CDW FY 2012 Earnings Report — CDW Corporation Revenue & Financial Results | Market Cap Arena

CDW CorporationCDW

FY 2012 Earnings

Reported November 8, 2013

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2012	Prior Q	FY 2011	QoQ Change	YoY Change
Revenue	$10.1B	—	$9.6B	—	5.5%
Op. Income	$511M	—	$471M	—	8.5%
Gross Margin	16.5%	—	16.5%	—	-0.0pp
Net Margin	1.2%	—	0.2%	—	1.0pp
EPS (Diluted)	$0.82	—	$0.12	—	583.3%
Free Cash Flow	$276M	—	$169M	—	63.3%

Revenue Flow

Item	Amount
REVENUE	$10.1B
Cost of Revenue	$8.5B
GROSS PROFIT	$1.7B
R&D Expenses	$0
Selling & Marketing	$130M
General & Administrative	$1.0B
SG&A Expenses	$1.2B
Other Expenses	$0
Operating Expenses	$1.2B
Cost & Expenses	$9.6B
OPERATING INCOME	$511M
Interest Income	$0
Interest Expense	$307M
Other Income/Expenses	-$325M
INCOME BEFORE TAX	$186M
Income Tax Expense	$67M
Net Income from Continuing Ops	$119M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$119M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$119M
D&A	$210M
EBIT	$494M
EBITDA	$704M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$10.1B
Cost of Revenue	$8.5B
GROSS PROFIT	$1.7B
R&D Expenses	$0
Selling & Marketing	$130M
General & Administrative	$1.0B
SG&A Expenses	$1.2B
Other Expenses	$0
Operating Expenses	$1.2B
Cost & Expenses	$9.6B
OPERATING INCOME	$511M
Interest Income	$0
Interest Expense	$307M
Other Income/Expenses	-$325M
INCOME BEFORE TAX	$186M
Income Tax Expense	$67M
Net Income from Continuing Ops	$119M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$119M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$119M
D&A	$210M
EBIT	$494M
EBITDA	$704M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$119M
Depreciation & Amortization	$210M
Stock-Based Compensation	$22M
Deferred Income Tax	-$56M
Other Non-Cash Items	$32M
Change in Working Capital	-$9M
OPERATING CASH FLOW	$317M
Capital Expenditure	-$41M
Acquisitions (Net)	$0
Purchases of Investments	-$300.0K
Sales/Maturities of Investments	$0
Other Investing Activities	$0
NET CASH FROM INVESTING	-$42M
Net Debt Issuance	-$309M
Common Stock Repurchased	-$700.0K
Common Dividends Paid	$0
Other Financing Activities	-$29M
NET CASH FROM FINANCING	-$338M
FREE CASH FLOW	$276M
Net Change in Cash	-$62M

Balance Sheet

Item	Amount
Cash & Equivalents	$38M
Short-Term Investments	$0
Net Receivables	$1.4B
Inventory	$315M
Other Current Assets	$14M
TOTAL CURRENT ASSETS	$1.8B
PP&E (Net)	$143M
Goodwill	$2.2B
Intangible Assets	$1.5B
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$55M
TOTAL NON-CURRENT ASSETS	$3.9B
TOTAL ASSETS	$5.7B
Account Payables	$519M
Short-Term Debt	$40M
Deferred Revenue	$58M
Other Current Liabilities	$195M
TOTAL CURRENT LIABILITIES	$1.2B
Long-Term Debt	$3.7B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$624M
Other Non-Current Liabilities	$60M
TOTAL NON-CURRENT LIABILITIES	$4.4B
TOTAL LIABILITIES	$5.6B
Common Stock	$1M
Additional Paid-In Capital	$2.2B
Retained Earnings	-$2.1B
Treasury Stock	$0
Accum. Other Comp. Income	$400.0K
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$137M
Minority Interest	$0
TOTAL EQUITY	$137M
TOTAL LIABILITIES & EQUITY	$5.7B
Total Debt	$3.8B
Net Debt	$3.7B