CDW FY 2021 Earnings Report — CDW Corporation Revenue & Financial Results | Market Cap Arena

CDW CorporationCDW

FY 2021 Earnings

Reported February 28, 2022

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2021	Prior Q	FY 2020	QoQ Change	YoY Change
Revenue	$20.8B	—	$18.5B	—	12.7%
Op. Income	$1.4B	—	$1.2B	—	20.3%
Gross Margin	17.1%	—	17.4%	—	-0.2pp
Net Margin	4.7%	—	4.3%	—	0.5pp
EPS (Diluted)	$7.04	—	$5.45	—	29.2%
Free Cash Flow	$685M	—	$1.2B	—	-40.8%

Revenue Flow

Item	Amount
REVENUE	$20.8B
Cost of Revenue	$17.3B
GROSS PROFIT	$3.6B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$2.1B
SG&A Expenses	$2.1B
Other Expenses	$0
Operating Expenses	$2.1B
Cost & Expenses	$19.4B
OPERATING INCOME	$1.4B
Interest Income	$0
Interest Expense	$151M
Other Income/Expenses	-$121M
INCOME BEFORE TAX	$1.3B
Income Tax Expense	$309M
Net Income from Continuing Ops	$989M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$989M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$989M
D&A	$191M
EBIT	$1.4B
EBITDA	$1.6B
EPS	$7
EPS Diluted	$7

Income Statement

Item	Amount
REVENUE	$20.8B
Cost of Revenue	$17.3B
GROSS PROFIT	$3.6B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$2.1B
SG&A Expenses	$2.1B
Other Expenses	$0
Operating Expenses	$2.1B
Cost & Expenses	$19.4B
OPERATING INCOME	$1.4B
Interest Income	$0
Interest Expense	$151M
Other Income/Expenses	-$121M
INCOME BEFORE TAX	$1.3B
Income Tax Expense	$309M
Net Income from Continuing Ops	$989M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$989M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$989M
D&A	$191M
EBIT	$1.4B
EBITDA	$1.6B
EPS	$7
EPS Diluted	$7

Cash Flow Statement

Item	Amount
Net Income	$989M
Depreciation & Amortization	$191M
Stock-Based Compensation	$73M
Deferred Income Tax	-$7M
Other Non-Cash Items	-$30M
Change in Working Capital	-$432M
OPERATING CASH FLOW	$785M
Capital Expenditure	-$100M
Acquisitions (Net)	-$2.7B
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$0
NET CASH FROM INVESTING	-$2.8B
Net Debt Issuance	$2.8B
Common Stock Repurchased	-$1.5B
Common Dividends Paid	-$235M
Other Financing Activities	-$188M
NET CASH FROM FINANCING	$833M
FREE CASH FLOW	$685M
Net Change in Cash	-$1.2B

Balance Sheet

Item	Amount
Cash & Equivalents	$258M
Short-Term Investments	$0
Net Receivables	$4.9B
Inventory	$928M
Other Current Assets	$0
TOTAL CURRENT ASSETS	$6.5B
PP&E (Net)	$351M
Goodwill	$4.4B
Intangible Assets	$1.6B
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$359M
TOTAL NON-CURRENT ASSETS	$6.7B
TOTAL ASSETS	$13.2B
Account Payables	$3.1B
Short-Term Debt	$413M
Deferred Revenue	$403M
Other Current Liabilities	$817M
TOTAL CURRENT LIABILITIES	$5.1B
Long-Term Debt	$6.8B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$222M
Other Non-Current Liabilities	$235M
TOTAL NON-CURRENT LIABILITIES	$7.4B
TOTAL LIABILITIES	$12.5B
Common Stock	$1M
Additional Paid-In Capital	$3.4B
Retained Earnings	-$2.6B
Treasury Stock	$0
Accum. Other Comp. Income	-$94M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$706M
Minority Interest	$0
TOTAL EQUITY	$706M
TOTAL LIABILITIES & EQUITY	$13.2B
Total Debt	$7.4B
Net Debt	$7.1B