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Case 4.3 Avnet Inc. Avnet is one of the world's largest value-added distributors of electronic com enterprise computer and storage products, IT services and embedded

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Case 4.3 Avnet Inc. Avnet is one of the world's largest value-added distributors of electronic com enterprise computer and storage products, IT services and embedded subsys et creates a vital link in the technology supply chain that connects the world leadin 8 electronic component and computer product manufacturers and softw elopers with a global customer base of original equipment manufacturers tronic manufacturing services providers, original design m.m.--_"" alue added resellers. acturing services providers, original design manufacturers, and value Avnet, Inc. and Subsidiaries Consolidated Statements of Cash Flows Years Ended une 2013 une 30, 2012 uly 2, 2011 Thousands) Cash flows from operating activities: $4590273 $67019 s 567,019 S 669,069 Net income Non-cash and other reconciling items: Depreciation and amortization Deferred income taxes (Note 9) Stock-based compensation (Note 12) Gain on bargain purchase and other (Note 2) Other, net (Note 15) (10,019) 43,677 (31,011) 11,782 35,737 (2.918) 66,263 1,389 15,966 28,931 22,715) 56,846 75,327 Changes in (net of effects from businesses acquired): Receivables Inventories Accounts payable Accrued expenses and other, net (94,203) 225,667 (78,834) 319,094) 72,267 133,178 (421,457) (321,939) 165,185 (5,156) (136,852)26804 Net cash flows provided by operating activities 696,197 528,718 278,079 Cash flows from financing activities: (Repayments of) borrowings under accounts receivable securitization program, net (Note 3)(310,000) 510,000 Issuance of notes in a public offering, net of issuance costs (Note 7 160,000 349,258 (109600 Repayment of notes (Note 7) (Repayments of) proceeds from bank debt, net (Note 7) (179,861) 86,823 1644 Extracted from 10-K filings for Avnet Inc, 2013. Obtained from U.S. Securities and Commission. www.sec.gov. from US. Securities and Exchange

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