You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: With us on the call today are Mike Long, Chairman, President and Chief Executive Officer; Chris Stansbury, Senior Vice President and Chief Financial Officer; Andy King, President, Global Components; and Sean Kerins, President, Global Enterprise Computing Solutions.
I will now hand the call to our Chairman, President and CEO, Mike Long.
The critical engineering, design and supply chain services they provide to our customers, our suppliers and partners create technology that protects and improves our way of life.
The health of our people always comes first.
Over the course of a few months, we've learned a lot about the practices necessary to keep the business going while protecting our people.
We're increasingly optimistic that we have found a sustainable way to do business and actually thrive in the coming quarters.
On April 30, we provided an outlook for the second quarter.
We recognized then and now that to guide innovation forward, we must maintain our reputation for transparency.
In addition, we have a long-held belief in the power of data from the billions of transactions we do with thousands of customers across dozens of industries.
As a result, I'm pleased to report that we exceeded our quarterly earnings guidance for the quarter.
In fact, we've met or exceeded our guidance 46 times in the last 50 quarters.
As we reflect on what we can do to achieve long-term success, it's important to recognize both the items that are in our control and those that are not.
We can't control the demand for cars, data center equipment or electronic devices.
However, we can continue to position our business for rapid sales acceleration and mix shift to higher-margin engineered components and solutions.
One way we're doing that is by adding to our engineering and our sales teams today.
We've seen great opportunity to drive leverage from design, engineering and marketing that will benefit our customers and suppliers.
Another way for Arrow to position for the eventual improvement in demand is to execute on the business model and to strengthen the balance sheet.
Our results this quarter showed just that.
Cash flow from our operations totaled $418 million, $1.7 billion over the last 12 months, and we have also reduced debt by $1.1 billion over the last year.
We remain confident in our long-term strategy and execution.
Therefore, we increased our commitment to returning excess cash to our shareholders with an additional $600 million of share repurchases.
Arrow remains focused on maximizing our near-term opportunities, while positioning our business for the long term.
Design activity reached an all-time record for any quarter in our history, and our design activity has actually increased year-over-year for the third quarter in a row.
Typically, this is a good leading indicator of an improving market, and this is why we keep investing in our engineering capabilities.
Other indicators are consistent with short run stability.
Second quarter backlog increased from the first quarter, the third quarter in a row of sequential improvement.
Lead times were consistent with the first quarter and with last year.
Global components book-to-bill was 1.07 exiting the second quarter.
Book-to-bill was highest in the Asia region where the pandemic recovery is happening sooner.
Our Americas customer sentiment survey showed some improvement.
The percentage of customers saying they had too little inventory increased compared to last year, and the percentage of customers saying they had too much inventory decreased compared to last year but also remained higher than normal.
To date, we've not faced significant challenges securing the parts our customers need.
Turning to enterprise computing.
In the second quarter, sales were slightly above our midpoint expectation.
Like last quarter, we experienced strong demand for the solutions that enable the work from home and the business continuity.
Security software sales were strong, and storage sales increased compared to last year.
We remain confident in the consistent growth from data from connected devices and objects, and we believe that, that will be a long-term tailwind for our business.
Taking a step back, I want to emphasize that as a company, we have a long history on capitalizing on downturns and disruptions.
And despite the current environment, we continue to improve our team's leading design and demand creation for global components.
Hybrid cloud for enterprise computing solutions, and we can fund these investments with efficiencies that we gained from our superior operational platform, and we expect these investments to drive exceptional profit leverage in the long term.
In closing, we're continuing to support our stakeholders and communities.
We're committing to providing our customers with the products and solutions they need when they need them.
We remain disciplined and focused as we operate our facilities and businesses through these uncertain times.
Over the last several months, we worked diligently to avoid disruptions and are confident we'll continue to do so as we operate as a critical provider to the global technology and industrial ecosystem.
We will not stop looking for opportunities to expand our business, drive innovation and improve the performance of our end customers everywhere.
I'll now hand the call over to Chris to provide more details on the second quarter results and our expectations for the third quarter.
Second quarter sales were $6.61 billion.
Sales increased 4% quarter-over-quarter and decreased 8% year-over-year as adjusted.
The average euro-dollar exchange rate for the quarter was exactly in line with our expectation.
Global components sales were $4.72 billion.
This was above the high end of our prior guidance and represents an 8% year-over-year decrease as adjusted.
I mentioned last quarter that industry destocking has been going on for more than one year.
This quarter, global component sales increased sequentially for the first time since the second quarter of 2019.
Demand in Asia has been resilient.
And as we expected, the Americas and Europe were hard hit by the aerospace and transportation industries.
Global components operating margin was 3.8%, down 10 basis points year-over-year.
This was mainly due to regional mix with Asia contributing 45% of global component sales, up from 37% in the first quarter and 38% last year.
Enterprise computing solutions sales of $1.89 billion decreased 8% year-over-year as adjusted and were above the midpoint of our prior expected range.
As we've said in the past, uncertainty is bad for IT spending, and enterprise computing solutions is likely a later cycle business than global components.
That said, we believe some of the delayed investments in mission-critical technologies cannot be pushed out indefinitely.
Billings were approximately flat year-over-year, adjusting for changes in foreign currencies.
We experienced strong demand for security and storage solutions, while demand for servers and networking declined meaningfully year-over-year.
Global enterprise computing solutions operating income margin decreased by approximately 60 basis points year-over-year to 4.3%.
And similar to what we saw in the global components business last year, demand from smaller customers who rely on more of our capabilities has been weaker in this downturn.
Demand from larger, better capitalized customers has been more resilient.
Returning to consolidated results for the quarter.
Interest and other expense of $32 million was below our prior expectation due to lower borrowings and lower interest rates.
The effective tax rate of 24.1% was in line with our expectations.
Earnings per share were $1.59 on a diluted basis, exceeding the high end of our prior expectation.
Turning to the balance sheet and cash flow.
We reported strong operating cash flow of $418 million.
During the second quarter, we reduced borrowings by approximately $257 million, principally through the maturity of a $209 million 6% note retirement.
Our balance sheet is in great shape, and our liquidity position remains strong.
Current committed and undrawn liquidity stands at over $3.2 billion, excluding the $206 million cash balance that we have on hand.
We're closely monitoring credit and receivables.
Collections remained healthy and DSO increased, but in line with DPO.
This was due to the further expansion of customer engagements during the quarter that are neutral to working capital.
As we've said in the past, it's fair to measure our performance by the cash conversion cycle, not by any one metric in isolation.
The second quarter cash conversion cycle was four days shorter than last year.
We returned approximately $75 million to shareholders during the quarter through our share repurchase plan.
The remaining authorization under our existing plan is approximately $113 million.
The new $600 million authorization increases the total to $713 million.
Now turning to guidance.
Again, this quarter, we're providing wider-than-normal ranges to account for increased volatility, given the current environment.
With that said, we're forecasting consolidated sales to be approximately flat compared to the second quarter with higher global component sales and lower enterprise computing solution sales which is typical for the third quarter.
We expect a slight increase in earnings per share compared to the second quarter.
However, the percentage decline in earnings per share looks unfavorable on a year-on-year basis.
Compared to the third quarter of 2019, current demand conditions in the Americas and in Europe remain significantly depressed for both businesses.

user
q2 adjusted earnings per share $1.59 excluding items.
q2 sales $6.61 billion versus refinitiv ibes estimate of $6.37 billion.

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