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

Exhibit 99.1

Arrow Electronics Reports Fourth-Quarter and Full-Year 2021 Results

-- Record Fourth-Quarter and Full-Year Sales, Gross Profit, Operating Income, and Earnings Per Share --

-- Fourth-Quarter Earnings Per Share of $5.26; Non-GAAP Earnings Per Share of $5.37 --

CENTENNIAL, Colo.--(BUSINESS WIRE)-Feb. 3, 2022--Arrow Electronics, Inc. (NYSE:ARW) today reported fourth-quarter 2021 sales of $9.02 billion, an increase of 7 percent from sales of $8.45 billion in the fourth quarter of 2020. Fourth-quarter 2021 net income was $371 million, or $5.26 per share on a diluted basis, compared with net income of $236 million, or $3.08 per share on a diluted basis, in the fourth quarter of 2020.

Fourth-quarter 2021 non-GAAP1 sales increased 8 percent from 2020. Non-GAAP net income1 was $379 million, or $5.37 per share on a diluted basis, in the fourth quarter of 2021, compared with non-GAAP net income of $243 million, or $3.17 per share on a diluted basis, in the fourth quarter of 2020. In the fourth quarter of 2021, changes in foreign currencies had negative impacts on growth of approximately $73 million on sales and $.07 on earnings per share on a diluted basis compared to the fourth quarter of 2020.

“Our fourth quarter and full year results demonstrate how we are leveraging Arrow’s extensive experience, deep industry knowledge, and expertise in design, engineering, and supply chain to help customers manage through the current market challenges. Arrow is uniquely positioned in the market and customers new and old are increasingly turning to our team, enabling us to build on our relationships and do even more business,” said Michael J. Long, chairman, president, and chief executive officer. “Our organization has worked hard to capture these tremendous opportunities and deliver full-year earnings per share that were more than 75 percent higher than our previous record year.”

Global components fourth-quarter sales of $6.68 billion increased 13 percent year over year. Non-GAAP sales increased 14 percent year over year. Americas components sales increased 32 percent year over year. Asia-Pacific components sales were flat year over year. Europe components sales increased 17 percent year over year. Non-GAAP sales in the region increased 21 percent year over year. Global components fourth-quarter operating income was $430 million. Fourth-quarter non-GAAP operating income was $437 million.

“Our past investments in Arrow’s sales, engineering and supply chain services combined with the current, favorable pricing environment are proving effective for global components,” continued Mr. Long. “As a result of our focused execution, global components delivered the highest margin levels in decades.”

Global enterprise computing solutions fourth-quarter sales of $2.34 billion decreased 8 percent year over year. Non-GAAP sales decreased 6 percent year over year. Europe enterprise computing solutions sales decreased 6 percent year over year. Non-GAAP sales in the region decreased 3 percent year over year. Americas enterprise computing sales decreased 9 percent year over year. Global enterprise computing solutions fourth-quarter operating income was $155 million. Fourth-quarter non-GAAP operating income was $157 million.

“Global enterprise computing solutions is poised for continued success in 2022 as the need for a trusted partner to help customers navigate IT complexity and security has never been greater,” said Mr. Long.

FULL-YEAR RESULTS

Full-year 2021 sales of $34.48 billion increased 20 percent from sales of $28.67 billion in 2020. Net income for 2021 was $1.11 billion, or $15.10 per share on a diluted basis, compared with net income of $584 million, or $7.43 per share on a diluted basis, in 2020.

Full-year 2021 non-GAAP sales increased 19 percent year over year. Non-GAAP net income was $1.14 billion, or $15.50 per share on a diluted basis, in 2021 compared with non-GAAP net income of $610 million, or $7.75 per share on a diluted basis, in 2020. In 2021, changes in foreign currencies had positive impacts on growth of approximately $403 million on sales, and $.14 on earnings per share on a diluted basis compared to 2020.

“We delivered on our commitment to return cash to shareholders while reducing leverage ratios, having returned approximately $250 million through Arrow’s stock repurchase program during the fourth quarter and approximately $900 million throughout 2021, the most we have ever returned in a single year,” said Chris Stansbury, senior vice president and chief financial officer. “These repurchases reflect our confidence in the business and Arrow’s growth potential. With return on invested capital and return on working capital each at record levels, we are pleased to utilize our cash to further enhance shareholder value.”

1 A reconciliation of non-GAAP financial measures, including sales, sales for each segment and in each region, gross profit, operating income, income before income taxes, provision for income taxes, net income, net income attributable to shareholders, and net income per share, to GAAP financial measures is presented in the reconciliation tables included herein.

1

FIRST-QUARTER 2022 OUTLOOK

•Consolidated sales of $8.35 billion to $8.95 billion, with global components sales of $6.675 billion to $6.975 billion, and global enterprise computing solutions sales of $1.675 billion to $1.975 billion

•Net income per share on a diluted basis of $4.32 to $4.48, and non-GAAP net income per share on a diluted basis1 of $4.44 to $4.60

•Average tax rate of approximately 23.5% percent compared to the long-term range of 23 to 25 percent

•Average diluted shares outstanding of 69 million

•Interest expense of approximately $35 million

•Expecting average USD-to-Euro exchange rate of $1.13 to €1; changes in foreign currencies to decrease sales by approximately $160 million, and earnings per share on a diluted basis by $.10 compared to the first quarter of 2021

First-Quarter 2022 Outlook

Reported GAAP measure

Intangible amortization expense

Restructuring & integration charges

Non-GAAP measure

Net income per diluted share

$4.32 to $4.48

$.10

$.02

$4.44 to $4.60

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 220,000 leading technology manufacturers and service providers. With 2021 sales of $34 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, 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 first quarter of fiscal 2022, such as sales, net income per diluted share, non-GAAP net income per diluted share, average tax rate, average diluted shares outstanding, interest expense, average USD-to-Euro exchange rate, impact to sales due to changes in foreign currencies, intangible amortization expense per diluted share, restructuring & integration charges per diluted share, and expectation regarding market demand. These 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: potential adverse effects of the ongoing global COVID-19 coronavirus pandemic, including actions taken to contain or treat COVID-19, industry conditions, 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, foreign currency fluctuation, changes in legal and regulatory matters, non-compliance with certain regulations, such as export, anti-trust, and anti-corruption laws, foreign tax and other loss contingencies, 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 reports on Form 10-K and Form 10-Q and subsequent filings made 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 relating to sales, gross profit, operating income, income before income taxes, provision for income taxes, net income, and net income per basic and diluted share.

The company provides non-GAAP sales, gross profit, operating income, income before income taxes, provision for income taxes, net income, net income per share on a diluted basis, effective tax rate, which are non-GAAP measures 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 notes receivable reserves and recoveries related to the AFS business (referred to as “AFS notes receivable reserves and recoveries”), identifiable intangible asset amortization, restructuring, integration, and other charges, impairments of long-lived assets, impact of the wind down of the company’s personal computer and mobility asset disposition business (referred to as “wind down”), gains and losses on investments, the impact of certain tax adjustments, and pension settlement gains and losses.

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.

2

The presentation of 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.

A reconciliation of the company’s non-GAAP financial information to GAAP is set forth in the tables below.

3

ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share data)
			Quarter Ended												Year Ended
			December 31, 2021						December 31, 2020						December 31, 2021						December 31, 2020
			(Unaudited)						(Unaudited)
Sales			$	9,016,077					$	8,454,192					$	34,477,018					$	28,673,363
Cost of sales			7,819,699						7,530,506						30,274,653						25,482,233
Gross profit			1,196,378						923,686						4,202,365						3,191,130
Operating expenses:
Selling, general, and administrative expenses			632,496						547,530						2,435,030						2,087,050
Depreciation and amortization			48,196						48,404						195,120						189,058
Impairments			—						—						4,482						7,223
Restructuring, integration, and other charges			3,754						6,340						10,911						13,288
			684,446						602,274						2,645,543						2,296,619
Operating income			511,932						321,412						1,556,822						894,511
Equity in earnings (losses) of affiliated companies			1,323						(839)						3,508						(531)
Gain on investments, net			2,046						8,531						12,951						5,348
Employee benefit plan expense, net			(1,256)						(1,172)						(5,180)						(2,859)
Interest and other financing expense, net			(34,719)						(31,614)						(131,727)						(137,210)
Income before income taxes			479,326						296,318						1,436,374						759,259
Provision for income taxes			107,838						59,342						325,906						172,795
Consolidated net income			371,488						236,976						1,110,468						586,464
Noncontrolling interests			280						905						2,271						2,026
Net income attributable to shareholders			$	371,208					$	236,071					$	1,108,197					$	584,438
Net income per share:
Basic			$	5.34					$	3.12					$	15.29					$	7.49
Diluted			$	5.26					$	3.08					$	15.10					$	7.43
Weighted average shares outstanding:
Basic			69,556						75,701						72,472						77,992
Diluted			70,550						76,574						73,385						78,635

4

ARROW ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands except par value)
			December 31, 2021						December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents			$	222,194					$	373,615
Accounts receivable, net			11,123,946						9,205,343
Inventories			4,201,965						3,287,308
Other current assets			345,218						286,633
Total current assets			15,893,323						13,152,899
Property, plant, and equipment, at cost:
Land			5,736						7,940
Buildings and improvements			186,097						207,614
Machinery and equipment			1,523,919						1,553,371
			1,715,752						1,768,925
Less: Accumulated depreciation and amortization			(1,032,941)						(969,320)
Property, plant, and equipment, net			682,811						799,605
Investments in affiliated companies			63,695						76,358
Intangible assets, net			195,029						233,819
Goodwill			2,080,371						2,115,469
Other assets			620,311						675,761
Total assets			$	19,535,540					$	17,053,911
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable			$	9,617,084					$	7,937,889
Accrued expenses			1,326,386						1,034,361
Short-term borrowings, including current portion of long-term debt			382,619						158,633
Total current liabilities			11,326,089						9,130,883
Long-term debt			2,244,443						2,097,940
Other liabilities			624,162						676,136
Equity:
Shareholders' equity:
Common stock, par value $1:
Authorized – 160,000 shares in both 2021 and 2020
Issued – 125,424 shares in both 2021 and 2020			125,424						125,424
Capital in excess of par value			1,189,845						1,165,850
Treasury stock (57,358 and 50,581 shares in 2021 and 2020, respectively), at cost			(3,629,265)						(2,776,821)
Retained earnings			7,787,948						6,679,751
Accumulated other comprehensive loss			(191,657)						(104,885)
Total shareholders' equity			5,282,295						5,089,319
Noncontrolling interests			58,551						59,633
Total equity			5,340,846						5,148,952
Total liabilities and equity			$	19,535,540					$	17,053,911

5

ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
			Quarter Ended
			December 31, 2021						December 31, 2020
Cash flows from operating activities:
Consolidated net income			$	371,488					$	236,976
Adjustments to reconcile consolidated net income to net cash provided by operations:
Depreciation and amortization			48,196						48,404
Amortization of stock-based compensation			6,511						6,686
Equity in (earnings) losses of affiliated companies			(1,323)						839
Deferred income taxes			15,395						(9,263)
Gain on investments, net			(2,013)						(8,531)
Other			757						1,016
Change in assets and liabilities, net of effects of acquired and disposed businesses:
Accounts receivable, net			(1,846,887)						(1,074,997)
Inventories			(378,839)						(16,248)
Accounts payable			1,630,583						988,883
Accrued expenses			217,358						57,330
Other assets and liabilities			(33,333)						(31,089)
Net cash provided by operating activities			27,893						200,006
Cash flows from investing activities:
Acquisition of property, plant, and equipment			(20,766)						(34,030)
Other			389						(627)
Net cash used for investing activities			(20,377)						(34,657)
Cash flows from financing activities:
Change in short-term and other borrowings			28,924						(8,862)
Repayment of long-term bank borrowings, net			(289,922)						(135)
Net proceeds from note offerings			495,134						—
Proceeds from exercise of stock options			2,044						15,074
Repurchases of common stock			(250,000)						(98,985)
Settlement of forward-starting interest rate swap			24,896						—
Net cash provided by (used for) financing activities			11,076						(92,908)
Effect of exchange rate changes on cash			(12,330)						74,155
Net increase in cash and cash equivalents			6,262						146,596
Cash and cash equivalents at beginning of period			215,932						227,019
Cash and cash equivalents at end of period			$	222,194					$	373,615

6

ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
			Year Ended
			December 31, 2021						December 31, 2020
Cash flows from operating activities:
Consolidated net income (loss)			$	1,110,468					$	586,464
Adjustments to reconcile consolidated net income to net cash provided by operations:
Depreciation and amortization			195,120						189,058
Amortization of stock-based compensation			36,117						35,288
Equity in (earnings) losses of affiliated companies			(3,508)						531
Deferred income taxes			24,749						29,713
Impairments			4,482						7,223
Gain on investments, net			(12,833)						(5,333)
Other			3,947						5,059
Change in assets and liabilities, net of effects of acquired and disposed businesses:
Accounts receivable, net			(2,109,159)						(541,427)
Inventories			(960,605)						244,325
Accounts payable			1,766,912						760,883
Accrued expenses			391,941						86,484
Other assets and liabilities			(28,648)						(38,425)
Net cash provided by operating activities			418,983						1,359,843
Cash flows from investing activities:
Acquisition of property, plant, and equipment			(83,051)						(123,585)
Proceeds from sale of property, plant, and equipment			22,171						—
Cash paid for customer relationship intangible asset			—						(713)
Other			762						(14,496)
Net cash used for investing activities			(60,118)						(138,794)
Cash flows from financing activities:
Change in short-term and other borrowings			12,938						(95,017)
Repayments of long-term bank borrowings, net			(687)						(411,497)
Redemption of notes			(130,860)						(209,366)
Net proceeds from note offering			495,134						—
Proceeds from exercise of stock options			46,982						21,037
Repurchases of common stock			(911,548)						(483,735)
Settlement of forward-starting interest rate swap			24,896						(48,378)
Other			(159)						(141)
Net cash used for financing activities			(463,304)						(1,227,097)
Effect of exchange rate changes on cash			(46,982)						79,560
Net increase (decrease) in cash and cash equivalents			(151,421)						73,512
Cash and cash equivalents at beginning of year			373,615						300,103
Cash and cash equivalents at end of year			$	222,194					$	373,615

7

ARROW ELECTRONICS, INC.
NON-GAAP SALES RECONCILIATION
(In thousands)
(Unaudited)
			Quarter Ended
			December 31, 2021						December 31, 2020						% Change
Consolidated sales, as reported			$	9,016,077					$	8,454,192					6.6		%
Impact of changes in foreign currencies			—						(73,179)
Non-GAAP consolidated sales			$	9,016,077					$	8,381,013					7.6		%
Global components sales, as reported			$	6,679,577					$	5,923,094					12.8		%
Impact of changes in foreign currencies			—						(37,035)
Non-GAAP global components sales			$	6,679,577					$	5,886,059					13.5		%
Americas components sales, as reported			$	2,137,386					$	1,625,458					31.5		%
Impact of changes in foreign currencies			—						(821)
Non-GAAP Americas components sales			$	2,137,386					$	1,624,637					31.6		%
Asia components sales, as reported			$	2,948,594					$	2,935,181					0.5		%
Impact of changes in foreign currencies			—						5,886
Non-GAAP Asia components sales			$	2,948,594					$	2,941,067					0.3		%
Europe components sales, as reported			$	1,593,597					$	1,362,455					17.0		%
Impact of changes in foreign currencies			—						(42,100)
Non-GAAP Europe components sales			$	1,593,597					$	1,320,355					20.7		%
Global ECS sales, as reported			$	2,336,500					$	2,531,098					(7.7)		%
Impact of changes in foreign currencies			—						(36,144)
Non-GAAP global ECS sales			$	2,336,500					$	2,494,954					(6.4)		%
Americas ECS sales, as reported			$	1,356,598					$	1,483,637					(8.6)		%
Impact of changes in foreign currencies			—						4,320
Non-GAAP Americas ECS sales			$	1,356,598					$	1,487,957					(8.8)		%
Europe ECS sales, as reported			$	979,902					$	1,047,461					(6.4)		%
Impact of changes in foreign currencies			—						(40,464)
Non-GAAP Europe ECS sales			$	979,902					$	1,006,997					(2.7)		%

8

ARROW ELECTRONICS, INC.
NON-GAAP SALES RECONCILIATION
(In thousands)
(Unaudited)
			Year Ended
			December 31, 2021						December 31, 2020						% Change
Consolidated sales, as reported			$	34,477,018					$	28,673,363					20.2		%
Impact of changes in foreign currencies			—						403,039
Non-GAAP consolidated sales			$	34,477,018					$	29,076,402					18.6		%
Global components sales, as reported			$	26,357,517					$	20,502,687					28.6		%
Impact of changes in foreign currencies			—						261,066
Non-GAAP global components sales			$	26,357,517					$	20,763,753					26.9		%
Americas components sales, as reported			$	7,827,866					$	6,183,119					26.6		%
Impact of changes in foreign currencies			—						(396)
Non-GAAP Americas components sales			$	7,827,866					$	6,182,723					26.6		%
Asia components sales, as reported			$	12,280,805					$	9,332,034					31.6		%
Impact of changes in foreign currencies			—						65,991
Non-GAAP Asia components sales			$	12,280,805					$	9,398,025					30.7		%
Europe components sales, as reported			$	6,248,846					$	4,987,534					25.3		%
Impact of changes in foreign currencies			—						195,471
Non-GAAP Europe components sales			$	6,248,846					$	5,183,005					20.6		%
Global ECS sales, as reported			$	8,119,501					$	8,170,676					(0.6)		%
Impact of changes in foreign currencies			—						141,973
Non-GAAP global ECS sales			$	8,119,501					$	8,312,649					(2.3)		%
Americas ECS sales, as reported			$	4,878,954					$	5,109,372					(4.5)		%
Impact of changes in foreign currencies			—						41,974
Non-GAAP Americas ECS sales			$	4,878,954					$	5,151,346					(5.3)		%
Europe ECS sales, as reported			$	3,240,547					$	3,061,304					5.9		%
Impact of changes in foreign currencies			—						99,999
Non-GAAP Europe ECS sales			$	3,240,547					$	3,161,303					2.5		%

9

ARROW ELECTRONICS, INC.
NON-GAAP EARNINGS RECONCILIATION
(In thousands except per share data)
(Unaudited)
Three months ended December 31, 2021
			Reported GAAP measure			Intangible amortization expense			Restructuring & Integration charges			AFS Reserves & Recoveries									Impact of Wind Down						Other(1)			Non-GAAP measure
Sales			$	9,016,077		$	—		$	—		$	—								$	—					$	—		$	9,016,077
Gross Profit			1,196,378			—			—			—									—						—			1,196,378
Operating income			511,932			9,086			3,754			—									—						—			524,772
Income before income taxes			479,326			9,086			3,754			—									—						(2,046)			490,120
Provision for income taxes			107,838			2,337			854			—									—						(492)			110,537
Consolidated net income			371,488			6,749			2,900			—									—						(1,554)			379,583
Noncontrolling interests			280			143			—			—									—						—			423
Net income attributable to shareholders			$	371,208		$	6,606		$	2,900		$	—								$	—					$	(1,554)		$	379,160
Net income per diluted share(4)			$	5.26		$	0.09		$	0.04		$	—								$	—					$	(0.02)		$	5.37
Effective tax rate			22.5%																											22.6%
Three months ended December 31, 2020
			Reported GAAP measure			Intangible amortization expense			Restructuring & Integration charges			AFS Reserves & Recoveries									Impact of Wind Down						Other(1)			Non-GAAP measure
Sales			$	8,454,192		$	—		$	—		$	—								$	—					$	—		$	8,454,192
Gross Profit			923,686			—			—			—									(33)						—			923,653
Operating income			321,412			9,376			6,340			(840)									(417)						—			335,871
Income before income taxes			296,318			9,376			6,340			(840)									(412)						(8,531)			302,251
Provision for income taxes			59,342			2,405			(918)			(201)									102						(2,053)			58,677
Consolidated net income			236,976			6,971			7,258			(639)									(514)						(6,478)			243,574
Noncontrolling interests			905			148			—			—									—						—			1,053
Net income attributable to shareholders			$	236,071		$	6,823		$	7,258		$	(639)								$	(514)					$	(6,478)		$	242,521
Net income per diluted share(4)			$	3.08		$	0.09		$	0.09		$	(0.01)								$	(0.01)					$	(0.08)		$	3.17
Effective tax rate			20.0%																											19.4%

10

ARROW ELECTRONICS, INC.
NON-GAAP EARNINGS RECONCILIATION
(In thousands except per share data)
(Unaudited)
Year ended December 31, 2021
			Reported GAAP measure			Intangible amortization expense			Restructuring & Integration charges			AFS Reserves & Recoveries						Impairments			Impact of Wind Down			Non-recurring tax items			Other(3)			Non-GAAP measure
Sales			$	34,477,018		$	—		$	—		$	—					$	—		$	—		$	—		$	—		$	34,477,018
Gross Profit			4,202,365			—			—			—						—			—			—			—			4,202,365
Operating income			1,556,822			36,930			10,911			—						4,482			—			—			—			1,609,145
Income before income taxes			1,436,374			36,930			10,911			—						4,482			—			—			(12,770)			1,475,927
Provision for income taxes			325,906			9,457			2,341			—						1,078			—			—			(3,073)			335,709
Consolidated net income			1,110,468			27,473			8,570			—						3,404			—			—			(9,697)			1,140,218
Noncontrolling interests			2,271			590			—			—						—			—			—			—			2,861
Net income attributable to shareholders			$	1,108,197		$	26,883		$	8,570		$	—					$	3,404		$	—		$	—		$	(9,697)		$	1,137,357
Net income per diluted share(4)			$	15.10		$	0.37		$	0.12		$	—					$	0.05		$	—		$	—		$	0.13		$	15.50
Effective tax rate			22.7		%																									22.7		%
Year ended December 31, 2020
			Reported GAAP measure			Intangible amortization expense			Restructuring & Integration charges			AFS Reserves & Recoveries						Impairments			Impact of Wind Down			Non-recurring tax items(2)			Other(3)			Non-GAAP measure
Sales			$	28,673,363		$	—		$	—		$	—					$	—		$	—		$	—		$	—		$	28,673,363
Gross Profit			3,191,130			—			—			—						—			(11,204)			—			—			3,179,926
Operating income			894,511			38,417			13,288			(1,796)						7,223			(14,728)			—			—			936,915
Income (loss) before income taxes			759,259			38,417			13,288			(1,796)						7,223			(14,704)			—			(7,117)			794,570
Provision for income taxes			172,795			9,866			1,301			(432)						2,356			(3,143)			1,272			(1,717)			182,298
Consolidated net income (loss)			586,464			28,551			11,987			(1,364)						4,867			(11,561)			(1,272)			(5,400)			612,272
Noncontrolling interests			2,026			568			—			—						—			—			—			—			2,594
Net income (loss) attributable to shareholders			$	584,438		$	27,983		$	11,987		$	(1,364)					$	4,867		$	(11,561)		$	(1,272)		$	(5,400)		$	609,678
Net income (loss) per diluted share(4)			$	7.43		$	0.36		$	0.15		$	(0.02)					$	0.06		$	(0.15)		$	0.02		$	(0.07)		$	7.75
Effective tax rate			22.8		%																									22.9		%
(1) Other includes gain on investments, net.
(2) Includes income tax (expense) benefit related to legislation changes and other non-recurring tax adjustments.
(3) Other includes gain on investments, net and pension settlement gain.
(4) In all periods presented the sum of the components for non-GAAP diluted EPS may not agree to totals, as presented, due to rounding.

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ARROW ELECTRONICS, INC.
SEGMENT INFORMATION
(In thousands)
(Unaudited)
			Quarter Ended												Year Ended
			December 31, 2021						December 31, 2020						December 31, 2021						December 31, 2020
Sales:
Global components			$	6,679,577					$	5,923,094					$	26,357,517					$	20,502,687
Global ECS			2,336,500						2,531,098						8,119,501						8,170,676
Consolidated			$	9,016,077					$	8,454,192					$	34,477,018					$	28,673,363
Operating income (loss):
Global components (a)			$	430,415					$	230,127					$	1,432,187					$	780,333
Global ECS (b)			154,852						155,880						390,103						353,763
Corporate (c)			(73,335)						(64,595)						(265,468)						(239,585)
Consolidated			$	511,932					$	321,412					$	1,556,822					$	894,511

(a)Global components operating income for the years 2021 and 2020 includes $12.5 million and $2.4 million, respectively, related to proceeds from legal settlements.

(b)Global ECS operating income for 2020 includes reserves and other adjustments of approximately $29.9 million primarily related to foreign tax and other loss contingencies for the year ended. These reserves are principally associated with transactional taxes on activity from several prior years, not significant to any one year.

(c)Corporate operating income includes restructuring, integration, and other charges of $3.8 million and $10.9 million for the fourth quarter and year ended December 31, 2021, respectively, and $6.3 million and $13.3 million for the fourth quarter and year ended December 31, 2020, respectively. Also included are impairment charges of $2.3 million related to various long-lived assets for the year ended December 31, 2021.

NON-GAAP SEGMENT RECONCILIATION
			Quarter Ended												Year Ended
			December 31, 2021						December 31, 2020						December 31, 2021						December 31, 2020
Global components operating income (loss), as reported			$	430,415					$	230,127					$	1,432,187					$	780,333
Intangible assets amortization expense (a)			6,942						7,011						27,915						28,664
Impairments (a)			—						—						4,482						—
Impact of wind-down (a)			—						(417)						—						(14,728)
AFS notes receivable reserve (recoveries) and inventory write-downs			—						(840)						—						(1,796)
Global components non-GAAP operating income			$	437,357					$	235,881					$	1,464,584					$	792,473
Global ECS operating income, as reported			$	154,852					$	155,880					$	390,103					$	353,763
Intangible assets amortization expense			2,144						2,365						9,015						9,753
Impairments			—						—						—						4,918
Global ECS non-GAAP operating income			$	156,996					$	158,245					$	399,118					$	368,434

Contact:			Steven O’Brien,
			Vice President, Investor Relations
			303-824-4544
Media Contact:			John Hourigan,
			Vice President, Global Communications
			303-824-4586
Category:			Investor Relations

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