... revenue growth and EBITDA margins over the first half of 2022, aided by secular growth, market share gains, favorable demand conditions, a more profitable mix of revenues, and greater operating leverage. This strong performance supported over $1 billion of incremental working capital investment, roughly $483 million in share repurchases, and S&P Global Ratings-adjusted leverage of 1.6x as of June 30, 2022. Increased macroeconomic uncertainty, semiconductor supply shortages, adverse foreign currency translation, and rising interest rates should create operating headwinds for Arrow. That said, their effect on 2022 performance should be modest relative to the elevated order backlog levels Arrow retains and the benefits from increasing average selling prices. Throughout 2023, we expect revenue and profitability to compress due to a more pronounced impact from these headwinds. Still, we do not believe these metrics will be materially weaker...
