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Cdw Reports Third Quarter 2015 Results EXHIBIT 99.1

The following excerpt is from the company's SEC filing.

CDW Reports Third Quarter 2015 Results

Record Third Quarter Net Sales, Adjusted EBITDA and Non-GAAP Net Income Per Share

(Dollars in millions, except per share amounts)

Three Months

Ended

September

30, 2015

30, 2014

Chg.

Nine Months

Net Sales

$ 3,501.1

$ 3,266.1

7.2

$ 9,570.3

$ 9,024.4

6.0

Gross Profit

567.2

507.3

11.8

1,558.2

1,429.4

9.0

Net Income

150.9

55.6

171.5

313.8

193.1

62.5

Net Income per Diluted Share

$ 0.88

$ 0.32

174.6

$ 1.82

$ 1.12

62.8

Non-GAAP Net Income per Diluted Share

$ 0.84

$ 0.64

30.8

$ 2.20

$ 1.78

23.7

Adjusted EBITDA

$ 282.1

$ 242.6

16.3

$ 761.0

$ 683.4

11.3

Measures used in this release that are not based on accounting principles generally accepted in the United States of America ("non-GAAP") are each defined and reconciled to the most directly comparable GAAP measure in the attached schedules.

VERNON HILLS, Ill., Nov. 4, 2015 (GLOBE NEWSWIRE) -- CDW Corporation (NASDAQ:CDW), a leading multi-brand technology solutions provider to business, government, education and healthcare, today announced its third quarter 2015 results and the approval by its Board of Directors of a 59 percent increase in its quarterly cash dividend to shareholders.

"Once again the strength of our business model - underpinned by our balanced portfolio of channels, diverse product and technology portfolio and focus on profitable growth - enabled us to deliver solid topline growth and excellent profitability while making progress against our strategic and capital allocation priorities," said Thomas E. Richards, chairman and chief executive officer of CDW. "This quarter's performance reinforces our confidence in our strategy and supports today's dividend action. Our new annual dividend rate of $0.43 per share is 59 percent higher than last year and more than double our initial $0.17 per share annual dividend following our IPO in June of 2013."

"Solid organic operating results were amplified by lower interest expense and incremental earnings from the acquisition of UK IT solutions provider, Kelway, helping us deliver a 31 percent increase in non-GAAP net income per share in the quarter," said Ann E. Ziegler, CDW's chief financial officer. "Given our performance to date and outlook for the fourth quarter we continue to expect to exceed our non-GAAP earnings per share target of mid-teens growth in 2015 and now look for growth in the low twenties."

"We continue to target profitable growth in 2015 and expect organic constant currency growth to outpace the US IT market by 200 to 300 basis points," continued Richards. "We remain laser-focused on execution and meeting the needs of our more than 250,000 customers in the US, Canada and the UK and remaining the partner of choice for more than 1,000 leading and emerging technology brands as the technology market continues to evolve."

A quarterly cash dividend payment of $0.1075 per share will be paid on December 10, 2015 to all shareholders of record as of the close of business on November 25, 2015.

Third Quarter of 2015 Highlights:

Total net sales in the third quarter of 2015 were $3.501 billion, compared to $3.266 billion in the third quarter of 2014, an increase of 7.2 percent. Organic net sales growth, which excludes the impact of the acquisition of Kelway made during the quarter, was 3.0 percent. Organic net sales growth on a constant currency basis versus third quarter 2014 was 3.6 percent, as Canadian sales were negatively impacted by currency translation. Average daily sales in the third quarter of 2015 were $54.7 million, compared to $51.0 million in the third quarter of 2014. There were 64 selling days in the third quarters of both 2015 and 2014.

Total Corporate segment net sales in the third quarter of 2015 were $1.724 billion, 6.3 percent higher than the third quarter of 2014. Corporate average daily sales in the third quarter of 2015 were $26.9 million, compared to $25.4 million in the third quarter of 2014. Corporate results reflected a 6.1 percent sales increase to Medium and Large customers and a 7.1 percent sales increase to Small Business customers.

Total Public segment net sales in the third quarter of 2015 were relatively flat at $1.468 billion, compared to $1.469 billion in the third quarter of 2014. Public average daily sales in the third quarter of 2015 were $22.9 million, compared to $23.0 million in the third quarter of 2014. Public results were led by a sales increase of almost 10.7 percent to Government customers offset by a 8.5 percent decrease in Education sales. Healthcare sales increased 1.5 percent.

Net sales for CDW's Advanced Services business and, Canadian and Kelway operations, combined as "Other" for financial reporting purposes, were $308.5 million in the third quarter of 2015, $133.9 million higher than the third quarter of 2014. Mid-teens growth in Advanced Services was offset by a high-single digit decline in US dollar-denominated Canadian sales. Canadian sales in local currency increased high-single digits. Net sales generated by Kelway during the quarter were $138.4 million. "Other" average daily sales in the third quarter of 2015 were $4.8 million, compared to $2.7 million in the third quarter of 2014. CDW's Advanced Services business consists of customized engineering services delivered by CDW professional engineers and managed services, including hosting and data center services.

Gross profit for the third quarter of 2015 was $567.2 million, compared to $507.3 million in the third quarter of 2014, representing an increase of 11.8 percent. Gross profit margin was 16.2 percent in the third quarter of 2015, versus 15.5 percent for the same period in 2014, primarily reflecting the benefit of a higher contribution of 100 percent gross margin revenues, such as net service contract revenue and higher vendor partner funding.

Total selling and administrative expenses and advertising expense, were $362.6 million in the third quarter of 2015, compared to $322.6 million in the third quarter of 2014, representing an increase of 12.4 percent. This increase was primarily driven by incremental Kelway expenses, higher sales compensation consistent with the growth in solutions-related sales and gross margin as well as higher marketing and advertising investment. Including Kelway, coworker count was 8,269 as of September 30, 2015, compared to 7,242 as of September 30, 2014.

Adjusted EBITDA, which excludes expenses related to non-cash equity and retention compensation, loss and income from equity investments, acquisition and integration expenses, gain on remeasurement of the company's initial 35 percent equity investment in Kelway to fair value, certain debt refinancing costs and certain other items, was $282.1 million in the third quarter of 2015, compared to $242.6 million in the third quarter of 2014, representing an increase of 16.3 percent. Third quarter 2015 Adjusted EBITDA margin was 8.1 percent, versus 7.4 percent for the third quarter of 2014.

Interest expense decreased by $11.6 million to $38.5 million for the three months ended September 30, 2015, compared to $50.1 million for the comparable period in 2014, reflecting a lower average interest rate. Long-term debt, net of cash and including current maturities of long-term debt, was $3.2 billion as of September 30, 2015, $398.1 million higher than September 30, 2014.

The effective tax rate for the third quarter of 2015 was 38.7 percent which resulted in a tax expense of $95.3 million compared to a 37.9 percent tax rate and tax expense of $33.9 million in the third quarter of 2014.

Net income was $150.9 million in the third quarter of 2015 versus $55.6 million in the third quarter of 2014. Non-GAAP net income, which excludes acquisition-related intangible asset amortization, expenses related to non-cash equity compensation, acquisition and integration expenses, gain on remeasurement of the company's initial 35 percent equity investment in Kelway to fair value, certain debt refinancing costs and certain other costs, was $143.2 million in the third quarter of 2015, compared to $110.7 million in the third quarter of 2014, representing an increase of 29.3 percent.

Weighted average fully-diluted shares outstanding were 171.0 million for the quarter ended September 30, 2015 compared to 173.0 million for the quarter ended September 30, 2014. The company repurchased a total of 2.7 million shares for $101.6 million during the third quarter of 2015. Non-GAAP net income per diluted share for the quarter ended September 30, 2015 was $0.84 compared to $0.64 for the quarter ended September 30, 2014, representing an increase of 30.8 percent.

First Nine Months of 2015 Highlights:

Total net sales in the first nine months of 2015 were $9.570 billion, compared to $9.024 billion in the first nine months of 2014, an increase of 6.0 percent. Organic net sales growth, which excludes the impact of the acquisition of Kelway, was 4.5 percent. Organic net...


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