CDW Authorizes $1.25 Billion Share Repurchase Program Increase and Declares Quarterly Cash Dividend of $0.40 Per Share
February 10 2021 - 7:05AM
Business Wire
Reinforces Ongoing Commitment to Delivering
Value to Stockholders
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 that its Board of Directors has authorized
a $1.25 billion increase to the company’s share repurchase program
and declared a quarterly cash dividend. The cash dividend of $0.40
per common share to be paid on March 10, 2021 to all stockholders
of record as of the close of business on February 25, 2021. This
amount represents a 5.3 percent increase over last year’s
dividend.
“Since our IPO in June 2013, our dividend has increased over
nine-fold and we have returned more than $3.4 billion to
shareholders through share repurchases and dividends,” said Collin
B. Kebo, chief financial officer, CDW. “Share repurchases and
annual dividend increases are important components of our capital
allocation strategy to deliver value to our stockholders just as we
have delivered value to our customers and partners for more than 35
years.”
Future dividends and share repurchase authorizations will be
subject to approval by CDW's Board of Directors. The $1.25 billion
authorization is incremental to the $338 million unused in the
repurchase program as of December 31, 2020. The program was
initially authorized for $500 million in November 2014, and
reauthorized for an incremental $750 million in both May 2016 and
August 2017, and $1 billion in February 2019. Share repurchases
under the program will be made from time to time in private
transactions, open market purchases or other transactions as
permitted by securities laws and other legal requirements. The
timing and amounts of any purchases will be based on market
conditions and other factors including but not limited to price,
regulatory requirements and capital availability. The program does
not require the purchase of any minimum dollar amount or number of
shares and the program may be modified, suspended or discontinued
at any time.
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 approximately 10,000 coworkers.
For the year ended December 31, 2020, CDW generated Net sales over
$18 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 (i)
the impact of COVID-19 on CDW's business, operations and liquidity,
and (ii) 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, 2019 and
Quarterly Report on Form 10-Q for the quarter ended September 30,
2020 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, except as otherwise required by law.
CDWPR-FI
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version on businesswire.com: https://www.businesswire.com/news/home/20210210005099/en/
Investor Inquiries Brittany A.
Smith Vice President, Investor Relations and Financial Planning and
Analysis (847) 968-0238 investorrelations@cdw.com
Media Inquires Sara Granack Vice
President, Corporate Communications (847) 419-7411
mediarelations@cdw.com
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