CDW Reports Second Quarter 2024 Earnings
CDW (Nasdaq: CDW) reported second quarter 2024 results, showing resilience amid economic uncertainty. Net sales decreased 3.6% to $5,423 million, while gross profit remained stable at $1,183 million. The company saw improved gross profit margin of 21.8%, up 80 basis points from 2023. Operating income increased 5.1% to $433 million, and net income rose 7.0% to $281 million. Earnings per diluted share grew 7.5% to $2.07. CDW's performance was driven by strong margins and cash flow management, despite cautious customer spending. The company maintained its position as a trusted advisor in cloud, security, and services, offsetting weaknesses in other areas.
CDW (Nasdaq: CDW) ha riportato i risultati del secondo trimestre 2024, mostrando resilienza nonostante l'incertezza economica. Le vendite nette sono diminuite del 3,6% a $5.423 milioni, mentre il profitto lordo è rimasto stabile a $1.183 milioni. L'azienda ha registrato un miglioramento del margine di profitto lordo al 21,8%, in aumento di 80 punti base rispetto al 2023. Il reddito operativo è aumentato del 5,1% a $433 milioni, e il reddito netto è salito del 7,0% a $281 milioni. Gli utili per azione diluiti sono cresciuti del 7,5% a $2,07. Le performance di CDW sono state sostenute da forti margini e dalla gestione dei flussi di cassa, nonostante una spesa cauta da parte dei clienti. L'azienda ha mantenuto la sua posizione di consulente fidato nel campo del cloud, della sicurezza e dei servizi, compensando le debolezze in altre aree.
CDW (Nasdaq: CDW) anunció los resultados del segundo trimestre de 2024, demostrando resiliencia en medio de la incertidumbre económica. Las ventas netas disminuyeron un 3,6% a $5,423 millones, mientras que el beneficio bruto se mantuvo estable en $1,183 millones. La empresa vio una mejora en el margen de beneficio bruto del 21,8%, aumentando 80 puntos básicos en comparación con 2023. El ingreso operativo aumentó un 5,1% a $433 millones, y el ingreso neto creció un 7,0% a $281 millones. Las ganancias por acción diluidas crecieron un 7,5% a $2,07. El desempeño de CDW se impulsó por fuertes márgenes y la gestión de flujos de efectivo, a pesar del gasto cauteloso de los clientes. La empresa mantuvo su posición como asesor de confianza en nube, seguridad y servicios, compensando las debilidades en otras áreas.
CDW (Nasdaq: CDW)는 2024년 2분기 실적을 발표하며 경제적 불확실성 속에서의 회복력을 보여주었습니다. 순매출은 3.6% 감소하여 $5,423 백만이 되었고, 총이익은 $1,183 백만으로 안정적으로 유지되었습니다. 회사는 총이익률이 21.8%로 개선되어 2023년 대비 80베이시스 포인트 증가했습니다. 영업이익은 5.1% 증가하여 $433 백만이 되었고, 순이익은 7.0% 증가하여 $281 백만에 달했습니다. 희석 주당 이익은 7.5% 증가하여 $2.07에 이르렀습니다. CDW의 실적은 강력한 마진과 현금 흐름 관리에 의해 추진되었으며, 고객의 소비가 조심스러운 상황에서도 이를 극복했습니다. 회사는 클라우드, 보안 및 서비스 분야에서 신뢰받는 상담자로서의 입지를 유지하여 다른 영역의 약점을 보완했습니다.
CDW (Nasdaq: CDW) a annoncé ses résultats pour le deuxième trimestre 2024, montrant sa résilience face à l'incertitude économique. Les ventes nettes ont chuté de 3,6 % pour atteindre 5 423 millions de dollars, tandis que le bénéfice brut est resté stable à 1 183 millions de dollars. La société a enregistré une amélioration de la marge bénéficiaire brute à 21,8 % , en hausse de 80 points de base par rapport à 2023. Le résultat d'exploitation a augmenté de 5,1 % pour atteindre 433 millions de dollars, et le bénéfice net a augmenté de 7,0 % pour atteindre 281 millions de dollars. Le bénéfice par action diluée a crû de 7,5 % pour s'établir à 2,07 $. La performance de CDW a été soutenue par des marges solides et une gestion efficace des flux de trésorerie, malgré des dépenses prudentes de la part des clients. L'entreprise a maintenu sa position de conseiller de confiance dans les domaines du cloud, de la sécurité et des services, compensant les faiblesses dans d'autres domaines.
CDW (Nasdaq: CDW) hat die Ergebnisse des zweiten Quartals 2024 veröffentlicht und dabei Belastbarkeit inmitten wirtschaftlicher Unsicherheit gezeigt. Der Nettoumsatz fiel um 3,6% auf 5.423 Millionen USD, während der Bruttogewinn stabil bei 1.183 Millionen USD blieb. Das Unternehmen verzeichnete eine Verbesserung der Bruttogewinnmarge auf 21,8%, was einen Anstieg um 80 Basispunkte im Vergleich zu 2023 darstellt. Das Betriebsergebnis stieg um 5,1% auf 433 Millionen USD, und der Nettogewinn wuchs um 7,0% auf 281 Millionen USD. Der Gewinn pro verwässerter Aktie wuchs um 7,5% auf 2,07 USD. Die Leistung von CDW wurde durch starke Margen und ein effizientes Cashflow-Management vorangetrieben, trotz vorsichtiger Ausgaben der Kunden. Das Unternehmen hat seine Position als vertrauenswürdiger Berater in den Bereichen Cloud, Sicherheit und Dienstleistungen gehalten und Schwächen in anderen Bereichen ausgeglichen.
- Gross profit margin improved to 21.8%, up 80 basis points from 2023
- Operating income increased 5.1% to $433 million
- Net income rose 7.0% to $281 million
- Earnings per diluted share grew 7.5% to $2.07
- Strong performance in cloud, security, and services segments
- Net sales decreased 3.6% to $5,423 million
- Corporate segment Net sales down 2.2%
- Small Business segment Net sales down 3.4%
- Public segment Net sales down 2.3%
- UK and Canadian operations Net sales down 12.7%
Insights
CDW's Q2 2024 results present a mixed picture, with some positive indicators amidst challenging market conditions. The company reported a 3.6% decrease in net sales to
- Gross profit margin improved by 80 basis points to
21.8% , showcasing CDW's ability to maintain profitability despite lower sales. - Operating income increased by
5.1% to$433.1 million , demonstrating effective cost management. - Net income rose by
7.0% to$281.1 million , with earnings per diluted share up7.5% to$2.07 .
These improvements in profitability metrics, despite the sales decline, indicate CDW's resilience and adaptability in a challenging environment. The company's focus on high-margin areas like cloud, security and services has helped offset the impact of reduced hardware sales.
However, investors should note the
The company's strong cash flow generation and strategic flexibility, as highlighted by CFO Albert J. Miralles, provide a buffer against market volatility and support for future growth initiatives. The maintained quarterly dividend of
Looking ahead, CDW's target of exceeding US IT market growth by 200 to 300 basis points on a constant currency basis seems ambitious but achievable given their broad customer base and strong vendor relationships. However, the ongoing economic uncertainty and cautious customer spending patterns remain key challenges to monitor.
CDW's Q2 2024 results offer valuable insights into the current state of the IT solutions market. The
Key market trends emerging from the report include:
- Strength in cloud, security and services, indicating a shift towards digital transformation and cybersecurity priorities.
- Broad-based demand for client devices driven by refresh needs, suggesting a potential upgrade cycle in progress.
- Decreased spending in Government (
-6.2% ) and Education (-0.9% ) sectors, possibly reflecting budget constraints or completion of pandemic-era digitization projects. - Relative stability in Healthcare IT spending, which could indicate ongoing digital health initiatives.
The
CDW's performance relative to the overall IT market is crucial. Their ability to maintain profitability despite sales declines suggests effective positioning and service delivery. However, the company's growth target of 200-300 basis points above the US IT market may face headwinds if the current cautious spending environment persists.
The emphasis on serving over 250,000 customers and partnering with more than 1,000 technology brands underscores CDW's role as a bellwether for the IT solutions industry. Their performance and outlook provide valuable indicators for the health and direction of the broader technology sector, particularly in terms of enterprise and public sector IT spending trends.
Strong Margins Reinforce Power of Strategy, Cash Flow Enhances Strategic Flexibility
| (Dollars in millions, except per share amounts and percentage) | Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||||
2024 |
2023 |
%
|
2024 |
2023 |
%
|
|||||||||||
Net Sales |
$ |
5,423.4 |
|
$ |
5,626.1 |
|
(3.6 |
) |
$ |
10,296.1 |
|
$ |
10,729.2 |
|
(4.0 |
) |
Gross Profit |
$ |
1,183.1 |
|
$ |
1,181.5 |
|
0.1 |
|
$ |
2,246.4 |
|
$ |
2,270.9 |
|
(1.1 |
) |
Gross Profit Margin |
|
21.8 |
% |
|
21.0 |
% |
|
|
21.8 |
% |
|
21.2 |
% |
|
||
Operating Income |
$ |
433.1 |
|
$ |
412.2 |
|
5.1 |
|
$ |
761.1 |
|
$ |
767.5 |
|
(0.8 |
) |
Non-GAAP Operating Income1 |
$ |
510.3 |
|
$ |
529.8 |
|
(3.7 |
) |
$ |
913.8 |
|
$ |
964.1 |
|
(5.2 |
) |
Net Income |
$ |
281.1 |
|
$ |
262.6 |
|
7.0 |
|
$ |
497.2 |
|
$ |
492.7 |
|
0.9 |
|
Non-GAAP Net Income1 |
$ |
338.8 |
|
$ |
349.0 |
|
(2.9 |
) |
$ |
599.6 |
|
$ |
627.7 |
|
(4.5 |
) |
Net Income per Diluted Share |
$ |
2.07 |
|
$ |
1.92 |
|
7.5 |
|
$ |
3.66 |
|
$ |
3.60 |
|
1.6 |
|
Non-GAAP Net Income per Diluted Share1 |
$ |
2.50 |
|
$ |
2.56 |
|
(2.6 |
) |
$ |
4.41 |
|
$ |
4.59 |
|
(3.8 |
) |
Average Daily Sales2 |
$ |
84.7 |
|
$ |
87.9 |
|
(3.6 |
) |
$ |
80.4 |
|
$ |
83.8 |
|
(4.0 |
) |
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 64 selling days for both the three months ended June 30, 2024 and 2023. There were 128 selling days for both the six months ended June 30, 2024 and 2023. |
||||||||||||||||
CDW Corporation (Nasdaq: CDW), a leading multi-brand provider of information technology solutions to business, government, education and healthcare customers in
"Within an ongoing period of limited demand, the team's value as a trusted advisor and ability to meet our customers' most pressing needs drove strong performance in cloud, security and services," said Christine A. Leahy, chair and chief executive officer, CDW. "This performance contributed to profitability that is underpinned by the strategic investments we have made over the past five years to enhance customer value and our returns."
"During the quarter, economic uncertainty and increased technology complexity continued to weigh heavily on solutions spend while refresh needs drove broad-based demand for client devices," said Albert J. Miralles, chief financial officer, CDW. "Our ability to optimize cash flow generation through effective management of our working capital provides strategic flexibility across our capital priorities including M&A and share repurchases."
"Customers continue to turn to CDW to address their mission-critical IT and operational needs across the full IT solutions stack and lifecycle. We remain well-positioned to attain our target of exceeding US IT market growth by 200 to 300 basis points on a constant currency basis. To achieve this, we remain laser focused on meeting the 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 as the IT market continues to evolve," concluded Leahy.
Second Quarter of 2024 Highlights:
Net sales in the second quarter of 2024 were
-
Corporate segment Net sales of
$2,195 million -
Small Business segment Net sales of
$383 million -
Public segment Net sales of
$2,243 million -
Net sales for CDW's
UK and Canadian operations, combined as "Other" for financial reporting purposes, were$602 million
Gross profit remained relatively consistent in the second 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 tax rate was 26.0 percent in the second quarter of 2024, compared to 25.7 percent in the second quarter of 2023, which resulted in income tax expense of
Net income was
Weighted-average diluted shares outstanding were 136 million for the second quarter of 2024 and 2023. Net income per diluted share for the second quarter of 2024 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 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 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; potential interruptions of the flow of products from suppliers; decreases in spending on technology products and services, including impacts of adverse change in government spending policies; 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 Information
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 acquisition-related intangible asset amortization, equity-based compensation, acquisition and integration expenses, transformation initiatives, workplace optimization and the associated tax effects of each. 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 most comparable US GAAP financial measures.
About CDW
CDW Corporation 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, July 31, 2024 at 7:30 a.m. CT/8:30 a.m. ET to discuss its second quarter 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) |
||||||||||||||||||||||
(unaudited) |
||||||||||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||||||||
|
|
2024 |
|
2023 |
|
% Change(i) |
|
2024 |
|
2023 |
|
% Change(i) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales |
|
$ |
5,423.4 |
|
|
$ |
5,626.1 |
|
|
(3.6 |
)% |
|
$ |
10,296.1 |
|
|
$ |
10,729.2 |
|
|
(4.0 |
)% |
Cost of sales |
|
|
4,240.3 |
|
|
|
4,444.6 |
|
|
(4.6 |
) |
|
|
8,049.7 |
|
|
|
8,458.3 |
|
|
(4.8 |
) |
Gross profit |
|
|
1,183.1 |
|
|
|
1,181.5 |
|
|
0.1 |
|
|
|
2,246.4 |
|
|
|
2,270.9 |
|
|
(1.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Selling and administrative expenses |
|
|
750.0 |
|
|
|
769.3 |
|
|
(2.5 |
) |
|
|
1,485.3 |
|
|
|
1,503.4 |
|
|
(1.2 |
) |
Operating income |
|
|
433.1 |
|
|
|
412.2 |
|
|
5.1 |
|
|
|
761.1 |
|
|
|
767.5 |
|
|
(0.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense, net |
|
|
(52.3 |
) |
|
|
(58.2 |
) |
|
(10.1 |
) |
|
|
(103.6 |
) |
|
|
(115.9 |
) |
|
(10.6 |
) |
Other expense, net |
|
|
(1.1 |
) |
|
|
(0.6 |
) |
|
83.3 |
|
|
|
(1.2 |
) |
|
|
(1.9 |
) |
|
(36.8 |
) |
Income before income taxes |
|
|
379.7 |
|
|
|
353.4 |
|
|
7.4 |
|
|
|
656.3 |
|
|
|
649.7 |
|
|
1.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income tax expense |
|
|
(98.6 |
) |
|
|
(90.8 |
) |
|
8.6 |
|
|
|
(159.1 |
) |
|
|
(157.0 |
) |
|
1.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income |
|
$ |
281.1 |
|
|
$ |
262.6 |
|
|
7.0 |
% |
|
$ |
497.2 |
|
|
$ |
492.7 |
|
|
0.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
$ |
2.10 |
|
|
$ |
1.95 |
|
|
7.4 |
% |
|
$ |
3.70 |
|
|
$ |
3.65 |
|
|
1.5 |
% |
Diluted |
|
$ |
2.07 |
|
|
$ |
1.92 |
|
|
7.5 |
% |
|
$ |
3.66 |
|
|
$ |
3.60 |
|
|
1.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
|
134.1 |
|
|
|
134.6 |
|
|
|
|
|
134.3 |
|
|
|
135.1 |
|
|
|
||
Diluted |
|
|
135.6 |
|
|
|
136.1 |
|
|
|
|
|
135.8 |
|
|
|
136.7 |
|
|
|
||
| (i) | There were 64 selling days for both the three months ended June 30, 2024 and 2023. There were 128 selling days for both the six months ended June 30, 2024 and 2023. Average Daily Sales is defined as Net sales divided by the number of selling days. |
CDW CORPORATION AND SUBSIDIARIES |
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NET SALES DETAIL |
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(dollars in millions) |
||||||||||||||||||
(unaudited) |
||||||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||||
|
|
2024 |
|
2023 |
|
% Change(i) |
|
2024 |
|
2023 |
|
% Change(i) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Corporate |
|
$ |
2,195.2 |
|
$ |
2,245.0 |
|
(2.2 |
)% |
|
$ |
4,331.1 |
|
$ |
4,448.7 |
|
(2.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Small Business |
|
|
382.9 |
|
|
396.2 |
|
(3.4 |
) |
|
|
763.8 |
|
|
807.6 |
|
(5.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Public: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Government |
|
|
639.1 |
|
|
681.2 |
|
(6.2 |
) |
|
|
1,182.4 |
|
|
1,232.7 |
|
(4.1 |
) |
Education |
|
|
1,017.4 |
|
|
1,026.8 |
|
(0.9 |
) |
|
|
1,614.2 |
|
|
1,692.5 |
|
(4.6 |
) |
Healthcare |
|
|
586.8 |
|
|
587.1 |
|
(0.1 |
) |
|
|
1,171.4 |
|
|
1,182.7 |
|
(1.0 |
) |
Total Public |
|
|
2,243.3 |
|
|
2,295.1 |
|
(2.3 |
) |
|
|
3,968.0 |
|
|
4,107.9 |
|
(3.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other |
|
|
602.0 |
|
|
689.8 |
|
(12.7 |
) |
|
|
1,233.2 |
|
|
1,365.0 |
|
(9.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Net sales |
|
$ |
5,423.4 |
|
$ |
5,626.1 |
|
(3.6 |
)% |
|
$ |
10,296.1 |
|
$ |
10,729.2 |
|
(4.0 |
)% |
| (i) | There were 64 selling days for both the three months ended June 30, 2024 and 2023. There were 128 selling days for both the six months ended June 30, 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) |
||||||||||||||
(unaudited) |
||||||||||||||
|
Three Months Ended June 30, 2024 |
|||||||||||||
|
Corporate |
|
Small
|
|
Public |
|
Other |
|
Total |
|||||
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
|||||
Transferred at a point in time where CDW is principal |
$ |
1,830.4 |
|
$ |
337.2 |
|
$ |
1,992.2 |
|
$ |
512.0 |
|
$ |
4,671.8 |
Transferred at a point in time where CDW is agent |
|
193.2 |
|
|
34.2 |
|
|
134.5 |
|
|
30.8 |
|
|
392.7 |
Transferred over time where CDW is principal |
|
171.6 |
|
|
11.5 |
|
|
116.6 |
|
|
59.2 |
|
|
358.9 |
Total Net sales |
$ |
2,195.2 |
|
$ |
382.9 |
|
$ |
2,243.3 |
|
$ |
602.0 |
|
$ |
5,423.4 |
|
|
|
|
|
|
|
|
|
|
|||||
|
Three Months Ended June 30, 2023 |
|||||||||||||
|
Corporate |
|
Small
|
|
Public |
|
Other |
|
Total |
|||||
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
|||||
Transferred at a point in time where CDW is principal |
$ |
1,891.3 |
|
$ |
354.9 |
|
$ |
2,080.7 |
|
$ |
607.3 |
|
$ |
4,934.2 |
Transferred at a point in time where CDW is agent |
|
185.0 |
|
|
32.9 |
|
|
116.7 |
|
|
26.7 |
|
|
361.3 |
Transferred over time where CDW is principal |
|
168.7 |
|
|
8.4 |
|
|
97.7 |
|
|
55.8 |
|
|
330.6 |
Total Net sales |
$ |
2,245.0 |
|
$ |
396.2 |
|
$ |
2,295.1 |
|
$ |
689.8 |
|
$ |
5,626.1 |
|
Six Months Ended June 30, 2024 |
|||||||||||||
|
Corporate |
|
Small
|
|
Public |
|
Other |
|
Total |
|||||
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
|||||
Transferred at a point in time where CDW is principal |
$ |
3,609.7 |
|
$ |
668.9 |
|
$ |
3,507.9 |
|
$ |
1,054.1 |
|
$ |
8,840.6 |
Transferred at a point in time where CDW is agent |
|
388.0 |
|
|
73.3 |
|
|
242.7 |
|
|
62.0 |
|
|
766.0 |
Transferred over time where CDW is principal |
|
333.4 |
|
|
21.6 |
|
|
217.4 |
|
|
117.1 |
|
|
689.5 |
Total Net sales |
$ |
4,331.1 |
|
$ |
763.8 |
|
$ |
3,968.0 |
|
$ |
1,233.2 |
|
$ |
10,296.1 |
|
|
|
|
|
|
|
|
|
|
|||||
|
Six Months Ended June 30, 2023 |
|||||||||||||
|
Corporate |
|
Small
|
|
Public |
|
Other |
|
Total |
|||||
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
|||||
Transferred at a point in time where CDW is principal |
$ |
3,752.7 |
|
$ |
720.2 |
|
$ |
3,689.3 |
|
$ |
1,197.8 |
|
$ |
9,360.0 |
Transferred at a point in time where CDW is agent |
|
370.4 |
|
|
69.7 |
|
|
218.2 |
|
|
55.1 |
|
|
713.4 |
Transferred over time where CDW is principal |
|
325.6 |
|
|
17.7 |
|
|
200.4 |
|
|
112.1 |
|
|
655.8 |
Total Net sales |
$ |
4,448.7 |
|
$ |
807.6 |
|
$ |
4,107.9 |
|
$ |
1,365.0 |
|
$ |
10,729.2 |
CDW CORPORATION AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(dollars in millions) |
||||||||
|
June 30, 2024 |
|
December 31, 2023 |
|
June 30, 2023 |
|||
Assets |
(unaudited) |
|
|
|
(unaudited) |
|||
|
|
|
|
|
|
|||
Current assets: |
|
|
|
|
|
|||
Cash and cash equivalents |
$ |
665.3 |
|
$ |
588.7 |
|
$ |
203.9 |
Accounts receivable, net of allowance for credit losses
of |
|
4,718.8 |
|
|
4,567.5 |
|
|
4,496.9 |
Merchandise inventory |
|
724.8 |
|
|
668.1 |
|
|
789.8 |
Miscellaneous receivables |
|
545.3 |
|
|
470.5 |
|
|
518.3 |
Prepaid expenses and other |
|
389.4 |
|
|
410.2 |
|
|
479.1 |
Total current assets |
|
7,043.6 |
|
|
6,705.0 |
|
|
6,488.0 |
|
|
|
|
|
|
|||
Operating lease right-of-use assets |
|
130.9 |
|
|
128.8 |
|
|
137.2 |
Property and equipment, net |
|
186.9 |
|
|
195.5 |
|
|
194.4 |
Goodwill |
|
4,409.3 |
|
|
4,413.4 |
|
|
4,428.2 |
Other intangible assets, net |
|
1,295.0 |
|
|
1,369.7 |
|
|
1,424.6 |
Other assets |
|
573.0 |
|
|
472.2 |
|
|
313.5 |
Total assets |
$ |
13,638.7 |
|
$ |
13,284.6 |
|
$ |
12,985.9 |
|
|
|
|
|
|
|||
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|||
|
|
|
|
|
|
|||
Current liabilities: |
|
|
|
|
|
|||
Accounts payable - trade |
$ |
3,118.6 |
|
$ |
2,881.0 |
|
$ |
2,866.8 |
Accounts payable - inventory financing |
|
404.2 |
|
|
430.9 |
|
|
616.2 |
Current maturities of long-term debt |
|
1,203.5 |
|
|
613.1 |
|
|
42.2 |
Contract liabilities |
|
451.4 |
|
|
487.4 |
|
|
442.1 |
Accrued expenses and other current liabilities |
|
1,030.4 |
|
|
1,029.6 |
|
|
1,030.0 |
Total current liabilities |
|
6,208.1 |
|
|
5,442.0 |
|
|
4,997.3 |
|
|
|
|
|
|
|||
Long-term liabilities: |
|
|
|
|
|
|||
Debt |
|
4,424.8 |
|
|
5,031.8 |
|
|
5,721.0 |
Deferred income taxes |
|
151.7 |
|
|
171.4 |
|
|
180.2 |
Operating lease liabilities |
|
161.7 |
|
|
164.0 |
|
|
173.6 |
Other liabilities |
|
517.5 |
|
|
432.9 |
|
|
300.6 |
Total long-term liabilities |
|
5,255.7 |
|
|
5,800.1 |
|
|
6,375.4 |
|
|
|
|
|
|
|||
Total stockholders’ equity |
|
2,174.9 |
|
|
2,042.5 |
|
|
1,613.2 |
Total liabilities and stockholders’ equity |
$ |
13,638.7 |
|
$ |
13,284.6 |
|
$ |
12,985.9 |
CDW CORPORATION AND SUBSIDIARIES |
|||||||||||
DEBT AND WORKING CAPITAL INFORMATION |
|||||||||||
(dollars in millions) |
|||||||||||
(unaudited) |
|||||||||||
|
June 30, 2024 |
|
December 31, 2023 |
|
June 30, 2023 |
||||||
Debt and Revolver Availability |
|
|
|
|
|
||||||
Cash and cash equivalents |
$ |
665.3 |
|
|
$ |
588.7 |
|
|
$ |
203.9 |
|
Total debt |
|
5,628.3 |
|
|
|
5,644.9 |
|
|
|
5,763.2 |
|
Net debt(i) |
|
4,963.0 |
|
|
|
5,056.2 |
|
|
|
5,559.3 |
|
Revolver availability |
|
1,245.5 |
|
|
|
1,208.1 |
|
|
|
984.4 |
|
Cash plus revolver availability |
|
1,910.8 |
|
|
|
1,796.8 |
|
|
|
1,188.3 |
|
|
|
|
|
|
|
||||||
Working Capital(ii) |
|
|
|
|
|
||||||
Days of sales outstanding |
|
72 |
|
|
|
77 |
|
|
|
67 |
|
Days of supply in inventory |
|
13 |
|
|
|
13 |
|
|
|
14 |
|
Days of purchases outstanding |
|
(68 |
) |
|
|
(73 |
) |
|
|
(67 |
) |
Cash conversion cycle |
|
17 |
|
|
|
17 |
|
|
|
14 |
|
| (i) | Defined as Total debt minus Cash and cash equivalents |
|
| (ii) | Based on a rolling three-month average |
CDW CORPORATION AND SUBSIDIARIES |
||||||||
CASH FLOW INFORMATION |
||||||||
(dollars in millions) |
||||||||
(unaudited) |
||||||||
|
|
Six Months Ended June 30, |
||||||
|
|
2024 |
|
2023 |
||||
|
|
|
|
|
||||
Net cash provided by operating activities |
|
$ |
589.9 |
|
|
$ |
593.6 |
|
|
|
|
|
|
||||
Capital expenditures |
|
|
(60.4 |
) |
|
|
(71.3 |
) |
Acquisition of businesses, net of cash acquired |
|
|
(0.2 |
) |
|
|
(75.5 |
) |
Net cash used in investing activities |
|
|
(60.6 |
) |
|
|
(146.8 |
) |
|
|
|
|
|
||||
Net change in accounts payable - inventory financing |
|
|
(26.7 |
) |
|
|
161.6 |
|
Other cash flows used in financing activities |
|
|
(422.9 |
) |
|
|
(721.1 |
) |
Net cash used in financing activities |
|
|
(449.6 |
) |
|
|
(559.5 |
) |
|
|
|
|
|
||||
Effect of exchange rate changes on cash and cash equivalents |
|
|
(3.1 |
) |
|
|
1.4 |
|
Net increase (decrease) in cash and cash equivalents |
|
|
76.6 |
|
|
|
(111.3 |
) |
Cash and cash equivalents - beginning of period |
|
|
588.7 |
|
|
|
315.2 |
|
Cash and cash equivalents - end of period |
|
$ |
665.3 |
|
|
$ |
203.9 |
|
|
|
|
|
|
||||
Supplementary disclosure of cash flow information: |
|
|
|
|
||||
Interest paid |
|
$ |
(114.2 |
) |
|
$ |
(117.0 |
) |
Income taxes paid, net |
|
$ |
(147.6 |
) |
|
$ |
(174.9 |
) |
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 and six months ended June 30, 2024 and 2023 below. In addition, a reconciliation of Free cash flow and Adjusted free cash flow is included for the six months ended June 30, 2024 and 2023.
CDW CORPORATION AND SUBSIDIARIES |
|||||||||||||||||||||||
NON-GAAP OPERATING INCOME AND NON-GAAP OPERATING INCOME MARGIN |
|||||||||||||||||||||||
(dollars in millions) |
|||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||||||||||
|
2024 |
|
% of Net
|
|
2023 |
|
% of Net
|
|
2024 |
|
% of Net
|
|
2023 |
|
% of Net
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income, as reported |
$ |
433.1 |
|
8.0 |
% |
|
$ |
412.2 |
|
7.3 |
% |
|
$ |
761.1 |
|
7.4 |
% |
|
$ |
767.5 |
|
7.2 |
% |
Amortization of intangibles(i) |
|
37.8 |
|
|
|
|
37.3 |
|
|
|
|
75.5 |
|
|
|
|
78.9 |
|
|
||||
Equity-based compensation |
|
28.7 |
|
|
|
|
24.8 |
|
|
|
|
48.1 |
|
|
|
|
45.6 |
|
|
||||
Transformation initiatives(ii) |
|
8.7 |
|
|
|
|
4.6 |
|
|
|
|
14.8 |
|
|
|
|
9.6 |
|
|
||||
Acquisition and integration expenses |
|
0.9 |
|
|
|
|
8.7 |
|
|
|
|
1.6 |
|
|
|
|
17.6 |
|
|
||||
Workplace optimization(iii) |
|
— |
|
|
|
|
42.0 |
|
|
|
|
7.3 |
|
|
|
|
42.9 |
|
|
||||
Other adjustments |
|
1.1 |
|
|
|
|
0.2 |
|
|
|
|
5.4 |
|
|
|
|
2.0 |
|
|
||||
Non-GAAP operating income |
$ |
510.3 |
|
9.4 |
% |
|
$ |
529.8 |
|
9.4 |
% |
|
$ |
913.8 |
|
8.9 |
% |
|
$ |
964.1 |
|
9.0 |
% |
| (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 the workforce reduction program 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 June 30, |
|
|
|||||||||||||||||||||||||
|
2024 |
|
2023 |
|
|
|||||||||||||||||||||||
|
Income
|
|
Income Tax
|
|
Net Income |
|
Effective Tax Rate |
|
Income
|
|
Income Tax
|
|
Net Income |
|
Effective Tax Rate |
|
Net
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
US GAAP, as reported |
$ |
379.7 |
|
$ |
(98.6 |
) |
|
$ |
281.1 |
|
26.0 |
% |
|
$ |
353.4 |
|
$ |
(90.8 |
) |
|
$ |
262.6 |
|
25.7 |
% |
|
7.0 |
% |
Amortization of intangibles(ii) |
|
37.8 |
|
|
(9.8 |
) |
|
|
28.0 |
|
|
|
|
37.3 |
|
|
(9.6 |
) |
|
|
27.7 |
|
|
|
|
|||
Equity-based compensation |
|
28.7 |
|
|
(7.0 |
) |
|
|
21.7 |
|
|
|
|
24.8 |
|
|
(7.1 |
) |
|
|
17.7 |
|
|
|
|
|||
Transformation initiatives(iii) |
|
8.7 |
|
|
(2.3 |
) |
|
|
6.4 |
|
|
|
|
4.6 |
|
|
(1.2 |
) |
|
|
3.4 |
|
|
|
|
|||
Acquisition and integration expenses |
|
0.9 |
|
|
(0.2 |
) |
|
|
0.7 |
|
|
|
|
8.7 |
|
|
(2.3 |
) |
|
|
6.4 |
|
|
|
|
|||
Workplace optimization(iv) |
|
— |
|
|
— |
|
|
|
— |
|
|
|
|
42.0 |
|
|
(10.9 |
) |
|
|
31.1 |
|
|
|
|
|||
Other adjustments |
|
1.1 |
|
|
(0.2 |
) |
|
|
0.9 |
|
|
|
|
0.2 |
|
|
(0.1 |
) |
|
|
0.1 |
|
|
|
|
|||
Non-GAAP |
$ |
456.9 |
|
$ |
(118.1 |
) |
|
$ |
338.8 |
|
25.8 |
% |
|
$ |
471.0 |
|
$ |
(122.0 |
) |
|
$ |
349.0 |
|
25.9 |
% |
|
(2.9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income per diluted share |
|
|
|
|
$ |
2.07 |
|
|
|
|
|
|
|
$ |
1.92 |
|
|
|
|
|||||||||
Non-GAAP net income per diluted share |
|
|
|
|
$ |
2.50 |
|
|
|
|
|
|
|
$ |
2.56 |
|
|
|
|
|||||||||
Shares used in computing US GAAP and Non-GAAP net income per diluted share |
|
|
|
|
|
135.6 |
|
|
|
|
|
|
|
|
136.1 |
|
|
|
|
|||||||||
| (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 the workforce reduction program 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) |
||||||||||||||||||||||||||||
|
Six Months Ended June 30, |
|
|
|||||||||||||||||||||||||
|
2024 |
|
2023 |
|
|
|||||||||||||||||||||||
|
Income
|
|
Income Tax
|
|
Net Income |
|
Effective Tax Rate |
|
Income
|
|
Income Tax
|
|
Net Income |
|
Effective Tax Rate |
|
Net
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
US GAAP, as reported |
$ |
656.3 |
|
$ |
(159.1 |
) |
|
$ |
497.2 |
|
24.2 |
% |
|
$ |
649.7 |
|
$ |
(157.0 |
) |
|
$ |
492.7 |
|
24.2 |
% |
|
0.9 |
% |
Amortization of intangibles(ii) |
|
75.5 |
|
|
(19.6 |
) |
|
|
55.9 |
|
|
|
|
78.9 |
|
|
(20.5 |
) |
|
|
58.4 |
|
|
|
|
|||
Equity-based compensation |
|
48.1 |
|
|
(23.1 |
) |
|
|
25.0 |
|
|
|
|
45.6 |
|
|
(22.4 |
) |
|
|
23.2 |
|
|
|
|
|||
Transformation initiatives(iii) |
|
14.8 |
|
|
(3.9 |
) |
|
|
10.9 |
|
|
|
|
9.6 |
|
|
(2.5 |
) |
|
|
7.1 |
|
|
|
|
|||
Acquisition and integration expenses |
|
1.6 |
|
|
(0.4 |
) |
|
|
1.2 |
|
|
|
|
17.6 |
|
|
(4.6 |
) |
|
|
13.0 |
|
|
|
|
|||
Workplace optimization(iv) |
|
7.3 |
|
|
(1.9 |
) |
|
|
5.4 |
|
|
|
|
42.9 |
|
|
(11.1 |
) |
|
|
31.8 |
|
|
|
|
|||
Other adjustments |
|
5.4 |
|
|
(1.4 |
) |
|
|
4.0 |
|
|
|
|
2.0 |
|
|
(0.5 |
) |
|
|
1.5 |
|
|
|
|
|||
Non-GAAP |
$ |
809.0 |
|
$ |
(209.4 |
) |
|
$ |
599.6 |
|
25.9 |
% |
|
$ |
846.3 |
|
$ |
(218.6 |
) |
|
$ |
627.7 |
|
25.8 |
% |
|
(4.5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income per diluted share, as reported |
|
|
|
|
$ |
3.66 |
|
|
|
|
|
|
|
$ |
3.60 |
|
|
|
|
|||||||||
Non-GAAP net income per diluted share |
|
|
|
|
$ |
4.41 |
|
|
|
|
|
|
|
$ |
4.59 |
|
|
|
|
|||||||||
Shares used in computing US GAAP and Non-GAAP net income per diluted share |
|
|
|
|
|
135.8 |
|
|
|
|
|
|
|
|
136.7 |
|
|
|
|
|||||||||
| (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 the workforce reduction program 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 June 30, |
|
Six Months Ended June 30, |
|||||||||||||||
|
|
2024 |
|
2023 |
|
% Change(i) |
|
2024 |
|
2023 |
|
% Change(i) |
|||||||
Net sales, as reported |
|
$ |
5,423.4 |
|
$ |
5,626.1 |
|
|
(3.6 |
)% |
|
$ |
10,296.1 |
|
$ |
10,729.2 |
|
(4.0 |
)% |
Foreign currency translation(ii) |
|
|
— |
|
|
(0.5 |
) |
|
|
|
|
— |
|
|
19.2 |
|
|
||
Net sales, on a constant currency basis |
|
$ |
5,423.4 |
|
$ |
5,625.6 |
|
|
(3.6 |
)% |
|
$ |
10,296.1 |
|
$ |
10,748.4 |
|
(4.2 |
)% |
| (i) | There were 64 selling days for both the three months ended June 30, 2024 and 2023. There were 128 selling days for both the six months ended June 30, 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) |
|||||||
|
Six Months Ended June 30, |
||||||
|
2024 |
|
2023 |
||||
Net cash provided by operating activities |
$ |
589.9 |
|
|
$ |
593.6 |
|
Capital expenditures |
|
(60.4 |
) |
|
|
(71.3 |
) |
Free cash flow |
|
529.5 |
|
|
|
522.3 |
|
Net change in accounts payable - inventory financing |
|
(26.7 |
) |
|
|
161.6 |
|
Adjusted free cash flow(i) |
$ |
502.8 |
|
|
$ |
683.9 |
|
| (i) | Defined as Net cash 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/20240731643388/en/
Investor Inquiries
Steven O’Brien
Vice President, Investor Relations
(847) 968-0238
investorrelations@cdw.com
Media Inquires
Sara Granack
Vice President, Corporate Communications
(847) 419-7411
mediarelations@cdw.com
Source: CDW Corporation
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