Company Quick10K Filing
CDW
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 149 $16,150
10-Q 2019-10-31 Quarter: 2019-09-30
10-Q 2019-07-31 Quarter: 2019-06-30
10-Q 2019-05-01 Quarter: 2019-03-31
10-K 2019-02-27 Annual: 2018-12-31
10-Q 2018-10-31 Quarter: 2018-09-30
10-Q 2018-08-03 Quarter: 2018-06-30
10-Q 2018-05-03 Quarter: 2018-03-31
10-K 2018-03-01 Annual: 2017-12-31
10-Q 2017-11-02 Quarter: 2017-09-30
10-Q 2017-08-04 Quarter: 2017-06-30
10-Q 2017-05-04 Quarter: 2017-03-31
10-K 2017-03-01 Annual: 2016-12-31
10-Q 2016-11-03 Quarter: 2016-09-30
10-Q 2016-08-04 Quarter: 2016-06-30
10-Q 2016-05-05 Quarter: 2016-03-31
10-K 2016-02-25 Annual: 2015-12-31
10-Q 2015-11-06 Quarter: 2015-09-30
10-Q 2015-08-07 Quarter: 2015-06-30
10-Q 2015-05-08 Quarter: 2015-03-31
10-K 2015-02-26 Annual: 2014-12-31
10-Q 2014-11-12 Quarter: 2014-09-30
10-Q 2014-08-13 Quarter: 2014-06-30
10-Q 2014-05-12 Quarter: 2014-03-31
10-K 2014-03-05 Annual: 2013-12-31
10-Q 2013-11-07 Quarter: 2013-09-30
10-Q 2013-08-12 Quarter: 2013-06-30
10-Q 2013-05-09 Quarter: 2013-03-31
10-K 2013-03-08 Annual: 2012-12-31
10-Q 2012-11-09 Quarter: 2012-09-30
10-Q 2012-08-10 Quarter: 2012-06-30
10-Q 2012-05-15 Quarter: 2012-03-31
10-K 2012-03-09 Annual: 2011-12-31
10-Q 2011-11-14 Quarter: 2011-09-30
10-Q 2011-08-15 Quarter: 2011-06-30
10-Q 2011-05-13 Quarter: 2011-03-31
10-K 2011-03-04 Annual: 2010-12-31
10-Q 2010-11-15 Quarter: 2010-09-30
8-K 2019-12-17 Officers, Amend Bylaw, Exhibits
8-K 2019-10-31 Earnings, Other Events, Exhibits
8-K 2019-09-26 Enter Agreement, Off-BS Arrangement, Off-BS Arrangement, Exhibits
8-K 2019-09-12 Enter Agreement, Other Events, Exhibits
8-K 2019-09-12 Regulation FD
8-K 2019-07-31 Earnings, Other Events, Exhibits
8-K 2019-05-21 Shareholder Vote
8-K 2019-05-01 Earnings, Other Events, Exhibits
8-K 2019-03-08 Officers, Exhibits
8-K 2019-02-07 Earnings, Other Events, Exhibits
8-K 2018-12-18 Officers, Exhibits
8-K 2018-10-31 Earnings, Other Events, Exhibits
8-K 2018-09-18 Officers, Regulation FD, Exhibits
8-K 2018-08-02 Earnings, Other Events, Exhibits
8-K 2018-05-23 Amend Bylaw, Shareholder Vote, Exhibits
8-K 2018-05-02 Earnings, Other Events, Exhibits
8-K 2018-02-07 Earnings, Other Events, Exhibits
CDW 2019-09-30
Part I-Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii-Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 cdw-2019930x10qxex101.htm
EX-31.1 cdw-2019930x10qxex311.htm
EX-31.2 cdw-2019930x10qxex312.htm
EX-32.1 cdw-2019930x10qxex321.htm
EX-32.2 cdw-2019930x10qxex322.htm

CDW Earnings 2019-09-30

CDW 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
CDW 16,150 7,922 6,986 17,036 2,853 692 1,201 19,251 17% 16.0 9%
W 13,386 2,182 2,787 8,008 1,908 -678 -522 13,472 24% -25.8 -31%
BZUN 5,475 4,016 1,821 0 0 0 0 4,961 0%
SFIX 3,101 591 216 1,145 654 48 56 2,945 57% 53.0 8%
NSIT 1,891 3,286 2,206 7,018 1,013 169 275 1,823 14% 6.6 5%
NTRI 1,304 204 58 691 366 59 93 1,222 53% 13.2 29%
CNXN 896 912 352 2,742 424 71 117 826 15% 7.1 8%
VIPS 728 43,563 26,352 0 0 0 0 -9,310 0%
OSTK 459 449 250 1,635 315 -154 -123 335 19% -2.7 -34%
PCMI 333 776 608 2,157 344 25 55 445 16% 8.1 3%

Document
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Table of Contents


 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                    

Commission File Number 001-35985
CDW CORPORATION
(Exact name of registrant as specified in its charter) 
Delaware
 
26-0273989
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
75 Tri-State International
 

Lincolnshire
,
Illinois
 
60069
(Address of principal executive offices)
 
(Zip Code)
(847) 465-6000
(Registrant's telephone number, including area code)
None
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common stock, par value $0.01 per share
CDW
Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes      No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes      No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act:


Table of Contents


 
Large accelerated filer
 
  
Accelerated filer
 
 
 
 
 
 
 
 
Non-accelerated filer
 
☐ 
  
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 
 
 
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).       Yes      No
As of October 28, 2019, there were 143,680,653 shares of common stock, $0.01 par value, outstanding.
 


Table of Contents


CDW CORPORATION AND SUBSIDIARIES
FORM 10-Q

TABLE OF CONTENTS

 
 
Page
PART I
FINANCIAL INFORMATION
 
Item 1.
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
PART II
OTHER INFORMATION
 
Item 1.
Item 1A.  
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
SIGNATURES


Table of Contents


PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
CDW CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions, except per-share amounts)
 
September 30, 2019
 
December 31, 2018
Assets
(unaudited)
 

Current assets:
 
 
 
Cash and cash equivalents
$
166.9

 
$
205.8

Accounts receivable, net of allowance for doubtful accounts of $9.1 and $7.0, respectively
2,899.5

 
2,671.2

Merchandise inventory
603.6

 
454.3

Miscellaneous receivables
432.2

 
316.4

Prepaid expenses and other
193.1

 
149.1

Total current assets
4,295.3

 
3,796.8

Operating lease right-of-use assets
84.2

 

Property and equipment, net
171.1

 
156.1

Goodwill
2,515.9

 
2,462.8

Other intangible assets, net
616.1

 
712.2

Other assets
20.5

 
39.8

Total Assets
$
7,703.1

 
$
7,167.7

Liabilities and Stockholders' Equity
 
 
 
Current liabilities:
 
 
 
Accounts payable-trade
$
1,900.0

 
$
1,577.1

Accounts payable-inventory financing
411.7

 
429.3

Current maturities of long-term debt
25.4

 
25.3

Contract liabilities
212.1

 
178.3

Accrued expenses and other current liabilities:
 
 

Compensation
191.4

 
186.4

Advertising
158.0

 
119.2

Sales and income taxes
51.4

 
55.5

Other
291.0

 
232.0

Total current liabilities
3,241.0

 
2,803.1

Long-term liabilities:
 
 
 
Debt
3,259.0

 
3,183.3

Deferred income taxes
111.3

 
141.9

Operating lease liabilities
81.7

 

Other liabilities
75.0

 
64.2

Total long-term liabilities
3,527.0

 
3,389.4

Stockholders' equity:
 
 
 
Preferred stock, $0.01 par value, 100.0 shares authorized; no shares issued or outstanding for both periods

 

Common stock, $0.01 par value, 1,000.0 shares authorized; 143.9 and 147.7 shares outstanding, respectively
1.4

 
1.5

Paid-in capital
3,073.2

 
2,996.9

Accumulated deficit
(1,985.4
)
 
(1,892.6
)
Accumulated other comprehensive loss
(154.1
)
 
(130.6
)
Total stockholders' equity
935.1

 
975.2

Total Liabilities and Stockholders' Equity
$
7,703.1

 
$
7,167.7


The accompanying notes are an integral part of the Consolidated Financial Statements.

3

Table of Contents



CDW CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per-share amounts)
(unaudited)
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Net sales
 
$
4,907.7

 
$
4,373.2

 
$
13,495.5

 
$
12,165.7

Cost of sales
 
4,091.2

 
3,659.6

 
11,233.1

 
10,152.6

Gross profit
 
816.5

 
713.6

 
2,262.4

 
2,013.1

Selling and administrative expenses
 
444.9

 
390.7

 
1,269.3

 
1,134.8

Advertising expense
 
51.0

 
48.1

 
143.3

 
133.9

Operating income
 
320.6

 
274.8

 
849.8

 
744.4

Interest expense, net
 
(42.3
)
 
(36.6
)
 
(121.1
)
 
(111.5
)
Other (expense) income, net
 
(17.4
)
 
0.2

 
(15.0
)
 
1.0

Income before income taxes
 
260.9

 
238.4

 
713.7

 
633.9

Income tax expense
 
(59.2
)
 
(54.7
)
 
(162.5
)
 
(150.2
)
Net income
 
$
201.7

 
$
183.7

 
$
551.2

 
$
483.7

 
 
 
 
 
 
 
 
 
Net income per common share:
 
 
 
 
 
 
 
 
Basic
 
$
1.39

 
$
1.22

 
$
3.78

 
$
3.19

Diluted
 
$
1.37

 
$
1.20

 
$
3.72

 
$
3.14

 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
144.5

 
150.9

 
145.7

 
151.6

Diluted
 
147.2

 
153.7

 
148.2

 
154.1


The accompanying notes are an integral part of the Consolidated Financial Statements.

4

Table of Contents


CDW CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(unaudited)
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Net income
 
$
201.7

 
$
183.7

 
$
551.2

 
$
483.7

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
Unrealized (loss) gain from hedge accounting, net of tax
 
(0.4
)
 
(1.0
)
 
(12.8
)
 
3.1

Reclassification of hedge accounting gain to net income, net of tax
 
0.3

 
1.1

 
2.0

 
2.5

Foreign currency translation, net of tax
 
(14.6
)
 
(3.2
)
 
(12.7
)
 
(17.9
)
Other comprehensive loss
 
(14.7
)
 
(3.1
)
 
(23.5
)
 
(12.3
)
Comprehensive income
 
$
187.0

 
$
180.6

 
$
527.7

 
$
471.4

The accompanying notes are an integral part of the Consolidated Financial Statements.

5


CDW CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(in millions)
(unaudited)
 
Three Months Ended September 30, 2019
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
Shares
 
Amount
 
Paid-in
Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive Loss
 
Total
Stockholders' Equity
Balance as of June 30, 2019
 
145.0

 
$
1.5

 
$
3,047.6

 
$
(1,973.6
)
 
$
(139.4
)
 
$
936.1

Net income
 

 

 

 
201.7

 

 
201.7

Equity-based compensation expense
 

 

 
12.9

 

 

 
12.9

Stock option exercises
 
0.3

 

 
8.6

 

 

 
8.6

Coworker stock purchase plan
 

 

 
3.9

 

 

 
3.9

Repurchases of common stock
 
(1.4
)
 
(0.1
)
 

 
(161.0
)
 

 
(161.1
)
Dividends paid ($0.295 per share)
 

 

 
0.2

 
(42.8
)
 

 
(42.6
)
Incentive compensation plan stock withheld for taxes
 

 

 

 
(9.7
)
 

 
(9.7
)
Foreign currency translation
 

 

 

 

 
(14.6
)
 
(14.6
)
Unrealized loss from hedge accounting
 

 

 

 

 
(0.4
)
 
(0.4
)
Realized gain from hedge accounting
 

 

 

 

 
0.3

 
0.3

Balance as of September 30, 2019
 
143.9

 
$
1.4

 
$
3,073.2

 
$
(1,985.4
)
 
$
(154.1
)
 
$
935.1

 
 
Three Months Ended September 30, 2018
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
Shares
 
Amount
 
Paid-in
Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive Loss
 
Total
Stockholders' Equity
Balance as of June 30, 2018
 
151.5

 
$
1.5

 
$
2,953.3

 
$
(1,780.8
)
 
$
(105.1
)
 
$
1,068.9

Net income
 

 

 

 
183.7

 

 
183.7

Equity-based compensation expense
 

 

 
9.9

 

 

 
9.9

Stock option exercises
 

 

 
4.5

 

 

 
4.5

Coworker stock purchase plan
 

 

 
3.0

 

 

 
3.0

Repurchases of common stock
 
(0.6
)
 

 

 
(56.1
)
 

 
(56.1
)
Dividends paid ($0.210 per share)
 

 

 
0.2

 
(31.9
)
 

 
(31.7
)
Incentive compensation plan stock withheld for taxes
 

 

 

 
(18.4
)
 

 
(18.4
)
Foreign currency translation
 

 

 

 

 
(3.2
)
 
(3.2
)
Unrealized loss from hedge accounting
 

 

 

 

 
(1.0
)
 
(1.0
)
Realized gain from hedge accounting
 

 

 

 

 
1.1

 
1.1

Balance as of September 30, 2018
 
150.9

 
$
1.5

 
$
2,970.9

 
$
(1,703.5
)
 
$
(108.2
)
 
$
1,160.7


6


 
Nine Months Ended September 30, 2019
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
Shares
 
Amount
 
Paid-in
Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive Loss
 
Total
Stockholders' Equity
Balance as of December 31, 2018
 
147.7

 
$
1.5

 
$
2,996.9

 
$
(1,892.6
)
 
$
(130.6
)
 
$
975.2

Net income
 

 

 

 
551.2

 

 
551.2

Equity-based compensation expense
 

 

 
36.9

 

 

 
36.9

Stock option exercises
 
1.0

 

 
27.6

 

 

 
27.6

Coworker stock purchase plan
 

 

 
11.2

 

 

 
11.2

Repurchases of common stock
 
(4.8
)
 
(0.1
)
 

 
(493.2
)
 

 
(493.3
)
Dividends paid ($0.885 per share)
 

 

 
0.6

 
(129.5
)
 

 
(128.9
)
Incentive compensation plan stock withheld for taxes
 

 

 

 
(21.3
)
 

 
(21.3
)
Foreign currency translation
 

 

 

 

 
(12.7
)
 
(12.7
)
Unrealized loss from hedge accounting
 

 

 

 

 
(12.8
)
 
(12.8
)
Realized gain from hedge accounting
 

 

 

 

 
2.0

 
2.0

Balance as of September 30, 2019
 
143.9

 
$
1.4

 
$
3,073.2

 
$
(1,985.4
)
 
$
(154.1
)
 
$
935.1

 
Nine Months Ended September 30, 2018
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
Shares
 
Amount
 
Paid-in
Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive Loss
 
Total
Stockholders' Equity
Balance as of December 31, 2017
 
153.1

 
$
1.5

 
$
2,911.6

 
$
(1,831.6
)
 
$
(95.9
)
 
$
985.6

Net income
 

 

 

 
483.7

 

 
483.7

Equity-based compensation expense
 

 

 
26.0

 

 

 
26.0

Stock option exercises
 
0.7

 

 
24.4

 

 

 
24.4

Coworker stock purchase plan
 
0.1

 

 
8.4

 

 

 
8.4

Repurchases of common stock
 
(3.0
)
 

 

 
(232.5
)
 

 
(232.5
)
Dividends paid ($0.640 per share)
 

 

 
0.5

 
(96.0
)
 

 
(95.5
)
Incentive compensation plan stock withheld for taxes
 

 

 

 
(27.1
)
 

 
(27.1
)
Foreign currency translation
 

 

 

 

 
(17.9
)
 
(17.9
)
Unrealized gain from hedge accounting
 

 

 

 

 
3.1

 
3.1

Realized gain from hedge accounting
 

 

 

 

 
2.5

 
2.5

Balance as of September 30, 2018
 
150.9

 
$
1.5

 
$
2,970.9

 
$
(1,703.5
)
 
$
(108.2
)
 
$
1,160.7

The accompanying notes are an integral part of the Consolidated Financial Statements.


7

Table of Contents


CDW CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
 
 
Nine Months Ended September 30,
 
 
2019
 
2018
Cash flows from operating activities:
 
 
 
 
Net income
 
$
551.2

 
$
483.7

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
197.5

 
198.7

Equity-based compensation expense
 
37.7

 
29.9

Deferred income taxes
 
(33.5
)
 
(39.2
)
Other
 
25.2

 
8.7

Changes in assets and liabilities:
 
 
 
 
Accounts receivable
 
(171.8
)
 
(334.3
)
Merchandise inventory
 
(151.1
)
 
(72.1
)
Other assets
 
(82.2
)
 
(66.1
)
Accounts payable-trade
 
264.0

 
300.6

Other liabilities
 
45.3

 
92.4

Net cash provided by operating activities
 
682.3

 
602.3

Cash flows used in investing activities:
 
 
 
 
Capital expenditures
 
(75.0
)
 
(53.4
)
Acquisition of business, net of cash acquired
 
(75.0
)
 

Net cash used in investing activities
 
(150.0
)
 
(53.4
)
Cash flows used in financing activities:
 
 
 
 
Proceeds from borrowings under revolving credit facility
 
1,860.5

 
688.9

Repayments of borrowings under revolving credit facility
 
(1,834.5
)
 
(681.9
)
Repayments of long-term debt
 
(19.7
)
 
(18.2
)
Proceeds from issuance of long-term debt
 
600.0

 

Payments to extinguish long-term debt
 
(538.1
)
 

Net change in accounts payable-inventory financing
 
(17.4
)
 
(90.1
)
Repurchases of common stock
 
(493.3
)
 
(232.5
)
Payment of incentive compensation plan withholding taxes