CDW (CDW) FY2019 results: revenue $18.0 billion, up 11.0% on the year
CDW Corp. (CDW) reported revenue of $18.0 billion for fiscal 2019, the year ended 31 December 2019, up 11.0% on the year before. Net income was $737 million, up 14.6%, and diluted earnings per share $4.99. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2020.
Revenue
$18.0 billion
+11.0% on the year
FY2012FY2019
Operating margin
6.3%
6.1% a year earlier
FY2012FY2019
Net income
$737 million
+14.6% on the year
FY2012FY2019
Diluted EPS
$4.99
+19.1% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
18,032
16,240
14,833
+11.0%
Cost of revenue
14,992
13,534
12,383
+10.8%
Gross profit
3,040
2,707
2,450
+12.3%
Gross margin
16.9%
16.7%
16.5%
Selling, general and administrative
1,906
1,720
1,410
+10.9%
Operating income
1,134
987
866
+14.8%
Operating margin
6.3%
6.1%
5.8%
Pre-tax income
950
840
660
+13.0%
Income tax
213
198
138
+7.8%
Effective tax rate
22.4%
23.5%
20.8%
Net income
737
643
523
+14.6%
Net margin
4.1%
4.0%
3.5%
Diluted EPS
$4.99
$4.19
$3.31
+19.1%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,027
906
778
+13.4%
Capital expenditure
236
86.1
81.1
+174.4%
Free cash flow
791
820
697
-3.5%
Free cash flow margin
4.4%
5.0%
4.7%
Cash from investing
-331
-86.1
-81.1
Cash from financing
-750
-755
-819
Depreciation and amortisation
267
266
261
+0.6%
Share-based compensation
48.5
40.7
43.7
+19.2%
Buybacks
657
522
534
+25.8%
Dividends paid
183
139
107
+31.6%
Dividend per share
$1.26
$0.93
$0.69
+36.8%
Diluted shares, weighted
148m
154m
158m
-3.8%
Shares outstanding at period end
143m
148m
153m
-3.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
960
975
986
-1.5%
Debt
3,338
3,226
3,256
+3.5%
Operating lease liabilities
131
0.0
n/a
Other liabilities
3,570
2,966
2,715
+20.4%
Total liabilities and equity
7,999
7,168
6,957
+11.6%
Fixed assets
363
156
161
+132.6%
Goodwill
2,553
2,463
2,480
+3.7%
Intangible assets
594
712
897
-16.6%
Cash and equivalents
154
206
144
-25.2%
Receivables
3,002
2,671
2,329
+12.4%
Inventory
611
454
412
+34.5%
Other assets
722
505
534
+42.8%
Total assets
7,999
7,168
6,957
+11.6%
10-K for the year ended 31 December 2019, filed 28 February 2020: the filing.