CDW FY 2017 Earnings Report — CDW Corporation Revenue & Financial Results | Market Cap Arena

CDW CorporationCDW

FY 2017 Earnings

Reported February 28, 2018

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2017	Prior Q	FY 2016	QoQ Change	YoY Change
Revenue	$14.8B	—	$13.7B	—	8.5%
Op. Income	$867M	—	$820M	—	5.7%
Gross Margin	16.5%	—	17.0%	—	-0.5pp
Net Margin	3.5%	—	3.1%	—	0.4pp
EPS (Diluted)	$3.31	—	$2.56	—	29.3%
Free Cash Flow	$697M	—	$541M	—	28.9%

Revenue Flow

Item	Amount
REVENUE	$14.8B
Cost of Revenue	$12.4B
GROSS PROFIT	$2.5B
R&D Expenses	$0
Selling & Marketing	$174M
General & Administrative	$1.4B
SG&A Expenses	$1.6B
Other Expenses	$0
Operating Expenses	$1.6B
Cost & Expenses	$14.0B
OPERATING INCOME	$867M
Interest Income	$0
Interest Expense	$151M
Other Income/Expenses	-$206M
INCOME BEFORE TAX	$661M
Income Tax Expense	$138M
Net Income from Continuing Ops	$523M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$523M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$523M
D&A	$261M
EBIT	$811M
EBITDA	$1.1B
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$14.8B
Cost of Revenue	$12.4B
GROSS PROFIT	$2.5B
R&D Expenses	$0
Selling & Marketing	$174M
General & Administrative	$1.4B
SG&A Expenses	$1.6B
Other Expenses	$0
Operating Expenses	$1.6B
Cost & Expenses	$14.0B
OPERATING INCOME	$867M
Interest Income	$0
Interest Expense	$151M
Other Income/Expenses	-$206M
INCOME BEFORE TAX	$661M
Income Tax Expense	$138M
Net Income from Continuing Ops	$523M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$523M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$523M
D&A	$261M
EBIT	$811M
EBITDA	$1.1B
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$523M
Depreciation & Amortization	$261M
Stock-Based Compensation	$44M
Deferred Income Tax	-$173M
Other Non-Cash Items	$62M
Change in Working Capital	$60M
OPERATING CASH FLOW	$778M
Capital Expenditure	-$81M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$0
NET CASH FROM INVESTING	-$81M
Net Debt Issuance	-$53M
Common Stock Repurchased	-$534M
Common Dividends Paid	-$107M
Other Financing Activities	-$125M
NET CASH FROM FINANCING	-$819M
FREE CASH FLOW	$697M
Net Change in Cash	-$120M

Balance Sheet

Item	Amount
Cash & Equivalents	$144M
Short-Term Investments	$0
Net Receivables	$2.7B
Inventory	$412M
Other Current Assets	$0
TOTAL CURRENT ASSETS	$3.4B
PP&E (Net)	$161M
Goodwill	$2.5B
Intangible Assets	$897M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$33M
TOTAL NON-CURRENT ASSETS	$3.6B
TOTAL ASSETS	$7.0B
Account Payables	$1.3B
Short-Term Debt	$26M
Deferred Revenue	$159M
Other Current Liabilities	$373M
TOTAL CURRENT LIABILITIES	$2.5B
Long-Term Debt	$3.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$196M
Other Non-Current Liabilities	$53M
TOTAL NON-CURRENT LIABILITIES	$3.5B
TOTAL LIABILITIES	$6.0B
Common Stock	$2M
Additional Paid-In Capital	$2.9B
Retained Earnings	-$1.8B
Treasury Stock	$0
Accum. Other Comp. Income	-$96M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$986M
Minority Interest	$0
TOTAL EQUITY	$986M
TOTAL LIABILITIES & EQUITY	$7.0B
Total Debt	$3.2B
Net Debt	$3.1B