$12.2 B

CDW Mkt cap, 11-Oct-2018
CDW Net income (Q2, 2018)300 M

CDW Revenue

CDW revenue was $15.19 b in FY, 2017 which is a 8.7% year over year increase from the previous period.

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CDW Revenue Breakdown

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CDW revenue breakdown by business segment: 16.7% from Sowtware, 20.4% from Other Hardware, 7.1% from Enterprise and Data Storage (Including Drives), 7.1% from Video , 7.6% from Desktops, 13.4% from Netcomm Products , 23.0% from Notebooks/ Mobile Devices and 4.7% from Other

CDW Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Revenue

12.1b13.0b14.0b15.2b

Revenue growth, %

12%8%8%9%

Cost of goods sold

10.2b10.9b11.7b12.7b

Gross profit

1.9b2.1b2.3b2.4b

Gross profit Margin, %

16%16%17%16%

Sales and marketing expense

173.7m

General and administrative expense

1.4b

Operating expense total

1.6b

EBITDA

792.9m1.0b1.1b

EBITDA margin, %

7%8%8%

EBIT

673.0m742.0m819.2m866.1m

EBIT margin, %

6%6%6%6%

Interest expense

197.3m159.5m146.5m

Pre tax profit

387.7m647.0m672.4m660.3m

Income tax expense

142.8m243.9m248.0m137.3m

Net Income

244.9m403.1m424.4m523.0m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Revenue

2.9b2.7b3.1b3.3b2.8b3.3b3.5b3.1b3.7b3.7b3.3b4.0b

Cost of goods sold

2.4b2.2b2.6b2.8b2.3b2.8b2.9b2.6b3.1b3.1b2.8b3.4b6.5b

Gross profit

458.4m425.2m496.9m507.3m456.5m534.5m567.2m524.5m610.5m614.3m552.6m641.1m

Gross profit Margin, %

16%16%16%16%17%16%16%17%17%17%17%16%

General and administrative expense

332.4m260.9m273.9m285.4m275.5m290.6m321.4m329.3m344.7m334.9m347.4m363.5m

Operating expense total

332.4m260.9m273.9m285.4m275.5m290.6m321.4m329.3m344.7m334.9m347.4m363.5m

EBIT

92.9m135.8m188.2m184.7m151.6m205.9m204.6m161.0m223.5m237.5m169.8m231.1m

EBIT margin, %

3%5%6%6%6%6%6%5%6%6%5%6%

Interest expense

56.2m50.1m48.5m50.1m44.8m37.8m38.5m38.1m36.9m37.6m39.7m35.9m

Interest income

50.1m44.8m37.8m38.5m38.1m36.9m37.6m39.7m

Pre tax profit

(4.8m)80.8m137.2m89.5m87.0m172.1m246.2m123.9m187.5m198.2m73.6m195.5m

Income tax expense

2.6m(29.9m)(50.6m)(33.9m)(32.3m)(63.9m)(95.3m)(46.1m)(70.0m)(72.3m)16.0m54.5m

Net Income

(2.2m)50.9m86.6m55.6m54.7m108.2m150.9m77.8m117.5m125.9m57.6m141.0m127.0m300.0m

CDW Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

188.1m344.5m37.6m263.7m144.2m

Accounts Receivable

2.3b

Inventories

449.5m

Current Assets

2.2b2.5b2.8b3.2b3.4b

PP&E

131.1m137.2m175.4m163.7m161.1m

Goodwill

2.2b2.2b2.5b2.5b2.5b

Total Assets

5.9b6.1b6.8b6.9b7.0b

Accounts Payable

664.0k1.3b

Short-term debt

45.4m15.4m27.2m18.5m

Current Liabilities

1.4b1.5b1.9b2.3b2.5b

Long-term debt

3.2b3.2b3.2b3.2b3.2b

Non-Current Liabilities

3.8b3.7b3.8b3.6b3.5b

Total Debt

3.3b3.2b3.3b3.2b3.2b

Total Liabilities

5.2b5.2b5.7b5.9b6.0b

Common Stock

1.5m

Additional Paid-in Capital

2.7b2.7b2.8b2.9b2.9b

Retained Earnings

(2.0b)(1.8b)(1.7b)(1.7b)(1.8b)

Total Equity

711.7m936.5m1.1b1.0b982.9m

Debt to Equity Ratio

4.6 x3.4 x3 x3.1 x3.3 x

Debt to Assets Ratio

0.5 x0.5 x0.5 x0.5 x0.5 x

Financial Leverage

8.3 x6.5 x6.2 x6.6 x7.1 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Cash

350.2m306.7m227.6m357.8m447.4m335.7m97.5m248.2m129.4m118.3m251.7m79.0m221.0m

Current Assets

2.3b2.2b2.4b2.5b2.5b2.7b2.7b2.8b3.1b3.0b3.1b3.4b

PP&E

129.6m129.9m129.8m131.7m135.1m134.2m154.4m168.4m163.8m162.5m162.4m160.7m

Goodwill

2.2b2.2b2.2b2.2b2.2b2.2b2.5b2.5b2.5b2.5b2.5b2.5b

Total Assets

6.0b5.9b6.0b6.1b6.1b6.3b6.7b6.7b6.9b6.8b6.8b7.0b

Current Liabilities

1.5b1.4b1.5b1.5b1.4b1.6b1.9b1.9b2.2b2.1b2.2b2.6b2.8b

Non-Current Liabilities

3.9b3.7b3.7b3.7b3.7b3.6b3.8b3.7b3.7b3.7b3.6b3.6b

Common Stock

1.7m1.6m1.6m1.6m

Preferred Stock

Additional Paid-in Capital

2.7b2.7b2.7b2.7b2.7b2.7b2.8b2.8b2.8b2.8b2.9b2.9b

Retained Earnings

(2.0b)(1.9b)(1.8b)(1.8b)(1.7b)(1.7b)(1.7b)(1.7b)(1.7b)(1.7b)(1.8b)(1.9b)

Total Equity

659.8m754.8m844.8m894.0m975.5m995.8m1.1b1.0b1.0b990.5m907.3m849.1m

Financial Leverage

9.2 x7.8 x7.2 x6.8 x6.2 x6.3 x6.3 x6.5 x6.8 x6.8 x7.5 x8.3 x

CDW Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

132.8m244.9m403.1m424.4m523.0m

Depreciation and Amortization

254.5m260.9m

Accounts Receivable

(170.8m)(117.6m)(342.6m)(179.9m)(128.4m)

Inventories

8.5m

Accounts Payable

231.5m

Cash From Operating Activities

366.3m435.0m277.5m604.0m777.7m

Cash From Investing Activities

(47.1m)(164.8m)(354.4m)(65.9m)(81.1m)

Short-term Borrowings

(63.0m)(314.5m)(338.8m)

Long-term Borrowings

(51.1m)(15.4m)(32.8m)(20.6m)(3.7b)

Dividends Paid

(7.3m)(33.6m)(52.9m)(78.7m)(106.9m)

Cash From Financing Activities

(168.3m)(112.0m)(226.5m)(304.6m)(818.7m)

Net Change in Cash

(119.5m)

Interest Paid

(144.3m)(148.5m)

Income Taxes Paid

(275.7m)

Free Cash Flow

319.2m380.0m187.4m540.5m696.6m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Net Income

72.8m50.9m137.5m193.1m54.7m162.9m313.8m77.8m195.3m321.2m57.6m198.7m127.0m300.0m

Depreciation and Amortization

156.3m52.0m104.0m155.9m52.5m105.1m165.0m64.0m127.7m190.7m64.2m129.5m

Accounts Receivable

(27.9m)113.2m(75.7m)(26.2m)105.4m(157.7m)(178.4m)237.6m(74.9m)(17.9m)184.6m(156.3m)

Cash From Operating Activities

370.8m246.3m175.9m350.5m177.8m99.1m294.9m427.6m313.1m499.3m369.9m376.2m

Cash From Investing Activities

(30.5m)(30.2m)(41.9m)(56.0m)(10.5m)(23.4m)(308.2m)(11.0m)(25.7m)(43.5m)(19.6m)(36.8m)

Short-term Borrowings

(63.0m)

Long-term Borrowings

(47.2m)(3.9m)(7.7m)(11.6m)(3.9m)(7.7m)(26.1m)(6.7m)(13.4m)(17.0m)(3.7m)(7.5m)

Dividends Paid

7.3m(14.6m)(21.9m)(11.7m)(23.2m)(34.6m)(18.0m)(35.7m)(53.1m)(25.5m)

Cash From Financing Activities

(27.4m)(97.0m)(94.7m)(123.7m)(62.7m)(83.1m)(229.9m)(206.4m)(192.7m)(370.9m)(362.2m)(526.7m)

Interest Paid

(169.5m)(16.1m)(99.8m)(127.2m)(53.1m)(81.3m)(125.4m)(44.1m)(73.0m)(117.4m)(48.4m)

Income Taxes Paid

(96.5m)

Free Cash Flow

340.3m237.0m154.9m316.1m167.8m76.2m339.4m
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CDW Operating Metrics

CDW's Enterprise Customers was reported to be 250 k in FY, 2016.
Q1, 2014Q2, 2014Q3, 2014FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017

Brands

1 k1 k1 k1 k1 k1 k1 k1 k1 k1 k1 k1 k1 k

Countries

100 80 80

Distribution Centers

2 2 2

Enterprise Customers

250 k250 k250 k

Products

100 k100 k100 k100 k100 k100 k100 k100 k100 k100 k100 k100 k100 k

Salesmen

4.40 k4.50 k4.60 k4.60 k4.60 k4.60 k5 k5 k5 k5 k5 k5.50 k5.50 k
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