Over the last 12 months, we have generated more than $575 million in cash flow from operations and converted 108% of our GAAP net income into cash, and that's well in excess of our target. Even in a challenging macro environment returns continue to be accretive, and shareholders will return on invested capital well ahead of our weighted average cost of capital.
In our global enterprise computing solutions segment, sales increased 2% year-over-year and 10% from the first quarter. We were in line with our expectations driven by another quarter of strong performance in our ECS Europe, as our matrix expansion strategy continued to pay dividends.
In the Americas, we performed well even as the market growth slowed. On a global basis, we saw double digit year-over-year growth in services, storage and software, offset by declines in servers. Consistent with our strategy to increase our scale in Europe, we completed the acquisition of the Altimate Group, a value-added distributor of enterprise and midrange computing products, services and solutions.
Altimate operates in 8 countries across Western Europe and supports approximately 2,500 IT solution providers. The addition of Altimate strengthens our relationships with key hardware, software and storage suppliers in the region, supporting the strategic initiative to extend the ECS product mix across Europe.As we discussed with you at our recent Investor Day, opportunities in the cloud are a strategic priority, allowing us to leverage our unmatched line card and technical expertise of our systems engineers.Earlier this month, we announced the launch of ArrowSphere, a cloud services aggregation and brokerage platform available to our partners in ECS EMEA. ArrowSphere will allow Arrow ECS European channel to resell aggregated cloud services, such as infrastructure, platform, storage and software-as-a-service solution from industry leaders all around the world. Investments in these types of value-added offerings and services will enable us to guide innovation forward, our channel partners and the greater IT industry.Read the rest of this transcript for free on seekingalpha.com
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