CDW FY 2015 Earnings Report — CDW Corporation Revenue & Financial Results | Market Cap Arena

CDW CorporationCDW

FY 2015 Earnings

Reported February 24, 2016

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2015	Prior Q	FY 2014	QoQ Change	YoY Change
Revenue	$13.0B	—	$12.1B	—	7.6%
Op. Income	$742M	—	$673M	—	10.3%
Gross Margin	16.3%	—	15.9%	—	0.4pp
Net Margin	3.1%	—	2.0%	—	1.1pp
EPS (Diluted)	$2.35	—	$1.42	—	65.5%
Free Cash Flow	$187M	—	$380M	—	-50.7%

Revenue Flow

Item	Amount
REVENUE	$13.0B
Cost of Revenue	$10.9B
GROSS PROFIT	$2.1B
R&D Expenses	$0
Selling & Marketing	$148M
General & Administrative	$1.2B
SG&A Expenses	$1.4B
Other Expenses	$0
Operating Expenses	$1.4B
Cost & Expenses	$12.2B
OPERATING INCOME	$742M
Interest Income	$0
Interest Expense	$160M
Other Income/Expenses	-$95M
INCOME BEFORE TAX	$647M
Income Tax Expense	$244M
Net Income from Continuing Ops	$403M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$403M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$403M
D&A	$227M
EBIT	$807M
EBITDA	$1.0B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$13.0B
Cost of Revenue	$10.9B
GROSS PROFIT	$2.1B
R&D Expenses	$0
Selling & Marketing	$148M
General & Administrative	$1.2B
SG&A Expenses	$1.4B
Other Expenses	$0
Operating Expenses	$1.4B
Cost & Expenses	$12.2B
OPERATING INCOME	$742M
Interest Income	$0
Interest Expense	$160M
Other Income/Expenses	-$95M
INCOME BEFORE TAX	$647M
Income Tax Expense	$244M
Net Income from Continuing Ops	$403M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$403M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$403M
D&A	$227M
EBIT	$807M
EBITDA	$1.0B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$403M
Depreciation & Amortization	$227M
Stock-Based Compensation	$31M
Deferred Income Tax	-$55M
Other Non-Cash Items	-$54M
Change in Working Capital	-$276M
OPERATING CASH FLOW	$278M
Capital Expenditure	-$90M
Acquisitions (Net)	-$264M
Purchases of Investments	-$500.0K
Sales/Maturities of Investments	$0
Other Investing Activities	$0
NET CASH FROM INVESTING	-$354M
Net Debt Issuance	-$33M
Common Stock Repurchased	-$241M
Common Dividends Paid	-$53M
Other Financing Activities	$101M
NET CASH FROM FINANCING	-$227M
FREE CASH FLOW	$187M
Net Change in Cash	-$307M

Balance Sheet

Item	Amount
Cash & Equivalents	$38M
Short-Term Investments	$0
Net Receivables	$2.2B
Inventory	$393M
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.8B
PP&E (Net)	$175M
Goodwill	$2.5B
Intangible Assets	$1.3B
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$12M
TOTAL NON-CURRENT ASSETS	$4.0B
TOTAL ASSETS	$6.8B
Account Payables	$867M
Short-Term Debt	$27M
Deferred Revenue	$152M
Other Current Liabilities	$287M
TOTAL CURRENT LIABILITIES	$1.9B
Long-Term Debt	$3.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$470M
Other Non-Current Liabilities	$70M
TOTAL NON-CURRENT LIABILITIES	$3.8B
TOTAL LIABILITIES	$5.7B
Common Stock	$2M
Additional Paid-In Capital	$2.8B
Retained Earnings	-$1.7B
Treasury Stock	$0
Accum. Other Comp. Income	-$61M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.1B
Minority Interest	$0
TOTAL EQUITY	$1.1B
TOTAL LIABILITIES & EQUITY	$6.8B
Total Debt	$3.3B
Net Debt	$3.2B