CDW FY 2006 Earnings Report — CDW Corporation Revenue & Financial Results | Market Cap Arena

CDW CorporationCDW

FY 2006 Earnings

Reported December 30, 2006

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2006	Prior Q	FY 2005	QoQ Change	YoY Change
Revenue	$6.8B	—	$6.3B	—	7.8%
Op. Income	$396M	—	$420M	—	-5.5%
Gross Margin	15.8%	—	15.4%	—	0.4pp
Net Margin	3.9%	—	4.3%	—	-0.4pp
EPS (Diluted)	$3.30	—	$3.26	—	1.2%
Free Cash Flow	$131M	—	$255M	—	-48.5%

Revenue Flow

Item	Amount
REVENUE	$6.8B
Cost of Revenue	$5.7B
GROSS PROFIT	$1.1B
R&D Expenses	$0
Selling & Marketing	$118M
General & Administrative	$530M
SG&A Expenses	$648M
Other Expenses	$25M
Operating Expenses	$673M
Cost & Expenses	$6.4B
OPERATING INCOME	$396M
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	$18M
INCOME BEFORE TAX	$414M
Income Tax Expense	$148M
Net Income from Continuing Ops	$266M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$266M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$266M
D&A	$28M
EBIT	$396M
EBITDA	$425M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$6.8B
Cost of Revenue	$5.7B
GROSS PROFIT	$1.1B
R&D Expenses	$0
Selling & Marketing	$118M
General & Administrative	$530M
SG&A Expenses	$648M
Other Expenses	$25M
Operating Expenses	$673M
Cost & Expenses	$6.4B
OPERATING INCOME	$396M
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	$18M
INCOME BEFORE TAX	$414M
Income Tax Expense	$148M
Net Income from Continuing Ops	$266M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$266M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$266M
D&A	$28M
EBIT	$396M
EBITDA	$425M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$266M
Depreciation & Amortization	$28M
Stock-Based Compensation	$0
Deferred Income Tax	-$14M
Other Non-Cash Items	-$1M
Change in Working Capital	-$62M
OPERATING CASH FLOW	$217M
Capital Expenditure	-$86M
Acquisitions (Net)	-$181M
Purchases of Investments	-$407M
Sales/Maturities of Investments	$850M
Other Investing Activities	-$276M
NET CASH FROM INVESTING	-$100M
Net Debt Issuance	$3M
Common Stock Repurchased	-$228M
Common Dividends Paid	-$41M
Other Financing Activities	$95M
NET CASH FROM FINANCING	-$170M
FREE CASH FLOW	$131M
Net Change in Cash	-$53M

Balance Sheet

Item	Amount
Cash & Equivalents	$148M
Short-Term Investments	$204M
Net Receivables	$906M
Inventory	$262M
Other Current Assets	$15M
TOTAL CURRENT ASSETS	$1.5B
PP&E (Net)	$171M
Goodwill	$119M
Intangible Assets	$64M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$47M
TOTAL NON-CURRENT ASSETS	$402M
TOTAL ASSETS	$2.0B
Account Payables	$354M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$529M
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$11M
Other Non-Current Liabilities	$24M
TOTAL NON-CURRENT LIABILITIES	$35M
TOTAL LIABILITIES	$564M
Common Stock	$963.0K
Additional Paid-In Capital	$632M
Retained Earnings	$1.6B
Treasury Stock	-$877M
Accum. Other Comp. Income	$494.0K
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.4B
Minority Interest	$0
TOTAL EQUITY	$1.4B
TOTAL LIABILITIES & EQUITY	$2.0B
Total Debt	$0
Net Debt	-$148M