Table of Contents Additional cash flow information (Note 15) See notes to consolidated financial statements. 43 AVNET, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Years Ended June 27, June 29, June 30, 2020 2019 2018 (Thousands) Cash flows from operating activities: Net (loss) income $ (31,081) $ 176,337 $ (156,424) Less: Loss from discontinued operations, net of tax (1,548) (3,774) (13,535) Income (loss) from continuing operations (29,533) 180,111 (142,889) Non-cash and other reconciling items: Depreciation 101,100 97,160 143,397 Amortization 81,139 83,682 91,475 Amortization of operating lease assets 60,656 — — Deferred income taxes (34,264) 33,801 (87,141) Stock-based compensation 26,832 30,098 23,990 Goodwill, long-lived, intangible asset and other impairments 144,092 192,083 186,978 Other, net 45,049 (21,265) 43,845 Changes in (net of effects from businesses acquired and divested): Receivables 221,486 464,981 (296,175) Inventories 266,791 81,929 (308,663) Accounts payable (106,990) (377,855) 409,608 Accrued expenses and other, net (46,176) (173,671) 189,060 Net cash flows provided by operating activities - continuing operations 730,182 591,054 253,485 Net cash flows used for operating activities - discontinued operations — (56,284) — Net cash flows provided by operating activities 730,182 534,770 253,485 Cash flows from financing activities: Borrowings (repayments) under accounts receivable securitization, net (227,300) 122,300 (37,000) Borrowings (repayments) under bank credit facilities and other debt, net (2,123) (61,738) 8,850 Borrowings (repayments) under senior unsecured credit facility, net 223,058 505 (97,954) Repayments of public notes (302,038) — — Repurchases of common stock (237,842) (568,712) (323,516) Dividends paid on common stock (83,975) (87,158) (88,255) Other, net (14,330) 12,127 (4,018) Net cash flows used for financing activities - continuing operations (644,550) (582,676) (541,893) Net cash flows used for financing activities (644,550) (582,676) (541,893) Cash flows from investing activities: Purchases of property, plant and equipment (73,516) (122,690) (155,873) Acquisitions of businesses, net of cash acquired (51,509) (56,417) (15,254) Other, net (9,992) 30,422 6,653 Net cash flows used for investing activities - continuing operations (135,017) (148,685) (164,474) Net cash flows provided by investing activities - discontinued operations — 123,473 236,205 Net cash flows (used for) provided by investing activities (135,017) (25,212) 71,731 Effect of currency exchange rate changes on cash and cash equivalents (19,682) (1,902) 1,418 Cash and cash equivalents: — decrease (69,067) (75,020) (215,259) — at beginning of period 546,105 621,125 836,384 — at end of period $ 477,038 $ 546,105 $ 621,125