Strong Gross Profit Margin and Cash Flow
Reinforce Durability of Strategy
CDW Corporation (Nasdaq:CDW):
(Dollars in millions, except per share amounts and
percentage)
Three Months Ended March
31,
2024
2023
%
Chg.
Net Sales
$
4,872.7
$
5,103.1
(4.5
)
Gross Profit
$
1,063.3
$
1,089.4
(2.4
)
Gross Profit Margin
21.8
%
21.3
%
Operating Income
$
328.0
$
355.3
(7.7
)
Non-GAAP Operating Income2
$
403.5
$
434.3
(7.1
)
Net Income
$
216.1
$
230.1
(6.1
)
Non-GAAP Net Income2
$
260.8
$
278.7
(6.4
)
Net Income per Diluted Share
$
1.59
$
1.68
(5.2
)
Non-GAAP Net Income per Diluted Share2
$
1.92
$
2.03
(5.5
)
Average Daily Sales1
$
76.1
$
79.7
(4.5
)
1 Defined as Net sales divided by the
number of selling days. There were 64 selling days for both the
three months ended March 31, 2024 and 2023.
2 Non-GAAP measures used in this release
that are not based on accounting principles generally accepted in
the United States of America ("US GAAP") are each defined and
reconciled to the most directly comparable US GAAP measure in the
attached schedules.
CDW Corporation (Nasdaq: CDW), a leading multi-brand provider of
information technology solutions to business, government, education
and healthcare customers in the United States, the United Kingdom
and Canada, today announced first quarter 2024 results. CDW also
announced the approval by its Board of Directors of a quarterly
cash dividend of $0.62 per share to be paid on June 11, 2024 to all
stockholders of record as of the close of business on May 24,
2024.
"Within a persistently challenging environment, our strong gross
margin reinforces the significant progress we continue to make
executing our long-term strategy," said Christine A. Leahy, chair
and chief executive officer, CDW. "During this time, the need for a
trusted advisor has never been greater and our teams are helping
customers navigate complexity and maximize return on their IT
investments."
"First quarter IT market conditions were weaker than expected,
with caution, concern, and complexity adversely impacting
customers' capital investment decisions and elongating customer
decision-making. The resulting decline in solutions spend was
partially offset by demand for client devices," said Albert J.
Miralles, chief financial officer, CDW. "In 2024, we will continue
to optimize our cash flow generation through effective management
of our working capital, providing strategic flexibility across our
capital priorities including strategic M&A and share
repurchases."
"Customers continue to turn to CDW to address their
mission-critical IT and operational needs across the full IT
solutions stack and lifecycle. We remain well-positioned to attain
our target of exceeding US IT market growth by 200 to 300 basis
points on a constant currency basis. To achieve this, we remain
laser focused on meeting the needs of our more than 250,000
customers around the globe and remaining the partner of choice for
more than 1,000 leading and emerging technology brands as the IT
market continues to evolve," concluded Leahy.
First Quarter of 2024
Highlights:
Net sales in the first quarter of 2024 were $4,873 million,
compared to $5,103 million in the first quarter of 2023, a decrease
of 4.5 percent. There were 64 selling days for both the three
months ended March 31, 2024 and 2023. Net sales on a constant
currency basis decreased 4.9 percent. Continued economic
uncertainty has led customers to be cautious and measured in their
approach to technology spending, resulting in a reduction or delay
in their spend. The first quarter Net sales performance
included:
- Corporate segment Net sales of $2,136 million, 3.1 percent
lower than 2023.
- Small Business segment Net sales of $381 million, 7.4 percent
lower than 2023.
- Public segment Net sales of $1,725 million, 4.9 percent lower
than 2023. Public results were primarily driven by a decrease in
Net sales to Education customers of 10.4 percent.
- Net sales for CDW's UK and Canadian operations, combined as
“Other” for financial reporting purposes, were $631 million, 6.5
percent lower than 2023.
Gross profit in the first quarter of 2024 was $1,063 million,
compared to $1,089 million for 2023, representing a decrease of 2.4
percent. Gross profit margin was 21.8 percent in the first quarter
of 2024 versus 21.3 percent for 2023. The increase in Gross profit
margin was primarily driven by a more favorable contribution of
netted down revenue, primarily software as a service, partially
offset by lower product margin due to a higher mix of
notebooks/mobile devices.
Selling and administrative expenses were $735 million in the
first quarter of 2024, compared to $734 million in the first
quarter of 2023, representing an increase of 0.2 percent, primarily
due to workplace optimization costs, partially offset by lower
performance-based compensation.
Operating income was $328 million in the first quarter of 2024,
compared to $355 million in the first quarter of 2023, representing
a decrease of 7.7 percent. Non-GAAP operating income was $404
million in the first quarter of 2024, compared to $434 million in
the first quarter of 2023, representing a decrease of 7.1 percent.
Operating income margin and Non-GAAP operating income margin were
6.7 percent and 8.3 percent, respectively, for the first quarter of
2024 versus 7.0 percent and 8.5 percent for the first quarter of
2023.
Interest expense, net includes interest expense and interest
income. Interest expense, net was $51 million for the first quarter
of 2024, compared to $58 million for the first quarter of 2023. The
decrease was primarily due to higher interest income earned on cash
balances and lower debt levels, partially offset by a higher
variable interest rate on the senior unsecured term loan.
The effective tax rate was 21.9 percent in the first quarter of
2024, compared to 22.3 percent in the first quarter of 2023, which
resulted in tax expense of $61 million and $66 million,
respectively. The decrease in effective tax rate was primarily
attributable to higher excess tax benefits on equity-based
compensation.
Net income was $216 million in the first quarter of 2024,
compared to $230 million in the first quarter of 2023, representing
a decrease of 6.1 percent. Non-GAAP net income was $261 million for
the first quarter of 2024, compared to $279 million in the first
quarter of 2023, representing a decrease of 6.4 percent.
Weighted average diluted shares outstanding were 136 million for
the first quarter of 2024, compared to 137 million for the first
quarter of 2023. Net income per diluted share for the first quarter
of 2024 was $1.59, compared to $1.68 for 2023, representing a
decrease of 5.2 percent. Non-GAAP net income per diluted share for
the first quarter of 2024 was $1.92, compared to $2.03 for 2023,
representing a decrease of 5.5 percent.
Forward-Looking Statements
This release contains "forward-looking statements" within the
meaning of the federal securities laws. All statements other than
statements of historical fact are forward-looking statements. These
statements relate to analyses and other information, which are
based on forecasts of future results or events and estimates of
amounts not yet determinable. These statements also relate to our
future prospects, growth, developments and business strategies. We
claim the protection of The Private Securities Litigation Reform
Act of 1995 for all forward-looking statements in this release.
These forward-looking statements are identified by the use of
terms and phrases such as "anticipate," "assume," "believe,"
"estimate," "expect," "goal," "intend," "plan," "potential,"
"predict," "project," "target" and similar terms and phrases or
future or conditional verbs such as "could," "may," "should,"
"will," and "would." However, these words are not the exclusive
means of identifying such statements. Although we believe that our
plans, intentions and other expectations reflected in or suggested
by such forward-looking statements are reasonable, we cannot assure
you that we will achieve those plans, intentions or expectations.
All forward-looking statements are subject to risks and
uncertainties that may cause actual results or events to differ
materially from those that we expected.
Important factors that could cause actual results or events to
differ materially from our expectations, or cautionary statements,
are disclosed under the sections entitled "Risk Factors" and
"Trends and Key Factors Affecting our Financial Performance"
included in our Annual Report on Form 10-K for the year ended
December 31, 2023 and from time to time in our subsequent Quarterly
Reports on Form 10-Q and our other US Securities and Exchange
Commission ("SEC") filings and public communications. These factors
include, among others, inflationary pressures; level of interest
rates; CDW's relationships with vendor partners and terms of their
agreements; continued innovations in technology by CDW's vendor
partners; the use or capabilities of artificial intelligence;
substantial competition that could reduce CDW's market share; the
continuing development, maintenance and operation of CDW's
information technology systems; potential breaches of data security
and failure to protect our information technology systems from
cybersecurity threats; potential failures to provide high-quality
services to CDW's customers; potential losses of any key personnel,
significant increases in labor costs or ineffective workforce
management; potential adverse occurrences at one of CDW's primary
facilities or third-party data centers, including as a result of
climate change; increases in the cost of commercial delivery
services or disruptions of those services; CDW's exposure to
accounts receivable and inventory risks; future acquisitions or
alliances; fluctuations in CDW's operating results; fluctuations in
foreign currency; global and regional economic and political
conditions, including the impact of pandemics such as COVID-19 and
armed conflicts; potential interruptions of the flow of products
from suppliers; decreases in spending on technology products and
services, including impacts of adverse change in government
spending policies; potential failures to comply with Public segment
contracts or applicable laws and regulations; current and future
legal proceedings, investigations and audits, including
intellectual property infringement claims; changes in laws,
including regulations or interpretations thereof, or the potential
failure to meet stakeholder expectations on environmental
sustainability and corporate responsibility matters; CDW's level of
indebtedness; restrictions imposed by agreements relating to CDW's
indebtedness on its operations and liquidity; failure to maintain
the ratings assigned to CDW's debt securities by rating agencies;
changes in, or the discontinuation of, CDW's share repurchase
program or dividend payments; and other risk factors or
uncertainties identified from time to time in CDW's filings with
the SEC. All written and oral forward-looking statements
attributable to us, or persons acting on our behalf, are expressly
qualified in their entirety by those cautionary statements as well
as other cautionary statements that are made from time to time in
our other SEC filings and public communications. You should
evaluate all forward-looking statements made in this release in the
context of these risks and uncertainties.
We caution you that the important factors referenced above may
not reflect all of the factors that could cause actual results or
events to differ from our expectations. In addition, we cannot
assure you that we will realize the results or developments we
expect or anticipate or, even if substantially realized, that they
will result in the consequences or affect us or our operations in
the way we expect. The forward-looking statements included in this
release are made only as of the date hereof. We undertake no
obligation to publicly update or revise any forward-looking
statement as a result of new information, future events or
otherwise, except as otherwise required by law.
Non-GAAP Financial Information
Generally, a non-GAAP financial measure is a numerical measure
of a company’s performance or financial condition 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. Non-GAAP measures used by
management may differ from similar measures used by other
companies, even when similar terms are used to identify such
measures.
Our non-GAAP performance measures include Non-GAAP operating
income, Non-GAAP operating income margin, Non-GAAP net income,
Non-GAAP net income per diluted share and Net sales on a constant
currency basis, and our non-GAAP financial condition measures
include Free cash flow and Adjusted free cash flow. These non-GAAP
performance measures and non-GAAP financial condition measures are
collectively referred to as "non-GAAP financial measures".
Non-GAAP operating income excludes, among other things, charges
related to the amortization of acquisition-related intangible
assets, equity-based compensation and the associated payroll taxes,
acquisition and integration expenses, transformation initiatives
and workplace optimization. Non-GAAP operating income margin is
defined as Non-GAAP operating income as a percentage of Net sales.
Non-GAAP net income and Non-GAAP net income per diluted share
excludes, among other things, charges related to
acquisition-related intangible asset amortization, equity-based
compensation, acquisition and integration expenses, transformation
initiatives, workplace optimization and the associated tax effects
of each. Net sales on a constant currency basis is defined as Net
sales excluding the impact of foreign currency translation on Net
sales. Free cash flow is defined as cash flows provided by
operating activities less capital expenditures. Adjusted free cash
flow is defined as Free cash flow adjusted to include certain cash
flows from financing activities incurred in the normal course of
operations or as capital expenditures.
We believe our non-GAAP performance measures provide analysts,
investors and management with useful information regarding the
underlying operating performance of our business, as they remove
the impact of items that management believes are not reflective of
underlying operating performance. Management uses these measures to
evaluate period-over-period performance as management believes they
provide a more comparable measure of the underlying business. We
also present non-GAAP financial condition measures as we believe
they provide analysts, investors and management with more
information regarding our liquidity and capital resources. Certain
non-GAAP financial measures are also used to determine certain
components of performance-based compensation.
Our outlook includes non-GAAP financial measures because certain
reconciling items are dependent on future events that either cannot
be controlled, such as currency impacts or interest rates, or
reliably predicted because they are not part of our routine
activities, such as refinancing activities or acquisition and
integration expenses.
The financial statement tables that accompany this press release
include a reconciliation of non-GAAP financial measures to the
applicable most comparable US GAAP financial measures.
About CDW
CDW Corporation (Nasdaq: CDW) is a leading multi-brand provider
of information technology solutions to business, government,
education and healthcare customers in the United States, the United
Kingdom and Canada. A Fortune 500 company and member of the S&P
500 Index, CDW helps its customers to navigate an increasingly
complex IT market and maximize return on their technology
investments. For more information about CDW, please visit
www.CDW.com.
Webcast
CDW Corporation will hold a conference call today, May 1, 2024
at 7:30 a.m. CT/8:30 a.m. ET to discuss its first quarter financial
results. The conference call, which will be broadcast live via the
Internet, and a copy of this press release along with supplemental
slides used during the call, can be accessed on CDW’s website at
investor.cdw.com. For those unable to participate in the live call,
a replay of the webcast will be available at investor.cdw.com
approximately 90 minutes after the completion of the call and will
be accessible on the site for approximately one year.
CDWPR-FI
CDW CORPORATION AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(dollars and shares in millions,
except per-share amounts)
(unaudited)
Three Months Ended March
31,
2024
2023
% Change
Net sales
$
4,872.7
$
5,103.1
(4.5
)%
Cost of sales
3,809.4
4,013.7
(5.1
)
Gross profit
1,063.3
1,089.4
(2.4
)
Selling and administrative expenses
735.3
734.1
0.2
Operating income
328.0
355.3
(7.7
)
Interest expense, net
(51.3
)
(57.7
)
(11.1
)
Other expense, net
(0.1
)
(1.3
)
(92.3
)
Income before income taxes
276.6
296.3
(6.6
)
Income tax expense
(60.5
)
(66.2
)
(8.6
)
Net income
$
216.1
$
230.1
(6.1
)%
Net income per common share:
Basic
$
1.61
$
1.70
(5.3
)%
Diluted
$
1.59
$
1.68
(5.2
)%
Weighted-average common shares
outstanding:
Basic
134.4
135.6
Diluted
136.0
137.3
CDW CORPORATION AND
SUBSIDIARIES
NET SALES DETAIL
(dollars in millions)
(unaudited)
Three Months Ended March
31,
2024
2023
% Change(i)
Corporate
$
2,135.9
$
2,203.7
(3.1
)%
Small Business
380.9
411.4
(7.4
)
Public:
Government
543.3
551.5
(1.5
)
Education
596.8
665.7
(10.4
)
Healthcare
584.6
595.6
(1.8
)
Total Public
1,724.7
1,812.8
(4.9
)
Other
631.2
675.2
(6.5
)
Total Net sales
$
4,872.7
$
5,103.1
(4.5
)%
(i)
There were 64 selling days for both the
three months ended March 31, 2024 and 2023. Average Daily Sales is
defined as Net sales divided by the number of selling days.
CDW CORPORATION AND
SUBSIDIARIES
TIMING OF REVENUE
RECOGNITION
(dollars in millions)
(unaudited)
Three Months Ended March 31,
2024
Corporate
Small Business
Public
Other
Total
Timing of Revenue Recognition
Transferred at a point in time where CDW
is principal
$
1,779.3
$
331.7
$
1,515.7
$
542.1
$
4,168.8
Transferred at a point in time where CDW
is agent
194.8
39.1
108.2
31.2
373.3
Transferred over time where CDW is
principal
161.8
10.1
100.8
57.9
330.6
Total Net sales
$
2,135.9
$
380.9
$
1,724.7
$
631.2
$
4,872.7
Three Months Ended March 31,
2023
Corporate
Small Business
Public
Other
Total
Timing of Revenue Recognition
Transferred at a point in time where CDW
is principal
$
1,861.4
$
365.3
$
1,608.6
$
590.5
$
4,425.8
Transferred at a point in time where CDW
is agent
185.4
36.8
101.5
28.4
352.1
Transferred over time where CDW is
principal
156.9
9.3
102.7
56.3
325.2
Total Net sales
$
2,203.7
$
411.4
$
1,812.8
$
675.2
$
5,103.1
CDW CORPORATION AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(dollars in millions)
March 31, 2024
December 31, 2023
March 31, 2023
Assets
(unaudited)
(unaudited)
Current assets:
Cash and cash equivalents
$
803.8
$
588.7
$
279.4
Accounts receivable, net of allowance for
credit losses
of $30.2, $28.8, and $27.4,
respectively
4,310.4
4,567.5
4,262.3
Merchandise inventory
670.8
668.1
781.1
Miscellaneous receivables
482.2
470.5
469.4
Prepaid expenses and other
366.6
410.2
487.7
Total current assets
6,633.8
6,705.0
6,279.9
Operating lease right-of-use assets
135.1
128.8
145.7
Property and equipment, net
190.2
195.5
187.4
Goodwill
4,409.8
4,413.4
4,365.5
Other intangible assets, net
1,331.2
1,369.7
1,455.0
Other assets
492.7
472.2
334.6
Total assets
$
13,192.8
$
13,284.6
$
12,768.1
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable - trade
$
2,741.1
$
2,881.0
$
2,644.0
Accounts payable - inventory financing
384.8
430.9
532.2
Current maturities of long-term debt
604.7
613.1
45.7
Contract liabilities
469.5
487.4
495.7
Accrued expenses and other current
liabilities
1,060.9
1,029.6
1,060.3
Total current liabilities
5,261.0
5,442.0
4,777.9
Long-term liabilities:
Debt
5,027.6
5,031.8
5,749.9
Deferred income taxes
161.7
171.4
193.0
Operating lease liabilities
167.5
164.0
171.0
Other liabilities
436.3
432.9
307.4
Total long-term liabilities
5,793.1
5,800.1
6,421.3
Total stockholders’ equity
2,138.7
2,042.5
1,568.9
Total liabilities and stockholders’
equity
$
13,192.8
$
13,284.6
$
12,768.1
CDW CORPORATION AND
SUBSIDIARIES
DEBT AND WORKING CAPITAL
INFORMATION
(dollars in millions)
(unaudited)
March 31, 2024
December 31, 2023
March 31, 2023
Debt and Revolver Availability
Cash and cash equivalents
$
803.8
$
588.7
$
279.4
Total debt
5,632.3
5,644.9
5,795.6
Net debt (total debt net of cash and cash
equivalents)
4,828.5
5,056.2
5,516.2
Revolver availability
1,251.7
1,208.1
1,051.0
Cash plus revolver availability
2,055.5
1,796.8
1,330.4
Working Capital(i)
Days of sales outstanding
75
77
72
Days of supply in inventory
14
13
15
Days of purchases outstanding
(73
)
(73
)
(69
)
Cash conversion cycle
16
17
18
(i)
Based on a rolling three-month
average.
CDW CORPORATION AND
SUBSIDIARIES
CASH FLOW INFORMATION
(dollars in millions)
(unaudited)
Three Months Ended March
31,
2024
2023
Cash flows provided by operating
activities
$
440.0
$
365.4
Capital expenditures
(29.5
)
(31.7
)
Acquisition of businesses, net of cash
acquired
(0.2
)
(22.5
)
Cash flows used in investing
activities
(29.7
)
(54.2
)
Net change in accounts payable - inventory
financing
(46.1
)
77.6
Other cash flows used in financing
activities
(146.5
)
(425.8
)
Cash flows used in financing
activities
(192.6
)
(348.2
)
Effect of exchange rate changes on cash
and cash equivalents
(2.6
)
1.2
Net increase (decrease) in cash and cash
equivalents
215.1
(35.8
)
Cash and cash equivalents - beginning of
period
588.7
315.2
Cash and cash equivalents - end of
period
$
803.8
$
279.4
Supplementary disclosure of cash flow
information:
Interest paid
$
(22.5
)
$
(24.9
)
Income taxes paid, net
$
(16.8
)
$
(21.5
)
CDW CORPORATION AND
SUBSIDIARIES
NON-GAAP FINANCIAL MEASURE
RECONCILIATIONS
CDW has included reconciliations of
Non-GAAP operating income, Non-GAAP operating income margin,
Non-GAAP net income, Non-GAAP net income per diluted share and Net
sales on a constant currency basis for the three months ended March
31, 2024 and 2023 below. In addition, a reconciliation of Free cash
flow and Adjusted free cash flow is included for the three months
ended March 31, 2024 and 2023.
CDW CORPORATION AND
SUBSIDIARIES
NON-GAAP OPERATING INCOME AND
NON-GAAP OPERATING INCOME MARGIN
(dollars in millions)
(unaudited)
Three Months Ended March
31,
2024
% of Net sales
2023
% of Net sales
Operating income, as reported
$
328.0
6.7
%
$
355.3
7.0
%
Amortization of intangibles(i)
37.7
41.6
Equity-based compensation
19.4
20.8
Acquisition and integration expenses
0.7
8.9
Transformation initiatives(ii)
6.1
5.0
Workplace optimization(iii)
7.3
0.9
Other adjustments
4.3
1.8
Non-GAAP operating income
$
403.5
8.3
%
$
434.3
8.5
%
(i)
Includes amortization expense for
acquisition-related intangible assets, primarily customer
relationships, customer contracts and trade names.
(ii)
Includes costs related to strategic
transformation initiatives focused on optimizing various operations
and systems.
(iii)
Includes costs related to the workforce
reduction program and charges related to the reduction of our real
estate lease portfolio.
CDW CORPORATION AND
SUBSIDIARIES
NON-GAAP NET INCOME
AND NON-GAAP NET INCOME PER
DILUTED SHARE
(dollars and shares in millions,
except per-share amounts)
(unaudited)
Three Months Ended March
31,
2024
2023
Income before Income
Taxes
Income Tax Expense(i)
Net Income
Effective Tax Rate
Income before Income
Taxes
Income Tax Expense(i)
Net Income
Effective Tax Rate
Net Income % Change
US GAAP, as reported
$
276.6
$
(60.5
)
$
216.1
21.9
%
$
296.3
$
(66.2
)
$
230.1
22.3
%
(6.1
)%
Amortization of intangibles(ii)
37.7
(9.8
)
27.9
41.6
(10.9
)
30.7
Equity-based compensation
19.4
(16.1
)
3.3
20.8
(15.3
)
5.5
Acquisition and integration expenses
0.7
(0.2
)
0.5
8.9
(2.3
)
6.6
Transformation initiatives(iii)
6.1
(1.6
)
4.5
5.0
(1.3
)
3.7
Workplace optimization(iv)
7.3
(1.9
)
5.4
0.9
(0.2
)
0.7
Other adjustments
4.3
(1.2
)
3.1
1.8
(0.4
)
1.4
Non-GAAP
$
352.1
$
(91.3
)
$
260.8
25.9
%
$
375.3
$
(96.6
)
$
278.7
25.7
%
(6.4
)%
Net income per diluted share, as
reported
$
1.59
$
1.68
Non-GAAP net income per diluted share
$
1.92
$
2.03
Shares used in computing US GAAP and
Non-GAAP net income per diluted share
136.0
137.3
(i)
Income tax on non-GAAP adjustments
includes excess tax benefits associated with equity-based
compensation.
(ii)
Includes amortization expense for
acquisition-related intangible assets, primarily customer
relationships, customer contracts and trade names.
(iii)
Includes costs related to strategic
transformation initiatives focused on optimizing various operations
and systems.
(iv)
Includes costs related to the workforce
reduction program and charges related to the reduction of our real
estate lease portfolio.
CDW CORPORATION AND
SUBSIDIARIES
NET SALES CHANGE ON A CONSTANT
CURRENCY BASIS
(dollars in millions)
(unaudited)
Three Months Ended March
31,
2024
2023
% Change(i)
Net sales, as reported
$
4,872.7
$
5,103.1
(4.5
)%
Foreign currency translation(ii)
—
19.7
Net sales, on a constant currency
basis
$
4,872.7
$
5,122.8
(4.9
)%
(i)
There were 64 selling days for
both the three months ended March 31, 2024 and 2023. Average daily
sales is defined as Net sales divided by the number of selling
days.
(ii)
Represents the effect of
translating the prior year results of CDW UK and CDW Canada at the
average exchange rates applicable in the current year.
CDW CORPORATION AND
SUBSIDIARIES
FREE CASH FLOW AND ADJUSTED
FREE CASH FLOW
(dollars in millions)
(unaudited)
Three Months Ended March
31,
2024
2023
Net cash provided by operating
activities
$
440.0
$
365.4
Capital expenditures
(29.5
)
(31.7
)
Free cash flow
410.5
333.7
Net change in accounts payable - inventory
financing
(46.1
)
77.6
Adjusted free cash flow(i)
$
364.4
$
411.3
(i)
Defined as Net cash provided by operating
activities less capital expenditures, adjusted to include cash
flows from financing activities that relate to the purchase of
inventory.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240501876406/en/
Investor Inquiries Steven O'Brien
Vice President, Investor Relations (847) 968-0238
investorrelations@cdw.com
Media Inquiries Sara Granack Vice
President, Corporate Communications (847) 419-7411
mediarelations@cdw.com
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