CDW Corporation (CDW) Q3 2022 Earnings Call Transcript

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

Operator

Hello, everyone, and welcome to the CDW Third Quarter 2022 Earnings Call. My name is Seb, and I will be the operator for the call today. There will be an opportunity for Q&A. [Operator Instructions].

I will now hand the floor over to Steve O'Brien to begin the call. Please go ahead.

Steven O'Brien

Thank you, Seb. Good morning, everyone. Joining me today to review our third quarter results are Chris Leahy, our President and Chief Executive Officer; and Al Miralles, our Chief Financial Officer.

Our third quarter earnings release was distributed this morning and is available on our website, investor.cdw.com, along with supplemental slides that you can use to follow along during the call.

I'd like to remind you that certain comments made in this presentation are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. Those statements are subject to a number of risks and uncertainties that could cause actual results to differ materially.

Additional information concerning these risks and uncertainties is contained in the earnings release and Form 8-K, which we furnished to the SEC today and in the company's other filings with the SEC. CDW assumes no obligation to update the information presented during this webcast. Our presentation also includes certain non-GAAP financial measures, including non-GAAP operating income, non-GAAP operating income margin, non-GAAP net income and non-GAAP earnings per share. All non-GAAP measures have been reconciled to the most directly comparable GAAP measures in accordance with SEC rules. You'll find reconciliation charts in the slides for today's webcast and in our earnings release and Form 8-K we furnished to the SEC today.

Please note, our financial results today include results from our acquisition of Sirius Computer Solutions, which closed on December 1, 2021, all references to growth rates or dollar amount changes in our remarks today are versus the comparable period in 2021, unless otherwise indicated. References to growth rates for hardware, software and services today represent U.S. net sales only and include Sirius. They do not include the results from our CDW U.K. or Canada. References to growth rates for specific products and solutions, including cloud and security today represent U.S. net sales only and exclude Sirius. The historic combined information of CDW and Sirius discussed herein is for illustrative purposes only and is not necessarily indicative of results that would have been achieved had the acquisition occurred at the beginning of the periods presented.