CDW FY 2022 Earnings Report — CDW Corporation Revenue & Financial Results | Market Cap Arena

CDW CorporationCDW

FY 2022 Earnings

Reported February 24, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2022	Prior Q	FY 2021	QoQ Change	YoY Change
Revenue	$23.7B	—	$20.8B	—	14.1%
Op. Income	$1.7B	—	$1.4B	—	22.3%
Gross Margin	19.7%	—	17.1%	—	2.6pp
Net Margin	4.7%	—	4.7%	—	-0.1pp
EPS (Diluted)	$8.14	—	$7.04	—	15.6%
Free Cash Flow	$1.2B	—	$685M	—	76.5%

Revenue Flow

Item	Amount
REVENUE	$23.7B
Cost of Revenue	$19.1B
GROSS PROFIT	$4.7B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$3.0B
SG&A Expenses	$3.0B
Other Expenses	$0
Operating Expenses	$3.0B
Cost & Expenses	$22.0B
OPERATING INCOME	$1.7B
Interest Income	$0
Interest Expense	$236M
Other Income/Expenses	-$247M
INCOME BEFORE TAX	$1.5B
Income Tax Expense	$373M
Net Income from Continuing Ops	$1.1B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.1B
D&A	$291M
EBIT	$1.7B
EBITDA	$2.0B
EPS	$8
EPS Diluted	$8

Income Statement

Item	Amount
REVENUE	$23.7B
Cost of Revenue	$19.1B
GROSS PROFIT	$4.7B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$3.0B
SG&A Expenses	$3.0B
Other Expenses	$0
Operating Expenses	$3.0B
Cost & Expenses	$22.0B
OPERATING INCOME	$1.7B
Interest Income	$0
Interest Expense	$236M
Other Income/Expenses	-$247M
INCOME BEFORE TAX	$1.5B
Income Tax Expense	$373M
Net Income from Continuing Ops	$1.1B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.1B
D&A	$291M
EBIT	$1.7B
EBITDA	$2.0B
EPS	$8
EPS Diluted	$8

Cash Flow Statement

Item	Amount
Net Income	$1.1B
Depreciation & Amortization	$291M
Stock-Based Compensation	$91M
Deferred Income Tax	-$18M
Other Non-Cash Items	$25M
Change in Working Capital	-$167M
OPERATING CASH FLOW	$1.3B
Capital Expenditure	-$128M
Acquisitions (Net)	-$37M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$0
NET CASH FROM INVESTING	-$165M
Net Debt Issuance	-$865M
Common Stock Repurchased	$0
Common Dividends Paid	-$283M
Other Financing Activities	$46M
NET CASH FROM FINANCING	-$1.1B
FREE CASH FLOW	$1.2B
Net Change in Cash	$57M

Balance Sheet

Item	Amount
Cash & Equivalents	$315M
Short-Term Investments	$0
Net Receivables	$5.0B
Inventory	$800M
Other Current Assets	$0
TOTAL CURRENT ASSETS	$6.6B
PP&E (Net)	$338M
Goodwill	$4.3B
Intangible Assets	$1.5B
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$396M
TOTAL NON-CURRENT ASSETS	$6.6B
TOTAL ASSETS	$13.1B
Account Payables	$2.8B
Short-Term Debt	$56M
Deferred Revenue	$486M
Other Current Liabilities	$861M
TOTAL CURRENT LIABILITIES	$4.9B
Long-Term Debt	$5.9B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$203M
Other Non-Current Liabilities	$336M
TOTAL NON-CURRENT LIABILITIES	$6.6B
TOTAL LIABILITIES	$11.5B
Common Stock	$1M
Additional Paid-In Capital	$3.5B
Retained Earnings	-$1.8B
Treasury Stock	$0
Accum. Other Comp. Income	-$152M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.6B
Minority Interest	$0
TOTAL EQUITY	$1.6B
TOTAL LIABILITIES & EQUITY	$13.1B
Total Debt	$6.1B
Net Debt	$5.8B