CDW Declares Quarterly Cash Dividend of $0.38 Per Share, Updates Payout Ratio Target
October 31 2019 - 7:05AM
CDW Corporation (Nasdaq:CDW) announced that earlier today its Board
of Directors declared a quarterly cash dividend of $0.38 per common
share to be paid on December 10, 2019 to all shareholders of record
as of the close of business on November 25, 2019. This
represents a 28.8 percent increase over last year’s dividend.
The annualized fourth quarter dividend puts the company on track to
achieve the target of delivering a dividend payout of 30 percent of
free cash flow by year-end 2019, which was announced in November
2014. Future dividends will be subject to Board of Director
approval.
“Going forward, we will target our annualized
fourth quarter dividend to be approximately 25 percent of Non-GAAP
net income, updating the dividend to grow in-line with earnings,"
said Collin Kebo, chief financial officer, CDW. “Annual dividend
increases are an important part of our capital allocation strategy,
along with maintaining our leverage ratio, making strategic
acquisitions and share repurchases. Since our IPO in June
2013, our dividend has increased nearly nine-fold and we have
returned more than $2.7 billion to shareholders through share
repurchases and dividends.”
About CDW
CDW Corporation (Nasdaq:CDW) is a leading
multi-brand technology solutions provider to business, government,
education and healthcare customers in the United States, the United
Kingdom and Canada. A Fortune 500 company and a member of the
S&P 500 Index, CDW was founded in 1984 and employs more than
9,800 coworkers. For the trailing twelve months ended September 30,
2019, the company generated Net sales over $17 billion. For more
information about CDW, please visit www.CDW.com.
Forward-Looking Statements
Statements in this release 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 the future dividends, earnings growth,
leverage ratio and other strategic plans of CDW. These statements
involve risks and uncertainties that could cause actual results to
differ materially from those described in such statements. Although
CDW believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance
that such expectations will prove to have been correct. 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, 2018 and subsequent filings with
the SEC. 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, unless required by
law.
Investor InquiriesBrittany A. SmithVice
President, Investor Relations andFinancial Planning and
Analysis847-968-0238investorrelations@cdw.com
Media InquiriesSara GranackVice President,
Corporate Communications847-419-7411mediarelations@cdw.com
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