CDW FY 2018 Earnings Report — CDW Corporation Revenue & Financial Results | Market Cap Arena

CDW CorporationCDW

FY 2018 Earnings

Reported February 27, 2019

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2018	Prior Q	FY 2017	QoQ Change	YoY Change
Revenue	$16.2B	—	$14.8B	—	9.5%
Op. Income	$987M	—	$867M	—	13.9%
Gross Margin	16.7%	—	16.5%	—	0.1pp
Net Margin	4.0%	—	3.5%	—	0.4pp
EPS (Diluted)	$4.19	—	$3.31	—	26.6%
Free Cash Flow	$820M	—	$697M	—	17.7%

Revenue Flow

Item	Amount
REVENUE	$16.2B
Cost of Revenue	$13.5B
GROSS PROFIT	$2.7B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$1.7B
SG&A Expenses	$1.7B
Other Expenses	$0
Operating Expenses	$1.7B
Cost & Expenses	$15.3B
OPERATING INCOME	$987M
Interest Income	$0
Interest Expense	$149M
Other Income/Expenses	-$147M
INCOME BEFORE TAX	$841M
Income Tax Expense	$198M
Net Income from Continuing Ops	$643M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$643M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$643M
D&A	$266M
EBIT	$989M
EBITDA	$1.3B
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$16.2B
Cost of Revenue	$13.5B
GROSS PROFIT	$2.7B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$1.7B
SG&A Expenses	$1.7B
Other Expenses	$0
Operating Expenses	$1.7B
Cost & Expenses	$15.3B
OPERATING INCOME	$987M
Interest Income	$0
Interest Expense	$149M
Other Income/Expenses	-$147M
INCOME BEFORE TAX	$841M
Income Tax Expense	$198M
Net Income from Continuing Ops	$643M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$643M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$643M
D&A	$266M
EBIT	$989M
EBITDA	$1.3B
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$643M
Depreciation & Amortization	$266M
Stock-Based Compensation	$41M
Deferred Income Tax	-$56M
Other Non-Cash Items	$11M
Change in Working Capital	$2M
OPERATING CASH FLOW	$906M
Capital Expenditure	-$86M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$0
NET CASH FROM INVESTING	-$86M
Net Debt Issuance	$0
Common Stock Repurchased	-$522M
Common Dividends Paid	-$139M
Other Financing Activities	-$93M
NET CASH FROM FINANCING	-$755M
FREE CASH FLOW	$820M
Net Change in Cash	$62M

Balance Sheet

Item	Amount
Cash & Equivalents	$206M
Short-Term Investments	$0
Net Receivables	$3.0B
Inventory	$454M
Other Current Assets	$0
TOTAL CURRENT ASSETS	$3.8B
PP&E (Net)	$156M
Goodwill	$2.5B
Intangible Assets	$712M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$40M
TOTAL NON-CURRENT ASSETS	$3.4B
TOTAL ASSETS	$7.2B
Account Payables	$1.6B
Short-Term Debt	$25M
Deferred Revenue	$178M
Other Current Liabilities	$418M
TOTAL CURRENT LIABILITIES	$2.8B
Long-Term Debt	$3.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$142M
Other Non-Current Liabilities	$64M
TOTAL NON-CURRENT LIABILITIES	$3.4B
TOTAL LIABILITIES	$6.2B
Common Stock	$2M
Additional Paid-In Capital	$3.0B
Retained Earnings	-$1.9B
Treasury Stock	$0
Accum. Other Comp. Income	-$131M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$975M
Minority Interest	$0
TOTAL EQUITY	$975M
TOTAL LIABILITIES & EQUITY	$7.2B
Total Debt	$3.2B
Net Debt	$3.0B