Please refer to the earnings presentation, which can be found at investor.arrow.com, as a supplement to the company’s earnings release. The company uses its website as a tool to disclose important information about the company and to comply with its disclosure obligations under Regulation Fair Disclosure.
Webcast and Conference Call Information
Arrow Electronics will host a conference call to discuss first-quarter 2024 financial results on May 2, 2024, at 1:00 PM ET.
A live webcast of the conference call will be available via the events section of investor.arrow.com or by accessing the webcast link directly at https://events.q4inc.com/attendee/743613108. Shortly after the conclusion of the conference call, a webcast replay will be available on the Arrow website for one year.
About Arrow Electronics
Arrow Electronics guides innovation forward for thousands of leading technology manufacturers and service providers. With 2023 sales of $33 billion, Arrow develops technology solutions that help improve business and daily life. Learn more at arrow.com.
Information Relating to Forward-Looking Statements
This press release includes “forward-looking” statements, as the term is defined under the federal securities laws, including but not limited to statements regarding: Arrow’s future financial performance, including its outlook on financial results for the second quarter of fiscal 2024 such as sales, net income per diluted share, non-GAAP net income per diluted share, average tax rate, average diluted shares outstanding, interest and other expense, impact to sales due to changes in foreign currencies, intangible amortization expense per diluted share, restructuring & integration charges per diluted share, and expectations regarding market demand and shareholder returns. These and other forward-looking statements 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: unfavorable economic conditions; disruptions or inefficiencies in the supply chain; political instability; impacts of military conflict and sanctions; industry conditions; changes in product supply, pricing and customer demand; competition; other vagaries in the global components and the global ECS markets; deteriorating economic conditions, including economic recession, inflation, tax rates, foreign currency exchange rates, or the availability of capital; the effects of natural or man-made catastrophic events; changes in relationships with key suppliers; increased profit margin pressure; changes in legal and regulatory matters; non-compliance with certain regulations, such as export, antitrust, and anti-corruption laws; foreign tax and other loss contingencies; breaches of security or privacy of business information; outbreaks, epidemics, pandemics, or public health crises; and the company's ability to generate positive cash flow. For a further discussion of these and other factors that could cause the company's future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the company's most recent Quarterly Report on Form 10-Q and the company's most recent Annual Report on Form 10-K, as well as in other filings the company makes with the Securities and Exchange Commission. 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.
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. The company provides the following non-GAAP metrics: sales, gross profit, operating income (including by business segment), income before income taxes, provision for income taxes, consolidated net income, noncontrolling interests, net income attributable to shareholders, effective tax rate and net income per share on a diluted basis. The foregoing non-GAAP measures are adjusted by certain of the following, as applicable: impact of changes in foreign currencies (referred to as “changes in foreign currencies” or “on a constant currency basis”) by re-translating prior-period results at current period foreign exchange rates; identifiable intangible asset amortization, restructuring, integration, and other charges; net gains and losses on investments; and impact of wind down to inventory. Management believes that providing this additional information is useful to the reader to better assess and understand the company’s operating performance and future prospects in the same manner as management, especially when comparing results with previous periods. Management typically monitors the business as adjusted for these items, in addition to GAAP results, to understand and compare operating results across accounting periods, for internal budgeting purposes, for short- and long-term operating plans, and to evaluate the company's financial performance. However, analysis of results on a non-GAAP basis should be used as a complement to, in conjunction with, and not as a substitute for, data presented in accordance with GAAP. For further discussion of our non-GAAP measures and related adjustments, refer to the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company's most recent Quarterly Report on Form 10-Q and the company's most recent Annual Report on Form 10-K.
ARROW ELECTRONICS, INC. |
||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||
(In thousands except per share data) |
||||||||
(Unaudited) |
||||||||
|
|
|
|
|
|
|
||
|
|
Quarter Ended |
||||||
|
|
March 30, 2024 |
|
April 1, 2023 |
||||
|
|
|
|
|
|
|
||
Sales |
|
$ |
6,924,260 |
|
|
$ |
8,736,428 |
|
Cost of sales |
|
|
6,066,434 |
|
|
|
7,622,606 |
|
| Gross profit |
|
|
857,826 |
|
|
|
1,113,822 |
|
| Operating expenses: |
|
|
|
|
|
|
||
| Selling, general, and administrative |
|
|
583,326 |
|
|
|
642,431 |
|
| Depreciation and amortization |
|
|
41,727 |
|
|
|
46,679 |
|
| Restructuring, integration, and other |
|
|
46,856 |
|
|
|
2,560 |
|
|
|
|
|
671,909 |
|
|
|
691,670 |
|
| Operating income |
|
|
185,917 |
|
|
|
422,152 |
|
| Equity in losses of affiliated companies |
|
|
(344 |
) |
|
|
(80 |
) |
| Gain on investments, net |
|
|
98 |
|
|
|
10,311 |
|
| Employee benefit plan expense, net |
|
|
(933 |
) |
|
|
(853 |
) |
| Interest and other financing expense, net |
|
|
(79,604 |
) |
|
|
(79,658 |
) |
| Income before income taxes |
|
|
105,134 |
|
|
|
351,872 |
|
| Provision for income taxes |
|
|
22,036 |
|
|
|
76,547 |
|
| Consolidated net income |
|
|
83,098 |
|
|
|
275,325 |
|
| Noncontrolling interests |
|
|
(503 |
) |
|
|
1,575 |
|
| Net income attributable to shareholders |
|
$ |
83,601 |
|
|
$ |
273,750 |
|
| Net income per share: |
|
|
|
|
|
|
||
| Basic |
|
$ |
1.54 |
|
|
$ |
4.66 |
|
| Diluted |
|
$ |
1.53 |
|
|
$ |
4.60 |
|
| Weighted-average shares outstanding: |
|
|
|
|
|
|
||
| Basic |
|
|
54,251 |
|
|
|
58,731 |
|
| Diluted |
|
|
54,815 |
|
|
|
59,479 |
|
| ARROW ELECTRONICS, INC. |
||||||||
| CONSOLIDATED BALANCE SHEETS |
||||||||
| (In thousands except par value) |
||||||||
| (Unaudited) |
||||||||
|
|
|
|
|
|
|
|
||
|
|
|
March 30, 2024 |
|
December 31, 2023 |
||||
|
|
|
|
|
|
|
|
||
| ASSETS |
|
|
|
|
|
|
||
| Current assets: |
|
|
|
|
|
|
||
| Cash and cash equivalents |
|
$ |
242,810 |
|
|
$ |
218,053 |
|
| Accounts receivable, net |
|
|
11,062,608 |
|
|
|
12,238,073 |
|
| Inventories |
|
|
4,797,053 |
|
|
|
5,187,225 |
|
| Other current assets |
|
|
798,591 |
|
|
|
684,126 |
|
| Total current assets |
|
|
16,901,062 |
|
|
|
18,327,477 |
|
| Property, plant, and equipment, at cost: |
|
|
|
|
|
|
||
| Land |
|
|
5,691 |
|
|
|
5,691 |
|
| Buildings and improvements |
|
|
196,291 |
|
|
|
195,579 |
|
| Machinery and equipment |
|
|
1,624,409 |
|
|
|
1,632,606 |
|
|
|
|
|
1,826,391 |
|
|
|
1,833,876 |
|
| Less: Accumulated depreciation and amortization |
|
|
(1,309,303 |
) |
|
|
(1,303,136 |
) |
| Property, plant, and equipment, net |
|
|
517,088 |
|
|
|
530,740 |
|
| Investments in affiliated companies |
|
|
58,868 |
|
|
|
62,741 |
|
| Intangible assets, net |
|
|
119,274 |
|
|
|
127,440 |
|
| Goodwill |
|
|
2,054,536 |
|
|
|
2,050,426 |
|
| Other assets |
|
|
612,048 |
|
|
|
627,344 |
|
| Total assets |
|
$ |
20,262,876 |
|
|
$ |
21,726,168 |
|
| LIABILITIES AND EQUITY |
|
|
|
|
|
|
||
| Current liabilities: |
|
|
|
|
|
|
||
| Accounts payable |
|
$ |
8,940,313 |
|
|
$ |
10,070,015 |
|
| Accrued expenses |
|
|
1,474,605 |
|
|
|
1,463,915 |
|
| Short-term borrowings, including current portion of long-term debt |
|
|
945,698 |
|
|
|
1,653,954 |
|
| Total current liabilities |
|
|
11,360,616 |
|
|
|
13,187,884 |
|
| Long-term debt |
|
|
2,632,250 |
|
|
|
2,153,553 |
|
| Other liabilities |
|
|
500,672 |
|
|
|
507,424 |
|
|
|
|
|
|
|
|
|
||
| Equity: |
|
|
|
|
|
|
||
| Shareholders’ equity: |
|
|
|
|
|
|
||
| Common stock, par value $1: |
|
|
|
|
|
|
||
| Authorized - 160,000 shares in both 2024 and 2023 |
|
|
|
|
|
|
||
| Issued - 57,955 and 57,691 shares in 2024 and 2023 |
|
|
57,955 |
|
|
|
57,691 |
|
| Capital in excess of par value |
|
|
565,166 |
|
|
|
553,340 |
|
| Treasury stock (4,725 and 3,880 shares in 2024 and 2023, respectively), at cost |
|
|
(405,663 |
) |
|
|
(297,745 |
) |
| Retained earnings |
|
|
5,873,818 |
|
|
|
5,790,217 |
|
| Accumulated other comprehensive loss |
|
|
(392,130 |
) |
|
|
(298,039 |
) |
| Total shareholders’ equity |
|
|
5,699,146 |
|
|
|
5,805,464 |
|
| Noncontrolling interests |
|
|
70,192 |
|
|
|
71,843 |
|
| Total equity |
|
|
5,769,338 |
|
|
|
5,877,307 |
|
| Total liabilities and equity |
|
$ |
20,262,876 |
|
|
$ |
21,726,168 |
|
| ARROW ELECTRONICS, INC. |
||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
| (In thousands) |
||||||||
| (Unaudited) |
||||||||
|
|
|
|
|
|
|
|
||
|
|
|
Quarter Ended |
||||||
|
|
|
March 30, 2024 |
|
April 1, 2023 |
||||
| Cash flows from operating activities: |
|
|
|
|
|
|
||
| Consolidated net income |
|
$ |
83,098 |
|
|
$ |
275,325 |
|
| Adjustments to reconcile consolidated net income to net cash provided by operations: |
|
|
|
|
|
|
||
| Depreciation and amortization |
|
|
41,727 |
|
|
|
46,679 |
|
| Amortization of stock-based compensation |
|
|
13,447 |
|
|
|
19,497 |
|
| Equity in losses of affiliated companies |
|
|
344 |
|
|
|
80 |
|
| Deferred income taxes |
|
|
(2,801 |
) |
|
|
(7,530 |
) |
| Loss (gain) on investments, net |
|
|
13 |
|
|
|
(10,311 |
) |
| Other |
|
|
1,189 |
|
|
|
1,321 |
|
| Change in assets and liabilities, net of effects of acquired businesses: |
|
|
|
|
|
|
||
| Accounts receivable, net |
|
|
1,057,676 |
|
|
|
1,701,889 |
|
| Inventories |
|
|
362,813 |
|
|
|
(199,521 |
) |
| Accounts payable |
|
|
(1,077,786 |
) |
|
|
(1,504,701 |
) |
| Accrued expenses |
|
|
21,053 |
|
|
|
(132,316 |
) |
| Other assets and liabilities |
|
|
(97,563 |
) |
|
|
33,392 |
|
| Net cash provided by operating activities |
|
|
403,210 |
|
|
|
223,804 |
|
| Cash flows from investing activities: |
|
|
|
|
|
|
||
| Acquisition of property, plant, and equipment |
|
|
(29,535 |
) |
|
|
(20,114 |
) |
| Other |
|
|
5,139 |
|
|
|
10,867 |
|
| Net cash used for investing activities |
|
|
(24,396 |
) |
|
|
(9,247 |
) |
| Cash flows from financing activities: |
|
|
|
|
|
|
||
| Change in short-term and other borrowings |
|
|
(709,675 |
) |
|
|
(146,050 |
) |
| Proceeds from long-term bank borrowings, net |
|
|
477,032 |
|
|
|
34,360 |
|
| Net proceeds from note offering |
|
|
— |
|
|
|
498,600 |
|
| Redemption of notes |
|
|
— |
|
|
|
(300,000 |
) |
| Proceeds from exercise of stock options |
|
|
2,929 |
|
|
|
5,934 |
|
| Repurchases of common stock |
|
|
(87,948 |
) |
|
|
(303,801 |
) |
| Net cash used for financing activities |
|
|
(317,662 |
) |
|
|
(210,957 |
) |
| Effect of exchange rate changes on cash |
|
|
(36,395 |
) |
|
|
25,039 |
|
| Net increase in cash and cash equivalents |
|
|
24,757 |
|
|
|
28,639 |
|
| Cash and cash equivalents at beginning of period |
|
|
218,053 |
|
|
|
176,915 |
|
| Cash and cash equivalents at end of period |
|
$ |
242,810 |
|
|
$ |
205,554 |
|
| ARROW ELECTRONICS, INC. |
|||||||||||
| NON-GAAP SALES RECONCILIATION |
|||||||||||
| (In thousands) |
|||||||||||
| (Unaudited) |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Quarter Ended |
|
|
|||||||
|
|
|
March 30, 2024 |
|
April 1, 2023 |
|
% Change |
|||||
|
|
|
|
|
|
|
|
|
|
|||
| Consolidated sales, as reported |
|
$ |
6,924,260 |
|
$ |
8,736,428 |
|
|
(20.7 |
)% |
|
| Impact of changes in foreign currencies |
|
|
— |
|
|
|
9,370 |
|
|
|
|
| Consolidated sales, constant currency |
|
$ |
6,924,260 |
|
|
$ |
8,745,798 |
|
|
(20.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
| Global components sales, as reported |
|
$ |
5,191,417 |
|
|
$ |
6,855,793 |
|
|
(24.3 |
)% |
| Impact of changes in foreign currencies |
|
|
— |
|
|
|
(4,163 |
) |
|
|
|
| Global components sales, constant currency |
|
$ |
5,191,417 |
|
|
$ |
6,851,630 |
|
|
(24.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
| Americas components sales, as reported |
|
$ |
1,596,692 |
|
|
$ |
2,233,453 |
|
|
(28.5 |
)% |
| Impact of changes in foreign currencies |
|
|
— |
|
|
|
(672 |
) |
|
|
|
| Americas components sales, constant currency |
|
$ |
1,596,692 |
|
|
$ |
2,232,781 |
|
|
(28.5 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
| Asia components sales, as reported |
|
$ |
1,938,218 |
|
|
$ |
2,376,195 |
|
|
(18.4 |
)% |
| Impact of changes in foreign currencies |
|
|
— |
|
|
|
(24,636 |
) |
|
|
|
| Asia components sales, constant currency |
|
$ |
1,938,218 |
|
|
$ |
2,351,559 |
|
|
(17.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
| Europe components sales, as reported |
|
$ |
1,656,507 |
|
|
$ |
2,246,145 |
|
|
(26.3 |
)% |
| Impact of changes in foreign currencies |
|
|
— |
|
|
|
21,145 |
|
|
|
|
| Europe components sales, constant currency |
|
$ |
1,656,507 |
|
|
$ |
2,267,290 |
|
|
(26.9 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
| Global ECS sales, as reported |
|
$ |
1,732,843 |
|
|
$ |
1,880,635 |
|
|
(7.9 |
)% |
| Impact of changes in foreign currencies |
|
|
— |
|
|
|
13,533 |
|
|
|
|
| Global ECS sales, constant currency |
|
$ |
1,732,843 |
|
|
$ |
1,894,168 |
|
|
(8.5 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
| Americas ECS sales, as reported |
|
$ |
907,748 |
|
|
$ |
998,114 |
|
|
(9.1 |
)% |
| Impact of changes in foreign currencies |
|
|
— |
|
|
|
(830 |
) |
|
|
|
| Americas ECS sales, constant currency |
|
$ |
907,748 |
|
|
$ |
997,284 |
|
|
(9.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
| Europe ECS sales, as reported |
|
$ |
825,095 |
|
|
$ |
882,521 |
|
|
(6.5 |
)% |
| Impact of changes in foreign currencies |
|
|
— |
|
|
|
14,363 |
|
|
|
|
| Europe ECS sales, constant currency |
|
$ |
825,095 |
|
|
$ |
896,884 |
|
|
(8.0 |
)% |
| ARROW ELECTRONICS, INC. |
||||||||||||||||||||||||
| NON-GAAP EARNINGS RECONCILIATION |
||||||||||||||||||||||||
| (In thousands except per share data) |
||||||||||||||||||||||||
| (Unaudited) |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
| Three months ended March 30, 2024 |
||||||||||||||||||||||||
|
|
|
Reported
|
Intangible
|
|
Restructuring,
|
Impact of
|
|
Other (2) |
|
Non-GAAP
|
||||||||||||||
| Gross Profit |
|
$ |
857,826 |
|
$ |
— |
|
$ |
— |
$ |
10,459 |
|
$ |
— |
|
|
$ |
868,285 |
|
|||||
| Operating income |
|
|
185,917 |
|
|
7,546 |
|
|
|
46,856 |
|
|
10,459 |
|
|
|
— |
|
|
|
250,778 |
|
||
| Income before income taxes |
|
|
105,134 |
|
|
7,546 |
|
|
|
46,856 |
|
|
10,459 |
|
|
|
(98 |
) |
|
|
169,897 |
|
||
| Provision for income taxes |
|
|
22,036 |
|
|
1,879 |
|
|
|
12,014 |
|
|
2,502 |
|
|
|
(24 |
) |
|
|
38,407 |
|
||
| Consolidated net income |
|
|
83,098 |
|
|
5,667 |
|
|
|
34,842 |
|
|
7,957 |
|
|
|
(74 |
) |
|
|
131,490 |
|
||
| Noncontrolling interests |
|
|
(503 |
) |
|
135 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(368 |
) |
||
| Net income attributable to shareholders |
|
$ |
83,601 |
|
$ |
5,532 |
|
|
$ |
34,842 |
|
$ |
7,957 |
|
|
$ |
(74 |
) |
|
$ |
131,858 |
|
||
| Net income per diluted share (3) |
|
$ |
1.53 |
|
$ |
0.10 |
|
|
$ |
0.64 |
|
$ |
0.15 |
|
|
$ |
— |
|
|
$ |
2.41 |
|
||
| Effective tax rate (4) |
|
|
21.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
22.6 |
% |
||||||
| Three months ended April 1, 2023 |
||||||||||||||||||||||||
|
|
|
Reported
|
Intangible
|
Restructuring,
|
Impact of
|
|
Other (2) |
|
Non-GAAP
|
|||||||||||||||
| Gross Profit |
|
$ |
1,113,822 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
1,113,822 |
|||||
| Operating income |
|
|
422,152 |
|
|
7,980 |
|
|
2,560 |
|
|
— |
|
|
— |
|
|
|
432,692 |
|
||||
| Income before income taxes |
|
|
351,872 |
|
|
7,980 |
|
|
2,560 |
|
|
— |
|
|
(10,311 |
) |
|
|
352,101 |
|
||||
| Provision for income taxes |
|
|
76,547 |
|
|
2,010 |
|
|
720 |
|
|
— |
|
|
(2,471 |
) |
|
|
76,806 |
|
||||
| Consolidated net income |
|
|
275,325 |
|
|
5,970 |
|
|
1,840 |
|
|
— |
|
|
(7,840 |
) |
|
|
275,295 |
|
||||
| Noncontrolling interests |
|
|
1,575 |
|
|
134 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
1,709 |
|
||||
| Net income attributable to shareholders |
|
$ |
273,750 |
|
$ |
5,836 |
|
$ |
1,840 |
|
$ |
— |
|
$ |
(7,840 |
) |
|
$ |
273,586 |
|
||||
| Net income per diluted share (3) |
|
$ |
4.60 |
|
$ |
0.10 |
|
$ |
0.03 |
|
$ |
— |
|
$ |
(0.13 |
) |
|
$ |
4.60 |
|
||||
| Effective tax rate (4) |
|
|
21.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
21.8 |
% |
|||||
| _________________________ |
||
| (1) |
Includes write downs of inventory related to the wind down of a business. |
|
| (2) |
Other includes gain on investments, net. |
|
| (3) |
The sum of the components for non-GAAP diluted EPS, as adjusted may not agree to totals, as presented, due to rounding. |
|
| (4) |
The items as shown in this table, represent the reconciling items for the tax rate as reported and as a non-GAAP measure. |
|
| ARROW ELECTRONICS, INC. |
||||||||
| SEGMENT INFORMATION |
||||||||
| (In thousands) |
||||||||
| (Unaudited) |
||||||||
|
|
|
|
|
|
|
|
||
|
|
|
Quarter Ended |
||||||
|
|
|
March 30, 2024 |
|
April 1, 2023 |
||||
| Sales: |
|
|
|
|
|
|
||
| Global components |
|
$ |
5,191,417 |
|
|
$ |
6,855,793 |
|
| Global ECS |
|
|
1,732,843 |
|
|
|
1,880,635 |
|
| Consolidated |
|
$ |
6,924,260 |
|
|
$ |
8,736,428 |
|
| Operating income (loss): |
|
|
|
|
|
|
||
| Global components (a) |
|
$ |
225,562 |
|
|
$ |
417,539 |
|
| Global ECS |
|
|
71,459 |
|
|
|
81,099 |
|
| Corporate (b) |
|
|
(111,104 |
) |
|
|
(76,486 |
) |
| Consolidated |
|
$ |
185,917 |
|
|
$ |
422,152 |
|
| (a) |
Global components operating income includes charges of $10.5 million in inventory write downs related to the wind down of a business. |
|
| (b) |
Corporate operating income (loss) includes restructuring, integration, and other charges of $46.9 million and $2.6 million for the first quarter of 2024 and 2023, respectively. Restructuring, integration, and other charges for the first quarter of 2024 include charges of $42.8 million related to termination of personnel as a part of operating expense reduction initiatives. |
| NON-GAAP SEGMENT RECONCILIATION |
||||||||
|
|
|
|
|
|
|
|
||
|
|
|
Quarter Ended |
||||||
|
|
|
March 30, 2024 |
|
April 1, 2023 |
||||
| Global components operating income, as reported |
|
$ |
225,562 |
|
$ |
417,539 |
||
| Intangible assets amortization expense |
|
|
6,488 |
|
|
|
6,745 |
|
| Impact of wind down to inventory |
|
|
10,459 |
|
|
|
— |
|
| Global components non-GAAP operating income |
|
$ |
242,509 |
|
|
$ |
424,284 |
|
|
|
|
|
|
|
|
|
||
| Global ECS operating income, as reported |
|
$ |
71,459 |
|
|
$ |
81,099 |
|
| Intangible assets amortization expense |
|
|
1,058 |
|
|
|
1,235 |
|
| Global ECS non-GAAP operating income |
|
$ |
72,517 |
|
|
$ |
82,334 |
|
