<SEC-DOCUMENT>0001171843-19-002793.txt : 20190501
<SEC-HEADER>0001171843-19-002793.hdr.sgml : 20190501
<ACCEPTANCE-DATETIME>20190501071012
ACCESSION NUMBER:		0001171843-19-002793
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190501
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190501
DATE AS OF CHANGE:		20190501

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:		19784724

	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_043019.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 1, 2019-->May 1, 2019 &#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 1, 2019 announcing its first quarter 2019 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 1, 2019 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-left:0in; margin-right:0in;"><b>Quarterly Cash Dividend</b></p>      <p align="justify" style="margin-left:0in; margin-right:0in;">On May 1, 2019, the Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.295 per common share to be paid on June 11, 2019 to all stockholders of record as of the close of business on May 24, 2019. 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="border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="vertical-align: bottom ; "><font style="font-size:10pt;"><u>Exhibit No.</u></font></td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt;"><u>Description</u></font></td></tr><tr><td class="hugin"><font style="font-size:10pt;">&#160;</font></td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td></tr><tr><td class="hugin"><font style="font-size:10pt;"><a href="exh_991.htm" rel="nofollow">99.1</a></font></td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td><td class="hugin"><font style="font-size:10pt;"><a href="exh_991.htm" rel="nofollow">Press release dated May 1, 2019, announcing first quarter 2019 financial results. </a></font></td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td></tr><tr><td class="hugin"><font style="font-size:10pt;"><a href="exh_992.htm" rel="nofollow">99.2</a></font></td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td><td class="hugin"><font style="font-size:10pt;"><font style="font-size:10pt;"><a href="exh_992.htm" rel="nofollow">Press release dated May 1, 2019, announcing dividend declaration.</a></font>&#160;</font></td></tr></table></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 1, 2019</td><td width="2%">By:&#160;</td><td style="text-decoration: underline;" width="49%">/s/ Collin B. Kebo&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%">Collin B. Kebo</td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%">Senior Vice President and Chief Financial Officer</td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%"></td></tr></table><p /></body></html>
</TEXT>
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<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;"><font style="font-size: 14pt;"><strong>CDW Reports Record First Quarter Net Sales</strong></font></p><p style="text-align: center;"><strong>Reinforces Power of Business Model and Strategy</strong></p><p>
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vertical-align: top ; "><sup>1&#160; </sup>There were 63 and 64 selling days for the three months ended March 31, 2019 and 2018, respectively.</td></tr><tr><td colspan="9" style="width:682.67px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: top ; "><sup>2&#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.<br > &#160;</td></tr></table> <p align="justify">LINCOLNSHIRE, Ill., May  01, 2019  (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 2019.<br ></p>  <p align="justify">"We delivered excellent topline growth and profitability in the quarter while continuing to invest in the future and deliver shareholder value," said Christine A. Leahy, chief executive officer of CDW. "These results reinforce the strength of our strategy and power of our business model - underpinned by strong performance across our customer end markets, the breadth of our products and solution portfolio and the ongoing execution of our strategy for growth."</p>  <p align="justify">"Excellent operating results were amplified by share repurchases, delivering an 18 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 2019 constant currency Non-GAAP net income per diluted share growth of just above 10 percent."</p>  <p align="justify">"We expect to exceed our 2019 target to outpace US IT market growth by 200 to 300 basis points on a constant currency organic basis. 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 Leahy.</p>  <p align="justify">A quarterly cash dividend of $0.295 per share, which is 40 percent higher than the prior year period, will be paid on June&#160;11, 2019 to all stockholders of record as of the close of business on May&#160;24, 2019.</p>  <p align="justify"><u>First Quarter of 2019 Highlights:</u></p>  <p align="justify">Total Net sales in the first quarter of 2019 were $3,958 million, compared to $3,606 million in the first quarter of 2018, an increase of 9.7 percent. There were 63 and 64 selling days for the three months ended March 31, 2019 and 2018, respectively. On an average daily sales basis, net sales growth versus the first quarter of 2018 was 11.5 percent and on a constant currency basis was 12.4 percent. Currency impact to net sales growth was driven by unfavorable translation of the British pound and Canadian dollar to US dollar. First quarter net sales and average daily sales performance included:</p>  <ul><li>Total Corporate segment Net sales in the first quarter of 2019 were $1,736 million, 12.6 percent higher than the first quarter of 2018.</li></ul>  <ul><li>Total Small Business segment Net sales in the first quarter of 2019 were $356 million, 10.3 percent higher than the first quarter of 2018.</li></ul>  <ul><li>Total Public segment Net sales in the first quarter of 2019 were $1,331 million, 9.9 percent higher than the first quarter of 2018. Public results were led by sales to Government and Healthcare customers, which increased 18.6 percent and 8.4 percent, respectively. Sales to Education customers increased 2.4 percent.</li></ul>  <ul><li>Net sales for CDW's UK and Canadian operations in the first quarter of 2019, combined as &#8220;Other&#8221; for financial reporting purposes, were $535 million, 12.6 percent higher than the first quarter of 2018. UK and Canada results were both up double digits in local currency. CDW Canada includes two months of Net sales of Scalar Decisions Inc. ("Scalar") which was acquired on February 1, 2019.</li></ul>  <p align="justify">Gross profit for the first quarter of 2019 was $672 million, compared to $604 million for the same period in 2018, representing an increase of 11.3 percent. Gross profit margin was 17.0 percent for the first quarter of 2019 versus 16.7 percent in the first quarter of 2018. Gross profit margin was positively impacted by product margin improvement.</p>  <p align="justify">Total selling and administrative expenses, including advertising expense, were $443 million in the first quarter of 2019, compared to $400 million in the first quarter of 2018, representing an increase of 10.9 percent. This was primarily driven by increased sales payroll costs, two months of Scalar expenses and increased stock compensation expense.</p>  <p align="justify">Operating income was $229 million in the first quarter of 2019, compared to $204 million in the first quarter of 2018, an increase of $25 million, or 12.2 percent. Non-GAAP operating income, which excludes, among other things, acquisition-related intangible asset amortization, equity-based compensation and the related payroll taxes, and acquisition and integration expenses, was $287 million in the first quarter of 2019, compared to $259 million in the first quarter of 2018, representing an increase of 10.7 percent. For the first quarter of 2019, the Non-GAAP operating income margin was 7.3 percent compared to 7.2 percent in the first quarter of 2018.</p>  <p align="justify">Interest expense was $38 million in both the first quarter of 2019 and 2018.</p>  <p align="justify">The effective tax rate for the first quarter of 2019 was 20.2 percent, which resulted in tax expense of $39 million, compared to a 23.4 percent effective tax rate and tax expense of $39 million in the first quarter of 2018. The lower effective tax rate primarily reflects the year-over-year impact of higher excess tax benefits related to equity-based compensation and a discrete tax benefit of $3 million related to CDW Canada's acquisition of Scalar.</p>  <p align="justify">Net income was $153 million in the first quarter of 2019, compared to $127 million in the first quarter of 2018, representing an increase of 20.4 percent. Non-GAAP net income, which excludes, among other things, acquisition-related intangible asset amortization, equity-based compensation, acquisition and integration expenses, and the associated tax effects of each, was $185 million in the first quarter of 2019, compared to $163 million in the first quarter of 2018, representing an increase of 13.9 percent.</p>  <p align="justify">Weighted average diluted shares outstanding were 149 million for the first quarter of 2019, compared to 155 million for the first quarter of 2018. Net income per diluted share for the first quarter of 2019 was $1.02, compared to $0.82 for the first quarter of 2018, representing an increase of 25.0 percent. Non-GAAP net income per diluted share for the first quarter of 2019 was $1.24, compared to $1.05 for the first quarter of 2018, representing an increase of 18.2 percent.</p>  <p align="justify"><strong>Forward-Looking Statements</strong></p>  <p align="justify">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 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, 2018 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.</p>  <p align="justify"><strong>Non-GAAP Financial Information</strong></p>  <p align="justify">Non-GAAP operating income excludes, among other things, charges related to the amortization of acquisition-related intangible assets, equity-based compensation and related payroll taxes, and acquisition and integration expenses. Non-GAAP operating income margin is defined as Non-GAAP operating income as a percentage of Net sales. Non-GAAP income before income taxes and Non-GAAP net income exclude, among other things, charges related to acquisition-related intangible asset amortization, equity-based compensation, acquisition and integration expenses, and the associated tax effects of each. Net sales growth on a constant currency basis is defined as Net sales growth excluding the impact of foreign currency translation on Net sales compared to the prior period.</p>  <p align="justify">Non-GAAP operating income, Non-GAAP operating income margin, Non-GAAP income before income taxes, Non-GAAP net income, Non-GAAP net income per diluted share and 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 included or excluded in the most directly comparable measure calculated and presented in accordance with GAAP.</p>  <p align="justify">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.</p>  <p align="justify">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="justify">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="justify"><u>About CDW</u></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 9,400 coworkers. For the trailing twelve months ended March&#160;31, 2019, the company generated Net sales over $16 billion. For more information about CDW, please visit www.CDW.com.</p>  <p align="justify"><u>Webcast</u></p>  <p align="justify">CDW will hold a conference call today, May&#160;1, 2019 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&#160;approximately 90 minutes after the completion of the call and will be accessible on the site for approximately one year.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br >Beth Coronelli&#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;<br >(847) 419-7524&#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;</p>  <p align="justify"><u>Media Inquiries</u><br >Sara Granack<br >Vice President, Corporate Communications<br >(847) 419-7411<br ></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 and shares in millions, except per-share amounts)<br >(unaudited)</p> <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="vertical-align: bottom ; 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">$</td><td style="width:84.67px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(11.4</td><td style="width:4.67px;;vertical-align: bottom ; ">)</td><td style="width:5.34px;;vertical-align: bottom ; ">&#160;</td><td style="width:6.67px;;vertical-align: bottom ; ">$</td><td style="width:75.34px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(10.6</td><td style="width:4.67px;;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;"><font style="font-size: 14pt;"><strong>CDW Declares Cash Dividend of $0.295 Per Share</strong></font></p><p style="text-align: center;"><strong>Reinforces Ongoing Commitment to Delivering Value to Stockholders</strong></p><p ></p>
 <p>LINCOLNSHIRE, Ill., May  01, 2019  (GLOBE NEWSWIRE) -- CDW Corporation (NASDAQ:CDW), today announced that its Board of Directors has declared a quarterly cash dividend of $0.295 per common share to be paid on June 11, 2019, to all stockholders of record as of the close of business on May 24, 2019. &#160;This represents a 40 percent increase over last year&#8217;s dividend. 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 seven-fold and we have returned more than $2.3 billion to shareholders through share repurchases and dividends. We intend to continue to execute against our capital allocation priorities to deliver value to our shareholders just as we&#8217;ve delivered value to our customers and partners for 35 years.&#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 9,400 coworkers. For the trailing twelve months ended March&#160;31, 2019, the company generated Net sales over $16 billion. For more information about CDW, please visit www.CDW.com.</p>  <p><u>Investor Inquiries</u> <br >Beth Coronelli <br >Vice President, Investor Relations<br >847-419-7524 <br >investorrelations@cdw.com&#160;</p>  <p><u>Media Inquiries</u><br >Sara Granack<br >Vice President, Corporate Communications<br >847-419-7411<br >mediarelations@cdw.com&#160;</p>  <p align="justify">CDWPR-FI</p>  <p> </p><p ></p></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
