CDW (CDW) FY2013 results: revenue $10.8 billion, up 6.3% on the year
CDW Corp. (CDW) reported revenue of $10.8 billion for fiscal 2013, the year ended 31 December 2013, up 6.3% on the year before. Net income was $133 million, up 11.6%, and diluted earnings per share $0.84. The figures are the company's own, from the 10-K it filed with the SEC on 5 March 2014.
Revenue
$10.8 billion
+6.3% on the year
FY2009FY2013
Operating margin
4.7%
5.0% a year earlier
FY2009FY2013
Net income
$133 million
+11.6% on the year
FY2009FY2013
Diluted EPS
$0.84
+2.4% on the year
FY2009FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
10,769
10,128
9,602
+6.3%
Cost of revenue
9,008
8,459
8,015
+6.5%
Gross profit
1,760
1,670
1,584
+5.4%
Gross margin
16.3%
16.5%
16.5%
Selling, general and administrative
1,121
1,030
990
+8.9%
Operating income
509
511
471
-0.4%
Operating margin
4.7%
5.0%
4.9%
Interest expense
250
307
324
-18.6%
Pre-tax income
196
186
28.3
+5.1%
Income tax
62.7
67.1
11.2
-6.6%
Effective tax rate
32.1%
36.1%
39.6%
Net income
133
119
17.1
+11.6%
Net margin
1.2%
1.2%
0.2%
Diluted EPS
$0.84
$0.82
$0.12
+2.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
366
317
215
+15.4%
Capital expenditure
47.1
41.4
45.7
+13.8%
Free cash flow
319
276
169
+15.7%
Free cash flow margin
3.0%
2.7%
1.8%
Cash from investing
-47.1
-41.7
-56.0
Cash from financing
-168
-338
-95.4
Depreciation and amortisation
208
210
205
-1.0%
Share-based compensation
46.6
22.1
19.5
+110.9%
Buybacks
0.2
0.7
0.4
-71.4%
Dividends paid
7.3
0.0
0.0
Dividend per share
$0.04
$0.00
$0.00
Diluted shares, weighted
159m
146m
145m
+8.8%
Shares outstanding at period end
172m
145m
145m
+18.5%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
712
136
-7.3
+421.4%
Debt
3,251
3,771
4,066
-13.8%
Other liabilities
1,962
1,812
1,909
+8.2%
Total liabilities and equity
5,925
5,720
5,968
+3.6%
Fixed assets
131
143
154
-8.1%
Goodwill
2,220
2,209
2,208
+0.5%
Intangible assets
1,328
1,478
1,636
-10.2%
Cash and equivalents
188
37.9
99.9
+396.3%
Receivables
1,451
1,285
1,273
+12.9%
Inventory
382
315
322
+21.4%
Other assets
224
252
274
-11.1%
Total assets
5,925
5,720
5,968
+3.6%
10-K for the year ended 31 December 2013, filed 5 March 2014: the filing.