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Text: With us on the call today are Mike Long, Chairman, President and Chief Executive Officer; Sean Kerins, Chief Operating Officer; and Chris Stansbury, Senior Vice President and Chief Financial Officer.
Our actual results could differ materially due to a number of risks and uncertainties, including the Risk Factors in our most recent 10-K and 10-Q filings with the SEC.
These non-GAAP measures are not intended to be a substitute for our GAAP results.
I will now hand the call to our Chairman, President and CEO, Mike Long.
When I spoke to you in late April of 2020, right after our first quarter, there was much we didn't know about how the coming months would unfold, which is why it's incredible to be here today talking about record quarterly sales and earnings in the fourth quarter of the year.
Not to mention, in 2020, we generated record operating cash flow, reduced debt by a record amount, and returned a record cash to the shareholders for the year, it's a true testament of our strength.
But not only did we do that, but in a very short period of time, we had almost 15,000 people that had to go from office work to work from home, and this is a true testament of the hard work and the dedication of our team.
Every day our customers have a choice, we're proud they continue to choose Arrow.
Customers place their trust in Arrow's engineering, design and supply chain services.
They rely on us to ensure their products are designed to be efficiently manufactured and well-received in the marketplace.
Our suppliers are critical to our success.
They continue to choose Arrow to sell, market and design their components into some of the most innovative and important products coming to market.
While our reputation speaks for itself, our consistency comes from putting our people first.
While some of these -- While some of the same obstacles we've had in the past, we've seen major devices upgrades and major upgrade cycles, followed by strong sales.
The foundation of our business has never been stronger, while business conditions in our industry are dynamic, we're cautiously optimistic that the demand environment for Americas and Europe can return to growth.
Customers are ramping up prior production levels across many industries, and the inventory correction that occurred prior to the pandemic means that some components are in short supply.
Orders and backlog are up in all regions.
In line with this, our Americas customer sentiment survey showed an increase in the percentage of customers that have an inventory shortage and a decrease in customers with an excess of inventory.
Turning to our enterprise computing solutions business, we are pleased to deliver operating income growth on a year-over-year basis.
Operating income growth continues to be the truest measurement of performance for this business, and in addition, operating margin reached its highest level since the fourth quarter of 2017.
While we were pleased with our enterprise computing solutions results, we see strong potential for further improvements in 2021.
First, the markets we serve remain challenged by lockdowns and continued restrictions to related on-site work.
In the meantime, widespread work from home policies continue to drive security and cloud solutions.
In the past, we've seen major upgrades, followed by strong infrastructure spending to support them.
We see further benefits to enterprise computing from a recovery by special VARs and MSP customers, who serve some of the industries that have both -- mostly been impacted by the pandemic.
Our customers see service, the hospitality, retail, restaurant and even the medical industries have been hampered by an inability to work on-site at their end customers.
We derive value from complexity, so helping these customers design and self-secure multi-site hybrid cloud data solutions should benefit our volumes and profits compared to our business in 2021 [Phonetic].
Before closing, I thought I'd share a few words of our Company's long-standing commitment to developing business leaders and proactive succession planning.
We recently announced the appointment of Sean Kerins as Arrow's new Chief Operating Officer.
Sean has been a valued member of our team since 2007.
His leadership and proven track record at Arrow make him the ideal executive to now lead both businesses in advance, innovation across our global sales, marketing and operations.
We're confident in his ability to help Arrow capture value and growth from the increasing convergence of semiconductor, electronic component industries with the information and operational technology industries.
With that, I'll now hand the call over to Chris to provide more details on our fourth quarter results and our expectations for the first quarter.
Fourth quarter sales were $8.45 billion.
Sales increased 13% year-over-year on a non-GAAP basis.
The average euro-dollar exchange rate for the quarter was $1.19 to EUR1 compared to the rate of a $1.16 we've used for forecasting.
Strengthening of the euro relative to the dollar boosted sales by approximately $50 million compared to what we had anticipated in our prior guidance.
Global component sales were $5.92 billion.
Sales were above the high-end of our prior guidance and we saw improving demand across regions in most industries.
Global component's non-GAAP operating margin was 4%, up 40 basis points year-over-year.
This improvement was mainly due to greater operating expense efficiency in all regions as we leveraged higher sales volumes.
We continue to see substantial opportunity for further operating income leverage as all regions can capture an improving mix of higher value component sales, and as the Americas and Europe regions continue to recover.
Enterprise computing solutions sales of $2.53 billion were above the midpoint of our prior expected range.
Fourth quarter billings increased year-over-year adjusted for changes in foreign currencies and we experienced growth in infrastructure software across the portfolio, security, storage and industry standard servers.
Global enterprise computing solutions non-GAAP operating income margin increased by 30 basis points year-over-year to 6.3%, the highest level since 2017.
Returning to consolidated results for the quarter, the effective tax rate was below our expectations due to timing of certain discrete items.
For the full-year 2020, our effective tax rate was near the low-end of our long-term range of 23% to 25%.
We continue to see 23% to 25% as our appropriate target range going forward.
Non-GAAP diluted earnings per share were $3.17, it's $0.44 [Phonetic] above the high-end of our prior expectation, approximately $0.04 of the upside to prior guidance was attributable to more favorable exchange rates.
Turning to the balance sheet and cash flow, operating cash flow was $200 million, despite substantially stronger demand than we anticipated.
Our cash cycle improved by two days compared to the third quarter and 11 days compared to last year.
This improvement significantly aided cash flow generation in the face of working capital demand.
Inventory days were the lowest level since the fourth quarter of 2015.
Ending 2020, debt decreased by $715 million compared to 2019.
Leverage, as measured by debt-to-EBITDA, was at the lowest level in over five years.
We returned approximately $100 million to shareholders during the fourth quarter through our share repurchase plan.
The remaining authorization under our existing plan is approximately $463 million.
Now, turning to guidance.
Midpoint sales and earnings per share guidance would be all-time first quarter records.
The diversity of the products we sell and the customers and industries we serve helped provide stability for our business as a whole.
Our guidance reflects continued improvement in both global components and global enterprise computing solutions operating margins on a year-over-year basis.
Finally, as we discussed last quarter, please note that CFO commentary includes information on our fiscal calendar closing dates for 2021.
In 2021, the first, second and third quarters close on April 3, July 3 and October 2, respectively.
Unlike in 2020, where they closed on March 28, June 27 and September 26.
These closing dates have a much greater impact on enterprise computing solutions and on global components and full-year comparisons are not affected as fiscal 2021 ends on December 31, as always.

user
q4 non-gaap earnings per share $3.17.
q4 sales $8.45 billion versus refinitiv ibes estimate of $7.8 billion.

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