Arrow Electronics, Inc. (NYSE:ARW) is looking for M&A. Rajesh Agrawal Chief Financial Officer said during the Stifel 2024 Cross Sector Insight Conference, "Capital allocation strategy is quite simple. We want to invest in the business to drive organic growth and expansion. That's our #1 priority, whether it's working capital or CapEx.

CapEx has generally been less than $100 million. So it's not a significant allocation, it can vary from in any given year. Obviously, but the -- we always look at M&A opportunities as another area.

We've done a -- in the first quarter, we did a small tuck-in acquisition in the engineering space to give us more engineering resources. So that's a key use of capital wherever we see the right fit. And then we'll buy back stock with our excess capacity, excess cash flow.

That's all wrapped with an investment-grade credit rating. So we want to make sure that we're going through the low points of the cycle, which we are right now that we have put more towards debt paydown to get the credit ratios where they need to be, but we'll get back to growth at some point. And interest expense, I would say, Matt, has been trending down.

We guided to about $75 million of interest expense in the quarter. That's down from $80 million or so n the first quarter and down from last year. So it's probably going in the right direction".