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Arrow Electronics Reports Third-Quarter Results

-- Record Third-Quarter Sales, Gross Profit and Earnings per Share --

-- Third-Quarter Earnings per Share Up 17 Percent Year over Year --

CENTENNIAL, Colo.--(BUSINESS WIRE)--Nov. 2, 2017-- Arrow Electronics, Inc. (NYSE:ARW) today reported third-quarter 2017 sales of $6.95 billion, an increase of 17 percent from sales of $5.94 billion in the third quarter of 2016. Third-quarter net income of $135 million, or $1.50 per share on a diluted basis, compared with net income of $118 million, or $1.28 per share on a diluted basis, in the third quarter of 2016. Excluding certain items1, net income would have been $163 million, or $1.82 per share on a diluted basis, in the third quarter of 2017, compared with net income of $143 million, or $1.56 per share on a diluted basis, in the third quarter of 2016.

“We are capitalizing on tremendous growth opportunities for the business, and are delivering successful outcomes to both our customers and suppliers. Our ability to provide solutions spanning from sensor to sunset of electronic products’ lifecycles is unmatched in the distribution and the broader technology industries,” said Michael J. Long, chairman, president, and chief executive officer. “Our third straight quarter of record results highlights our leadership position.”

Global components third-quarter sales of $4.86 billion grew 25 percent year over year. Americas components sales grew 24 percent year over year. Asia-Pacific components sales grew 24 percent year over year. Europe components sales grew 25 percent year over year. Sales in the region, as adjusted, grew 19 percent year over year. Global components third-quarter operating income grew 21 percent year over year and grew 20 percent year over year excluding amortization of intangibles expense. “As we expected, we have started to capture leverage on our market share gains as evidenced by our accelerating profit growth,” said Mr. Long.

Global enterprise computing solutions third-quarter sales of $2.09 billion grew 3 percent year over year. Europe enterprise computing solutions sales grew 16 percent year over year. Sales in the region, as adjusted, grew 11 percent year over year. Americas enterprise computing solutions sales declined 2 percent year over year. Global enterprise computing solutions third-quarter operating income declined 1 percent year over year and declined 2 percent year over year excluding amortization of intangibles expense. “Continued growth in our infrastructure software and cloud portfolio along with growth in servers drove sales higher this quarter, and we remain confident in our strategy to return to profitable growth in enterprise computing solutions,” added Mr. Long.

“Third-quarter cash flow from operations was $135 million. We made substantial investments to support our rapid growth this year, and our disciplined approach to working capital management allowed us to start seeing significant cash returns on those investments,” said Chris Stansbury, senior vice president and chief financial officer. “We remain committed to returning excess cash to shareholders. During the third quarter we returned approximately $25 million to shareholders through our stock repurchase program. We had approximately $384 million of remaining authorization under our share repurchase program at the end of the third quarter.”

NINE-MONTH RESULTS

In the first nine months of 2017, sales of $19.18 billion increased 10 percent from sales of $17.38 billion in the first nine months of 2016. Net income for the first nine months of 2017 was $348 million, or $3.87 per share on a diluted basis, compared with net income of $358 million, or $3.87 per share on a diluted basis in the first nine months of 2016. Excluding certain items1, net income would have been $455 million, or $5.06 per share on a diluted basis, in the first nine months of 2017 compared with net income of $428 million, or $4.63 per share on a diluted basis, in the first nine months of 2016.

1 A reconciliation of non-GAAP adjusted financial measures, including sales, as adjusted, operating income, as adjusted, net income attributable to shareholders, as adjusted, and net income per share, as adjusted, to GAAP financial measures is presented in the reconciliation tables included herein.

GUIDANCE

“As we look to the fourth quarter, we believe that total sales will be between $7.2 billion and $7.6 billion, with global components sales between $4.75 billion and $4.95 billion, and global enterprise computing solutions sales between $2.45 billion and $2.65 billion. As a result of this outlook, we expect earnings per share on a diluted basis, to be in the range of $1.86 to $2.02, and earnings per share on a diluted basis, excluding certain items1, to be in the range of $2.21 to $2.37 per share. Our guidance assumes interest expense will be approximately $44 million. The increase compared to the third quarter is due to slightly higher interest rates on our new long-term borrowings compared to our short-term borrowings, as well as normal, higher intra-quarter borrowings to support our seasonally largest quarter. Our guidance also assumes an average tax rate of 27 to 29 percent and average diluted shares outstanding are expected to be 89 million. We are expecting the average USD-to-Euro exchange rate for the fourth quarter to be approximately $1.18 to €1. At the midpoints of our fourth-quarter guidance ranges, full-year 2017 sales would total approximately $26.58 billion, and would grow 12 percent compared to full-year 2016. Full-year 2017 earnings per share, on a diluted basis, excluding certain items1, would total approximately $7.35 and would grow 11 percent compared to full-year 2016,” said Mr. Stansbury.

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 (www.arrow.com) is a global provider of products, services and solutions to industrial and commercial users of electronic components and enterprise computing solutions. Arrow serves as a supply channel partner for more than 125,000 original equipment manufacturers, contract manufacturers and commercial customers through a global network of more than 465 locations serving over 90 countries.

Information Relating to Forward-Looking Statements

This press release includes forward-looking statements that 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: industry conditions, the company's implementation of its new enterprise resource planning system, 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, the effects of additional actions taken to become more efficient or lower costs, risks related to the integration of acquired businesses, changes in legal and regulatory matters, and the company’s ability to generate additional cash flow. Forward-looking statements are those statements which are not statements of historical fact. These forward-looking statements can be identified by forward-looking words such as "expects," "anticipates," "intends," "plans," "may," "will," "believes," "seeks," "estimates," and similar expressions. 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.

For a further discussion of factors to consider in connection with these forward-looking statements, investors should refer to Item 1A Risk Factors of the company’s Annual Report on Form 10-K for the year ended Dec. 31, 2016.

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, operating income, net income attributable to shareholders, and net income per basic and diluted share. The company provides sales, income, or expense on a non-GAAP basis adjusted for the impact of changes in foreign currencies and the impact of acquisitions by adjusting the company's operating results for businesses acquired, including the amortization expense related to acquired intangible assets, as if the acquisitions had occurred at the beginning of the earliest period presented (referred to as "impact of acquisitions"). Operating income, net income attributable to shareholders, and net income per basic and diluted share are adjusted to exclude identifiable intangible amortization, restructuring, integration, and other charges, and certain charges, credits, gains, and losses that the company believes impact the comparability of its results of operations. These charges, credits, gains, and losses arise out of the company’s efficiency enhancement initiatives, acquisitions (including intangible assets amortization expense), and financing activities. A reconciliation of the company’s non-GAAP financial information to GAAP is set forth in the tables below.

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.

The presentation of this additional 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.

 
ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share data)
(Unaudited)
               
Quarter Ended Nine Months Ended
September 30, 2017   October 1, 2016 September 30, 2017   October 1, 2016
       
Sales $ 6,953,740 $ 5,936,092 $ 19,178,638 $ 17,382,370
Cost of sales 6,110,382   5,162,930   16,751,427   15,061,519
Gross profit 843,358   773,162   2,427,211   2,320,851
Operating expenses:
Selling, general, and administrative expenses 552,896 510,017 1,600,762 1,534,534
Depreciation and amortization 38,574 40,194 113,096 121,516
Restructuring, integration, and other charges 15,896   24,267   55,817   61,161
607,366   574,478   1,769,675   1,717,211
Operating income 235,992 198,684 657,536 603,640
Equity in earnings of affiliated companies 1,216 1,311 2,865 5,394
Loss on investment, net 15,000 14,250
Loss on extinguishment of debt 786 59,545
Interest and other financing expense, net 39,748   37,229   120,179   111,828
Income before income taxes 181,674 162,766 466,427 497,206
Provision for income taxes 46,199   44,931   114,998   137,441
Consolidated net income 135,475 117,835 351,429 359,765
Noncontrolling interests 845   108   3,352   1,533
Net income attributable to shareholders $ 134,630   $ 117,727   $ 348,077   $ 358,232
 
Net income per share:
Basic $ 1.52   $ 1.29   $ 3.92   $ 3.92
Diluted $ 1.50   $ 1.28   $ 3.87   $ 3.87
 
Weighted-average shares outstanding:
Basic 88,453 90,937 88,870 91,412
Diluted 89,540 91,938 89,936 92,487
 
ARROW ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands except par value)
   
September 30, 2017 December 31, 2016
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 584,339 $ 534,320
Accounts receivable, net 7,070,629 6,746,687
Inventories 3,168,769 2,855,645
Other current assets 215,431   180,069  
Total current assets 11,039,168   10,316,721  
Property, plant, and equipment, at cost:
Land 12,852 23,456
Buildings and improvements 158,865 175,141
Machinery and equipment 1,306,891   1,297,657  
1,478,608 1,496,254
Less: Accumulated depreciation and amortization (663,229 ) (739,955 )
Property, plant, and equipment, net 815,379   756,299  
Investments in affiliated companies 86,626 88,401
Intangible assets, net 307,385 336,882
Goodwill 2,470,576 2,392,220
Other assets 337,832   315,843  
Total assets $ 15,056,966   $ 14,206,366  
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 5,799,723 $ 5,774,151
Accrued expenses 799,066 821,244
Short-term borrowings, including current portion of long-term debt 380,208   93,827  
Total current liabilities 6,978,997   6,689,222  
Long-term debt 2,802,960 2,696,334
Other liabilities 349,717 355,190
Commitments and contingencies (Note L)
Equity:
Shareholders' equity:
Common stock, par value $1:
Authorized - 160,000 shares in both 2017 and 2016
Issued - 125,424 shares in both 2017 and 2016 125,424 125,424
Capital in excess of par value 1,107,125 1,112,114
Treasury stock (37,463 and 36,511 shares in 2017 and 2016, respectively), at cost (1,739,473 ) (1,637,476 )
Retained earnings 5,545,307 5,197,230
Accumulated other comprehensive loss (159,315 ) (383,854 )
Total shareholders' equity 4,879,068 4,413,438
Noncontrolling interests 46,224   52,182  
Total equity 4,925,292   4,465,620  
Total liabilities and equity $ 15,056,966   $ 14,206,366  
 
ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 
Quarter Ended
September 30, 2017   October 1, 2016
Cash flows from operating activities:
Consolidated net income $ 135,475 $ 117,835
 
Adjustments to reconcile consolidated net income to net cash provided by operations:
Depreciation and amortization 38,574 40,194
Amortization of stock-based compensation 8,910 10,508
Equity in earnings of affiliated companies (1,216 ) (1,311 )
Loss on extinguishment of debt 786
Deferred income taxes 1,437 2,522
Loss on investments, net 14,250
Other 2,207 1,510
Change in assets and liabilities, net of effects of acquired businesses:
Accounts receivable (457,037 ) (193,791 )
Inventories (105,875 ) (95,184 )
Accounts payable 487,904 93,313
Accrued expenses 48,291 11,826
Other assets and liabilities (38,817 ) 38,199  
Net cash provided by operating activities 134,889   25,621  
 
Cash flows from investing activities:
Cash consideration paid for acquired businesses (1,094 ) (23,473 )
Acquisition of property, plant, and equipment (47,691 ) (38,005 )
Other 533    
Net cash used for investing activities (48,252 ) (61,478 )
 
Cash flows from financing activities:
Change in short-term and other borrowings (54,697 ) (35,670 )
Proceeds from (repayments of) long-term bank borrowings, net (324,584 ) 87,000
Proceeds from note offerings, net 492,519
Redemption of notes 2,214
Proceeds from exercise of stock options 726 1,842
Repurchases of common stock (25,462 ) (120,345 )
Other (675 ) (1,183 )
Net cash provided by (used for) financing activities 90,041   (68,356 )
Effect of exchange rate changes on cash (12,257 ) (7,143 )
Net increase (decrease) in cash and cash equivalents 164,421 (111,356 )
Cash and cash equivalents at beginning of period 419,918   495,771  
Cash and cash equivalents at end of period $ 584,339   $ 384,415  
 
ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 
Nine Months Ended
September 30, 2017   October 1, 2016
Cash flows from operating activities:
Consolidated net income $ 351,429 $ 359,765
 
Adjustments to reconcile consolidated net income to net cash provided by operations:
Depreciation and amortization 113,096 121,516
Amortization of stock-based compensation 30,301 29,783
Equity in earnings of affiliated companies (2,865 ) (5,394 )
Loss on extinguishment of debt 59,545
Deferred income taxes 13,262 30,191
Loss on investments, net 14,250
Other 7,415 4,464
Change in assets and liabilities, net of effects of acquired businesses:
Accounts receivable (59,084 ) 335,455
Inventories (255,820 ) (117,674 )
Accounts payable (113,804 ) (513,365 )
Accrued expenses (41,810 ) (102,915 )
Other assets and liabilities (114,136 ) (1,121 )
Net cash provided by operating activities 1,779   140,705  
 
Cash flows from investing activities:
Cash consideration paid for acquired businesses (3,628 ) (68,946 )
Acquisition of property, plant, and equipment (149,597 ) (126,341 )
Proceeds from sale of property, plant, and equipment 24,433
Other (2,467 ) (12,000 )
Net cash used for investing activities (131,259 ) (207,287 )
 
Cash flows from financing activities:
Change in short-term and other borrowings (14,423 ) 31,941
Proceeds from (repayments of) long-term bank borrowings, net (82,766 ) 320,000
Proceeds from note offerings, net 987,144
Redemption of notes (555,886 )
Proceeds from exercise of stock options 21,423 16,686
Repurchases of common stock (149,125 ) (167,178 )
Purchase of shares from noncontrolling interest (23,350 )
Other (1,620 ) (3,000 )
Net cash provided by financing activities 181,397   198,449  
Effect of exchange rate changes on cash (1,898 ) (20,542 )
Net increase in cash and cash equivalents 50,019 111,325
Cash and cash equivalents at beginning of period 534,320   273,090  
Cash and cash equivalents at end of period $ 584,339   $ 384,415  
 
ARROW ELECTRONICS, INC.
NON-GAAP SALES RECONCILIATION
(In thousands)
(Unaudited)
  Quarter Ended  
September 30, 2017   October 1, 2016 % Change
 
Consolidated sales, as reported $ 6,953,740 $ 5,936,092 17.1 %
Impact of changes in foreign currencies 82,751
Impact of acquisitions 1,387
Consolidated sales, as adjusted $ 6,953,740 $ 6,020,230 15.5 %
 
Global components sales, as reported $ 4,864,361 $ 3,904,447 24.6 %
Impact of changes in foreign currencies 55,516
Impact of acquisitions 1,387
Global components sales, as adjusted $ 4,864,361 $ 3,961,350 22.8 %
 
Europe components sales, as reported $ 1,262,048 $ 1,008,135 25.2 %
Impact of changes in foreign currencies 48,533
Impact of acquisitions
Europe components sales, as adjusted $ 1,262,048 $ 1,056,668 19.4 %
 
Asia components sales, as reported $ 1,785,541 $ 1,436,316 24.3 %
Impact of changes in foreign currencies 6,497
Impact of acquisitions
Asia components sales, as adjusted $ 1,785,541 $ 1,442,813 23.8 %
 
Global ECS sales, as reported $ 2,089,379 $ 2,031,645 2.8 %
Impact of changes in foreign currencies 27,235
Impact of acquisitions
Global ECS sales, as adjusted $ 2,089,379 $ 2,058,880 1.5 %
 
Europe ECS sales, as reported $ 624,393 $ 539,932 15.6 %
Impact of changes in foreign currencies 21,589
Impact of acquisitions
Europe ECS sales, as adjusted $ 624,393 $ 561,521 11.2 %
 
Americas ECS sales, as reported $ 1,464,986 $ 1,491,713 (1.8 )%
Impact of changes in foreign currencies 5,646
Impact of acquisitions
Americas ECS sales, as adjusted $ 1,464,986 $ 1,497,359 (2.2 )%
 
ARROW ELECTRONICS, INC.
NON-GAAP SALES RECONCILIATION
(In thousands)
(Unaudited)
  Nine Months Ended  
September 30, 2017   October 1, 2016 % Change
 
Consolidated sales, as reported $ 19,178,638 $ 17,382,370 10.3 %
Impact of changes in foreign currencies (47,238 )
Impact of acquisitions 48,148  
Consolidated sales, as adjusted $ 19,178,638 $ 17,383,280   10.3 %
 
Global components sales, as reported $ 13,385,514 $ 11,413,348 17.3 %
Impact of changes in foreign currencies (13,155 )
Impact of acquisitions 9,711  
Global components sales, as adjusted $ 13,385,514 $ 11,409,904   17.3 %
 
Europe components sales, as reported $ 3,572,720 $ 3,123,258 14.4 %
Impact of changes in foreign currencies (29,236 )
Impact of acquisitions  
Europe components sales, as adjusted $ 3,572,720 $ 3,094,022   15.5 %
 
Asia components sales, as reported $ 4,732,236 $ 3,912,613 20.9 %
Impact of changes in foreign currencies 14,100
Impact of acquisitions  
Asia components sales, as adjusted $ 4,732,236 $ 3,926,713   20.5 %
 
Global ECS sales, as reported $ 5,793,124 $ 5,969,022 (2.9 )%
Impact of changes in foreign currencies (34,082 )
Impact of acquisitions 38,437  
Global ECS sales, as adjusted $ 5,793,124 $ 5,973,377   (3.0 )%
 
Europe ECS sales, as reported $ 1,833,611 $ 1,867,715 (1.8 )%
Impact of changes in foreign currencies (44,291 )
Impact of acquisitions  
Europe ECS sales, as adjusted $ 1,833,611 $ 1,823,424   0.6 %
 
Americas ECS sales, as reported $ 3,959,513 $ 4,101,307 (3.5 )%
Impact of changes in foreign currencies 10,209
Impact of acquisitions 38,437  
Americas ECS sales, as adjusted $ 3,959,513 $ 4,149,953   (4.6 )%
 
ARROW ELECTRONICS, INC.
NON-GAAP EARNINGS RECONCILIATION
(In thousands except per share data)
(Unaudited)
 
Three months ended September 30, 2017
  Reported
GAAP
measure
  Intangible
amortization
expense
  Restructuring
& Integration
charges
  Other*   Non-GAAP
measure
Operating income $ 235,992 $ 12,645 $ 15,896 $ $ 264,533
Income before income taxes 181,674 12,645 15,896 15,786 226,001
Provision for income taxes 46,199 4,474 5,319 6,089 62,081
Consolidated net income 135,475 8,171 10,577 9,697 163,920
Noncontrolling interests 845 146 991
Net income attributable to shareholders $ 134,630 $ 8,025 $ 10,577 $ 9,697 $ 162,929
Net income per diluted share 1.50 0.09 0.12 0.11 1.82
Effective tax rate 25.4 % 27.5 %
                     
Three months ended October 1, 2016
Reported
GAAP
measure
Intangible
amortization
expense
Restructuring
& Integration
charges
Other Non-GAAP
measure
Operating income 198,684 13,893 24,267 236,844
Income before income taxes 162,766 13,893 24,267 200,926
Provision for income taxes 44,931 4,959 7,439 57,329
Consolidated net income 117,835 8,934 16,828 143,597
Noncontrolling interests 108 347 455
Net income attributable to shareholders $ 117,727 8,587 16,828 143,142
Net income per diluted share** 1.28 0.09 0.18 1.56
Effective tax rate 27.6 % 28.5 %
                     
Nine months ended September 30, 2017
Reported
GAAP
measure
Intangible
amortization
expense
Restructuring
& Integration
charges
Other* Non-GAAP
measure
Operating income $ 657,536 37,909 55,817 751,262
Income before income taxes 466,427 37,909 55,817 73,795 633,948
Provision for income taxes 114,998 13,423 17,892 28,466 174,779
Consolidated net income 351,429 24,486 37,925 45,329 459,169
Noncontrolling interests 3,352 554 3,906
Net income attributable to shareholders $ 348,077 23,932 37,925 45,329 455,263
Net income per diluted share 3.87 0.27 0.42 0.50 5.06
Effective tax rate 24.7 % 27.6 %
                     
Nine months ended October 1, 2016
Reported
GAAP
measure
Intangible
amortization
expense
Restructuring
& Integration
charges
Other Non-GAAP
measure
Operating income $ 603,640 41,252 61,161 706,053
Income before income taxes 497,206 41,252 61,161 599,619
Provision for income taxes 137,441 12,357 19,242 169,040
Consolidated net income 359,765 28,895 41,919 430,579
Noncontrolling interests 1,533 940 2,473
Net income attributable to shareholders $ 358,232 27,955 41,919 428,106
Net income per diluted share** 3.87 0.30 0.45 4.63
Effective tax rate 27.6 % 28.2 %
                     
* Other includes loss on extinguishment of debt and loss on investment.
**The sum of the components for diluted EPS, as adjusted may not agree to totals, as presented, due to rounding.
 
ARROW ELECTRONICS, INC.
SEGMENT INFORMATION
(In thousands)
(Unaudited)
       
Quarter Ended Nine Months Ended
September 30, 2017   October 1, 2016 September 30, 2017   October 1, 2016
Sales:
Global components $ 4,864,361 $ 3,904,447 $ 13,385,514 $ 11,413,348
Global ECS 2,089,379   2,031,645   5,793,124   5,969,022  
Consolidated $ 6,953,740   $ 5,936,092   $ 19,178,638   $ 17,382,370  
Operating income (loss):
Global components $ 212,993 $ 175,507 $ 583,690 $ 524,662
Global ECS 94,797 96,181 282,379 283,792
Corporate (a) (71,798 ) (73,004 ) (208,533 ) (204,814 )
Consolidated $ 235,992   $ 198,684   $ 657,536   $ 603,640  
  (a)   Includes restructuring, integration, and other charges of $15.9 million and $55.8 million for the third quarter and nine months ended 2017 and $24.3 million and $61.2 million for the third quarter and nine months ended 2016, respectively.
 
NON-GAAP SEGMENT RECONCILIATION
       
Quarter Ended Nine Months Ended
September 30, 2017   October 1, 2016 September 30, 2017   October 1, 2016
Global components operating income, as reported $ 212,993 $ 175,507 $ 583,690 $ 524,662
Intangible assets amortization expense 6,984 7,679 21,210 24,124
Global components operating income, as adjusted $ 219,977 $ 183,186 $ 604,900 $ 548,786
Global ECS operating income, as reported $ 94,797 $ 96,181 $ 282,379 $ 283,792
Intangible assets amortization expense 5,661 6,214 16,699 17,128
Global ECS operating income, as adjusted $ 100,458 $ 102,395 $ 299,078 $ 300,920
 

Source: Arrow Electronics, Inc.

Arrow Electronics, Inc.
Contact:
Steven O’Brien, 303-824-4544
Vice President, Investor Relations
or
Media Contact:
John Hourigan, 303-824-4586
Vice President, Global Communications

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9201 East Dry Creek Road
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Phone: 303-824-4544
Email: sobrien@arrow.com