CDW Q2 2020 Earnings Report — CDW Corporation Revenue & Financial Results | Market Cap Arena

CDW CorporationCDW

Q2 2020 Earnings

Reported August 5, 2020

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q2 2020	Q1 2020	Q2 2019	QoQ Change	YoY Change
Revenue	$4.4B	$4.4B	$4.6B	-0.5%	-5.7%
Op. Income	$283M	$246M	$300M	15.3%	-5.6%
Gross Margin	17.1%	17.2%	16.7%	-0.1pp	0.4pp
Net Margin	4.3%	3.8%	4.2%	0.5pp	0.1pp
EPS (Diluted)	$1.31	$1.16	$1.33	12.9%	-1.5%
Free Cash Flow	$218M	$198M	$138M	10.4%	58.6%

Revenue Flow

Item	Amount
REVENUE	$4.4B
Cost of Revenue	$3.6B
GROSS PROFIT	$747M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$464M
Other Expenses	$0
Operating Expenses	$464M
Cost & Expenses	$4.1B
OPERATING INCOME	$283M
Interest Income	$0
Interest Expense	$40M
Other Income/Expenses	-$38M
INCOME BEFORE TAX	$245M
Income Tax Expense	$56M
Net Income from Continuing Ops	$189M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$189M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$189M
D&A	$125M
EBIT	$285M
EBITDA	$410M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$4.4B
Cost of Revenue	$3.6B
GROSS PROFIT	$747M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$464M
Other Expenses	$0
Operating Expenses	$464M
Cost & Expenses	$4.1B
OPERATING INCOME	$283M
Interest Income	$0
Interest Expense	$40M
Other Income/Expenses	-$38M
INCOME BEFORE TAX	$245M
Income Tax Expense	$56M
Net Income from Continuing Ops	$189M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$189M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$189M
D&A	$125M
EBIT	$285M
EBITDA	$410M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$189M
Depreciation & Amortization	$125M
Stock-Based Compensation	$6M
Deferred Income Tax	$5M
Other Non-Cash Items	$3M
Change in Working Capital	-$35M
OPERATING CASH FLOW	$293M
Capital Expenditure	-$75M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$0
NET CASH FROM INVESTING	-$75M
Net Debt Issuance	$571M
Common Stock Repurchased	$0
Common Dividends Paid	-$54M
Other Financing Activities	$7M
NET CASH FROM FINANCING	$524M
FREE CASH FLOW	$218M
Net Change in Cash	$744M

Balance Sheet

Item	Amount
Cash & Equivalents	$958M
Short-Term Investments	$0
Net Receivables	$3.4B
Inventory	$695M
Other Current Assets	$0
TOTAL CURRENT ASSETS	$5.2B
PP&E (Net)	$464M
Goodwill	$2.5B
Intangible Assets	$493M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$25M
TOTAL NON-CURRENT ASSETS	$3.5B
TOTAL ASSETS	$8.7B
Account Payables	$1.8B
Short-Term Debt	$38M
Deferred Revenue	$275M
Other Current Liabilities	$670M
TOTAL CURRENT LIABILITIES	$3.6B
Long-Term Debt	$3.9B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$68M
Other Non-Current Liabilities	$65M
TOTAL NON-CURRENT LIABILITIES	$4.1B
TOTAL LIABILITIES	$7.7B
Common Stock	$1M
Additional Paid-In Capital	$3.1B
Retained Earnings	-$1.9B
Treasury Stock	$0
Accum. Other Comp. Income	-$152M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.1B
Minority Interest	$0
TOTAL EQUITY	$1.1B
TOTAL LIABILITIES & EQUITY	$8.7B
Total Debt	$4.0B
Net Debt	$3.1B