CDW (CDW) FY2016 results: revenue $13.7 billion, up 5.3% on the year
CDW Corp. (CDW) reported revenue of $13.7 billion for fiscal 2016, the year ended 31 December 2016, up 5.3% on the year before. Net income was $424 million, up 5.3%, and diluted earnings per share $2.56. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$13.7 billion
+5.3% on the year
FY2009FY2016
Operating margin
6.0%
5.7% a year earlier
FY2009FY2016
Net income
$424 million
+5.3% on the year
FY2009FY2016
Diluted EPS
$2.56
+8.9% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
13,673
12,989
12,074
+5.3%
Cost of revenue
11,344
10,873
10,153
+4.3%
Gross profit
2,327
2,116
1,921
+10.0%
Gross margin
17.0%
16.3%
15.9%
Selling, general and administrative
1,345
1,226
1,110
+9.7%
Operating income
819
742
673
+10.4%
Operating margin
6.0%
5.7%
5.6%
Pre-tax income
672
647
388
+3.9%
Income tax
248
244
143
+1.7%
Effective tax rate
36.9%
37.7%
36.8%
Net income
424
403
245
+5.3%
Net margin
3.1%
3.1%
2.0%
Diluted EPS
$2.56
$2.35
$1.42
+8.9%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
604
278
435
+117.7%
Capital expenditure
63.5
90.1
55.0
-29.5%
Free cash flow
540
187
380
+188.4%
Free cash flow margin
4.0%
1.4%
3.1%
Cash from investing
-65.9
-354
-165
Cash from financing
-305
-226
-112
Depreciation and amortisation
254
227
208
+11.9%
Share-based compensation
39.2
31.2
16.4
+25.6%
Buybacks
367
241
0.0
+52.3%
Dividends paid
78.7
52.9
33.6
+48.8%
Dividend per share
$0.48
$0.31
$0.20
+55.6%
Diluted shares, weighted
166m
172m
173m
-3.4%
Shares outstanding at period end
160m
168m
172m
-4.7%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
1,048
1,096
936
-4.4%
Debt
3,268
3,286
3,190
-0.6%
Other liabilities
2,633
2,373
1,949
+10.9%
Total liabilities and equity
6,948
6,755
6,076
+2.9%
Fixed assets
164
175
137
-6.7%
Goodwill
2,455
2,500
2,218
-1.8%
Intangible assets
1,056
1,276
1,169
-17.3%
Cash and equivalents
264
37.6
344
+601.3%
Receivables
2,169
2,017
1,561
+7.5%
Inventory
424
393
338
+7.8%
Other assets
418
355
309
+17.7%
Total assets
6,948
6,755
6,076
+2.9%
10-K for the year ended 31 December 2016, filed 27 February 2019: the filing.