CDW (CDW) FY2015 results: revenue $13.0 billion, up 7.6% on the year
CDW Corp. (CDW) reported revenue of $13.0 billion for fiscal 2015, the year ended 31 December 2015, up 7.6% on the year before. Net income was $403 million, up 64.6%, and diluted earnings per share $2.35. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2016.
Revenue
$13.0 billion
+7.6% on the year
FY2009FY2015
Operating margin
5.7%
5.6% a year earlier
FY2009FY2015
Net income
$403 million
+64.6% on the year
FY2009FY2015
Diluted EPS
$2.35
+65.5% on the year
FY2009FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
12,989
12,074
10,769
+7.6%
Cost of revenue
10,873
10,153
9,008
+7.1%
Gross profit
2,116
1,921
1,760
+10.1%
Gross margin
16.3%
15.9%
16.3%
Selling, general and administrative
1,226
1,110
1,121
+10.4%
Operating income
742
673
509
+10.3%
Operating margin
5.7%
5.6%
4.7%
Interest expense
n/a
n/a
250
Pre-tax income
647
388
196
+66.9%
Income tax
244
143
62.7
+70.8%
Effective tax rate
37.7%
36.8%
32.1%
Net income
403
245
133
+64.6%
Net margin
3.1%
2.0%
1.2%
Diluted EPS
$2.35
$1.42
$0.84
+65.5%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
278
435
366
-36.2%
Capital expenditure
90.1
55.0
47.1
+63.8%
Free cash flow
187
380
319
-50.7%
Free cash flow margin
1.4%
3.1%
3.0%
Cash from investing
-354
-165
-47.1
Cash from financing
-226
-112
-168
Depreciation and amortisation
227
208
208
+9.4%
Share-based compensation
31.2
16.4
46.6
+90.2%
Buybacks
241
0.0
0.2
Dividends paid
52.9
33.6
7.3
+57.4%
Dividend per share
$0.31
$0.20
$0.04
+59.0%
Diluted shares, weighted
172m
173m
159m
-0.6%
Shares outstanding at period end
168m
172m
172m
-2.3%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
1,096
936
712
+17.0%
Debt
3,286
3,190
3,251
+3.0%
Other liabilities
2,373
1,949
1,962
+21.7%
Total liabilities and equity
6,755
6,076
5,925
+11.2%
Fixed assets
175
137
131
+27.8%
Goodwill
2,500
2,218
2,220
+12.8%
Intangible assets
1,276
1,169
1,328
+9.2%
Cash and equivalents
37.6
344
188
-89.1%
Receivables
2,017
1,561
1,451
+29.2%
Inventory
393
338
382
+16.5%
Other assets
355
309
224
+14.8%
Total assets
6,755
6,076
5,925
+11.2%
10-K for the year ended 31 December 2015, filed 25 February 2016: the filing.