CDW FY 2020 Earnings Report — CDW Corporation Revenue & Financial Results | Market Cap Arena

CDW CorporationCDW

FY 2020 Earnings

Reported February 26, 2021

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2020	Prior Q	FY 2019	QoQ Change	YoY Change
Revenue	$18.5B	—	$18.0B	—	2.4%
Op. Income	$1.2B	—	$1.1B	—	4.0%
Gross Margin	17.4%	—	16.9%	—	0.5pp
Net Margin	4.3%	—	4.1%	—	0.2pp
EPS (Diluted)	$5.45	—	$4.99	—	9.2%
Free Cash Flow	$1.2B	—	$791M	—	46.2%

Revenue Flow

Item	Amount
REVENUE	$18.5B
Cost of Revenue	$15.3B
GROSS PROFIT	$3.2B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$2.0B
SG&A Expenses	$2.0B
Other Expenses	$0
Operating Expenses	$2.0B
Cost & Expenses	$17.3B
OPERATING INCOME	$1.2B
Interest Income	$0
Interest Expense	$155M
Other Income/Expenses	-$177M
INCOME BEFORE TAX	$1.0B
Income Tax Expense	$214M
Net Income from Continuing Ops	$789M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$789M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$789M
D&A	$426M
EBIT	$1.2B
EBITDA	$1.6B
EPS	$6
EPS Diluted	$5

Income Statement

Item	Amount
REVENUE	$18.5B
Cost of Revenue	$15.3B
GROSS PROFIT	$3.2B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$2.0B
SG&A Expenses	$2.0B
Other Expenses	$0
Operating Expenses	$2.0B
Cost & Expenses	$17.3B
OPERATING INCOME	$1.2B
Interest Income	$0
Interest Expense	$155M
Other Income/Expenses	-$177M
INCOME BEFORE TAX	$1.0B
Income Tax Expense	$214M
Net Income from Continuing Ops	$789M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$789M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$789M
D&A	$426M
EBIT	$1.2B
EBITDA	$1.6B
EPS	$6
EPS Diluted	$5

Cash Flow Statement

Item	Amount
Net Income	$789M
Depreciation & Amortization	$426M
Stock-Based Compensation	$43M
Deferred Income Tax	-$20M
Other Non-Cash Items	$73M
Change in Working Capital	$5M
OPERATING CASH FLOW	$1.3B
Capital Expenditure	-$158M
Acquisitions (Net)	-$43M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$0
NET CASH FROM INVESTING	-$201M
Net Debt Issuance	$605M
Common Stock Repurchased	-$341M
Common Dividends Paid	-$220M
Other Financing Activities	$94M
NET CASH FROM FINANCING	$139M
FREE CASH FLOW	$1.2B
Net Change in Cash	$1.3B

Balance Sheet

Item	Amount
Cash & Equivalents	$1.4B
Short-Term Investments	$0
Net Receivables	$3.6B
Inventory	$760M
Other Current Assets	$0
TOTAL CURRENT ASSETS	$6.0B
PP&E (Net)	$306M
Goodwill	$2.6B
Intangible Assets	$445M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$44M
TOTAL NON-CURRENT ASSETS	$3.4B
TOTAL ASSETS	$9.3B
Account Payables	$2.1B
Short-Term Debt	$541M
Deferred Revenue	$244M
Other Current Liabilities	$713M
TOTAL CURRENT LIABILITIES	$3.9B
Long-Term Debt	$3.9B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$55M
Other Non-Current Liabilities	$69M
TOTAL NON-CURRENT LIABILITIES	$4.1B
TOTAL LIABILITIES	$8.0B
Common Stock	$1M
Additional Paid-In Capital	$3.2B
Retained Earnings	-$1.8B
Treasury Stock	$0
Accum. Other Comp. Income	-$96M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.3B
Minority Interest	$0
TOTAL EQUITY	$1.3B
TOTAL LIABILITIES & EQUITY	$9.3B
Total Debt	$4.6B
Net Debt	$3.2B