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- Products and Shopping. What products does CDW offer? CDW carries more than 100,000 products from more than 1,000 technology brands, including a full range of hardware and software as well as customizable IT solutions and services.
- Getting My CDW Advantage. What is included with My CDW Advantage? My CDW Advantage makes it easier and more cost effective to shop for hardware and software with a savings of up to 5% on CDW products and services.1 You'll also get access to a dedicated account team who can offer answer product questions, arrange expert consultations on complex IT solutions and provide advice to help your organization reach its goals and plan for the future.
- Pricing and Discounts. How long does My CDW Advantage discount last? Your up to 5% discount does not expire and can apply to online and offline purchases.
- Your Account Team. Who is my account team? You can rely on your dedicated account team for any product question or IT challenge, no matter how big or small.
- Q. What Is Your Investment Thesis on CDW?
- Q. How Did You Come Across This CDW Investment Idea?
- Q. How Did CDW Get to Where It Is Today?
- Q. What Is The CDW Business Model?
- Q. How Is CDW's Business Different from Accenture and Epam?
- Q. Does CDW Have A Healthy Balance Sheet?
- Q. Discuss CDW's Margins and Returns profile. Why Is Its ROIC Is Increasing?
- Q. Does CDW Generate Strong FCF and Is Its FCF growing?
- Q. What Are CDW's Competitive Advantages?
- Q. What Makes CDW's Business Unique and Hard to replicate?
CDW was founded in 1984, and its stock went public the first time in 1993. It currently generates about $18 billion in revenue, has about 10,000 employees, and has a market valuation of about $18 billion as well. CDW originally stood for Computer Discount Warehouse, but today the official name is CDW Corporation. In the early 2000s, CDW mainly sold...
I've long been aware of CDW because I report on (and own stock in) two other leading digital IT service providers, Accenture (ACN0.69%) and EPAM Systems (EPAM1.97%). If you know me, then you know that Accenture and EPAM are two of my very highest-conviction investments. I was aware that CDW had a different business model, but that it was still a hi...
CDW has shifted from selling discrete technology products to selling integrated technology solutions to include technology road-map planning (advisory), design, installation, ongoing maintenance and support, and then eventual renewal. In other words, CDW provides support across the entire IT life cycle, and by doing so it creates long-term, sticky ...
CDW acts as a middleman between technology vendors and customers. It does not manufacture products, so it spends very little on capital expenditures and nothing on research and development. A significant portion of its advertising expense is reimbursed by vendors through cooperative programs, so CDW only spends an average of about 1.2% of sales on ...
CDW is starting to offer more consulting services, so it does compete with Accenture and EPAM from time to time. But the big difference is that CDW is a value-added reseller that carries inventory on its balance sheet and has distribution centers to house that inventory and speed fulfillment. The other difference is that CDW mainly works with small...
CDW was previously owned by private equity firms (through a leveraged buyout) so it has significantly more debt than I am typically comfortable with. By the company's own account, it has "substantial indebtedness." It has $3.2 billion in net debt and $951 million in trailing FCF, according to the website New Constructs, so its net debt to FCF is ab...
As a reseller, CDW is a low-margin business. Its gross margins are stable in the 16.5% to 17% range, and its net operating profit after tax (NOPAT) margins are less than 5%. It has a long-term goal to generate free cash flow margins of about 4%. But, according to New Constructs, it was still able to generate a trailing 12-month ROIC of 17% and a re...
We've talked about revenue growth and ROIC, which are important because they ultimately drive free cash flow. CDW is a low-margin business, but its FCF is pretty strong because its average capital-expenditures-to-sales ratio is only 0.5% (that's really low) and because the company is very efficient at managing working capital and its cash conversio...
CDW's moats include its long-term relationships with both vendors and customers, the scale and scope of products and services offered and distribution capabilities, and unique insights gained from being a key partner to both customers and IT vendors. The company sits in the middle of the tech supply chain offering attractive value propositions to b...
This is similar to the competitive advantage question, but it goes a step further. I won't recommend a company that isn't truly differentiated and doesn't have differentiation that shows up through superior corporate financial performance. CDW is unique because it has multiple sources to reinforce its moat. I especially like that it is the single l...
The information technology products, expertise and service you need to make your business successful.Fast shipping, fast answers, the industry's largest in-stock inventories, custom configurations and more.
- Products and Shopping. What products does CDW offer? CDW carries more than 100,000 products from more than 1,000 technology brands, including a full range of hardware and software as well as customizable IT solutions and services.
- Getting My CDW Advantage. What is included with My CDW Advantage? My CDW Advantage makes it easier and more cost effective to shop for hardware and software with a savings of 5% on CDW products and services.*
- Pricing and Discounts. How long does My CDW Advantage discount last? Your 5% discount does not expire and can apply to online and offline purchases.* You can call 800.972.3922 or contact your dedicated account manager at any time for questions on pricing.
- Your Account Manager and Account Team. Who is my account manager and my Account Team? Your dedicated account manager is someone you can rely on for any product question or IT challenge, no matter how big or small.
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