Avnet posted Q4 FY2024 revenue of $5.56 billion, down 15% year over year and 1% sequentially, with non-GAAP adjusted operating margin of 3.5% (EC margin 4.1%), and GAAP-like net income of $82.7 million ($0.92 per share). The quarter reflected ongoing macro softness across most end markets, with Asia showing early signs of stabilization and a potential bottoming in the market, while EMEA and the Americas remained undersupplied by demand in several segments. Management highlighted disciplined inventory and working capital actions as key drivers of cash flow, generating $274 million of operating cash flow and $248 million of free cash flow for the quarter. Management also reiterated a strategic pathway to accelerate growth through embedded solutions (Tria), IP&E strength in data centers, and the Farnell turnaround, supported by cost reductions and OpEx normalization. For FY2025, Avnet guided to roughly flat-to-down 5% revenue in Q1 (base case) and EPS of $0.80-$0.90, signaling cautious near-term visibility while emphasizing that Asia is expected to resume growth and that the company remains well positioned to benefit from AI-driven demand in data centers and embedded compute. The company continues to prioritize capital returns, including share repurchases (roughly 32 million shares repurchased since 2019) and dividends, while targeting inventory below $5 billion as a near-term objective.