Cdw Corp,
Fiscal Year 2025 Q3.

*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.

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,

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.