The company said Corporate segment net sales for the year ended December 31, 2023 decreased $1,389 million (13.4%), and operating income fell $85 million (9.1%) to $847 million.

1. 01

   The company said Corporate segment net sales for the year ended December 31, 2023 decreased $1,389 million (13.4%), and operating income fell $85 million (9.1%) to $847 million.

2. 02

   CDW said Public segment net sales for fiscal 2023 fell $246 million (2.9%), while operating income rose $53 million (7.8%) to $735 million. The company cited lower payroll expenses, higher Gross profit and reduced discretionary spend as the factors behind the increase.

3. 03

   The company said it repurchased 2.6 million shares for $500 million under its share repurchase program during 2023 and prepaid $150 million on its senior unsecured term loan facility. As of December 31, 2023, total unsecured indebtedness was $5.6 billion.

4. 04

   CDW said its cash conversion cycle decreased to 17 days at December 31, 2023 from 21 days at December 31, 2022, citing a reduction in DIO from lower stocking positions as the main driver. As of December 31, 2023, available borrowings under its revolving loan facility totaled $1.2 billion.

Key figures

Fiscal year ended December 31, 2023

Revenue

$21.4B

Operating income

$1.7B

Net income

$1.1B

EPS

$8.10

Gross profit

$4.7B

Operating cash flow

$1.6B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.