CDW market cap is $15.6 b, and annual revenue was $16.24 b in FY 2018

CDW Gross profit (Q2, 2019)773.8 M

CDW Gross profit margin (Q2, 2019), %16.7%

CDW Net income (Q2, 2019)196.6 M

CDW EBIT (Q2, 2019)300.3 M

CDW Cash, 30-Jun-2019194.5 M

CDW EV18.7 B

CDW revenue was $16.24 b in FY, 2018 which is a 6.9% year over year increase from the previous period.

CDW revenue breakdown by business segment: 25.0% from Notebooks/ Mobile Devices, 13.1% from Netcomm Products , 8.1% from Desktops, 7.3% from Video , 6.8% from Enterprise and Data Storage (Including Drives), 20.4% from Other Hardware, 14.5% from Sowtware and 5.0% from Other

USD | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|

## Revenue | 13.0b | 14.0b | 15.2b | 16.2b |

| 8% | 8% | 9% | 7% |

## Cost of goods sold | 10.9b | 11.7b | 12.7b | 13.5b |

## Gross profit | 2.1b | 2.3b | 2.4b | 2.7b |

| 16% | 17% | 16% | 17% |

## Sales and marketing expense | 147.8m | 162.9m | 173.7m | 182.5m |

## General and administrative expense | 1.2b | 1.3b | 1.4b | 1.5b |

## Operating expense total | 1.4b | 1.5b | 1.6b | 1.7b |

## EBIT | 742.0m | 819.2m | 866.1m | 987.3m |

| 6% | 6% | 6% | 6% |

## Interest expense | 159.5m | 146.5m | 150.5m | 148.6m |

## Pre tax profit | 647.0m | 672.4m | 660.3m | 840.5m |

## Income tax expense | 243.9m | 248.0m | 137.3m | 197.5m |

## Net Income | 403.1m | 424.4m | 523.0m | 643.0m |

USD | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 | Q1, 2019 | Q2, 2019 |
---|---|---|---|---|---|---|---|---|

## Revenue | 3.3b | 4.0b | 4.0b | 3.6b | 4.2b | 4.4b | 4.0b | 4.6b |

## Cost of goods sold | 2.8b | 3.4b | 3.4b | 3.0b | 3.5b | 3.7b | 3.3b | 3.9b |

## Gross profit | 552.6m | 641.1m | 642.0m | 603.9m | 695.6m | 713.6m | 672.1m | 773.8m |

| 17% | 16% | 16% | 17% | 17% | 16% | 17% | 17% |

## Sales and marketing expense | 35.4m | 46.5m | 46.3m | 37.1m | 48.7m | 48.1m | 39.2m | 53.1m |

## General and administrative expense | 347.4m | 363.5m | 352.0m | 362.7m | 381.4m | 390.7m | 404.0m | 420.4m |

## Operating expense total | 382.8m | 410.0m | 398.3m | 399.8m | 430.1m | 438.8m | 443.2m | 473.5m |

## EBIT | 169.8m | 231.1m | 243.7m | 204.1m | 265.5m | 274.8m | 228.9m | 300.3m |

| 5% | 6% | 6% | 6% | 6% | 6% | 6% | 6% |

## Interest expense | 39.7m | 35.9m | 37.8m | 37.7m | 37.2m | 36.6m | 38.3m | 40.5m |

## Pre tax profit | 73.6m | 195.5m | 206.6m | 165.7m | 229.8m | 238.4m | 191.6m | 261.2m |

## Income tax expense | 16.0m | 54.5m | 77.4m | 38.7m | 56.8m | 54.7m | 38.7m | 64.6m |

## Net Income | 57.6m | 141.0m | 129.2m | 127.0m | 173.0m | 183.7m | 152.9m | 196.6m |

USD | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|

## Cash | 37.6m | 263.7m | 144.2m | 205.8m |

## Accounts Receivable | 2.0b | 2.2b | 2.3b | 2.7b |

## Inventories | 393.1m | 452.0m | 449.5m | 454.3m |

## Current Assets | 2.8b | 3.2b | 3.4b | 3.8b |

## PP&E | 175.4m | 163.7m | 161.1m | 156.1m |

## Goodwill | 2.5b | 2.5b | 2.5b | 2.5b |

## Total Assets | 6.8b | 6.9b | 7.0b | 7.2b |

## Accounts Payable | 866.5m | 1.1b | 1.3b | 1.6b |

## Short-term debt | 27.2m | 18.5m | 25.5m | 25.3m |

## Current Liabilities | 1.9b | 2.3b | 2.5b | 2.8b |

## Long-term debt | 3.2b | 3.2b | 3.2b | 3.2b |

## Non-Current Liabilities | 3.8b | 3.6b | 3.5b | 3.4b |

## Total Debt | 3.3b | 3.2b | 3.2b | 3.2b |

## Total Liabilities | 5.7b | 5.9b | 6.0b | 6.2b |

## Common Stock | 1.7m | 1.6m | 1.5m | 1.5m |

## Additional Paid-in Capital | 2.8b | 2.9b | 2.9b | 3.0b |

## Retained Earnings | (1.7b) | (1.7b) | (1.8b) | (1.9b) |

## Total Equity | 1.1b | 1.0b | 982.9m | 975.2m |

## Debt to Equity Ratio | 3 x | 3.1 x | 3.3 x | 3.3 x |

## Debt to Assets Ratio | 0.5 x | 0.5 x | 0.5 x | 0.4 x |

## Financial Leverage | 6.2 x | 6.6 x | 7.1 x | 7.3 x |

USD | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 | Q1, 2019 | Q2, 2019 |
---|---|---|---|---|---|---|---|---|

## Cash | 251.7m | 79.0m | 97.9m | 221.0m | 100.7m | 255.1m | 285.0m | 194.5m |

## Accounts Receivable | 2.0b | 2.3b | 2.3b | 2.3b | 2.6b | 2.7b | 2.7b | 3.0b |

## Inventories | 493.4m | 513.6m | 549.0m | 485.8m | 576.9m | 481.1m | 590.7m | 652.2m |

## Current Assets | 3.1b | 3.4b | 3.5b | 3.5b | 3.8b | 3.9b | 4.1b | 4.4b |

## PP&E | 162.4m | 160.7m | 162.5m | 153.1m | 150.3m | 147.8m | 155.2m | 163.4m |

## Goodwill | 2.5b | 2.5b | 2.5b | 2.5b | 2.5b | 2.5b | 2.5b | 2.5b |

## Total Assets | 6.8b | 7.0b | 7.1b | 7.0b | 7.3b | 7.4b | 7.7b | 7.9b |

## Accounts Payable | 1.1b | 1.4b | 1.2b | 1.3b | 1.7b | 1.6b | 1.7b | 2.1b |

## Short-term debt | 18.5m | 18.5m | 41.5m | 25.8m | 38.6m | 32.0m | 25.7m | 25.5m |

## Current Liabilities | 2.2b | 2.6b | 2.6b | 2.6b | 2.8b | 2.8b | 3.2b | 3.5b |

## Long-term debt | 3.3b | 3.3b | 3.4b | 3.2b | 3.2b | 3.2b | 3.4b | 3.3b |

## Non-Current Liabilities | 3.6b | 3.6b | 3.7b | 3.4b | 3.4b | 3.4b | 3.5b | 3.5b |

## Total Debt | 3.3b | 3.3b | 3.4b | 3.2b | 3.2b | 3.2b | 3.4b | 3.4b |

## Total Liabilities | 5.9b | 6.2b | 6.3b | 6.0b | 6.3b | 6.2b | 6.8b | 7.0b |

## Common Stock | 1.6m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m |

## Additional Paid-in Capital | 2.9b | 2.9b | 2.9b | 2.9b | 3.0b | 3.0b | 3.0b | 3.0b |

## Retained Earnings | (1.8b) | (1.9b) | (2.0b) | (1.9b) | (1.8b) | (1.7b) | (2.0b) | (2.0b) |

## Total Equity | 907.3m | 849.1m | 806.5m | 996.9m | 1.1b | 1.2b | 927.3m | 936.1m |

## Debt to Equity Ratio | 3.6 x | 3.9 x | 4.3 x | 3.2 x | 3 x | 2.8 x | 3.6 x | 3.6 x |

## Debt to Assets Ratio | 0.5 x | 0.5 x | 0.5 x | 0.5 x | 0.4 x | 0.4 x | 0.4 x | 0.4 x |

## Financial Leverage | 7.5 x | 8.3 x | 8.8 x | 7 x | 6.9 x | 6.4 x | 8.3 x | 8.5 x |

USD | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|

## Net Income | 403.1m | 424.4m | 523.0m | 643.0m |

## Depreciation and Amortization | 227.4m | 254.5m | 260.9m | 265.6m |

## Accounts Receivable | (342.6m) | (179.9m) | (128.4m) | (365.1m) |

## Inventories | (31.5m) | (68.5m) | 8.5m | (46.8m) |

## Accounts Payable | 100.5m | 225.1m | 231.5m | 271.2m |

## Cash From Operating Activities | 277.5m | 604.0m | 777.7m | 905.9m |

## Cash From Investing Activities | (354.4m) | (65.9m) | (81.1m) | (86.1m) |

## Short-term Borrowings | (314.5m) | (338.8m) | (1.6b) | (686.7m) |

## Long-term Borrowings | (558.1m) | (1.5b) | (2.1b) | (21.6m) |

## Dividends Paid | (52.9m) | (78.7m) | (106.9m) | (139.4m) |

## Cash From Financing Activities | (226.5m) | (304.6m) | (818.7m) | (754.8m) |

## Net Change in Cash | (306.9m) | 226.1m | (119.5m) | 61.6m |

## Interest Paid | (154.6m) | (144.3m) | (148.5m) | (148.8m) |

## Income Taxes Paid | (300.2m) | (329.2m) | (275.7m) | (261.2m) |

## Free Cash Flow | 187.4m | 540.5m | 696.6m | 819.8m |

USD | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 | Q1, 2019 | Q2, 2019 |
---|---|---|---|---|---|---|---|---|

## Net Income | 57.6m | 198.7m | 327.8m | 127.0m | 300.0m | 483.7m | 152.9m | 349.5m |

## Depreciation and Amortization | 64.2m | 129.5m | 195.2m | 66.6m | 132.9m | 198.7m | 64.3m | 129.3m |

## Accounts Receivable | 184.6m | (156.3m) | (120.4m) | 60.5m | (295.2m) | (334.3m) | 11.9m | (230.1m) |

## Inventories | (40.3m) | (57.8m) | (90.5m) | (72.4m) | (167.7m) | (72.1m) | (134.2m) | (197.3m) |

## Accounts Payable | (10.4m) | 311.8m | 140.2m | (29.8m) | 386.8m | 300.6m | 116.0m | 414.9m |

## Cash From Operating Activities | 369.9m | 376.2m | 439.1m | 222.2m | 332.3m | 602.3m | 252.4m | 414.5m |

## Cash From Investing Activities | (19.6m) | (36.8m) | (58.6m) | (15.9m) | (33.6m) | (53.4m) | (88.1m) | (118.9m) |

## Short-term Borrowings | (6.1m) | (13.7m) | (1.1b) | (170.0m) | (474.4m) | (681.9m) | (12.5m) | (815.0m) |

## Long-term Borrowings | (2.1b) | (2.1b) | (2.1b) | (3.7m) | (7.5m) | (18.2m) | (5.9m) | (9.6m) |

## Dividends Paid | (25.5m) | (50.3m) | (74.7m) | (32.0m) | (63.8m) | (95.5m) | (43.4m) | (86.3m) |

## Cash From Financing Activities | (362.2m) | (526.7m) | (547.6m) | (131.2m) | (338.2m) | (435.3m) | (80.2m) | (305.2m) |

## Net Change in Cash | (12.0m) | (184.7m) | (165.8m) | 76.8m | (43.5m) | 110.9m | 84.9m | (11.3m) |

## Interest Paid | (48.4m) | (76.8m) | (118.6m) | (42.7m) | (74.5m) | (117.4m) | (44.1m) | (76.0m) |

## Income Taxes Paid | (6.3m) | (96.5m) | (169.6m) | (10.6m) | (118.4m) | (200.5m) | (11.4m) | (115.2m) |

## Free Cash Flow | 350.3m | 339.4m | 380.5m | 206.3m | 298.7m | 548.9m | 233.0m | 370.6m |

USD | Y, 2019 |
---|---|

## EV/EBIT | 65 x |

## EV/CFO | 47.1 x |

## EV/FCF | 52.7 x |

## Debt/Equity | 3.6 x |

## Debt/Assets | 0.4 x |

## Financial Leverage | 8.5 x |

CDW's Enterprise Customers was reported to be 250 k in FY, 2018.