CDW (CDW) FY2023 results: revenue $21.4 billion, down 10.0% on the year
CDW Corp. (CDW) reported revenue of $21.4 billion for fiscal 2023, the year ended 31 December 2023, down 10.0% on the year before. Net income was $1.1 billion, down 0.9%, and diluted earnings per share $8.10. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2024.
Revenue
$21.4 billion
-10.0% on the year
FY2016FY2023
Operating margin
7.9%
7.3% a year earlier
FY2016FY2023
Net income
$1.1 billion
-0.9% on the year
FY2016FY2023
Diluted EPS
$8.10
-0.4% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
1,599
1,336
785
+19.7%
Capital expenditure
148
128
100
+16.0%
Free cash flow
1,450
1,208
685
+20.1%
Free cash flow margin
6.8%
5.1%
3.3%
Cash from investing
-230
-164
-2,770
Cash from financing
-1,099
-1,102
833
Depreciation and amortisation
271
291
191
-6.8%
Share-based compensation
93.7
91.1
72.6
+2.9%
Buybacks
500
0.0
1,500
Dividends paid
322
283
235
+13.8%
Dividend per share
$2.39
$2.09
$1.70
+14.4%
Diluted shares, weighted
136m
137m
140m
-0.5%
Shares outstanding at period end
134m
136m
135m
-1.0%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
2,042
1,603
706
+27.4%
Debt
5,673
5,959
6,904
-4.8%
Operating lease liabilities
164
175
184
-6.4%
Other liabilities
5,405
5,394
5,405
+0.2%
Total liabilities and equity
13,285
13,132
13,199
+1.2%
Fixed assets
196
189
196
+3.5%
Goodwill
4,413
4,343
4,383
+1.6%
Intangible assets
1,370
1,491
1,628
-8.1%
Investments
0.0
n/a
n/a
Cash and equivalents
589
315
258
+86.8%
Receivables
4,568
4,461
4,499
+2.4%
Inventory
668
800
928
-16.5%
Other assets
1,482
1,533
1,308
-3.3%
Total assets
13,285
13,132
13,199
+1.2%
10-K for the year ended 31 December 2023, filed 26 February 2024: the filing.