Webcast Conference Call November 1, 2023 Today's Agenda ▪ Business Strategy ▪ Q&A Forward-Looking Statements Statements in this presentation that are not statements of historical fact are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding capital priorities and other strategic plans of CDW. These forward-looking statements are subject to risks and uncertainties that may cause ...

Financial Data and Key Metrics - Net sales for the quarter were $5.6 billion, down 8% year-over-year [2] - Non-GAAP operating income reached a record $556 million, up 1% year-over-year [2] - Non-GAAP net income per share was $2.72, up 4% year-over-year [2] - Gross profit was $1.2 billion, with a record gross margin of 21.8%, up 200 basis points year-over-year [93][95] - Non-GAAP operating income margin reached a record 9.9%, up 110 basis points year-over-year [98] - Non-GAAP net income was $369 million, up 3.5% year-over-year [99] - Net debt was $5.3 billion, with a net leverage ratio of 2.4 times [101] Business Line Performance - Corporate net sales decreased 12%, driven by declines in client devices [9] - Small business net sales declined 22%, with a focus on cost management and shorter-term ROI [12][13] - Public sales increased 1% year-over-year, with healthcare and education each posting a 2% increase [14] - Healthcare net sales increased 2%, driven by cloud solutions and security spend [17][18] - Education net sales increased low single-digits, the first positive growth quarter in over eight quarters [20] - UK and Canada operations delivered $2.9 billion in 2022 sales, but declined mid-teens in Q3 2023 [24] Market Performance - Cloud spend increased nearly 20% across all end markets, with half coming from commercial customers and half from public [65] - Security spend increased by double digits, driven by software and cloud solutions [66] - Client device demand remained weak, particularly in the commercial space, with double-digit declines [64] - Network modernization led to double-digit growth in net comp performance [11] Strategy and Industry Competition - The company's strategy focuses on capturing market share, enhancing high-growth solutions, and expanding services capabilities [90] - Investments in cloud, security, and AI are driving customer spend, with cloud and SaaS-based solutions outpacing net sales growth [6][95] - The company is well-positioned to help customers with AI-enabled technology across the full stack, including client devices [52][53] - The company continues to outperform the IT market by 200 to 300 basis points on a customer spend basis [108] Management Commentary on Operating Environment and Future Outlook - The company expects the IT market to contract at the upper end of high single digits in 2023 [108] - Full-year non-GAAP operating income margin is expected to be in the low to mid-9% range, up from prior expectations [110] - Full-year non-GAAP earnings per share are expected to be flat to slightly up year-over-year in constant currency [111] - The company anticipates a mid-single-digit sequential decline in average daily sales from Q3 to Q4 [112] Other Important Information - The company returned $79 million to shareholders through dividends and $54 million in share repurchases in Q3 [104] - The company announced a 5% increase in its dividend, marking the 10th consecutive year of dividend growth [105] - Adjusted free cash flow for the year is expected to be approximately 6% of net sales, above prior expectations [113] Q&A Session Summary Question: Demand signals and backlog normalization [29] - The company noted that backlog is nearing normalization, with no significant impact expected [33] - Demand in international markets is worse than expected, with the UK and Canada a few quarters behind the US [32] Question: Federal spending and potential government shutdown [37] - The company is confident in managing through potential federal government shutdowns, with in-flight projects likely to continue [37] Question: Operating margin durability [38] - The company expects to continue driving efficiency while investing in its strategy, with potential dilution from transactional products and PC refreshes [41] Question: International market weakness [49] - The company saw a steep decline in international markets in Q3, with expectations for continued softness over the next few quarters [50] Question: AI-enabled PCs and upgrade cycles [51] - The company expects customers to get excited about AI-enabled client devices, but commercialization is still in early stages [51][54] Question: Share gains and M&A [56] - The company continues to take market share, with a delta of more than 5% in customer spend [57] - M&A remains a priority, with a focus on capabilities in cloud, security, and digital solutions [58][59] Question: Impact of netted down items on sales growth [74] - Netted down revenues are expected to outpace net sales growth, with a significant impact on gross profit margins [74][61] Question: Gross margin trends and cyclical vs structural factors [83] - The company expects a balance between transactional products and netted down revenues over time, with potential dilution in gross margins [84][86] Question: Protecting earnings in a muted environment [79] - The company will continue to drive efficiency while investing strategically, with operating leverage expected to vary by quarter [81][82]

Financial Performance - Net sales for Q3 2023 were $5,628.3 million, a decrease of 9.4% compared to $6,215.5 million in Q3 2022[17] - Gross profit for Q3 2023 was $1,227.7 million, slightly down from $1,233.2 million in Q3 2022, resulting in a gross margin of approximately 21.8%[17] - Operating income increased to $478.4 million in Q3 2023, up from $466.4 million in Q3 2022, reflecting a growth of 2.9%[17] - Net income for Q3 2023 was $315.5 million, compared to $297.8 million in Q3 2022, representing an increase of 5.8%[19] - For the nine months ended September 30, 2023, net sales totaled $16,357.5 million, a decrease of 10.6% from $18,310.4 million for the same period in 2022[79] - The company reported a total operating income of $1,245.9 million for the nine months ended September 30, 2023, down from $1,288.6 million in the same period of 2022[79] - Net income for the nine months ended September 30, 2023, was $808.2 million, compared to $297.8 million for the same period in 2022, representing a 171% increase[27] - Non-GAAP net income for the three months ended September 30, 2023, was $369.4 million, compared to $357.0 million for the same period in 2022[150] - Non-GAAP net income for the nine months ended September 30, 2023, was $997.1 million, compared to $998.0 million in 2022, reflecting a marginal decrease[170] Assets and Liabilities - Total current assets decreased to $6,458.4 million as of September 30, 2023, down from $6,564.0 million at the end of 2022[15] - Total liabilities decreased to $10,065.3 million as of September 30, 2023, compared to $10,528.2 million at the end of 2022[15] - The company’s total stockholders' equity increased to $1,810.0 million as of September 30, 2023, from $1,603.3 million at the end of 2022[15] - The company has total long-term debt of $5,661.5 million as of September 30, 2023, down from $5,866.4 million as of December 31, 2022[51] - Net debt as of September 30, 2023, was $5,260.8 million, down from $5,773.2 million in 2022, showing a reduction in leverage[170] Cash Flow and Investments - Cash and cash equivalents increased to $440.7 million at the end of Q3 2023, up from $384.6 million at the end of Q3 2022[21] - The company reported a net cash provided by operating activities of $1,062.2 million for the nine months ended September 30, 2023, compared to $1,094.0 million for the same period in 2022[21] - The company paid dividends of $1.77 per share, totaling $238.4 million for the nine months ended September 30, 2023[27] - The Company prepaid $100 million on the Term Loan Facility during the nine months ended September 30, 2023, with no additional mandatory payments required until maturity on December 1, 2026[69] - Adjusted free cash flow for the nine months ended September 30, 2023, was $1,112.9 million, an increase from $1,043.4 million in 2022[170] Segment Performance - The company has three reportable segments: Corporate, Small Business, and Public, with Corporate segment net sales of $2,226.5 million for the three months ended September 30, 2023[79] - Corporate segment net sales decreased by $1,190.9 million, or 15.1%, to $6,675.2 million, representing 40.8% of total net sales[199] - Small Business segment net sales decreased by $113 million, or 23.0%, for the three months ended September 30, 2023, compared to the same period in 2022[160] - Public segment operating income increased by $22 million, or 4.0%, to $575 million, primarily due to lower payroll costs[204] Revenue Composition - Hardware sales accounted for $12,149.9 million, which is 74.3% of total net sales, down from 77.6% in the previous year[102] - Software sales increased to $2,805.8 million, representing 17.2% of total net sales, up from 14.2% in 2022[102] - Services revenue reached $1,316.6 million, accounting for 8.0% of total net sales, compared to 7.6% in the prior year[102] - Revenue recognized at a point in time where CDW is principal was $14,244.6 million, making up the majority of total net sales[102] Operational Efficiency - Selling and administrative expenses decreased by $18 million, or 2.3%, to $749 million for the three months ended September 30, 2023, compared to $767 million for the same period in 2022[133] - Interest expense, net decreased by $5 million, or 8.3%, to $57 million for the three months ended September 30, 2023, compared to $63 million for the same period in 2022[135] - The effective tax rate for the three months ended September 30, 2023, was 24.8%, compared to 25.4% for the same period in 2022[85] Future Outlook - The company plans to continue investing in new product development and market expansion strategies to drive future growth[17] - Future outlook includes continued focus on expanding software and services offerings to enhance revenue diversification[102] - The company is exploring new market strategies and potential acquisitions to drive growth in the upcoming quarters[102] - Economic conditions and customer spending priorities are critical factors influencing the company's sales performance and IT investment decisions[116]

CDW Corporation (NASDAQ:CDW) Q2 2023 Earnings Conference Call August 2, 2023 8:30 AM ET Company Participants Steve O'Brien - Investor Relations Christine Leahy - President, CEO and Chair Albert Miralles - Senior Vice President and Chief Financial Officer Conference Call Participants Asiya Merchant - Citi Adam Tindle - Raymond James Matt Sheerin - Stifel Amit Daryanani - Evercore ISI Erik Woodring - Morgan Stanley Samik Chatterjee - JPMorgan Shannon Cross - Credit Suisse Keith Housum - Northcoast Research Op ...

TRACK RECORD OF PROFITABLE GROWTH • Offers 100,000+ products and services from 1,000+ brands to more than 250,000 customers in the US, UK and Canada $10.8 $12.1 $13.0 $13.7 $14.8 $16.2 $18.0$18.5 $20.8 $23.7 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 NET SALES ($B) (2) | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------ ...

Financial Performance - Net sales for Q2 2023 were $5.626 billion, a decrease from $6.146 billion in Q2 2022[160][167] - Gross profit margin improved to 21.0% in Q2 2023, up from 19.0% in Q2 2022[160] - Operating income was $435.3 million, representing 7.3% of net sales in Q2 2023[160] - Net income was $279.3 million, representing 4.7% of net sales in Q2 2023[160] - Total net sales for the six months ended June 30, 2022, were $12,094.9 million, with hardware contributing $9,404.0 million (77.9%), software $1,719.4 million (14.2%), and services $907.1 million (7.5%)[174][175] Segment Performance - Corporate segment sales declined to $2.245 billion in Q2 2023 from $2.661 billion in Q2 2022[167][169] - Public segment sales increased to $2.295 billion in Q2 2023 from $2.243 billion in Q2 2022[167][169] - Small Business segment sales decreased to $396.2 million in Q2 2023 from $500.0 million in Q2 2022[167][169] - Corporate sales in the United States amounted to $5,272.2 million, while the Rest of World corporate sales were $16.1 million[174] - Government channel sales were $1,153.4 million, Education channel sales were $1,944.1 million, and Healthcare channel sales were $1,178.5 million in 2022[174] Product Sales - Hardware sales accounted for $4.280 billion of total net sales in Q2 2023[167] - Notebooks/Mobile Devices accounted for 28.7% of total net sales in 2022, generating $3,477.4 million, a decrease from 2023 where it accounted for 22.2% with $2,385.5 million[175] - Netcomm Products saw a significant increase in net sales from $1,191.6 million (9.9%) in 2022 to $1,660.9 million (15.5%) in 2023[175] - Data Storage and Servers contributed $1,247.3 million (10.3%) to total net sales in 2022, slightly decreasing to $1,078.0 million (10.0%) in 2023[175] - Software sales decreased from $1,719.4 million (14.2%) in 2022 to $1,808.8 million (16.9%) in 2023, showing a shift in product mix[175] - Services sales remained relatively stable, with $907.1 million (7.5%) in 2022 and $895.3 million (8.3%) in 2023[175] - Other sales, including delivery charges, were $64.4 million (0.4%) in 2022 and decreased to $56.6 million (0.5%) in 2023[175] Geographic Sales - US sales represented 87.2% of total net sales at $4.904 billion in Q2 2023[167] Revenue Recognition - Revenue recognition at a point in time where CDW is principal accounted for $10,765.7 million, while revenue transferred over time where CDW is principal was $660.0 million[174] Services Revenue - Services revenue grew to $453.2 million in Q2 2023, up from $469.7 million in Q2 2022[167][169]

CDW Corporation (NASDAQ:CDW) Q1 2023 Results Conference Call May 3, 2023 8:30 AM ET Company Participants Steve O'Brien - IR Chris Leahy - President, CEO & Chair Al Miralles - CFO Conference Call Participants Amit Daryanani - Evercore Samik Chatterjee - J.P. Morgan Shannon Cross - Credit Suisse Erik Woodring - Morgan Stanley Adam Tindle - Raymond James Matt Sheerin - Stifel Keith Housum - Northcoast Research Ruplu Bhattacharya - Bank of America Merrill Lynch Operator Hello, and welcome to the CDW First Quart ...

UNITED STATES CDW CORPORATION (Exact name of registrant as specified in its charter) Table of Contents CDW CORPORATION AND SUBSIDIARIES FORM 10-Q | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------|-------|------------------------------------|-------|-----------------------| | Assets | | March 31, 2023 \n(unaudited) | | December 31, 2022 | | Current assets: | | | | | | Cash and cash equival ...

[PART I](index=6&type=section&id=PART%20I) This section provides an overview of the company's business, operations, risk factors, properties, legal proceedings, and executive officers [Item 1. Business](index=6&type=section&id=Item%201.%20Business) CDW is a leading IT solutions provider serving over 250,000 customers in a $460 billion market - CDW is a Fortune 500 and S&P 500 company, providing IT solutions to over **250,000** business, government, education, and healthcare customers in the US, UK, and Canada[8](index=8&type=chunk)[523](index=523&type=chunk) - The company operates in a large and fragmented addressable market estimated at **$460 billion** annually, with CDW's Net sales of **$23.7 billion** in 2022 representing approximately **5%** of this market[9](index=9&type=chunk) - CDW's business is divided into three reportable segments: Corporate, Small Business, and Public, with international operations in the UK and Canada categorized under "Other"[12](index=12&type=chunk) - The company partners with over **1,000** brands, including major players like Apple, Cisco, Dell EMC, HP Inc., and Microsoft, generating over **$1.5 billion** in Net sales from each of its five largest vendor partners in 2022[13](index=13&type=chunk)[548](index=548&type=chunk) - The acquisition of Sirius Computer Solutions, Inc. in December 2021 significantly enhanced CDW's services and solutions capabilities in key growth areas[543](index=543&type=chunk) [Item 1A. Risk Factors](index=12&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from vendor dependence, technological changes, cybersecurity, macroeconomic conditions, and substantial debt - CDW's business is highly dependent on relationships with key vendor partners and wholesale distributors, where loss or alteration could negatively impact product supply and cost[52](index=52&type=chunk)[622](index=622&type=chunk) - The company faces significant competition and must keep pace with rapid technological innovation, such as cloud-based solutions, which could disrupt its business model[55](index=55&type=chunk)[56](index=56&type=chunk)[597](index=597&type=chunk) - Cybersecurity is a major risk, as the company handles sensitive data and faces threats from malicious attacks, potentially leading to legal liability, remediation costs, and reputational damage[59](index=59&type=chunk)[86](index=86&type=chunk)[60](index=60&type=chunk) - The company's success depends on attracting and retaining key personnel, including sales, services, and technical coworkers, with failure potentially harming vendor and customer relationships[61](index=61&type=chunk)[88](index=88&type=chunk)[113](index=113&type=chunk) - Macroeconomic conditions, including inflation, rising interest rates, and political instability, could cause customers to postpone or reduce technology spending[97](index=97&type=chunk)[123](index=123&type=chunk) - As of December 31, 2022, the company had **$5.9 billion** of total debt, requiring a substantial portion of cash flow for debt service and compliance with restrictive covenants[108](index=108&type=chunk)[155](index=155&type=chunk) [Item 1B. Unresolved Staff Comments](index=24&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC as of the end of the fiscal year - There are no unresolved staff comments[190](index=190&type=chunk) [Item 2. Properties](index=24&type=section&id=Item%202.%20Properties) As of December 31, 2022, CDW owned or leased approximately 2.4 million square feet of space, primarily in the US, UK, and Canada - The company owns or leases a total of **2.4 million** square feet of space[149](index=149&type=chunk) - Owned properties include a **513,240 sq. ft.** distribution center in North Las Vegas, NV, and a **442,400 sq. ft.** combined office and distribution center in Vernon Hills, IL[149](index=149&type=chunk) [Item 3. Legal Proceedings](index=24&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various legal proceedings, including a Civil Investigative Demand from the US Department of Justice related to a False Claims Act investigation - The company is party to various legal proceedings that arise in the ordinary course of business[192](index=192&type=chunk) - A subsidiary received a Civil Investigative Demand from the US Department of Justice (DOJ) on September 20, 2021, in connection with a False Claims Act investigation regarding teaming agreements with OEMs, with the company cooperating with the DOJ[104](index=104&type=chunk)[657](index=657&type=chunk) [Item 4. Mine Safety Disclosures](index=24&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's business operations - Not applicable[196](index=196&type=chunk) [Information about our Executive Officers](index=25&type=section&id=Information%20about%20our%20Executive%20Officers) The report lists the executive officers of the company as of February 24, 2023, including their ages and positions Executive Officers | Name | Age | Position | | :--- | :--- | :--- | | Christine A. Leahy | 58 | Chair, President and Chief Executive Officer | | Sona Chawla | 55 | Chief Growth and Innovation Officer | | Christina M. Corley | 55 | Chief Commercial and Operating Officer | | Albert J. Miralles | 53 | Senior Vice President and Chief Financial Officer | | Carolyn Wiesenhahn | 51 | Chief People Officer and Senior Vice President, Coworker Services | [PART II](index=26&type=section&id=PART%20II) This section covers the market for the registrant's common equity, financial performance, and market risk disclosures [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=26&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) CDW's common stock is listed on Nasdaq, with the company continuing quarterly cash dividends and an active share repurchase program - The company's common stock is listed on the Nasdaq Global Select Market under the symbol "CDW"[201](index=201&type=chunk) - On February 8, 2023, the Board of Directors declared a quarterly cash dividend of **$0.59 per share**[227](index=227&type=chunk) - As of December 31, 2022, **$87.6 million** was available under the share repurchase program, which was increased by **$750 million** on February 8, 2023[229](index=229&type=chunk) [Item 6. [RESERVED]](index=28&type=section&id=Item%206.%20%5BRESERVED%5D) This item is reserved and contains no information [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) CDW's 2022 Net sales grew 14.1% to $23.7 billion, with gross profit up 31.3% and strong cash flow generation Key Financial Metrics | Financial Metric | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Net sales | $23,748.7 M | $20,820.8 M | 14.1% | | Gross profit | $4,686.6 M | $3,568.5 M | 31.3% | | Operating income | $1,735.2 M | $1,419.0 M | 22.3% | | Net income | $1,114.5 M | $988.6 M | 12.7% | | Non-GAAP operating income | $2,050.5 M | $1,645.4 M | 24.6% | | Net income per diluted share | $8.13 | $7.04 | 15.5% | | Non-GAAP net income per diluted share | $9.79 | $7.97 | 22.8% | Net Sales by Segment | Segment | 2022 Net Sales (M) | % Change vs 2021 | | :--- | :--- | :--- | | Corporate | $10,350.1 | 26.5% | | Small Business | $1,938.9 | 3.7% | | Public | $8,551.3 | 4.5% | | Other | $2,908.4 | 12.4% | - Gross profit margin increased by **260 basis points** to **19.7%** in 2022, driven by a more favorable product mix, a higher mix of netted down revenue, and increased sales and margins from services following recent acquisitions[268](index=268&type=chunk) - Free cash flow for 2022 was **$1.3 billion**, a significant increase from **$476.7 million** in 2021[262](index=262&type=chunk) - The cash conversion cycle improved to **21 days** at the end of 2022, down from **24 days** at the end of 2021, influenced by the Sirius acquisition and an increase in netted down revenue[219](index=219&type=chunk)[300](index=300&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks relate to interest rate fluctuations and foreign currency exchange rates - The company's main market risks are from changes in interest rates and foreign currency exchange rates[171](index=171&type=chunk) - As of December 31, 2022, the company had **$857 million** of variable rate debt outstanding, exposing it to risk from interest rate increases[141](index=141&type=chunk) - Foreign currency risk stems from operations in the UK and Canada, with exposure primarily to the British pound and Canadian dollar, though the direct effect on operations has not been material[173](index=173&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=45&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents audited consolidated financial statements with an unqualified opinion, detailing critical audit matters and financial notes - The independent auditor, Ernst & Young LLP, issued an unqualified opinion on the consolidated financial statements, confirming they are presented fairly in conformity with U.S. GAAP[15](index=15&type=chunk)[177](index=177&type=chunk) - Critical Audit Matters identified were (1) Revenue recognition, due to judgment in determining principal vs. agent status and allocating transaction prices, and (2) Accounting for the Sirius acquisition, due to significant estimation in valuing customer relationship intangible assets[17](index=17&type=chunk)[23](index=23&type=chunk)[22](index=22&type=chunk) Consolidated Balance Sheet (As of Dec 31) | Consolidated Balance Sheet (As of Dec 31) | 2022 | 2021 | | :--- | :--- | :--- | | Total Current Assets | $6,564.0 M | $6,478.1 M | | Total Assets | $13,131.5 M | $13,199.4 M | | Total Current Liabilities | $4,947.1 M | $5,096.0 M | | Total Long-term Debt | $5,866.4 M | $6,755.8 M | | Total Liabilities | $11,528.2 M | $12,493.7 M | | Total Stockholders' Equity | $1,603.3 M | $705.7 M | Consolidated Statement of Operations (Year Ended Dec 31) | Consolidated Statement of Operations (Year Ended Dec 31) | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Net sales | $23,748.7 M | $20,820.8 M | $18,467.5 M | | Gross profit | $4,686.6 M | $3,568.5 M | $3,210.1 M | | Operating income | $1,735.2 M | $1,419.0 M | $1,179.2 M | | Net income | $1,114.5 M | $988.6 M | $788.5 M | - The acquisition of Sirius in 2021 for net consideration of **$2.5 billion** resulted in the allocation of **$1.2 billion** to identified intangible assets, primarily **$1.1 billion** for customer relationships[21](index=21&type=chunk)[448](index=448&type=chunk) - As of December 31, 2022, the company had total debt of **$5.9 billion**, consisting of a term loan facility, revolving loan facility, and various senior notes with maturities ranging from 2024 to 2031[489](index=489&type=chunk) [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=83&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on any matter of accounting principles or practices, or financial statement disclosure - None[720](index=720&type=chunk) [Item 9A. Controls and Procedures](index=83&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2022 - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2022[696](index=696&type=chunk) - Management's assessment concluded that the company's internal control over financial reporting was effective as of December 31, 2022[698](index=698&type=chunk)[722](index=722&type=chunk) - There were no changes in internal control over financial reporting during the fourth quarter of 2022 that have materially affected, or are reasonably likely to materially affect, internal controls[723](index=723&type=chunk) [Item 9B. Other Information](index=85&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[706](index=706&type=chunk) [Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=85&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - None[746](index=746&type=chunk) [PART III](index=86&type=section&id=PART%20III) This section incorporates by reference information on corporate governance, executive compensation, and related party transactions [Item 10. Directors, Executive Officers and Corporate Governance](index=86&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding the company's directors, executive officers, and corporate governance practices is incorporated by reference - Information required for this item is incorporated by reference from the company's 2023 Proxy Statement[748](index=748&type=chunk) [Item 11. Executive Compensation](index=86&type=section&id=Item%2011.%20Executive%20Compensation) Details concerning executive compensation are incorporated by reference from the company's definitive proxy statement - Information required for this item is incorporated by reference from the company's 2023 Proxy Statement[708](index=708&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=86&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information about security ownership of certain beneficial owners, management, and related stockholder matters is incorporated by reference - Information required for this item is incorporated by reference from the company's 2023 Proxy Statement[730](index=730&type=chunk) [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=86&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding certain relationships, related transactions, and director independence is incorporated by reference - Information required for this item is incorporated by reference from the company's 2023 Proxy Statement[749](index=749&type=chunk) [Item 14. Principal Accountant Fees and Services](index=86&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information concerning principal accountant fees and services is incorporated by reference from the company's definitive proxy statement - Information required for this item is incorporated by reference from the company's 2023 Proxy Statement[709](index=709&type=chunk) [PART IV](index=87&type=section&id=PART%20IV) This section details the exhibits and financial statement schedules filed as part of the Form 10-K report [Item 15. Exhibits and Financial Statement Schedules](index=87&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements, financial statement schedules, and exhibits filed as part of the Form 10-K report - This item lists the consolidated financial statements and exhibits filed with the annual report[733](index=733&type=chunk)[734](index=734&type=chunk) - Exhibits filed include various credit and indenture agreements, forms of equity award agreements, and certifications by the CEO and CFO[755](index=755&type=chunk)[757](index=757&type=chunk) [Item 16. Form 10-K Summary](index=92&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company provides no summary for this item - None[760](index=760&type=chunk)

CDW Corporation (NASDAQ:CDW) Q3 2022 Earnings Conference Call November 2, 2022 8:30 AM ET Company Participants Steven O'Brien - VP, IR Christine Leahy - President, CEO & Director Albert Miralles - SVP & CFO Conference Call Participants Shannon Cross - Crédit Suisse Amit Daryanani - Evercore ISI Erik Woodring - Morgan Stanley Ruplu Bhattacharya - Bank of America Merrill Lynch Samik Chatterjee - JPMorgan Chase & Co. James Suva - Citi Keith Housum - Northcoast Research Mark Cash - Raymond James & Associates Op ...