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目錄

美國
證券交易委員會
華盛頓特區20549
 表格 10-Q
(標記一個)
☒    根據1934年證券交易法第13或15(d)條款的季度報告。
截至2024年6月30日季度結束 2024年9月30日
或
☐    根據1934年證券交易法第13或15(d)條款的過渡報告
在從 到的過渡期間

委員會檔案編號： 001-35985

cdw-2023-red logo (002).jpg
cdw corpORATION
（依憑章程所載的完整登記名稱） 
特拉華州26-0273989
(依據所在地或其他管轄區)
的註冊地或組織地點)		(國稅局雇主識別號碼)
識別號碼)
200 N. Milwaukee Avenue
弗農山, 伊利諾伊州
60061
(總部辦公地址)（郵政編碼）
(847) 465-6000
(註冊人電話號碼，包括區號)
無
(如與上次報告不同，列明前名稱、前地址及前財政年度)
根據法案第12(b)條規定註冊的證券：
每種類別的名稱交易標的（s）每個註冊交易所的名稱
普通股，每股面值為0.01美元cdw納斯達克全球貨幣選擇市場

勾選符號表示，登記人（1）在過去12個月（或登記人需要提交上述報告的較短期間）內已提交證券交易所法案1934年第13條或第15(d)條要求提交的所有報告，並且（2）在過去90天內一直受到此類提交要求的影響。☒  是    ☐否

請勾選，指出公司是否根據Regulation S-t規則405條（本章第232.405條）的規定，在過去12個月內（或需提交此類文件的較短期間，公司即須提交該文件）已電子提交每個所需提交的互動數據文件。 ☒  是    ☐否

目錄
請以勾選方式指示是否申報人是大型加速遞交者、加速遞交者、非加速遞交者、較小型申報公司或新興成長公司。請參見《交易所法》第12b‑2條的定義。 “大型加速遞交者，” “加速遞交者，” “較小型申報公司，” 和 “新興成長公司” 在《交易所法》第120億2條中：
大型加速歸檔人☒  加速歸檔人☐
非加速歸檔人☐   小型報告公司☐
新興成長型企業☐
如果該企業為新興成長型企業，請在是否選擇不使用證交法第13(a)條所提供之符合任何新的或修訂財務會計標準的延長過渡期的方格中打勾。☐

請以勾選方式表明，公司是否屬於殼公司（根據交易所法案規則120億2條定義）。 ☐是☒否

截至2024年10月25日，有 133,264,062 普通股股份，面值$0.01，尚未發行。


CDW公司及附屬公司
表格10-Q

目 錄

 頁面
第I部分財務信息
项目1。
项目2。
项目3。
项目4。
第二部分其他信息
项目1。
项目1A。
项目2。
项目3。
项目4。
项目5。
第6項。
簽名

目錄

第一部分 - 財務資訊
項目1.基本報表
CDW公司及附屬公司
合併資產負債表
(以百萬美元和百萬股為單位，除每股金額外)
2024年9月30日2023年12月31日
資產（未經審計）
流動資產:
現金及現金等價物$946.7 $588.7 
短期投資211.7 — 
應收帳款，扣除信用損失准備金 $37.5 15.128.8，分別為
4,894.0 4,567.5 
商品庫存682.5 668.1 
雜項應收款項520.1 470.5 
預付費用和其他406.6 410.2 
全部流動資產7,661.6 6,705.0 
營運租賃權使用資產129.2 128.8 
物業及設備，扣除折舊後淨值193.1 195.5 
商譽4,424.5 4,413.4 
其他無形資產淨值1,259.7 1,369.7 
其他資產708.6 472.2 
總資產$14,376.7 $13,284.6 
550,714
流動負債：
應付帳款-交易$3,179.9 $2,881.0 
應付帳款-存貨融資357.0 430.9 
長期負債的當期到期423.2 613.1 
合約負債474.7 487.4 
應計費用及其他流動負債：
A類247.1 303.0 
廣告148.4 119.9 
銷售和所得稅64.9 52.4 
其他563.4 554.3 
流動負債合計5,458.6 5,442.0 
長期負債：
債務5,607.5 5,031.8 
推延所得稅145.1 171.4 
營業租賃負債158.7 164.0 
其他負債657.5 432.9 
長期負債總額6,568.8 5,800.1 
承諾事項和條件（注9）
股東權益：
優先股，面額$0.01，授權股數為5,000,000股，發行且流通股數為截至2024年6月30日和2023年12月31日之184,668,188股和181,364,180股。0.01 每股面額為 100.0 授權股份為 無 在這兩個時期均發行或持有的股份
— — 
0.010.01 每股面額為 1,000.0 授權股份為 133.2 和 134.1 流通股數，分別
1.3 1.3 
資本剩餘3,807.2 3,691.3 
累積虧損(1,350.9)(1,525.5)
累積其他全面損失(108.3)(124.6)
股東權益總額2,349.3 2,042.5 
負債總額和股東權益總額$14,376.7 $13,284.6 
附註為綜合財務報表的重要組成部分。
3
目錄
CDW公司及附屬公司
綜合營運狀況表
（金額以百萬美元和百萬股為單位，每股金額除外）
（未經審計）
 截至9月30日的三個月截至9月30日的九個月
 2024202320242023
淨銷售額$5,516.6 $5,628.3 $15,812.7 $16,357.5 
銷貨成本4,315.9 4,400.6 12,365.6 12,858.9 
毛利潤1,200.7 1,227.7 3,447.1 3,498.6 
銷售和行政費用719.1 749.3 2,204.4 2,252.7 
營收481.6 478.4 1,242.7 1,245.9 
利息費用，淨額(54.4)(57.4)(158.0)(173.3)
其他收入（費用），淨額0.4 (1.2)(0.8)(3.1)
稅前收入427.6 419.8 1,083.9 1,069.5 
所得稅支出(111.2)(104.3)(270.3)(261.3)
凈利潤 $316.4 $315.5 $813.6 $808.2 
每股普通股凈利潤：
基礎$2.37 $2.35 $6.07 $6.00 
稀釋$2.34 $2.32 $6.00 $5.92 
加權平均在外流通股數：
基礎133.5 134.1 134.0 134.8 
稀釋134.9 135.9 135.5 136.4 

附註為綜合財務報表的重要組成部分。
4
目錄
CDW公司及附屬公司
綜合損益表
(以百萬美元計)：
（未經審計）
 截至9月30日的三個月截至9月30日的九個月
2024202320242023
凈利潤 $316.4 $315.5 $813.6 $808.2 
其他綜合損益（稅後淨額）：
現金流量套期工具的未實現損益(7.6)1.2 (5.7)1.2 
重新分類現金流量套期工具至凈利潤，稅後0.1 — 0.1 — 
外匯轉換調整34.2 (25.9)21.9 1.7 
其他全面收益（損失）26.7 (24.7)16.3 2.9 
綜合收益$343.1 $290.8 $829.9 $811.1 

The accompanying notes are an integral part of the Consolidated Financial Statements.
5
目錄
cdw 公司及其子公司
合併現金流量表
(以百萬計的美元)
(未經審計)
 截至9月30日的九個月
 20242023
經營活動現金流量：
淨利潤$813.6 $808.2 
調整淨利潤以計入經營活動現金流量:
折舊和攤銷205.8 202.6 
基於股權的報酬支出50.8 71.6 
遞延所得稅(27.0)(32.1)
信用損失準備17.1 12.2 
其他 3.3 22.9 
資產和負債變動：
應收賬款(320.9)42.7 
商品存貨(10.5)96.1 
其他資產(313.9)237.3 
交易應付賬款287.5 (273.3)
其他負債226.2 (126.0)
經營活動產生的淨現金流量932.0 1,062.2 
投資活動現金流量：
資本支出(94.0)(114.7)
購買期權(211.1)— 
收購企業，淨額(0.2)(76.2)
其他(0.2)(5.0)
投資活動中使用的淨現金(305.5)(195.9)
融資活動的現金流：
循環授信借款收益— 207.6 
償還循環信貸設施下的借款— (282.0)
長期債務發行所得1,197.8 — 
長期負債還款— (100.0)
支付以償還長期債務(778.8)— 
債務發行成本支付(10.4)— 
應收融資負債的償還(29.8)(53.3)
應付賬款-庫存融資的淨變動(73.9)165.4 
回購普通股(354.0)(450.0)
股票期權行權所得款項41.6 32.5 
激勵補償計劃預扣稅款的支付(32.8)(38.6)
股息支付(249.0)(238.4)
其他18.6 17.1 
融資活動所使用的淨現金(270.7)(739.7)
匯率變動對現金及現金等價物的影響2.2 (1.1)
現金及現金等價物淨增加額358.0 125.5 
現金及現金等價物—期初餘額588.7 315.2 
現金及現金等價物—期末餘額$946.7 $440.7 
現金流量補充信息：
支付的利息$(146.9)$(141.2)
所得稅實際支出淨額$(279.1)$(285.1)

隨附的附註是合併財務報表不可分割的一部分。
6
目錄
CDW公司及其子公司
股東權益綜合報表
（金額和股數單位爲百萬）
(未經審計)
截至2024年9月30日的三個月
普通股
股份金額實收股本
資本		累計
虧損		累計其他全面收益虧損
總計
股東權益
截至2024年6月30日的餘額133.6 $1.3 $3,789.9 $(1,481.3)$(135.0)$2,174.9 
淨利潤— — — 316.4 — 316.4 
基於股權的報酬支出— — 2.7 — — 2.7 
股票期權行權— — 6.6 — — 6.6 
同事股票購買計劃 0.1 — 7.5 — — 7.5 
回購普通股(0.5)— — (100.0)— (100.0)
分紅派息 ($0.62 每股）
— — 0.5 (83.2)— (82.7)
激勵報酬計劃股票爲支付稅款而被扣留— — — (2.1)— (2.1)
避險會計的未實現損失— — — — (7.6)(7.6)
現金流量避險重新分類至淨利潤— — — — 0.1 0.1 
外幣翻譯及其他— — — (0.7)34.2 33.5 
截至2024年9月30日的餘額133.2 $1.3 $3,807.2 $(1,350.9)$(108.3)$2,349.3 

截至2023年9月30日的三個月
普通股
股份金額實收股本
資本		累計
虧損		累計其他全面收益虧損
總計
股東權益
截至2023年6月30日的餘額134.0 $1.3 $3,599.5 $(1,862.8)$(124.8)$1,613.2 
淨利潤— — — 315.5 — 315.5 
基於股權的報酬支出— — 26.0 — — 26.0 
股票期權行權0.3 — 12.0 — — 12.0 
員工股票購買計劃 — — 7.0 — — 7.0 
回購普通股(0.3)— — (53.9)— (53.9)
分紅派息 ($0.59 每股）
— — 0.5 (79.6)— (79.1)
激勵薪酬計劃中爲稅務而扣留的股票— — — (5.8)— (5.8)
對沖會計的未實現收益— — — — 1.2 1.2 
外幣翻譯及其他— — — (0.2)(25.9)(26.1)
截至2023年9月30日的餘額134.0 $1.3 $3,645.0 $(1,686.8)$(149.5)$1,810.0 
7
目錄
cdw公司及其子公司
股東權益綜合報表
(貨幣和分享以百萬爲單位)
(未經審計)
截至2024年9月30日的九個月
普通股
股份金額實收股本
資本		累計
虧損		累計其他全面收益虧損總計
股東權益
2023年12月31日期初餘額134.1 $1.3 $3,691.3 $(1,525.5)$(124.6)$2,042.5 
淨利潤— — — 813.6 — 813.6 
基於股權的報酬支出— — 50.8 — — 50.8 
股票期權行權0.6 — 41.6 — — 41.6 
員工股票購買計劃0.1 — 21.9 — — 21.9 
回購普通股(1.6)— — (354.0)— (354.0)
分紅派息 ($1.86 每股）
— — 1.6 (250.6)— (249.0)
激勵薪酬計劃中用於稅收的股票— — — (32.8)— (32.8)
來自對沖會計的未實現損失— — — — (5.7)(5.7)
將現金流對沖重新分類至淨利潤— — — — 0.1 0.1 
外幣翻譯及其他— — — (1.6)21.9 20.3 
截至2024年9月30日的餘額133.2 $1.3 $3,807.2 $(1,350.9)$(108.3)$2,349.3 

截至2023年9月30日的九個月
普通股
股份金額實收股本
資本		累計
虧損		累計其他全面收益虧損總計
股東權益
截至2022年12月31日的餘額135.5 $1.4 $3,518.1 $(1,763.8)$(152.4)$1,603.3 
淨利潤— — — 808.2 — 808.2 
基於股權的報酬支出— — 71.6 — — 71.6 
股票期權行權0.8 — 32.5 — — 32.5 
員工股票購買計劃0.1 — 21.4 — — 21.4 
回購普通股(2.4)(0.1)— (449.9)— (450.0)
分紅派息 ($1.77 每股）
— — 1.4 (239.8)— (238.4)
激勵薪酬計劃因稅務而扣留的股票— — — (38.6)— (38.6)
對沖會計未實現的收益— — — — 1.2 1.2 
外幣翻譯及其他— — — (2.9)1.7 (1.2)
截至2023年9月30日的餘額134.0 $1.3 $3,645.0 $(1,686.8)$(149.5)$1,810.0 

《基本報表》的附註是綜合財務報表的一部分。
8
目錄
CDW公司及其子公司
基本報表附註
（金額以百萬美元計，除非另有註明，每股數據除外）

1.    業務說明和重要會計政策摘要
業務描述
CDW公司（"母公司"），一家財富500強企業，併爲標準普爾500指數成員，在美國，英國和加拿大爲中小企業，政府，教育和醫療保健客戶提供領先的多品牌信息技術（"IT"）解決方案供應商。公司提供的廣泛產品範圍從獨立的硬件和軟件產品到綜合的IT解決方案和服務，包括混合基礎設施，數字體驗和安全的本地和雲能力。
在本報告中，「公司」和「cdw」一詞指父公司及其子公司。
母公司擁有 二 100%全資子公司，cdw LLC 和 cdw Finance Corporation。cdw LLC 是一家伊利諾伊州有限責任公司，與其 100% 的全資子公司一起，持有所有重要資產，並進行公司的所有業務活動和運營。cdw Finance Corporation 是一家特拉華州公司，成立的唯一目的是作爲某些債務義務的共同發行人，並不持有任何重要資產或從事任何業務活動或運營。
呈現基礎
截至2024年9月30日以及截至2024年和2023年9月30日的三個和九個月的附註未經審計的中期綜合財務報表（「 綜合財務報表」）已按照美國通用會計準則（「US GAAP」）和美國證券交易委員會（「SEC」）的規定和法規，針對中期財務報表編制。根據SEC的規定和法規，按照US GAAP編制的財務報表通常包含的某些信息和腳註披露已被壓縮或省略。綜合財務報表的呈現要求公司進行估計和假設，這些估計和假設會影響報告金額和相關披露。在管理層看來，綜合財務報表包含所有必要的調整（由正常的、經常性的性質構成），以便公平呈現公司截至各期所示的財務狀況、經營業績、綜合收入、現金流量和股東權益變動。報告的上述中期經營成果未必能反映全年的成果。
這些合併基本報表應與經審計的合併基本報表及其附註一同閱讀，這些內容包含在公司截至2023年12月31日的10-k表格年度報告中（「2023年12月31日合併基本報表」）。在編制這些合併基本報表時使用的重大會計政策和估計均與2023年12月31日合併基本報表中反映的內容一致。
整合原則
合併基本報表包括母公司及其百分之百擁有的子公司帳戶。所有公司間交易和帳戶在合併中被消除。
2.    最近的會計聲明
在2023年12月，財務會計準則委員會（"FASB"）發佈了會計標準更新（"ASU"）2023-09，收入稅（主題740）：改善收入稅披露。該ASU主要通過標準化和分解稅率調解類別以及按地區支付的收入稅來增強現有的收入稅披露。該ASU適用於所有公共實體，自2024年12月15日之後開始的年度期間生效，允許提前採用。實體應在預測的基礎上應用修正，但允許追溯應用。公司正在評估該ASU對其披露的影響。
2023年11月，FASB發佈了ASU 2023-07《分部報告（主題280）：改進可報告分部披露》。此ASU通過在年度和中期基礎上增加關於包含在分部利潤或損失計量中的重要分部費用的披露，主要改進了可報告分部披露要求。該ASU適用於所有公衆實體，於2023年12月15日後開始的財政年度和中期。
9
目錄
CDW公司及其子公司
基本報表附註
（金額以百萬美元計，除非另有註明，每股數據除外）
從2024年12月15日後開始的財政年度。實體需要以追溯的方式應用修訂內容。公司目前正在評估這項ASU將對其披露產生的影響。
3.    應收賬款和合同餘額
應收賬款
下表詳細列出了確認的應收賬款總額及在合併資產負債表上的相關分類：
2024年9月30日2023年12月31日
應收賬款，流動(1)
$4,894.0 $4,567.5 
應收賬款，非流動(2)
639.4 337.5 
總應收帳款$5,533.4 $4,905.0 
(1)應收賬款，流動資產，按照應收賬款抵扣呈現在綜合資產負債表上的淨額。
(2)帳戶收款不可存款指尺在聯合賬頒表上的其他資產。
公司不時將特定應收賬款無追索地轉讓給第三方金融公司，以減少公司的信用風險並加速現金收款。收到第三方融資公司的付款後，此類轉讓將被確認爲銷售，並相關應收賬款將從資產負債表上攤銷。截至2024年9月30日和2023年9月30日的九個月期間，公司分別出售了約$337百萬美元和$382百萬的應收賬款。
合同餘額
合同資產和負債代表了公司從客戶收到現金時營業收入確認的時間差異。合同資產表示已完成或部分完成的履約義務上確認的營業收入，公司對其沒有無條件的獲得對價的權利。合同負債包括未來提供產品或提供服務之前從客戶收到的支付或已經在合同中約定的對價。 以下表格詳細說明了公司在合併資產負債表中承認的合同餘額信息：
2024年9月30日2023年12月31日
合同資產(1)
$91.0 $111.8 
合同責任(2)(3)
$505.0 $527.4 
(1)合同資產顯示在合併資產負債表的預付費用和其他中。
(2)其中包括價值爲 30百萬美元和$402024年9月30日和2023年12月31日分別列示在綜合資產負債表的"其他負債"內的數百萬美元長期合同負債。
(3)截至2024年9月30日和2023年，公司確認了營業收入$293百萬，這些收入與其合同責任相關，這些責任已包括在相應期間的期初餘額中。
合同的交易價格分配給每一個獨立的履約義務，並在履約義務完成時或在完成過程中確認營業收入。 下表列出了截至2024年9月30日與不可取消的服務合同相關的剩餘履約義務的總交易價格，其中公司作爲主要方並且合同期限超過12個月，預計將在未來期間確認。
一年內1-2年2-3年然後
2023年9月30日$108.3 $64.6 $30.3 $11.5 
4.    庫存融資協議
公司已與金融機構簽訂協議，以促進在特定條款和條件下從指定供應商購買存貨，以增強流動性。根據這些協議，公司
10
目錄
cdw公司及其子公司
基本報表附註
（金額以百萬美元計，除非另有註明，每股數據除外）
獲得延長的支付條款，並同意向金融機構支付其指定供應商的確認發票的規定金額。公司不會因這些協議而產生任何利息或其他額外費用，因爲餘額在到期時支付。此外，公司在其供應商與金融機構之間設定條款或條件方面沒有任何參與。
截至2024年9月30日和2023年12月31日，根據這些協議的未償還金額爲$357 百萬美元和美元431 百萬，分別顯示爲合併資產負債表中的應付賬款-庫存融資。這些未償還金額的主要部分與公司循環貸款設施中包含的地板計劃子設施有關，具體定義見註釋5（債務）。公司在循環貸款設施下的可用資金的一部分被保留用於支付金融機構的義務。有關循環貸款設施的更多信息，請參見注釋5（債務）。
5.    Debt
2024年9月30日2023年12月31日
到期日利率金額金額
信貸設施
高級無擔保循環貸款便利2026年12月Variable$— $— 
定期貸款
高級無抵押定期貸款便利2026年12月Variable634.5 634.5 
未綁定抵押的優先票據
2024年到期的高級票據2024年12月5.500 %183.5 575.0 
2025年到期的高級票據2025年5月4.125 %211.1 600.0 
2026年到期的高級票據2026年12月2.670 %1,000.0 1,000.0 
2028年到期的高級票據2028年4月4.250 %600.0 600.0 
2028年到期的高級票據2028年12月3.276 %500.0 500.0 
到期於2029年的高級票據2029年2月3.250 %700.0 700.0 
到期於2030年的高級票據2029年10月；每月還款約爲$。5.100 %600.0 — 
到期於2031年的高級票據2031年12月3.569 %1,000.0 1,000.0 
到期於2034年的高級票據2034年8月5.550 %600.0 — 
總無擔保高級票據5,394.6 4,975.0 
應收融資負債28.0 56.9 
其他長期債務8.4 6.9 
未攤銷的債務發行成本和折扣(34.8)(28.4)
長期債務的流動部分(423.2)(613.1)
所有長期債務$5,607.5 $5,031.8 
截至2024年9月30日，公司已符合其信貸協議和債券條款。
11
目錄
cdw公司及其子公司
基本報表附註
（金額以百萬美元計，除非另有註明，每股數據除外）
信貸設施
公司擁有一個可變利率的高級無擔保循環貸款便利（「循環貸款便利」），可以提取以美元、英鎊或歐元計價的分期款項。利率基於擔保隔夜融資利率（「SOFR」）加上利差調整和根據公司無擔保高級評級確定的利差。循環貸款便利用於公司的借款、信用證的發行和平面融資。截至2024年9月30日，公司最多可以再借入$1.3 十億$在循環貸款便利下。截至2024年9月30日，循環貸款便利保留了$346百萬$用於平面子便利。
定期貸款
無擔保公司長期貸款設施（「貸款設施」）採用變動利率。利率基於SOFR加一個擴展調整和公司無擔保評級所確定的利差。在剩餘本金到期日2026年12月1日之前不必進行強制還款。
未綁定抵押的優先票據
無擔保高級票據具有固定利率，每半年支付一次利息。
應收款融資
應收融資負債與某些轉讓給第三方金融機構的應收賬款有關，這些應收賬款未能根據協議條款被認定爲銷售。雖然此類協議的條款是無追索權的，但應收賬款的轉讓未能達到可解除應收賬款確認的某些標準。這些安排的收益被確認爲負債，相關的應收賬款在合併資產負債表上保留，直到該負債結清。公司在截至2024年9月30日的九個月內未根據這些協議進行任何轉讓。
債務發行和償還
在2024年8月22日，公司完成了發行$600百萬的總本金金額爲 5.100% 到期於2030年的高級票據（「2030票據」） 99.889% 以面值600百萬的總本金金額爲 5.550% 到期於2034年的高級票據（「2034票據」） 99.742% 以面值（統稱爲「票據」）。2030票據的利息每年在每年的3月1日和9月1日支付一次。2034票據的利息每年在每年的2月22日和8月22日支付一次。票據發行的淨收益用於資金結算，同時支付相關的應計和未支付的利息、費用及開支，以及一般公司的目的，包括贖回其餘的 5.500% 到期於2024年的高級票據和在到期時償還其餘的 4.125% 2025年到期的高級票據。
2024年8月22日，與票據發行同時，公司完成了一筆現金要約，金額爲$391百萬美元和$389百萬美元的截至2025年到期的 5.500%優先票據4.125%高級票據，加上應計及未支付的利息、費用和支出的未清償本金金額。有關現金要約，公司確認了一筆不重要的削減債務的淨收益，該收益在綜合損益表的其他收入(費用)中呈現。
公允價值
未擔保高級票據的公允價值是使用在場外二級市場交易的相同負債的報價市場價格進行估計的。通過使用經銷商報價和其他市場可觀察輸入，估計了分級貸款設施的公允價值。未擔保高級票據和分級貸款設施被歸類爲公允價值層次中的2級。流動貸款設施的賬面價值大致等同於公允價值。
12
目錄
cdw公司及其子公司
基本報表附註
（金額以百萬美元計，除非另有註明，每股數據除外）
公司長期債務的近似公允價值及相關賬面價值，包括當前到期部分，不包括未攤銷的折扣和未攤銷的債務發行費用，具體如下：
2024年9月30日2023年12月31日
公平價值$5,895.2 $5,348.2 
賬面價值$6,065.5 $5,673.3 
6.    所有在具有重複性的精簡合併財務報表上以公允價值認定的金融工具（包括金融財產、金融負債以及被認爲使用公允價值的非金融資產和負債）均採用公允價值標準進行會計準則的認定，並按照應交易參與方之間在評估日間的預期出售交易價格的概念確定。
衍生金融工具
公司可能使用衍生金融工具來管理其對利率風險的敞口。公司並不持有或發行衍生金融工具用於交易或投機目的。以下部分詳細介紹公司的衍生金融工具。
利率領域
公司的變量利率債務產生利率風險。公司有利率領結合約，規定了合同指定的利率上限和基於SOFR的利率下限。 如果SOFR高於上限，則公司從交易對手那裏收到付款，如果SOFR低於下限，則向交易對手付款。 如果SOFR介於下限和上限之間，則不需要向任何一方支付款項。在2024年9月30日結束的九個月內，沒有執行新的利率領結合約。
截至2024年9月30日和2023年12月31日，利率套期保值協議歸類爲《長期負債-其他負債》於合併資產負債表上，其公允價值不重大。利率套期保值協議的名義金額總額爲$400 截至2024年9月30日和2023年12月31日，這些協議的名義金額爲$1000萬，將於2026年9月30日到期。
公司的利率期貨套期保值協議的公允價值被分類爲公允價值層次中的二級。利率期貨套期保值協議的估值是通過對預期現金收款或現金付款的貼現現金流分析得出的，如果變量利率上升或下降到利率上限和利率下限的行權價之上或之下，這些現金收付款將發生。該分析反映了利率期貨套期保值協議的合同條款，包括到期日，並使用可觀察的市場驅動輸入，包括SOFR曲線和引伸波幅。公司還通過將微不足道的信用估值調整納入到公允價值測量中，以適當地反映各方不履行義務風險。對手方信用利差是基於從第三方信用數據提供商獲取的公開可獲取的信用信息。
利率領結被指定爲現金流量套期保值工具。符合現金流量套期保值資格的衍生工具公允價值的變動記錄在其他綜合收益中，並在預期交易對盈利產生影響的期間重新分類爲淨利息費用。截至2024年和2023年9月30日結束的三個和九個月，衍生金融工具有效部分的公允價值變動以及從其他綜合收益到淨利息費用的再分類均不重大。
財政鎖
公司在發行固定利率債務之前使用國庫鎖定協議來管理利率風險。在2024年9月30日結束的三個月內，公司執行並結算了總名義價值爲$的國庫鎖定協議。600 與發行無抵押優先票據同時，公司執行了並結算了國庫鎖定協議，撤回了無形損失。有關發行無抵押優先票據的詳細信息，請參閱注5（債務）。
財務鎖定協議被指定爲現金流量套期交易。結算損失已記錄爲AOCL，隨後在同一期間內重新分類爲利息費用，淨值超過債務期限，並且在套期交易預測交易影響收益的同一期間內發生。截至2024年9月30日三個月和九個月結束時，從AOCL重新分類爲利息費用，淨額並不重要。
13
目錄
cdw公司及其子公司
基本報表附註
（金額以百萬美元計，除非另有註明，每股數據除外）
短期投資
短期投資是指期限超過三個月但在一年以內的投資，包括定期存款。截至2024年9月30日，定期存款的攤銷成本爲$212 百萬元，並在合併資產負債表中歸類爲短期投資。由於其短期特性，短期投資的公允價值接近賬面價值，並在公允價值層級中分類爲第二級。
7.    所得稅
所得稅費用爲$111 百萬美元和美元104截至2024年和2023年9月30日的三個月內，金額爲百萬。有效稅率通過將所得稅費用計算爲稅前收入的百分比表示， 26.0%和 24.8%截至2024年和2023年9月30日的三個月。
所得稅費用爲$270 百萬美元和美元261截至2024年和2023年9月30日的九個月，收入分別爲百萬美元。有效稅率爲 24.9%和 24.4截至2024年9月30日和2019年9月30日的九個月，分別爲%
截至2024年9月30日和2023年9月30日的三個月和九個月的有效稅率與美國聯邦法定稅率21.0%有所不同，主要是由於州和地方所得稅，部分被基於股權的補償的超額稅收利益所抵消。
8.    每股收益
基本每股收益和攤薄每股收益的分子是淨利潤。基本每股收益的分母是該期間加權平均流通股數。
基本加權平均每股未經稀釋股份與稀釋加權平均每股股份的調節如下:
截至9月30日的三個月截至9月30日的九個月
2024202320242023
基本加權平均已發行股票133.5134.1134.0134.8 
稀釋性證券的影響(1)
1.41.81.51.6 
攤薄後的加權平均已發行股票(2)
134.9135.9135.5136.4 
(1)未行使的期權、限制股票單位、績效股票單位和同事股票購買計劃單位的稀釋效應，通過使用庫藏股法反映在稀釋後加權平均流通股數中。
(2)少於 0.2截至2024年和2023年9月30日三個月和九個月的期間，排除了少於100萬潛在普通股在稀釋加權平均股份中。將這些普通股包括在稀釋加權平均股份中會產生抗稀釋效應。
9.    承付款和或有開支
該公司是各種與其業務日常有關的法律訴訟的一方，包括商業、知識產權、就業、侵權和其他訴訟事項。 該公司還受聯邦、州、國際、國家、省級和地方當局以及各種合作伙伴、集團採購組織和客戶的審計監督，包括政府機構，與各種合同的購買和銷售有關。此外，該公司還面臨根據各種合同的賠償索賠。 偶爾，該公司的某些客戶會根據美國破產法或公司在美國以外地區的類似法律提出重整或清算申請。在這種情況下，公司收到的某些提交申請前的支付可能被視爲優先權項目，並應退還給破產管理員。
截至2024年9月30日，公司認爲這些訴訟和事項中，尚未確認的任何重大損失發生的合理可能性是微乎其微的。然而，這些訴訟和事項的最終解決結果本質上是不可預測的。因此，公司合併基本報表在某一特定期間可能會因這些訴訟或事項的不利解決而受到負面影響。
14
目錄
cdw公司及其子公司
基本報表附註
（金額以百萬美元計，除非另有註明，每股數據除外）
公司收到一份民事調查需求，由司法部（「DOJ」）於2024年6月11日發佈，涉及虛假索賠法調查。司法部要求提供與公司提交的完全或部分由學校和圖書館計劃（E-Rate計劃）資助的合同投標有關的信息。公司正在配合司法部，在調查的這個階段，無法評估任何結果的可能性或可能的損失區間。
10.    分段信息
公司的業務段信息反映了首席營運決策者使用內部報告來評估業務績效、分配資源和管理運營。
該公司有 三 可報告的細分市場：企業，主要由私營部門商業客戶組成，擁有超過 250 美國員工，小型企業，主要由私營部門企業客戶組成，最多可達 250 美國的員工，以及由美國政府機構以及教育和醫療機構組成的公共機構。該公司有 二 其他運營部門：英國CDW和CDW Canada，兩者均未達到應報告的細分市場量化閾值，因此屬於所有其他類別（「其他」）。
公司已經將物流和總部職能集中，爲各板塊提供服務。物流職能包括採購、分銷和履行服務，以支持公司、小型企業和公共板塊。因此，與物流職能相關的成本和公司間費用根據淨銷售額的百分比完全分配給所有這些板塊。集中的總部職能在會計、信息技術、市場營銷、法律和員工服務等領域提供服務。未分配給板塊的總部職能成本將在下表中的「總部」標題下列出。
公司部門信息如下：
企業小型企業公開其他總部總計
截至2024年9月30日的三個月
淨銷售額$2,161.2 $379.7 $2,335.7 $640.0 $— $5,516.6 
營業收入（虧損）209.0 45.6 240.2 32.5 (45.7)481.6 
折舊和攤銷費用(18.8)(0.9)(14.2)(6.9)(28.3)(69.1)
截至2023年9月30日的三個月
淨銷售額$2,226.5 $378.4 $2,422.1 $601.3 $— $5,628.3 
營業收入（虧損）211.1 45.3 237.1 30.3 (45.4)478.4 
折舊和攤銷費用(19.8)(1.2)(13.7)(7.4)(23.9)(66.0)
截至2024年9月30日的九個月
淨銷售額$6,492.3 $1,143.5 $6,303.7 $1,873.2 $— $15,812.7 
營業收入（虧損）584.0 137.7 575.4 82.0 (136.4)1,242.7 
折舊和攤銷費用(57.9)(2.7)(41.9)(21.1)(82.2)(205.8)
截至2023年9月30日的九個月
淨銷售額$6,675.2 $1,186.0 $6,530.0 $1,966.3 $— $16,357.5 
營業收入（虧損）610.9 129.2 574.9 99.2 (168.3)1,245.9 
折舊和攤銷費用(62.2)(3.6)(44.1)(22.7)(70.0)(202.6)
15
Table of Contents
CDW CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share data, unless otherwise noted)
Geographic Areas and Revenue Mix
 Three Months Ended September 30, 2024
CorporateSmall BusinessPublicOtherTotal
Geography(1)
United States$2,149.4 $373.0 $2,333.8 $6.9 $4,863.1 
Rest of World11.8 6.7 1.9 633.1 653.5 
Total Net sales$2,161.2 $379.7 $2,335.7 $640.0 $5,516.6 
Major Product and Services
Hardware$1,468.6 $294.7 $1,742.8 $452.5 $3,958.6 
Software458.4 60.3 427.0 102.6 1,048.3 
Services218.9 20.4 161.0 81.6 481.9 
Other(2)
15.3 4.3 4.9 3.3 27.8 
Total Net sales$2,161.2 $379.7 $2,335.7 $640.0 $5,516.6 
Sales by Channel
Corporate$2,161.2 $— $— $— $2,161.2 
Small Business— 379.7 — — 379.7 
Government— — 691.0 — 691.0 
Education— — 995.7 — 995.7 
Healthcare— — 649.0 — 649.0 
Other— — — 640.0 640.0 
Total Net sales$2,161.2 $379.7 $2,335.7 $640.0 $5,516.6 
Timing of Revenue Recognition
Transferred at a point in time where CDW is principal$1,799.8 $328.1 $2,053.4 $539.7 $4,721.0 
Transferred at a point in time where CDW is agent197.5 37.0 160.0 33.6 428.1 
Transferred over time where CDW is principal163.9 14.6 122.3 66.7 367.5 
Total Net sales$2,161.2 $379.7 $2,335.7 $640.0 $5,516.6 
(1)Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address.
(2)Includes items such as delivery charges to customers.
16
Table of Contents
CDW CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share data, unless otherwise noted)
Three Months Ended September 30, 2023
CorporateSmall BusinessPublicOtherTotal
Geography(1)
United States$2,206.8 $370.3 $2,419.4 $7.3 $5,003.8 
Rest of World19.7 8.1 2.7 594.0 624.5 
Total Net sales$2,226.5 $378.4 $2,422.1 $601.3 $5,628.3 
Major Product and Services
Hardware$1,570.8 $300.4 $1,883.4 $426.8 $4,181.4 
Software423.6 59.5 407.1 106.8 997.0 
Services216.5 13.9 126.5 64.4 421.3 
Other(2)
15.6 4.6 5.1 3.3 28.6 
Total Net sales$2,226.5 $378.4 $2,422.1 $601.3 $5,628.3 
Sales by Channel
Corporate$2,226.5 $— $— $— $2,226.5 
Small Business— 378.4 — — 378.4 
Government— — 775.7 — 775.7 
Education— — 1,026.7 — 1,026.7 
Healthcare— — 619.7 — 619.7 
Other— — — 601.3 601.3 
Total Net sales$2,226.5 $378.4 $2,422.1 $601.3 $5,628.3 
Timing of Revenue Recognition
Transferred at a point in time where CDW is principal$1,861.9 $333.1 $2,169.3 $520.3 $4,884.6 
Transferred at a point in time where CDW is agent192.9 37.1 143.9 25.8 399.7 
Transferred over time where CDW is principal171.7 8.2 108.9 55.2 344.0 
Total Net sales$2,226.5 $378.4 $2,422.1 $601.3 $5,628.3 
(1)Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address.
(2)Includes items such as delivery charges to customers.
17
Table of Contents
CDW CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share data, unless otherwise noted)
Nine Months Ended September 30, 2024
CorporateSmall BusinessPublicOtherTotal
Geography(1)
United States$6,448.0 $1,125.9 $6,298.6 $20.3 $13,892.8 
Rest of World44.3 17.6 5.1 1,852.9 1,919.9 
Total Net sales$6,492.3 $1,143.5 $6,303.7 $1,873.2 $15,812.7 
Major Product and Services
Hardware$4,466.4 $902.0 $4,855.4 $1,342.8 $11,566.6 
Software1,312.1 173.7 992.6 299.9 2,778.3 
Services668.1 54.7 441.6 221.7 1,386.1 
Other(2)
45.7 13.1 14.1 8.8 81.7 
Total Net sales$6,492.3 $1,143.5 $6,303.7 $1,873.2 $15,812.7 
Sales by Channel
Corporate$6,492.3 $— $— $— $6,492.3 
Small Business— 1,143.5 — — 1,143.5 
Government— — 1,873.4 — 1,873.4 
Education— — 2,609.9 — 2,609.9 
Healthcare— — 1,820.4 — 1,820.4 
Other— — — 1,873.2 1,873.2 
Total Net sales$6,492.3 $1,143.5 $6,303.7 $1,873.2 $15,812.7 
Timing of Revenue Recognition
Transferred at a point in time where CDW is principal$5,409.5 $997.0 $5,561.3 $1,593.8 $13,561.6 
Transferred at a point in time where CDW is agent585.5 110.3 402.7 95.6 1,194.1 
Transferred over time where CDW is principal497.3 36.2 339.7 183.8 1,057.0 
Total Net sales$6,492.3 $1,143.5 $6,303.7 $1,873.2 $15,812.7 
(1)Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address.
(2)Includes items such as delivery charges to customers.
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CDW CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share data, unless otherwise noted)
Nine Months Ended September 30, 2023
CorporateSmall BusinessPublicOtherTotal
Geography(1)
United States$6,620.0 $1,170.6 $6,525.8 $21.2 $14,337.6 
Rest of World55.2 15.4 4.2 1,945.1 2,019.9 
Total Net sales$6,675.2 $1,186.0 $6,530.0 $1,966.3 $16,357.5 
Major Product and Services
Hardware$4,686.6 $952.6 $5,130.8 $1,379.9 $12,149.9 
Software1,265.4 174.3 982.7 383.4 2,805.8 
Services675.4 45.1 402.3 193.8 1,316.6 
Other(2)
47.8 14.0 14.2 9.2 85.2 
Total Net sales$6,675.2 $1,186.0 $6,530.0 $1,966.3 $16,357.5 
Sales by Channel
Corporate$6,675.2 $— $— $— $6,675.2 
Small Business— 1,186.0 — — 1,186.0 
Government— — 2,008.4 — 2,008.4 
Education— — 2,719.2 — 2,719.2 
Healthcare— — 1,802.4 — 1,802.4 
Other— — — 1,966.3 1,966.3 
Total Net sales$6,675.2 $1,186.0 $6,530.0 $1,966.3 $16,357.5 
Timing of Revenue Recognition
Transferred at a point in time where CDW is principal$5,614.6 $1,053.3 $5,858.6 $1,718.1 $14,244.6 
Transferred at a point in time where CDW is agent563.3 106.8 362.1 80.9 1,113.1 
Transferred over time where CDW is principal497.3 25.9 309.3 167.3 999.8 
Total Net sales$6,675.2 $1,186.0 $6,530.0 $1,966.3 $16,357.5 
(1)Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address.
(2)Includes items such as delivery charges to customers.
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CDW CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share data, unless otherwise noted)
The following tables present Net sales by major category for the three and nine months ended September 30, 2024 and 2023. Categories are based upon internal classifications.
Three Months Ended September 30,
2024
2023
Net SalesPercentage
of Total Net
Sales		Net SalesPercentage
of Total Net
Sales
Hardware:
Notebooks/Mobile Devices$1,370.4 24.8 %$1,228.9 21.8 %
Netcomm Products667.6 12.1 877.1 15.6 
Collaboration460.3 8.3 490.1 8.7 
Data Storage and Servers506.0 9.2 575.6 10.2 
Desktops291.4 5.3 264.6 4.7 
Other Hardware662.9 12.1 745.1 13.3 
Total Hardware3,958.6 71.8 4,181.4 74.3 
Software(1)
1,048.3 19.0 997.0 17.7 
Services(1)
481.9 8.7 421.3 7.5 
Other(2)
27.8 0.5 28.6 0.5 
Total Net sales$5,516.6 100.0 %$5,628.3 100.0 %
Nine Months Ended September 30,
2024
2023
Net SalesPercentage
of Total Net
Sales		Net SalesPercentage
of Total Net
Sales
Hardware:
Notebooks/Mobile Devices$3,949.9 25.0 %$3,614.4 22.1 %
Netcomm Products1,877.1 11.9 2,538.0 15.5 
Collaboration1,364.9 8.6 1,499.7 9.2 
Data Storage and Servers1,593.2 10.1 1,653.6 10.1 
Desktops845.3 5.3 827.3 5.1 
Other Hardware1,936.2 12.2 2,016.9 12.3 
Total Hardware11,566.6 73.1 12,149.9 74.3 
Software(1)
2,778.3 17.6 2,805.8 17.2 
Services(1)
1,386.1 8.8 1,316.6 8.0 
Other(2)
81.7 0.5 85.2 0.5 
Total Net sales$15,812.7 100.0 %$16,357.5 100.0 %
(1)Certain software and services revenues are recorded on a net basis as the Company is acting as an agent in the transaction. As a result, the category percentage of net revenues is not representative of the category percentage of gross profits.
(2)Includes items such as delivery charges to customers.
11.    Subsequent Event
On October 7, 2024, the Company redeemed the remaining outstanding 5.500% Senior Notes due 2024, which were scheduled to mature on December 1, 2024, at par for $184 million.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Unless otherwise indicated or the context otherwise requires, as used in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” the terms “we,” “us,” “the Company,” “our,” “CDW” and similar terms refer to CDW Corporation and its subsidiaries. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” should be read in conjunction with the unaudited interim Consolidated Financial Statements and the related notes included elsewhere in this report and with the audited Consolidated Financial Statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. This discussion contains forward-looking statements that are subject to numerous risks and uncertainties. Actual results may differ materially from those contained in any forward-looking statements. See “Forward-Looking Statements” at the end of this discussion.
Overview
CDW Corporation (“Parent”), a Fortune 500 company and member of the S&P 500 Index, is a leading multi-brand provider of information technology (“IT”) solutions to small, medium and large business, government, education and healthcare customers in the United States (“US”), the United Kingdom (“UK”) and Canada. Our broad array of offerings ranges from discrete hardware and software products to integrated IT solutions and services that include on-premise and cloud capabilities across hybrid infrastructure, digital experience and security.
We have three reportable segments: Corporate, Small Business and Public. Our Corporate segment primarily serves US private sector business customers with more than 250 employees. Our Small Business segment primarily serves US private sector business customers with up to 250 employees. Our Public segment is comprised of government agencies and education and healthcare institutions in the US. We also have two other operating segments: CDW UK and CDW Canada, each of which do not meet the reportable segment quantitative thresholds and, accordingly, are included in an all other category (“Other”).
We are vendor, technology and consumption model unbiased, with a solutions portfolio including more than 100,000 products and services from more than 1,000 leading and emerging brands. Our solutions are delivered in physical, virtual and cloud-based environments through approximately 11,200 customer-facing coworkers, including sellers, highly-skilled technology specialists and advanced service delivery engineers. We are a leading sales channel partner for many original equipment manufacturers, software publishers and cloud providers (collectively, our “vendor partners”), whose products we sell or include in the solutions we offer. We provide our vendor partners with a cost-effective way to reach customers and deliver a consistent brand experience through our established end-market coverage, technical expertise and extensive customer access.
We may sell all or only select products that our vendor partners offer. Each vendor partner agreement provides for specific terms and conditions, which may include one or more of the following: product return privileges, price protection policies, purchase discounts and vendor incentive programs, such as purchase or sales rebates and cooperative advertising reimbursements. We also resell software for major software publishers. Our agreements with software publishers allow the end-user customer to acquire software or licensed products and services. In addition to helping our customers determine the best software solutions for their needs, we help them manage their software agreements, including warranties and renewals. A significant portion of our advertising and marketing expenses are reimbursed through cooperative advertising programs with our vendor partners. These programs are at the discretion of our vendor partners and are typically tied to sales or other commitments to be met by us within a specified period of time.
Trends and Key Factors Affecting our Financial Performance
We believe the following key factors may have a meaningful impact on our business performance, influencing our ability to generate sales and achieve our targeted financial and operating results:
•General economic conditions are a key factor affecting our results as they can impact our customers’ willingness and ability to spend on information technology. Macroeconomic uncertainty persists as a result of the inflationary environment and corresponding level of interest rates driven by monetary policy. The uncertainty in the current economic environment resulted in, and may continue to result in, a delay, pause or reduction of investments in technology by our customers.
•Customers are evaluating the complex technology landscape in order to balance priorities and focus on solutions that lead to business optimization, cost management and security risk management, resulting in a more measured approach to their IT spending. We have orchestrated solutions by leveraging security, software and hybrid and cloud offerings to help customers achieve their objectives.
•Changes and uncertainty related to spending policies, budget priorities, timing and funding levels, including current and future stimulus packages, are key factors influencing the purchasing levels of government, healthcare and education customers. As the duration and ongoing impact of current economic conditions remain uncertain, current
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and future budget priorities and funding levels for government, healthcare and education customers may be adversely affected, leading to lower IT spend.
•Technology trends drive customer purchasing behaviors in the market. Current technology trends are focused on delivering greater flexibility and efficiency, as well as designing and managing IT securely. These trends are driving customer adoption of cloud, generative artificial intelligence, software defined architectures and hybrid on-premise and off-premise combinations. The trends are further driven by the evolution of the IT consumption model to more “as a service” offerings, including software as a service and infrastructure as a service, in addition to ongoing managed and professional service arrangements. Technology trends are likely to evolve as customers prioritize spend that will produce the most important outcomes for their business.
Key Business Metrics
We monitor a number of financial and non-financial measures and ratios on a regular basis in order to track the progress of our business and make adjustments as necessary. Financial measures include both US GAAP, the accounting principles generally accepted in the United States of America, and Non-GAAP, which excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with US GAAP. We believe that the most important of these measures and ratios include Gross profit, Gross profit margin, Operating income, Operating income margin, Non-GAAP operating income, Non-GAAP operating income margin, Net income, Non-GAAP net income, Net income per diluted share, Non-GAAP net income per diluted share, Average daily sales, Net cash provided by operating activities, Adjusted free cash flow, Cash conversion cycle, and Net debt. These measures and ratios are closely monitored by management, so that actions can be taken, as necessary, in order to achieve financial objectives.
For the definitions, discussion of management’s use of Non-GAAP measures and reconciliations to the most directly comparable US GAAP measure, see “Results of Operations - Non-GAAP Financial Measure Reconciliations.”
The results of certain key business metrics for the comparative periods are as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in millions, except per share amounts and percentages)2024202320242023
Net sales$5,516.6 $5,628.3 $15,812.7 $16,357.5 
Gross profit$1,200.7 $1,227.7 $3,447.1 $3,498.6 
Gross profit margin21.8 %21.8 %21.8 %21.4 %
Operating income$481.6 $478.4 $1,242.7 $1,245.9 
Operating income margin8.7 %8.5 %7.9 %7.6 %
Non-GAAP operating income$534.0 $556.3 $1,447.8 $1,520.4 
Non-GAAP operating income margin9.7 %9.9 %9.2 %9.3 %
Net income$316.4 $315.5 $813.6 $808.2 
Non-GAAP net income$354.9 $369.4 $954.5 $997.1 
Net income per diluted share$2.34 $2.32 $6.00 $5.92 
Non-GAAP net income per diluted share$2.63 $2.72 $7.04 $7.31 
Average daily sales(1)
$86.2 $89.3 $82.4 $85.6 
(1)Defined as Net sales divided by the number of selling days. There were 64 and 63 selling days for the three months ended September 30, 2024 and 2023, respectively. There were 192 and 191 selling days for the nine months ended September 30, 2024 and 2023, respectively.

(dollars in millions)September 30, 2024September 30, 2023
Net debt(1)
$4,872.3 $5,260.8 
Cash conversion cycle (in days)(2)
17 15 
Net cash provided by operating activities$932.0 $1,062.2 
Adjusted free cash flow(3)
$764.1 $1,112.9 
(1)Defined as total debt minus Cash and cash equivalents and Short-term investments.
(2)Defined as days of sales outstanding in Accounts receivable and certain receivables due from vendors plus days of supply in Merchandise inventory minus days of purchases outstanding in Accounts payable-trade and Accounts payable-inventory financing, based on a rolling three-month average.
(3)Defined as Net cash provided by operating activities less Capital expenditures, adjusted to include cash flows from financing activities that relate to the purchase of inventory.
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Results of Operations
Results of operations, including Gross profit margin and Operating income margin, expressed as Gross profit and Operating income as a percentage of Net sales, respectively, for the three and nine months ended September 30, 2024 and 2023 are below. For additional information on Net sales and Operating income by segment, see the “Segment Results of Operations.”
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in millions, except percentages)20242023% Change20242023% Change
Net sales$5,516.6 $5,628.3 (2.0)%$15,812.7 $16,357.5 (3.3)%
Cost of sales4,315.9 4,400.6 (1.9)12,365.6 12,858.9 (3.8)
Gross profit1,200.7 1,227.7 (2.2)3,447.1 3,498.6 (1.5)
Gross profit margin 21.8 %21.8 %21.8 %21.4 %
Selling and administrative expenses719.1 749.3 (4.0)2,204.4 2,252.7 (2.1)
Operating income481.6 478.4 0.7 1,242.7 1,245.9 (0.3)
Operating income margin8.7 %8.5 %7.9 %7.6 %
Interest expense, net(54.4)(57.4)(5.2)(158.0)(173.3)(8.8)
Other income (expense), net0.4 (1.2)nm*(0.8)(3.1)(74.2)
Income before income taxes427.6 419.8 1.9 1,083.9 1,069.5 1.3 
Income tax expense(111.2)(104.3)6.6 (270.3)(261.3)3.4 
Net income$316.4 $315.5 0.3 %$813.6 $808.2 0.7 %
*nm - Not meaningful
Three months ended September 30, 2024 compared with the three months ended September 30, 2023
Net sales decreased $112 million, or 2.0%, with lower Net sales in the Public and Corporate segments, partially offset by UK and Canadian operations. The decrease was primarily due to a decrease in netcomm products, partially offset by an increase in notebooks/mobile devices. Continued economic uncertainty and the complex technology landscape has led customers to be cautious and measured in their approach to technology spending, leading to a decline in Net sales.
Gross profit decreased $27 million, or 2.2%, primarily due to lower Net sales across various hardware categories, partially offset by increased netted down revenue. Gross profit margin, expressed as Gross profit as a percentage of Net sales, remained consistent at 21.8%.
Selling and administrative expenses decreased $30 million, or 4.0%, primarily due to lower performance-based compensation, including equity-based compensation, consistent with lower attainment against certain financial measures.
Operating income increased $3 million, or 0.7%, to $482 million for the three months ended September 30, 2024 compared to $478 million for the three months ended September 30, 2023.
Interest expense, net includes interest expense and interest income. Interest expense, net decreased $3 million, or 5.2%, primarily due to increased interest income earned on higher average cash balances, partially offset by increased interest expense on higher debt levels.
Income tax expense increased $7 million, or 6.6%. The effective tax rate, expressed by calculating income tax expense as a percentage of Income before income taxes, was 26.0% and 24.8% for the three months ended September 30, 2024 and 2023, respectively. The increase in the effective tax rate was primarily attributable to lower excess tax benefits on equity-based compensation.
Nine months ended September 30, 2024 compared with the nine months ended September 30, 2023
Net sales decreased $545 million, or 3.3%, with lower Net sales across all operating segments. The decrease was primarily due to a decrease in netcomm and collaboration products, partially offset by an increase in notebooks/mobile devices. Continued economic uncertainty and the complex technology landscape has led customers to be cautious and measured in their approach to technology spending, leading to a decline in Net sales.
Gross profit decreased $52 million, or 1.5%. Gross profit margin, expressed as Gross profit as a percentage of Net sales, increased 40 basis points primarily driven by a higher contribution of netted down revenue, primarily software as a service, partially offset by an increased mix into notebooks/mobile devices.
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Selling and administrative expenses decreased $48 million, or 2.1%, primarily due to lower performance-based compensation, including equity-based compensation, consistent with lower attainment against certain financial measures, and lower workplace optimization costs, partially offset by increased transformation and other related costs.
Operating income decreased $3 million, or 0.3%, to $1,243 million for the nine months ended September 30, 2024 compared to $1,246 million for the nine months ended September 30, 2023.
Interest expense, net decreased $15 million, or 8.8%, primarily due to increased interest income earned on higher average cash balances and decreased interest expense on lower average debt levels during 2024, partially offset by higher variable interest rate on the senior unsecured term loan.
Income tax expense increased $9 million, or 3.4%. The effective tax rate was 24.9% and 24.4% for the nine months ended September 30, 2024 and 2023, respectively. The increase in the effective tax rate was primarily attributable to lower excess tax benefits on equity-based compensation.
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Segment Results of Operations
Net sales by segment, in dollars and as a percentage of total Net sales, and the year-over-year dollar, percentage and average daily sales percentage change in Net sales by segment are as follows:
Three Months Ended September 30,
20242023
(dollars in millions)Net SalesPercentage
of Total Net Sales		Net SalesPercentage
of Total Net Sales		Dollar
Change
Percent
Change(1)
Average Daily Sales Percent Change(1)
Corporate$2,161.2 39.2 %$2,226.5 39.6 %$(65.3)(2.9)%(4.4)%
Small Business379.7 6.9 378.4 6.7 1.3 0.3 (1.2)
Public:
Government691.0 12.5 775.7 13.8 (84.7)(10.9)(12.3)
Education995.7 18.0 1,026.7 18.2 (31.0)(3.0)(4.5)
Healthcare649.0 11.8 619.7 11.0 29.3 4.7 3.1 
Total Public2,335.7 42.3 2,422.1 43.0 (86.4)(3.6)(5.1)
Other640.0 11.6 601.3 10.7 38.7 6.4 4.8 
Total Net sales$5,516.6 100.0 %$5,628.3 100.0 %$(111.7)(2.0)%(3.5)%
Nine Months Ended September 30,
20242023
(dollars in millions)Net SalesPercentage
of Total Net Sales		Net SalesPercentage
of Total Net Sales		Dollar
Change
Percent
Change(1)
Average Daily Sales Percent Change(1)
Corporate$6,492.3 41.1 %$6,675.2 40.8 %$(182.9)(2.7)%(3.2)%
Small Business1,143.5 7.2 1,186.0 7.3 (42.5)(3.6)(4.1)
Public:
Government1,873.4 11.8 2,008.4 12.3 (135.0)(6.7)(7.2)
Education2,609.9 16.5 2,719.2 16.6 (109.3)(4.0)(4.5)
Healthcare1,820.4 11.5 1,802.4 11.0 18.0 1.0 0.5 
Total Public6,303.7 39.8 6,530.0 39.9 (226.3)(3.5)(4.0)
Other1,873.2 11.9 1,966.3 12.0 (93.1)(4.7)(5.2)
Total Net sales$15,812.7 100.0 %$16,357.5 100.0 %$(544.8)(3.3)%(3.8)%
(1)There were 64 and 63 selling days for the three months ended September 30, 2024 and 2023, respectively. There were 192 and 191 selling days for the nine months ended September 30, 2024 and 2023, respectively. Average daily sales is defined as Net sales divided by the number of selling days.
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Operating income by segment, in dollars and as a percentage of Net sales by segment, and the year-over-year percentage change are as follows:
Three Months Ended September 30,
 20242023 
(dollars in millions)Operating IncomePercentage of Segment Net SalesOperating IncomePercentage of Segment Net SalesPercent Change
in Operating
Income
Segments:(1)
Corporate$209.0 9.7 %$211.1 9.5 %(1.0)%
Small Business45.6 12.0 45.3 12.0 0.7 
Public240.2 10.3 237.1 9.8 1.3 
Other(2)
32.5 5.1 30.3 5.0 7.3 
Headquarters(3)
(45.7)nm*(45.4)nm*(0.7)
Total Operating income$481.6 8.7 %$478.4 8.5 %0.7 %
Nine Months Ended September 30,
 20242023 
(dollars in millions)Operating IncomePercentage of Segment Net SalesOperating IncomePercentage of Segment Net SalesPercent Change
in Operating
Income
Segments:(1)
Corporate$584.0 9.0 %$610.9 9.2 %(4.4)%
Small Business137.7 12.0 129.2 10.9 6.6 
Public575.4 9.1 574.9 8.8 0.1 
Other(2)
82.0 4.4 99.2 5.0 (17.3)
Headquarters(3)
(136.4)nm*(168.3)nm*19.0 
Total Operating income$1,242.7 7.9 %$1,245.9 7.6 %(0.3)%
* nm - Not meaningful
(1)Segment operating income includes the segment’s direct operating income, allocations for certain headquarters function costs, allocations for income and expenses from logistics services, certain inventory adjustments and volume rebates and cooperative advertising from vendors.
(2)Includes the financial results for our other operating segments, CDW UK and CDW Canada, which do not meet the reportable segment quantitative thresholds.
(3)Includes headquarters function costs that are not allocated to the segments.
Three months ended September 30, 2024 compared with the three months ended September 30, 2023
Corporate segment Net sales decreased $65 million, or 2.9%, primarily due to a decrease in netcomm products, partially offset by an increase in notebooks/mobile devices. As a result, Gross profit dollars also decreased.
Corporate segment Operating income decreased $2 million, or 1.0%, primarily due to lower Gross profit dollars, partially offset by lower performance-based compensation, including equity-based compensation, consistent with lower attainment against certain financial measures.
Small Business segment Net sales remained relatively consistent with an increase of $1 million, or 0.3%, primarily due to an increase in services, partially offset by a decrease in data storage and servers. As a result, Gross profit dollars remained relatively consistent.
Small Business segment Operating income remained relatively consistent for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 with an increase of $0.3 million or 0.7%.
Public segment Net sales decreased $86 million, or 3.6%, primarily due to a decrease across various hardware categories. Most notably, netcomm products decreased within the Healthcare and Education sales channels, data storage and servers decreased within the Government sales channel and various other hardware products decreased across all sales channels. These decreases were partially offset by an increase in notebooks/mobile devices within the Education and Healthcare sales channels. As a result, Gross profit dollars decreased although partially offset by increased netted down revenue.
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Public segment Operating income increased $3 million, or 1.3%, as Gross profit dollars declined but were more than offset by lower performance-based compensation, including equity-based compensation, consistent with lower attainment against certain financial measures.
Net sales in Other, which is comprised of results from our UK and Canadian operations, increased $39 million, or 6.4%, primarily due to an increase in data storage and servers and services related to UK and Canadian operations. As a result, Gross profit dollars also increased.
Other Operating income increased $2 million, or 7.3%, primarily due to higher Gross profit dollars, partially offset by higher payroll expenses and increased transformation and other related costs.
Nine months ended September 30, 2024 compared with the nine months ended September 30, 2023
Corporate segment Net sales decreased $183 million, or 2.7%, primarily due to a decrease in netcomm products, partially offset by an increase in notebooks/mobile devices. As a result, Gross profit dollars decreased although partially offset by increased netted down revenue.
Corporate segment Operating income decreased $27 million, or 4.4%, primarily due to lower Gross profit dollars, partially offset by lower performance-based compensation, including equity-based compensation, consistent with lower attainment against certain financial measures.
Small Business segment Net sales decreased $43 million, or 3.6%, primarily due to a decline across all hardware categories, partially offset by an increase in services. As a result, Gross profit dollars decreased although partially offset by increased netted down revenue.
Small Business segment Operating income increased $9 million, or 6.6%, as Gross profit dollars declined but were more than offset by a decrease across various selling and administrative expenses.
Public segment Net sales decreased $226 million, or 3.5%, primarily due to a decrease across various hardware categories. Most notably, netcomm products decreased across all sales channels and collaboration products decreased within the Education sales channel, partially offset by an increase in notebooks/mobile devices across all sales channels. As a result, Gross profit dollars decreased although partially offset by increased netted down revenue.
Public segment Operating income remained consistent for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 with an increase of $1 million, or 0.1%, as Gross profit dollars declined but were more than offset by lower performance-based compensation, including equity-based compensation, consistent with lower attainment against certain financial measures.
Net sales in Other, which is comprised of results from our UK and Canadian operations, decreased $93 million, or 4.7%, primarily due to a decrease in software related to the UK operations. As a result, Gross profit dollars decreased although partially offset by increased netted down revenue.
Other Operating income decreased $17 million, or 17.3%, primarily due to increased transformation initiative expense and less favorable bad debt expense for expected credit losses.
Non-GAAP Financial Measure Reconciliations
Generally, a non-GAAP financial measure is a numerical measure of a company’s performance or financial condition that either excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with US GAAP. Non-GAAP measures used by management may differ from similar measures used by other companies, even when similar terms are used to identify such measures.
Our non-GAAP performance measures include Non-GAAP operating income, Non-GAAP operating income margin, Non-GAAP net income, Non-GAAP net income per diluted share and Net sales on a constant currency basis, and our non-GAAP financial condition measures include Free cash flow and Adjusted free cash flow. These non-GAAP performance measures and non-GAAP financial condition measures are collectively referred to as “non-GAAP financial measures.”
Non-GAAP operating income excludes, among other things, charges related to the amortization of acquisition-related intangible assets, equity-based compensation and the associated payroll taxes, acquisition and integration expenses, transformation initiatives and workplace optimization. Non-GAAP operating income margin is defined as Non-GAAP operating income as a percentage of Net sales. Non-GAAP net income and Non-GAAP net income per diluted share exclude, among other things, charges related to acquisition-related intangible asset amortization, equity-based compensation, acquisition and integration
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expenses, transformation initiatives, workplace optimization and the associated tax effects of each. Net sales on a constant currency basis is defined as Net sales excluding the impact of foreign currency translation on Net sales. Free cash flow is defined as Net cash provided by operating activities less capital expenditures. Adjusted free cash flow is defined as Free cash flow adjusted to include certain cash flows from financing activities incurred in the normal course of operations or as capital expenditures.
We believe our non-GAAP performance measures provide analysts, investors and management with useful information regarding the underlying operating performance of our business, as they remove the impact of items that management believes are not reflective of underlying operating performance. Management uses these measures to evaluate period-over-period performance as management believes they provide a more comparable measure of the underlying business. We also present non-GAAP financial condition measures as we believe they provide analysts, investors and management with more information regarding our liquidity and capital resources. Certain non-GAAP financial measures are also used to determine certain components of performance-based compensation.
We have included reconciliations of our non-GAAP financial measures to the most comparable US GAAP financial measures for the three and nine months ended September 30, 2024 and 2023 below.
Non-GAAP operating income and Non-GAAP operating income margin
Three Months Ended September 30,
(dollars in millions)2024Percentage of Net Sales2023Percentage of Net SalesPercent Change
Operating income, as reported$481.6 8.7 %$478.4 8.5 %0.7 %
Amortization of intangibles(1)
37.7 37.3 
Equity-based compensation2.7 26.0 
Transformation initiatives(2)
8.3 6.4 
Acquisition and integration expenses0.5 7.1 
Workplace optimization(3)
2.2 (0.4)
Other adjustments1.0 1.5 
Non-GAAP operating income$534.0 9.7 %$556.3 9.9 %(4.0)%
Nine Months Ended September 30,
(dollars in millions)2024Percentage of Net Sales2023Percentage of Net SalesPercent Change
Operating income, as reported$1,242.7 7.9 %$1,245.9 7.6 %(0.3)%
Amortization of intangibles(1)
113.2 116.2 
Equity-based compensation50.8 71.6 
Transformation initiatives(2)
23.1 16.0 
Acquisition and integration expenses2.1 24.7 
Workplace optimization(3)
9.5 42.5 
Other adjustments6.4 3.5 
Non-GAAP operating income$1,447.8 9.2 %$1,520.4 9.3 %(4.8)%
(1)Includes amortization expense for acquisition-related intangible assets, primarily customer relationships, customer contracts and trade names.
(2)Includes costs related to strategic transformation initiatives focused on optimizing various operations and systems.
(3)Includes costs related to the workforce reduction program and charges related to the reduction of our real estate lease portfolio.
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Non-GAAP net income and Non-GAAP net income per diluted share
Three Months Ended September 30,
20242023
(dollars and shares in millions, except per share amounts)Income before income taxes
Income tax expense(1)
Net incomeIncome before income taxes
Income tax expense(1)
Net incomeNet Income Percent Change
US GAAP, as reported$427.6 $(111.2)$316.4 $419.8 $(104.3)$315.5 0.3 %
Amortization of intangibles(2)
37.7 (9.8)27.9 37.3 (9.7)27.6 
Equity-based compensation2.7 (0.3)2.4 26.0 (10.3)15.7 
Transformation initiatives(3)
8.3 (2.1)6.2 6.4 (1.7)4.7 
Acquisition and integration expenses0.5 (0.1)0.4 7.1 (1.8)5.3 
Workplace optimization(4)
2.2 (0.6)1.6 (0.4)— (0.4)
Other adjustments0.1 (0.1)— 1.5 (0.5)1.0 
Non-GAAP$479.1 $(124.2)$354.9 $497.7 $(128.3)$369.4 (3.9)%
Net income per diluted share, as reported$2.34 $2.32 
Non-GAAP net income per diluted share$2.63 $2.72 
Shares used in computing US GAAP and Non-GAAP net income per diluted share134.9 135.9 
Nine Months Ended September 30,
20242023
(dollars and shares in millions, except per share amounts)Income before income taxes
Income tax expense(1)
Net incomeIncome before income taxes
Income tax expense(1)
Net incomeNet Income Percent Change
US GAAP, as reported$1,083.9 $(270.3)$813.6 $1,069.5 $(261.3)$808.2 0.7 %
Amortization of intangibles(2)
113.2 (29.4)83.8 116.2 (30.2)86.0 
Equity-based compensation50.8 (23.4)27.4 71.6 (32.7)38.9 
Transformation initiatives(3)
23.1 (6.0)17.1 16.0 (4.2)11.8 
Acquisition and integration expenses2.1 (0.5)1.6 24.7 (6.4)18.3 
Workplace optimization(4)
9.5 (2.5)7.0 42.5 (11.1)31.4 
Other adjustments5.5 (1.5)4.0 3.5 (1.0)2.5 
Non-GAAP$1,288.1 $(333.6)$954.5 $1,344.0 $(346.9)$997.1 (4.3)%
Net income per diluted share, as reported$6.00 $5.92 
Non-GAAP net income per diluted share$7.04 $7.31 
Shares used in computing US GAAP and Non-GAAP net income per diluted share135.5136.4
(1)Income tax on non-GAAP adjustments includes excess tax benefits associated with equity-based compensation.
(2)Includes amortization expense for acquisition-related intangible assets, primarily customer relationships, customer contracts and trade names.
(3)Includes costs related to strategic transformation initiatives focused on optimizing various operations and systems.
(4)Includes costs related to the workforce reduction program and charges related to the reduction of our real estate lease portfolio.
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Net sales on a constant currency basis
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in millions)20242023
Percent Change(1)
Average Daily % Change(1)
20242023
Percent Change(1)
Average Daily % Change(1)
Net sales, as reported$5,516.6 $5,628.3 (2.0)%(3.5)%$15,812.7 $16,357.5 (3.3)%(3.8)%
Foreign currency translation(2)
— 6.6 — 27.2 
Net sales, on a constant currency basis$5,516.6 $5,634.9 (2.1)%(3.6)%$15,812.7 $16,384.7 (3.5)%(4.0)%
(1)There were 64 and 63 selling days for the three months ended September 30, 2024 and 2023, respectively. There were 192 and 191 selling days for the nine months ended September 30, 2024 and 2023, respectively. Average daily sales is defined as Net sales divided by the number of selling days.
(2)Represents the effect of translating the prior year results of CDW UK and CDW Canada at the average exchange rates applicable in the current year.
Free cash flow and Adjusted free cash flow
Nine Months Ended September 30,
(dollars in millions)20242023
Net cash provided by operating activities$932.0 $1,062.2 
Capital expenditures(94.0)(114.7)
Free cash flow838.0 947.5 
Net change in accounts payable - inventory financing(73.9)165.4
Adjusted free cash flow(1)
$764.1 $1,112.9 
(1)Defined as Net cash provided by operating activities less capital expenditures, adjusted to include cash flows from financing activities that relate to the purchase of inventory.
Seasonality
While we have not historically experienced significant seasonality throughout the year, sales in our Public segment have historically been higher in the second and third quarter than in other quarters primarily due to the buying patterns of education and government customers.
Liquidity and Capital Resources
Overview
We finance our operations and capital expenditures with cash from operations and borrowings under our variable rate senior unsecured revolving loan facility (the “Revolving Loan Facility”). As of September 30, 2024, we had $1.3 billion of availability for borrowings under our Revolving Loan Facility. Our liquidity and borrowing plans are established to align with our financial and strategic planning processes and ensure we have the necessary funding to meet our operating commitments, which primarily include the purchase of inventory, payroll and general expenses. We also take into consideration our overall capital allocation strategy, which includes dividend payments, assessment of debt levels, acquisitions and share repurchases. We believe we have adequate sources of liquidity and funding available for at least the next year; however, there are a number of factors that may negatively impact our available sources of funds. The amount of cash generated from operations will be dependent upon factors such as the successful execution of our business plan, general economic conditions and working capital management.
Long-Term Debt and Financing Arrangements
As of September 30, 2024, we had total unsecured indebtedness of $6.0 billion, and we were in compliance with the covenants under our credit agreements and indentures.
During the third quarter of 2024, we issued $600 million aggregate principal amount of 5.100% Senior Notes due 2030 and $600 million aggregate principal amount of 5.550% Senior Notes due 2034 (collectively, the “Notes”). Concurrent with the Notes issuance, we settled a cash tender offer for $391 million and $389 million of the outstanding aggregate principal amounts under the 5.500% Senior Notes due 2024 and the 4.125% Senior Notes due 2025, respectively.
We may from time to time repurchase one or more series of our outstanding unsecured senior notes, depending on market conditions, contractual commitments, our capital needs and other factors. Repurchases of our senior notes may be made by
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open market or privately negotiated transactions and may be pursuant to Rule 10b5-1 plans or otherwise. On October 7, 2024, we redeemed the remaining outstanding 5.500% Senior Notes due 2024, which were scheduled to mature on December 1, 2024, at par for $184 million.
For additional information regarding our debt and refinancing activities, see Note 5 (Debt) to the accompanying Consolidated Financial Statements.
Inventory Financing Agreements
We have entered into agreements with certain financial intermediaries to facilitate the purchase of inventory from various suppliers under certain terms and conditions to enhance liquidity. These amounts are classified separately as Accounts payable-inventory financing on the Consolidated Balance Sheets. We do not incur any interest expense or other incremental expenses associated with these agreements as balances are paid when they are due. For additional information, see Note 4 (Inventory Financing Agreements) to the accompanying Consolidated Financial Statements.
Share Repurchase Program
During the nine months ended September 30, 2024, we repurchased 1.6 million shares of our common stock for $354 million under the previously announced share repurchase program. For additional information on our share repurchase program, see “Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds.”
Dividends
A summary of 2024 dividend activity for our common stock is as follows:
Dividend AmountDeclaration DateRecord DatePayment Date
$0.620February 6, 2024February 26, 2024March 12, 2024
$0.620April 30, 2024May 24, 2024June 11, 2024
$0.620July 30, 2024August 26, 2024September 10, 2024
On October 30, 2024, we announced that our Board of Directors declared a quarterly cash dividend on our common stock of $0.625 per share. The dividend will be paid on December 10, 2024 to all stockholders of record as of the close of business on November 25, 2024.
The payment of any future dividends will be at the discretion of our Board of Directors and will depend upon our results of operations, financial condition, business prospects, capital requirements, contractual restrictions (including in current or future agreements governing our indebtedness), restrictions imposed by applicable law, tax considerations and other factors that our Board of Directors deems relevant.
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Cash Flows
Cash flows from operating, investing and financing activities are as follows:
Nine Months Ended September 30,
 (dollars in millions)20242023
Net cash provided by operating activities$932.0 $1,062.2 
Investing Activities:
Capital expenditures(94.0)(114.7)
Purchases of short-term investments(211.1)— 
Other cash flows used in investing activities(0.4)(81.2)
Net cash used in investing activities(305.5)(195.9)
Financing Activities:
Net change in accounts payable - inventory financing(73.9)165.4 
Other cash flows used in financing activities(196.8)(905.1)
Net cash used in financing activities(270.7)(739.7)
Effect of exchange rate changes on cash and cash equivalents2.2 (1.1)
Net increase in cash and cash equivalents$358.0 $125.5 
Operating Activities
Cash flows from operating activities are as follows:
Nine Months Ended September 30,
(dollars in millions)20242023Change
Net income$813.6 $808.2 $5.4 
Adjustments for the impact of non-cash items(1)
250.0 277.2 (27.2)
Net income adjusted for the impact of non-cash items1,063.6 1,085.4 (21.8)
Changes in assets and liabilities:
    Accounts receivable(2)
(320.9)42.7 (363.6)
    Merchandise inventory(3)
(10.5)96.1 (106.6)
    Accounts payable-trade(4)
287.5 (273.3)560.8 
    Other(5)
(87.7)111.3 (199.0)
Net cash provided by operating activities$932.0 $1,062.2 $(130.2)
(1)Includes items such as depreciation and amortization, deferred income taxes, provision for credit losses and equity-based compensation expense.
(2)The change is primarily due to timing of collections, including multi-year transactions.
(3)The change is primarily due to customer-driven stocking positions.
(4)The change is primarily due to timing of payments, including multi-year transactions.
(5)The change is primarily due to higher vendor receivables in 2024.
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In order to manage our working capital and operating cash needs, we monitor our cash conversion cycle, defined as days of sales outstanding in accounts receivable plus days of supply in inventory minus days of purchases outstanding in accounts payable, based on a rolling three-month average. Components of our cash conversion cycle are as follows:
September 30,
(in days)20242023
Days of sales outstanding (DSO)(1)
79 73 
Days of supply in inventory (DIO)(2)
14 14 
Days of purchases outstanding (DPO)(3)
(76)(72)
Cash conversion cycle17 15 
(1)Represents the rolling three-month average of the balance of Accounts receivable, net at the end of the period, divided by average daily Net sales for the same three-month period. Also incorporates components of other miscellaneous receivables.
(2)Represents the rolling three-month average of the balance of Merchandise inventory at the end of the period divided by average daily Cost of sales for the same three-month period.
(3)Represents the rolling three-month average of the combined balance of Accounts payable-trade, excluding cash overdrafts, and Accounts payable-inventory financing at the end of the period divided by average daily Cost of sales for the same three-month period.
The cash conversion cycle increased to 17 days at September 30, 2024, compared to 15 days at September 30, 2023. The overall increase was primarily driven by an increase in DSO due to multi-year transactions and timing of collections. This was partially offset by an increase in DPO due to multi-year transactions and timing of payments. Netted down revenue results in an increase to both DSO and DPO as the corresponding receivables and payables reflect the gross amounts due from customers and due to vendors while the corresponding sales and cost of sales are reflected on a net basis within Net sales.
Investing Activities
Net cash used in investing activities increased $110 million for the nine months ended September 30, 2024 compared to September 30, 2023. This increase was primarily due to purchases of short-term investments with no similar activity in the prior year, partially offset by cash flows for acquisitions in 2023.
Financing Activities
Net cash used in financing activities decreased $469 million for the nine months ended September 30, 2024 compared to September 30, 2023. This decrease was primarily driven by the Notes issuance and lower share repurchases, partially offset by the payments related to the settlement on the cash tender offer and decreased activity associated with inventory financing arrangements. For additional information regarding the inventory financing agreements, see Note 4 (Inventory Financing Agreements) and for debt activities, see Note 5 (Debt) to the accompanying Consolidated Financial Statements.
Issuers and Guarantors of Debt Securities
Each series of our outstanding unsecured senior notes (the “Notes”) are issued by CDW LLC and CDW Finance Corporation (the “Issuers”) and are guaranteed by Parent and certain of CDW LLC’s direct and indirect, 100% owned, domestic subsidiaries (the “Guarantor Subsidiaries” and, together with Parent, the “Guarantors”). All guarantees by Parent and the Guarantor Subsidiaries are joint and several, and full and unconditional; provided that guarantees by the Guarantor Subsidiaries are subject to certain customary release provisions contained in the indentures governing the Notes.
The Notes and the related guarantees are the Issuers’ and the Guarantors’ senior unsecured obligations and are:
•structurally subordinated to all existing and future indebtedness and other liabilities of our non-guarantor subsidiaries; and
•rank equal in right of payment with all of the Issuers’ and the Guarantors’ existing and future unsecured senior debt.
The following tables set forth Balance Sheet information as of September 30, 2024 and December 31, 2023, and Statement of Operations information for the nine months ended September 30, 2024 and for the year ended December 31, 2023. The financial information includes the accounts of the Issuers and the accounts of the Guarantors (the “Obligor Group”). The financial information of the Obligor Group is presented on a combined basis and the intercompany balances and transactions between the Obligor Group have been eliminated.
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Balance Sheet Information
(dollars in millions)September 30, 2024December 31, 2023
Current assets$6,678.6 $5,770.0 
   Goodwill3,940.7 3,939.7 
   Other assets2,093.4 1,978.4 
Total Non-current assets6,034.1 5,918.1 
Current liabilities4,980.8 4,975.4 
   Long-term debt5,607.3 5,031.4 
   Other liabilities878.0 697.7 
Total Long-term liabilities$6,485.3 $5,729.1 
Statement of Operations Information
(dollars in millions)Nine Months Ended September 30, 2024Year Ended December 31, 2023
Net sales$13,913.7 $18,759.4 
Gross profit3,079.0 4,106.4 
Operating income1,170.0 1,507.3 
Net income762.2 945.6 
Commitments and Contingencies
The information set forth in Note 9 (Commitments and Contingencies) to the accompanying Consolidated Financial Statements is incorporated herein by reference.
Critical Accounting Policies and Estimates
Our critical accounting policies have not changed from those reported in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023.
Recent Accounting Pronouncements
The information set forth in Note 2 (Recent Accounting Pronouncements) to the accompanying Consolidated Financial Statements is incorporated herein by reference.
Forward-Looking Statements
This report contains “forward-looking statements” within the meaning of the federal securities laws. All statements other than statements of historical fact are forward-looking statements. These statements relate to analyses and other information, which are based on forecasts of future results or events and estimates of amounts not yet determinable. These statements also relate to our future prospects, growth, developments and business strategies. We claim the protection of The Private Securities Litigation Reform Act of 1995 for all forward-looking statements in this report.
These forward-looking statements are identified by the use of terms and phrases such as “anticipate,” “assume,” “believe,” “estimate,” “expect,” “goal,” “intend,” “plan,” “potential,” “predict,” “project,” “target” and similar terms and phrases or future or conditional verbs such as “could,” “may,” “should,” “will,” and “would.” However, these words are not the exclusive means of identifying such statements. Although we believe that our plans, intentions and other expectations reflected in or suggested by such forward-looking statements are reasonable, we cannot assure you that we will achieve those plans, intentions or expectations. All forward-looking statements are subject to risks and uncertainties that may cause actual results or events to differ materially from those that we expected.
Important factors that could cause actual results or events to differ materially from our expectations, or cautionary statements, are disclosed under the section entitled “Trends and Key Factors Affecting our Financial Performance” above, the section entitled “Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2023 and from time to
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time in our subsequent Quarterly Reports on Form 10-Q and our other US Securities and Exchange Commission (“SEC”) filings and public communications. These factors include, among others, inflationary pressures; level of interest rates; CDW’s relationships with vendor partners and terms of their agreements; continued innovations in technology by CDW’s vendor partners; the use or capabilities of artificial intelligence; substantial competition that could reduce CDW’s market share; the continuing development, maintenance and operation of CDW’s information technology systems; potential breaches of data security and failure to protect our information technology systems from cybersecurity threats; potential failures to provide high-quality services to CDW’s customers; potential losses of any key personnel, significant increases in labor costs or ineffective workforce management; potential adverse occurrences at one of CDW’s primary facilities or third-party data centers, including as a result of climate change; increases in the cost of commercial delivery services or disruptions of those services; CDW’s exposure to accounts receivable and inventory risks; future acquisitions or alliances; fluctuations in CDW’s operating results; fluctuations in foreign currency; global and regional economic and political conditions, including the impact of pandemics such as COVID-19 and armed conflicts; potential interruptions of the flow of products from suppliers; decreases in spending on technology products and services, including impacts of adverse change in government spending policies; potential failures to comply with Public segment contracts or applicable laws and regulations; current and future legal proceedings, investigations and audits, including intellectual property infringement claims; changes in laws, including regulations or interpretations thereof, or the potential failure to meet stakeholder expectations on environmental sustainability and corporate responsibility matters; CDW’s level of indebtedness; restrictions imposed by agreements relating to CDW’s indebtedness on its operations and liquidity; failure to maintain the ratings assigned to CDW’s debt securities by rating agencies; changes in, or the discontinuation of, CDW’s share repurchase program or dividend payments; and other risk factors or uncertainties identified from time to time in CDW’s filings with the SEC. All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by those cautionary statements as well as other cautionary statements that are made from time to time in our other SEC filings and public communications. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.
We caution you that the important factors referenced above may not reflect all of the factors that could cause actual results or events to differ from our expectations. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. The forward-looking statements included in this report are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
See “Quantitative and Qualitative Disclosures of Market Risks” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. As of September 30, 2024, there have been no material changes in this information.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rule 13a-15(e) or Rule 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on such evaluation, the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, has concluded that, as of the end of such period, the Company’s disclosure controls and procedures were effective in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act, and that information is accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely discussions regarding required disclosure.
Changes in Internal Control over Financial Reporting
There have been no changes in the Company’s internal control over financial reporting during the three months ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II—OTHER INFORMATION
Item 1. Legal Proceedings
The information set forth in Note 9 (Commitments and Contingencies) to the accompanying Consolidated Financial Statements included in “Part I, Item 1. Financial Statements” of this report is incorporated herein by reference.
Item 1A. Risk Factors
See “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Unregistered Sales of Equity Securities
None.
Issuer Purchases of Equity Securities
Information relating to the Company’s purchases of its common stock during the three months ended September 30, 2024 is as follows:
PeriodTotal Number of Shares Purchased
(in millions)		Average Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or Programs
(in millions)
Maximum Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs(1)
(in millions)
July 1 through July 31, 20240.1 $226.39 0.1 $816.1 
August 1 through August 31, 20240.3 219.09 0.3 761.9 
September 1 through September 30, 20240.1 218.99 0.1 733.5 
Total0.5 0.5 
(1)The amounts presented in this column are the remaining total authorized value to be spent after each month’s repurchases.
On February 7, 2024, we announced that our Board of Directors authorized a $750 million increase to our share repurchase program (which was incremental to the amount remaining under the $750 million authorization announced on February 8, 2023) under which we may repurchase shares of our common stock from time to time in privately negotiated transactions, open market purchases or other transactions as permitted by securities laws and other legal requirements. The timing and amounts of any purchases will be based on market conditions and other factors including but not limited to share price, regulatory requirements and capital availability. The program does not require the purchase of any minimum dollar amount or number of shares, and the program may be modified, suspended or discontinued at any time.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
None.
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Item 6. Exhibits
ExhibitDescription
4.1
4.2
4.3
4.4
10.1
31.1*
31.2*
32.1**
32.2**
101.INS*XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*Inline XBRL Taxonomy Extension Schema Document.
101.CAL*Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104*Cover Page Interactive Data File (embedded within the Inline XBRL document).
________________
*    Filed herewith
**    These items are furnished and not filed.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
CDW CORPORATION
Date:October 30, 2024By:/s/ Albert J. Miralles
Albert J. Miralles
Senior Vice President and Chief Financial Officer
(Duly authorized officer and principal financial officer)
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