← CDW Corp
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Net Income (Loss) Attributable to Parent | $424.4m | $523.0m | $643.0m | $736.8m | $788.5m | $988.6m | $1.1b | $1.1b | $1.1b | $1.1b | |
| Amortization of Debt Issuance Costs and Discounts | $6.5m | $5.2m | — | — | — | — | — | — | — | — | |
| Amortization of Intangible Assets | $216.0m | $221.0m | $223.0m | $219.0m | $212.0m | $149.0m | $233.0m | $219.0m | $222.0m | $248.0m | |
| Depreciation | $38.0m | $40.0m | $42.0m | $41.0m | $213.0m | $42.0m | $58.0m | $52.0m | $53.0m | $48.0m | |
| Depreciation, Depletion and Amortization | $254.5m | $260.9m | $265.6m | $267.1m | $425.6m | $191.2m | $290.6m | $270.7m | $275.3m | $295.6m | |
| Depreciation, Amortization and Accretion, Net | $254.5m | $260.9m | $265.6m | $267.1m | $425.6m | $191.2m | $290.6m | $270.7m | $275.3m | $295.6m | |
| Deferred Income Tax Expense (Benefit) | ($99.4m) | ($172.7m) | ($56.1m) | ($87.9m) | ($20.2m) | ($6.7m) | ($18.2m) | ($32.7m) | ($14.1m) | $1.3m | |
| Deferred income taxes | ($97.2m) | ($172.7m) | ($56.1m) | ($87.9m) | ($20.2m) | ($6.7m) | ($18.2m) | ($32.7m) | ($14.1m) | $1.3m | |
| Goodwill, Impairment Loss | $0 | $0 | $0 | $0 | — | — | — | — | — | — | |
| Payment, Tax Withholding, Share-based Payment Arrangement | — | $49.6m | $33.9m | $21.4m | $22.5m | $28.5m | $23.1m | $40.0m | $38.2m | $26.1m | |
| Share-based Payment Arrangement, Expense | $39.2m | $43.7m | $40.7m | $48.5m | $42.5m | $72.6m | $91.1m | $93.7m | $64.7m | $83.6m | |
| Gain (Loss) on Extinguishment of Debt | ($2.1m) | ($57.4m) | $0 | — | — | — | — | — | — | — | |
| Income (Loss) from Equity Method Investments | $0 | $0 | — | — | — | — | — | — | — | — | |
| Income Tax Expense (Benefit) | $248.0m | $137.3m | $197.5m | $212.9m | $213.8m | $309.2m | $373.3m | $345.9m | $357.6m | $360.8m | |
| Operating Lease, Expense | — | — | — | — | $53.0m | $50.0m | $62.0m | $62.0m | $60.0m | $59.0m | |
| Other Nonoperating Income (Expense) | $1.8m | $2.1m | $1.8m | ($24.5m) | ($22.0m) | $29.7m | ($11.7m) | ($4.1m) | ($1.4m) | ($800k) | |
| Changes in operating assets and liabilities: | |||||||||||
| Additional Financial Items | |||||||||||
| Accounts Receivable, Credit Loss Expense (Reversal) | — | — | — | — | $30.9m | ($5.4m) | $8.3m | $14.9m | $32.2m | $37.2m | |
| Accounts payable-trade | $225.1m | $231.5m | $271.2m | $194.1m | $253.7m | $374.5m | ($260.0m) | ($55.4m) | $443.8m | $815.4m | |
| Accounts receivable | ($179.9m) | ($128.4m) | ($365.1m) | ($244.8m) | ($226.4m) | ($616.8m) | ($34.8m) | ($54.5m) | ($559.4m) | ($1.2b) | |
| Accrued capital expenditures | $63.5m | $81.1m | $86.1m | $236.3m | $158.0m | $100.0m | $127.8m | $148.2m | $122.6m | $117.1m | |
| Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | ($1.0m) | ($1.0m) | — | — | — | — | — | — | — | — | |
| Equity-based compensation expense | $39.2m | $43.7m | $40.7m | $48.5m | $42.5m | $72.6m | $91.1m | $93.7m | $64.7m | $83.6m | |
| Goodwill | $2.5b | $2.5b | $2.5b | $2.6b | $2.6b | $4.4b | $4.3b | $4.4b | $4.6b | $4.7b | |
| Increase (Decrease) in Accounts Receivable | $179.9m | $128.4m | $365.1m | $244.8m | $226.4m | $616.8m | $34.8m | $54.5m | $559.4m | $1.2b | |
| Increase (Decrease) in Inventories | $68.5m | ($8.5m) | $46.8m | $153.0m | $71.4m | $151.0m | ($111.9m) | ($139.0m) | ($61.1m) | ($48.2m) | |
| Increase (Decrease) in Other Operating Assets | $50.1m | $116.4m | ($25.2m) | $10.9m | ($18.6m) | $134.8m | $208.9m | ($183.3m) | $605.3m | $390.1m | |
| Increase (Decrease) in Other Operating Liabilities | — | — | — | — | — | — | — | ($93.6m) | $497.1m | $406.7m | |
| Merchandise inventory | ($68.5m) | $8.5m | ($46.8m) | ($153.0m) | ($71.4m) | ($151.0m) | $111.9m | $139.0m | $61.1m | $48.2m | |
| Net change in accounts payable-inventory financing | $143.6m | ($84.0m) | ($67.4m) | ($1.3m) | $93.0m | ($161.8m) | $84.6m | ($23.7m) | ($75.7m) | ($2.6m) | |
| Net change in short-term investments | — | — | — | — | — | — | — | $0 | ($211.1m) | $211.1m | |
| Other | $400k | $400k | $29.8m | $25.0m | $2.0m | $5.1m | $22.9m | $22.7m | $24.2m | $8.4m | |
| Other assets | ($50.1m) | ($116.4m) | $25.2m | ($10.9m) | $18.6m | ($134.8m) | ($208.9m) | $183.3m | ($605.3m) | ($390.1m) | |
| Other liabilities | $49.6m | $66.5m | $117.3m | $248.3m | $30.4m | $96.5m | $225.2m | ($93.6m) | $497.1m | $406.7m | |
| Payment of incentive compensation plan withholding taxes | $0 | ($49.6m) | ($33.9m) | ($21.4m) | ($22.5m) | ($28.5m) | ($23.1m) | ($40.0m) | ($38.2m) | ($26.1m) | |
| Payments of Financing Costs | $5.9m | $9.6m | — | — | — | $38.1m | $0 | $0 | — | — | |
| Proceeds from Stock Options Exercised | $7.4m | $13.0m | — | — | — | $69.9m | $30.2m | $49.3m | $47.0m | $29.5m | |
| Proceeds from borrowings under revolving credit facilities | $338.8m | $1.6b | $686.7m | $2.4b | $1.0b | $1.6b | $2.3b | $207.6m | $294.2m | $2.6b | |
| Proceeds from stock option exercises | $7.4m | $13.0m | — | $34.9m | $49.2m | $69.9m | $30.2m | $49.3m | $47.0m | $29.5m | |
| Provision for credit losses | — | — | $900k | $800k | $30.9m | ($5.4m) | $8.3m | $14.9m | $32.2m | $37.2m | |
| Repayments of borrowings under revolving credit facilities | ($338.8m) | ($1.6b) | ($686.7m) | ($2.4b) | ($1.1b) | ($1.3b) | ($2.5b) | ($282.0m) | ($294.2m) | ($2.6b) | |
| Net Cash Provided by (Used in) Operating Activities | $604.0m | $777.7m | $905.9m | $1.0b | $1.3b | $784.6m | $1.3b | $1.6b | $1.3b | $1.2b | |
| Cash flows from investing activities: | |||||||||||
| Payments to Acquire Property, Plant, and Equipment | $63.5m | $81.1m | $86.1m | $236.3m | $158.0m | $100.0m | $127.8m | $148.2m | $122.6m | $117.1m | |
| Acquisitions of businesses, net of cash acquired | $0 | $0 | $0 | ($95.1m) | ($43.0m) | ($2.7b) | ($36.7m) | ($76.4m) | ($323.9m) | ($21.5m) | |
| Payments to Acquire Businesses, Net of Cash Acquired | $0 | $0 | — | $95.1m | $43.0m | $2.7b | $36.7m | $76.4m | $323.9m | $21.5m | |
| Payments for (Proceeds from) Other Investing Activities | — | — | — | — | — | — | — | $5.0m | $1.6m | $2.3m | |
| Net Cash Provided by (Used in) Investing Activities | ($65.9m) | ($81.1m) | ($86.1m) | ($331.4m) | ($201.0m) | ($2.8b) | ($164.5m) | ($229.6m) | ($659.2m) | $70.2m | |
| Cash flows from financing activities: | |||||||||||
| Proceeds from Issuance of Long-term Debt | $1.5b | $2.1b | $0 | $600.0m | $1.3b | $3.9b | $0 | $0 | $1.2b | $592.5m | |
| Payments to extinguish long-term debt | — | — | — | ($539.0m) | ($622.5m) | ($1.5b) | $0 | $0 | ($962.4m) | ($593.5m) | |
| Repayments of Long-term Debt | $1.5b | $2.1b | $0 | $539.0m | $622.5m | $46.1m | $635.5m | $150.0m | $0 | $211.1m | |
| Payments for Repurchase of Common Stock | $367.4m | $534.0m | $522.3m | $657.2m | $340.6m | $1.5b | $0 | $500.0m | $500.0m | $653.0m | |
| Payments of Ordinary Dividends, Common Stock | $79 | $107 | $139 | $183 | $220 | $235 | $283 | $322 | $332 | $329 | |
| Repurchases of common stock | ($367.4m) | ($534.0m) | ($522.3m) | ($657.2m) | ($340.6m) | ($1.5b) | $0 | ($500.0m) | ($500.0m) | ($653.0m) | |
| Dividend payments | ($78.7m) | ($106.9m) | ($139.4m) | ($183.4m) | ($219.6m) | ($234.8m) | ($282.6m) | ($321.5m) | ($332.1m) | ($328.6m) | |
| Payments of Dividends | $79 | $107 | $139 | $183 | $220 | $235 | $283 | $322 | $332 | $329 | |
| Proceeds from (Payments for) Other Financing Activities | ($600k) | ($1.3m) | $29.8m | $25.0m | $2.0m | $5.1m | $22.9m | $22.7m | $24.2m | $8.4m | |
| Net Cash Provided by (Used in) Financing Activities | ($304.6m) | ($818.7m) | ($754.8m) | ($749.8m) | $138.8m | $832.8m | ($1.1b) | ($1.1b) | ($686.9m) | ($1.2b) | |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | — | $2.2m | $4.1m | $100k | ($12.2m) | $3.1m | ($12.2m) | $20.3m | |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | — | $2.6m | ($3.4m) | $2.2m | $4.1m | $100k | ($12.2m) | $3.1m | ($12.2m) | $20.3m | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | — | — | — | ($51.8m) | $1.3b | ($1.2b) | $57.1m | $273.5m | ($81.0m) | $111.2m | |
| Net increase (decrease) in cash, cash equivalents and restricted cash | — | ($119.5m) | $61.6m | ($51.8m) | $1.3b | ($1.2b) | $57.1m | $273.5m | ($81.0m) | $111.2m | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | — | $154.0m | $1.4b | $258.1m | $315.2m | $588.7m | $507.7m | $618.9m | |
| Cash, cash equivalents and restricted cash – beginning of period | — | $144.2m | $205.8m | $154.0m | $1.4b | $258.1m | $315.2m | $588.7m | $507.7m | $618.9m | |
| Supplemental disclosure of cash flow information: | |||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating Activities | $144.3m | $148.5m | $148.8m | $154.2m | $139.4m | $134.3m | $224.3m | $233.2m | $217.5m | $234.3m | |
| Income Taxes Paid, Net | $329.2m | $275.7m | $261.2m | $272.2m | $245.6m | $351.0m | $362.2m | $401.4m | $398.6m | $326.0m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.