CDW (CDW) FY2017 results: revenue $14.8 billion, up 8.5% on the year
CDW Corp. (CDW) reported revenue of $14.8 billion for fiscal 2017, the year ended 31 December 2017, up 8.5% on the year before. Net income was $523 million, up 23.2%, and diluted earnings per share $3.31. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$14.8 billion
+8.5% on the year
FY2010FY2017
Operating margin
5.8%
6.0% a year earlier
FY2010FY2017
Net income
$523 million
+23.2% on the year
FY2010FY2017
Diluted EPS
$3.31
+29.3% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
14,833
13,673
12,989
+8.5%
Cost of revenue
12,383
11,344
10,873
+9.2%
Gross profit
2,450
2,327
2,116
+5.3%
Gross margin
16.5%
17.0%
16.3%
Selling, general and administrative
1,410
1,345
1,226
+4.8%
Operating income
866
819
742
+5.7%
Operating margin
5.8%
6.0%
5.7%
Pre-tax income
660
672
647
-1.8%
Income tax
138
248
244
-44.5%
Effective tax rate
20.8%
36.9%
37.7%
Net income
523
424
403
+23.2%
Net margin
3.5%
3.1%
3.1%
Diluted EPS
$3.31
$2.56
$2.35
+29.3%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
778
604
278
+28.8%
Capital expenditure
81.1
63.5
90.1
+27.7%
Free cash flow
697
540
187
+28.9%
Free cash flow margin
4.7%
4.0%
1.4%
Cash from investing
-81.1
-65.9
-354
Cash from financing
-819
-305
-226
Depreciation and amortisation
261
254
227
+2.5%
Share-based compensation
43.7
39.2
31.2
+11.5%
Buybacks
534
367
241
+45.3%
Dividends paid
107
78.7
52.9
+35.8%
Dividend per share
$0.69
$0.48
$0.31
+43.0%
Diluted shares, weighted
158m
166m
172m
-4.7%
Shares outstanding at period end
153m
160m
168m
-4.6%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
986
1,048
1,096
-5.9%
Debt
3,256
3,268
3,286
-0.4%
Other liabilities
2,715
2,633
2,373
+3.1%
Total liabilities and equity
6,957
6,948
6,755
+0.1%
Fixed assets
161
164
175
-1.6%
Goodwill
2,480
2,455
2,500
+1.0%
Intangible assets
897
1,056
1,276
-15.0%
Cash and equivalents
144
264
37.6
-45.3%
Receivables
2,329
2,169
2,017
+7.4%
Inventory
412
424
393
-2.9%
Other assets
534
418
355
+27.8%
Total assets
6,957
6,948
6,755
+0.1%
10-K for the year ended 31 December 2017, filed 27 February 2019: the filing.