ARROW ELECTRONICS, INC. 9201 E. DRY CREEK ROAD CENTENNIAL, CO 80112 303-824-4000 NEWS

Exhibit 99.1

Arrow Electronics Reports Third-Quarter 2019 Results

-- Cash Provided by Operating Activities of $287 Million --

-- Repurchased $100 Million of Common Stock --

CENTENNIAL, Colo.--(BUSINESS WIRE)-Oct. 31, 2019--Arrow Electronics, Inc. (NYSE:ARW) today reported third-quarter 2019 sales of $7.08 billion, a decrease of 6 percent from sales of $7.49 billion in the third quarter of 2018. Third-quarter sales, as adjusted, decreased 3 percent year over year. Third-quarter net income of $92 million, or $1.10 per share on a diluted basis, compared with net income of $177 million, or $1.99 per share on a diluted basis, in the third quarter of 2018. Excluding certain items¹, net income would have been $155 million, or $1.86 per share on a diluted basis, in the third quarter of 2019, compared with net income of $191 million, or $2.15 per share on a diluted basis, in the third quarter of 2018. In the third quarter of 2019, changes in foreign currencies negatively impacted growth by approximately $103 million or 1 percent on sales and $.04 or 2 percent on earnings per share on a diluted basis compared to the third quarter of 2018.

Global components third-quarter sales of $5.05 billion decreased 6 percent year over year. Sales, as adjusted, decreased 4 percent year over year. Asia-Pacific components sales increased 4 percent year over year. Sales in the region, as adjusted, increased 5 percent year over year. Europe components sales decreased 7 percent year over year. Sales in the region, as adjusted, decreased 2 percent year over year. Americas components sales decreased 16 percent year over year. Sales in the region, as adjusted, decreased 15 percent year over year. Global components third-quarter operating income was $172 million. Third-quarter operating income, excluding amortization of intangibles expense, as adjusted, was $217 million.

“Arrow’s focused execution contributed to our bottom-line performance in the third quarter, despite continued challenging demand conditions in the Americas and Europe,” said Michael J. Long, chairman, president, and chief executive officer. “By harnessing our internal efficiencies, we were able to realize significant savings to reinvest in our omnichannel engineering services, and strengthen our position as a consistent, reliable provider of design, engineering and supply chain solutions. I am confident that our diversified business model and forward-looking approach to investing will not only allow us to emerge from the current market correction in a position of strength, but also to generate enhanced profits and returns well into the future.”

Global enterprise computing solutions third-quarter sales of $2.03 billion decreased 4 percent year over year. Sales, as adjusted, decreased 2 percent year over year. Europe enterprise computing solutions sales decreased 6 percent year over year. Sales in the region, as adjusted, were flat year over year. Americas enterprise computing solutions sales decreased 3 percent year over year. Sales in the region, as adjusted, decreased 2 percent year over year. Global enterprise computing solutions third-quarter operating income was $92 million. Third-quarter operating income, excluding amortization of intangibles expense, as adjusted, was $95 million.

“We are pleased that enterprise computing solutions’ execution in the marketplace drove 12 percent operating income growth in the third quarter. Operating income growth demonstrates our success in selling advanced, higher-value solutions utilizing next-generation software and hardware architectures,” said Mr. Long.

“Third-quarter cash provided by operating activities was $287 million. Our robust cash flow was bolstered by our disciplined working capital management, continued healthy profits from our leading positions in the markets we serve, and efficiencies from our previously announced cost optimization program,” said Chris Stansbury, senior vice president and chief financial officer. “We remain committed to returning excess cash to shareholders. Accordingly, Arrow returned approximately $100 million to shareholders through our stock repurchase program during the third quarter. At the end of the quarter, we had approximately $439 million of remaining authorization under our share repurchase program.”

¹ A reconciliation of non-GAAP adjusted financial measures, including sales, as adjusted, gross profit, operating income, as adjusted, net income attributable to shareholders, as adjusted, and net income per share, as adjusted, to GAAP financial measures is presented in the reconciliation tables included herein.

1

GUIDANCE

Arrow Electronics’ fourth-quarter outlook excludes the financial results from the PC and mobility asset disposition business.

“As we look to the fourth quarter, we expect total sales to range between $7.125 billion and $7.525 billion, with global components sales between $4.625 billion and $4.825 billion, and global enterprise computing solutions sales between $2.5 billion and $2.7 billion. We expect earnings per share on a diluted basis to range from $1.82 to $1.98, and earnings per share on a diluted basis, excluding certain items¹, to range from $2.10 to $2.26 per share. Our guidance assumes interest and other expense will total approximately $52 million, an average tax rate at the low end of the updated long-term range of 23 percent to 25 percent, and average diluted shares outstanding of approximately 83 million. We are expecting the average USD-to-Euro exchange rate for the fourth quarter to be approximately $1.10 to €1. We estimate changes in foreign currencies will have negative impacts on growth of approximately $100 million, or 1 percent on sales, and $.05, or 2 percent, on earnings per share on a diluted basis compared to the fourth quarter of 2018,” said Mr. Stansbury.

Please refer to the CFO commentary, which can be found at investor.arrow.com, as a supplement to the company’s earnings release.

Arrow Electronics guides innovation forward for over 200,000 leading technology manufacturers and service providers. With 2018 sales of $30 billion, Arrow develops technology solutions that improve business and daily life. Learn more at fiveyearsout.com.

Information Relating to Forward-Looking Statements

This press release includes forward-looking statements that 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: industry conditions, the company's implementation of its new enterprise resource planning system, changes in product supply, pricing and customer demand, competition, other vagaries in the global components and global enterprise computing solutions markets, changes in relationships with key suppliers, increased profit margin pressure, the effects of additional actions taken to become more efficient or lower costs, risks related to the integration of acquired businesses, changes in legal and regulatory matters, and the company’s ability to generate additional cash flow. Forward-looking statements are those statements which are not statements of historical fact. These forward-looking statements can be identified by forward-looking words such as "expects," "anticipates," "intends," "plans," "may," "will," "believes," "seeks," "estimates," and similar expressions. 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.

For a further discussion of factors to consider in connection with these forward-looking statements, investors should refer to Item 1A Risk Factors of the company’s Annual Report on Form 10-K for the year ended Dec. 31, 2018.

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 relating to sales, operating income, net income attributable to shareholders, and net income per basic and diluted share.

The company provides sales, gross profit, and operating expense on a non-GAAP basis adjusted for the impact of changes in foreign currencies (referred to as changes in foreign currencies) by re-translating prior period results at current period foreign exchange rates, the impact of dispositions by adjusting the company’s operating results for businesses disposed, as if the dispositions had occurred at the beginning of the earliest period presented (referred to as dispositions), the impact of the company’s personal computer and mobility asset disposition business (referred to as wind down), the impact of inventory write-downs related to the digital business (referred to as "digital inventory write-downs and recoveries"), and the impact of the notes receivable reserves and inventory write-downs related to the AFS business (referred to as “AFS notes receivable reserves and recoveries” and “AFS inventory write-downs and recoveries” respectively). Operating income is adjusted to exclude identifiable intangible asset amortization, restructuring, integration, and other charges, and loss on disposition of businesses, net, AFS notes receivable reserves and recoveries and inventory write-downs and recoveries, digital inventory write-downs and recoveries, the impact of non-cash charges related to goodwill, trade names, and property, plant and equipment, and the impact of wind down. Net income attributable to shareholders, and net income per basic and diluted share are adjusted to exclude identifiable intangible asset amortization, restructuring, integration, and other charges, and loss on disposition of businesses, net, AFS notes receivable reserves and recoveries and inventory write-downs and recoveries, digital inventory write-downs and recoveries, the impact of non-cash charges related to goodwill, trade names, and property, plant and equipment, the impact of wind down, and the impact of U.S. tax reform. A reconciliation of the company’s non-GAAP financial information to GAAP is set forth in the tables below.

The company believes that such non-GAAP financial information is useful to investors to assist in assessing and understanding the company’s operating performance and underlying trends in the company’s business because management considers these items referred to above to be outside the company’s core operating results. This non-GAAP financial information is among the primary indicators management uses as a basis for evaluating the company’s financial and operating performance. In addition, the company’s Board of Directors may use this non-GAAP financial information in evaluating management performance and setting management compensation.

The presentation of this additional non-GAAP financial information is not meant to be considered in isolation or as a substitute for, or alternative to, sales, operating income, net income and net income per basic and diluted share determined in accordance with GAAP. Analysis of results and outlook on a non-GAAP basis should be used as a complement to, and in conjunction with, data presented in accordance with GAAP.

2

ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share data)
(Unaudited)
		Quarter Ended								Nine Months Ended
		September 28, 2019				September 29, 2018				September 28, 2019				September 29, 2018
Sales		$	7,078,118			$	7,490,445			$	21,578,657			$	21,758,586
Cost of sales		6,279,277				6,566,667				19,103,219				19,033,044
Gross profit		798,841				923,778				2,475,438				2,725,542
Operating expenses:
Selling, general, and administrative expenses		522,446				575,751				1,677,734				1,719,108
Depreciation and amortization		45,231				45,532				139,739				139,201
Loss on disposition of businesses, net		14,573				2,042				15,439				3,604
Impairments		253				—				698,246				—
Restructuring, integration, and other charges		43,120				10,143				74,692				50,497
		625,623				633,468				2,605,850				1,912,410
Operating income (loss)		173,218				290,310				(130,412		)		813,132
Equity in losses of affiliated companies		(1,070		)		(652		)		(2,155		)		(808		)
Gain (loss) on investments, net		1,126				1,070				7,864				(3,945		)
Employee benefit plan expense		(1,071		)		(1,296		)		(3,349		)		(3,784		)
Interest and other financing expense, net		(49,882		)		(54,205		)		(153,426		)		(160,187		)
Income (loss) before income taxes		122,321				235,227				(281,478		)		644,408
Provision for income taxes		29,340				57,054				30,878				155,325
Consolidated net income (loss)		92,981				178,173				(312,356		)		489,083
Noncontrolling interests		850				1,640				3,744				3,541
Net income (loss) attributable to shareholders		$	92,131			$	176,533			$	(316,100	)		$	485,542
Net income (loss) per share:
Basic		$	1.11			$	2.02			$	(3.75	)		$	5.53
Diluted		$	1.10			$	1.99			$	(3.75	)		$	5.47
Weighted-average shares outstanding:
Basic		82,711				87,602				84,246				87,785
Diluted		83,397				88,608				84,246				88,759

3

ARROW ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands except par value)
(Unaudited)
	September 28, 2019				December 31, 2018
ASSETS
Current assets:
Cash and cash equivalents	$	262,254			$	509,327
Accounts receivable, net	7,841,851				8,945,463
Inventories	3,503,481				3,878,678
Other current assets	232,062				274,832
Total current assets	11,839,648				13,608,300
Property, plant, and equipment, at cost:
Land	7,746				7,882
Buildings and improvements	164,544				158,712
Machinery and equipment	1,438,600				1,425,933
	1,610,890				1,592,527
Less: Accumulated depreciation and amortization	(805,626		)		(767,827		)
Property, plant, and equipment, net	805,264				824,700
Investments in affiliated companies	85,399				83,693
Intangible assets, net	277,720				372,644
Goodwill	2,041,073				2,624,690
Other assets	640,607				270,418
Total assets	$	15,689,711			$	17,784,445
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	6,181,408			$	7,631,879
Accrued expenses	833,390				912,292
Short-term borrowings, including current portion of long-term debt	356,843				246,257
Total current liabilities	7,371,641				8,790,428
Long-term debt	2,942,293				3,239,115
Other liabilities	631,530				378,536
Commitments and contingencies
Equity:
Shareholders’ equity:
Common stock, par value $1:
Authorized - 160,000 shares in both 2019 and 2018, respectively
Issued - 125,424 shares in both 2019 and 2018, respectively	125,424				125,424
Capital in excess of par value	1,143,830				1,135,934
Treasury stock (43,660 and 40,233 shares in 2019 and 2018, respectively), at cost	(2,237,884		)		(1,972,254		)
Retained earnings	6,019,235				6,335,335
Accumulated other comprehensive loss	(359,786		)		(299,449		)
Total shareholders’ equity	4,690,819				5,324,990
Noncontrolling interests	53,428				51,376
Total equity	4,744,247				5,376,366
Total liabilities and equity	$	15,689,711			$	17,784,445

4

ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
	Quarter Ended
	September 28, 2019				September 29, 2018
Cash flows from operating activities:
Consolidated net income (loss)	$	92,981			$	178,173
Adjustments to reconcile consolidated net income to net cash provided by operations:
Depreciation and amortization	45,231				45,532
Amortization of stock-based compensation	7,120				12,442
Equity in losses of affiliated companies	1,070				652
Deferred income taxes	6,362				5,063
Impairments	253				—
Loss on disposition of businesses, net	14,573				2,042
(Gain) loss on investments, net	(884		)		(1,070		)
Other	(276		)		2,011
Change in assets and liabilities, net of effects of acquired and disposed businesses:
Accounts receivable	21,355				(180,770		)
Inventories	64,468				43,867
Accounts payable	(3,013		)		412,422
Accrued expenses	270				15,693
Other assets and liabilities	37,264				(41,652		)
Net cash provided by operating activities	286,774				494,405
Cash flows from investing activities:
Cash paid on disposition of businesses	(10,785		)		(2,278		)
Acquisition of property, plant, and equipment	(31,444		)		(38,346		)
Other	(8,495		)		(3,000		)
Net cash used for investing activities	(50,724		)		(43,624		)
Cash flows from financing activities:
Change in short-term and other borrowings	80,227				44,545
Repayments of long-term bank borrowings, net	(215,937		)		(338,579		)
Proceeds from exercise of stock options	2,088				1,934
Repurchases of common stock	(103,270		)		(20,622		)
Other	—				(1,018		)
Net cash used for financing activities	(236,892		)		(313,740		)
Effect of exchange rate changes on cash	(6,893		)		6,631
Net increase (decrease) in cash and cash equivalents	(7,735		)		143,672
Cash and cash equivalents at beginning of period	269,989				330,519
Cash and cash equivalents at end of period	$	262,254			$	474,191

5

ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
	Nine Months Ended
	September 28, 2019				September 29, 2018
Cash flows from operating activities:
Consolidated net income (loss)	$	(312,356	)		$	489,083
Adjustments to reconcile consolidated net income (loss) to net cash provided by operations:
Depreciation and amortization	139,739				139,201
Amortization of stock-based compensation	34,749				38,104
Equity in losses of affiliated companies	2,155				808
Deferred income taxes	(65,484		)		17,769
Impairments	698,246				—
Loss on disposition of businesses, net	15,439				3,604
(Gain) loss on investments, net	(7,622		)		3,945
Other	10,814				6,056
Change in assets and liabilities, net of effects of acquired and disposed businesses:
Accounts receivable	916,908				(254,417		)
Inventories	342,610				(456,050		)
Accounts payable	(1,349,189		)		171,697
Accrued expenses	(71,124		)		15,177
Other assets and liabilities	8,308				(165,421		)
Net cash provided by operating activities	363,193				9,556
Cash flows from investing activities:
Cash consideration paid for acquired businesses, net of cash acquired	—				(331,563		)
Proceeds from (cash paid on) disposition of a businesses	(1,325		)		32,013
Acquisition of property, plant, and equipment	(113,080		)		(104,897		)
Other	(5,555		)		(11,000		)
Net cash used for investing activities	(119,960		)		(415,447		)
Cash flows from financing activities:
Change in short-term and other borrowings	(93,129		)		104,158
Proceeds from (repayments of) long-term bank borrowings, net	(96,960		)		420,755
Redemption of notes	—				(300,000		)
Proceeds from exercise of stock options	11,710				7,919
Repurchases of common stock	(304,194		)		(93,173		)
Other	(147		)		(1,174		)
Net cash provided by (used for) financing activities	(482,720		)		138,485
Effect of exchange rate changes on cash	(7,586		)		11,514
Net decrease in cash and cash equivalents	(247,073		)		(255,892		)
Cash and cash equivalents at beginning of period	509,327				730,083
Cash and cash equivalents at end of period	$	262,254			$	474,191

6

ARROW ELECTRONICS, INC.
NON-GAAP SALES RECONCILIATION
(In thousands)
(Unaudited)
	Quarter Ended
	September 28, 2019				September 29, 2018				% Change
Consolidated sales, as reported	$	7,078,118			$	7,490,445			(5.5	)%
Impact of changes in foreign currencies	—				(103,498		)
Impact of dispositions and wind down	(60,130		)		(116,316		)
Consolidated sales, as adjusted	$	7,017,988			$	7,270,631			(3.5	)%
Global components sales, as reported	$	5,048,880			$	5,381,078			(6.2	)%
Impact of changes in foreign currencies	—				(67,659		)
Impact of dispositions and wind down	(60,130		)		(104,958		)
Global components sales, as adjusted	$	4,988,750			$	5,208,461			(4.2	)%
Americas Components sales, as reported	$	1,738,710			$	2,060,920			(15.6	)%
Impact of changes in foreign currencies	—				(145		)
Impact of dispositions and wind down	(46,998		)		(79,598		)
Americas Components sales, as adjusted	$	1,691,712			$	1,981,177			(14.6	)%
Europe components sales, as reported	$	1,304,109			$	1,399,435			(6.8	)%
Impact of changes in foreign currencies	—				(60,123		)
Impact of dispositions and wind down	(13,132		)		(25,360		)
Europe components sales, as adjusted	$	1,290,977			$	1,313,952			(1.7	)%
Asia components sales, as reported	$	2,006,061			$	1,920,723			4.4	%
Impact of changes in foreign currencies	—				(7,391		)
Asia components sales, as adjusted	$	2,006,061			$	1,913,332			4.8	%
Global ECS sales, as reported	$	2,029,238			$	2,109,367			(3.8	)%
Impact of changes in foreign currencies	—				(35,839		)
Impact of dispositions	—				(11,358		)
Global ECS sales, as adjusted	$	2,029,238			$	2,062,170			(1.6	)%
Europe ECS sales, as reported	$	610,324			$	651,648			(6.3	)%
Impact of changes in foreign currencies	—				(30,579		)
Impact of dispositions	—				(11,358		)
Europe ECS sales, as adjusted	$	610,324			$	609,711			0.1	%
Americas ECS sales, as reported	$	1,418,914			$	1,457,719			(2.7	)%
Impact of changes in foreign currencies	—				(5,260		)
Americas ECS sales, as adjusted	$	1,418,914			$	1,452,459			(2.3	)%

7

ARROW ELECTRONICS, INC.
NON-GAAP SALES RECONCILIATION
(In thousands)
(Unaudited)
	Nine Months Ended
	September 28, 2019				September 29, 2018				% Change
Consolidated sales, as reported	$	21,578,657			$	21,758,586			(0.8	)%
Impact of changes in foreign currencies	—				(447,833		)
Impact of dispositions and wind down	(232,239		)		(377,924		)
Consolidated sales, as adjusted	$	21,346,418			$	20,932,829			2.0	%
Global components sales, as reported	$	15,511,742			$	15,595,374			(0.5	)%
Impact of changes in foreign currencies	—				(297,220		)
Impact of dispositions and wind down	(221,098		)		(312,742		)
Global components sales, as adjusted	$	15,290,644			$	14,985,412			2.0	%
Americas Components sales, as reported	$	5,522,538			$	5,795,500			(4.7	)%
Impact of changes in foreign currencies	—				(4,284		)
Impact of dispositions and wind down	(170,724		)		(231,952		)
Americas Components sales, as adjusted	$	5,351,814			$	5,559,264			(3.7	)%
Europe components sales, as reported	$	4,223,363			$	4,325,793			(2.4	)%
Impact of changes in foreign currencies	—				(256,237		)
Impact of dispositions and wind down	(50,374		)		(80,790		)
Europe components sales, as adjusted	$	4,172,989			$	3,988,766			4.6	%
Asia components sales, as reported	$	5,765,841			$	5,474,081			5.3	%
Impact of changes in foreign currencies	—				(36,699		)
Asia components sales, as adjusted	$	5,765,841			$	5,437,382			6.0	%
Global ECS sales, as reported	$	6,066,915			$	6,163,212			(1.6	)%
Impact of changes in foreign currencies	—				(150,613		)
Impact of dispositions	(11,141		)		(65,182		)
Global ECS sales, as adjusted	$	6,055,774			$	5,947,417			1.8	%
Europe ECS sales, as reported	$	2,074,638			$	2,123,048			(2.3	)%
Impact of changes in foreign currencies	—				(124,634		)
Impact of dispositions	(11,141		)		(37,689		)
Europe ECS sales, as adjusted	$	2,063,497			$	1,960,725			5.2	%
Americas ECS sales, as reported	$	3,992,277			$	4,040,164			(1.2	)%
Impact of changes in foreign currencies	—				(25,979		)
Impact of dispositions	—				(27,493		)
Americas ECS sales, as adjusted	$	3,992,277			$	3,986,692			0.1	%

8

ARROW ELECTRONICS, INC.
NON-GAAP EARNINGS RECONCILIATION
(In thousands except per share data)
(Unaudited)
Three months ended September 28, 2019
	Reported GAAP measure			Intangible amortization expense			Restructuring & Integration charges			AFS Write Downs			Digital Write Downs			Impairments			Impact of Wind Down(6)			Other(1)			Non-GAAP measure
Sales	$	7,078,118		$	—		$	—		$	—		$	—		$	—		$	(60,130	)	$	—		$	7,017,988
Gross Profit	798,841			—			—			—			1,101			—			(3,541		)	—			796,401
Operating income	173,218			10,265			31,087			(664		)	1,101			711			36,917			—			252,635
Income before income taxes	122,321			10,265			31,087			(664		)	1,101			711			36,842			(1,126		)	200,537
Provision for income taxes	29,340			2,860			8,922			(178		)	272			—			3,753			(249		)	44,720
Consolidated net income	92,981			7,405			22,165			(486		)	829			711			33,089			(877		)	155,817
Noncontrolling interests	850			138			—			—			—			—			—			—			988
Net income attributable to shareholders	$	92,131		$	7,267		$	22,165		$	(486	)	$	829		$	711		$	33,089		$	(877	)	$	154,829
Net income per diluted share	$	1.10		$	0.09		$	0.27		$	(0.01	)	$	0.01		$	0.01		$	0.40		$	(0.01	)	$	1.86
Effective tax rate	24.0		%																						22.3		%
Three months ended September 29, 2018
	Reported GAAP measure			Intangible amortization expense			Restructuring & Integration charges			AFS Write Downs			Digital Write Downs			Impairments			Impact of Wind Down(6)			Other(2)			Non-GAAP measure
Sales	$	7,490,445		$	—		$	—		$	—		$	—		$	—		$	(104,958	)	$	—		$	7,385,487
Gross Profit	923,778			—			—			—			—			—			(17,397		)	—			906,381
Operating income	290,310			8,845			9,611			—			—			—			611			2,042			311,419
Income before income taxes	235,227			8,845			9,611			—			—			—			633			972			255,288
Provision for income taxes	57,054			2,539			2,454			—			—			—			304			240			62,591
Consolidated net income	178,173			6,306			7,157			—			—			—			329			732			192,697
Noncontrolling interests	1,640			145			—			—			—			—			—			—			1,785
Net income attributable to shareholders	$	176,533		$	6,161		$	7,157		$	—		$	—		$	—		$	329		$	732		$	190,912
Net income per diluted share	$	1.99		$	0.07		$	0.08		$	—		$	—		$	—		$	—		$	0.01		$	2.15
Effective tax rate	24.3		%																						24.5		%

9

ARROW ELECTRONICS, INC.
NON-GAAP EARNINGS RECONCILIATION
(In thousands except per share data)
(Unaudited)
Nine months ended September 28, 2019
	Reported GAAP measure			Intangible amortization expense			Restructuring & Integration charges			AFS Write Downs			Digital Write Downs			Impairments(4)			Impact of Wind Down(6)			Other(3)			Non-GAAP measure
Sales	$	21,578,657		$	—		$	—		$	—		$	—		$	—		$	(221,098	)	$	—		$	21,357,559
Gross Profit	2,475,438			—			—			1,868			21,215			—			(7,363		)	—			2,491,158
Operating income	(130,412		)	28,072			62,079			15,187			21,215			623,796			151,332			866			772,135
Income before income taxes	(281,478		)	28,072			62,079			15,187			21,215			623,796			151,414			(6,998		)	613,287
Provision for income taxes	30,878			7,863			16,498			3,732			5,234			64,246			31,011			(5,452		)	154,010
Consolidated net income	(312,356		)	20,209			45,581			11,455			15,981			559,550			120,403			(1,546		)	459,277
Noncontrolling interests	3,744			420			—			—			—			—			—			—			4,164
Net income attributable to shareholders	$	(316,100	)	$	19,789		$	45,581		$	11,455		$	15,981		$	559,550		$	120,403		$	(1,546	)	$	455,113
Net income per diluted share(5)	$	(3.75	)	$	0.23		$	0.54		$	0.14		$	0.19		$	6.64		$	1.43		$	(0.02	)	$	5.36
Effective tax rate	(11.0		)%																						25.1		%
Nine months ended September 29, 2018
	Reported GAAP measure			Intangible amortization expense			Restructuring & Integration charges			AFS Write Downs			Digital Write Downs			Impairments			Impact of Wind Down(6)			Other(2)			Non-GAAP measure
Sales	$	21,758,586		$	—		$	—		$	—		$	—		$	—		$	(312,742	)	$	—		$	21,445,844
Gross Profit	2,725,542			—			—			—			—			—			(54,144		)	—			2,671,398
Operating income	813,132			28,722			38,171			—			—			—			15,439			3,604			899,068
Income before income taxes	644,408			28,722			38,171			—			—			—			15,561			7,549			734,411
Provision for income taxes	155,325			8,010			10,029			—			—			—			4,396			1,653			179,413
Consolidated net income	489,083			20,712			28,142			—			—			—			11,165			5,896			554,998
Noncontrolling interests	3,541			447			—			—			—			—			—			—			3,988
Net income attributable to shareholders	$	485,542		$	20,265		$	28,142		$	—		$	—		$	—		$	11,165		$	5,896		$	551,010
Net income per diluted share(5)	$	5.47		$	0.23		$	0.32		$	—		$	—		$	—		$	0.13		$	0.07		$	6.21
Effective tax rate	24.1		%																						24.4		%
(1) Other includes gain (loss) on investments, net
(2) Other includes loss on disposition of businesses, net and gain (loss) on investments, net.
(3) Other includes loss on disposition of businesses, net, gain (loss) on investments, net, and impact of tax act.
(4) Impairments include goodwill impairments of $570,175, tradename impairments of $46,000, and $7,621 in impairment charges related to various other fixed assets.
(5) For the nine months ended September 28, 2019, the non-GAAP net income per diluted share calculation includes 727 thousand shares that were excluded from the GAAP net income per diluted share calculation. Additionally, in all periods presented the sum of the components for diluted EPS, as adjusted may not agree to totals, as presented, due to rounding.
(6) Amounts for restructuring, integration, and other charges, identifiable intangible asset amortization, loss on disposition of businesses, net, and impairments related to the personal computer and mobility asset disposition business are included in “impact of wind down” above.

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ARROW ELECTRONICS, INC.
SEGMENT INFORMATION
(In thousands)
(Unaudited)
	Quarter Ended								Nine Months Ended
	September 28, 2019				September 29, 2018				September 28, 2019				September 29, 2018
Sales:
Global components	$	5,048,880			$	5,381,078			$	15,511,742			$	15,595,374
Global ECS	2,029,238				2,109,367				6,066,915				6,163,212
Consolidated	$	7,078,118			$	7,490,445			$	21,578,657			$	21,758,586
Operating income (loss):
Global components	$	171,591			$	271,939			$	(159,993	)		$	755,325
Global ECS	92,375				82,187				277,481				275,410
Corporate (a)	(90,748		)		(63,816		)		(247,900		)		(217,603		)
Consolidated	$	173,218			$	290,310			$	(130,412	)		$	813,132

(a) Includes restructuring, integration, and other charges of $31,086 and $62,658 for the third quarter and first nine months of 2019 and $10,143 and $50,497 for the third quarter and first nine months of 2018, respectively. Also includes a loss on disposition of business of $866 for the first nine months of 2019.

NON-GAAP SEGMENT RECONCILIATION
	Quarter Ended								Nine Months Ended
	September 28, 2019				September 29, 2018				September 28, 2019				September 29, 2018
Global components operating income, as reported	$	171,591			$	271,939			$	(159,993	)		$	755,325
Intangible assets amortization expense (b)	7,398				5,931				19,458				17,626
Impairments (b)	711				—				623,796				—
Impact of wind-down (b)	36,917				79				150,752				3,113
AFS notes receivable reserve	(664		)		—				15,187				—
Digital inventory reserve	1,101				—				21,215				—
Global components operating income, as adjusted	$	217,054			$	277,949			$	670,415			$	776,064
Global ECS operating income, as reported	$	92,375			$	82,187			$	277,481			$	275,410
Intangible assets amortization expense	2,866				2,914				8,613				11,096
Global ECS operating income, as adjusted	$	95,241			$	85,101			$	286,094			$	286,506

(b) Restructuring, integration, and other charges, identifiable intangible asset amortization, loss on disposition of businesses, net, and impairments related to the personal computer and mobility asset disposition business are included in “impact of wind down” above.

Contact:            Steven O’Brien,

Vice President, Investor Relations

303-824-4544

Media Contact:        John Hourigan,

Vice President, Global Communications

303-824-4586

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