CDW FY 2013 Earnings Report — CDW Corporation Revenue & Financial Results | Market Cap Arena

CDW CorporationCDW

FY 2013 Earnings

Reported March 5, 2014

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2013	Prior Q	FY 2012	QoQ Change	YoY Change
Revenue	$10.8B	—	$10.1B	—	6.3%
Op. Income	$509M	—	$511M	—	-0.4%
Gross Margin	16.3%	—	16.5%	—	-0.1pp
Net Margin	1.2%	—	1.2%	—	0.1pp
EPS (Diluted)	$0.84	—	$0.82	—	2.4%
Free Cash Flow	$319M	—	$276M	—	15.7%

Revenue Flow

Item	Amount
REVENUE	$10.8B
Cost of Revenue	$9.0B
GROSS PROFIT	$1.8B
R&D Expenses	$0
Selling & Marketing	$131M
General & Administrative	$1.1B
SG&A Expenses	$1.3B
Other Expenses	$0
Operating Expenses	$1.3B
Cost & Expenses	$10.3B
OPERATING INCOME	$509M
Interest Income	$0
Interest Expense	$250M
Other Income/Expenses	-$313M
INCOME BEFORE TAX	$196M
Income Tax Expense	$63M
Net Income from Continuing Ops	$133M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$133M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$133M
D&A	$208M
EBIT	$446M
EBITDA	$654M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$10.8B
Cost of Revenue	$9.0B
GROSS PROFIT	$1.8B
R&D Expenses	$0
Selling & Marketing	$131M
General & Administrative	$1.1B
SG&A Expenses	$1.3B
Other Expenses	$0
Operating Expenses	$1.3B
Cost & Expenses	$10.3B
OPERATING INCOME	$509M
Interest Income	$0
Interest Expense	$250M
Other Income/Expenses	-$313M
INCOME BEFORE TAX	$196M
Income Tax Expense	$63M
Net Income from Continuing Ops	$133M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$133M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$133M
D&A	$208M
EBIT	$446M
EBITDA	$654M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$133M
Depreciation & Amortization	$208M
Stock-Based Compensation	$47M
Deferred Income Tax	-$49M
Other Non-Cash Items	$75M
Change in Working Capital	-$47M
OPERATING CASH FLOW	$366M
Capital Expenditure	-$47M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$0
NET CASH FROM INVESTING	-$47M
Net Debt Issuance	-$563M
Common Stock Repurchased	-$200.0K
Common Dividends Paid	-$7M
Other Financing Activities	-$22M
NET CASH FROM FINANCING	-$168M
FREE CASH FLOW	$319M
Net Change in Cash	$150M

Balance Sheet

Item	Amount
Cash & Equivalents	$188M
Short-Term Investments	$0
Net Receivables	$1.6B
Inventory	$382M
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.2B
PP&E (Net)	$131M
Goodwill	$2.2B
Intangible Assets	$1.3B
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$32M
TOTAL NON-CURRENT ASSETS	$3.7B
TOTAL ASSETS	$5.9B
Account Payables	$663M
Short-Term Debt	$45M
Deferred Revenue	$95M
Other Current Liabilities	$243M
TOTAL CURRENT LIABILITIES	$1.4B
Long-Term Debt	$3.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$564M
Other Non-Current Liabilities	$41M
TOTAL NON-CURRENT LIABILITIES	$3.8B
TOTAL LIABILITIES	$5.2B
Common Stock	$2M
Additional Paid-In Capital	$2.7B
Retained Earnings	-$2.0B
Treasury Stock	$0
Accum. Other Comp. Income	-$6M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$712M
Minority Interest	$0
TOTAL EQUITY	$712M
TOTAL LIABILITIES & EQUITY	$5.9B
Total Debt	$3.3B
Net Debt	$3.1B