CDW (CDW) FY2014 results: revenue $12.1 billion, up 12.1% on the year
CDW Corp. (CDW) reported revenue of $12.1 billion for fiscal 2014, the year ended 31 December 2014, up 12.1% on the year before. Net income was $245 million, up 84.4%, and diluted earnings per share $1.42. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2015.
Revenue
$12.1 billion
+12.1% on the year
FY2009FY2014
Operating margin
5.6%
4.7% a year earlier
FY2009FY2014
Net income
$245 million
+84.4% on the year
FY2009FY2014
Diluted EPS
$1.42
+69.0% on the year
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
12,074
10,769
10,128
+12.1%
Cost of revenue
10,153
9,008
8,459
+12.7%
Gross profit
1,921
1,760
1,670
+9.1%
Gross margin
15.9%
16.3%
16.5%
Selling, general and administrative
1,110
1,121
1,030
-0.9%
Operating income
673
509
511
+32.3%
Operating margin
5.6%
4.7%
5.0%
Interest expense
n/a
250
307
Pre-tax income
388
196
186
+98.3%
Income tax
143
62.7
67.1
+127.8%
Effective tax rate
36.8%
32.1%
36.1%
Net income
245
133
119
+84.4%
Net margin
2.0%
1.2%
1.2%
Diluted EPS
$1.42
$0.84
$0.82
+69.0%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
435
366
317
+18.8%
Capital expenditure
55.0
47.1
41.4
+16.8%
Free cash flow
380
319
276
+19.0%
Free cash flow margin
3.1%
3.0%
2.7%
Cash from investing
-165
-47.1
-41.7
Cash from financing
-112
-168
-338
Depreciation and amortisation
208
208
210
-0.1%
Share-based compensation
16.4
46.6
22.1
-64.8%
Buybacks
0.0
0.2
0.7
Dividends paid
33.6
7.3
0.0
+360.3%
Dividend per share
$0.20
$0.04
$0.00
+358.8%
Diluted shares, weighted
173m
159m
146m
+8.9%
Shares outstanding at period end
172m
172m
145m
+0.1%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
936
712
136
+31.6%
Debt
3,190
3,251
3,771
-1.9%
Other liabilities
1,949
1,962
1,812
-0.6%
Total liabilities and equity
6,076
5,925
5,720
+2.6%
Fixed assets
137
131
143
+4.7%
Goodwill
2,218
2,220
2,209
-0.1%
Intangible assets
1,169
1,328
1,478
-12.0%
Cash and equivalents
344
188
37.9
+83.1%
Receivables
1,561
1,451
1,285
+7.6%
Inventory
338
382
315
-11.6%
Other assets
309
224
252
+38.0%
Total assets
6,076
5,925
5,720
+2.6%
10-K for the year ended 31 December 2014, filed 26 February 2015: the filing.