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Avnet’s operating cash flow of $100.1 million for Q1 FY2027 declined $11.1 million from $111.2 million in the prior-year quarter, a 10% decrease. Net income was $66.5 million, leading to a CFO/Net Income ratio of 1.5x, indicating decent conversion. Capital expenditures rose to $16.3 million from $11.6 million, increasing capex intensity from 1.6% of revenue to 2.3% (using Q1 revenue of roughly $700M). Free cash flow (unstated in filing) would approximate $83.8 million, covering share repurchases ($23.6M) and dividends ($26.8M) comfortably. Financing cash flow was an outflow of $82.8 million, largely due to debt repayments and capital returns. Working capital changes were moderate: receivables decreased $72.1 million, inventories decreased $32.4 million, and payables increased $16.3 million, reflecting disciplined working capital management. No major one-time items were noted. Overall, cash generation remains solid but slightly lower year-over-year, with increased investment in fixed assets.