CDW Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>CDW Corp has submitted its annual 10-K filing for the fiscal year 2023, detailing financial performance and business operations.</b>

AI Summary

CDW Corp (CDW) filed a Annual Report (10-K) with the SEC on February 26, 2024. CDW Corp filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 200 N Milwaukee Avenue, Vernon Hills, IL 60061. CDW Corp was formerly known as VH Holdings, Inc. and changed its name on June 5, 2007. The filing includes financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking CDW Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of CDW Corp's financial health and strategic positioning for the fiscal year 2023, crucial for investors assessing its performance. The detailed financial statements and disclosures within the 10-K allow stakeholders to understand the company's revenue streams, expenses, and overall financial stability, including the impact of acquisitions like Sirius Computer Solutions Inc.

Risk Assessment

Risk Level: medium — CDW Corp shows moderate risk based on this filing. The filing is a standard annual report (10-K), which typically contains a broad range of financial and operational information. Specific risks are detailed within the report itself, but the nature of a 10-K suggests a medium level of inherent risk due to the complexity of public company disclosures.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess CDW Corp's performance and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period for the 10-K)
• 2024-02-26 — Filing Date (Date the 10-K was filed)
• 2023-01-01 — Period Start Date (Beginning of the reporting fiscal year)
• 2021-12-01 — Acquisition Date (Date Sirius Computer Solutions Inc. was acquired)

Key Players & Entities

• CDW Corp (company) — Filer of the 10-K report
• VH Holdings, Inc. (company) — Former name of CDW Corp
• Sirius Computer Solutions Inc (company) — Acquired subsidiary

FAQ

Industry Context

CDW Corp operates within the IT solutions and services sector, providing a wide range of technology products and services to businesses and public sector organizations.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit annual reports detailing their financial condition and operations.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators.
2. Review the business description and risk factors to understand the company's operational landscape and potential challenges.
3. Examine any disclosures related to executive compensation and corporate governance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K
• 2024-02-26: Filing Date — Date the 10-K was officially submitted to the SEC

Year-Over-Year Comparison

This is the 2023 annual report (10-K) filing. Previous filings would include prior year 10-Ks and potentially other SEC forms like 10-Q (quarterly) or 8-K (current events).

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share CDW Nasdaq Global Select Mark
• $183.50 — on the per share closing sale price of $183.50 on that date. As of February 20, 2024
• $1.6 billion — , each of which generated approximately $1.6 billion or greater in Net sales in 2023. Net sa
• $2.6 billion — in the UK and Canada combined generated $2.6 billion in 2023. We believe this diversity of c
• $2.0 billion — channel partner. In 2023, we generated $2.0 billion of Net sales from each of our three lar

Filing Documents

• cdw-20231231.htm (10-K) — 2345KB
• cdw-20231231x10kxex211.htm (EX-21.1) — 10KB
• cdw-20231231x10kxex221.htm (EX-22.1) — 11KB
• cdw-2023x1231x10kxex231.htm (EX-23.1) — 5KB
• cdw-20231231x10kxex311.htm (EX-31.1) — 10KB
• cdw-20231231x10kxex312.htm (EX-31.2) — 10KB
• cdw-20231231x10kxex321.htm (EX-32.1) — 3KB
• cdw-20231231x10kxex322.htm (EX-32.2) — 3KB
• cdw-2023x1231x10kxex971.htm (EX-97.1) — 11KB
• cdw-20231231_g1.jpg (GRAPHIC) — 673KB
• cdw-20231231_g2.jpg (GRAPHIC) — 131KB
• 0001402057-24-000015.txt (&nbsp;) — 13425KB
• cdw-20231231.xsd (EX-101.SCH) — 60KB
• cdw-20231231_cal.xml (EX-101.CAL) — 110KB
• cdw-20231231_def.xml (EX-101.DEF) — 279KB
• cdw-20231231_lab.xml (EX-101.LAB) — 884KB
• cdw-20231231_pre.xml (EX-101.PRE) — 568KB
• cdw-20231231_htm.xml (XML) — 2228KB

Risk Factors

Item 1A. Risk Factors 10

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 20

Cybersecurity

Item 1C. Cybersecurity 21

Properties

Item 2. Properties 21

Legal Proceedings

Item 3. Legal Proceedings 21

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 22 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23

[RESERVED]

Item 6. [RESERVED] 24

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 37

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 39

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 75

Controls and Procedures

Item 9A. Controls and Procedures 75

Other Information

Item 9B. Other Information 77

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 77 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 78

Executive Compensation

Item 11. Executive Compensation 78

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 78

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 78

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 78 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 79

Form 10-K Summary

Item 16. Form 10-K Summary 84 SIGNATURES 85 2 Table of Contents

FORWARD-LOOKING STATEMENTS

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 sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this report. 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 Securities an

Business

Item 1. Business Our Company CDW Corporation (together with its subsidiaries, the "Company," "CDW" or "we"), 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 are vendor, technology and consumption model unbiased, offering a broad selection of products and multi-branded IT solutions. Our solutions are delivered in physical, virtual and cloud-based environments through approximately 10,900 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 ("OEMs"), 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 simplify the complexities of technology solutions across design, selection, procurement, integration and management for our customers. Our goal is to have our customers, regardless of their size, view us as a trusted adviser and extension of their IT resources. Our multi-brand offering approach across our vendor partners enables us to provide the solutions and services that best address each customer's specific requirements to enable their desired business outcomes. We have capabilities to provide integrated IT solutions in more than 150 countries for custo

View Full Filing

View this 10-K filing on SEC EDGAR