CDW market cap is $19 b, and annual revenue was $18.03 b in FY 2019

CDW Gross profit (Q3, 2020)825.5 M

CDW Gross profit margin (Q3, 2020), %17.4%

CDW Net income (Q3, 2020)193.2 M

CDW EBIT (Q3, 2020)317.8 M

CDW Cash, 30-Sept-20201.2 B

CDW EV21.8 B

CDW revenue was $18.03 b in FY, 2019 which is a 11% year over year increase from the previous period.

CDW revenue breakdown by business segment: 13.4% from Education, 10.7% from Healthcare, 8.4% from Small Business, 14.0% from Government, 41.6% from Corporate and 12.0% from Other

CDW revenue breakdown by geographic segment: 11.9% from Rest of World and 88.1% from United States

USD | FY, 2017 | FY, 2018 | FY, 2019 |
---|---|---|---|

## Revenue | 15.2b | 16.2b | 18.0b |

| 9% | 7% | 11% |

## Cost of goods sold | 12.7b | 13.5b | 15.0b |

## Gross profit | 2.4b | 2.7b | 3.0b |

| 16% | 17% | 17% |

## Sales and marketing expense | 173.7m | 182.5m | 193.2m |

## General and administrative expense | 1.4b | 1.5b | 1.7b |

## Operating expense total | 1.6b | 1.7b | 1.9b |

## EBIT | 866.1m | 987.3m | 1.1b |

| 6% | 6% | 6% |

## Interest expense | 150.5m | 148.6m | 159.4m |

## Pre tax profit | 660.3m | 840.5m | 949.7m |

## Income tax expense | 137.3m | 197.5m | 212.9m |

## Net Income | 523.0m | 643.0m | 736.8m |

## EPS | 3.3 | 4.2 | 5.0 |

USD | Q1, 2018 | Q2, 2018 | Q3, 2018 | Q1, 2019 | Q2, 2019 | Q3, 2019 | Q1, 2020 | Q2, 2020 | Q3, 2020 |
---|---|---|---|---|---|---|---|---|---|

## Revenue | 3.6b | 4.2b | 4.4b | 4.0b | 4.6b | 4.9b | 4.4b | 4.4b | 4.8b |

## Cost of goods sold | 3.0b | 3.5b | 3.7b | 3.3b | 3.9b | 4.1b | 3.6b | 3.6b | 3.9b |

## Gross profit | 603.9m | 695.6m | 713.6m | 672.1m | 773.8m | 816.5m | 756.5m | 747.2m | 825.5m |

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

## Sales and marketing expense | 37.1m | 48.7m | 48.1m | 39.2m | 53.1m | 51.0m | |||

## General and administrative expense | 362.7m | 381.4m | 390.7m | 404.0m | 420.4m | 444.9m | 510.7m | 463.8m | 507.7m |

## Operating expense total | 399.8m | 430.1m | 438.8m | 443.2m | 473.5m | 495.9m | 510.7m | 463.8m | 507.7m |

## EBIT | 204.1m | 265.5m | 274.8m | 228.9m | 300.3m | 320.6m | 245.8m | 283.4m | 317.8m |

| 6% | 6% | 6% | 6% | 6% | 7% | 6% | 6% | 7% |

## Interest expense | 37.7m | 37.2m | 36.6m | 38.3m | 40.5m | 42.3m | 37.9m | 39.7m | 40.2m |

## Pre tax profit | 165.7m | 229.8m | 238.4m | 191.6m | 261.2m | 260.9m | 211.8m | 245.4m | 250.1m |

## Income tax expense | 38.7m | 56.8m | 54.7m | 38.7m | 64.6m | 59.2m | 43.9m | 56.3m | 56.9m |

## Net Income | 127.0m | 173.0m | 183.7m | 152.9m | 196.6m | 201.7m | 167.9m | 189.1m | 193.2m |

## EPS | 0.8 | 1.1 | 1.2 | 1.0 | 1.3 | 1.4 | 1.2 | 1.3 |

USD | FY, 2017 | FY, 2018 | FY, 2019 |
---|---|---|---|

## Cash | 144.2m | 205.8m | 154.0m |

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

## Inventories | 449.5m | 454.3m | 611.2m |

## Current Assets | 3.4b | 3.8b | 4.3b |

## PP&E | 161.1m | 156.1m | 363.1m |

## Goodwill | 2.5b | 2.5b | 2.6b |

## Total Assets | 7.0b | 7.2b | 8.0b |

## Accounts Payable | 1.3b | 1.6b | 1.8b |

## Short-term debt | 25.5m | 25.3m | 34.1m |

## Current Liabilities | 2.5b | 2.8b | 3.5b |

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

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

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

## Common Stock | 1.5m | 1.5m | 1.4m |

## Additional Paid-in Capital | 2.9b | 3.0b | 3.1b |

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

## Total Equity | 982.9m | 975.2m | 960.3m |

## Debt to Equity Ratio | 3.3 x | 3.3 x | 3.6 x |

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

## Financial Leverage | 7.1 x | 7.3 x | 8.3 x |

USD | FY, 2017 | FY, 2018 | FY, 2019 |
---|---|---|---|

## Net Income | 523.0m | 643.0m | 736.8m |

## Depreciation and Amortization | 260.9m | 265.6m | 267.1m |

## Accounts Receivable | (128.4m) | (365.1m) | (244.8m) |

## Inventories | 8.5m | (46.8m) | (153.0m) |

## Accounts Payable | 231.5m | 271.2m | 194.1m |

## Cash From Operating Activities | 777.7m | 905.9m | 1.0b |

## Capital Expenditures | (81.1m) | (86.1m) | (236.3m) |

## Cash From Investing Activities | (81.1m) | (86.1m) | (331.4m) |

## Short-term Borrowings | (1.6b) | (686.7m) | (2.4b) |

## Long-term Borrowings | (2.1b) | (21.6m) | (562.5m) |

## Dividends Paid | (106.9m) | (139.4m) | (183.4m) |

## Cash From Financing Activities | (818.7m) | (754.8m) | (749.8m) |

## Net Change in Cash | (119.5m) | 61.6m | (51.8m) |

## Interest Paid | 148.5m | 148.8m | 154.2m |

## Income Taxes Paid | 275.7m | 261.2m | 272.2m |

## Free Cash Flow | 696.6m | 819.8m | 790.9m |

USD | FY, 2017 |
---|---|

## EV/EBIT | 15.8 x |

## EV/CFO | 17.7 x |

## EV/FCF | 19.7 x |

## Revenue/Employee | 1.7m |

## Debt/Equity | 3.3 x |

## Debt/Assets | 0.5 x |

## Financial Leverage | 7.1 x |

## P/E Ratio | 20.9 |

CDW's Enterprise Customers was reported to be 250 k in FY, 2019.

FY, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 | FY, 2018 | Q1, 2019 | Q2, 2019 | Q3, 2019 | FY, 2019 | Q1, 2020 | Q2, 2020 | |
---|---|---|---|---|---|---|---|---|---|---|---|

## Countries | 80 | 80 | 150 | ||||||||

## Products | 100 k | 100 k | 100 k | 100 k | 100 k | 100 k | 100 k | 100 k | 100 k | 100 k | 100 k |

## Brands | 1 k | 1 k | 1 k | 1 k | 1 k | 1 k | 1 k | 1 k | 1 k | 1 k | 1 k |

## Distribution Centers | 3 | 3 | 2 | ||||||||

## Enterprise Customers | 250 k | 250 k | 250 k | ||||||||

## Remaining Performance Obligations | $194 m | $170 m | $188 m | $178 m | $192 m | $201 m | $212 m | $252 m | $258 m | $275 m | |

## Twelve-Month Remaining Performance Obligations | $39.20 m | $33.60 m | $38.20 m | $37.80 m | $39 m | $40.80 m | $40.20 m | $43.10 m | $42.70 m | $37.20 m |