CDW (CDW) FY2018 results: revenue $16.2 billion, up 9.5% on the year
CDW Corp. (CDW) reported revenue of $16.2 billion for fiscal 2018, the year ended 31 December 2018, up 9.5% on the year before. Net income was $643 million, up 22.9%, and diluted earnings per share $4.19. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$16.2 billion
+9.5% on the year
FY2011FY2018
Operating margin
6.1%
5.8% a year earlier
FY2011FY2018
Net income
$643 million
+22.9% on the year
FY2011FY2018
Diluted EPS
$4.19
+26.6% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
16,240
14,833
13,673
+9.5%
Cost of revenue
13,534
12,383
11,344
+9.3%
Gross profit
2,707
2,450
2,327
+10.5%
Gross margin
16.7%
16.5%
17.0%
Selling, general and administrative
1,720
1,410
1,345
+21.9%
Operating income
987
866
819
+14.0%
Operating margin
6.1%
5.8%
6.0%
Pre-tax income
840
660
672
+27.3%
Income tax
198
138
248
+43.5%
Effective tax rate
23.5%
20.8%
36.9%
Net income
643
523
424
+22.9%
Net margin
4.0%
3.5%
3.1%
Diluted EPS
$4.19
$3.31
$2.56
+26.6%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
906
778
604
+16.5%
Capital expenditure
86.1
81.1
63.5
+6.2%
Free cash flow
820
697
540
+17.7%
Free cash flow margin
5.0%
4.7%
4.0%
Cash from investing
-86.1
-81.1
-65.9
Cash from financing
-755
-819
-305
Depreciation and amortisation
266
261
254
+1.8%
Share-based compensation
40.7
43.7
39.2
-6.9%
Buybacks
522
534
367
-2.2%
Dividends paid
139
107
78.7
+30.4%
Dividend per share
$0.93
$0.69
$0.48
+34.1%
Diluted shares, weighted
154m
158m
166m
-2.9%
Shares outstanding at period end
148m
153m
160m
-3.5%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
975
986
1,048
-1.1%
Debt
3,226
3,256
3,268
-0.9%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
2,966
2,715
2,633
+9.2%
Total liabilities and equity
7,168
6,957
6,948
+3.0%
Fixed assets
156
161
164
-3.1%
Goodwill
2,463
2,480
2,455
-0.7%
Intangible assets
712
897
1,056
-20.6%
Cash and equivalents
206
144
264
+42.7%
Receivables
2,671
2,329
2,169
+14.7%
Inventory
454
412
424
+10.4%
Other assets
505
534
418
-5.4%
Total assets
7,168
6,957
6,948
+3.0%
10-K for the year ended 31 December 2018, filed 27 February 2019: the filing.