CDW Reports Fourth Quarter and Full Year 2024 Earnings
CDW (Nasdaq:CDW) reported its Q4 and full-year 2024 results. Q4 net sales increased 3.3% to $5,186 million, while full-year sales decreased 1.8% to $20,999 million. Q4 net income declined 10.8% to $264.2 million, with earnings per diluted share at $1.97, down 9.8% from the previous year.
The company's Board approved a $750 million increase to its share repurchase authorization and declared a quarterly cash dividend of $0.625 per share, representing a 1% increase year-over-year. Despite challenging market conditions, CDW saw improvements in certain end-markets during Q4, with Healthcare customers showing particularly strong growth of 29.5%.
Gross profit margin in Q4 was 22.3%, down from 23.0% in Q4 2023, while full-year gross profit margin remained stable at 21.9%. The company maintains its target of exceeding US IT market growth by 200-300 basis points for 2025.
CDW (Nasdaq:CDW) ha riportato i risultati del quarto trimestre e dell'intero anno 2024. Le vendite nette del Q4 sono aumentate del 3,3% a $5.186 milioni, mentre le vendite dell'intero anno sono diminuite dell'1,8% a $20.999 milioni. L'utile netto del Q4 è sceso del 10,8% a $264,2 milioni, con guadagni per azione diluiti pari a $1,97, in calo del 9,8% rispetto all'anno precedente.
Il Consiglio dell'azienda ha approvato un aumento di $750 milioni alla sua autorizzazione per il riacquisto di azioni e ha dichiarato un dividendo in contante trimestrale di $0,625 per azione, che rappresenta un aumento dell'1% rispetto all'anno scorso. Nonostante le difficili condizioni di mercato, CDW ha registrato miglioramenti in alcuni mercati finali durante il Q4, con i clienti del settore sanitario che hanno mostrato una crescita particolarmente forte del 29,5%.
Il margine di profitto lordo nel Q4 è stato del 22,3%, in calo rispetto al 23,0% nel Q4 2023, mentre il margine di profitto lordo dell'intero anno è rimasto stabile al 21,9%. L'azienda mantiene il target di superare la crescita del mercato IT statunitense di 200-300 punti base per il 2025.
CDW (Nasdaq:CDW) informó sus resultados del cuarto trimestre y del año completo 2024. Las ventas netas del Q4 aumentaron un 3,3 % a $5,186 millones, mientras que las ventas del año completo disminuyeron un 1,8% a $20,999 millones. La ganancia neta del Q4 disminuyó un 10,8 % a $264,2 millones, con ganancias por acción diluidas de $1,97, un descenso del 9,8 % con respecto al año anterior.
La Junta de la compañía aprobó un aumento de $750 millones en su autorización de recompra de acciones y declaró un dividendo en efectivo trimestral de $0,625 por acción, lo que representa un aumento del 1 % interanual. A pesar de las desafiantes condiciones del mercado, CDW vio mejoras en ciertos mercados finales durante el Q4, con los clientes del sector de salud mostrando un crecimiento especialmente fuerte del 29,5 %.
El margen de utilidad bruta en el Q4 fue del 22,3 %, por debajo del 23,0 % en el Q4 2023, mientras que el margen de utilidad bruta del año completo se mantuvo estable en el 21,9 %. La compañía mantiene su objetivo de superar el crecimiento del mercado de TI de EE. UU. en 200 a 300 puntos básicos para 2025.
CDW (Nasdaq:CDW)는 2024년 4분기 및 연간 실적을 발표했습니다. 4분기 순매출은 3.3% 증가한 51억8600만 달러에 달했고, 연간 매출은 1.8% 감소한 209억9900만 달러로 집계되었습니다. 4분기 순이익은 10.8% 감소한 2억6420만 달러로, 희석 주당 순이익은 1.97달러로 지난해 대비 9.8% 감소했습니다.
회사의 이사회는 자사주 매입 승인 금액을 7억5000만 달러 증액하는 것을 승인했으며, 주당 현금 배당금으로 0.625달러를 선언했습니다. 이는 지난해 대비 1% 증가한 수치입니다. 어려운 시장 상황 속에서도 CDW는 4분기 동안 특정 최종 시장에서 개선을 보였으며, 헬스케어 고객은 특히 29.5%라는 강력한 성장세를 보였습니다.
4분기 총 이익률은 22.3%로 2023년 4분기의 23.0%에서 감소했으며, 연간 총 이익률은 21.9%로 안정세를 유지했습니다. 회사는 2025년까지 미국 IT 시장 성장률을 200-300 베이시스 포인트 초과할 목표를 유지하고 있습니다.
CDW (Nasdaq:CDW) a publié ses résultats du quatrième trimestre et de l'année entière 2024. Les ventes nettes du Q4 ont augmenté de 3,3 % pour atteindre 5,186 millions de dollars, tandis que les ventes sur l'année ont diminué de 1,8 % pour s'établir à 20,999 millions de dollars. Le bénéfice net du Q4 a chuté de 10,8 % à 264,2 millions de dollars, avec des bénéfices par action diluée à 1,97 dollar, en baisse de 9,8 % par rapport à l'année précédente.
Le conseil d'administration de la société a approuvé une augmentation de 750 millions de dollars de son autorisation de rachat d'actions et a déclaré un dividende trimestriel en espèces de 0,625 dollar par action, ce qui représente une augmentation de 1 % par rapport à l'année précédente. Malgré des conditions de marché difficiles, CDW a observé des améliorations dans certains marchés finaux au Q4, les clients du secteur de la santé affichant une croissance particulièrement forte de 29,5 %.
La marge brute au Q4 était de 22,3 %, en baisse par rapport à 23,0 % au Q4 2023, tandis que la marge brute annuelle est restée stable à 21,9 %. L'entreprise maintient son objectif de dépasser la croissance du marché informatique américain de 200 à 300 points de base pour 2025.
CDW (Nasdaq:CDW) berichtete über die Ergebnisse des 4. Quartals und des gesamten Jahres 2024. Die Nettoumsätze im 4. Quartal stiegen um 3,3 % auf 5.186 Millionen US-Dollar, während die Umsätze des gesamten Jahres um 1,8 % auf 20.999 Millionen US-Dollar zurückgingen. Der Nettogewinn im 4. Quartal sank um 10,8 % auf 264,2 Millionen US-Dollar, bei einem Gewinn pro verwässerter Aktie von 1,97 US-Dollar, was einem Rückgang von 9,8 % im Vergleich zum Vorjahr entspricht.
Der Vorstand des Unternehmens genehmigte eine Erhöhung der Genehmigung zum Aktienrückkauf um 750 Millionen US-Dollar und erklärte eine vierteljährliche Bardividende von 0,625 US-Dollar pro Aktie, was einem Anstieg von 1 % im Vergleich zum Vorjahr entspricht. Trotz herausfordernder Marktbedingungen verzeichnete CDW im 4. Quartal in bestimmten Endmärkten Verbesserungen, wobei die Kunden im Gesundheitswesen ein besonders starkes Wachstum von 29,5 % aufwiesen.
Die Bruttomarge im 4. Quartal betrug 22,3 %, gegenüber 23,0 % im 4. Quartal 2023, während die Bruttomarge für das gesamte Jahr stabil bei 21,9 % blieb. Das Unternehmen hält an seinem Ziel fest, das Wachstum des US-IT-Marktes im Jahr 2025 um 200-300 Basispunkte zu übertreffen.
- Q4 net sales increased 3.3% to $5,186 million
- Board approved $750 million share repurchase authorization
- Healthcare customer segment showed strong growth of 29.5% in Q4
- Quarterly dividend increased by 1%
- Full-year net sales decreased 1.8% to $20,999 million
- Q4 net income declined 10.8% to $264.2 million
- Q4 gross profit margin decreased to 22.3% from 23.0%
- Operating income decreased 6.1% in Q4
- Full-year non-GAAP net income decreased 4.4%
Insights
CDW's Q4 2024 performance reveals both resilience and challenges in a dynamic IT solutions market. The
However, the
The company's strategic initiatives deserve attention: 1) The
Looking ahead, CDW's target to exceed US IT market growth by 200-300 basis points in 2025 appears achievable given their diverse customer base of 250,000+ clients and strong vendor relationships. However, investors should monitor margin trends and the pace of recovery in Government and Education segments, which remain under pressure.
(Dollars in millions, except per share amounts) |
Three Months Ended December 31, |
Year Ended December 31, |
||||||||||||||
|
2024 |
|
|
2023 |
|
% Chg. |
|
2024 |
|
|
2023 |
|
% Chg. |
|||
Net Sales |
$ |
5,186.0 |
|
$ |
5,018.5 |
|
3.3 |
% |
$ |
20,998.7 |
|
$ |
21,376.0 |
|
(1.8 |
)% |
Gross Profit |
$ |
1,155.3 |
|
$ |
1,153.8 |
|
0.1 |
|
$ |
4,602.4 |
|
$ |
4,652.4 |
|
(1.1 |
) |
Gross Profit Margin |
|
22.3 |
% |
|
23.0 |
% |
|
|
21.9 |
% |
|
21.8 |
% |
|
||
Operating Income |
$ |
408.6 |
|
$ |
435.0 |
|
(6.1 |
) |
$ |
1,651.3 |
|
$ |
1,680.9 |
|
(1.8 |
) |
Non-GAAP Operating Income1 |
$ |
499.2 |
|
$ |
518.7 |
|
(3.8 |
) |
$ |
1,947.0 |
|
$ |
2,039.1 |
|
(4.5 |
) |
Net Income |
$ |
264.2 |
|
$ |
296.1 |
|
(10.8 |
) |
$ |
1,077.8 |
|
$ |
1,104.3 |
|
(2.4 |
) |
Non-GAAP Net Income1 |
$ |
332.7 |
|
$ |
349.1 |
|
(4.7 |
) |
$ |
1,287.2 |
|
$ |
1,346.2 |
|
(4.4 |
) |
Net Income per Diluted Share |
$ |
1.97 |
|
$ |
2.18 |
|
(9.8 |
) |
$ |
7.97 |
|
$ |
8.10 |
|
(1.6 |
) |
Non-GAAP Net Income per Diluted Share1 |
$ |
2.48 |
|
$ |
2.57 |
|
(3.7 |
) |
$ |
9.52 |
|
$ |
9.88 |
|
(3.6 |
) |
Average Daily Sales2 |
$ |
83.6 |
|
$ |
79.7 |
|
5.0 |
|
$ |
82.7 |
|
$ |
84.2 |
|
(1.8 |
) |
1 Non-GAAP measures used in this release that are not based on accounting principles generally accepted in |
||||||||||||||||
2 Defined as Net sales divided by the number of selling days. There were 62 and 63 selling days for the three months ended December 31, 2024 and 2023, respectively. There were 254 selling days for both the years ended December 31, 2024 and 2023. |
||||||||||||||||
CDW Corporation (Nasdaq: CDW), a leading multi-brand provider of information technology solutions to business, government, education and healthcare customers in
"The team delivered a solid finish to a challenging year, demonstrating our clear commitment to our customers during this period of uneven market conditions," said Christine A. Leahy, chair and chief executive officer, CDW. "Our consultative solutions strategy and customer centric approach to everything we do is more vital than ever."
"While customers remained cautious, several end-markets displayed signs of stability in the quarter and we delivered strong gross margin and excellent cash flow," said Albert J. Miralles, chief financial officer, CDW. "Our ability to optimize cash flow generation through effective management of our working capital enabled flexibility across our capital priorities - as seen by our M&A activity, share repurchases, and dividend increase."
"In this dynamic environment, our value proposition is stronger than ever as customers turn to CDW to help them address mission-critical IT and operational needs across the full IT solutions stack and lifecycle and guide them through their AI journey. For 2025, we continue to target exceeding US IT market growth by 200 to 300 basis points. To achieve this, we will maintain our laser focus on meeting the evolving needs of our more than 250,000 customers around the globe and remaining the partner of choice for more than 1,000 leading and emerging technology brands," concluded Leahy.
Fourth Quarter of 2024 Highlights:
Net sales in the fourth quarter of 2024 were
-
Corporate segment Net sales of
$2,345 million -
Small Business segment Net sales of
$380 million -
Public segment Net sales of
$1,854 million -
Net sales for CDW's
UK and Canadian operations, combined as "Other" for financial reporting purposes, of$607 million
Gross profit remained relatively consistent in the fourth quarter of 2024 at
Selling and administrative expenses were
Operating income was
Interest expense, net includes interest expense and interest income. Interest expense, net was
The effective income tax rate was 24.8 percent in the fourth quarter of 2024, compared to 22.2 percent in the fourth quarter of 2023, which resulted in income tax expense of
Net income was
Weighted average diluted shares outstanding were 134 million for the fourth quarter of 2024, compared to 136 million for the fourth quarter of 2023. Net income per diluted share was
Full Year 2024 Highlights:
Net sales in 2024 were
-
Corporate segment Net sales of
$8,837 million -
Small Business segment Net sales of
$1,524 million -
Public segment Net sales of
$8,158 million -
Net sales for CDW's
UK and Canadian operations, combined as "Other" for financial reporting purposes, of$2,480 million
Gross profit was
Selling and administrative expenses were
Operating income was
Interest expense, net includes interest expense and interest income. Interest expense, net was
The effective income tax rate was 24.9 percent in 2024, compared to 23.9 percent in 2023, which resulted in income tax expense of
Net income was
Weighted average diluted shares outstanding were 135 million in 2024, compared to 136 million in 2023. Net income per diluted share was
Forward-Looking Statements
This release contains "forward-looking statements" within the meaning of the federal securities laws. All statements other than statements of historical fact are forward-looking statements. These statements relate to analyses and other information, which are based on forecasts of future results or events and estimates of amounts not yet determinable. These statements also relate to our future prospects, growth, developments and business strategies. We claim the protection of The Private Securities Litigation Reform Act of 1995 for all forward-looking statements in this release.
These forward-looking statements are identified by the use of terms and phrases such as "anticipate," "assume," "believe," "estimate," "expect," "goal," "intend," "plan," "potential," "predict," "project," "target" and similar terms and phrases or future or conditional verbs such as "could," "may," "should," "will," and "would." However, these words are not the exclusive means of identifying such statements. Although we believe that our plans, intentions and other expectations reflected in or suggested by such forward-looking statements are reasonable, we cannot assure you that we will achieve those plans, intentions or expectations. All forward-looking statements are subject to risks and uncertainties that may cause actual results or events to differ materially from those that we expected.
Important factors that could cause actual results or events to differ materially from our expectations, or cautionary statements, are disclosed under the sections entitled "Risk Factors" and "Trends and Key Factors Affecting our Financial Performance" included in our Annual Report on Form 10-K for the year ended December 31, 2023, and from time to time in our subsequent Quarterly Reports on Form 10-Q and our other US Securities and Exchange Commission ("SEC") filings and public communications. These factors include, among others, inflationary pressures; level of interest rates; CDW's relationships with vendor partners, wholesale distributors and terms of their agreements; continued innovations in technology by CDW's vendor partners; the use or capabilities of artificial intelligence; substantial competition that could reduce CDW's market share; the continuing development, maintenance and operation of CDW's information technology systems; potential breaches of data security and failure to protect our information technology systems from cybersecurity threats; potential failures to provide high-quality services to CDW's customers; potential losses of any key personnel, significant increases in labor costs or ineffective workforce management; potential service failures or disruptions related to our third-party outsourcing arrangements; potential adverse occurrences at one of CDW's primary facilities or third-party data centers, including as a result of climate change; increases in the cost of commercial delivery services or disruptions of those services; CDW's exposure to accounts receivable and inventory risks; future acquisitions or alliances; fluctuations in CDW's operating results; fluctuations in foreign currency; global and regional economic and political conditions, including the impact of pandemics such as COVID-19 and armed conflicts; decreases in spending on technology products and services, including impacts of adverse change in government spending policies; potential interruptions of the flow of products from suppliers; potential failures to comply with Public segment contracts or applicable laws and regulations; current and future legal proceedings, investigations and audits, including intellectual property infringement claims; changes in laws, including regulations or interpretations thereof, or the potential failure to meet stakeholder expectations on environmental sustainability and corporate responsibility matters; CDW's level of indebtedness; restrictions imposed by agreements relating to CDW's indebtedness on its operations and liquidity; failure to maintain the ratings assigned to CDW's debt securities by rating agencies; changes in, or the discontinuation of, CDW's share repurchase program or dividend payments; and other risk factors or uncertainties identified from time to time in CDW's filings with the SEC. All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by those cautionary statements as well as other cautionary statements that are made from time to time in our other SEC filings and public communications. You should evaluate all forward-looking statements made in this release in the context of these risks and uncertainties.
We caution you that the important factors referenced above may not reflect all of the factors that could cause actual results or events to differ from our expectations. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. The forward-looking statements included in this release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
Non-GAAP Financial Measures
Generally, a non-GAAP financial measure is a numerical measure of a company’s performance or financial condition that either excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with US GAAP. Non-GAAP measures used by management may differ from similar measures used by other companies, even when similar terms are used to identify such measures.
Our non-GAAP performance measures include Non-GAAP operating income, Non-GAAP operating income margin, Non-GAAP net income, Non-GAAP net income per diluted share and Net sales on a constant currency basis, and our non-GAAP financial condition measures include Free cash flow and Adjusted free cash flow. These non-GAAP performance measures and non-GAAP financial condition measures are collectively referred to as “non-GAAP financial measures.”
Non-GAAP operating income excludes, among other things, charges related to the amortization of acquisition-related intangible assets, equity-based compensation and the associated payroll taxes, acquisition and integration expenses, transformation initiatives and workplace optimization. Non-GAAP operating income margin is defined as Non-GAAP operating income as a percentage of Net sales. Non-GAAP net income and Non-GAAP net income per diluted share exclude, among other things, charges related to the amortization of acquisition-related intangible assets, equity-based compensation and the associated payroll taxes, acquisition and integration expenses, transformation initiatives, workplace optimization and their associated income tax effects. Net sales on a constant currency basis is defined as Net sales excluding the impact of foreign currency translation on Net sales. Free cash flow is defined as Net cash provided by operating activities less capital expenditures. Adjusted free cash flow is defined as Free cash flow adjusted to include certain cash flows from financing activities incurred in the normal course of operations or as capital expenditures.
We believe our non-GAAP performance measures provide analysts, investors and management with useful information regarding the underlying operating performance of our business, as they remove the impact of items that management believes are not reflective of underlying operating performance. Management uses these measures to evaluate period-over-period performance as management believes they provide a more comparable measure of the underlying business. We also present non-GAAP financial condition measures as we believe they provide analysts, investors and management with more information regarding our liquidity and capital resources. Certain non-GAAP financial measures are also used to determine certain components of performance-based compensation.
Our outlook includes non-GAAP financial measures because certain reconciling items are dependent on future events that either cannot be controlled, such as currency impacts or interest rates, or reliably predicted because they are not part of our underlying performance, such as refinancing activities or acquisition and integration expenses.
The financial statement tables that accompany this press release include a reconciliation of non-GAAP financial measures to the applicable most comparable US GAAP financial measures.
About CDW
CDW Corporation (Nasdaq: CDW) is a leading multi-brand provider of information technology solutions to business, government, education and healthcare customers in
Webcast
CDW Corporation will hold a conference call today, February 5, 2025 at 7:30 a.m. CT/8:30 a.m. ET to discuss its fourth quarter and full year financial results. The conference call, which will be broadcast live via the Internet, and a copy of this press release along with supplemental slides used during the call, can be accessed on CDW’s website at investor.cdw.com. For those unable to participate in the live call, a replay of the webcast will be available at investor.cdw.com approximately 90 minutes after the completion of the call and will be accessible on the site for approximately one year.
CDWPR-FI
CDW CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (dollars and shares in millions, except per-share amounts) |
||||||||||||||||||||||
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
||
|
|
(unaudited) |
|
(unaudited) |
|
|
|
(unaudited) |
|
|
|
|
||||||||||
Net sales |
|
$ |
5,186.0 |
|
|
$ |
5,018.5 |
|
|
3.3 |
% |
|
$ |
20,998.7 |
|
|
$ |
21,376.0 |
|
|
(1.8 |
)% |
Cost of sales |
|
|
4,030.7 |
|
|
|
3,864.7 |
|
|
4.3 |
|
|
|
16,396.3 |
|
|
|
16,723.6 |
|
|
(2.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross profit |
|
|
1,155.3 |
|
|
|
1,153.8 |
|
|
0.1 |
|
|
|
4,602.4 |
|
|
|
4,652.4 |
|
|
(1.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Selling and administrative expenses |
|
|
746.7 |
|
|
|
718.8 |
|
|
3.9 |
|
|
|
2,951.1 |
|
|
|
2,971.5 |
|
|
(0.7 |
) |
Operating income |
|
|
408.6 |
|
|
|
435.0 |
|
|
(6.1 |
) |
|
|
1,651.3 |
|
|
|
1,680.9 |
|
|
(1.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense, net |
|
|
(56.5 |
) |
|
|
(53.3 |
) |
|
6.0 |
|
|
|
(214.5 |
) |
|
|
(226.6 |
) |
|
(5.3 |
) |
Other expense, net |
|
|
(0.6 |
) |
|
|
(1.0 |
) |
|
*nm |
|
|
(1.4 |
) |
|
|
(4.1 |
) |
|
*nm |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before income taxes |
|
|
351.5 |
|
|
|
380.7 |
|
|
(7.7 |
) |
|
|
1,435.4 |
|
|
|
1,450.2 |
|
|
(1.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income tax expense |
|
|
(87.3 |
) |
|
|
(84.6 |
) |
|
3.2 |
|
|
|
(357.6 |
) |
|
|
(345.9 |
) |
|
3.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income |
|
$ |
264.2 |
|
|
$ |
296.1 |
|
|
(10.8 |
)% |
|
$ |
1,077.8 |
|
|
$ |
1,104.3 |
|
|
(2.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
$ |
1.98 |
|
|
$ |
2.20 |
|
|
(10.1 |
)% |
|
$ |
8.06 |
|
|
$ |
8.20 |
|
|
(1.8 |
)% |
Diluted |
|
$ |
1.97 |
|
|
$ |
2.18 |
|
|
(9.8 |
)% |
|
$ |
7.97 |
|
|
$ |
8.10 |
|
|
(1.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
|
133.1 |
|
|
|
134.1 |
|
|
|
|
|
133.8 |
|
|
|
134.6 |
|
|
|
||
Diluted |
|
|
134.4 |
|
|
|
135.9 |
|
|
|
|
|
135.2 |
|
|
|
136.3 |
|
|
|
||
*nm - Not meaningful |
||||||||||||||||||||||
CDW CORPORATION AND SUBSIDIARIES NET SALES DETAIL (dollars in millions) |
|||||||||||||||||||||||||
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|||||||||||||||||||||
|
|
2024 |
|
2023 |
|
% Change(i) |
|
Average Daily
|
|
2024 |
|
2023 |
|
% Change(i) |
|||||||||||
|
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
|
|
|
|||||||||||
Corporate |
|
$ |
2,344.9 |
|
$ |
2,285.6 |
|
2.6 |
% |
|
4.2 |
% |
|
$ |
8,837.2 |
|
$ |
8,960.8 |
|
(1.4 |
)% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Small Business |
|
|
380.0 |
|
|
370.0 |
|
2.7 |
|
|
4.4 |
|
|
|
1,523.5 |
|
|
1,556.0 |
|
(2.1 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Public: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Government |
|
|
613.5 |
|
|
660.7 |
|
(7.1 |
) |
|
(5.6 |
) |
|
|
2,486.9 |
|
|
2,669.1 |
|
(6.8 |
) |
||||
Education |
|
|
557.4 |
|
|
579.1 |
|
(3.7 |
) |
|
(2.2 |
) |
|
|
3,167.3 |
|
|
3,298.3 |
|
(4.0 |
) |
||||
Healthcare |
|
|
683.1 |
|
|
535.9 |
|
27.5 |
|
|
29.5 |
|
|
|
2,503.5 |
|
|
2,338.3 |
|
7.1 |
|
||||
Total Public |
|
|
1,854.0 |
|
|
1,775.7 |
|
4.4 |
|
|
6.1 |
|
|
|
8,157.7 |
|
|
8,305.7 |
|
(1.8 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Other |
|
|
607.1 |
|
|
587.2 |
|
3.4 |
|
|
5.1 |
|
|
|
2,480.3 |
|
|
2,553.5 |
|
(2.9 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Net sales |
|
$ |
5,186.0 |
|
$ |
5,018.5 |
|
3.3 |
% |
|
5.0 |
% |
|
$ |
20,998.7 |
|
$ |
21,376.0 |
|
(1.8 |
)% |
||||
(i) |
There were 62 and 63 selling days for the three months ended December 31, 2024 and 2023, respectively. There were 254 selling days for both the years ended December 31, 2024 and 2023. Average Daily Sales is defined as Net sales divided by the number of selling days. |
CDW CORPORATION AND SUBSIDIARIES TIMING OF REVENUE RECOGNITION (dollars in millions) |
|||||||||||||||||||
|
Three Months Ended December 31, 2024 |
||||||||||||||||||
(unaudited) |
Corporate |
|
Small
|
|
Public |
|
Other |
|
Total |
||||||||||
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
||||||||||
Transferred at a point in time where CDW is principal |
$ |
1,959.5 |
|
$ |
328.6 |
|
$ |
1,615.4 |
|
$ |
507.9 |
|
$ |
4,411.4 |
|||||
Transferred at a point in time where CDW is agent |
|
221.6 |
|
|
36.4 |
|
|
124.2 |
|
|
31.3 |
|
|
413.5 |
|||||
Transferred over time where CDW is principal |
|
163.8 |
|
|
15.0 |
|
|
114.4 |
|
|
67.9 |
|
|
361.1 |
|||||
Total Net sales |
$ |
2,344.9 |
|
$ |
380.0 |
|
$ |
1,854.0 |
|
$ |
607.1 |
|
$ |
5,186.0 |
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended December 31, 2023 |
||||||||||||||||||
(unaudited) |
Corporate |
|
Small
|
|
Public |
|
Other |
|
Total |
||||||||||
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
||||||||||
Transferred at a point in time where CDW is principal |
$ |
1,901.1 |
|
$ |
320.8 |
|
$ |
1,552.5 |
|
$ |
493.9 |
|
$ |
4,268.3 |
|||||
Transferred at a point in time where CDW is agent |
|
214.7 |
|
|
38.5 |
|
|
118.5 |
|
|
37.0 |
|
|
408.7 |
|||||
Transferred over time where CDW is principal |
|
169.8 |
|
|
10.7 |
|
|
104.7 |
|
|
56.3 |
|
|
341.5 |
|||||
Total Net sales |
$ |
2,285.6 |
|
$ |
370.0 |
|
$ |
1,775.7 |
|
$ |
587.2 |
|
$ |
5,018.5 |
|||||
|
Year Ended December 31, 2024 |
||||||||||||||||||
(unaudited) |
Corporate |
|
Small
|
|
Public |
|
Other |
|
Total |
||||||||||
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
||||||||||
Transferred at a point in time where CDW is principal |
$ |
7,369.0 |
|
$ |
1,325.6 |
|
$ |
7,176.7 |
|
$ |
2,101.7 |
|
$ |
17,973.0 |
|||||
Transferred at a point in time where CDW is agent |
|
807.1 |
|
|
146.7 |
|
|
526.9 |
|
|
126.9 |
|
|
1,607.6 |
|||||
Transferred over time where CDW is principal |
|
661.1 |
|
|
51.2 |
|
|
454.1 |
|
|
251.7 |
|
|
1,418.1 |
|||||
Total Net sales |
$ |
8,837.2 |
|
$ |
1,523.5 |
|
$ |
8,157.7 |
|
$ |
2,480.3 |
|
$ |
20,998.7 |
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Year Ended December 31, 2023 |
||||||||||||||||||
|
Corporate |
|
Small
|
|
Public |
|
Other |
|
Total |
||||||||||
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
||||||||||
Transferred at a point in time where CDW is principal |
$ |
7,515.7 |
|
$ |
1,374.1 |
|
$ |
7,411.1 |
|
$ |
2,212.0 |
|
$ |
18,512.9 |
|||||
Transferred at a point in time where CDW is agent |
|
778.0 |
|
|
145.3 |
|
|
480.6 |
|
|
117.9 |
|
|
1,521.8 |
|||||
Transferred over time where CDW is principal |
|
667.1 |
|
|
36.6 |
|
|
414.0 |
|
|
223.6 |
|
|
1,341.3 |
|||||
Total Net sales |
$ |
8,960.8 |
|
$ |
1,556.0 |
|
$ |
8,305.7 |
|
$ |
2,553.5 |
|
$ |
21,376.0 |
|||||
CDW CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in millions) |
|||||||
|
December 31, 2024 |
|
December 31, 2023 |
||||
Assets |
(unaudited) |
|
|
||||
|
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
503.5 |
|
$ |
588.7 |
||
Short-term investments |
|
214.2 |
|
|
— |
||
Accounts receivable, net of allowance for credit losses of |
|
5,135.8 |
|
|
4,567.5 |
||
Merchandise inventory |
|
605.3 |
|
|
668.1 |
||
Miscellaneous receivables |
|
509.9 |
|
|
470.5 |
||
Prepaid expenses and other |
|
404.4 |
|
|
410.2 |
||
Total current assets |
|
7,373.1 |
|
|
6,705.0 |
||
|
|
|
|
||||
Operating lease right-of-use assets |
|
120.2 |
|
|
128.8 |
||
Property and equipment, net |
|
192.0 |
|
|
195.5 |
||
Goodwill |
|
4,620.4 |
|
|
4,413.4 |
||
Other intangible assets, net |
|
1,356.6 |
|
|
1,369.7 |
||
Accounts receivable and other assets, noncurrent |
|
1,016.1 |
|
|
472.2 |
||
Total assets |
$ |
14,678.4 |
|
$ |
13,284.6 |
||
|
|
|
|
||||
Liabilities and Stockholders’ Equity |
|
|
|
||||
|
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable - trade |
$ |
3,381.3 |
|
$ |
2,881.0 |
||
Accounts payable - inventory financing |
|
355.2 |
|
|
430.9 |
||
Current maturities of long-term debt |
|
235.8 |
|
|
613.1 |
||
Contract liabilities |
|
491.0 |
|
|
487.4 |
||
Accrued expenses and other liabilities |
|
1,011.1 |
|
|
1,029.6 |
||
Total current liabilities |
|
5,474.4 |
|
|
5,442.0 |
||
|
|
|
|
||||
Long-term liabilities: |
|
|
|
||||
Debt |
|
5,607.0 |
|
|
5,031.8 |
||
Deferred income taxes |
|
167.4 |
|
|
171.4 |
||
Operating lease liabilities |
|
149.1 |
|
|
164.0 |
||
Accounts payable and other liabilities |
|
927.8 |
|
|
432.9 |
||
Total long-term liabilities |
|
6,851.3 |
|
|
5,800.1 |
||
|
|
|
|
||||
Total stockholders’ equity |
|
2,352.7 |
|
|
2,042.5 |
||
Total liabilities and stockholders’ equity |
$ |
14,678.4 |
|
$ |
13,284.6 |
||
CDW CORPORATION AND SUBSIDIARIES DEBT AND WORKING CAPITAL INFORMATION (dollars in millions) (unaudited) |
|||||||
|
December 31, 2024 |
|
December 31, 2023 |
||||
Debt and Revolver Availability |
|
|
|
||||
Cash and cash equivalents |
$ |
503.5 |
|
|
$ |
588.7 |
|
Short-term Investments |
|
214.2 |
|
|
|
— |
|
Total debt |
|
5,842.8 |
|
|
|
5,644.9 |
|
Net debt(i) |
|
5,125.1 |
|
|
|
5,056.2 |
|
Revolver availability |
|
1,244.1 |
|
|
|
1,208.1 |
|
Cash plus revolver availability |
|
1,747.6 |
|
|
|
1,796.8 |
|
|
|
|
|
||||
Working Capital(ii) |
|
|
|
||||
Days of sales outstanding |
|
84 |
|
|
|
77 |
|
Days of supply in inventory |
|
13 |
|
|
|
13 |
|
Days of purchases outstanding |
|
(79 |
) |
|
|
(73 |
) |
Cash conversion cycle |
|
18 |
|
|
|
17 |
|
(i) |
Defined as Total debt minus Cash and cash equivalents and Short-term investments. |
(ii) |
Based on a rolling three-month average. |
CDW CORPORATION AND SUBSIDIARIES CASH FLOW INFORMATION (dollars in millions) |
|||||||
|
Year Ended December 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
|
(unaudited) |
|
|
||||
Net cash provided by operating activities |
$ |
1,277.3 |
|
|
$ |
1,598.7 |
|
|
|
|
|
||||
Capital expenditures |
|
(122.6 |
) |
|
|
(148.2 |
) |
Purchase of short-term investments |
|
(211.1 |
) |
|
|
— |
|
Acquisition of businesses, net of cash acquired |
|
(323.9 |
) |
|
|
(76.4 |
) |
Other |
|
(1.6 |
) |
|
|
(5.0 |
) |
Net cash used in investing activities |
|
(659.2 |
) |
|
|
(229.6 |
) |
|
|
|
|
||||
Net change in accounts payable - inventory financing |
|
(75.7 |
) |
|
|
(23.7 |
) |
Other cash flows used in financing activities |
|
(611.2 |
) |
|
|
(1,075.0 |
) |
Net cash used in financing activities |
|
(686.9 |
) |
|
|
(1,098.7 |
) |
|
|
|
|
||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
(12.2 |
) |
|
|
3.1 |
|
Net (decrease) increase in cash, cash equivalents and restricted cash |
|
(81.0 |
) |
|
|
273.5 |
|
Cash, cash equivalents, and restricted cash - beginning of period |
|
588.7 |
|
|
|
315.2 |
|
Cash, cash equivalents, and restricted cash - end of period(i) |
$ |
507.7 |
|
|
$ |
588.7 |
|
|
|
|
|
||||
Supplementary disclosure of cash flow information: |
|
|
|
||||
Interest paid |
$ |
(217.5 |
) |
|
$ |
(233.2 |
) |
Income taxes paid, net |
$ |
(398.6 |
) |
|
$ |
(401.4 |
) |
(i) |
For the year ended December 31, 2024, includes |
|
CDW CORPORATION AND SUBSIDIARIES NON-GAAP FINANCIAL MEASURE RECONCILIATIONS |
|
CDW has included reconciliations of Non-GAAP operating income, Non-GAAP operating income margin, Non-GAAP net income, Non-GAAP net income per diluted share and Net sales on a constant currency basis for the three months and years ended December 31, 2024 and 2023 below. In addition, a reconciliation of Free cash flow and Adjusted free cash flow is included for the years ended December 31, 2024 and 2023. |
CDW CORPORATION AND SUBSIDIARIES NON-GAAP OPERATING INCOME AND NON-GAAP OPERATING INCOME MARGIN (dollars in millions) (unaudited) |
|||||||||||||||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||||||||||||||
|
2024 |
|
% of Net
|
|
2023 |
|
% of Net
|
|
2024 |
|
% of Net
|
|
2023 |
|
% of Net
|
||||||||||||
Operating income, as reported |
$ |
408.6 |
|
7.9 |
% |
|
$ |
435.0 |
|
8.7 |
% |
|
$ |
1,651.3 |
|
7.9 |
% |
|
$ |
1,680.9 |
|
7.9 |
% |
||||
Amortization of intangibles(i) |
|
37.7 |
|
|
|
|
38.2 |
|
|
|
|
150.9 |
|
|
|
|
154.4 |
|
|
||||||||
Equity-based compensation |
|
13.9 |
|
|
|
|
22.1 |
|
|
|
|
64.7 |
|
|
|
|
93.7 |
|
|
||||||||
Transformation initiatives(ii) |
|
11.7 |
|
|
|
|
11.1 |
|
|
|
|
34.8 |
|
|
|
|
27.1 |
|
|
||||||||
Acquisition and integration expenses |
|
10.1 |
|
|
|
|
5.3 |
|
|
|
|
12.2 |
|
|
|
|
30.0 |
|
|
||||||||
Workplace optimization(iii) |
|
15.9 |
|
|
|
|
5.2 |
|
|
|
|
25.4 |
|
|
|
|
47.7 |
|
|
||||||||
Other adjustments |
|
1.3 |
|
|
|
|
1.8 |
|
|
|
|
7.7 |
|
|
|
|
5.3 |
|
|
||||||||
Non-GAAP operating income |
$ |
499.2 |
|
9.6 |
% |
|
$ |
518.7 |
|
10.3 |
% |
|
$ |
1,947.0 |
|
9.3 |
% |
|
$ |
2,039.1 |
|
9.5 |
% |
||||
(i) |
Includes amortization expense for acquisition-related intangible assets, primarily customer relationships, customer contracts and trade names. |
(ii) |
Includes costs related to strategic transformation initiatives focused on optimizing various operations and systems. |
(iii) |
Includes costs related to workforce reductions and charges related to the reduction of our real estate lease portfolio. |
CDW CORPORATION AND SUBSIDIARIES NON-GAAP NET INCOME AND NON-GAAP NET INCOME PER DILUTED SHARE (dollars and shares in millions, except per-share amounts) (unaudited) |
||||||||||||||||||||||||||||||||
|
Three Months Ended December 31, |
|
|
|||||||||||||||||||||||||||||
|
2024 |
|
2023 |
|
|
|||||||||||||||||||||||||||
|
Income
|
|
Income
|
|
Net
|
|
Effective
|
|
Income
|
|
Income
|
|
Net
|
|
Effective
|
|
Net
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
US GAAP, as reported |
$ |
351.5 |
|
$ |
(87.3 |
) |
|
$ |
264.2 |
|
24.8 |
% |
|
$ |
380.7 |
|
$ |
(84.6 |
) |
|
$ |
296.1 |
|
22.2 |
% |
|
(10.8 |
)% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Amortization of intangibles(ii) |
|
37.7 |
|
|
(9.8 |
) |
|
|
27.9 |
|
|
|
|
38.2 |
|
|
(10.0 |
) |
|
|
28.2 |
|
|
|
|
|||||||
Equity-based compensation |
|
13.9 |
|
|
(3.3 |
) |
|
|
10.6 |
|
|
|
|
22.1 |
|
|
(14.9 |
) |
|
|
7.2 |
|
|
|
|
|||||||
Transformation initiatives(iii) |
|
11.7 |
|
|
(3.1 |
) |
|
|
8.6 |
|
|
|
|
11.1 |
|
|
(2.9 |
) |
|
|
8.2 |
|
|
|
|
|||||||
Acquisition and integration expenses |
|
10.1 |
|
|
(1.6 |
) |
|
|
8.5 |
|
|
|
|
5.3 |
|
|
(1.4 |
) |
|
|
3.9 |
|
|
|
|
|||||||
Workplace optimization(iv) |
|
15.9 |
|
|
(4.1 |
) |
|
|
11.8 |
|
|
|
|
5.2 |
|
|
(1.3 |
) |
|
|
3.9 |
|
|
|
|
|||||||
Other adjustments |
|
1.4 |
|
|
(0.3 |
) |
|
|
1.1 |
|
|
|
|
1.8 |
|
|
(0.2 |
) |
|
|
1.6 |
|
|
|
|
|||||||
Non-GAAP |
$ |
442.2 |
|
$ |
(109.5 |
) |
|
$ |
332.7 |
|
24.8 |
% |
|
$ |
464.4 |
|
$ |
(115.3 |
) |
|
$ |
349.1 |
|
24.8 |
% |
|
(4.7 |
)% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
US GAAP net income per diluted share |
|
|
|
|
$ |
1.97 |
|
|
|
|
|
|
|
$ |
2.18 |
|
|
|
|
|||||||||||||
Non-GAAP net income per diluted share |
|
|
|
|
$ |
2.48 |
|
|
|
|
|
|
|
$ |
2.57 |
|
|
|
|
|||||||||||||
Shares used in computing US GAAP and Non-GAAP net income per diluted share |
|
|
|
|
|
134.4 |
|
|
|
|
|
|
|
|
135.9 |
|
|
|
|
|||||||||||||
(i) |
Income tax on non-GAAP adjustments includes excess tax benefits associated with equity-based compensation. |
(ii) |
Includes amortization expense for acquisition-related intangible assets, primarily customer relationships, customer contracts and trade names. |
(iii) |
Includes costs related to strategic transformation initiatives focused on optimizing various operations and systems. |
(iv) |
Includes costs related to workforce reductions and charges related to the reduction of our real estate lease portfolio. |
CDW CORPORATION AND SUBSIDIARIES NON-GAAP NET INCOME AND NON-GAAP NET INCOME PER DILUTED SHARE (dollars and shares in millions, except per-share amounts) (unaudited) |
||||||||||||||||||||||||||||||||
|
Year Ended December 31, |
|
|
|||||||||||||||||||||||||||||
|
2024 |
|
2023 |
|
|
|||||||||||||||||||||||||||
|
Income
|
|
Income
|
|
Net
|
|
Effective
|
|
Income
|
|
Income
|
|
Net
|
|
Effective
|
|
Net
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
US GAAP, as reported |
$ |
1,435.4 |
|
$ |
(357.6 |
) |
|
$ |
1,077.8 |
|
24.9 |
% |
|
$ |
1,450.2 |
|
$ |
(345.9 |
) |
|
$ |
1,104.3 |
|
23.9 |
% |
|
(2.4 |
)% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Amortization of intangibles(ii) |
|
150.9 |
|
|
(39.2 |
) |
|
|
111.7 |
|
|
|
|
154.4 |
|
|
(40.2 |
) |
|
|
114.2 |
|
|
|
|
|||||||
Equity-based compensation |
|
64.7 |
|
|
(26.7 |
) |
|
|
38.0 |
|
|
|
|
93.7 |
|
|
(47.6 |
) |
|
|
46.1 |
|
|
|
|
|||||||
Transformation initiatives(iii) |
|
34.8 |
|
|
(9.1 |
) |
|
|
25.7 |
|
|
|
|
27.1 |
|
|
(7.1 |
) |
|
|
20.0 |
|
|
|
|
|||||||
Acquisition and integration expenses |
|
12.2 |
|
|
(2.1 |
) |
|
|
10.1 |
|
|
|
|
30.0 |
|
|
(7.8 |
) |
|
|
22.2 |
|
|
|
|
|||||||
Workplace optimization(iv) |
|
25.4 |
|
|
(6.6 |
) |
|
|
18.8 |
|
|
|
|
47.7 |
|
|
(12.4 |
) |
|
|
35.3 |
|
|
|
|
|||||||
Other adjustments |
|
6.9 |
|
|
(1.8 |
) |
|
|
5.1 |
|
|
|
|
5.3 |
|
|
(1.2 |
) |
|
|
4.1 |
|
|
|
|
|||||||
Non-GAAP |
$ |
1,730.3 |
|
$ |
(443.1 |
) |
|
$ |
1,287.2 |
|
25.6 |
% |
|
$ |
1,808.4 |
|
$ |
(462.2 |
) |
|
$ |
1,346.2 |
|
25.6 |
% |
|
(4.4 |
)% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
US GAAP net income per diluted share |
|
|
|
|
$ |
7.97 |
|
|
|
|
|
|
|
$ |
8.10 |
|
|
|
|
|||||||||||||
Non-GAAP net income per diluted share |
|
|
|
|
$ |
9.52 |
|
|
|
|
|
|
|
$ |
9.88 |
|
|
|
|
|||||||||||||
Shares used in computing US GAAP and Non-GAAP net income per diluted share |
|
|
|
|
|
135.2 |
|
|
|
|
|
|
|
|
136.3 |
|
|
|
|
|||||||||||||
(i) |
Income tax on non-GAAP adjustments includes excess tax benefits associated with equity-based compensation. |
(ii) |
Includes amortization expense for acquisition-related intangible assets, primarily customer relationships, customer contracts and trade names. |
(iii) |
Includes costs related to strategic transformation initiatives focused on optimizing various operations and systems. |
(iv) |
Includes costs related to workforce reductions and charges related to the reduction of our real estate lease portfolio. |
CDW CORPORATION AND SUBSIDIARIES NET SALES ON A CONSTANT CURRENCY BASIS (dollars in millions) (unaudited) |
|||||||||||||||||||||||||
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|||||||||||||||||||||
|
|
2024 |
|
2023 |
|
%
|
|
Average
|
|
2024 |
|
2023 |
|
%
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net sales, as reported |
|
$ |
5,186.0 |
|
$ |
5,018.5 |
|
3.3 |
% |
|
5.0 |
% |
|
$ |
20,998.7 |
|
$ |
21,376.0 |
|
(1.8 |
)% |
||||
Foreign currency translation(ii) |
|
|
— |
|
|
5.5 |
|
|
|
|
|
|
— |
|
|
32.5 |
|
|
|||||||
Net sales, on a constant currency basis |
|
$ |
5,186.0 |
|
$ |
5,024.0 |
|
3.2 |
% |
|
4.9 |
% |
|
$ |
20,998.7 |
|
$ |
21,408.5 |
|
(1.9 |
)% |
||||
(i) |
There were 62 and 63 selling days for the three months ended December 31, 2024 and 2023, respectively. There were 254 selling days for both the years ended December 31, 2024 and 2023. Average Daily Sales is defined as Net sales divided by the number of selling days. |
(ii) |
Represents the effect of translating the prior year results of CDW |
CDW CORPORATION AND SUBSIDIARIES FREE CASH FLOW AND ADJUSTED FREE CASH FLOW (dollars in millions) (unaudited) |
|||||||
|
Year Ended December 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Net cash provided by operating activities |
$ |
1,277.3 |
|
|
$ |
1,598.7 |
|
Capital expenditures |
|
(122.6 |
) |
|
|
(148.2 |
) |
Free cash flow |
|
1,154.7 |
|
|
|
1,450.5 |
|
Net change in accounts payable - inventory financing |
|
(75.7 |
) |
|
|
(23.7 |
) |
Adjusted free cash flow(i) |
$ |
1,079.0 |
|
|
$ |
1,426.8 |
|
(i) |
Defined as Cash flows provided by operating activities less capital expenditures, adjusted to include cash flows from financing activities that relate to the purchase of inventory. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250205298946/en/
Investor Inquiries
Steven O'Brien
Vice President, Investor Relations
(847) 968-0238
investorrelations@cdw.com
Media Inquiries
Sara Granack
Vice President, Corporate Communications
(847) 419-7411
mediarelations@cdw.com
Source: CDW Corporation
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