CDW Corporation

Webcast Conference Call

August 4, 2021

CDW.com | 800.800.4239

Today's Agenda

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Second Quarter and YTD 2021 Results

Performance Drivers

Outlook

Q&A

2

Disclaimers

Forward-Looking Statements

Statements in this presentation that are not statements of historical fact are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding capital priorities and other strategic plans of CDW. These forward-looking statements are subject to risks and uncertainties that may cause actual results or events to differ materially from those described in such statements. Although CDW believes that its plans, intentions and other expectations reflected in or suggested by such forward-looking statements are reasonable, it can give no assurance that it will achieve those plans, intentions or expectations. Reference is made to a more complete discussion of forward- looking statements and applicable risks contained under the captions "Forward-Looking Statements" and "Risk Factors" in CDW's Annual Report on Form 10-K for the year ended December 31, 2020. CDW undertakes no obligation to update or revise any of its forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.

Non-GAAP Financial Information

This presentation contains certain non-GAAP financial measures, including Non-GAAP operating income, Non- GAAP operating income margin, Non-GAAP SG&A, Non-GAAP income before income taxes, Non-GAAP net income, Non-GAAP effective tax rate, Non-GAAP net income per diluted share, Non-GAAP net income per diluted share on a constant currency basis, Net sales growth on a constant currency basis and Free cash flow. Generally, a non-GAAP financial measure is a numerical measure of a company's performance or financial position that either excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with US GAAP. For a reconciliation of non-GAAP financial measures to the applicable most comparable US GAAP financial measures, see Exhibit 99.1 to CDW's Current Report on Form 8-K filed with the Securities and Exchange Commission on August 4, 2021 and the reconciliations included in these slides. Non-GAAP financial measures used by CDW may differ from similar measures used by other companies, even when similar terms are used to identify such measures.

3

Q2 2021 and YTD Financial Performance

Second Quarter:

  • Net sales increased $781 million from Q2 2020 to $5.1 billion
    • Up 17.9% on a reported and average daily sales ("ADS") basis
    • Up 16.3% on an ADS constant currency basis
  • Operating income up 30.5% to $370 million
  • Net income up 44.9% to $274 million
  • Non-GAAPoperating income up 23.6% to $418 million
  • Net income per diluted share up 47.4% to $1.93
  • Non-GAAPnet income per diluted share up 29.3% to $2.02

Year to Date ("YTD"):

  • Net sales increased $1,229 million from Q2 2020 to $10.0 billion
    • Up 14.0% on a reported basis
    • Up 14.9% on an ADS basis
    • Up 13.6% on an ADS constant currency basis
  • Operating income up 31.0% to $693 million
  • Net income up 41.9% to $507 million
  • Non-GAAPoperating income up 22.4% to $786 million
  • Net income per diluted share up 44.1% to $3.56
  • Non-GAAPnet income per diluted share up 27.9% to $3.76

4

Balanced Portfolio Drove Record Top-Line Results

(Unaudited)

($ in millions)

Three Months Ended June 30,

Six Months Ended June 30,

Average

2021

2020

(1)

2021

2020

% Change

Daily

(1)

% Change

% Change

Corporate

$

1,983.3

$

1,557.5

27.3 %

$

3,788.9

$

3,468.5

9.2 %

10.1 %

Small Business

482.9

302.1

59.8

915.6

693.6

32.0

33.0

Public

Government

513.4

719.7

(28.7)

1,029.5

1,288.2

(20.1)

(19.5)

Education

1,112.1

876.8

26.8

2,055.4

1,353.0

51.9

53.1

Healthcare

455.2

425.6

7.0

917.5

906.2

1.3

2.0

Total Public

2,080.7

2,022.1

2.9

4,002.4

3,547.4

12.8

13.7

Other

599.5

484.0

23.8

1,277.0

1,045.4

22.2

23.1

Total Net sales

$

5,146.4

$

4,365.7

17.9 %

$

9,983.9

$

8,754.9

14.0 %

14.9 %

  1. There were 64 selling days for both the three months ended June 30, 2021 and 2020. There were 127 and 128 selling days for the six months ended June 30, 2021 and 2020, respectively.

5

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CDW Corporation published this content on 04 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2021 12:25:06 UTC.