Cash flow CDW Corporation

Equities

CDW

US12514G1085

Integrated Hardware & Software

Market Closed - Nasdaq Other stock markets 04:00:00 2025-01-24 pm EST			5-day change	1st Jan Change
195.13 ^USD	-1.19%		+3.39%	+12.12%

Jan. 07	UBS Adjusts Price Target on CDW to $220 From $233, Keeps Buy Rating	MT
Dec. 16	Morgan Stanley Adjusts Price Target on CDW to $193 From $190, Keeps Equalweight Rating	MT

6cf40bf2221599d536bbe0e5885.mjr_9cM_E7clY1iJwKNXFhwo5cA_5udFTtsFbsrH8bs.zVXPrfJ7INpLMiu7r5YxQXQf0K9ZlogkGbc3O46DvcPeSLOXtUVygH8TCQ

Published financial data: CDW CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	18.03B	18.47B	20.82B	23.75B	21.38B
Total Revenues	18.03B	18.47B	20.82B	23.75B	21.38B
Cost of Goods Sold, Total	14.99B	15.26B	17.25B	19.06B	16.72B
Gross Profit	3.04B	3.21B	3.57B	4.69B	4.65B
Selling General & Admin Expenses, Total	1.91B	2.02B	2.1B	2.9B	2.89B
Other Operating Expenses, Total	1.91B	2.02B	2.1B	2.9B	2.89B
Operating Income	1.13B	1.19B	1.47B	1.78B	1.76B
Interest Expense, Total	-159M	-155M	-151M	-236M	-227M
Net Interest Expenses	-159M	-155M	-151M	-236M	-227M
Income (Loss) On Equity Invest.	-	-	-	-	-
Other Non Operating Income (Expenses)	-24.5M	-22M	-300K	-10.1M	-4.1M
EBT, Excl. Unusual Items	950M	1.01B	1.32B	1.54B	1.53B
Restructuring Charges	-	-8.5M	-	-	-47.7M
Merger & Related Restructuring Charges	-	-	-54.3M	-48.3M	-30M
Gain (Loss) On Sale Of Investments	-	-	36M	-	-
Other Unusual Items	-	-	-6M	-1.6M	-
EBT, Incl. Unusual Items	950M	1B	1.3B	1.49B	1.45B
Income Tax Expense	213M	214M	309M	373M	346M
Earnings From Continuing Operations	737M	788M	989M	1.11B	1.1B
Net Income to Company	737M	788M	989M	1.11B	1.1B
Net Income - (IS)	737M	788M	989M	1.11B	1.1B
Net Income to Common Incl Extra Items	737M	788M	989M	1.11B	1.1B
Net Income to Common Excl. Extra Items	737M	788M	989M	1.11B	1.1B
Per Share Items
Net EPS - Basic	5.08	5.53	7.14	8.24	8.2
Basic EPS - Continuing Operations	5.08	5.53	7.14	8.24	8.2
Basic Weighted Average Shares Outstanding	145M	143M	138M	135M	135M
Net EPS - Diluted	4.99	5.45	7.04	8.13	8.1
Diluted EPS - Continuing Operations	4.99	5.45	7.04	8.13	8.1
Diluted Weighted Average Shares Outstanding	148M	145M	140M	137M	136M
Normalized Basic EPS	4.09	4.43	5.97	7.11	7.09
Normalized Diluted EPS	4.02	4.36	5.88	7.02	7.01
Dividend Per Share	1.26	1.54	1.7	2.09	2.39
Payout Ratio	24.89	27.85	23.75	25.36	29.11
American Depositary Receipts Ratio (ADR)	0.05	0.05	0.05	0.05	0.05
Supplemental Items
EBITDA	1.4B	1.61B	1.66B	2.07B	2.03B
EBITA	1.35B	1.4B	1.62B	2.02B	1.98B
EBIT	1.13B	1.19B	1.47B	1.78B	1.76B
EBITDAR	1.49B	1.67B	1.71B	2.14B	2.09B
Effective Tax Rate - (Ratio)	22.42	21.33	23.82	25.09	23.85
Current Domestic Taxes	281M	216M	288M	358M	337M
Current Foreign Taxes	20M	18.3M	27.4M	33.9M	41.6M
Total Current Taxes	301M	234M	316M	392M	379M
Deferred Domestic Taxes	-83M	-18.8M	-8.7M	-15M	-29.3M
Deferred Foreign Taxes	-4.9M	-1.4M	2M	-3.2M	-3.4M
Total Deferred Taxes	-87.9M	-20.2M	-6.7M	-18.2M	-32.7M
Normalized Net Income	594M	632M	826M	961M	955M
Supplemental Operating Expense Items
Advertising Expense	193M	191M	199M	211M	215M
Selling and Marketing Expenses	193M	191M	199M	211M	215M
Net Rental Expense, Total	93.3M	53M	50M	62M	62M
Imputed Operating Lease Interest Expense	31.53M	15.35M	9.92M	16.5M	17.39M
Imputed Operating Lease Depreciation	61.77M	37.65M	40.08M	45.5M	44.61M
Stock-Based Comp., SG&A Exp. (Total)	48.5M	42.5M	72.6M	91.1M	93.7M
Total Stock-Based Compensation	48.5M	42.5M	72.6M	91.1M	93.7M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	154M	1.41B	258M	315M	589M
Total Cash And Short Term Investments	154M	1.41B	258M	315M	589M
Accounts Receivable, Total	3B	3.21B	4.63B	4.7B	4.68B
Other Receivables	395M	380M	436M	489M	470M
Total Receivables	3.4B	3.59B	5.07B	5.19B	5.15B
Inventory	611M	760M	928M	800M	668M
Prepaid Expenses	172M	191M	223M	256M	298M
Total Current Assets	4.33B	5.95B	6.48B	6.56B	6.7B
Gross Property Plant And Equipment	752M	550M	617M	648M	633M
Accumulated Depreciation	-257M	-244M	-266M	-310M	-309M
Net Property Plant And Equipment	495M	306M	351M	338M	324M
Long-term Investments	900K	-	-	-	-
Goodwill	2.55B	2.6B	4.38B	4.34B	4.41B
Other Intangibles, Total	594M	445M	1.63B	1.49B	1.37B
Accounts Receivable Long-Term	-	-	197M	203M	338M
Deferred Charges Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	22.4M	43.9M	162M	193M	135M
Total Assets	8B	9.34B	13.2B	13.13B	13.28B
Liabilities
Accounts Payable, Total	1.84B	2.09B	3.11B	2.82B	2.88B
Accrued Expenses, Total	449M	546M	573M	582M	475M
Short-term Borrowings	430M	525M	448M	519M	431M
Current Portion of Long-Term Debt	34.1M	70.9M	103M	56.3M	613M
Current Portion of Leases	30.1M	25.6M	31.7M	31.9M	34M
Current Income Taxes Payable	-	-	-	-	-
Unearned Revenue Current, Total	252M	244M	403M	486M	487M
Other Current Liabilities	461M	399M	423M	451M	520M
Total Current Liabilities	3.49B	3.9B	5.1B	4.95B	5.44B
Long-Term Debt	3.28B	3.86B	6.76B	5.87B	5.03B
Long-Term Leases	131M	169M	184M	175M	164M
Unearned Revenue Non Current	-	-	20M	40M	40M
Deferred Tax Liability Non Current	62.4M	55.3M	222M	203M	171M
Other Non Current Liabilities	71M	68.7M	215M	296M	393M
Total Liabilities	7.04B	8.05B	12.49B	11.53B	11.24B
Common Stock, Total	1.4M	1.4M	1.3M	1.4M	1.3M
Additional Paid In Capital	3.1B	3.2B	3.37B	3.52B	3.69B
Retained Earnings	-2.02B	-1.81B	-2.57B	-1.76B	-1.53B
Comprehensive Income and Other	-118M	-95.8M	-94.4M	-152M	-125M
Total Common Equity	960M	1.3B	706M	1.6B	2.04B
Total Equity	960M	1.3B	706M	1.6B	2.04B
Total Liabilities And Equity	8B	9.34B	13.2B	13.13B	13.28B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	143M	141M	135M	136M	134M
ECS Total Common Shares Outstanding	143M	142M	135M	136M	134M
Book Value / Share	6.72	9.14	5.24	11.83	15.23
Tangible Book Value	-2.19B	-1.74B	-5.31B	-4.23B	-3.74B
Tangible Book Value Per Share	-15.29	-12.29	-39.36	-31.22	-27.89
Total Debt	3.91B	4.65B	7.52B	6.65B	6.27B
Net Debt	3.75B	3.24B	7.26B	6.33B	5.69B
Debt Equivalent Oper. Leases	746M	424M	400M	496M	496M
Equity Method Investments, Total	-	-	-	-	-
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Finished Goods, Total	611M	760M	928M	800M	668M
Land - (BS)	27.7M	27.7M	27.7M	27.7M	28.1M
Buildings, Total	134M	127M	151M	150M	125M
Machinery, Total	198M	191M	238M	269M	275M
Full Time Employees	9.9K	10K	13.9K	15.1K	15.1K
Accumulated Allowance for Doubtful Accounts (Supple)	7.9M	29.6M	20.4M	25.7M	28.8M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	737M	788M	989M	1.11B	1.1B
Depreciation & Amortization - CF	48.1M	214M	42.2M	57.6M	51.7M
Amortization of Goodwill and Intangible Assets - (CF)	219M	212M	149M	233M	219M
Depreciation & Amortization, Total	267M	426M	191M	291M	271M
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-
Stock-Based Compensation (CF)	48.5M	42.5M	72.6M	91.1M	93.7M
Provision and Write-off of Bad Debts	-	30.9M	-5.4M	8.3M	14.9M
Other Operating Activities, Total	-58.9M	21.9M	-30.8M	-2M	-3.7M
Change In Accounts Receivable	-245M	-226M	-617M	-34.8M	-54.5M
Change In Inventories	-153M	-71.4M	-151M	112M	139M
Change In Accounts Payable	194M	254M	374M	-260M	-55.4M
Change in Other Net Operating Assets	237M	49M	-38.3M	16.3M	89.7M
Cash from Operations	1.03B	1.31B	785M	1.34B	1.6B
Capital Expenditure	-236M	-158M	-100M	-128M	-148M
Cash Acquisitions	-95.1M	-43M	-2.71B	-36.7M	-76.4M
Investment in Marketable and Equity Securities, Total	-	-	36M	-	-
Other Investing Activities, Total	-	-	-	-	-5M
Cash from Investing	-331M	-201M	-2.77B	-164M	-230M
Short Term Debt Issued, Total	-	93M	-	84.6M	-
Long-Term Debt Issued, Total	3.05B	2.32B	5.54B	2.3B	208M
Total Debt Issued	3.05B	2.42B	5.54B	2.39B	208M
Short Term Debt Repaid, Total	-1.3M	-	-162M	-	-23.7M
Long-Term Debt Repaid, Total	-2.96B	-1.7B	-2.77B	-3.24B	-493M
Total Debt Repaid	-2.96B	-1.7B	-2.93B	-3.24B	-517M
Issuance of Common Stock	-	-	69.9M	30.2M	49.3M
Repurchase of Common Stock	-679M	-363M	-1.53B	-23.1M	-540M
Common Dividends Paid	-183M	-220M	-235M	-283M	-322M
Common & Preferred Stock Dividends Paid	-183M	-220M	-235M	-283M	-322M
Other Financing Activities, Total	25M	2M	-79.1M	22.9M	22.7M
Cash from Financing	-750M	139M	833M	-1.1B	-1.1B
Foreign Exchange Rate Adjustments	2.2M	4.1M	100K	-12.2M	3.1M
Net Change in Cash	-51.8M	1.26B	-1.15B	57.1M	274M
Supplemental Items
Cash Interest Paid	154M	139M	134M	224M	233M
Cash Income Tax Paid (Refund)	272M	246M	351M	362M	401M
Levered Free Cash Flow	748M	872M	550M	1.02B	1.33B
Unlevered Free Cash Flow	848M	969M	644M	1.17B	1.47B
Change In Net Working Capital	-59.7M	83.3M	441M	202M	-157M
Net Debt Issued / Repaid	87.2M	720M	2.61B	-850M	-309M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	9.34	8.56	8.17	8.47	8.32
Return on Total Capital	14.94	13.73	12.99	13.53	13.27
Return On Equity %	76.14	69.86	98.72	96.54	60.58
Return on Common Equity	76.14	69.86	98.72	96.54	60.58
Margin Analysis
Gross Profit Margin %	16.86	17.38	17.14	19.73	21.76
SG&A Margin	10.57	10.95	10.06	12.22	13.54
EBITDA Margin %	7.77	8.74	7.99	8.73	9.49
EBITA Margin %	7.5	7.58	7.79	8.49	9.25
EBIT Margin %	6.29	6.43	7.08	7.51	8.23
Income From Continuing Operations Margin %	4.09	4.27	4.75	4.69	5.17
Net Income Margin %	4.09	4.27	4.75	4.69	5.17
Net Avail. For Common Margin %	4.09	4.27	4.75	4.69	5.17
Normalized Net Income Margin	3.29	3.42	3.97	4.05	4.47
Levered Free Cash Flow Margin	4.15	4.72	2.64	4.29	6.22
Unlevered Free Cash Flow Margin	4.7	5.25	3.09	4.91	6.89
Asset Turnover
Asset Turnover	2.38	2.13	1.85	1.8	1.62
Fixed Assets Turnover	55.4	46.1	63.31	68.9	64.55
Receivables Turnover (Average Receivables)	6.36	5.94	5.28	5.09	4.56
Inventory Turnover (Average Inventory)	28.14	22.25	20.45	22.07	22.78
Short Term Liquidity
Current Ratio	1.24	1.53	1.27	1.33	1.23
Quick Ratio	1.02	1.28	1.05	1.11	1.05
Operating Cash Flow to Current Liabilities	0.29	0.34	0.15	0.27	0.29
Days Sales Outstanding (Average Receivables)	57.42	61.58	69.12	71.75	80.11
Days Outstanding Inventory (Average Inventory)	12.97	16.45	17.85	16.54	16.02
Average Days Payable Outstanding	41.1	46.6	54.51	57.21	62.72
Cash Conversion Cycle (Average Days)	29.28	31.43	32.47	31.09	33.41
Long Term Solvency
Total Debt/Equity	407	358.21	1.07K	414.69	307.16
Total Debt / Total Capital	80.28	78.18	91.42	80.57	75.44
LT Debt/Equity	355.55	310.33	983.42	376.82	254.38
Long-Term Debt / Total Capital	70.13	67.73	84.34	73.21	62.48
Total Liabilities / Total Assets	88	86.12	94.65	87.79	84.62
EBIT / Interest Expense	7.11	7.67	9.76	7.57	7.76
EBITDA / Interest Expense	9.37	10.76	11.36	9.06	9.23
(EBITDA - Capex) / Interest Expense	7.89	9.74	10.7	8.52	8.58
Total Debt / EBITDA	2.62	2.79	4.39	3.11	3
Net Debt / EBITDA	2.51	1.94	4.24	2.97	2.72
Total Debt / (EBITDA - Capex)	3.11	3.08	4.66	3.31	3.23
Net Debt / (EBITDA - Capex)	2.99	2.15	4.5	3.15	2.93
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	11.03	2.41	12.74	14.06	-9.99
Gross Profit, 1 Yr. Growth %	12.3	5.6	11.16	31.33	-0.73
EBITDA, 1 Yr. Growth %	11.8	15.18	3.4	24.61	-2.16
EBITA, 1 Yr. Growth %	11.76	3.48	16.2	24.3	-1.93
EBIT, 1 Yr. Growth %	14.82	4.77	24.42	21.05	-1.4
Earnings From Cont. Operations, 1 Yr. Growth %	14.59	7.02	25.38	12.74	-0.92
Net Income, 1 Yr. Growth %	14.59	7.02	25.38	12.74	-0.92
Normalized Net Income, 1 Yr. Growth %	12.99	6.43	27.8	16.31	-0.64
Diluted EPS Before Extra, 1 Yr. Growth %	19.09	9.22	29.17	15.48	-0.37
Accounts Receivable, 1 Yr. Growth %