Cdw Corp
Management Discussion synthesis.

Table of Contents Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Unless otherwise indicated or the context otherwise requires, as used in this "Management's Discussion and Analysis of Financial Condition and Results of Operations," the terms "we," "us," "the Company," "our," "CDW" and similar terms refer to CDW Corporation and its subsidiaries. "Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read in conjunction with the unaudited interim Consolidated Financial Statements and the related notes included elsewhere in this report and with the audited Consolidated Financial Statements and the related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. This discussion contains forward-looking statements that are subject to numerous risks and uncertainties. Actual results may differ materially from those contained in any forward-looking statements. See "Forward-Looking Statements" at the end of this discussion.

Non-GAAP operating income and Non-GAAP operating income margin Three Months Ended June 30, (dollars in millions)2024Percentage of Net Sales2023Percentage of Net SalesPercent Change

Trends and Key Factors Affecting our Financial Performance We believe the following key factors may have a meaningful impact on our business performance, influencing our ability to generate sales and achieve our targeted financial and operating results: •General economic conditions are a key factor affecting our results as they can impact our customers' willingness and ability to spend on information technology. Macroeconomic uncertainty persists as a result of the current inflationary environment, the corresponding increase in interest rates driven by monetary policy and lower economic growth rates in the United States and other countries. The uncertainty in the current economic environment resulted in, and may continue to result in, a delay, pause or reduction of investments in technology by our customers. •Customers continue to balance priorities to focus on solutions that lead to business optimization, cost management and security risk management and in many cases are reassessing the timing of IT refresh cycles and pausing or deferring their IT spend. We have orchestrated solutions by leveraging netcomm products, security, software and hybrid and cloud offerings to help customers achieve their objectives. •Changes in spending policies, budget priorities and funding levels, including current and future stimulus packages, are key factors influencing the purchasing levels of Government, Healthcare and Education customers. As the duration and ongoing impact of current economic conditions remain uncertain, current and future budget priorities and funding levels for Government, Healthcare and Education customers may be adversely affected, leading to lower IT spend. •Technology trends drive customer purchasing behaviors in the market. Current technology trends are focused on delivering greater flexibility and efficiency, as well as designing and managing IT securely. These trends are driving customer adoption of solutions such as those delivered via cloud, software defined architectures and hybrid on-premise and off-premise combinations, as well as the evolution of the IT consumption model to more "as a service" offerings, including software as a service and infrastructure as a service, in addition to ongoing managed and professional service arrangements. Technology trends are likely to change as customers prioritize the projects that produce the most important outcomes for their business.

Key Business Metrics We monitor a number of financial and non-financial measures and ratios on a regular basis in order to track the progress of our business and make adjustments as necessary. We believe that the most important of these measures and ratios include average daily sales, Gross profit, Net income, Operating income, Operating income margin, Non-GAAP operating income, Non-GAAP operating income margin, Non-GAAP net income, Net sales on a constant currency basis, Net income per diluted share, Non-GAAP net income per diluted share, Free cash flow, Adjusted free cash flow, Cash and cash equivalents, cash conversion cycle and debt levels including available credit. These measures and ratios are closely monitored by management, so that actions can be taken, as necessary, in order to achieve financial objectives. In this section, we present Non-GAAP operating income, Non-GAAP operating income margin, Non-GAAP net income, Non-GAAP net income per diluted share, Net sales on a constant currency basis, Free cash flow and Adjusted free cash flow, which are non-GAAP financial measures. We believe Non-GAAP operating income, Non-GAAP operating income margin, Non-GAAP net income, Non-GAAP net income per diluted share and Net sales on a constant currency basis provide analysts, investors and management with helpful information regarding the underlying operating performance of our business, as they remove the impact of items that management believes are not reflective of underlying operating performance. Management uses these measures to evaluate period-over-period performance as management believes they provide a more comparable measure of the underlying business. We also present Free cash flow and Adjusted free cash flow as we believe these measures provide more information regarding our liquidity and capital resources. Certain non-GAAP financial measures are also used to determine certain components of performance-based compensation. For the definitions of Non-GAAP measures and reconciliations to the most directly comparable US GAAP measure, see "Results of Operations - Non-GAAP Financial Measure Reconciliations." 26

Non-GAAP net income per diluted share$9.88 $9.79 Shares used in computing US GAAP and Non-GAAP net income per diluted share136.3 137.0 (1)Income tax on non-GAAP adjustments includes excess tax benefits associated with equity-based compensation.

Seasonality While we have not historically experienced significant seasonality throughout the year, sales in our Corporate segment, which primarily serves US private sector business customers with more than 250 employees, have historically been higher in the fourth quarter than in other quarters due to customers spending their remaining technology budget dollars at the end of the year. Additionally, sales in our Public segment have historically been higher in the third quarter than in other quarters primarily due to the buying patterns of the federal government and education customers. Since 2020, we have experienced variability compared to historic seasonality trends. Seasonality by channel is expected to continue to be different than historical experience.

Liquidity and Capital Resources Overview We finance our operations and capital expenditures with cash from operations and borrowings under our revolving loan facility. As of December 31, 2023, we had $1.2 billion of availability for borrowings under our revolving loan facility. Our liquidity and borrowing plans are established to align with our financial and strategic planning processes and ensure we have the necessary funding to meet our operating commitments, which primarily include the purchase of inventory, payroll and general expenses. We also take into consideration our overall capital allocation strategy, which includes dividend payments, assessment of debt levels, acquisitions and share repurchases. We believe we have adequate sources of liquidity and funding available for at least the next year; however, there are a number of factors that may negatively impact our available sources of funds. The amount of cash generated from operations will be dependent upon factors such as the successful execution of our business plan, general economic conditions and working capital management. Our material contractual obligations consist of debt and related interest payments and operating leases. See Note 9 (Debt) and Note 11 (Leases) to the accompanying Consolidated Financial Statements for additional information regarding future maturities of debt and operating leases.

Long-Term Debt and Financing Arrangements During the year ended December 31, 2023, we prepaid $150 million on our senior unsecured term loan facility without penalty. No additional mandatory payments are required on the remaining principal amount until its maturity date on December 1, 2026. As of December 31, 2023, we had total unsecured indebtedness of $5.6 billion and we were in compliance with the covenants under our credit agreements and indentures. We may from time to time repurchase one or more series of our outstanding unsecured senior notes, depending on market conditions, contractual commitments, our capital needs and other factors. Repurchases of our senior notes may be made by open market or private transactions and may be pursuant to Rule 10b5-1 plans or otherwise.

(2)The change is primarily due to higher sales activity during the fourth quarter 2023, partially offset by collection performance. (3)The change is primarily due to higher sales activity during the fourth quarter 2023 and timing of payments. (4)The change is primarily due to lower contract assets and vendor receivables, partially offset by decreased accrued compensation and lower contract liabilities in 2023. In order to manage our working capital and operating cash needs, we monitor our cash conversion cycle, defined as days of sales outstanding in accounts receivable plus days of supply in inventory minus days of purchases outstanding in accounts payable, based on a rolling three-month average. Components of our cash conversion cycle are as follows: December 31,

Operating income1,507.3 1,584.7 Net income945.6 1,005.8 Commitments and Contingencies The information set forth in Note 16 (Commitments and Contingencies) to the accompanying Consolidated Financial Statements included in Part II, Item 8 of this report is incorporated herein by reference. 35

Recent Accounting Pronouncements The information set forth in Note 2 (Recent Accounting Pronouncements) to the accompanying Consolidated Financial Statements included in Part II, Item 8 of this report is incorporated herein by reference.

Overview CDW Corporation ("Parent"), a Fortune 500 company and member of the S&P 500 Index, is a leading multi-brand provider of information technology ("IT") solutions to small, medium and large business, government, education and healthcare customers in the United States ("US"), the United Kingdom ("UK") and Canada. Our broad array of offerings ranges from discrete hardware and software products to integrated IT solutions and services that include on-premise and cloud capabilities across hybrid infrastructure, digital experience and security. We have three reportable segments, Corporate, Small Business and Public. Our Corporate segment primarily serves US private sector business customers with more than 250 employees. Our Small Business segment primarily serves US private sector business customers with up to 250 employees. Our Public segment is comprised of government agencies and education and healthcare institutions in the US. We also have two other operating segments: CDW UK and CDW Canada, each of which do not meet the reportable segment quantitative thresholds and, accordingly, are included in an all other category ("Other"). We are vendor, technology and consumption model unbiased, with a solutions portfolio including more than 100,000 products and services from more than 1,000 leading and emerging brands. Our solutions are delivered in physical, virtual and cloud-based environments through approximately 11,000 customer-facing coworkers, including sellers, highly-skilled technology specialists and advanced service delivery engineers. We are a leading sales channel partner for many original equipment manufacturers, software publishers and cloud providers (collectively, our "vendor partners"), whose products we sell or include in the solutions we offer. We provide our vendor partners with a cost-effective way to reach customers and deliver a consistent brand experience through our established end-market coverage, technical expertise and extensive customer access. We may sell all or only select products that our vendor partners offer. Each vendor partner agreement provides for specific terms and conditions, which may include one or more of the following: product return privileges, price protection policies, purchase discounts and vendor incentive programs, such as purchase or sales rebates and cooperative advertising reimbursements. We also resell software for major software publishers. Our agreements with software publishers allow the end-user customer to acquire software or licensed products and services. In addition to helping our customers determine the best software solutions for their needs, we help them manage their software agreements, including warranties and renewals. A significant portion of our advertising and marketing expenses are reimbursed through cooperative advertising programs with our vendor partners. These programs are at the discretion of our vendor partners and are typically tied to sales or other commitments to be met by us within a specified period of time.

Operating income by segment, in dollars and as a percentage of Net sales by segment, and the year-over-year percentage change are as follows: Three Months Ended June 30,

(2)Includes amortization expense for acquisition-related intangible assets, primarily customer relationships, customer contracts and trade names. (3)Includes costs related to strategic transformation initiatives focused on optimizing various operations and systems.

Share Repurchase Program During the six months ended June 30, 2024, we repurchased 1.1 million shares of our common stock for $254 million under the previously announced share repurchase program. For additional information on our share repurchase program, see "Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds."

Dividends A summary of 2024 dividend activity for our common stock is as follows: Dividend AmountDeclaration DateRecord DatePayment Date $0.620February 6, 2024February 26, 2024March 12, 2024

$0.620April 30, 2024May 24, 2024June 11, 2024 On July 31, 2024, we announced that our Board of Directors declared a quarterly cash dividend on our common stock of $0.620 per share. The dividend will be paid on September 10, 2024 to all stockholders of record as of the close of business on August 26, 2024. The payment of any future dividends will be at the discretion of our Board of Directors and will depend upon our results of operations, financial condition, business prospects, capital requirements, contractual restrictions (including in current or future agreements governing our indebtedness), restrictions imposed by applicable law, tax considerations and other factors that our Board of Directors deems relevant.

Cash Flows Cash flows from operating, investing and financing activities are as follows: Six Months Ended June 30, (dollars in millions)20242023 Net cash provided by operating activities$589.9 $593.6

(in days)20242023 Days of sales outstanding (DSO)(1) 72 67 Days of supply in inventory (DIO)(2) 13 14 Days of purchases outstanding (DPO)(3) (68)(67)

Cash conversion cycle17 14 (1)Represents the rolling three-month average of the balance of Accounts receivable, net at the end of the period, divided by average daily Net sales for the same three-month period. Also incorporates components of other miscellaneous receivables. (2)Represents the rolling three-month average of the balance of Merchandise inventory at the end of the period divided by average daily Cost of sales for the same three-month period. (3)Represents the rolling three-month average of the combined balance of Accounts payable-trade, excluding cash overdrafts, and Accounts payable-inventory financing at the end of the period divided by average daily Cost of sales for the same three-month period. The cash conversion cycle increased to 17 days at June 30, 2024, compared to 14 days at June 30, 2023. The overall increase was primarily driven by an increase in DSO due to timing of collections, including multi-year transactions. In addition, netted down revenue has an unfavorable impact to DSO and a favorable impact to DPO as the corresponding receivables and payables reflect the gross amounts due from customers and due to vendors while the corresponding sales and cost of sales are reflected on a net basis within Net sales.

Financing Activities Net cash used in financing activities decreased $110 million for the six months ended June 30, 2024 compared to June 30, 2023. This decrease was primarily driven by lower share repurchases and lower repayments on debt, partially offset by decreased activity associated with inventory financing arrangements. For additional information regarding the inventory financing agreements and debt activities, see Note 4 (Inventory Financing Agreements) and Note 6 (Debt) to the accompanying Consolidated Financial Statements. 31

Issuers and Guarantors of Debt Securities Each series of our outstanding unsecured senior notes (the "Notes") are issued by CDW LLC and CDW Finance Corporation (the "Issuers") and are guaranteed by Parent and certain of CDW LLC's direct and indirect, 100% owned, domestic subsidiaries (the "Guarantor Subsidiaries" and, together with Parent, the "Guarantors"). All guarantees by Parent and the Guarantor Subsidiaries are joint and several, and full and unconditional; provided that guarantees by the Guarantor Subsidiaries are subject to certain customary release provisions contained in the indentures governing the Notes.

The Notes and the related guarantees are the Issuers' and the Guarantors' senior unsecured obligations and are: •structurally subordinated to all existing and future indebtedness and other liabilities of our non-guarantor subsidiaries; and

•rank equal in right of payment with all of the Issuers' and the Guarantors' existing and future unsecured senior debt. The following tables set forth Balance Sheet information as of June 30, 2024 and December 31, 2023, and Statement of Operations information for the six months ended June 30, 2024 and for the year ended December 31, 2023. The financial information includes the accounts of the Issuers and the accounts of the Guarantors (the "Obligor Group"). The financial information of the Obligor Group is presented on a combined basis and the intercompany balances and transactions between the Obligor Group have been eliminated.

Non-GAAP net income per diluted share$7.04 $7.31 Shares used in computing US GAAP and Non-GAAP net income per diluted share135.5136.4 (1)Income tax on non-GAAP adjustments includes excess tax benefits associated with equity-based compensation.

(4)The change is primarily due to timing of payments, including multi-year transactions. (5)The change is primarily due to higher vendor receivables in 2024. 32 In order to manage our working capital and operating cash needs, we monitor our cash conversion cycle, defined as days of sales outstanding in accounts receivable plus days of supply in inventory minus days of purchases outstanding in accounts payable, based on a rolling three-month average. Components of our cash conversion cycle are as follows: September 30,

Cash Flows Cash flows from operating, investing and financing activities are as follows: Six Months Ended June 30, (dollars in millions)20242023 Net cash provided by operating activities$589.9 $593.6

Adjusted free cash flow(3) $764.1 $1,112.9 (1)Defined as total debt minus Cash and cash equivalents and Short-term investments. (2)Defined as days of sales outstanding in Accounts receivable and certain receivables due from vendors plus days of supply in Merchandise inventory minus days of purchases outstanding in Accounts payable-trade and Accounts payable-inventory financing, based on a rolling three-month average. (3)Defined as Net cash provided by operating activities less Capital expenditures, adjusted to include cash flows from financing activities that relate to the purchase of inventory. 22

Results of Operations Results of operations, including Gross profit margin and Operating income margin, expressed as Gross profit and Operating income as a percentage of Net sales, respectively, for the three and nine months ended September 30, 2024 and 2023 are below. For additional information on Net sales and Operating income by segment, see the "Segment Results of Operations." Three Months Ended September 30,Nine Months Ended September 30,

Net income$316.4 $315.5 0.3 %$813.6 $808.2 0.7 % *nm - Not meaningful Three months ended September 30, 2024 compared with the three months ended September 30, 2023 Net sales decreased $112 million, or 2.0%, with lower Net sales in the Public and Corporate segments, partially offset by UK and Canadian operations. The decrease was primarily due to a decrease in netcomm products, partially offset by an increase in notebooks/mobile devices. Continued economic uncertainty and the complex technology landscape has led customers to be cautious and measured in their approach to technology spending, leading to a decline in Net sales. Gross profit decreased $27 million, or 2.2%, primarily due to lower Net sales across various hardware categories, partially offset by increased netted down revenue. Gross profit margin, expressed as Gross profit as a percentage of Net sales, remained consistent at 21.8%. Selling and administrative expenses decreased $30 million, or 4.0%, primarily due to lower performance-based compensation, including equity-based compensation, consistent with lower attainment against certain financial measures. Operating income increased $3 million, or 0.7%, to $482 million for the three months ended September 30, 2024 compared to $478 million for the three months ended September 30, 2023. Interest expense, net includes interest expense and interest income. Interest expense, net decreased $3 million, or 5.2%, primarily due to increased interest income earned on higher average cash balances, partially offset by increased interest expense on higher debt levels. Income tax expense increased $7 million, or 6.6%. The effective tax rate, expressed by calculating income tax expense as a percentage of Income before income taxes, was 26.0% and 24.8% for the three months ended September 30, 2024 and 2023, respectively. The increase in the effective tax rate was primarily attributable to lower excess tax benefits on equity-based compensation.

Trends and Key Factors Affecting our Financial Performance We believe the following key factors may have a meaningful impact on our business performance, influencing our ability to generate sales and achieve our targeted financial and operating results: •General economic conditions are a key factor affecting our results as they can impact our customers' willingness and ability to spend on information technology. Macroeconomic uncertainty persists as a result of the inflationary environment and corresponding level of interest rates driven by monetary policy. The uncertainty in the current economic environment resulted in, and may continue to result in, a delay, pause or reduction of investments in technology by our customers. •Customers are evaluating the complex technology landscape in order to balance priorities and focus on solutions that lead to business optimization, cost management and security risk management, resulting in a more measured approach to their IT spending. We have orchestrated solutions by leveraging security, software and hybrid and cloud offerings to help customers achieve their objectives. •Changes and uncertainty related to spending policies, budget priorities, timing and funding levels, including current and future stimulus packages, are key factors influencing the purchasing levels of government, healthcare and education customers. As the duration and ongoing impact of current economic conditions remain uncertain, current

Operating income by segment, in dollars and as a percentage of Net sales by segment, and the year-over-year percentage change are as follows: Three Months Ended September 30,

Headquarters(3) (45.7)nm*(45.4)nm*(0.7) Total Operating income$481.6 8.7 %$478.4 8.5 %0.7 % Nine Months Ended September 30, 20242023 (dollars in millions)Operating IncomePercentage of Segment Net SalesOperating IncomePercentage of Segment Net SalesPercent Changein OperatingIncome

Headquarters(3) (136.4)nm*(168.3)nm*19.0 Total Operating income$1,242.7 7.9 %$1,245.9 7.6 %(0.3)% * nm - Not meaningful (1)Segment operating income includes the segment's direct operating income, allocations for certain headquarters function costs, allocations for income and expenses from logistics services, certain inventory adjustments and volume rebates and cooperative advertising from vendors.

Nine months ended September 30, 2024 compared with the nine months ended September 30, 2023 Corporate segment Net sales decreased $183 million, or 2.7%, primarily due to a decrease in netcomm products, partially offset by an increase in notebooks/mobile devices. As a result, Gross profit dollars decreased although partially offset by increased netted down revenue. Corporate segment Operating income decreased $27 million, or 4.4%, primarily due to lower Gross profit dollars, partially offset by lower performance-based compensation, including equity-based compensation, consistent with lower attainment against certain financial measures. Small Business segment Net sales decreased $43 million, or 3.6%, primarily due to a decline across all hardware categories, partially offset by an increase in services. As a result, Gross profit dollars decreased although partially offset by increased netted down revenue. Small Business segment Operating income increased $9 million, or 6.6%, as Gross profit dollars declined but were more than offset by a decrease across various selling and administrative expenses. Public segment Net sales decreased $226 million, or 3.5%, primarily due to a decrease across various hardware categories. Most notably, netcomm products decreased across all sales channels and collaboration products decreased within the Education sales channel, partially offset by an increase in notebooks/mobile devices across all sales channels. As a result, Gross profit dollars decreased although partially offset by increased netted down revenue. Public segment Operating income remained consistent for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 with an increase of $1 million, or 0.1%, as Gross profit dollars declined but were more than offset by lower performance-based compensation, including equity-based compensation, consistent with lower attainment against certain financial measures. Net sales in Other, which is comprised of results from our UK and Canadian operations, decreased $93 million, or 4.7%, primarily due to a decrease in software related to the UK operations. As a result, Gross profit dollars decreased although partially offset by increased netted down revenue. Other Operating income decreased $17 million, or 17.3%, primarily due to increased transformation initiative expense and less favorable bad debt expense for expected credit losses.

Non-GAAP operating income and Non-GAAP operating income margin Three Months Ended September 30, (dollars in millions)2024Percentage of Net Sales2023Percentage of Net SalesPercent Change

Operating income, as reported$481.6 8.7 %$478.4 8.5 %0.7 % Amortization of intangibles(1) 37.7 37.3 Equity-based compensation2.7 26.0 Transformation initiatives(2)

(dollars in millions)2024Percentage of Net Sales2023Percentage of Net SalesPercent Change Operating income, as reported$1,242.7 7.9 %$1,245.9 7.6 %(0.3)%

Workplace optimization(3) 9.5 42.5 Other adjustments6.4 3.5 Non-GAAP operating income$1,447.8 9.2 %$1,520.4 9.3 %(4.8)% (1)Includes amortization expense for acquisition-related intangible assets, primarily customer relationships, customer contracts and trade names.

Shares used in computing US GAAP and Non-GAAP net income per diluted share134.9 135.9 Nine Months Ended September 30, 20242023 (dollars and shares in millions, except per share amounts)Income before income taxesIncome tax expense(1)

Net incomeIncome before income taxesIncome tax expense(1) Net incomeNet Income Percent Change US GAAP, as reported$1,083.9 $(270.3)$813.6 $1,069.5 $(261.3)$808.2 0.7 %

(4)Includes costs related to the workforce reduction program and charges related to the reduction of our real estate lease portfolio. 29 Net sales on a constant currency basis Three Months Ended September 30,Nine Months Ended September 30,

(2)Represents the effect of translating the prior year results of CDW UK and CDW Canada at the average exchange rates applicable in the current year. Free cash flow and Adjusted free cash flow Nine Months Ended September 30,

(dollars in millions)20242023 Net cash provided by operating activities$932.0 $1,062.2 Capital expenditures(94.0)(114.7) Free cash flow838.0 947.5 Net change in accounts payable - inventory financing(73.9)165.4

Share Repurchase Program During the nine months ended September 30, 2024, we repurchased 1.6 million shares of our common stock for $354 million under the previously announced share repurchase program. For additional information on our share repurchase program, see "Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds."

$0.620April 30, 2024May 24, 2024June 11, 2024 $0.620July 30, 2024August 26, 2024September 10, 2024 On October 30, 2024, we announced that our Board of Directors declared a quarterly cash dividend on our common stock of $0.625 per share. The dividend will be paid on December 10, 2024 to all stockholders of record as of the close of business on November 25, 2024. The payment of any future dividends will be at the discretion of our Board of Directors and will depend upon our results of operations, financial condition, business prospects, capital requirements, contractual restrictions (including in current or future agreements governing our indebtedness), restrictions imposed by applicable law, tax considerations and other factors that our Board of Directors deems relevant. 31

(in days)20242023 Days of sales outstanding (DSO)(1) 79 73 Days of supply in inventory (DIO)(2) 14 14 Days of purchases outstanding (DPO)(3) (76)(72)

Cash conversion cycle17 15 (1)Represents the rolling three-month average of the balance of Accounts receivable, net at the end of the period, divided by average daily Net sales for the same three-month period. Also incorporates components of other miscellaneous receivables. (2)Represents the rolling three-month average of the balance of Merchandise inventory at the end of the period divided by average daily Cost of sales for the same three-month period. (3)Represents the rolling three-month average of the combined balance of Accounts payable-trade, excluding cash overdrafts, and Accounts payable-inventory financing at the end of the period divided by average daily Cost of sales for the same three-month period. The cash conversion cycle increased to 17 days at September 30, 2024, compared to 15 days at September 30, 2023. The overall increase was primarily driven by an increase in DSO due to multi-year transactions and timing of collections. This was partially offset by an increase in DPO due to multi-year transactions and timing of payments. Netted down revenue results in an increase to both DSO and DPO as the corresponding receivables and payables reflect the gross amounts due from customers and due to vendors while the corresponding sales and cost of sales are reflected on a net basis within Net sales.

Financing Activities Net cash used in financing activities decreased $469 million for the nine months ended September 30, 2024 compared to September 30, 2023. This decrease was primarily driven by the Notes issuance and lower share repurchases, partially offset by the payments related to the settlement on the cash tender offer and decreased activity associated with inventory financing arrangements. For additional information regarding the inventory financing agreements, see Note 4 (Inventory Financing Agreements) and for debt activities, see Note 5 (Debt) to the accompanying Consolidated Financial Statements.

•rank equal in right of payment with all of the Issuers' and the Guarantors' existing and future unsecured senior debt. The following tables set forth Balance Sheet information as of September 30, 2024 and December 31, 2023, and Statement of Operations information for the nine months ended September 30, 2024 and for the year ended December 31, 2023. The financial information includes the accounts of the Issuers and the accounts of the Guarantors (the "Obligor Group"). The financial information of the Obligor Group is presented on a combined basis and the intercompany balances and transactions between the Obligor Group have been eliminated. 33

Balance Sheet Information (dollars in millions)September 30, 2024December 31, 2023 Current assets$6,678.6 $5,770.0 Goodwill3,940.7 3,939.7 Other assets2,093.4 1,978.4

Statement of Operations Information (dollars in millions)Nine Months Ended September 30, 2024Year Ended December 31, 2023 Net sales$13,913.7 $18,759.4

Gross profit3,079.0 4,106.4 Operating income1,170.0 1,507.3 Net income762.2 945.6 Commitments and Contingencies The information set forth in Note 9 (Commitments and Contingencies) to the accompanying Consolidated Financial Statements is incorporated herein by reference.

Recent Accounting Pronouncements The information set forth in Note 2 (Recent Accounting Pronouncements) to the accompanying Consolidated Financial Statements is incorporated herein by reference.

Table of Contents Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Unless otherwise indicated or the context otherwise requires, as used in this "Management's Discussion and Analysis of Financial Condition and Results of Operations," the terms "we," "us," "the Company," "our," "CDW" and similar terms refer to CDW Corporation and its subsidiaries. "Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read in conjunction with the unaudited interim Consolidated Financial Statements and the related notes included elsewhere in this report and with the audited Consolidated Financial Statements and the related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. This discussion contains forward-looking statements that are subject to numerous risks and uncertainties. Actual results may differ materially from those contained in any forward-looking statements. See "Forward-Looking Statements" at the end of this discussion.

Interest expense, net increased $6 million, or 11.3%, primarily due to increased interest expense on higher debt levels and lower interest income earned. Income tax expense was $79 million and $61 million for the three months ended March 31, 2025 and 2024, respectively. The effective income tax rate, expressed by calculating the income tax expense as a percentage of Income before income taxes, was 26.0% and 21.9% for the first three months ended March 31, 2025 and 2024, respectively. The effective income tax rate for the three months ended March 31, 2025 differed from the US federal statutory rate of 21.0% primarily due to state and local income taxes. The effective income tax rate for the three months ended March 31, 2024 differed from the US federal statutory rate of 21.0% primarily due to state and local income taxes, partially offset by excess tax benefits on equity-based compensation. The higher effective income tax rate for the three months ended March 31, 2025 as compared to the same period of the prior year was primarily attributable to lower excess tax benefits on equity-based compensation. 20

(3)Includes costs related to workforce reductions and charges related to the reduction of our real estate lease portfolio. 23 Non-GAAP net income and Non-GAAP net income per diluted share Three Months Ended March 31,

Liquidity and Capital Resources Overview We finance our operations and capital expenditures with cash from operations and borrowings under our variable rate senior unsecured revolving loan facility (the "Revolving Loan Facility"). As of December 31, 2024, we had $1.2 billion of availability for borrowings under our Revolving Loan Facility. Our liquidity and borrowing plans are established to align with our financial and strategic planning processes and ensure we have the necessary funding to meet our operating commitments, which primarily include the purchase of inventory, payroll and general expenses. We also take into consideration our overall capital allocation strategy, which includes dividend payments, assessment of debt levels, acquisitions and share repurchases. We believe we have adequate sources of liquidity and funding available for at least the next year; however, there are a number of factors that may negatively impact our available sources of funds. The amount of cash generated from operations will be dependent upon factors such as the successful execution of our business plan, general economic conditions and working capital management. Our material contractual obligations consist of debt and related interest payments and operating leases. For additional information regarding future maturities of debt and operating leases, see Note 8 (Debt) and Note 11 (Leases), respectively, to the accompanying Consolidated Financial Statements included in Part II, Item 8 of this report.

Overview CDW Corporation ("Parent"), a Fortune 500 company and member of the S&P 500 Index, is a leading multi-brand provider of information technology ("IT") solutions to business, government, education and healthcare customers in the United States ("US"), the United Kingdom ("UK") and Canada. Our broad array of offerings ranges from discrete hardware and software products to integrated IT solutions and services that include on-premise and cloud capabilities across hybrid infrastructure, digital experience and security. We have three reportable segments: Corporate, Small Business and Public. Our Corporate segment primarily serves US private sector business customers with more than 250 employees. Our Small Business segment primarily serves US private sector business customers with up to 250 employees. Our Public segment is comprised of government agencies and education and healthcare institutions in the US. We also have two other operating segments: CDW UK and CDW Canada, each of which do not meet the reportable segment quantitative thresholds and, accordingly, are included in an all other category ("Other"). We are vendor, technology and consumption model unbiased, with a solutions portfolio including more than 100,000 products and services from more than 1,000 leading and emerging brands. Our solutions are delivered in physical, virtual and cloud-based environments through approximately 10,850 customer-facing coworkers, including sellers, highly-skilled specialists and engineers. We are a leading sales channel partner for many original equipment manufacturers, software publishers, cloud providers (collectively, our "vendor partners"), and wholesale distributors, whose products we sell or include in the solutions we offer. We provide our vendor partners with a cost-effective way to reach customers and deliver a consistent brand experience through our established end-market coverage, technical expertise and extensive customer access. We may sell all or only select products that our vendor partners offer. Each vendor partner agreement provides for specific terms and conditions, which may include one or more of the following: product return privileges, price protection policies, purchase discounts and vendor incentive programs, such as purchase or sales rebates and cooperative advertising reimbursements. We also resell software for major software publishers. Our agreements with software publishers allow the end-user customer to acquire software or licensed products and services. In addition to helping our customers determine the best software solutions for their needs, we help them manage their software agreements, including warranties and renewals. A significant portion of our advertising and marketing expenses are reimbursed through cooperative advertising programs with our vendor partners. These programs are at the discretion of our vendor partners and are typically tied to sales or other commitments to be met by us within a specified period of time.

Trends and Key Factors Affecting our Financial Performance We believe the following key factors may have a meaningful impact on our business performance, influencing our ability to generate sales and achieve our targeted financial and operating results: •General economic conditions are a key factor affecting our results as they can impact our customers' willingness and ability to spend on information technology. The prevailing economic conditions remain challenging, largely due to ongoing uncertainty surrounding evolving global trade law provisions or regulations, along with other drivers. These dynamics may continue to influence supply chains, drive inflationary pressures and affect interest rates. The uncertainty in the current economic environment has impacted and may continue to impact the timing of our customer's investments in technology. •Customers are evaluating the complex technology landscape in order to balance priorities and focus on solutions that lead to business optimization, cost management and security risk management, resulting in a more measured approach to their IT spending. We have orchestrated solutions by leveraging security, software, hybrid and cloud offerings to help customers achieve their objectives. •Changes and uncertainty related to spending policies, budget priorities, timing and funding levels are key factors influencing the purchasing levels of government, healthcare and education customers. As the duration and ongoing impact of current economic conditions remain uncertain, current and future budget priorities and funding levels for government, healthcare and education customers may be adversely affected, leading to lower IT spend. •Technology trends drive customer purchasing behaviors in the market. Current technology trends are focused on delivering greater flexibility and efficiency, as well as designing and managing IT securely. These trends are driving customer adoption of cloud, artificial intelligence, software defined architectures and hybrid on-premise and off-premise combinations. The trends are further driven by the evolution of the IT consumption model to more "as a service" offerings, including software as a service and infrastructure as a service, in addition to ongoing managed and professional service arrangements. Technology trends are likely to evolve as customers prioritize spend that will produce the most important outcomes for their business.

132.2 19.4 120.7 19.1 11.5 9.5 Total Gross profit$1,122.3 21.6 %$1,063.3 21.8 %$59.0 5.5 % (1)Includes the financial results for our other operating segments, CDW UK and CDW Canada, which do not meet the reportable segment quantitative thresholds. 21

39.1 5.7 25.3 4.0 13.8 54.5 Headquarters(3) (83.0)nm*(47.8)nm*(35.2)(73.6) Total Operating income$361.4 7.0 %$328.0 6.7 %$33.4 10.2 % * nm - Not meaningful (1)Segment operating income includes the segment's direct operating income, allocations for certain headquarters function costs, allocations for income and expenses from logistics services, certain inventory adjustments and volume rebates and cooperative advertising from vendors.

Other Operating income increased $14 million, or 54.5%, primarily due to higher Gross profit dollars related to the UK operations. Non-GAAP Financial Measure Reconciliations Generally, a non-GAAP financial measure is a numerical measure of a company's performance or financial condition 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 US GAAP. Non-GAAP measures used by management may differ from similar measures used by other companies, even when similar terms are used to identify such measures. Our non-GAAP performance measures include Non-GAAP operating income, Non-GAAP operating income margin, Non-GAAP net income, Non-GAAP net income per diluted share and Net sales on a constant currency basis, and our non-GAAP financial condition measures include Free cash flow and Adjusted free cash flow. These non-GAAP performance measures and non-GAAP financial condition measures are collectively referred to as "non-GAAP financial measures." Non-GAAP operating income excludes, among other things, charges related to the amortization of acquisition-related intangible assets, equity-based compensation and the associated payroll taxes, acquisition and integration expenses, transformation initiatives and workplace optimization. Non-GAAP operating income margin is defined as Non-GAAP operating income as a percentage of Net sales. Non-GAAP net income and Non-GAAP net income per diluted share exclude, among other things, charges related to the amortization of acquisition-related intangible assets, equity-based compensation and the associated payroll taxes, acquisition and integration expenses, transformation initiatives, workplace optimization and their associated income tax effects. Net sales on a constant currency basis is defined as Net sales excluding the impact of foreign currency translation on Net sales. Free cash flow is defined as Net cash provided by operating activities less capital expenditures. Adjusted free cash flow is defined as Free cash flow adjusted to include certain cash flows from financing activities incurred in the normal course of operations or as capital expenditures. We believe our non-GAAP performance measures provide analysts, investors and management with useful information regarding the underlying operating performance of our business, as they remove the impact of items that management believes are not reflective of underlying operating performance. Management uses these measures to evaluate period-over-period performance as management believes they provide a more comparable measure of the underlying business. We also present non-GAAP financial condition measures as we believe they provide analysts, investors and management with more information regarding our liquidity and capital resources. Certain non-GAAP financial measures are also used to determine certain components of performance-based compensation. We have included reconciliations of our non-GAAP financial measures to the most comparable US GAAP financial measures for the three months ended March 31, 2025 and 2024 below.

Non-GAAP operating income and Non-GAAP operating income margin Three Months Ended March 31, (dollars in millions)2025Percentage of Net Sales2024Percentage of Net SalesPercent Change

(1)Includes amortization expense for acquisition-related intangible assets, primarily customer relationships, customer contracts and trade names. (2)Includes costs related to strategic transformation initiatives focused on optimizing various operations and systems.

The results of certain key business metrics for the comparative periods are as follows: Three Months Ended March 31, (dollars in millions, except per share amounts and percentages)20252024

Seasonality While we have not historically experienced significant seasonality throughout the year, sales in our Public segment have historically been higher in the second and third quarter than in other quarters primarily due to the buying patterns of education and government customers. 24

Share Repurchase Program During the three months ended March 31, 2025, we repurchased 1.1 million shares of our common stock for $200 million under the previously announced share repurchase program. For additional information on our share repurchase program, see "Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds."

(in days)20252024 Days of sales outstanding (DSO)(1) 86 75 Days of supply in inventory (DIO)(2) 13 14 Days of purchases outstanding (DPO)(3) (84)(73)

Cash conversion cycle15 16 (1)Represents the rolling three-month average of the balance of the current portion of Accounts receivable, net at the end of the period, divided by average daily Net sales for the same three-month period. Also incorporates components of other miscellaneous receivables. (2)Represents the rolling three-month average of the balance of Merchandise inventory at the end of the period divided by average daily Cost of sales for the same three-month period. (3)Represents the rolling three-month average of the combined balance of Accounts payable-trade, excluding cash overdrafts, and Accounts payable-inventory financing at the end of the period divided by average daily Cost of sales for the same three-month period. The cash conversion cycle decreased to 15 days at March 31, 2025, compared to 16 days at March 31, 2024. The overall decrease was driven by DIO due to inventory levels relative to sales activity in the respective periods. Both DSO and DPO increased due to multi-year transactions and the timing of collections and payments, respectively. If customers continue to shift their software purchases to multi-year arrangements, unbilled receivables are expected to increase, resulting in a higher DSO. This increase is expected to be offset by a corresponding increase in accounts payable and DPO as the timing of payments due to vendors is aligned with the collections due from customers. Additionally, netted down revenue results in an increase to both DSO and DPO as the corresponding receivables and payables reflect the gross amounts due from customers and due to vendors while the corresponding sales and cost of sales are reflected on a net basis within Net sales.

The Notes and the related guarantees are the Issuers' and the Guarantors' senior unsecured obligations and are: •structurally subordinated to all existing and future indebtedness and other liabilities of our non-guarantor subsidiaries; and

•rank equal in right of payment with all of the Issuers' and the Guarantors' existing and future unsecured senior debt. The following tables set forth Balance Sheet information as of March 31, 2025 and December 31, 2024, and Statement of Operations information for the three months ended March 31, 2025 and for the year ended December 31, 2024. The financial information includes the accounts of the Issuers and the accounts of the Guarantors (the "Obligor Group"). The financial information of the Obligor Group is presented on a combined basis and the intercompany balances and transactions between the Obligor Group have been eliminated. 27

Operating income332.5 1,560.5 Net income205.2 1,014.1 Commitments and Contingencies The information set forth in Note 10 (Commitments and Contingencies) to the accompanying Consolidated Financial Statements is incorporated herein by reference.

Recent Accounting Pronouncements The information set forth in Note 2 (Recent Accounting Pronouncements) to the accompanying Consolidated Financial Statements is incorporated herein by reference.

*nm - Not meaningful Three months ended June 30, 2025 compared with the three months ended June 30, 2024 Net sales increased $553 million, or 10.2%, with higher Net sales across all operating segments. The increase was primarily due to customer demand for notebooks/mobile devices, software, netcomm products and data storage and servers. While economic uncertainty persists, certain end-markets experienced improved customer spending during the quarter. Gross profit increased $58 million, or 4.9%, primarily due to higher Net sales, partially offset by lower gross profit margin. Gross profit margin decreased 100 basis points which is attributed to decreased rate in certain hardware categories, primarily in data storage and servers and netcomm products and lower contribution from netted down revenue relative to the prior year. Selling and administrative expenses increased $71 million, or 9.5%, primarily due to higher performance-based compensation, transformation and other related costs, workplace optimization costs and amortization expense on acquisition-related intangible assets. Operating income decreased $13 million, or 3.0%, to $420 million for the three months ended June 30, 2025, compared to $433 million for the three months ended June 30, 2024. Interest expense, net includes interest expense and interest income. Interest expense, net increased $5 million, or 8.6%, primarily due to lower interest income earned on cash balances and a higher fixed interest rate on unsecured senior notes, partially offset by a lower variable interest rate on the senior unsecured term loan. 24 Income tax expense decreased $5 million, or 5.0%. The effective income tax rate, expressed by calculating the income tax expense as a percentage of Income before income taxes, was 25.7% and 26.0% for the three months ended June 30, 2025 and 2024, respectively. The decrease in the effective income tax rate was primarily due to higher excess tax benefits on equity-based compensation.

Other(2) 1,352.5 12.1 1,233.2 11.9 119.3 9.7 10.5 Total Net sales$11,175.7 100.0 %$10,296.1 100.0 %$879.6 8.5 %9.4 % (1)There were 64 selling days for both the three months ended June 30, 2025 and 2024. There were 127 and 128 selling days for the six months ended June 30, 2025 and 2024, respectively. Average daily sales is defined as Net sales divided by the number of selling days.

The results of certain key business metrics for the comparative periods are as follows: Three Months Ended June 30,Six Months Ended June 30, (dollars in millions, except per share amounts and percentages)2025202420252024

Net sales in Other, increased $119 million, or 9.7%, primarily due to an increase in notebooks/mobile devices within UK and Canada operations. Other Gross profit dollars increased $33 million, or 13.6%, primarily due to higher Net sales and Gross profit margin. Gross profit margin increased 70 bps, to 20.3%, which is attributed to higher contribution of netted down revenue relative to the prior year. 29 Other Operating income increased $32 million, or 65.1%, primarily due to higher Gross profit dollars and lower transformation and other related costs, partially offset by higher performance-based compensation within the UK and Canada operations.

Foreign currency translation(2) - 20.1 - 4.9 Net sales, on a constant currency basis$5,976.6 $5,443.5 9.8 %$11,175.7 $10,301.0 8.5 %9.3 % (1)There were 64 selling days for both the three months ended June 30, 2025 and 2024. There were 127 and 128 selling days for the six months ended June 30, 2025 and 2024, respectively. Average daily sales is defined as Net sales divided by the number of selling days.

Financing Activities Net cash used in financing activities increased $200 million for the six months ended June 30, 2025 compared to June 30, 2024. This increase was primarily driven by higher repayments on debt and share repurchases, partially offset by an increase in Net change in accounts payable-inventory financing for the six months ended June 30, 2025 compared to June 30, 2024.

Adjusted free cash flow(3) $458.9 $502.8 (1)Defined as total debt minus Cash and cash equivalents and Short-term investments. (2)Defined as days of sales outstanding related to the current portion of Accounts receivable and certain receivables due from vendors, plus days of supply in Merchandise inventory, minus days of purchases outstanding related to the current portion of Accounts payable-trade and Accounts payable-inventory financing, based on a rolling three-month average. (3)Defined as Net cash provided by operating activities less Capital expenditures, adjusted to include cash flows from financing activities that relate to the purchase of inventory.

Segment Results of Operations Net sales by segment for the comparative periods are as follows: Three Months Ended June 30, 20252024 (dollars in millions)Net SalesPercentage of Total Net SalesNet SalesPercentage of Total Net SalesDollarChangePercent Change(1)

Trends and Key Factors Affecting our Financial Performance We believe the following key factors may have a meaningful impact on our business performance, influencing our ability to generate sales and achieve our targeted financial and operating results: •General economic conditions are a key factor affecting our results as they can impact our customers' willingness and ability to spend on information technology. The prevailing economic conditions remain challenging, largely due to ongoing uncertainty surrounding evolving global trade policies and geopolitical conditions, along with other drivers. These dynamics may continue to influence supply chains, drive inflationary pressures and affect interest rates. The uncertainty in the current economic environment has impacted and may continue to impact the timing of our customers' investments in technology. •Customers are evaluating the complex technology landscape in order to balance priorities and focus on solutions that lead to business optimization, cost management and security risk management, among other factors, resulting in a more measured approach to their IT spending. We have orchestrated solutions that leverage security, software, hybrid and cloud offerings to help customers achieve their objectives. •Changes and uncertainty related to spending policies, budget priorities, timing and funding levels are key factors influencing the purchasing levels of government, healthcare and education customers. As the duration and ongoing impact of current economic conditions remain uncertain, current and future budget priorities and funding levels for government, healthcare and education customers may be adversely affected, leading to lower IT spend. •Technology trends drive customer purchasing behaviors in the market. Current technology trends are focused on delivering greater flexibility and efficiency, as well as designing and managing IT securely. These trends are driving customer adoption of cloud, artificial intelligence, software defined architectures and hybrid on-premise and off-premise combinations. The trends are further driven by the evolution of the IT consumption model to more "as a service" offerings, including software as a service and infrastructure as a service, in addition to ongoing managed and professional service arrangements. Technology trends are likely to evolve and customers will prioritize spend that will produce the most important outcomes for their business.

(2)Includes the financial results for our other operating segments, CDW UK and CDW Canada, which do not meet the reportable segment quantitative thresholds. 26

Gross profit by segment for the comparative periods are as follows: Three Months Ended June 30, 20252024 (dollars in millions)Gross ProfitGross Profit MarginGross ProfitGross Profit MarginDollar ChangePercent Change

Operating income by segment for the comparative periods are as follows: Three Months Ended June 30, 20252024 (dollars in millions)Operating IncomePercentage of Segment Net SalesOperating IncomePercentage of Segment Net SalesDollar ChangePercent Change

81.7 6.0 49.5 4.0 32.2 65.1 Headquarters(3) (183.8)nm*(90.7)nm*(93.1)(102.6) Total Operating income$781.6 7.0 %$761.1 7.4 %$20.5 2.7 % *nm - Not meaningful (1)Segment operating income includes the segment's direct operating income, allocations for certain headquarters function costs, allocations for income and expenses from logistics services, certain inventory adjustments and volume rebates and cooperative advertising from vendors.

(3)Includes headquarters function costs that are not allocated to the segments. Three months ended June 30, 2025 compared with the three months ended June 30, 2024 Corporate segment Net sales increased $386 million, or 17.6%, primarily due to an increase in data storage and servers, netcomm products, notebooks/mobile devices and software. Corporate segment Gross profit dollars increased $49 million, or 9.4%, primarily due to higher Net sales, partially offset by lower gross profit margin. Gross profit margin decreased 160 bps, to 22.2%, which is attributed to decreased rate and increased mix in certain hardware categories, primarily data storage and servers and netcomm products. Corporate segment Operating income increased $46 million, or 23.4%, primarily due to higher Gross profit dollars, partially offset by higher performance-based compensation, coworker-related costs and amortization expense on acquisition-related intangible assets.

Non-GAAP Financial Measure Reconciliations Generally, a non-GAAP financial measure is a numerical measure of a company's performance or financial condition 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 US GAAP. Non-GAAP measures used by management may differ from similar measures used by other companies, even when similar terms are used to identify such measures. Our non-GAAP performance measures include Non-GAAP operating income, Non-GAAP operating income margin, Non-GAAP net income, Non-GAAP net income per diluted share and Net sales on a constant currency basis, and our non-GAAP financial condition measures include Free cash flow and Adjusted free cash flow. These non-GAAP performance measures and non-GAAP financial condition measures are collectively referred to as "non-GAAP financial measures." Non-GAAP operating income excludes, among other things, charges related to the amortization of acquisition-related intangible assets, equity-based compensation and the associated payroll taxes, acquisition and integration expenses, transformation initiatives and workplace optimization. Non-GAAP operating income margin is defined as Non-GAAP operating income as a percentage of Net sales. Non-GAAP net income and Non-GAAP net income per diluted share exclude, among other things, charges related to the amortization of acquisition-related intangible assets, equity-based compensation and the associated payroll taxes, acquisition and integration expenses, transformation initiatives, workplace optimization and their associated income tax effects. Net sales on a constant currency basis is defined as Net sales excluding the impact of foreign currency translation on Net sales. Free cash flow is defined as Net cash provided by operating activities less capital expenditures. Adjusted free cash flow is defined as Free cash flow adjusted to include certain cash flows from financing activities incurred in the normal course of operations or as capital expenditures. We believe our non-GAAP performance measures provide analysts, investors and management with useful information regarding the underlying operating performance of our business, as they remove the impact of items that management believes are not reflective of underlying operating performance. Management uses these measures to evaluate period-over-period performance as management believes they provide a more comparable measure of the underlying business. We also present non-GAAP financial condition measures as we believe they provide analysts, investors and management with more information regarding our liquidity and capital resources. Certain non-GAAP financial measures are also used to determine certain components of performance-based compensation. We have included reconciliations of our non-GAAP financial measures to the most comparable US GAAP financial measures for the three and six months ended June 30, 2025 and 2024 below. 30

Non-GAAP operating income and Non-GAAP operating income margin Three Months Ended June 30, (dollars in millions)2025Percentage of Net Sales2024Percentage of Net Sales

Operating income, as reported$420.2 7.0 %$433.1 8.0 % Amortization of intangibles(1) 42.4 37.8 Equity-based compensation23.5 28.7 Transformation initiatives(2)

(2)Includes costs related to strategic transformation initiatives focused on optimizing various operations and systems. (3)Includes costs related to workforce reductions and charges related to the reduction of our real estate lease portfolio. 31

(2)Includes amortization expense for acquisition-related intangible assets, primarily customer relationships, customer contracts and trade names. (3)Includes costs related to strategic transformation initiatives focused on optimizing various operations and systems.

(2)Represents the effect of translating the prior year results of CDW UK and CDW Canada at the average exchange rates applicable in the current year. Free cash flow and Adjusted free cash flow Six Months Ended June 30,

(dollars in millions)20252024 Net cash provided by operating activities$443.1 $589.9 Capital expenditures(49.4)(60.4) Free cash flow393.7 529.5 Net change in accounts payable - inventory financing65.2 (26.7)

Seasonality While we have not historically experienced significant seasonality throughout the year, sales in our Public segment have historically been higher in the second and third quarter than in other quarters primarily due to the buying patterns of education and government customers.

Share Repurchase Program During the six months ended June 30, 2025, we repurchased 2.0 million shares of our common stock for $350 million under the previously announced share repurchase program. For additional information on our share repurchase program, see "Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds."

Other(16.9)(102.6)85.7 Net cash provided by operating activities$443.1 $589.9 $(146.8) (1)Includes items such as depreciation and amortization, deferred income taxes, provision for credit losses and equity-based compensation expense. Net cash provided by operating activities decreased $147 million for the six months ended June 30, 2025 compared to June 30, 2024. This decrease is primarily attributable to Accounts receivable and Merchandise inventory, partially offset by Accounts payable-trade and Other. The decrease from Accounts Receivable was primarily due to higher sales activity in the first half of 2025 and timing of collections, including multi-year transactions. The decrease from Merchandise inventory is primarily due to customer-driven stocking positions as a result of higher demand. The increase from Accounts payable-trade is primarily due to higher sales activity in the first half of 2025 and timing of payments, including multi-year transactions. The increase from Other is primarily due to higher vendor receivables in 2024. In order to manage our working capital and operating cash needs, we monitor our cash conversion cycle, defined as days of sales outstanding in accounts receivable plus days of supply in inventory minus days of purchases outstanding in accounts payable, based on a rolling three-month average. Components of our cash conversion cycle are as follows: June 30,

(in days)20252024 Days of sales outstanding (DSO)(1) 80 72 Days of supply in inventory (DIO)(2) 13 13 Days of purchases outstanding (DPO)(3) (77)(68)

Cash conversion cycle16 17 (1)Represents the rolling three-month average of the balance of the current portion of Accounts receivable, net at the end of the period, divided by average Net sales for the same three-month period. Also incorporates components of other miscellaneous receivables. (2)Represents the rolling three-month average of the balance of Merchandise inventory at the end of the period divided by average Cost of sales for the same three-month period. (3)Represents the rolling three-month average of the combined balance of Accounts payable-trade, excluding cash overdrafts, and Accounts payable-inventory financing at the end of the period divided by average Cost of sales for the same three-month period. The cash conversion cycle decreased to 16 days at June 30, 2025, compared to 17 days at June 30, 2024. The overall decrease was driven by DPO offset by DSO. Both DPO and DSO increased due to multi-year transactions and the timing of payments and collections, respectively. If customers continue to shift their software purchases to multi-year arrangements, unbilled receivables are expected to increase, resulting in a higher DSO. This customer shift in purchasing is expected to increase accounts payable and DPO as the timing of payments due to vendors is aligned with the collections due from customers. Additionally, netted down revenue results in an increase to both DSO and DPO as the corresponding receivables and payables reflect the gross amounts due from customers and due to vendors while the corresponding sales and cost of sales are reflected on a net basis within Net sales.

•rank equal in right of payment with all of the Issuers' and the Guarantors' existing and future unsecured senior debt. The following tables set forth Balance Sheet information as of June 30, 2025 and December 31, 2024, and Statement of Operations information for the six months ended June 30, 2025 and for the year ended December 31, 2024. The financial information includes the accounts of the Issuers and the accounts of the Guarantors (the "Obligor Group"). The financial information of the Obligor Group is presented on a combined basis and the intercompany balances and transactions between the Obligor Group have been eliminated.

Balance Sheet Information (dollars in millions)June 30, 2025December 31, 2024 Current assets$6,626.2 $6,395.9 Goodwill4,280.6 4,158.3 Other assets2,633.8 2,502.1

Statement of Operations Information (dollars in millions)Six Months Ended June 30, 2025Year Ended December 31, 2024 Net sales$9,824.3 $18,494.0 Gross profit2,104.7 4,116.9

Operating income720.9 1,560.5 Net income453.4 1,014.1 Commitments and Contingencies The information set forth in Note 10 (Commitments and Contingencies) to the accompanying Consolidated Financial Statements is incorporated herein by reference.

Nine months ended September 30, 2025 compared with the nine months ended September 30, 2024 Corporate segment Net sales increased $581 million, or 8.9%, primarily due to an increase in notebooks/mobile devices, software, netcomm products, desktops and data storage and servers. Corporate segment Gross profit dollars increased $88 million, or 5.7%, primarily due to higher Net sales, partially offset by lower gross profit margin. Gross profit margin decreased 70 bps, to 23.0%, which is attributed to decreased rate in certain hardware categories and mixing into lower margin hardware categories. Corporate segment Operating income increased $75 million, or 12.9%, primarily due to higher Gross profit dollars, partially offset by higher performance-based compensation and increased amortization expense on acquisition-related intangible assets. Small Business segment Net sales increased $126 million, or 11.0%, primarily due to an increase in notebooks/mobile devices, software, and data storage and servers. Small Business segment Gross profit increased $17 million, or 6.2%, primarily due to higher Net sales, partially offset by lower gross profit margin. Gross profit margin decreased 100 bps, to 22.2%, which is attributed to lower contribution of netted down revenue. Small Business segment Operating income increased $7 million, or 5.2%, primarily due to higher Gross profit dollars, partially offset by higher performance-based compensation and an increased provision for expected credit losses. Public segment Net sales increased $216 million, or 3.4%, primarily due to an increase in desktops in the healthcare and government sales channels, software in the healthcare and education sales channels, services across all sales channels and notebooks/mobile devices in the healthcare sales channel, partially offset by hardware in the education sales channel. Public segment Gross profit dollars increased $15 million, or 1.2%, primarily due to higher Net sales, partially offset by lower gross profit margin. Gross profit margin decreased 40 bps, to 19.8%, which is attributed to decreased rate in certain hardware categories, partially offset by mixing into services. Public segment Operating income decreased $15 million, or 2.6%, primarily due to higher performance-based compensation and an increased provision for expected credit losses, partially offset by higher Gross profit dollars. Net sales in Other increased $178 million, or 9.5%, primarily due to an increase in notebooks/mobile devices, desktops and services within UK and Canada operations. Other Gross profit dollars increased $52 million, or 14.3%, primarily due to higher Net sales and Gross profit margin. Gross profit margin increased 80 bps, to 20.4%, which is attributed to higher contribution of netted down revenue and increased rate in certain hardware categories. Other Operating income increased $43 million, or 52.1%, primarily due to higher Gross profit dollars and lower transformation and other related costs, partially offset by higher performance-based compensation within the UK operations. 28

Investing Activities Net cash provided by investing activities increased $430 million for the nine months ended September 30, 2025 compared to September 30, 2024. This increase was primarily driven by 2024 cash outflow to purchase a certificate of deposit and 2025 cash inflow due to maturity of the certificate of deposit. 34

Cash Flows Cash flows from operating, investing and financing activities are as follows: Six Months Ended June 30, (dollars in millions)20252024 Net cash provided by operating activities$443.1 $589.9

Forward-Looking Statements This report contains "forward-looking statements" within the meaning of the federal securities laws. All statements other than statements of historical fact are forward-looking statements. These statements relate to analyses and other information, which are based on forecasts of future results or events and estimates of amounts not yet determinable. These statements also relate to our future prospects, growth, developments and business strategies. We claim the protection of The Private Securities Litigation Reform Act of 1995 for all forward-looking statements in this report. These forward-looking statements are identified by the use of terms and phrases such as "anticipate," "assume," "believe," "estimate," "expect," "goal," "intend," "plan," "potential," "predict," "project," "target" and similar terms and phrases or future or conditional verbs such as "could," "may," "should," "will," and "would." However, these words are not the exclusive means of identifying such statements. Although we believe that our plans, intentions and other expectations reflected in or suggested by such forward-looking statements are reasonable, we cannot assure you that we will achieve those plans, intentions or expectations. All forward-looking statements are subject to risks and uncertainties that may cause actual results or events to differ materially from those that we expected. Important factors that could cause actual results or events to differ materially from our expectations, or cautionary statements, are disclosed under the section entitled "Trends and Key Factors Affecting our Financial Performance" above, the section entitled "Risk Factors" included in our Annual Report on Form 10-K for the year ended December 31, 2024 and from time to time in our subsequent Quarterly Reports on Form 10-Q and our other US Securities and Exchange Commission ("SEC") filings and public communications. These factors include, among others, inflationary pressures; level of interest rates; CDW's relationships with vendor partners, wholesale distributors and terms of their agreements; continued innovations in technology by CDW's vendor partners; the use or capabilities of artificial intelligence; substantial competition that could reduce CDW's market share; 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 provide high-quality services to CDW's customers; potential losses of any key personnel, significant increases in labor costs or ineffective workforce management; potential service failures or disruptions related to outsourcing arrangements with certain of CDW's business processes; potential adverse occurrences at one of CDW's primary facilities or third-party data centers, including as a result of climate change; increases in the cost of commercial delivery services or disruptions of those services; CDW's exposure to accounts receivable and inventory risks; future acquisitions or alliances; fluctuations in CDW's operating results; fluctuations in foreign currency; global and regional economic and political conditions, including the impact of pandemics and armed conflicts; decreases, delays or changes in spending on technology products and services, including impacts of adverse changes in government spending and funding policies and federal procurement policies; potential interruptions of the flow of products from suppliers including uncertainty over global trade policies and the financial impact of related tariffs; potential failures to comply with Public segment contracts or applicable laws and regulations; current and future legal proceedings, investigations and audits, including intellectual property infringement claims; changes in laws, including regulations or interpretations thereof, and including evolving laws and regulations and regulatory overhaul during any changes in federal administration, or the potential failure to meet stakeholder expectations on environmental sustainability and corporate responsibility matters; CDW's level of indebtedness; restrictions imposed by agreements relating to CDW's indebtedness on its operations and liquidity; failure to maintain the ratings assigned to CDW's debt securities by rating agencies; changes in, or the discontinuation of, CDW's share repurchase program or dividend payments; and other risk factors or uncertainties identified from time to time in CDW's filings with the SEC. All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by those cautionary statements as well as other cautionary statements that are made from time to time in our other SEC filings and public communications. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties. We caution you that the important factors referenced above may not reflect all of the factors that could cause actual results or events to differ from our expectations. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. The forward-looking statements included in this report are made only as of the date hereof or, with respect to any documents incorporated by reference, available at the time such document was prepared or filed with the SEC. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

Adjusted free cash flow(3) $668.0 $764.1 (1)Defined as total debt minus Cash and cash equivalents and Short-term investments. (2)Defined as days of sales outstanding related to the current portion of Accounts receivable and certain receivables due from vendors, plus days of supply in Merchandise inventory, minus days of purchases outstanding related to the current portion of Accounts payable-trade and Accounts payable-inventory financing, based on a rolling three-month average. (3)Defined as Net cash provided by operating activities less Capital expenditures, adjusted to include cash flows from financing activities that relate to the purchase of inventory. 23

Results of Operations Results of operations, including Gross profit margin and Operating income margin, expressed as Gross profit and Operating income as a percentage of Net sales, respectively, for the three and nine months ended September 30, 2025 and 2024 are below. For additional information on Net sales, Gross profit and Operating income by segment, see the "Segment Results of Operations." Three Months Ended September 30,Nine Months Ended September 30,

Nine months ended September 30, 2025 compared with the nine months ended September 30, 2024 Net sales increased $1,100 million, or 7.0%, with higher Net sales across all operating segments. The increase was primarily due to customer demand for notebooks/mobile devices, software, desktops, netcomm products and services. Broadly, while economic and geopolitical uncertainty persists, certain end-markets continued to experience improved customer spending during the period. Gross profit increased $172 million, or 5.0%, primarily due to higher Net sales, partially offset by lower gross profit margin. Gross profit margin decreased 40 basis points which is attributed to decreased rate and increased mix in certain hardware categories. 24 Selling and administrative expenses increased $190 million, or 8.6%, primarily due to higher performance-based compensation, transformation and other related costs and amortization expense on acquisition-related intangible assets. Operating income decreased $18 million, or 1.4%, to $1,225 million for the nine months ended September 30, 2025, compared to $1,243 million for the nine months ended September 30, 2024. Interest expense, net includes interest expense and interest income. Interest expense, net increased $11 million, or 6.9%, primarily due to lower interest income earned on cash balances and a higher fixed interest rate on unsecured senior notes, partially offset by a lower variable interest rate on the senior unsecured term loan. Income tax expense increased $1 million, or 0.3%. The effective income tax rate, expressed by calculating the income tax expense as a percentage of Income before income taxes, was 25.6% and 24.9% for the nine months ended September 30, 2025 and 2024, respectively. The increase in the effective income tax rate was primarily attributable to lower excess tax benefits on equity-based compensation, partially offset by the anticipated benefit from federal tax credits.

Other(2) 2,050.9 12.1 1,873.2 11.9 177.7 9.5 10.1 Total Net sales$16,913.1 100.0 %$15,812.7 100.0 %$1,100.4 7.0 %7.5 % (1)There were 64 selling days for both the three months ended September 30, 2025 and 2024. There were 191 and 192 selling days for the nine months ended September 30, 2025 and 2024, respectively. Average daily sales is defined as Net sales divided by the number of selling days.

Gross profit by segment for the comparative periods are as follows: Three Months Ended September 30, 20252024 (dollars in millions)Gross ProfitGross Profit MarginGross ProfitGross Profit MarginDollar ChangePercent Change

144.9 20.7 125.5 19.6 19.4 15.5 Total Gross profit$1,255.5 21.9 %$1,200.7 21.8 %$54.8 4.6 % Nine Months Ended September 30, 20252024 (dollars in millions)Gross ProfitGross Profit MarginGross ProfitGross Profit MarginDollar ChangePercent Change

Other(2) 419.1 20.4 366.8 19.6 52.3 14.3 Total Gross profit$3,619.0 21.4 %$3,447.1 21.8 %$171.9 5.0 % (1)Segment gross profit includes the segment's direct gross profit, allocations for gross profit from logistics services and allocations for certain inventory adjustments, volume rebates and cooperative advertising from vendors.

Operating income by segment for the comparative periods are as follows: Three Months Ended September 30, 20252024 (dollars in millions)Operating IncomePercentage of Segment Net SalesOperating IncomePercentage of Segment Net SalesDollar ChangePercent Change

124.7 6.1 82.0 4.4 42.7 52.1 Headquarters(3) (264.4)nm*(136.4)nm*(128.0)(93.8) Total Operating income$1,224.9 7.2 %$1,242.7 7.9 %$(17.8)(1.4)% *nm - Not meaningful (1)Segment operating income includes the segment's direct operating income, allocations for certain headquarters function costs, allocations for income and expenses from logistics services, certain inventory adjustments and volume rebates and cooperative advertising from vendors.

(dollars in millions)2025Percentage of Net Sales2024Percentage of Net Sales Operating income, as reported$1,224.9 7.2 %$1,242.7 7.9 % Amortization of intangibles(1)

15.5 9.5 Other adjustments5.1 6.4 Non-GAAP operating income$1,494.3 8.8 %$1,447.8 9.2 % (1)Includes amortization expense for acquisition-related intangible assets, primarily customer relationships, customer contracts and trade names.

Non-GAAP net income and Non-GAAP net income per diluted share Three Months Ended September 30, 20252024 (dollars and shares in millions, except per share amounts)Income before income taxesIncome tax expense(1)

Net incomeIncome before income taxesIncome tax expense(1) Net income US GAAP, as reported$389.4 $(98.4)$291.0 $427.6 $(111.2)$316.4 Amortization of intangibles(2)

Non-GAAP net income per diluted share$7.45 $7.04 Shares used in computing US GAAP and Non-GAAP net income per diluted share132.6135.5 (1)Income tax on non-GAAP adjustments includes excess tax benefits associated with equity-based compensation.

(4)Includes costs related to workforce reductions and charges related to the reduction of our real estate lease portfolio. 31 Net sales on a constant currency basis Three Months Ended September 30,Nine Months Ended September 30,

Foreign currency translation(2) - 13.3 - 18.0 Net sales, on a constant currency basis$5,737.4 $5,529.9 3.8 %$16,913.1 $15,830.7 6.8 %7.4 % (1)There were 64 selling days for both the three months ended September 30, 2025 and 2024. There were 191 and 192 selling days for the nine months ended September 30, 2025 and 2024, respectively. Average daily sales is defined as Net sales divided by the number of selling days.

(2)Represents the effect of translating the prior year results of CDW UK and CDW Canada at the average exchange rates applicable in the current year. Free cash flow and Adjusted free cash flow Nine Months Ended September 30,

(dollars in millions)20252024 Net cash provided by operating activities$771.4 $932.0 Capital expenditures(79.2)(94.0) Free cash flow692.2 838.0 Net change in accounts payable - inventory financing(24.2)(73.9)

$0.625May 6, 2025May 26, 2025June 10, 2025 $0.625August 5, 2025August 25, 2025September 10, 2025 On November 4, 2025, we announced that our Board of Directors declared a quarterly cash dividend on our common stock of $0.630 per share. The dividend will be paid on December 10, 2025 to all stockholders of record as of the close of business on November 25, 2025. The payment of any future dividends will be at the discretion of our Board of Directors and will depend upon our results of operations, financial condition, business prospects, capital requirements, contractual restrictions (including in current or future agreements governing our indebtedness), restrictions imposed by applicable law, tax considerations and other factors that our Board of Directors deems relevant.

(in days)20252024 Days of sales outstanding (DSO)(1) 92 79 Days of supply in inventory (DIO)(2) 12 14 Days of purchases outstanding (DPO)(3) (93)(76)

Financing Activities Net cash used in financing activities increased $698 million for the nine months ended September 30, 2025 compared to September 30, 2024. This increase was primarily driven by long-term debt issuance in 2024 and repayment of long-term debt in 2025, partially offset by extinguishment of long-term debt in 2024.

•rank equal in right of payment with all of the Issuers' and the Guarantors' existing and future unsecured senior debt. The following tables set forth Balance Sheet information as of September 30, 2025 and December 31, 2024, and Statement of Operations information for the nine months ended September 30, 2025 and for the year ended December 31, 2024. The financial information includes the accounts of the Issuers and the accounts of the Guarantors (the "Obligor Group"). The financial information of the Obligor Group is presented on a combined basis and the intercompany balances and transactions between the Obligor Group have been eliminated.

Balance Sheet Information (dollars in millions)September 30, 2025December 31, 2024 Current assets$6,628.3 $6,395.9 Goodwill4,278.0 4,158.3 Other assets2,644.9 2,502.1

Statement of Operations Information (dollars in millions)Nine Months Ended September 30, 2025Year Ended December 31, 2024 Net sales$14,864.0 $18,494.0

Gross profit3,220.1 4,116.9 Operating income1,127.7 1,560.5 Net income716.9 1,014.1 Commitments and Contingencies The information set forth in Note 10 (Commitments and Contingencies) to the accompanying Consolidated Financial Statements is incorporated herein by reference.

Table of Contents Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Unless otherwise indicated or the context otherwise requires, as used in this "Management's Discussion and Analysis of Financial Condition and Results of Operations," the terms "we," "us," "the Company," "our," "CDW," and similar terms refer to CDW Corporation and its subsidiaries. "Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read in conjunction with the unaudited interim Consolidated Financial Statements and the related notes included elsewhere in this report and with the audited Consolidated Financial Statements and the related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. This discussion contains forward-looking statements that are subject to numerous risks and uncertainties. Actual results may differ materially from those contained in any forward-looking statements. See "Forward-Looking Statements" at the end of this discussion.

Overview CDW Corporation ("Parent"), a Fortune 500 company and member of the S&P 500 Index, is a leading multi-brand provider of information technology ("IT") solutions to business, government, education, and healthcare customers in the United States ("US"), the United Kingdom ("UK"), and Canada. Our broad array of offerings ranges from discrete hardware and software products to integrated IT solutions and services that include on-premise and cloud capabilities across hybrid infrastructure, digital experience, and security. We have three reportable segments: "Corporate," "Small Business," and "Public." Our Corporate segment primarily serves US private sector business customers with more than 250 employees. Our Small Business segment primarily serves US private sector business customers with up to 250 employees. Our Public segment is comprised of government agencies and education and healthcare institutions in the US. We also have two other operating segments: CDW UK and CDW Canada, each of which do not meet the reportable segment quantitative thresholds and, accordingly, are included in an all other category ("Other"). Effective January 1, 2026, we realigned our customer-facing organization to better meet the evolving needs of our customers and end markets. As a result, we will have the following three reportable segments: "Commercial," "Government," and "Education." Our "Commercial" segment will be comprised of corporate, financial services, and healthcare customers in the US, each of which will represent a unique customer channel. Small business customers will be included across the customer channels within our "Commercial" segment. Our "Government" segment will be comprised of federal, state, and local agencies in the US. The "Education" segment will be comprised of primary, secondary, and higher education institutions in the US. CDW UK and CDW Canada will remain unchanged in this new reporting structure, in an all other category ("Other"). We will reflect this change in segment presentation, including the recasting of historical results, in our periodic and annual reports beginning with the period ending March 31, 2026. We are vendor, technology, and consumption model unbiased, with a solutions portfolio including more than 100,000 products and services from more than 1,000 leading and emerging brands. Our solutions are delivered in physical, virtual, and cloud-based environments through approximately 10,500 customer-facing coworkers, including sellers, highly-skilled specialists, and engineers. We are a leading sales channel partner for many original equipment manufacturers ("OEMs"), software publishers, and cloud providers (collectively, our "vendor partners") and wholesale distributors, whose products we sell or include in the solutions we offer. We provide our vendor partners with a cost-effective way to reach customers and deliver a consistent brand experience through our established end-market coverage, technical expertise, and extensive customer access. We may sell all or only select products that our vendor partners offer. Each vendor partner agreement provides for specific terms and conditions, which may include one or more of the following: product return privileges, price protection policies, purchase discounts, and vendor incentive programs, such as purchase or sales rebates and cooperative advertising reimbursements. We also resell software for major software publishers. Our agreements with software publishers allow the end-user customer to acquire software or licensed products and services. In addition to helping our customers determine the best software solutions for their needs, we help them manage their software agreements, including warranties and renewals. A significant portion of our advertising and marketing expenses are reimbursed through cooperative advertising programs with our vendor partners. These programs are at the discretion of our vendor partners and are typically tied to sales or other commitments to be met by us within a specified period of time. For a discussion of results for the year ended December 31, 2024, see "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the year ended December 31, 2024, compared with the year ended December 31, 2023, filed with the Securities and Exchange Commission on February 21, 2025.

Public segment Gross profit dollars increased $63 million, or 3.8%, due to higher Net sales. Gross profit margin remained relatively consistent at 20.2%. Public segment Operating income increased $4 million, or 0.6%, primarily due to higher Gross profit dollars, partially offset by higher performance-based compensation, transformation related costs, and coworker-related costs. Net sales in Other increased $240 million, or 9.7%, primarily due to an increase in notebooks/mobile devices, desktops, and services within UK and Canada operations. Other Gross profit dollars increased $65 million, or 13.2%, due to higher Net sales and Gross profit margin. Gross profit margin increased 60 basis points, to 20.4%, primarily due to a higher contribution of netted down revenue. Other Operating income increased $42 million, or 37.6%, primarily due to higher Gross profit dollars, partially offset by higher performance-based compensation within the UK and Canada operations. 31

Liquidity and Capital Resources Overview We finance our operations and capital expenditures with cash from operations and borrowings under our variable rate senior unsecured revolving loan facility (the "Revolving Loan Facility"). As of December 31, 2025, we had $1.9 billion of availability for borrowings under our Revolving Loan Facility. Our liquidity and borrowing plans are established to align with our financial and strategic planning processes and ensure we have the necessary funding to meet our operating commitments, which primarily include the purchase of inventory, payroll, and general expenses. We also take into consideration our overall capital allocation strategy, which includes dividend payments, assessment of debt levels, acquisitions, and share repurchases. We believe we have adequate sources of liquidity and funding available for at least the next year; however, there are a number of factors that may negatively impact our available sources of funds. The amount of cash generated from operations will be dependent upon factors such as the successful execution of our business plan, general economic conditions, and working capital management. Our material contractual obligations consist of debt and related interest payments and operating leases. For additional information regarding future maturities of debt and operating leases, see Note 8 (Debt) and Note 11 (Leases), respectively, to the accompanying Consolidated Financial Statements included in Part II, Item 8 of this report.

Issuers and Guarantors of Debt Securities Each series of our outstanding unsecured senior notes (collectively, the "Notes") are issued by CDW LLC and CDW Finance Corporation (the "Issuers") and are guaranteed by Parent (the "Guarantor"). In 2025, all guarantees by CDW LLC's direct and indirect, 100% owned domestic subsidiaries were released pursuant to the customary release provisions in the applicable indentures; as a result, Parent is now the sole remaining guarantor of the Notes. All guarantees by Parent are joint and several, and full and unconditional.

Segment Results of Operations Net sales by segment for the comparative periods are as follows: Three Months Ended March 31, 20262025 (dollars in millions)Net SalesPercentage of Total Net SalesNet SalesPercentage of Total Net SalesDollar ChangePercent Change(1)

Trends and Key Factors Affecting our Financial Performance We believe the following key factors may have a meaningful impact on our business performance, influencing our ability to generate sales and achieve our targeted financial and operating results: •General economic conditions are a key factor affecting our results as they can impact our customers' willingness and ability to spend on IT. The prevailing economic conditions remain challenging, largely due to ongoing uncertainty surrounding evolving global trade policies and geopolitical conditions, along with other drivers. These dynamics may continue to influence supply chains, drive inflationary pressures, and affect interest rates. The uncertainty in the current economic environment has impacted and may continue to impact the timing of our customers' investments in technology. •Customers are evaluating the complex technology landscape in order to balance priorities and focus on solutions that lead to business optimization, cost management, and security risk management, among other factors, resulting in a more measured approach to their IT spending. We have orchestrated solutions that leverage security, software, artificial intelligence ("AI"), and hybrid and cloud offerings to help customers achieve their objectives. •Changes and uncertainty related to spending policies, budget priorities, timing, and funding levels are key factors influencing the purchasing levels of government, healthcare, and education customers. As the duration and ongoing impact of current economic conditions remain uncertain, including any US government shutdowns, current and future budget priorities and funding levels for government, healthcare, and education customers may be adversely affected, leading to lower IT spend. •Technology trends drive customer purchasing behaviors in the market. Current technology trends are focused on delivering greater flexibility and efficiency, as well as designing and managing IT securely, while balancing product availability, which is currently creating an inflationary environment. These trends are driving customer adoption of cloud, AI, software defined architectures, and hybrid on-premise and off-premise combinations. The trends are further driven by the evolution of the IT consumption model to more "as a service" solutions, including software as a service and infrastructure as a service, in addition to ongoing managed and professional service arrangements. Technology trends are likely to evolve and customers will prioritize spend that will produce the most important outcomes for their business.

Gross profit by segment for the comparative periods are as follows: Three Months Ended March 31, 20262025 (dollars in millions)Gross ProfitGross Profit Margin(3)

(3)Gross profit margin represents segment Gross profit as a percentage of segment Net sales. 22 Operating income by segment for the comparative periods are as follows: Three Months Ended March 31,

Non-GAAP operating income and Non-GAAP operating income margin Three Months Ended March 31, (dollars in millions)2026Percentage of Net Sales2025Percentage of Net Sales

Operating income, as reported$376.0 6.6 %$361.4 7.0 % Amortization of intangibles(1) 42.7 42.8 Equity-based compensation22.1 20.5 Transformation initiatives(2)

The results of certain key business metrics for the comparative periods are as follows: Three Months Ended March 31, (dollars in millions, except per share amounts)20262025

(3)Includes costs related to workforce reductions and charges related to the reduction of our real estate lease portfolio. Non-GAAP net income and Non-GAAP net income per diluted share Three Months Ended March 31,

Free cash flow and Adjusted free cash flow Three Months Ended March 31, (dollars in millions)20262025 Net cash provided by operating activities$274.8 $287.2

$251.4 $248.8 (1)Defined as Net cash provided by operating activities less Capital expenditures, adjusted to include cash flows from financing activities that relate to the purchase of inventory.

Share Repurchase Program During the three months ended March 31, 2026, we repurchased 1.6 million shares of our common stock for $201 million under the previously announced share repurchase program. For additional information on our share repurchase program, see "Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds." 26

Net cash provided by operating activities$274.8 $287.2 $(12.4) (1)Includes items such as depreciation and amortization, deferred income taxes, provision for credit losses, and equity-based compensation expense. Net cash provided by operating activities decreased $12 million for the three months ended March 31, 2026 compared to March 31, 2025. This decrease was primarily attributable to Merchandise inventory, partially offset by Accounts payable-trade. The decrease from Merchandise inventory was primarily due to customer-driven stocking positions as a result of higher demand. The increase from Accounts payable-trade was primarily due to timing of payments. In order to manage our working capital and operating cash needs, we monitor our cash conversion cycle, defined as days of sales outstanding (DSO) in accounts receivable plus days of supply in inventory (DIO) minus days of purchases outstanding (DPO) in accounts payable, based on a rolling three-month average. Netted down revenue results in an increase to both DSO and DPO as the corresponding receivables and payables reflect the gross amounts due from customers and due to vendors while the corresponding sales and cost of sales are reflected on a net basis within Net sales. Additionally, as customers continue to shift to multi-year software purchases, unbilled receivables and DSO are expected to continue to increase. This customer shift 27 in purchasing is also expected to increase accounts payable and DPO, as the timing of vendor payments aligns with customer collections. Components of our cash conversion cycle are as follows: March 31,

Cash conversion cycle16 15 (1)Represents the rolling three-month average of the balance of the current portion of Accounts receivable, net at the end of the period, divided by average daily Net sales for the same three-month period. Also incorporates components of other miscellaneous receivables. (2)Represents the rolling three-month average of the balance of Merchandise inventory at the end of the period divided by average daily Cost of sales for the same three-month period. (3)Represents the rolling three-month average of the combined balance of the current portion of Accounts payable-trade, excluding cash overdrafts, and Accounts payable-inventory financing at the end of the period divided by average daily Cost of sales for the same three-month period. The cash conversion cycle increased to 16 days at March 31, 2026, compared to 15 days at March 31, 2025. The increase was primarily due to DIO, which increased by 1 day as a result of higher average customer stocking positions. DSO and DPO increased due to timing of collections and payments, respectively, and multi-year transactions.

Non-GAAP net income per diluted share$2.28 $2.15 Average daily sales(1) $90.2 $82.5 (1)Defined as Net sales divided by the number of selling days. There were 63 selling days for both the three months ended March 31, 2026 and 2025. 20

The Notes and the related guarantees are the Issuers' and the Guarantor's senior unsecured obligations and are: •structurally subordinated to all existing and future indebtedness and other liabilities of our non-guarantor subsidiaries; and

Commitments and Contingencies The information set forth in Note 10 (Commitments and Contingencies) to the accompanying Consolidated Financial Statements is incorporated herein by reference.

Recent Accounting Pronouncements The information set forth in Note 2 (Recent Accounting Pronouncements) to the accompanying Consolidated Financial Statements is incorporated herein by reference. 28