<SEC-DOCUMENT>0001171843-18-003284.txt : 20180502
<SEC-HEADER>0001171843-18-003284.hdr.sgml : 20180502
<ACCEPTANCE-DATETIME>20180502071017
ACCESSION NUMBER:		0001171843-18-003284
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180502
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180502
DATE AS OF CHANGE:		20180502

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CDW Corp
		CENTRAL INDEX KEY:			0001402057
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-CATALOG & MAIL-ORDER HOUSES [5961]
		IRS NUMBER:				260273989
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35985
		FILM NUMBER:		18797475

	BUSINESS ADDRESS:	
		STREET 1:		200 N MILWAUKEE AVENUE
		CITY:			VERNON HILLS
		STATE:			IL
		ZIP:			60061
		BUSINESS PHONE:		847-465-6000

	MAIL ADDRESS:	
		STREET 1:		200 N MILWAUKEE AVENUE
		CITY:			VERNON HILLS
		STATE:			IL
		ZIP:			60061

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VH Holdings, Inc.
		DATE OF NAME CHANGE:	20070605
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_050118.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"><html><head></head><body style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;">&#160;</div></div><p style="font-size: 14pt;" align="center"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549<br /></strong>______________________</p><p style="font-size: 14pt; text-transform: uppercase;" align="center"><strong>Form 8-K<br /></strong>______________________</p><p style="font-size: 12pt;" align="center"><strong>CURRENT REPORT</strong></p><p style="font-size: 12pt;" align="center"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></p><p align="center"><strong>Date of Report (Date of earliest event Reported):&#160;<!--May 2, 2018-->May 2, 2018 &#160;</strong></p><p align="center"><strong style="font-size: 14pt;">CDW CORPORATION</strong><br />(Exact Name of Registrant as Specified in Charter)</p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><strong>Delaware</strong></td><td align="center" width="34%"><strong>001-35985</strong></td><td align="center" width="33%"><strong>26-0273989</strong></td></tr><tr valign="top"><td align="center" width="33%">(State or Other Jurisdiction of Incorporation)</td><td align="center" width="34%">(Commission File Number)</td><td align="center" width="33%">(I.R.S. Employer Identification Number)</td></tr></table><p>&#160;</p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><td align="center" width="50%"><strong>75 Tri-State International<br />Lincolnshire, Illinois<!----></strong></td><td align="center" width="50%"><strong>60069<!----></strong></td></tr><tr valign="top"><td align="center" width="50%">(Address of Principal Executive Offices)</td><td align="center" width="50%">(Zip Code)</td></tr></table><p align="center"><strong>(847) 465-6000</strong><br />(Registrant's telephone number, including area code)</p><p align="center"><strong>None</strong><br />(Former name or former address, if changed since last report)</p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td colspan="3">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:<br /><br /></td></tr><tr valign="top"><td width="21">&#160;</td><td width="40">[  ]</td><td nowrap="nowrap">&#160;&#160;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</td></tr><tr valign="top"><td width="21">&#160;</td><td width="40">[  ]</td><td nowrap="nowrap">&#160;&#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</td></tr><tr valign="top"><td width="21">&#160;</td><td width="40">[  ]</td><td nowrap="nowrap">&#160;&#160;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</td></tr><tr valign="top"><td width="21">&#160;</td><td width="40">[  ]</td><td nowrap="nowrap">&#160;&#160;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</td></tr></table><p style="font-size: 10pt; margin: 0pt;">&#160;</p><p style="font-size: 10pt; margin: 0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule&#160;12b-2&#160;of the Securities Exchange Act of 1934 (17 CFR&#160;&sect;240.12b-2).&#160;Emerging growth company [ &#160; ]</p><p style="font-size: 10pt; margin: 0pt;">&#160;</p><p style="font-size: 10pt; margin: 0pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ &#160; ]</p><div style="margin-top: 12pt; margin-bottom: 3pt;"><div style="font-size: 1pt; border-top: Black 1.1pt solid; border-bottom: Black 2.5pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div>&#160;</div><hr style="page-break-after: always;" noshade="noshade" /><p><font style="font-size: 10pt;">  <strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 2.02. Results of Operations and Financial Condition.</strong></font></p><p><font style="font-size: 10pt;">
 <p align="justify" style="margin-left:0in; margin-right:0in;">CDW Corporation (the &#8220;Company&#8221;) is furnishing under cover of this Current Report on Form 8-K a copy of its press release dated May 2, 2018 announcing its first quarter 2018 financial results. The press release is attached to this report as Exhibit 99.1 and incorporated herein by reference. The Company is furnishing this information in connection with its previously announced webcast conference call to be held on May 2, 2018 at 8:30 a.m. ET / 7:30 a.m. CT to discuss these results.</p>  <p align="justify" style="margin-left:0in; margin-right:0in;">The information contained under Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1) is being furnished and shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.</p> </font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 8.01. Other Events.</strong></font></p><p><font style="font-size: 10pt;"><p style="margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><strong>Quarterly Cash Dividend</strong></p><p style="margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;">&#160;</p><p style="text-align: justify; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;">On May 2, 2018, the Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.21 per common share to be paid on June 11, 2018 to all stockholders of record as of the close of business on May 25, 2018. A copy of the press release announcing the declaration of the quarterly cash dividend is attached to this report as Exhibit 99.2 and incorporated herein by reference.</p></font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 9.01. Financial Statements and Exhibits.</strong></font></p><p><font style="font-size: 10pt;"><table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" class="mce-item-table"><tr><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;">Exhibit No.</font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;">Description</font></td></tr><tr><td><font style="font-size: 10pt;"><a href="exh_991.htm">99.1</a></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;"><a href="exh_991.htm">Press release dated May 2, 2018 announcing first quarter 2018 financial results.</a> </font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;">&#160;</font></td></tr><tr><td><font style="font-size: 10pt;"><a href="exh_992.htm">99.2</a></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;"><a href="exh_992.htm">Press release dated May 2, 2018 announcing dividend declaration. </a> </font></td></tr></table><div id="mceResizeHandlen" class="mce-resizehandle" style="cursor: n-resize; margin: 0px; padding: 0px; left: 337px; top: 4.5px;"></div><div id="mceResizeHandlee" class="mce-resizehandle" style="cursor: e-resize; margin: 0px; padding: 0px; left: 669.5px; top: 32px;"></div><div id="mceResizeHandles" class="mce-resizehandle" style="cursor: s-resize; margin: 0px; padding: 0px; left: 337px; top: 59.5px;"></div><div id="mceResizeHandlew" class="mce-resizehandle" style="cursor: w-resize; margin: 0px; padding: 0px; left: 4.5px; top: 32px;"></div><div id="mceResizeHandlenw" class="mce-resizehandle" style="cursor: nw-resize; margin: 0px; padding: 0px; left: 4.5px; top: 4.5px;"></div><div id="mceResizeHandlene" class="mce-resizehandle" style="cursor: ne-resize; margin: 0px; padding: 0px; left: 669.5px; top: 4.5px;"></div><div id="mceResizeHandlese" class="mce-resizehandle" style="cursor: se-resize; margin: 0px; padding: 0px; left: 669.5px; top: 59.5px;"></div><div id="mceResizeHandlesw" class="mce-resizehandle" style="cursor: sw-resize; margin: 0px; padding: 0px; left: 4.5px; top: 59.5px;"></div></font></p><p><font style="font-size: 10pt;"></font></p><p><font style="font-size: 10pt;"></font></p><hr style="page-break-after: always;" noshade="noshade" /><p align="center"><strong>SIGNATURE</strong></p><p>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td valign="top" width="49%">&#160;</td><td style="font-size: 12pt;" colspan="2" valign="top"><strong>CDW CORPORATION</strong></td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%">&#160;</td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%">&#160;</td></tr><tr valign="top"><td width="49%">Date:&#160;May 2, 2018</td><td width="2%">By:&#160;</td><td style="text-decoration: underline;" width="49%">/s/ Collin B. 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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>Exhibit 99.1</strong></p><p style="text-align: center;"><strong>CDW Reports Record First Quarter Net Sales</strong></p><p style="text-align: center;" ></p><p>
               <p align="center"><em>Reinforces Strength of Strategy and Power of Business Model</em></p>        <table style="width:100%; border-collapse:collapse !important;" style="border-collapse: collapse; "><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">(Dollars in millions, except per share amounts)</td><td colspan="3" style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">Three Months <br >Ended March <br >31, 2018</td><td colspan="3" style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">Three Months <br >Ended March <br >31, 2017<sup>1</sup></td><td colspan="2" style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">% Chg.</td></tr><tr><td style="border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">Net Sales</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">$</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">3,606.4</td><td style="border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">$</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">3,256.0</td><td style="border-right: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">10.8</td><td style="border-right: solid black 1pt ; border-bottom: solid black 1pt ; 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border-left: solid black 1pt ; vertical-align: bottom ; "><sup>2&#160; </sup>There were 64 selling days for both the three months ended March 31, 2018 and 2017.</td></tr><tr><td colspan="9" style="border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; "><sup>3&#160; </sup>Non-GAAP measures used in this release that are not based on accounting principles generally accepted in the United States of America are each defined and reconciled to the most directly comparable GAAP measure in the attached schedules.</td></tr><tr><td colspan="9" style="vertical-align: bottom ; ">&#160;</td></tr></table>        <p align="left">LINCOLNSHIRE, Ill., May  02, 2018  (GLOBE NEWSWIRE) -- CDW Corporation (Nasdaq:CDW), a leading multi-brand technology solutions provider to business, government, education and healthcare in the United States, the United Kingdom and Canada, today announced first quarter results. The company also announced the approval by its Board of Directors of a quarterly cash dividend to be paid in June 2018.</p>                <p align="left">"We are off to an excellent start to the year as we successfully addressed customer priorities and delivered strong topline growth and profitability while continuing to invest in our future," said Thomas E. Richards, chairman and chief executive officer of CDW. "These results demonstrate the combined strength of our business model - underpinned by our balanced portfolio of customer end-markets, broad product and technology portfolio, and ongoing execution of our three-part strategy for growth. Adjusting for currency and excluding the shipment of orders impacted by supply chain delays at year-end, we delivered high-single digit sales growth."</p>                <p align="left">"Excellent operating results were amplified by a lower tax rate and share repurchases, delivering a 41 percent increase in non-GAAP net income per diluted share," said Collin B. Kebo, CDW's chief financial officer. "Given this quarter's results and our expectations for the balance of the year, we are now targeting 2018 constant currency non-GAAP net income per diluted share growth in the mid-to-high twenty percent range."</p>                <p align="left">&#8220;We expect to exceed our annual target to outpace US IT market growth by 200 to 300 basis points in 2018. To accomplish this, we will continue our laser-focus on meeting the needs of our more than 250,000 customers in the United States, the United Kingdom and Canada and remaining the partner of choice for more than 1,000 leading and emerging technology brands as the technology market continues to evolve," concluded Richards.</p>                <p align="left">A quarterly cash dividend of $0.21 per share, which is 31 percent higher than the prior year period, will be paid on June 11, 2018 to all stockholders of record as of the close of business on May 25, 2018.</p>                <p align="left"><u>First Quarter of 2018 Highlights:</u></p>                <p align="left">Total net sales in the first quarter of 2018 were $3,606 million, compared to $3,256 million in the first quarter of 2017, an increase of 10.8 percent. There were 64 selling days for both the three months ended March&#160;31, 2018 and 2017. On an average daily sales basis, net sales growth versus the first quarter of 2017 was 10.8 percent and on a constant currency basis was 9.6 percent. Currency impact to net sales growth was driven by favorable translation of the British pound to US dollar and favorable translation of the Canadian to US dollar. First quarter performance included:</p>                <ul><li style="text-align:left;">Total Corporate segment net sales in the first quarter of 2018 were $1,566 million, 8.7 percent higher than the first quarter of 2017.<br ><br ></li><li style="text-align:left;">Total Small Business segment net sales in the first quarter of 2018 were $328 million, 12.2 percent higher than the first quarter of 2017.<br ><br ></li><li style="text-align:left;">Total Public segment net sales in the first quarter of 2018 were $1,230 million, 6.6 percent higher than the first quarter of 2017. Public results were led by sales to both Government and Healthcare customers, which increased 11.7 percent and 7.3 percent, respectively. Sales to Education customers increased 1.0 percent.<br ><br ></li><li style="text-align:left;">Net sales for CDW's UK and Canadian operations, combined as &#8220;Other&#8221; for financial reporting purposes, were $483 million, 30.6 percent higher than the first quarter of 2017. Both UK and Canada results were also up double digits in local currency.</li></ul>                <p align="left">Gross profit for the first quarter of 2018 was $604 million, compared to $554 million for the same period in 2017, representing an increase of 9.1 percent. Gross profit margin was 16.7 percent for the first quarter of 2018 versus 17.0 percent in the first quarter of 2017. Increases in net service contract revenue and other netted down revenues, which includes software as a service and warranties, were not enough to fully offset the impact&#160;of ongoing hardware strength on product margin and increases in partner funding being outpaced by increases in net sales.</p>                <p align="left">Total selling and administrative expenses and advertising expense were $400 million in the first quarter of 2018, compared to $383 million in the first quarter of 2017, representing an increase of 4.4 percent. This increase was primarily driven by sales compensation.</p>                <p align="left">Interest expense was $38 million in the first quarter of 2018 compared to $40 million in the comparable period of 2017.</p>                <p align="left">The effective tax rate for the first quarter of 2018 was 23.4 percent, which resulted in tax expense of $39 million, compared to a 21.9 percent tax rate and tax expense of $16 million in the first quarter of 2017. The increase in effective tax rate primarily reflects the year-over-year impact of lower excess tax benefits from equity-based compensation in the first quarter of 2018, which was partially offset by a lower Federal tax rate.</p>                <p align="left">Net income was $127 million in the first quarter of 2018, compared to $58 million in the first quarter of 2017, representing an increase of 118.3 percent. The first quarter of 2017 included a loss on extinguishment of long-term debt of $57 million. Non-GAAP net income, which excludes, among other things, acquisition-related intangible asset amortization, equity-based compensation and the associated tax benefits, integration expenses, and certain other items, was $163 million in the first quarter of 2018, compared to $122 million in the first quarter of 2017, representing an increase of 33.6 percent.</p>                <p align="left">Adjusted EBITDA, which excludes expenses related to equity-based compensation, income from equity investment, integration expenses, and certain other items, was $280 million in the first quarter of 2018, compared to $250 million in the first quarter of 2017, representing an increase of 11.9 percent. For the first quarter of 2018, the Adjusted EBITDA margin was 7.8 percent compared to 7.7 percent in the first quarter of 2017.</p>                <p align="left">Weighted average diluted shares outstanding were 155 million for the first quarter of 2018, compared to 163 million for the first quarter of 2017. Net income per diluted share for the first quarter of 2018 was $0.82, compared to $0.36 for the first quarter of 2017, representing an increase of 129.6 percent. Non-GAAP net income per diluted share for the first quarter of 2018 was $1.05, compared to $0.75 for the first quarter of 2017, representing an increase of 40.5 percent.</p>                <p align="left"><strong>Forward-Looking Statements</strong></p>                <p align="left">Statements in this release 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 the future financial performance of CDW. These statements involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. These risks and uncertainties include, among others, global and regional economic and political conditions; decreases in spending on technology products and services; CDW's relationships with vendor partners and availability of their products; continued innovations in hardware, software and services offerings by CDW's vendor partners; substantial competition that could reduce CDW's market share; CDW's substantial indebtedness and ability to generate sufficient cash to service such indebtedness; restrictions imposed by agreements relating to CDW's indebtedness on its operations and liquidity; changes in, or the discontinuation of, CDW's share repurchase program or dividend payments; the continuing development, maintenance and operation of CDW's information technology systems; potential breaches of data security and failure to protect our information technology systems from cybersecurity threats; potential failures to comply with Public segment contracts or applicable laws and regulations; potential failures to provide high-quality services to CDW's customers; potential losses of any key personnel; potential interruptions of the flow of products from suppliers; potential adverse occurrences at one of CDW's primary facilities or customer data centers; increases in the cost of commercial delivery services or disruptions of those services; CDW's exposure to accounts receivable and inventory risks; fluctuations in foreign currency; future acquisitions or alliances; fluctuations in CDW's operating results; current and future legal proceedings and audits; changes in laws, including the recent U.S. tax legislation, regulations or interpretations thereof; and other risk factors or uncertainties identified from time to time in CDW's filings with the SEC. Although CDW believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Reference is made to a more complete discussion of forward-looking statements and applicable risks contained under the captions "Forward-Looking Statements" and "Risk Factors" in CDW's Annual Report on Form 10-K for the year ended December&#160;31, 2017 and subsequent filings with the SEC.&#160;CDW undertakes no obligation to update or revise any of its forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law.&#160;</p>                <p align="left"><strong>Non-GAAP Financial Information</strong></p>                <p align="left">EBITDA is defined as consolidated net income before interest expense, income tax expense, depreciation and amortization. Adjusted EBITDA, which is a measure defined in the Company&#8217;s credit agreements, means EBITDA adjusted for certain items which are described in the financial statement tables that accompany this press release. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of Net sales. Non-GAAP income before income taxes and Non-GAAP net income exclude, among other things, charges related to the amortization of acquisition-related intangible assets, equity-based compensation and the associated tax benefits, integration expenses, and gains and losses from the extinguishment of long-term debt. Consolidated Net sales growth on a constant currency basis is defined as consolidated net sales growth excluding the impact of foreign currency translation on net sales compared to the prior period.</p>                <p align="left">EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Non-GAAP income before income taxes, Non-GAAP net income, Non-GAAP net income per diluted share and consolidated Net sales growth on a constant currency basis are considered non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company&#8217;s performance or financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.</p>                <p align="left">The Company believes these measures provide analysts, investors and management with helpful information regarding the underlying operating performance of the Company&#8217;s business, as they remove the impact of items that management believes are not reflective of underlying operating performance. The Company uses these measures to evaluate period-over-period performance as management believes they provide a more comparable measure of the underlying business. Additionally, Adjusted EBITDA is a measure in the credit agreement governing our Senior Secured Term Loan Facility (&#8220;Term Loan&#8221;) used to evaluate the Company&#8217;s ability to make certain investments, incur additional debt and make restricted payments, such as dividends and share repurchases, as well as whether the Company is required to make additional principal prepayments on the Term Loan beyond the quarterly amortization payments.</p>                <p align="left">Our annual targets are provided on a non-GAAP basis because certain reconciling items are dependent on future events that either cannot be controlled, such as currency impacts or interest rates, or reliably predicted because they are not part of the Company's routine activities, such as refinancing activities or acquisition and integration expenses.</p>                <p align="left">The financial statement tables that accompany this press release include a reconciliation of non-GAAP financial measures to the applicable most comparable GAAP financial measures. Non-GAAP measures used by the Company may differ from similar measures used by other companies, even when similar terms are used to identify such measures.</p>                <p align="left"><u>About CDW</u></p>                <p align="left">CDW is a leading multi-brand technology solutions provider to business, government, education and healthcare organizations in the United States, the United Kingdom and Canada. A Fortune 500 company with multi-national capabilities, CDW was founded in 1984 and employs more than 8,700 coworkers. For the trailing twelve months ended March&#160;31, 2018, the company generated net sales of over $15 billion. For more information about CDW, please visit www.CDW.com.&#160; &#160;</p>                <p align="left"><u>Webcast</u></p>                <p align="left">CDW will hold a conference call today, May 2, 2018 at 7:30 a.m. CT/8:30 a.m. ET to discuss its first quarter financial results. The conference call, which will be broadcast live via the Internet, and a copy of this press release along with supplemental slides used during the call, can be accessed on CDW&#8217;s website at investor.cdw.com. For those unable to participate in the live call, a replay of the webcast will be available at&#160;investor.cdw.com approximately 90 minutes after the completion of the call and will be accessible on the site for approximately one year.</p>                <p><u>Investor Inquiries</u> <br >Sari Macrie, CFA <br >Vice President, Investor Relations <br >(847) 968-0238</p>                <p><u>Media Inquiries</u><br >Sara Granack<br >Vice President, Corporate Communications<br >(847) 419-7411</p>                <p align="justify">CDWPR-FI</p>                <p align="center"><strong>CDW CORPORATION AND SUBSIDIARIES</strong> <br ><strong>CONSOLIDATED STATEMENTS OF OPERATIONS</strong> <br >(dollars in millions, except per share amounts) <br >(unaudited)</p>        <table style="width:100%; border-collapse:collapse !important;" style="border-collapse: collapse; "><tr><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="10" style="text-align: center ; 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  text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Taxes paid, net</td><td style="vertical-align: bottom ; ">$</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(10.6</td><td style="vertical-align: bottom ; ">)</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">$</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(6.3</td><td style="vertical-align: bottom ; ">)</td></tr></table></p><p ></p></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exh_992.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>Exhibit 99.2</strong></p><p style="text-align: center;"><strong>CDW Declares Cash Dividend of $0.21 Per Share</strong></p><p style="text-align: center;">Reinforces Ongoing Commitment to Delivering Value to Stockholders</p><p>
   <p>LINCOLNSHIRE, Ill., May  02, 2018  (GLOBE NEWSWIRE) -- CDW Corporation (NASDAQ:CDW) today announced that its Board of Directors has declared a quarterly cash dividend of $0.21 per common share to be paid on June 11, 2018 to all stockholders of record as of the close of business on May 25, 2018. &#160;This represents a 31 percent increase over last year&#8217;s dividend.&#160; Future dividends will be subject to Board of Director approval.<br ></p>    <p align="justify">&#8220;Annual dividend increases are an important part of our capital allocation strategy, along with maintaining our leverage ratio, making strategic acquisitions and share repurchases," said Collin B. Kebo, Senior Vice President &amp; Chief Financial Officer, CDW. &#8220;Since our IPO in June 2013, our dividend has increased nearly five-fold and we have returned more than $1.5 billion to shareholders through share repurchases and dividends. We intend to continue to execute against our capital allocation priorities with the enhanced free cash flow from tax reform.&#8221;</p>    <p align="justify"><strong>About CDW</strong></p>    <p align="justify">CDW is a leading multi-brand technology solutions provider to business, government, education and healthcare organizations in the United States, the United Kingdom and Canada. A Fortune 500 company with multi-national capabilities, CDW was founded in 1984 and employs more than 8,700 coworkers. For the trailing twelve months ended March&#160;31, 2018, the company generated net sales of over $15 billion. For more information about CDW, please visit <u>www.CDW.com</u>.</p>    <p align="justify"><u>Investor Inquiries</u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br >Sari Macrie, CFA&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br >Vice President, Investor Relations&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br >847-968-0238&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br >investorrelations@cdw.com&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </p>    <p align="justify"><u>Media Inquiries</u><br >Sara Granack<br >Vice President, Corporate Communications<br >847-419-7411<br >mediarelations@cdw.com</p>    <p> </p> </p><p ></p></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
