CDW Corporation (Nasdaq:CDW), a leading multi-brand technology
solutions provider to business, government, education and
healthcare customers in the United States, the United Kingdom and
Canada, today announced first quarter 2020 results. CDW also
announced the approval by its Board of Directors of a quarterly
cash dividend to be paid in June 2020.
"In the first quarter, we saw that now, more
than ever, technology is essential to our customers’ ability to
operate. Our strong results are a testament to how we help our
customers navigate and be successful in a changing world,” said
Christine A. Leahy, chief executive officer, CDW. "Our dedicated
coworkers and our broad portfolio of products and services enabled
our customers across all sectors to continue to operate in new ways
under trying conditions brought about by the COVID-19
pandemic."
“CDW enters this crisis from a position of
financial strength,” said Collin B. Kebo, chief financial officer,
CDW. “We are confident in our balance sheet and liquidity
position, which we recently enhanced by issuing $600 million of
senior unsecured notes. Proceeds will be used for general
corporate purposes, including supporting our customers.”
“The depth and duration of the impact from
COVID-19 is unknown. It is still too early to predict how it will
impact our customers. I am confident that we will prudently manage
our business during this uncertain and challenging time, safeguard
the health and well-being of our coworkers, and meet the needs of
our more than 250,000 customers in the United States, the United
Kingdom and Canada,” concluded Leahy.
A cash dividend of $0.38 per share will be paid
on June 10, 2020 to all stockholders of record as of the close
of business on May 25, 2020.
First Quarter of 2020 Highlights:
Total Net sales in the first quarter of 2020
were $4,389 million, compared to $3,958 million in the first
quarter 2019, an increase of 10.9 percent. There were 64 and 63
selling days for the three months ended March 31, 2020 and 2019,
respectively. Net sales growth on an average daily sales basis was
9.2 percent and Net sales growth on a constant currency basis was
9.4 percent. Currency impact to Net sales growth was driven by
unfavorable translation of the British pound and Canadian dollar to
US dollar. First quarter Net sales performance, on an average daily
sales basis, included:
- Total Corporate segment Net sales of $1,911 million, 8.4
percent higher than 2019.
- Total Small Business segment Net sales of $391 million, 8.4
percent higher than 2019.
- Total Public segment Net sales of $1,525 million, 12.8 percent
higher than 2019. Public results were led by sales to Government,
Education and Healthcare customers, which increased 14.6 percent,
17.1 percent and 7.1 percent, respectively.
- Net sales for CDW's UK and Canadian operations, combined as
“Other” for financial reporting purposes, were $561 million, 3.2
percent higher than 2019. Canada results were up low double digits
in local currency and UK results were up low single digits in local
currency.
Gross profit for the first quarter of 2020 was
$757 million, compared to $672 million for 2019, representing an
increase of 12.6 percent. Gross profit margin was 17.2 percent for
the first quarter of 2020 versus 17.0 percent for 2019. The
increase was primarily driven by product margin, partially offset
by the mix of netted down revenues that are booked net of cost of
goods sold not growing as fast as Net sales.
Total selling and administrative expenses were
$511 million for the first quarter of 2020, compared to $443
million for 2019, representing an increase of 15.2 percent. This
increase was primarily due to a higher provision for credit losses
driven by increased reserves reflecting the expected economic
impact of the COVID-19 pandemic, and higher payroll expenses
consistent with higher coworker count and higher gross profit.
Operating income was $246 million for the first
quarter of 2020, compared to $229 million in 2019, an increase of
7.4 percent. Non-GAAP operating income was $304 million for the
first quarter of 2020, compared to $287 million for 2019,
representing an increase of 5.8 percent. The Non-GAAP operating
income margin was 6.9 percent for 2020 versus 7.3 percent for
2019.
Net interest expense was $38 million for both
the first quarter of 2020 and 2019.
The effective tax rate for the first quarter of
2020 was 20.7 percent, which resulted in tax expense of $44
million, compared to a 20.2 percent effective tax rate and tax
expense of $39 million for 2019. The increase in the effective tax
rate is primarily driven by a discrete tax benefit related to CDW
Canada's acquisition of Scalar Decisions Inc. in 2019, partially
offset by the impact of higher excess tax benefits on equity-based
compensation in 2020.
Net income was $168 million for the first
quarter of 2020, compared to $153 million for 2019, representing an
increase of 9.8 percent. Non-GAAP net income was $200 million for
the first quarter of 2020, compared to $185 million for 2019,
representing an increase of 7.8 percent.
Weighted average diluted shares outstanding were
145 million for the first quarter of 2020, compared to 149 million
for 2019. Net income per diluted share for the first quarter of
2020 was $1.16 compared to $1.02 for 2019, representing an increase
of 13.1 percent. Non-GAAP net income per diluted share for the
first quarter of 2020 was $1.38, compared to $1.24 for 2019,
representing an increase of 11.0 percent.
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 financial performance 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. These risks and uncertainties
include, among others, the COVID-19 pandemic and actions taken in
response thereto and the associated impact on our business, results
of operations, cash flows, financial condition and liquidity;
global and regional economic and political conditions; decreases in
spending on technology products and services; CDW's relationships
with vendor partners and terms of their agreements; continued
innovations in hardware, software and services offerings by CDW's
vendor partners; substantial competition that could reduce CDW's
market share; potential interruptions of the flow of products from
suppliers; CDW's level of indebtedness and ability to generate
sufficient cash to service such indebtedness; restrictions imposed
by agreements relating to CDW's indebtedness on its operations and
liquidity; changes in, or the discontinuation of, CDW's share
repurchase program or dividend payments; 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 comply with Public segment contracts
or applicable laws and regulations; potential failures to provide
high-quality services to CDW's customers; potential losses of any
key personnel; potential adverse occurrences at one of CDW's
primary facilities or customer data centers; 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; current and future legal
proceedings and audits; changes in laws, including regulations or
interpretations thereof; and other risk factors or uncertainties
identified from time to time in CDW's filings with the SEC.
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, 2019 and subsequent filings
with the SEC, including in its Prospectus Supplement filed with the
SEC on April 17, 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
Non-GAAP operating income excludes, among other
things, charges related to the amortization of acquisition-related
intangible assets, equity-based compensation and related payroll
taxes, and acquisition and integration expenses. Non-GAAP operating
income margin is defined as Non-GAAP operating income as a
percentage of Net sales. Non-GAAP income before income taxes and
Non-GAAP net income exclude, among other things, charges related to
acquisition-related intangible asset amortization, equity-based
compensation, net loss on extinguishment of long-term debt,
acquisition and integration expenses, and the associated tax
effects of each. Net sales growth on a constant currency basis is
defined as Net sales growth excluding the impact of foreign
currency translation on Net sales compared to the prior period.
Non-GAAP operating income, Non-GAAP operating
income margin, Non-GAAP income before income taxes, Non-GAAP net
income, Non-GAAP net income per diluted share and Net sales growth
on a constant currency basis are considered non-GAAP financial
measures. 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 GAAP.
CDW believes these measures provide analysts,
investors and management with helpful information regarding the
underlying operating performance of CDW's business, as they remove
the impact of items that management believes are not reflective of
underlying operating performance. CDW uses these measures to
evaluate period-over-period performance as management believes they
provide a more comparable measure of the underlying business.
The financial statement tables that accompany
this press release include a reconciliation of non-GAAP financial
measures to the applicable most comparable GAAP financial measures.
Non-GAAP measures used by CDW may differ from similar measures used
by other companies, even when similar terms are used to identify
such measures.
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 member of the S&P
500 Index, CDW was founded in 1984 and employs over 10,000
coworkers. For the trailing twelve months ended March 31,
2020, CDW generated Net sales over $18 billion. For more
information about CDW, please visit www.CDW.com.
Webcast
CDW Corporation will hold a conference call
today, May 6, 2020 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.
Investor Inquiries |
Media Inquiries |
Brittany A. Smith |
Sara Granack |
Vice President, Investor Relations and |
Vice President, Corporate Communications |
Financial Planning and Analysis |
(847) 419-7411 |
(847) 968-0238 |
|
CDWPR-FI
CDW CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS(dollars and shares in millions, except
per-share amounts)(unaudited)
|
|
Three Months Ended March 31, |
|
|
2020 |
|
2019 |
|
% Change(i) |
|
|
|
|
|
|
|
Net sales |
|
$ |
4,389.2 |
|
|
$ |
3,957.9 |
|
|
10.9 |
% |
Cost of sales |
|
3,632.7 |
|
|
3,285.8 |
|
|
10.6 |
|
|
|
|
|
|
|
|
Gross profit |
|
756.5 |
|
|
672.1 |
|
|
12.6 |
|
|
|
|
|
|
|
|
Selling and administrative
expenses |
|
510.7 |
|
|
443.2 |
|
|
15.2 |
|
Operating income |
|
245.8 |
|
|
228.9 |
|
|
7.4 |
|
|
|
|
|
|
|
|
Interest expense, net |
|
(37.9 |
) |
|
(38.3 |
) |
|
(1.2 |
) |
Other income, net |
|
3.9 |
|
|
1.0 |
|
|
nm* |
|
|
|
|
|
|
|
Income before income
taxes |
|
211.8 |
|
|
191.6 |
|
|
10.6 |
|
|
|
|
|
|
|
|
Income tax expense |
|
(43.9 |
) |
|
(38.7 |
) |
|
13.6 |
|
|
|
|
|
|
|
|
Net income |
|
$ |
167.9 |
|
|
$ |
152.9 |
|
|
9.8 |
% |
|
|
|
|
|
|
|
Net income per common
share: |
|
|
|
|
|
|
Basic |
|
$ |
1.18 |
|
|
$ |
1.04 |
|
|
13.1 |
% |
Diluted |
|
$ |
1.16 |
|
|
$ |
1.02 |
|
|
13.1 |
% |
|
|
|
|
|
|
|
Weighted-average common shares
outstanding: |
|
|
|
|
|
|
Basic |
|
142.7 |
|
|
147.0 |
|
|
|
Diluted |
|
144.9 |
|
|
149.2 |
|
|
|
* Not meaningful
(i) There were 64 and 63 selling days for the three months ended
March 31, 2020 and 2019, respectively.
CDW CORPORATION AND
SUBSIDIARIESNON-GAAP FINANCIAL MEASURE
RECONCILIATIONS
CDW has included reconciliations of Non-GAAP
operating income, Non-GAAP operating income margin, Non-GAAP income
before income taxes, Non-GAAP net income, Non-GAAP net income per
diluted share and Net sales growth on a constant currency basis for
the three months ended March 31, 2020 and 2019 below.
CDW CORPORATION AND
SUBSIDIARIESNON-GAAP OPERATING INCOME AND NON-GAAP
OPERATING INCOME MARGIN(dollars in
millions)(unaudited)
|
Three Months Ended March 31, |
|
2020 |
|
% of Net sales |
|
2019 |
|
% of Net sales |
|
|
|
|
|
|
|
|
Operating income |
$ |
245.8 |
|
|
5.6 |
% |
|
$ |
228.9 |
|
|
5.8 |
% |
Amortization of
intangibles(i) |
44.6 |
|
|
|
|
44.4 |
|
|
|
Equity-based compensation |
8.8 |
|
|
|
|
12.7 |
|
|
|
Other adjustments(ii) |
4.7 |
|
|
|
|
1.3 |
|
|
|
Non-GAAP operating income |
$ |
303.9 |
|
|
6.9 |
% |
|
$ |
287.3 |
|
|
7.3 |
% |
(i) Includes amortization expense for acquisition-related
intangible assets, primarily customer relationships, customer
contracts and trade names.
(ii) Includes other expenses such as payroll taxes on
equity-based compensation, expenses related to the relocation of
the downtown Chicago office, and acquisition and integration
expenses.
CDW CORPORATION AND
SUBSIDIARIESNON-GAAP INCOME BEFORE INCOME TAXES,
NON-GAAP NET INCOMEAND NON-GAAP NET INCOME PER
DILUTED SHARE(dollars and shares in millions, except
per-share amounts)(unaudited)
|
Three Months Ended March 31, |
|
|
|
2020 |
|
2019 |
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP, as reported |
$ |
211.8 |
|
|
$ |
(43.9 |
) |
|
$ |
167.9 |
|
|
20.7 |
% |
|
$ |
191.6 |
|
|
$ |
(38.7 |
) |
|
$ |
152.9 |
|
|
20.2 |
% |
|
9.8 |
% |
Amortization of
intangibles(ii) |
44.6 |
|
|
(11.1 |
) |
|
33.5 |
|
|
|
|
44.4 |
|
|
(11.3 |
) |
|
33.1 |
|
|
|
|
|
Equity-based compensation |
8.8 |
|
|
(13.7 |
) |
|
(4.9 |
) |
|
|
|
12.7 |
|
|
(11.3 |
) |
|
1.4 |
|
|
|
|
|
Other adjustments(iii) |
4.7 |
|
|
(1.2 |
) |
|
3.5 |
|
|
|
|
1.3 |
|
|
(3.3 |
) |
|
(2.0 |
) |
|
|
|
|
Non-GAAP |
$ |
269.9 |
|
|
$ |
(69.9 |
) |
|
$ |
200.0 |
|
|
25.9 |
% |
|
$ |
250.0 |
|
|
$ |
(64.6 |
) |
|
$ |
185.4 |
|
|
25.8 |
% |
|
7.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per diluted
share |
|
|
|
|
$ |
1.16 |
|
|
|
|
|
|
|
|
$ |
1.02 |
|
|
|
|
|
Non-GAAP net income per
diluted share |
|
|
|
|
$ |
1.38 |
|
|
|
|
|
|
|
|
$ |
1.24 |
|
|
|
|
|
Shares used in computing GAAP
and Non-GAAP net income per diluted share |
|
|
|
|
144.9 |
|
|
|
|
|
|
|
|
149.2 |
|
|
|
|
|
- Income tax on non-GAAP adjustments includes excess tax benefits
associated with equity-based compensation.
- Includes amortization expense for acquisition-related
intangible assets, primarily customer relationships, customer
contracts and trade names.
- Includes other expenses such as payroll taxes on equity-based
compensation, expenses related to the relocation of the downtown
Chicago office, and acquisition and integration expenses.
CDW CORPORATION AND
SUBSIDIARIESNET SALES GROWTH ON A CONSTANT
CURRENCY BASIS(dollars in millions)(unaudited)
|
|
Three Months Ended March 31, |
|
|
2020 |
|
2019 |
|
% Change(i) |
|
Average Daily % Change(i) |
Net sales, as reported |
|
$ |
4,389.2 |
|
|
$ |
3,957.9 |
|
|
10.9 |
% |
|
9.2 |
% |
Foreign currency translation(ii) |
|
— |
|
|
(9.8 |
) |
|
|
|
|
Net sales, on a constant
currency basis |
|
$ |
4,389.2 |
|
|
$ |
3,948.1 |
|
|
11.2 |
% |
|
9.4 |
% |
- There were 64 and 63 selling days for the three months ended
March 31, 2020 and 2019, respectively.
- 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
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(dollars in millions)
|
|
March 31, 2020 |
|
December 31, 2019 |
|
March 31, 2019 |
Assets |
(unaudited) |
|
|
|
(unaudited) |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
214.4 |
|
|
$ |
154.0 |
|
|
$ |
285.0 |
|
Accounts receivable, net of allowance for creditlosses of $35.1,
$7.9, and $7.6, respectively |
3,149.4 |
|
|
3,002.2 |
|
|
2,725.1 |
|
Merchandise inventory |
672.1 |
|
|
611.2 |
|
|
590.7 |
|
Miscellaneous receivables |
442.5 |
|
|
395.1 |
|
|
353.4 |
|
Prepaid expenses and other |
187.4 |
|
|
171.6 |
|
|
178.3 |
|
Total current
assets |
4,665.8 |
|
|
4,334.1 |
|
|
4,132.5 |
|
|
|
|
|
|
|
Operating lease right-of-use
assets |
129.5 |
|
|
131.8 |
|
|
132.1 |
|
Property and equipment,
net |
331.9 |
|
|
363.1 |
|
|
155.2 |
|
Goodwill |
2,529.5 |
|
|
2,553.0 |
|
|
2,528.2 |
|
Other intangible assets,
net |
540.2 |
|
|
594.1 |
|
|
696.0 |
|
Other assets |
25.5 |
|
|
23.3 |
|
|
35.5 |
|
Total
assets |
$ |
8,222.4 |
|
|
$ |
7,999.4 |
|
|
$ |
7,679.5 |
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable - trade |
$ |
1,967.1 |
|
|
$ |
1,835.0 |
|
|
$ |
1,745.4 |
|
Accounts payable - inventory financing |
345.5 |
|
|
429.9 |
|
|
500.0 |
|
Current maturities of long-term debt |
33.7 |
|
|
34.1 |
|
|
25.7 |
|
Contract liabilities |
257.6 |
|
|
252.2 |
|
|
192.1 |
|
Accrued expenses and other current liabilities |
1,043.3 |
|
|
940.2 |
|
|
751.8 |
|
Total current
liabilities |
3,647.2 |
|
|
3,491.4 |
|
|
3,215.0 |
|
|
|
|
|
|
|
Long-term liabilities: |
|
|
|
|
|
Debt |
3,438.5 |
|
|
3,283.2 |
|
|
3,257.7 |
|
Deferred income taxes |
62.8 |
|
|
62.4 |
|
|
132.7 |
|
Operating lease liabilities |
129.2 |
|
|
131.1 |
|
|
93.0 |
|
Other liabilities |
55.0 |
|
|
71.0 |
|
|
53.8 |
|
Total long-term
liabilities |
3,685.5 |
|
|
3,547.7 |
|
|
3,537.2 |
|
|
|
|
|
|
|
Total
stockholders’ equity |
889.7 |
|
|
960.3 |
|
|
927.3 |
|
Total
liabilities and stockholders’ equity |
$ |
8,222.4 |
|
|
$ |
7,999.4 |
|
|
$ |
7,679.5 |
|
CDW CORPORATION AND
SUBSIDIARIESNET SALES DETAIL(dollars in
millions)(unaudited)
|
|
Three Months Ended March 31, |
|
|
2020 |
|
2019 |
|
% Change |
|
Average Daily % Change(i) |
|
|
|
|
|
|
|
|
|
Corporate |
|
$ |
1,911.0 |
|
|
$ |
1,736.2 |
|
|
10.1 |
% |
|
8.4 |
% |
|
|
|
|
|
|
|
|
|
Small Business |
|
391.5 |
|
|
355.6 |
|
|
10.1 |
|
|
8.4 |
|
|
|
|
|
|
|
|
|
|
Public |
|
|
|
|
|
|
|
|
Government |
|
568.5 |
|
|
488.4 |
|
|
16.4 |
|
|
14.6 |
|
Education |
|
476.2 |
|
|
400.4 |
|
|
19.0 |
|
|
17.1 |
|
Healthcare |
|
480.6 |
|
|
441.9 |
|
|
8.8 |
|
|
7.1 |
|
Total Public |
|
1,525.3 |
|
|
1,330.7 |
|
|
14.6 |
|
|
12.8 |
|
|
|
|
|
|
|
|
|
|
Other |
|
561.4 |
|
|
535.4 |
|
|
4.8 |
|
|
3.2 |
|
|
|
|
|
|
|
|
|
|
Total Net sales |
|
$ |
4,389.2 |
|
|
$ |
3,957.9 |
|
|
10.9 |
% |
|
9.2 |
% |
(i) There were 64 and 63 selling days for the three months ended
March 31, 2020 and 2019, respectively.
CDW CORPORATION AND
SUBSIDIARIESDEBT AND WORKING CAPITAL
INFORMATION(dollars in millions)
|
March 31, 2020 |
|
December 31, 2019 |
|
March 31, 2019 |
|
(unaudited) |
|
|
|
(unaudited) |
Debt and Revolver
Availability |
|
|
|
|
|
Cash and cash equivalents |
$ |
214.4 |
|
|
$ |
154.0 |
|
|
$ |
285.0 |
|
Total debt |
3,472.2 |
|
|
3,317.3 |
|
|
3,283.4 |
|
Revolver
availability |
998.6 |
|
|
1,106.2 |
|
|
1,002.8 |
|
Cash plus revolver
availability |
1,213.0 |
|
|
1,260.2 |
|
|
1,287.8 |
|
|
|
|
|
|
|
Working
Capital(i) |
|
|
|
|
|
Days of sales
outstanding |
58 |
|
|
57 |
|
|
57 |
|
Days of supply in
inventory |
14 |
|
|
14 |
|
|
14 |
|
Days of purchases
outstanding |
(52 |
) |
|
(53 |
) |
|
(54 |
) |
Cash conversion
cycle |
20 |
|
|
18 |
|
|
17 |
|
(i) Based on a rolling three-month average.
CDW CORPORATION AND
SUBSIDIARIESCASH FLOW INFORMATION(dollars
in millions)(unaudited)
|
Three Months Ended March 31, |
|
2020 |
|
2019 |
|
|
|
|
Cash flows provided by operating activities |
$ |
223.0 |
|
|
$ |
252.4 |
|
|
|
|
|
Capital expenditures(i) |
(25.4 |
) |
|
(19.4 |
) |
Acquisition of business, net
of cash acquired |
— |
|
|
(68.7 |
) |
Cash flows used in investing
activities |
(25.4 |
) |
|
(88.1 |
) |
|
|
|
|
Net change in accounts payable
- inventory financing |
(81.4 |
) |
|
70.2 |
|
Other cash flows used in
financing activities |
(48.6 |
) |
|
(150.4 |
) |
Cash flows used in financing
activities |
(130.0 |
) |
|
(80.2 |
) |
|
|
|
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash |
(7.2 |
) |
|
0.8 |
|
Net increase in cash, cash
equivalents and restricted cash |
60.4 |
|
|
84.9 |
|
Cash, cash equivalents and
restricted cash - beginning of period |
154.0 |
|
|
205.8 |
|
Cash, cash equivalents and
restricted cash - end of period |
$ |
214.4 |
|
|
$ |
290.7 |
|
|
|
|
|
Supplementary
disclosure of cash flow information: |
|
|
|
Interest paid |
$ |
(28.6 |
) |
|
$ |
(44.1 |
) |
Taxes paid, net |
$ |
(9.9 |
) |
|
$ |
(11.4 |
) |
(i) Includes expenditures for revenue generating assets.
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