CDW Corp. Q4 FY2023 results: revenue $5.0 billion, down 7.7% on the year

CDW Corp. (CDW) reported revenue of $5.0 billion for Q4 FY2023, the quarter ended 31 December 2023, down 7.7% on the same quarter a year earlier. Net income was $296 million, up 3.1% on the year, and diluted earnings per share $2.18. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2024.

Revenue$5.0 billiondown 7.7%

Net income$296 millionup 3.1%

Diluted EPS$2.18

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	5,018	5,628	n/a	n/a
Cost of revenue	3,865	4,401	n/a	n/a
Gross profit	1,154	1,228	n/a	n/a
Gross margin	23.0%	21.8%	n/a
Selling, general and administrative	719	749	n/a	n/a
Operating income	435	478	n/a	n/a
Operating margin	8.7%	8.5%	n/a
Pre-tax income	381	420	n/a	n/a
Income tax	84.6	104	n/a	n/a
Effective tax rate	22.2%	24.8%	n/a
Net income	296	316	n/a	n/a
Net margin	5.9%	5.6%	n/a
Diluted EPS	$2.18	$2.32	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	536	469	n/a	n/a
Capital expenditure	33.5	43.4	n/a	n/a
Free cash flow	503	425	n/a	n/a
Free cash flow margin	10.0%	7.6%	n/a
Depreciation and amortisation	68.1	66.0	n/a	n/a
Share-based compensation	22.1	26.0	n/a	n/a
Buybacks	50.0	53.9	n/a	n/a
Dividends paid	83.1	79.1	n/a	n/a
Dividend per share	n/a	$0.59	n/a	n/a
Diluted shares, weighted	136m	136m	n/a	n/a
Shares outstanding at period end	134m	134m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	13,285	12,875	n/a	n/a
Cash and equivalents	589	441	n/a	n/a
Receivables	4,568	4,418	n/a	n/a
Inventory	668	706	n/a	n/a
Goodwill	4,413	4,417	n/a	n/a
Total debt, as filed	5,673	n/a	n/a	n/a
Long-term debt	5,032	5,662	n/a	n/a
Borrowings, as the company tags them	5,673	5,732	n/a	n/a
Operating lease liabilities	164	169	n/a	n/a
Shareholders' equity	2,042	1,810	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	5,628	5,018	4,873	5,423	5,517	5,186	5,199	5,977	5,737	5,511	5,680	6,572
Cost of revenue	4,401	3,865	3,809	4,240	4,316	4,031	4,077	4,735	4,482	4,257	4,490	5,252
Gross profit	1,228	1,154	1,063	1,183	1,201	1,155	1,122	1,241	1,256	1,254	1,190	1,320
Gross margin	22%	23%	22%	22%	22%	22%	22%	21%	22%	23%	21%	20%
SG&A	749	719	735	750	719	747	761	821	812	824	814	891
Operating income	478	435	328	433	482	409	361	420	443	431	376	429
Operating margin	8%	9%	7%	8%	9%	8%	7%	7%	8%	8%	7%	7%
Pre-tax income	420	381	277	380	428	352	304	365	389	369	319	373
Tax rate	25%	22%	22%	26%	26%	25%	26%	26%	25%	24%	26%	26%
Net income	316	296	216	281	316	264	225	271	291	280	235	274
Net margin	6%	6%	4%	5%	6%	5%	4%	5%	5%	5%	4%	4%
Diluted EPS	$2.32	$2.18	$1.59	$2.07	$2.34	$1.97	$1.69	$2.05	$2.21	$2.13	$1.82	$2.15
Operating cash flow	469	536	440	150	342	345	287	156	328	434	275	-55.1
Capital expenditure	43.4	33.5	29.5	30.9	33.6	28.6	26.9	22.5	29.8	37.9	26.4	27.5
Free cash flow	425	503	410	119	308	317	260	133	298	396	248	-82.6
Buybacks	53.9	50.0	52.1	202	100	146	200	150	150	153	201	344
Dividends paid	79.1	83.1	83.3	83.0	82.7	83.1	82.8	82.3	81.8	81.7	81.1	79.8
Shares outstanding	134m	134m	134m	134m	133m	133m	132m	131m	130m	129m	128m	125m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 26 February 2024, accession 0001402057-24-000015: the filing on EDGAR. All of CDW Corp.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install