Cash flow CDW Corporation

Equities

CDW

US12514G1085

Integrated Hardware & Software

Market Closed - Nasdaq Other stock markets 04:00:00 2026-01-13 pm EST			5-day change	1st Jan Change
134.60 ^USD	+0.82%		+0.19%	-1.17%

Dec. 23	CDW Corp enters $2,884.5 million senior unsecured credit facility - SEC filing	RE
Dec. 23	Cdw Llc Enters into A New Five-Year Senior Unsecured Credit Facility	CI

2c7c28e4.R6SXf-J49c8Cd08e-nQgOPsn8FsDTmffrnvkOS6kDAA.PsHbLIMRj4NBPQl5lCZ2aqxSkyhsegO-yji2c0OcbTAW7sELmD-hjFYUCg

Published financial data: CDW CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	18.47B	20.82B	23.75B	21.38B	21B
Total Revenues	18.47B	20.82B	23.75B	21.38B	21B
Cost of Goods Sold, Total	15.26B	17.25B	19.06B	16.72B	16.4B
Gross Profit	3.21B	3.57B	4.69B	4.65B	4.6B
Selling General & Admin Expenses, Total	2.02B	2.1B	2.9B	2.92B	2.93B
Other Operating Expenses, Total	2.02B	2.1B	2.9B	2.92B	2.93B
Operating Income	1.19B	1.47B	1.78B	1.73B	1.68B
Interest Expense, Total	-155M	-151M	-236M	-227M	-214M
Net Interest Expenses	-155M	-151M	-236M	-227M	-214M
Income (Loss) On Equity Invest.	-	-	-	-	-
Other Non Operating Income (Expenses)	-22M	-300K	-10.1M	-4.1M	-1.4M
EBT, Excl. Unusual Items	1.01B	1.32B	1.54B	1.5B	1.46B
Restructuring Charges	-8.5M	-	-	-47.7M	-25.4M
Merger & Related Restructuring Charges	-	-54.3M	-48.3M	-	-
Gain (Loss) On Sale Of Investments	-	36M	-	-	-
Other Unusual Items	-	-6M	-1.6M	-	-
EBT, Incl. Unusual Items	1B	1.3B	1.49B	1.45B	1.44B
Income Tax Expense	214M	309M	373M	346M	358M
Earnings From Continuing Operations	788M	989M	1.11B	1.1B	1.08B
Net Income to Company	788M	989M	1.11B	1.1B	1.08B
Net Income - (IS)	788M	989M	1.11B	1.1B	1.08B
Net Income to Common Incl Extra Items	788M	989M	1.11B	1.1B	1.08B
Net Income to Common Excl. Extra Items	788M	989M	1.11B	1.1B	1.08B
Per Share Items
Net EPS - Basic	5.53	7.14	8.24	8.2	8.06
Basic EPS - Continuing Operations	5.53	7.14	8.24	8.2	8.06
Basic Weighted Average Shares Outstanding	143M	138M	135M	135M	134M
Net EPS - Diluted	5.45	7.04	8.13	8.1	7.97
Diluted EPS - Continuing Operations	5.45	7.04	8.13	8.1	7.97
Diluted Weighted Average Shares Outstanding	145M	140M	137M	136M	135M
Normalized Basic EPS	4.43	5.97	7.11	6.96	6.82
Normalized Diluted EPS	4.36	5.88	7.02	6.87	6.75
Dividend Per Share	1.54	1.7	2.09	2.39	2.48
Payout Ratio	27.85	23.75	25.36	29.11	30.81
American Depositary Receipts Ratio (ADR)	0.05	0.05	0.05	0.05	0.05
Supplemental Items
EBITDA	1.61B	1.66B	2.07B	2B	1.95B
EBITA	1.4B	1.62B	2.02B	1.95B	1.9B
EBIT	1.19B	1.47B	1.78B	1.73B	1.68B
EBITDAR	1.67B	1.71B	2.14B	2.06B	2.01B
Effective Tax Rate - (Ratio)	21.33	23.82	25.09	23.85	24.91
Current Domestic Taxes	216M	288M	358M	337M	340M
Current Foreign Taxes	18.3M	27.4M	33.9M	41.6M	31.5M
Total Current Taxes	234M	316M	392M	379M	372M
Deferred Domestic Taxes	-18.8M	-8.7M	-15M	-29.3M	-14M
Deferred Foreign Taxes	-1.4M	2M	-3.2M	-3.4M	-100K
Total Deferred Taxes	-20.2M	-6.7M	-18.2M	-32.7M	-14.1M
Normalized Net Income	632M	826M	961M	936M	913M
Supplemental Operating Expense Items
Advertising Expense	191M	199M	211M	215M	218M
Selling and Marketing Expenses	191M	199M	211M	215M	218M
Net Rental Expense, Total	53M	50M	62M	62M	60M
Imputed Operating Lease Interest Expense	15.35M	9.92M	16.5M	17.39M	16.27M
Imputed Operating Lease Depreciation	37.65M	40.08M	45.5M	44.61M	43.73M
Stock-Based Comp., SG&A Exp. (Total)	42.5M	72.6M	91.1M	93.7M	64.7M
Total Stock-Based Compensation	42.5M	72.6M	91.1M	93.7M	64.7M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	1.41B	258M	315M	589M	504M
Short Term Investments	-	-	-	-	214M
Total Cash And Short Term Investments	1.41B	258M	315M	589M	718M
Accounts Receivable, Total	3.21B	4.63B	4.7B	4.68B	5.23B
Other Receivables	380M	436M	489M	470M	510M
Total Receivables	3.59B	5.07B	5.19B	5.15B	5.74B
Inventory	760M	928M	800M	668M	605M
Prepaid Expenses	191M	223M	256M	298M	303M
Restricted Cash	-	-	-	-	4M
Total Current Assets	5.95B	6.48B	6.56B	6.7B	7.37B
Gross Property Plant And Equipment	550M	617M	648M	633M	633M
Accumulated Depreciation	-244M	-266M	-310M	-309M	-320M
Net Property Plant And Equipment	306M	351M	338M	324M	312M
Long-term Investments	-	-	-	-	-
Goodwill	2.6B	4.38B	4.34B	4.41B	4.62B
Other Intangibles, Total	445M	1.63B	1.49B	1.37B	1.36B
Accounts Receivable Long-Term	-	197M	203M	338M	923M
Other Long-Term Assets, Total	43.9M	162M	193M	135M	93.1M
Total Assets	9.34B	13.2B	13.13B	13.28B	14.68B
Liabilities
Accounts Payable, Total	2.09B	3.11B	2.82B	2.88B	3.38B
Accrued Expenses, Total	546M	573M	582M	475M	475M
Short-term Borrowings	525M	448M	519M	431M	355M
Current Portion of Long-Term Debt	70.9M	103M	56.3M	613M	236M
Current Portion of Leases	25.6M	31.7M	31.9M	34M	32.2M
Current Income Taxes Payable	-	-	-	-	-
Unearned Revenue Current, Total	244M	403M	486M	487M	491M
Other Current Liabilities	399M	423M	451M	520M	504M
Total Current Liabilities	3.9B	5.1B	4.95B	5.44B	5.47B
Long-Term Debt	3.86B	6.76B	5.87B	5.03B	5.61B
Long-Term Leases	169M	184M	175M	164M	149M
Unearned Revenue Non Current	-	20M	40M	40M	31M
Deferred Tax Liability Non Current	55.3M	222M	203M	171M	167M
Other Non Current Liabilities	68.7M	215M	296M	393M	897M
Total Liabilities	8.05B	12.49B	11.53B	11.24B	12.33B
Common Stock, Total	1.4M	1.3M	1.4M	1.3M	1.3M
Additional Paid In Capital	3.2B	3.37B	3.52B	3.69B	3.83B
Retained Earnings	-1.81B	-2.57B	-1.76B	-1.53B	-1.32B
Comprehensive Income and Other	-95.8M	-94.4M	-152M	-125M	-160M
Total Common Equity	1.3B	706M	1.6B	2.04B	2.35B
Total Equity	1.3B	706M	1.6B	2.04B	2.35B
Total Liabilities And Equity	9.34B	13.2B	13.13B	13.28B	14.68B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	141M	135M	136M	134M	132M
ECS Total Common Shares Outstanding	142M	135M	136M	134M	133M
Book Value / Share	9.14	5.24	11.83	15.23	17.74
Tangible Book Value	-1.74B	-5.31B	-4.23B	-3.74B	-3.62B
Tangible Book Value Per Share	-12.29	-39.36	-31.22	-27.89	-27.33
Total Debt	4.65B	7.52B	6.65B	6.27B	6.38B
Net Debt	3.24B	7.26B	6.33B	5.69B	5.66B
Debt Equivalent Oper. Leases	424M	400M	496M	496M	480M
Account Code - Inventory Valuation	6	6	6	6	5
Inventories - Finished Goods, Total	760M	928M	800M	668M	605M
Land - (BS)	27.7M	27.7M	27.7M	28.1M	27.7M
Buildings, Total	127M	151M	150M	125M	134M
Machinery, Total	191M	238M	269M	275M	286M
Full Time Employees	10K	13.9K	15.1K	15.1K	15.1K
Accumulated Allowance for Doubtful Accounts (Supple)	29.6M	20.4M	25.7M	28.8M	43.3M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	788M	989M	1.11B	1.1B	1.08B
Depreciation & Amortization - CF	214M	42.2M	57.6M	51.7M	53.3M
Amortization of Goodwill and Intangible Assets - (CF)	212M	149M	233M	219M	222M
Depreciation & Amortization, Total	426M	191M	291M	271M	275M
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-
Stock-Based Compensation (CF)	42.5M	72.6M	91.1M	93.7M	64.7M
Provision and Write-off of Bad Debts	30.9M	-5.4M	8.3M	14.9M	32.2M
Other Operating Activities, Total	21.9M	-30.8M	-2M	-3.7M	-10M
Change In Accounts Receivable	-226M	-617M	-34.8M	-54.5M	-559M
Change In Inventories	-71.4M	-151M	112M	139M	61.1M
Change In Accounts Payable	254M	374M	-260M	-55.4M	444M
Change in Other Net Operating Assets	49M	-38.3M	16.3M	89.7M	-108M
Cash from Operations	1.31B	785M	1.34B	1.6B	1.28B
Capital Expenditure	-158M	-100M	-128M	-148M	-123M
Cash Acquisitions	-43M	-2.71B	-36.7M	-76.4M	-324M
Investment in Marketable and Equity Securities, Total	-	36M	-	-	-211M
Other Investing Activities, Total	-	-	-	-5M	-1.6M
Cash from Investing	-201M	-2.77B	-164M	-230M	-659M
Short Term Debt Issued, Total	93M	-	84.6M	-	-
Long-Term Debt Issued, Total	2.32B	5.54B	2.3B	208M	1.49B
Total Debt Issued	2.42B	5.54B	2.39B	208M	1.49B
Short Term Debt Repaid, Total	-	-162M	-	-23.7M	-75.7M
Long-Term Debt Repaid, Total	-1.7B	-2.77B	-3.24B	-493M	-1.29B
Total Debt Repaid	-1.7B	-2.93B	-3.24B	-517M	-1.37B
Issuance of Common Stock	-	69.9M	30.2M	49.3M	47M
Repurchase of Common Stock	-363M	-1.53B	-23.1M	-540M	-538M
Common Dividends Paid	-220M	-235M	-283M	-322M	-332M
Common & Preferred Stock Dividends Paid	-220M	-235M	-283M	-322M	-332M
Other Financing Activities, Total	2M	-79.1M	22.9M	22.7M	13.3M
Cash from Financing	139M	833M	-1.1B	-1.1B	-687M
Foreign Exchange Rate Adjustments	4.1M	100K	-12.2M	3.1M	-12.2M
Net Change in Cash	1.26B	-1.15B	57.1M	274M	-81M
Supplemental Items
Cash Interest Paid	139M	134M	224M	233M	218M
Cash Income Tax Paid (Refund)	246M	351M	362M	401M	399M
Levered Free Cash Flow	872M	550M	1.02B	1.31B	1.08B
Unlevered Free Cash Flow	969M	644M	1.17B	1.45B	1.21B
Change In Net Working Capital	83.3M	441M	202M	-157M	51.9M
Net Debt Issued / Repaid	720M	2.61B	-850M	-309M	123M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	8.56	8.17	8.47	8.18	7.5
Return on Total Capital	13.73	12.99	13.53	13.04	12.29
Return On Equity %	69.86	98.72	96.54	60.58	49.04
Return on Common Equity	69.86	98.72	96.54	60.58	49.04
Margin Analysis
Gross Profit Margin %	17.38	17.14	19.73	21.76	21.92
SG&A Margin	10.95	10.06	12.22	13.68	13.93
EBITDA Margin %	8.74	7.99	8.73	9.35	9.3
EBITA Margin %	7.58	7.79	8.49	9.11	9.04
EBIT Margin %	6.43	7.08	7.51	8.09	7.98
Income From Continuing Operations Margin %	4.27	4.75	4.69	5.17	5.13
Net Income Margin %	4.27	4.75	4.69	5.17	5.13
Net Avail. For Common Margin %	4.27	4.75	4.69	5.17	5.13
Normalized Net Income Margin	3.42	3.97	4.05	4.38	4.35
Levered Free Cash Flow Margin	4.72	2.64	4.29	6.14	5.14
Unlevered Free Cash Flow Margin	5.25	3.09	4.91	6.8	5.78
Asset Turnover
Asset Turnover	2.13	1.85	1.8	1.62	1.5
Fixed Assets Turnover	46.1	63.31	68.9	64.55	65.98
Receivables Turnover (Average Receivables)	5.94	5.28	5.09	4.56	4.24
Inventory Turnover (Average Inventory)	22.25	20.45	22.07	22.78	25.75
Short Term Liquidity
Current Ratio	1.53	1.27	1.33	1.23	1.35
Quick Ratio	1.28	1.05	1.11	1.05	1.18
Operating Cash Flow to Current Liabilities	0.34	0.15	0.27	0.29	0.23
Days Sales Outstanding (Average Receivables)	61.58	69.12	71.75	80.11	86.38
Days Outstanding Inventory (Average Inventory)	16.45	17.85	16.54	16.02	14.21
Average Days Payable Outstanding	46.6	54.51	57.21	62.72	70.16
Cash Conversion Cycle (Average Days)	31.43	32.47	31.09	33.41	30.43
Long Term Solvency
Total Debt/Equity	358.21	1.07K	414.69	307.16	271.15
Total Debt / Total Capital	78.18	91.42	80.57	75.44	73.06
LT Debt/Equity	310.33	983.42	376.82	254.38	244.66
Long-Term Debt / Total Capital	67.73	84.34	73.21	62.48	65.92
Total Liabilities / Total Assets	86.12	94.65	87.79	84.62	83.97
EBIT / Interest Expense	7.67	9.76	7.57	7.63	7.82
EBITDA / Interest Expense	10.76	11.36	9.06	9.1	9.38
(EBITDA - Capex) / Interest Expense	9.74	10.7	8.52	8.44	8.81
Total Debt / EBITDA	2.79	4.39	3.11	3.04	3.17
Net Debt / EBITDA	1.94	4.24	2.97	2.76	2.81
Total Debt / (EBITDA - Capex)	3.08	4.66	3.31	3.28	3.38
Net Debt / (EBITDA - Capex)	2.15	4.5	3.15	2.97	3
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	2.41	12.74	14.06	-9.99	-1.77
Gross Profit, 1 Yr. Growth %	5.6	11.16	31.33	-0.73	-1.07
EBITDA, 1 Yr. Growth %	15.18	3.4	24.61	-1.31	-2.37
EBITA, 1 Yr. Growth %	3.48	16.2	24.3	-1.05	-2.51
EBIT, 1 Yr. Growth %	4.77	24.42	21.05	-0.38	-3
Earnings From Cont. Operations, 1 Yr. Growth %	7.02	25.38	12.74	-0.92	-2.4
Net Income, 1 Yr. Growth %	7.02	25.38	12.74	-0.92	-2.4
Normalized Net Income, 1 Yr. Growth %	6.43	27.8	16.31	0.57	-2.48
Diluted EPS Before Extra, 1 Yr. Growth %	9.22	29.17	15.48	-0.37	-1.6
Accounts Receivable, 1 Yr. Growth %	7.01	42.51	1.5	-0.51	11.83
Inventory, 1 Yr. Growth %	24.35	22.05	-13.73	-16.51	-9.4
Net Property, Plant and Equip., 1 Yr. Growth %	-38.11	14.72	-3.81	-4.05	-3.73
Total Assets, 1 Yr. Growth %	16.82	41.25	-0.51	1.17	10.49
Tangible Book Value, 1 Yr. Growth %	-20.25	204.22	-20.27	-11.57	-3.11
Common Equity, 1 Yr. Growth %	35.07	-45.59	127.19	27.39	15.19
Cash From Operations, 1 Yr. Growth %	27.95	-40.3	70.27	19.67	-20.1
Capital Expenditures, 1 Yr. Growth %	-33.14	-36.71	27.8	15.96	-17.27
Levered Free Cash Flow, 1 Yr. Growth %	16.64	-36.82	85.39	32.63	-17.7
Unlevered Free Cash Flow, 1 Yr. Growth %	14.35	-33.39	81.11	27.9	-16.5
Dividend Per Share, 1 Yr. Growth %	21.74	10.39	22.94	14.35	3.97
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	6.64	7.45	13.4	1.32	-5.97
Gross Profit, 2 Yr. CAGR %	8.9	8.35	20.83	14.18	-0.9
EBITDA, 2 Yr. CAGR %	13.47	9.01	13.69	10.24	-1.84
EBITA, 2 Yr. CAGR %	7.54	9.52	20.39	10.23	-1.78
EBIT, 2 Yr. CAGR %	9.68	14	22.98	9.03	-1.7
Earnings From Cont. Operations, 2 Yr. CAGR %	10.74	15.83	18.89	5.69	-1.66
Net Income, 2 Yr. CAGR %	10.74	15.83	18.89	5.69	-1.66
Normalized Net Income, 2 Yr. CAGR %	9.66	17.99	23.86	6.01	-0.91
Diluted EPS Before Extra, 2 Yr. CAGR %	14.05	18.78	22.14	7.26	-0.99
Accounts Receivable, 2 Yr. CAGR %	9.67	24.24	20.27	0.49	5.48
Inventory, 2 Yr. CAGR %	29.34	23.19	2.61	-15.13	-13.03
Net Property, Plant and Equip., 2 Yr. CAGR %	40.08	-15.74	5.05	-3.93	-3.89
Total Assets, 2 Yr. CAGR %	14.18	28.45	18.54	0.32	5.73
Tangible Book Value, 2 Yr. CAGR %	-10.96	55.76	55.75	-16.03	-7.44
Common Equity, 2 Yr. CAGR %	15.33	-14.28	11.18	70.13	21.14
Cash From Operations, 2 Yr. CAGR %	20.45	-12.6	0.82	42.74	-2.22
Capital Expenditures, 2 Yr. CAGR %	35.46	-34.95	-10.06	21.74	-2.06
Levered Free Cash Flow, 2 Yr. CAGR %	7.46	-14.27	8.42	56.19	4.48
Unlevered Free Cash Flow, 2 Yr. CAGR %	6.89	-12.83	10.01	51.64	3.34
Dividend Per Share, 2 Yr. CAGR %	29.03	15.93	16.5	18.57	9.04
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	7.58	8.63	9.61	5	0.28
Gross Profit, 3 Yr. CAGR %	9.42	9.65	15.52	13.17	8.85
EBITDA, 3 Yr. CAGR %	12.69	9.93	13.98	7.6	5.87
EBITA, 3 Yr. CAGR %	8.78	10.26	14.24	11.87	5.81
EBIT, 3 Yr. CAGR %	11.08	14.27	16.31	13.6	4.86
Earnings From Cont. Operations, 3 Yr. CAGR %	14.66	15.42	14.79	11.88	2.92
Net Income, 3 Yr. CAGR %	14.66	15.42	14.79	11.88	2.92
Normalized Net Income, 3 Yr. CAGR %	15.23	16.3	17.43	14.33	3.1
Diluted EPS Before Extra, 3 Yr. CAGR %	18.08	18.88	17.67	14.12	4.22
Accounts Receivable, 3 Yr. CAGR %	11.31	20.16	16.14	12.9	4.13
Inventory, 3 Yr. CAGR %	22.69	26.86	9.4	-4.21	-13.26
Net Property, Plant and Equip., 3 Yr. CAGR %	23.88	31.06	-11.94	1.92	-3.87
Total Assets, 3 Yr. CAGR %	10.28	22.57	17.96	12.44	3.6
Tangible Book Value, 3 Yr. CAGR %	-9.99	34.1	24.6	28.97	-11.93
Common Equity, 3 Yr. CAGR %	9.59	-10.22	18.63	16.34	49.39
Cash From Operations, 3 Yr. CAGR %	19.11	-4.68	9.15	6.75	17.64
Capital Expenditures, 3 Yr. CAGR %	24.9	5.12	-18.53	-2.11	7.03
Levered Free Cash Flow, 3 Yr. CAGR %	7.1	-10.05	10.86	14.8	26.15
Unlevered Free Cash Flow, 3 Yr. CAGR %	6.42	-8.77	11.23	14.67	24.29
Dividend Per Share, 3 Yr. CAGR %	30.68	22.49	18.22	15.78	13.49
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	7.29	8.77	9.87	5.65	3.09
Gross Profit, 5 Yr. CAGR %	8.69	8.92	13.85	11.44	8.65
EBITDA, 5 Yr. CAGR %	10.72	9.15	12.97	9.8	6.86
EBITA, 5 Yr. CAGR %	8.27	9.38	13.14	9.98	7.02
EBIT, 5 Yr. CAGR %	9.87	12.43	15.53	11.85	8.14
Earnings From Cont. Operations, 5 Yr. CAGR %	14.36	18.39	16.33	11.42	7.9
Net Income, 5 Yr. CAGR %	14.36	18.39	16.33	11.42	7.9
Normalized Net Income, 5 Yr. CAGR %	12.01	14.38	18.41	12.25	8.99
Diluted EPS Before Extra, 5 Yr. CAGR %	18.32	22.42	19.69	14.09	9.82
Accounts Receivable, 5 Yr. CAGR %	9.75	16.4	15.09	11.87	11.75
Inventory, 5 Yr. CAGR %	14.09	15.46	14.23	8.02	-0.19
Net Property, Plant and Equip., 5 Yr. CAGR %	11.8	16.51	15.98	15.75	-8.8
Total Assets, 5 Yr. CAGR %	6.7	13.69	13.52	13.13	12.91
Tangible Book Value, 5 Yr. CAGR %	-8.24	16.57	12.09	11.2	10.63
Common Equity, 5 Yr. CAGR %	3.43	-7.56	10.22	15.93	19.63
Cash From Operations, 5 Yr. CAGR %	36.49	5.37	11.43	12.03	4.45
Capital Expenditures, 5 Yr. CAGR %	11.89	9.51	9.52	11.47	-12.3
Levered Free Cash Flow, 5 Yr. CAGR %	34.98	-4.48	7.49	11.67	7.61
Unlevered Free Cash Flow, 5 Yr. CAGR %	27.47	-3.83	7.72	11.37	7.44
Dividend Per Share, 5 Yr. CAGR %	37.79	28.64	24.81	20.91	14.46