CDW (US:CDW)2025-11-04 13:30Non-GAAP Measures Definition - Non-GAAP financial measures exclude or include amounts not normally included or excluded in US GAAP measures[3] - These measures provide analysts, investors, and management with useful information regarding underlying operating performance[4, 8] Operating Income - Non-GAAP operating income for the three months ended September 30, 2025, was $530.6 million, representing 9.2% of net sales[10] - Non-GAAP operating income for the nine months ended September 30, 2025, reached $1,494.3 million, or 8.8% of net sales[10] - Reported operating income for the three months ended September 30, 2025, was $443.3 million, 7.7% of net sales, compared to $481.6 million, 8.7% of net sales in 2024[10] - Reported operating income for the nine months ended September 30, 2025, was $1,224.9 million, 7.2% of net sales, compared to $1,242.7 million, 7.9% of net sales in 2024[10] Net Income - Non-GAAP net income for the three months ended September 30, 2025, was $357.2 million with an effective tax rate of 25.1%[12] - Non-GAAP net income for the nine months ended September 30, 2025, was $987.4 million with an effective tax rate of 25.6%[14] - US GAAP net income for the three months ended September 30, 2025, was $291.0 million with an effective tax rate of 25.3%[12] - US GAAP net income for the nine months ended September 30, 2025, was $787.1 million with an effective tax rate of 25.6%[14] Sales and Expenses - Net sales for the three months ended September 30, 2025, were $5,737.4 million, a 4.0% increase compared to 2024[17] - Net sales for the nine months ended September 30, 2025, were $16,913.1 million, a 7.0% increase compared to 2024[17] - Non-GAAP selling and administrative expenses for the three months ended September 30, 2025, were $724.9 million, an 8.7% increase[20] - Non-GAAP selling and administrative expenses for the nine months ended September 30, 2025, were $2,124.7 million, a 6.3% increase[20] Cash Flow - Free cash flow for the nine months ended September 30, 2025, was $692.2 million[22] - Adjusted free cash flow for the nine months ended September 30, 2025, was $668.0 million[22]