CDW INVESTOR PRESENTATION
2020 | SUMMER / FALL
http://investor.cdw.com/
DISCLAIMERSForward-Looking StatementsStatements in this presentation that are not statements of historical fact are forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including,
without limitation, statements regarding (i) the impact of COVID-19 on CDW's business, operations and liquidity,
and (ii) capital priorities and other strategic plans of CDW. These forward-looking statements are subject to risks
and uncertainties that may cause actual results or events to differ materially from those described in such
statements. Although CDW believes that its plans, intentions and other expectations reflected in or suggested
by such forward-looking statements are reasonable, it can give no assurance that it will achieve those plans,
intentions or expectations. Reference is made to a more complete discussion of forward-looking statements and
applicable risks contained under the captions "Forward-Looking Statements" and "Risk Factors" in CDW's
Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Report on Form 10-Q for the
quarter ended March 31, 2020, and subsequent filings with the SEC. CDW undertakes no obligation to update or
revise any of its forward-looking statements, whether as a result of new information, future events or
otherwise, except as otherwise required by law.
Non-GAAP Financial InformationThis presentation contains certain non-GAAP financial measures, including Non-GAAP operating income, Non-
GAAP operating income margin, and Non-GAAP net income. Generally, a non-GAAP financial measure is a
numerical measure of a company’s performance or financial position 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 GAAP. For a reconciliation of non-GAAP financial measures to the applicable most
comparable GAAP financial measures, see Exhibit 99.1 to CDW's Current Report on Form 8-K filed with the
Securities and Exchange Commission on August 5, 2020 and the reconciliations included in these slides. Non-
GAAP financial measures used by CDW may differ from similar measures used by other companies, even when
similar terms are used to identify such measures.
2 | INVESTOR PRESENTATION
TRACK RECORD OF PROFITABLE GROWTH
1. As of June 30, 2020.
2. 2015 and prior years have not been updated to reflect the adoption of Topic 606.
• Market-leading provider of integrated technologysolutions to business, government, education and healthcare customers for 35+ years
• Coworkers: ~7,800 US and ~2,300 international;~2/3 are customer-facing(1)
• Full range of technology solutions including hardware, software and services
• Offers 100,000+ products and services from 1,000+ brands to more than 250,000 customers in the US, UK and Canada
• “Sweet spot” is customers with <5,000 employees
$8.8$9.6 $10.1
$10.8$12.1
$13.0$13.7
$14.8$16.2
$18.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
$353$471 $511 $509
$673$742
$820 $867$987
$1,134
$531$656 $696 $747
$851$961
$1,048$1,107
$1,217
$1,368
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Operating Income Non-GAAP Operating Income
• Attractive business model with demonstrated track record of profitable growth
NET SALES ($B)(2)
OPERATING INCOME ($MM)(2)
3 | INVESTOR PRESENTATION
1. Estimated market share for top 4 publicly traded IT solutions companies: CDW, Insight North America, PC Connection, and e-Plus as of December 31, 2019.2. IDC and CDW internal estimates as of January 2020.3. For year ended December 31, 2019.4. IDC Worldwide Black Book, July 31 2020, includes Consumer and B2B for US, UK and Canada markets.
Total US, UK and
Canada IT Market(2):
~$1,100B
CDW Current
Addressable Market(2):
~$360B
CDW:
$18B(3)
2015-2020E CAGR IT Spending: 3.9%(4)
CDW plus the next three largest publicly
traded IT solutions companies(1) represent
less than 10% of CDW’s US addressable
market.
The majority of the market is fragmented
across thousands of value-added resellers.
TOTAL ADDRESSABLE MARKET
LARGE AND GROWING MARKET OPPORTUNITY
4 | INVESTOR PRESENTATION
1. IDC Worldwide Black Book, December 6, 2019.2. IDC/CDW Market Model, December 31, 2019.
4.9%5.3%
7.8%
9.7%
2006-2019 2009-2019
US IT Spending CAGR CDW Net Sales CAGR
290 bps
440 bps
(1)
Indirect60%
Direct40%
Indirect increased
~300 bps since 2007(2)
SUSTAINED MARKET SHARE GAINS ACROSS BUSINESS CYCLES
CONSISTENT, FASTER-THAN-MARKET-GROWTH PARTNERS INCREASINGLY RELIANT ON THE INDIRECT CHANNEL
5 | INVESTOR PRESENTATION
VALUE TO CUSTOMERS:
• Broad selection of products and multi-branded IT solutions
• Value-added services with integration capabilities
• Highly-skilled specialists and engineers
• Solutions across IT lifecycle
VALUE TO VENDOR PARTNERS:
• Access to more than 250,000 customers
• Large and established customer channels
• Strong distribution and implementation capabilities
• Customer relationships driving insight into
technology roadmaps
INTIMATE KNOWLEDGE
OF IT ENVIRONMENTAND LANDSCAPE
VENDOR
PARTNER VALUE
CUSTOMER
VALUE
CDW Sits Between Customers and Vendor Partners, Creating Value for Both
UNIQUELY POSITIONED TO DELIVER CUSTOMER AND PARTNER VALUE
6 | INVESTOR PRESENTATION
19%14%
3%7%
30% 29%
-22% -18%
11%3%
-4%
1. 2015 Net sales adjusted to reflect a comparable 2011 Net sales segmentation: (1) US and CDW Canada Net sales only; (2) Advanced Technology Services (ATS) business classified under Other; (3) decrease and increase in Corporate and Small Business, respectively, of $150 million to reflect account moves between the two segments.
’09–’11 CAGR(Other includes ATS & Canada)
+16%
’08–’09 Growth(Other includes ATS & Canada) (11)%
7%
4%6%
11%
8% 8%
’11–’15 CAGR(1)
(Other includes ATS & Canada)
+7%
6% 8% 10%7%
4%’15–’19 CAGR
(Other includes
Canada & CDW UK
Aug 2015 – Dec 2019)
+9%
TOTAL GROWTH
$7.5B
$1.5B$2.5B
$2.4B
$1.9B
$2.2B
Small Business
(<250 employees)
Government
(Federal, State & Local)
Education
(K-12, Higher Ed)
Healthcare
Corporate
(>250 employees)
Other
(UK, Canada)
BALANCED PORTFOLIO OFFERS MULTIPLE GROWTH DRIVERSDIVERSE CUSTOMER CHANNELS AND GEOGRAPHY CREATE MULTIPLE DRIVERS OF GROWTH AND DIVERSIFICATION AGAINST MACRO AND EXOGENOUS HEA DWINDS
2019 NET SALES ($18.0B) NET SALES GROWTH %
0%
27%
7 | INVESTOR PRESENTATION
MAJOR VENDOR PARTNERS EMERGING VENDOR PARTNERS
CDW IS MISSION-CRITICAL FOR KEY VENDOR PARTNERS
8 | INVESTOR PRESENTATION
Hardware and Software Products
Monitors
Computers
Printers
Software
Accessories
Storage
Cables
Servers
Networking
Co
mp
lexi
ty /
Pro
du
ctiv
ity
An
d G
row
thB
en
efi
ts
EARLY 2000s NOW
Highly Integrated and Interconnected Technology Ecosystem
Infrastructure Workspace
Support
Security
PROVEN TRACK RECORD OF EVOLVING WITH IT TRENDS
CDW AMPLIFIEDTM
SERVICES
9 | INVESTOR PRESENTATION
1. As of December 31, 2019.2. Subcomponent of Customer-Facing Coworkers.
~6,800CUSTOMER-FACING
COWORKERS
>3,000TECHNICAL
COWORKERS(2)
HIGHLY SKILLED SERVICES AND SALES CAPABILITIES(1)
NON CUSTOMER–FACING
COWORKERS
100%
0%
50%
SERVICES DELIVERY
PRE-SALE SPECIALISTS
SELLERS
OTHER CUSTOMER-FACING
Our strong technical organization includesmore than 3,000 technical coworkers,including pre-sales specialists and advancedservices delivery engineers, allowing CDWto deliver increasingly complex IT solutions.
10 | INVESTOR PRESENTATION
CDW AMPLIFIEDTM SERVICES
• Infrastructure Services
• Security Services
• Workspace Services
• Support Services
CLOUD
• Cloud Planning Services
• World Class Portfolio
• Migration, Integration and Managed
DIGITAL WORKSPACE
• Network Solutions
• Consult, Design and Architect
• Communications, Mobility and Productivity
SOFTWARE
• Software Lifecycle Advisory Services
• Design and Optimization Services
• Portfolio Management
• Application Modernization
SECURITY
• Architecture and Design
• Advisory Services
• Managed Security
INFRASTRUCTURE
• Hybrid Consultancy
• Next-Gen Infrastructure
• Software Defined Data Center
BROAD PORTFOLIO OF SOLUTIONS AND SERVICES
11 | INVESTOR PRESENTATION
With a portfolio of more than
250 cloud offerings, CDW is able
to help customers with private,
public or hybrid cloud solutions.
COMPREHENSIVE SUITE OF CLOUD SOLUTIONS
12 | INVESTOR PRESENTATION
Able to provide IT solutions to 150+ countries (1)
1. As of December 31, 2019.2. Includes countries in the trailing 24 months that CDW has exported to or is able to supplement export capabilities with via fulfillment partners.
Located in 10 countries
Able to export to (2)
No presence
INTERNATIONAL PRESENCE TO BETTER SERVE CUSTOMERS
13 | INVESTOR PRESENTATION
14 | INVESTOR PRESENTATION
SUSTAINABLE COMPETITIVE ADVANTAGES
Scale and
Scope
SUPERIOR VALUE DIFFERENTIATED GROWTH STRONG ROWC
Highly Engaged
Performance -
Driven Culture
Highly-Skilled
Sales and
Service
Capabilities
Robust
Distribution
Capabilities
Multinational
Footprint With
International
Capabilities
Deep and
Experienced
Management
$86
$199 $247
$314
$410
$504 $570
$606
$794
$902 $841
$904
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q2'19TTM
Q2'20TTM
Non-GAAP operating income ($MM)
1. 2015 and prior years have not been updated to reflect the adoption of Topic 606.2. Non-GAAP operating income excludes, among other things, charges related to the amortization of acquisition-related intangible assets, equity-based compensation and associated payroll taxes, and acquisition and integration expenses. Non-GAAP operating income margin is
defined as Non-GAAP operating income as a percentage of Net sales.3. Defined as the ratio of total debt at period-end excluding any unamortized discount and/or premium and deferred financing costs, less cash and cash equivalents, to trailing twelve months (TTM) Non-GAAP operating income plus depreciation and amortization in SG&A (excluding
amortization expenses for acquisition-related intangible assets).4. Trailing twelve months.5. As of June 30, 2020.
$8.8$9.6 $10.1
$10.8$12.1
$13.0$13.7
$14.8$16.2
$18.0$17.0
$18.2
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q2'19TTM
Q2'20TTM
NET SALES $B
$531
$656 $696$747
$851$961
$1,048$1,107
$1,217
$1,368$1,279
$1,365
6.0%
6.8% 6.9% 6.9% 7.1% 7.4% 7.7% 7.5% 7.5% 7.6% 7.5% 7.5%
0.04
0.06
0.08
0.1
0.12
0.14
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q2'19TTM
Q2'20TTM
OPERATING INCOME AND MARGIN(2)
GAAP operating income ($MM) Non-GAAP Margin (%)
NET INCOME
GAAP net income ($MM)
Non-GAAP net income ($MM) 7.5x
5.7x5.0x
3.9x3.2x 3.2x
2.7x 2.6x 2.3x 2.2x 2.0x
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q2'20
NET LEVERAGE RATIO(3)
STRONG FINANCIAL PERFORMANCE(1)
15 | INVESTOR PRESENTATION
(4)
(5)
1. See Return on Working Capital (ROWC) calculation on page 28.
32.5%
41.8%
47.2% 47.8%
51.5% 52.7%54.9% 55.1%
65.0% 65.5%
58.6%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q2'20 TTM
RO
WC
(%
)
Highly focused on balancing working capital investments to support customers while generating attractive returns on invested capital.
STRONG RETURN ON WORKING CAPITAL(1)
16 | INVESTOR PRESENTATION
1. As of June 30, 2020.2. Defined as the ratio of total debt at period-end excluding any unamortized discount and/or premium and deferred financing costs, less cash and cash equivalents, to TTM non-GAAP operating income plus depreciation and amortization in SG&A (excluding amortization expenses
for acquisition-related intangible assets).
Increase Dividends Annually
Maintain Net Leverage Ratio(2)
Supplement Organic Growth with M&A
Return Excess FCF after Dividends &
M&A Through Share Repurchases
OBJECTIVESPRIORITIES 2020 ACTIONS
Target ~25% Payout of Non-GAAP
Net Income; Grow In-line with Earnings
~2.5 to 3.0 Times Net Leverage Ratio
Expand CDW’s Strategic Capabilities
Offset to Incentive Plan Dilution and
to Supplement EPS Growth
Declared Q2’20 dividend on August 5th
Currently at 2.0x(1)
Prioritizing liquidity
but will remain opportunistic
(IGNW acquisition announced July 1st)
Suspended share repurchase program
CAPITAL ALLOCATION PRIORITIES
17 | INVESTOR PRESENTATION
• Reassessed capital priorities to enhance liquidity position• Remain confident in liquidity position with $2.0 billion in cash plus revolver availability(1)
1. From IPO through June 30, 2020.2. Share repurchases were suspended in Q1 2020.
$7
$34
$53
$79
$107
$139
$183
2013 2014 2015 2016 2017 2018 2019
$241
$367
$534 $522
$657
2015 2016 2017 2018 2019
DIVIDENDS PAID ($MM) SHARE REPURCHASES ($MM)
RETURNED MORE THAN $3.1B SINCE 2013(1),(2)
18 | INVESTOR PRESENTATION
• ~$360B addressable market opportunity with
attractive growth potential
• Clear leader with sustained market share gains in a
highly fragmented market
• Proven ability to evolve and capitalize on IT trends
• Flexible, nimble performance-driven culture
generating a strong financial track record
• Attractive business model with sustainable
competitive advantages
• Multiple levers for growth and creation of shareholder
value
INVESTMENT HIGHLIGHTS
19 | INVESTOR PRESENTATION
APPENDIX
20 | INVESTOR PRESENTATION
CDW COVID-19 RESPONSE
Safeguard the health and well-being of our coworkers
Serve the mission-driven needs of our customers
Support our communities
PRIORITIES ACTIONS
• Cross-functional response team led by Executive Committee members• Continue to evaluate when and how to return to the office and where our
coworkers will work in the future• Distribution centers deemed essential – operating under precautionary measures
advised by public health authorities
• Customers continue to focus on remote enablement and operations continuity • Increasing demand to improve security, reduce costs and optimize IT assets • CDW teams orchestrated solutions leveraging our broad portfolio for customers to
manage mission-driven IT needs
• Pledged $1 million in donations to support COVID-19 response efforts• Donated to local and global charities to contain and slow the virus• Support local organizations through virtual volunteering
21 | INVESTOR PRESENTATION
OUR COMMITMENT TO ESG IN ACTION
10 of 11 Board Members, incl. Chairman, are Independent
45% of Board Members are Women/People of Color
71% of Executive Committee are Women/People of Color
ESG FRAMEWORK AT CDW – IT MATTERS
22 | INVESTOR PRESENTATION
SUSTAINING ENGAGING INSPIRINGA Successful Business and a Healthy Planet
▪Economic performance ▪Environment
Trust and Confidence in All Our Stakeholders
▪Governance and ethics ▪Customer privacy and data
security
ISO 14001 CertifiedAt all CDW distribution centers
+90% Waste Diversion RateAt US distribution centers in 2019
8 Global Coworker Business Resource Groups
+$9MM in Charitable GivingTo local communities over 5 years1
+$1B Diverse Supplier Spend2
Member of Billion Dollar Roundtable
ENVIRONMENTAL RESPONSIBILITY SOCIAL RESPONSIBLITY LEADERSHIP & GOVERNANCE
Our Coworkers, Communities and Partners
▪Coworkers▪Local communities ▪Supply chain
1. From 2015 through 2019.
2. In 2019, CDW spent over $1 billion with diverse suppliers and was inducted into the Billion Dollar Roundtable, which celebrates companies that have achieved and are committed to spending at least $1 billion with minority and women-owned suppliers annually.
23 | INVESTOR PRESENTATION
2019-2020 RECOGNITION SNAPSHOT
2020 Best Places to Work
by Glassdoor
America’s Most JUST Companies
2020by JUST Capital
America’s Best Employers for Diversity 2020
by Forbes
Best Companies for Women
by Fairygodboss
Best for Vets Employer
by Military Times
Best Place to Work in IT
by Computerworld
Best of the Best Supplier
Diversity Program by U.S. Veterans
Magazine
Best Technology Companies
by Fairygodboss
Corporate Equality Index Perfect Score
by Human Rights Campaign
Military Friendly Silver Employerby Military Friendly
Most Powerful Women in Business
(President & CEO Christine Leahy) by
Fortune
The Future 50by Fortune
The CDW Way sets forth the shared values that guide our behavior.
We run our business with passion and integrity.
We empower others to do their jobs.
We keep our commitments.
We treat others with respect.
We resolve conflict directly.
We listen.
We include stakeholders in the decision process.
We live our “philosophiesof success” every day.
We make things happen.
NON-GAAP OPERATING INCOME RECONCILIATION: 2010-2015
24 | INVESTOR PRESENTATION
NON-GAAP OPERATING INCOME RECONCILIATION: 2016-2020
25 | INVESTOR PRESENTATION
NON-GAAP NET INCOME RECONCILIATION: 2010-2015
26 | INVESTOR PRESENTATION
NON-GAAP NET INCOME RECONCILIATION: 2016-2020
27 | INVESTOR PRESENTATION
RETURN ON WORKING CAPITAL CALCULATION
28 | INVESTOR PRESENTATION
NON-GAAP OPERATING INCOME MARGIN RECONCILIATION
29 | INVESTOR PRESENTATION
$57 $50
$575
$600
$1,431
$600
$432
$600
$967
2020 2021 2022 2023 2024 2025 2026 2027 2028
DEBT MATURITY PROFILE
As of June 30, 2020($MM)
$1.45B ABL - Drawn
Senior Notes 5.5% Due 2024
$1.45B ABL - Floorplan
Senior Notes 5.00% Due 2025
$1.45B ABL - Undrawn
CDW UK Term Loan L+140
Senior Notes 4.25% Due 2028
CDW UK Revolving Credit - Undrawn
Term Loan L+175 w/No Floor
Weighted Average Rate: 3.6%
Weighted Average Maturity: 5.7 years
30 | INVESTOR PRESENTATION
Senior Notes 4.125% Due 2025
For a copy of this presentation, please access CDW’s investor relations website at:
http://investor.cdw.com/
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