772

4,841,238

Shareholders’ equity

4,192,760

4,084,184

Total liabilities and shareholders’ equity

$

10,388,532

$

8,925,422

AVNET, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Years Ended

July 2, 2022

July 3, 2021

(Thousands)

Cash flows from operating activities:

Net income

$

692,379

$

193,114

Non-cash and other reconciling items:

Depreciation

87,367

90,884

Amortization

14,959

41,033

Amortization of operating lease assets

52,881

56,782

Deferred income taxes

(52,513

)

14,650

Stock-based compensation

36,738

29,339

Impairments

15,166

Other, net

34,116

22,512

Changes in (net of effects from businesses acquired and divested):

Receivables

(1,132,039

)

(615,353

)

Inventories

(1,218,871

)

(409,075

)

Accounts payable

1,131,225

620,973

Accrued expenses and other, net

134,448

30,924

Net cash flows (used) provided by operating activities

(219,310

)

90,949

Cash flows from financing activities:

Issuance of notes, net of discounts

299,973

297,660

Repayments of public notes

(354,336

)

(305,077

)

Borrowings under accounts receivable securitization, net

274,900

22,900

Repayments under senior unsecured credit facility, net

(231,680

)

Borrowings (repayments) under bank credit facilities and other debt, net

235,047

(2,789

)

Repurchases of common stock

(184,382

)

Dividends paid on common stock

(98,490

)

(84,309

)

Other, net

(16,653

)

(10,718

)

Net cash flows provided (used) for financing activities

156,059

(314,013

)

Cash flows from investing activities:

Purchases of property, plant and equipment

(48,900

)

(50,363

)

Acquisitions of assets and businesses

(18,381

)

Proceeds from liquidation of Company owned life insurance policies

90,384

Other, net

9,815

7,548

Net cash flows provided (used) for investing activities

51,299

(61,196

)

Effect of currency exchange rate changes on cash and cash equivalents

(34,046

)

6,913

Cash and cash equivalents:

— decrease

(45,998

)

(277,347

)

— at beginning of period

199,691

477,038

— at end of period

$

153,693

$

199,691

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 before income taxes, (v) adjusted income tax expense (benefit), (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, Russian-Ukraine conflict related 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, Russian-Ukraine conflict related 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. Adjustments to income tax expense (benefit) and the effective income tax rate include the effect of changes in tax laws, 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 (loss) 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.

Quarters Ended

Fiscal Year

July 2,

April 2,

January 1,

October 2,

2022*

2022*

2022*

2022*

2021*

($ in thousands, except per share amounts)

GAAP selling, general and administrative expenses

$

1,994,847

$

494,943

$

512,364

$

501,363

$

486,178

Amortization of intangible assets and other

(15,038

)

(2,929

)

(3,074

)

(3,796

)

(5,239

)

Adjusted operating expenses

1,979,809

492,014

509,290

497,567

480,939

GAAP operating income

$

939,011

$

284,688

$

274,408

$

211,672

$

168,243

Restructuring, integration and other expenses

5,272

-

-

-

5,272

Russian-Ukraine conflict related expenses

26,261

-

26,261

-

-

Amortization of intangible assets and other

15,038

2,929

3,074

3,796

5,239

Adjusted operating income

985,582

287,617

303,743

215,468

178,754

GAAP income before income taxes

$

833,334

$

248,541

$

248,025

$

191,779

$

144,990

Restructuring, integration and other expenses

5,272

-

-

-

5,272

Russian-Ukraine conflict related expenses

26,261

-

26,261

-

-

Amortization of intangible assets and other

15,038

2,929

3,074

3,796

5,239

Other expenses

4,935

4,494

-

-

441

Adjusted income before income taxes

884,840

255,964

277,360

195,575

155,942

GAAP income tax expense

$

140,955

$

1,718

$

64,608

$

40,958

$

33,672

Restructuring, integration and other expenses

1,012

-

-

-

1,012

Russian-Ukraine conflict related expenses

6,836

-

6,836

-

-

Amortization of intangible assets and other

3,080

711

667

704

998

Other expenses

1,092

956

-

-

136

Income tax benefit (expense) items, net

40,376

49,142

(8,613

)

2,917

(3,070

)

Adjusted income tax expense

193,351

52,527

63,498

44,579

32,748

GAAP net income

$

692,379

$

246,823

$

183,417

$

150,821

$

111,318

Restructuring, integration and other expenses (net of tax)

4,260

-

-

-

4,260

Russian-Ukraine conflict related expenses (net of tax)

19,425

-

19,425

-

-

Amortization of intangible assets and other (net of tax)

11,958

2,218

2,407

3,092

4,241

Other expenses (net of tax)

3,843

3,538

-

-

305

Income tax (benefit) expense items, net

(40,376

)

(49,142

)

8,613

(2,917

)

3,070

Adjusted net income

691,489

203,437

213,862

150,996

123,194

GAAP diluted earnings per share

$

6.94

$

2.51

$

1.84

$

1.50

$

1.10

Restructuring, integration and other expenses (net of tax)

0.04

-

-

-

0.04

Russian-Ukraine conflict related expenses (net of tax)

0.19

-

0.20

-

-

Amortization of intangible assets and other (net of tax)

0.12

0.02

0.02

0.03

0.04

Other expenses (net of tax)

0.04

0.04

-

-

0.00

Income tax (benefit) expense items, net

(0.40

)

(0.50

)

0.09

(0.03

)

0.03

Adjusted diluted EPS

6.93

2.07

2.15

1.51

1.22

______________________
* May not foot/cross due to rounding and differences in average diluted shares between quarterly periods compared to the fiscal year to date

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 due to rounding and differences in average diluted shares between quarterly periods compared to the fiscal year to date.


Contacts

Investor Relations Contacts
Joe Burke, 480-643-7431
Joseph.Burke@avnet.com

Media Relations Contact
Jeanne Forbis, 480-643-7499
Jeanne.Forbis@Avnet.com


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First published on Thu, Aug 11, 2022

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