One of the largest global distributors of semiconductor, software, storage, and server products and services Diverse customer base with no significant client revenue concentration Low operating margins inherent to the technology distribution industry Cyclical industry demand. Free cash flow of about $350 million to $450 million annually supports business investment, and shareholder returns Counter-cyclical working capital cash flow dynamics inherent to the industry support steady free cash flow prospects Free operating cash flow (FOCF) used to fund growth capital expenditures, acquisitions, and on-going share repurchases. S&P Global Ratings' stable outlook on Arrow Electronics Inc. reflects our expectation that the company will maintain its market position and supplier relationships, and continue to generate positive free operating cash flow (FOCF) while maintaining
