CDW Corporation (CDW) CEO Christine Leahy on Q1 2022 Results - Earnings Call Transcript

CDW Corporation (NASDAQ:CDW) Q1 2022 Earnings Conference Call May 4, 2022 8:30 AM ET

Company Participants

Steven O’Brien - VP, IR

Christine Leahy - President and CEO

Al Miralles - SVP and CFO

Conference Call Participants

Matthew Sheerin - Stifel

Erik Woodring - Morgan Stanley

Ruplu Bhattacharya - Bank of America

Adam Tindle - Raymond James

Amit Daryanani - Evercore ISI

Jim Suva - Citigroup

Keith Housum - Northcoast Research

Operator

Welcome to the CDW First Quarter 2022 Earnings Call. At this time all participants are in a listen-only mode. After the speakers presentation there will be a question and answer session. Please be advised that today’s conference is being recorded.

I would now like to hand over the conference to your speaker today Steven O’Brien who is VP, Investor Relations. Thank you and please go ahead.

Steven O’Brien

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

Our first 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 with this 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 the Form 8-K we furnished to the SEC today and in 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 that our financial results today include the results from our acquisition of Sirius Computer Solutions, which closed on December 1, 2021.

All references to growth rates on dollar amount changes in our remarks today are versus the comparable period in 2020 unless otherwise indicated. References to growth rates for hardware, software, and services today represent US net sales only and include Sirius. They do not include results from CDW UK 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 period presented.