Cdw Corp,
Fiscal Year 2024 Q4.

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

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.