CDW (CDW) FY2020 results: revenue $18.5 billion, up 2.4% on the year
CDW Corp. (CDW) reported revenue of $18.5 billion for fiscal 2020, the year ended 31 December 2020, up 2.4% on the year before. Net income was $788 million, up 7.0%, and diluted earnings per share $5.45. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$18.5 billion
+2.4% on the year
FY2013FY2020
Operating margin
6.4%
6.3% a year earlier
FY2013FY2020
Net income
$788 million
+7.0% on the year
FY2013FY2020
Diluted EPS
$5.45
+9.2% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
18,468
18,032
16,240
+2.4%
Cost of revenue
15,257
14,992
13,534
+1.8%
Gross profit
3,210
3,040
2,707
+5.6%
Gross margin
17.4%
16.9%
16.7%
Selling, general and administrative
2,031
1,906
1,720
+6.5%
Operating income
1,179
1,134
987
+4.0%
Operating margin
6.4%
6.3%
6.1%
Pre-tax income
1,002
950
840
+5.5%
Income tax
214
213
198
+0.4%
Effective tax rate
21.3%
22.4%
23.5%
Net income
788
737
643
+7.0%
Net margin
4.3%
4.1%
4.0%
Diluted EPS
$5.45
$4.99
$4.19
+9.2%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,314
1,027
906
+27.9%
Capital expenditure
158
236
86.1
-33.1%
Free cash flow
1,156
791
820
+46.2%
Free cash flow margin
6.3%
4.4%
5.0%
Cash from investing
-201
-331
-86.1
Cash from financing
139
-750
-755
Depreciation and amortisation
426
267
266
+59.3%
Share-based compensation
42.5
48.5
40.7
-12.4%
Buybacks
341
657
522
-48.2%
Dividends paid
220
183
139
+19.7%
Dividend per share
$1.54
$1.26
$0.93
+21.7%
Diluted shares, weighted
145m
148m
154m
-2.0%
Shares outstanding at period end
142m
143m
148m
-0.8%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,297
960
975
+35.1%
Debt
3,954
3,338
3,226
+18.5%
Operating lease liabilities
169
131
0.0
+28.9%
Other liabilities
3,924
3,570
2,966
+9.9%
Total liabilities and equity
9,345
7,999
7,168
+16.8%
Fixed assets
176
363
156
-51.7%
Goodwill
2,596
2,553
2,463
+1.7%
Intangible assets
445
594
712
-25.1%
Cash and equivalents
1,410
154
206
+815.7%
Receivables
3,213
3,002
2,671
+7.0%
Inventory
760
611
454
+24.3%
Other assets
745
722
505
+3.3%
Total assets
9,345
7,999
7,168
+16.8%
10-K for the year ended 31 December 2020, filed 26 February 2021: the filing.