With us on the call today are Mike Long, Chairman, President and Chief Executive Officer; Paul Reilly, Executive Vice President, Finance and Operations, and Chief Financial Officer; Andy Bryant, President, Global ECS; and Peter Kong, President, Global Components.By now, you all should have received a copy of our earnings release. If not, you can access our release on the Investor Relations section of our website, along with the second quarter CFO commentary that should be used as a complement to the earnings press release. You can access a copy of our earnings reconciliation for the second quarter in our press release or on the Investor Relations section of our website. Before we get started, I would like to review Arrow’s Safe Harbor statement. Some of the comments to be made on today's call may include forward-looking statements, including statements addressing future financial results. These statements are subject to a number of risks and uncertainties that could cause actual results or facts to differ materially from such statements for a variety of reasons. Detailed information about these risks is included in Arrow's SEC filings. We will begin with a few minutes of prepared remarks, which will then be followed by a question-and-answer period. As a reminder to members of the press, you are in a listen-only mode on this call, but please feel free to contact us after today's call with any questions you may have. At this time, I would like to introduce our Chairman, President and CEO, Mike Long. Michael J. Long Thank you, Greer, and thanks to all of you for taking the time to join us today. We executed well in the second quarter, with revenue and earnings per share in line with our expectations even as the global macroeconomic climate weakened throughout the quarter. We continue to build the business strategically and make progress towards our corporate targets. We are investing cautiously as the macro environment continues to be challenging. We generated $61 million in cash from operations in the second quarter, and we had contributions from both business segments.
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