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2019 Annual Report

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2019 Annual Report 2019 ANNUAL REPORT FINANCIAL PERFORMANCE At CDW, everything we do Net Sales ($B) Non-GAAP operating income (NGOI) ($MM) revolves around meeting the Net Sales Compound Annual GAAP operating income ($MM) Growth Rate (CAGR) needs of our customers. NGOI Margin (%) $18.0 NGOI Compound Annual Growth Rate 8% 5-Year CAGR $16.2 $1,368 10% $14.8 5-Year CAGR $1,217 $13.7 $13.0 $1,107 $1,134 $1,048 $12.1 $961 $987 $851 $867 $820 $742 $673 7.7% 7.6% 7.1% 7.4% 7.5% 7.5% 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 Non-GAAP net income* ($MM) U.S. IT Spending Growth1 GAAP net income ($MM) CDW Net Sales Compound Annual Growth Rate Non-GAAP net income per diluted share* ($) Non-GAAP net income per diluted share Compound Annual Growth Rate (%) 9.7% $902 21% $794 7.8% 440 bps CDW’s integrated technology 5-Year CAGR $737 $643 290 bps solutions and services helped $606 $570 more than 250,000 business, $523 $504 5.3% 4.9% government, education $425 $410 $403 and healthcare customers throughout the United States, $245 $6.10 the United Kingdom and $5.17 $3.43 $3.83 $2.93 Canada navigate an increasingly $2.37 complex IT landscape and 2014 2015 2016 2017 2018 2019 2006-2019 2009-2019 Note: Prior period information for 2016 and 2017 has been adjusted 1 IDC Worldwide Black Book, 12/6/19 optimize the return on their to reflect the full retrospective adoption of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) * Non-GAAP operating income, Non-GAAP net income and technology investment. Non-GAAP net income per diluted share are Non-GAAP financial measures. Please refer to Use of Non-GAAP Financial Measures on the inside back cover for further information. 2019 Net Sales – $18.0B Balanced Performance: $2.2B All Six Customer Corporate (>250 employees) $1.9B Sales Channels over Small Business (<250 employees) $7.5B Government (Federal, State and Local) $1.5 Billion in Net Sales $2.4B Education (K-12, Higher Ed) Healthcare $2.5B $1.5B Other (Canada, U.K.) CDW CORPORATION 1 CEO STAKEHOLDER LETTER Dear Fellow Stakeholders: Financial Performance Typically, this letter emphasizes the I am writing this letter during prior year’s performance. Given the extraordinary times, when the world is unique circumstances, I also want experiencing tremendous disruption due to share how we are addressing the to the coronavirus (COVID-19) epidemic. current environment and building for The scope of this crisis is universal– the future. In 2019, the work that our there is no continent, country, industry teams did to help our customers address or individual that is not impacted, their technology priorities resulted in and we are all now united by these record financial achievements. With unprecedented circumstances that are Net sales of $18 billion, representing affecting every part of our lives. I am 11.5 percent growth in constant extremely grateful to our coworkers, currency, we once again delivered on customers, partners and communities, our commitment to profitably grow who are managing through this crisis meaningfully faster than the US IT on our frontlines. And we will forever be market. This growth translated into a grateful to our healthcare heroes and 14.8 percent increase in GAAP operating essential product and services providers, With Net sales of $18 billion, income and a 12.5 percent increase in who are demonstrating courage, representing 11.5 percent growth in Non-GAAP operating income. strength, stamina and compassion and constant currency, we once again inspire us to demonstrate the very best Our exceptional results were driven delivered on our commitment to of the human spirit. by strong underlying performance and some incremental drivers, including profitably grow meaningfully Our mission at CDW has always been the acquisition of Scalar Decisions Inc. faster than the US IT market. to help our customers navigate and be (Scalar) and our Device-as-a-Service successful in a changing world. Today, mobile solution to enable the 2020 Census. that mission feels even more relevant We overcame the headwinds of a supply- and pressing to me, as the technology constrained client device environment by that we provide has become essential leveraging our competitive advantages– to the fundamental operations of every our scale, scope, and robust distribution sector that we support–from vital capabilities–and our special position healthcare, education and government between customers and vendor partners. entities to businesses of all sizes that are working in new ways. The work that our customers are doing is inspiring our coworkers, who are working tirelessly to support these customers’ mission- An Advantaged Business Model driven technology needs. Customer Today, that mission feels even Value more relevant and pressing to Intimate Knowledge Vendor of IT Environment Partner me, as the technology that we and Landscape Value provide has become essential to the fundamental operations of CDW sits between customers and vendor partners, creating value for both: every sector that we support — Customers get access to a broad selection of multi-branded solutions and deeply technical resources, from vital healthcare, education including highly-skilled, extensively certified specialists and engineers. CDW is an extension of its customers’ IT staffs. and government entities to Partners get access to CDW’s more than 250,000 customers and augment their product offerings with a wide range of value-added IT and distribution services. CDW is an extension of its partners’ businesses of all sizes that sales and marketing resources. are working in new ways. CDW CORPORATION 1 The acquisitions of Scalar and Aptris Inc. strengthened our solutions and e Strategy that Makes CDW Go – and Grow services portfolio and brought us Our three-part strategy for growth additional capabilities and expertise in cloud technology, security, and digital transformation; our customers tell us these are key priorities on their Expand services technology agenda and roadmaps for capabilities Enhance capabilities in the immediate and long-term. high-growth solutions areas Capture share and Pragmatic management of our financial acquire new customers health and flexibility has always been a focus for CDW. By year-end 2019, we had reduced our net debt leverage As we look to the future and beyond this crisis, technology will continue to play a ratio to 2.2x, and we will continue to prudently manage our debt profile– pivotal role in supporting and reshaping how we work and live. as of December 31, 2019, our weighted average debt maturity was 6.4 years, we partner to our customers–an extension work-from-home contact center agents have no meaningful near-term maturities of their IT team–consistently investing who are the emergency dispatchers for and we have no maintenance covenants. in our salesforce and technical resources, scheduling and directing patients, and We are confident regarding our liquidity and by offering more than 100,000 creating network-in-a-box solutions for and we will continue to remain highly products, services, and solutions from remote triage and testing sites. focused on managing our liquidity and over 1,000 leading technology brands. balance sheet during this uncertain period. These investments have enabled us to Building for Tomorrow become a leading multi-brand technology As we look to the future and beyond Serving Customers Today solutions provider to more than 250,000 this crisis, technology will continue At CDW, it is not a cliché to say that business, government, education, and to play a pivotal role in supporting we listen to our customers because healthcare customers in the United and reshaping how we work and live. we swiftly turn that listening into action. States, the United Kingdom and Canada. Many of the changes happening today, Our customers want us to understand such as remote work, growth in digital Right now, we are moving with maximum their business and the challenges and commerce channels and business speed and urgency to use our solutions opportunities they face, they want a continuity redundancies, will persist and and services capabilities to enable our provider with deep technical capabilities, continue to scale and mature. We will healthcare customers, government first and they want a partner who provides see acceleration in the development of responders, educators, critical product and unbiased advice across technologies online platforms that will change the way services providers, and the burgeoning and consumption models. Since the we create and consume services–most work-from-home workforce to continue day we opened our doors in 1984, every industry will be impacted including to deliver their essential services under we have sought to be a trusted healthcare, education, financial services, trying conditions brought about by the retail, entertainment and sports. You can COVID-19 pandemic. Every day, I am Our customers want us to expect us to continue to invest in next- moved by the way our teams are helping generation solutions and services that understand their business and the customers in their efforts to battle and will help our customers adapt to this mitigate the impact of COVID-19. Our challenges and opportunities they dynamic environment and meet their work with health systems all over the face, they want a provider with deep evolving end-user and employee needs. technical capabilities, and they want country, to aid screening and testing patients for COVID-19, is especially Many of the changes happening today, a partner who provides unbiased meaningful. We are enabling testing advice across technologies and sites in parking lots and converted office such as remote work, growth in digital consumption models. spaces, providing end-user devices for commerce channels and business doctors and nurses to test and triage continuity redundancies, will persist patients, establishing connectivity for and continue to scale and mature.
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