CDW FY 2014 Earnings Report — CDW Corporation Revenue & Financial Results | Market Cap Arena

CDW CorporationCDW

FY 2014 Earnings

Reported February 26, 2015

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2014	Prior Q	FY 2013	QoQ Change	YoY Change
Revenue	$12.1B	—	$10.8B	—	12.1%
Op. Income	$673M	—	$509M	—	32.3%
Gross Margin	15.9%	—	16.3%	—	-0.4pp
Net Margin	2.0%	—	1.2%	—	0.8pp
EPS (Diluted)	$1.42	—	$0.84	—	69.0%
Free Cash Flow	$380M	—	$319M	—	19.0%

Revenue Flow

Item	Amount
REVENUE	$12.1B
Cost of Revenue	$10.2B
GROSS PROFIT	$1.9B
R&D Expenses	$0
Selling & Marketing	$138M
General & Administrative	$1.1B
SG&A Expenses	$1.2B
Other Expenses	$0
Operating Expenses	$1.2B
Cost & Expenses	$11.4B
OPERATING INCOME	$673M
Interest Income	$0
Interest Expense	$197M
Other Income/Expenses	-$285M
INCOME BEFORE TAX	$388M
Income Tax Expense	$143M
Net Income from Continuing Ops	$245M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$245M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$245M
D&A	$208M
EBIT	$585M
EBITDA	$793M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$12.1B
Cost of Revenue	$10.2B
GROSS PROFIT	$1.9B
R&D Expenses	$0
Selling & Marketing	$138M
General & Administrative	$1.1B
SG&A Expenses	$1.2B
Other Expenses	$0
Operating Expenses	$1.2B
Cost & Expenses	$11.4B
OPERATING INCOME	$673M
Interest Income	$0
Interest Expense	$197M
Other Income/Expenses	-$285M
INCOME BEFORE TAX	$388M
Income Tax Expense	$143M
Net Income from Continuing Ops	$245M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$245M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$245M
D&A	$208M
EBIT	$585M
EBITDA	$793M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$245M
Depreciation & Amortization	$208M
Stock-Based Compensation	$16M
Deferred Income Tax	-$89M
Other Non-Cash Items	$97M
Change in Working Capital	-$42M
OPERATING CASH FLOW	$435M
Capital Expenditure	-$55M
Acquisitions (Net)	-$87M
Purchases of Investments	-$2M
Sales/Maturities of Investments	$0
Other Investing Activities	-$21M
NET CASH FROM INVESTING	-$165M
Net Debt Issuance	-$139M
Common Stock Repurchased	$0
Common Dividends Paid	-$34M
Other Financing Activities	$61M
NET CASH FROM FINANCING	-$112M
FREE CASH FLOW	$380M
Net Change in Cash	$156M

Balance Sheet

Item	Amount
Cash & Equivalents	$345M
Short-Term Investments	$0
Net Receivables	$1.7B
Inventory	$338M
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.5B
PP&E (Net)	$137M
Goodwill	$2.2B
Intangible Assets	$1.2B
Long-Term Investments	$87M
Tax Assets	$0
Other Non-Current Assets	$12M
TOTAL NON-CURRENT ASSETS	$3.6B
TOTAL ASSETS	$6.1B
Account Payables	$704M
Short-Term Debt	$15M
Deferred Revenue	$81M
Other Current Liabilities	$244M
TOTAL CURRENT LIABILITIES	$1.5B
Long-Term Debt	$3.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$475M
Other Non-Current Liabilities	$46M
TOTAL NON-CURRENT LIABILITIES	$3.7B
TOTAL LIABILITIES	$5.1B
Common Stock	$2M
Additional Paid-In Capital	$2.7B
Retained Earnings	-$1.8B
Treasury Stock	$0
Accum. Other Comp. Income	-$17M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$937M
Minority Interest	$0
TOTAL EQUITY	$937M
TOTAL LIABILITIES & EQUITY	$6.1B
Total Debt	$3.2B
Net Debt	$2.8B