CDW said Net sales for the quarter ended June 30, 2024 fell $203 million, or 3.6%, from the prior-year period, with lower Net sales across all operating segments. The company said continued economic uncertainty and the complex technology landscape led customers to be cautious in their technology spending.

10-QQuarterly reportFiled Jul 31, 2024Period of report Jun 30, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

CDW said Net sales for the quarter ended June 30, 2024 fell $203 million, or 3.6%, from the prior-year period, with lower Net sales across all operating segments. The company said continued economic uncertainty and the complex technology landscape led customers to be cautious in their technology spending.
For the same quarter, CDW said Gross profit rose $2 million, or 0.1%, and Gross profit margin increased 80 basis points. It cited a higher contribution of netted down revenue, mainly software as a service, as the main factor. Operating income increased $21 million, or 5.1%.
CDW said Net sales for the quarter ended June 30, 2024 decreased in the Corporate segment by $50 million, or 2.2%, in the Small Business segment by $13 million, or 3.4%, and in the Public segment by $52 million, or 2.3%. Net sales in Other, covering its UK and Canadian operations, fell $88 million, or 12.7%.
CDW said that as of June 30, 2024, it had $1.2 billion of availability for borrowings under its Revolving Loan Facility and total unsecured indebtedness of $5.6 billion. In 2024, it repurchased 1.1 million shares of common stock for $254 million over 6 months.

Key figures

Quarter ended June 30, 2024

Revenue: $5.4B
Operating income: $433M
Net income: $281M
EPS: $2.07
Gross profit: $1.2B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

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.

Quarterly Net Sales Decline and Company Explanation

CDW said Net sales for the quarter ended June 30, 2024 fell $203 million, or 3.6%, from the prior-year period, with lower Net sales across all operating segments. The company said continued economic uncertainty and the complex technology landscape led customers to be cautious in their technology spending.

Source · Based on the MD&A text of the filing

Quarterly Gross Margin and Operating Income

For the same quarter, CDW said Gross profit rose $2 million, or 0.1%, and Gross profit margin increased 80 basis points. It cited a higher contribution of netted down revenue, mainly software as a service, as the main factor. Operating income increased $21 million, or 5.1%.

Source · Based on the MD&A text of the filing

Quarterly Net Sales Changes by Segment

CDW said Net sales for the quarter ended June 30, 2024 decreased in the Corporate segment by $50 million, or 2.2%, in the Small Business segment by $13 million, or 3.4%, and in the Public segment by $52 million, or 2.3%. Net sales in Other, covering its UK and Canadian operations, fell $88 million, or 12.7%.

Source · Based on the MD&A text of the filing

Liquidity, Debt and Six-Month Share Repurchases

CDW said that as of June 30, 2024, it had $1.2 billion of availability for borrowings under its Revolving Loan Facility and total unsecured indebtedness of $5.6 billion. In 2024, it repurchased 1.1 million shares of common stock for $254 million over 6 months.

Source · Based on the MD&A text of the filing

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.

View the original filing on SEC EDGAR ↗

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