Arrow Electronics at Bank of America Conference: Optimism Amid Recovery

On Wednesday, 04 June 2025, Arrow Electronics (NYSE:ARW) participated in the Bank of America Global Technology Conference 2025. President and CEO Sean Kerins shared insights on the semiconductor cycle, company performance, and future strategies. While Arrow is optimistic about a market recovery, challenges such as inventory corrections and tariffs remain.

Key Takeaways

- Arrow Electronics believes the semiconductor cycle has reached its lowest point, with recovery indicators like book-to-bill ratios above parity.

- The company is focusing on high-growth end markets and improving capital efficiency.

- The Global Components business is recovering, with normalized lead times and improving demand visibility.

- Tariffs are estimated to impact global sales by 2-4% in Q2 but are being managed without affecting margins.

- The Enterprise Computing Solutions segment is seeing growth, particularly in recurring revenue through the ArrowSphere platform.

Financial Results

- Arrow Electronics is witnessing a positive trend in supplier relations, suggesting an upswing in the semiconductor cycle.

- The company is prioritizing investments in high-growth markets and enhancing working capital efficiency.

- The ECS segment has shown growth in GP and OI dollars over the past three quarters, driven by strategic appointments with VMware, Citrix, and CrowdStrike (NASDAQ:CRWD).

Operational Updates

- Inventory correction is largely complete, with replenishment improving activity levels.

- Supplier lead times have returned to historical averages, enhancing visibility into OEM production plans.

- Asia, especially China, is leading the market recovery, positively influencing regional mix and margins.

Future Outlook

- Arrow is optimistic about growth and margin expansion, focusing on organic growth, selective mergers and acquisitions, and capital returns.

- The ECS segment aims to capitalize on cloud and infrastructure software, targeting the mid-market with the ArrowSphere platform.

- Tariffs, while impacting sales, are being passed through to customers, maintaining margin neutrality.

Q&A Highlights

- CEO Sean Kerins expressed confidence in the recovery, stating, "We do believe we’ve seen the bottom."

- Discussions highlighted the importance of value-added services, including supply chain management and engineering services, in driving margin growth.

- Arrow’s strategic focus includes leveraging its vast supply chain assets and engineering leadership.

For a deeper understanding, readers can refer to the full transcript below.

Full transcript - Bank of America Global Technology Conference 2025:

Ruplu Haracharya, IT hardware equity research team: Day two of our global technology conference. My name is Ruplu Haracharya, and I’m with the IT hardware equity research team. And I cover distributors, and we’re honored to have Arrow Electronics today, and we have president and CEO, Sean Kerins. Sean is a veteran in the industry. He’s been with Arrow for eighteen years.

Sorry. It’s his eighteenth year with the company. So he’s seen many ups and downs. So we hope to have a great conversation. Sean has held many different hats.

I think he he was COO as well, and he’s headed their ECS business, which is the enterprise computing solutions business. So, Sean, thank you so much for coming today.

Sean Kerins, President and CEO, Arrow Electronics: Thank you, Ruplu, and good morning, everybody. Thanks for having me.

Ruplu Haracharya, IT hardware equity research team: Great. So as in as is tradition, I’m gonna start with a very high level question. So give us your opinion on where we are in the semi cycle. And as you look out, what’s your vision for Arrow for the medium term? And maybe, you know, even what your focus areas are for the next twelve months.

Sean Kerins, President and CEO, Arrow Electronics: Absolutely. Absolutely. So the the semiconductor cycle, as many of you know, has probably been one of the the longest and most profound both to the upside and the downside that the industry has maybe ever experienced or at least in quite some time. And I think as we said during our q one earnings report, we do believe we’ve seen the bottom. I think the, you know, the slope of recovery is a little bit harder to predict, but we believe the leading indicators always suggest that, you know, recovery is in flight.

If we look at our own, you know, leading indicators like book to bill ratios, they’re all above parity in all three of our regions. Our backlog is building again, not just in magnitude, but also out in time, which gives us, you know, basically the benefit of improving visibility. And, of course, we you know, if we look at the preponderance of the suppliers that we represent in the electronics market, you know, we typically follow our suppliers by a quarter or two, and you’re seeing many of those guys now trending more positively. So we believe the right things are happening, and, you know, things should improve from here. Now as far as sorry.

As far as our our priorities, obviously, we didn’t sit still, you know, while we were managing the the down portion of the cycle. We got real clear about our investment thesis, our growth priorities, and we feel like we have good exposure to good end markets in both segments. And so we have a lot of clarity as to where we wanna go from here. And they we also spent time on, you know, the things that we can control, like working capital efficiency and making incremental progress with respect to our cost structure. That work will continue even as the recovery unfolds.

But I I think we’re feeling more optimistic now certainly than we’ve been in quite some time.

Ruplu Haracharya, IT hardware equity research team: That’s great. And I want to touch on many of these things that you mentioned. As people would know, there are two segments to the business. There’s the global components business, and then there’s the ECS business, is the enterprise enterprise computing solutions business. So let’s start with the core business.

And just talk to us about where we are, which innings are we in terms of there was an inventory correction that was happening for a long time. Are we still in an inventory correction? Are we out of it? Just give us your thoughts on that.

Sean Kerins, President and CEO, Arrow Electronics: Yeah. Broadly speaking, I would I would say that the the inventory piece of the correction is behind us. Now are there still pockets of excess inventory at different places throughout the ecosystem? Yes. But by virtue of the way our backlog is building and the longer term visibility that we’re now getting to real OEM production plans and demand projections, we feel like, you know, the worst of the excess is behind us.

And, obviously, some level of replenishment is what’s been driving, you know, better activity levels for us since the start of the year. And I think we have a lot of good data to support that conviction.

Ruplu Haracharya, IT hardware equity research team: So let’s talk about that. Like, are you getting any indications that customers are actually pulling inventory now? And maybe we even what are you seeing in terms of your backlog? What’s the typical backlog? What’s the backlog now?

What are lead times doing? What’s your what what what type of visibility do you do you have going forward?

Sean Kerins, President and CEO, Arrow Electronics: So if you think about you know, if you start with lead times, obviously, lead times extending well beyond normal levels is what drove, you know, the big disconnect between supply and demand, which drove the upside of the cycle. Supplier lead times have long since normalized, and they’re at sort of historical averages across most technology categories for us. We haven’t seen any of them go out yet. And that’s making, you know, customers more comfortable that they don’t have to place orders as earlier as they once did. But to your point and to your question about visibility, you know, if you go back a year, our backlogs typically didn’t project much beyond any, you know, given current quarter.

Now our backlog is building out in time, meaning, you know, well into the third quarter, even with customer request days now into q four in various places throughout the world. So that tells us visibility is improving, and we’re getting, you know, a better snapshot of real customer demand versus that which was impaired by the excess inventory levels. So, again, we think the the right things are happening because this it was cyclical recovery.

Ruplu Haracharya, IT hardware equity research team: Are you getting any longer term forecast from your customers, say, in the automotive segment? Because they’ve been burned coming during COVID in terms of getting piece parts. I mean, do you think that has changed the industry in terms of how soon they order product from you?

Sean Kerins, President and CEO, Arrow Electronics: I think that, you know, most OEMs of any of any size and scale are all revisiting the way in which they manage their supply chains in total, not just the electronics piece of it. And that’s really given rise to our ability to leverage all of our supply chain assets throughout the world and actually play a different role for them going forward. Right? And and that’s a good thing. How quickly they make those changes, especially in industries like automotive, that’s a little harder to call.

As you know, some of those processes and patterns were fairly well entrenched, but I do think people are now much more sensitized to, you know, the criticality of electronic components in all of their products, and therefore, looking at ways to how they can streamline and improve their visibility to their supply chains to get what they need, where they need it, when they need it. And that’s our job. Right? And that means we can play a a really good role on behalf of large OEMs, not just the mass market in the form of of traditional distribution. Are we getting longer term forecasts, per se from any given customer or vertical?

Not necessarily, but all the market data that we’ve assembled would suggest the the long term CAGR for the electronics industry is still a healthy one. It’s in the five to 6% range. Even if you exclude for, things like memory and GPU, which we don’t participate in, you know, as significantly, you know, we still like the growth rates wherein one of our pillars of our investment thesis is really growing at or above market. We think the, you know, electronic technology is now so pervasive in so many verticals and use cases that the opportunities are only gonna continue to multiply. So we feel good about the long term, but the inventory did have to correct and recovery patterns, you know, do have to emerge and they are.

Ruplu Haracharya, IT hardware equity research team: Got it. No. That makes sense. Let’s talk a little bit about demand by region and demand by vertical. I mean, give us, like, you know, margins at least from my experience in the components business, depend on the regional mix.

So talk to us about how different regions are trending and how different verticals within the regions are trending. So broadly speaking, you know,

Sean Kerins, President and CEO, Arrow Electronics: the big you know, the biggest verticals for aero are, first and foremost, industrial and then transportation, including automotive and then aerospace and defense in the West. And then after that, you get into a handful of pretty material verticals, but probably lower tier in nature versus the first three. One being, you know, medical systems and devices, one being alternative energy, one being, you know, network and comms infrastructure, and then the others being consumer and compute. Those would sort of comprise our our top eight or nine, if I counted correctly. But, obviously, that mix varies across region.

And so typical with a cyclical recovery, Asia and China kinda leaves the the global market out, of the bottom. And we’re seeing that, you know, with the activity in our Asia business, and they were above seasonal in the first quarter. Our guide reflects the same, for them in the second quarter. And, you know, that is what’s driving your point about regional mix. When Asia is really strong relative to the West, you get a little bit of a of a margin headwind.

On the other hand, as the market normalizes and the West, you know, returns to, you know, fuller scale, that will normalize. The other aspect of margins is a function of customer mix. And in the West, we’ve seen a return from the large OEMs as the mass market returns at more scale, and that really is our sweet spot with a with a DTAM probably on the order of 200,000,000,000 globally with tens of thousands of customers for us to go serve As as and when that really returns at, you know, full scale, that’s where our suppliers want us to be. That’s where our demand creation motion is most relevant, and the margins are most attractive. So we think as those things normalize, you know, we’re gonna like the the longer term trajectory for operating margins in the business.

Obviously, we’re starting from a lower jump off point. Right? The baseline was reset, so that will take some time. But those are the steps, that are necessary for that to play out.

Ruplu Haracharya, IT hardware equity research team: Makes sense. You talked about growing faster than the market. And one of the things that I think Arrow has done better than competitors is to really be able to capture share at least over the last year. So talk about some of the competitive advantages you have and how are you driving this above market growth? And what what what’s the playbook here?

How do how do you what’s what is driving that growth for Arrow?

Sean Kerins, President and CEO, Arrow Electronics: Well, if you if you’re talking just electronic components for a second, we think, you know, we think the playbook is still pretty consistent with the playbook that has served us well so far. Right? You know, we have a a vast array of supply chain assets throughout the world, and that really positions us to serve the large multinationals for those that want a very consistent experience throughout the world as well as go deep in the mass market in each of our operating regions. So we’ve always been focused on the mass market. We’ve always led with engineering, and we have engineering both in the form of field application engineers where we get design in demand creation opportunities as well as engineering and design services where we actually function as a product of the product development or an extension of the product development teams of some of our larger OEM customers and suppliers.

And so we think the engineering leadership and the investments we made in engineering along with our supply chain assets really gives us some great capabilities and advantages throughout the world. And then I would say, you know, the fact that we’ve devoted time in building up some of our value added offerings and capabilities, those that take us beyond traditional distribution alone, it gives us a chance to distinguish us in the market depending on what a supplier or customer’s needs are. It’s really important, Ruplu, to, you know, recognize that, you know, the market is enormous, and customers and suppliers oftentimes have different needs. It’s not a one size fits all market. And our electronic components business, you know, spans the spectrum from, you know, fulfillment all the way through demand creation.

It includes the value added offerings and capabilities I talked about. So when we sit down with a large customer or supplier, we have the opportunity to really listen for what it is they’re trying to solve for and then position the right combination of assets and capabilities to fashion the right solution for them. And it means that in some cases, we’re playing primarily a fulfillment role and leveraging our global footprint to do so. In some cases, it means we’re playing a supply chain management as a service role where we’re not participating in the traditional distribution model at all. We’re actually helping them manage their electronic supply chain on an outsourced basis so that they can go focus on the things that they’re really good at, and we can earn a fee for helping them do so.

Right? Which, by the way, is another way for us to participate in not just the market for DTAM, but the market for TAM. Right? Now I know that over time, it’ll be helpful for us to to give you something that helps you quantify the impact of that contribution to the business in total, but it’s one of the examples of how we can serve the market in, you know, a variety of ways, and we try to do so with the right set of capabilities to be flexible to deliver.

Ruplu Haracharya, IT hardware equity research team: You talked about value added services. For those in the audience who don’t know, maybe just talk to us about in the components business, how much like, what is it that you’re distributing? How much of the business is semiconductors? How much is IP and E? What are these value added services that you’re providing?

And and how do you see that growing over time?

Sean Kerins, President and CEO, Arrow Electronics: So if you broadly speaking, if you think about our mix from a pure component perspective, I think we reported in at the end of fiscal twenty twenty four that IP and E was 16% of our global component sales. Right? That tells you, obviously, the rest was semi. But a subset of the rest was also in the form of services, supply chain management services, engineering services, and then integration services. Supply chain management services, I just talked about.

Engineering services, I mentioned. Right? And we made an acquisition a few years ago called eInfoChips to give us scale, to give us relevance, and to give us great credentials in the market for long term engineering services engagements with some pretty large OEMs throughout the world, both in the automotive sector and beyond. And then integration services is a business where we we design and build bespoke solutions in edge environments that embed all the necessary compute, storage, software, and even things like wireless connectivity. That’s a business that shows up in use cases like medical imaging, you know, physical surveillance, digital displays in retail environments, and even data center appliances on, you know, the traditional data center floor.

And we like that because, as you know, compute and electronics are now moving into all kinds of edge environments. They aren’t as concentrated in a few spots and verticals as they once were, and that gives us exposure to other pieces of the market and, therefore, more things to sell to more customers. All of those services are accretive to the gross margin profile of the electronic components business in total, And so that’s why they’re high in the list for investment as and when the market continues to recover.

Ruplu Haracharya, IT hardware equity research team: So since we’re on the topic of margins, talk to us talk to us about what are the drivers both for upside and downside for operating margins in the components business? Like, what drives margins and how do you see margins trending over the medium term?

Sean Kerins, President and CEO, Arrow Electronics: So we think that now that we’re in some form of recovery, we think the outlook for the operating margin equation continues to get better. Again, things will take some time to play out. But if you think about the building blocks for operating margin, first, it start it starts with more scale. Right? That will give us the benefit of additional operating leverage just based on, you know, a similar, if not lower fixed cost structure.

The second will be kind of the return of the mass market at more scale, which lends itself to more design starts, more design in and demand creation win opportunities. And as those win rates improve again, those are helpful to us on the gross margin line. The third building block is our continued specialization into the market for IP and E. The gross margin profile relative to semiconductor is significantly higher, right, by an order of magnitude. Hence, our interest in continuing to pursue it.

It’s also highly complementary to our presence in the markets for things like industrial, you know, transportation and aerospace and defense. And so there’s lots of cross sell, upsell that we can take advantage of just by way of relationships. And then the last building block is really the continued growth in our value added offerings, as I just described. All of that taken together is what puts us back on a path to, you know, what we think will be not just mid cycle, but long term, operating margin targets that obviously are healthier than where we are today. Okay.

Ruplu Haracharya, IT hardware equity research team: Okay. That makes sense. I wanna talk about a topic that’s a very fun topic, which is tariffs. And, you know, everybody seems to be know, that seems to be a question at every meeting nowadays.

Sean Kerins, President and CEO, Arrow Electronics: I’m guessing this is the first time this came up at the conference.

Ruplu Haracharya, IT hardware equity research team: Yeah. Yeah. Yeah. That’s right. So so talk to us about how tariffs impact both the top line as well as the bottom line.

And can you talk about, like, for the stuff that you’re selling in The US, how much of that is coming from China and other regions that are impacted by tariffs? And and are tariffs a good thing for Arrow, or or are they negative? So give us your thoughts on this.

Sean Kerins, President and CEO, Arrow Electronics: Well, let’s take that question last, but I’ll try to unpack, you know, the tariff story as best we see it. So first thing I would do is just draw you back to what we guided for our second quarter. Turns out we did something pretty unique compared to most of the other people in our space. We actually separated the the top line impact that we saw from tariffs, right, for things that we had to pass on to our customers from the guidance we gave around the underlying core business. And we did that because we wanted to give you our best view of how the cycle was actually playing out, not something that was gonna be muddied by, you know, how much of this is really an impact of tariffs or tariff pull ins.

That’s number one. And I think in the course of doing that, we estimated, you know, a number that was maybe two to 4% of our global component sales in the quarter, which not overly material. And that was even based on policies that were in effect at the time, which have changed since. So that number likely will even be smaller yet again. That’s the top line assessment.

You know, we look at this thing, in two ways. One is we look at, you know, making sure we’re really clear on what tariffs will be assessed, some of which we can draw back from the government, right, for product that will be re exported outside The US, some of which will land in The US, and therefore, we have to pass on the appropriate tariff to customers. We do so with no intent to make, even a penny of margin. It’s a complete pass through. So, ultimately, we would view the the top and bottom line impact as being, you know, entirely neutral.

Obviously, there’s a collection process that has to ensue, and that takes a little bit of time to play out. But that’s the the stance we’ve taken. And, you know, based on the experience we’ve we’ve gleaned since 2018 when the first round or an earlier earlier version of this regime was in place, you know, we have certain processes in place. We’ve implemented, foreign trade zone capability. You know, we’ve got intelligent sourcing and routing capabilities to assist customers.

We’re implementing processes, you know, at the quote frontline as well as the customer support functions in the back end to mitigate all of this as much as possible. So I feel very comfortable that we’ve got lots of great people and expertise focused on it. You could imagine, like many companies, we’re all working really diligently to get our arms around it, but we feel like we have a good handle on what it could look like. You know, the wildcard is what a steady state trade a steady state tariff environment will look like. I don’t think anybody knows.

So we gotta be prepared for the most extreme version of all of this, but hope for something better. But right now, we don’t think that it’s been overly material to demand for us for in q one or in our outlook for q two, and, you know, we’ll take it one quarter at a time.

Ruplu Haracharya, IT hardware equity research team: So have you seen any change in customer or supplier behavior? Have you seen any pricing changes as a result of this? And or have you seen any change in end market demand?

Sean Kerins, President and CEO, Arrow Electronics: I I we haven’t seen obviously, been lots of conversations with large customers as to how best to manage all this. Right? And quite frankly, that’s our job. And, yes, we wanna make sure that we assess the tariffs that we’ll be exposed to and how best to recover them. Right?

But, ultimately, one of our competitive advantages is we sit in a perfect position to help customers navigate this. Right? And that’s where we spend a lot of time. So, yes, a lot of customers are really exploring, hey. What kind of exposure does their, you know, bill of materials present for them?

What can we do for them to optimize around things like country of origin? How can we help them think about the next generation of their products so they can design for, optimizing around tariff exposure among other variables? So those conversations are only picking up in frequency and intensity, and that’s a good thing because we think it it sheds a light on some of our nontraditional capabilities that, you know, you might not always think of, that we spend a lot of time, you know, resourcing and and executing on in the market. We haven’t seen significant, you know, pulling behavior in The US, for example. If that were the case, you’d see a pretty big uptick in our backlog, you know, for relative, shipments relatively soon.

That’s not been the case. As I said earlier, our backlog is is building, but it’s also extending out in time, and that wouldn’t fit the bill for someone that was trying to avoid a tariff. We also, you know, have pretty good visibility to all the content, that we import, from China as country of origin. And so we haven’t seen a material buildup in the backlog for any of it, which would be another signal. So, you know, look, it doesn’t mean there there isn’t some of this going on.

There is. We’re probably seeing some of it in China on a reciprocal basis, you know, which might be contributing to some of the really good activity we’re seeing in that market. But again, overall, we don’t anticipate it as material, at least not yet. But great opportunity for us to serve our customers in different ways and with capabilities they they haven’t fully appreciated until they really need this kind of help. Okay.

Ruplu Haracharya, IT hardware equity research team: Let’s move on to the ECS segment. So talk to us about what are some of the products that Arrow focuses focuses on in terms of distributing? And how is that business trending? Can you talk to us about backlog and revenue trends? Which products are hot, which are not?

Sean Kerins, President and CEO, Arrow Electronics: Yeah. Certainly. Oops. I think I may have dropped my my mic. Let me just get remic here.

So if you think about that business, the strategy is really simple. Right technologies, and we focus on the market for cloud, hybrid cloud, and then infrastructure software, number one. Right market segments, we focus on the mid market versus the very large enterprise because that’s where our suppliers wanna see us, and that’s where we’re best rewarded for our value add and capabilities. And then three, right go to market model, which is increasingly all about the, you know, adoption at further scale of our ArrowSphere digital enablement platform, which is also contributing to the continued buildup in the recurring revenue piece of our total volume. So good things are happening in that business.

We’ve seen both GP dollar and OI dollar growth over the last three quarters year on year in succession. Our guide reflects the same again for Q2. We’ve enjoyed some recent wins, you know, from pretty good sized suppliers that recognize what we’re doing and feel like we’re well suited for them. You know, a VMware appointment in North America, a Citrix appointment both in North America and Europe, a CrowdStrike appointment in North America, which will deepen our presence in the market for cybersecurity. So we feel like we’ve got, you know, the right strategy.

We feel like we’re we’re replicating the success that we’ve enjoyed in Europe for some number of years to put us on the same path in North America. That’ll take a little time to continue to get more scale, but, you know, things are improving there from here and, the trajectory for the business based on the end markets in which we compete, we think are pretty promising.

Ruplu Haracharya, IT hardware equity research team: One thing I think that is underappreciated by investors is this recurring revenue portion of the ECS business. So talk to us about how that is trending? How large is it? How should we think about trends in that business? And if you can weave in how that impacts margins?

Because I think last quarter, revenues were up strong 18%, but I think operating margin was down year on year 34 bps. Not that it’s a big thing, but like how should we think about margin trends versus revenue in this business?

Sean Kerins, President and CEO, Arrow Electronics: So probably two separate questions here. One is just about the recurring piece of our total mix. So as you know, we now disclose billings because we think that’s an accurate reflection of the real, you know, market activity in which we participate each quarter. So if you did the math on that, you’d figure out roughly what it looks like on a full year basis. But the recurring the recurring piece of our total volume on a gross billings basis is now approaching one third, and it’s been steadily growing a little bit each year for the past few years.

This is one of the reasons why we’re now starting to disclose it. We agree with you that we think, you know, the more recurring in nature our business is, the better the contribution margins ultimately will look like. Right? We serve it differently, you know, which is digitally. It’s very sticky, and it gives us a chance to reengage customers on an ongoing basis.

So given our strategy, which is more cloud and more infrastructure software, which increasingly is being sold on a subscription basis versus with a perpetual license, we think that mix will only continue to grow in that fashion. The the question you have about margins is really just the function of whether or not you’re talking about margins as a percent of sales, reported sales, or margins as a percent of billings. The reported sales number will be a little bit volatile from one quarter to the next simply as a function of agency accounting, so it’s a little bit of a distraction. So it’s why we started to report billings. And our operating margins as a percent of billings were flat year over year in q one.

We guided they would be at least flat year over year in q two. So the margin profile for the business is stable. And given what I just talked about, we think it, you know, continues to improve a little bit over time. But, you know, don’t let the, you know, the reported sales metric alone be too much of a distraction. That’s simply a function of accounting, and that will vary a little bit from one quarter to the next.

You know, we like the markets in which we play. We like the offerings that we, you know, we’re driving, and we like, you know, the nature of them mainly in the software and services realm and what that means for the, you know, the margin profile of the business over time.

Ruplu Haracharya, IT hardware equity research team: Got it. We have about two minutes left and I’d like you to cover, you know, how you think about shareholder returns, returns, how you think about investing in the business, capital allocation. And finally, like, what is the market missing? Why should investors invest in Arrow right now? Well, if I

Sean Kerins, President and CEO, Arrow Electronics: start there, you know, I’ll be a little bit repetitive, but we think we’re aligned to attractive end markets with healthy growth potential in both operating segments. We think we have an investment thesis based on growing at or above market in both, part one. Part two, we think we have clarity around our go to market and investment priorities such that we can drive margin expansion over time through part one mix. And part two, kind of an enduring productivity flywheel, which will create reinvestment capacity back into those growth priorities I talked about. And then part three, making really constructive use of excess cash.

Historically, our capital allocation priorities have been very specifically about organic growth, selective m and a, and then capital return in that order. I would say that’s still the right set of priorities in the right order. However, I would also say we’re taking a more constructive look at the role that m and a will have to play as a way to augment and accelerate, you know, our progress with respect to the priorities, the growth priorities I outlined. Great. I think we covered a

Ruplu Haracharya, IT hardware equity research team: lot of different topics. So, Sean, thanks for coming. I think you’re you’re doing a great job. Arrow is on the right path. So thanks again for coming.

Thanks for sharing all these details, and great great to have you today.

Sean Kerins, President and CEO, Arrow Electronics: Thank you, Ruplu. Great to meet you in person. Thanks everybody for joining. Appreciate it. Thank

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