2024-05-01 12:33:10 ET
CDW Corporation (CDW)
Q1 2024 Earnings Conference Call
May 01, 2024, 08:30 AM ET
Company Participants
Steve O'Brien - Investor Relations
Chris Leahy - Chair & Chief Executive Officer
Al Miralles - Chief Financial Officer
Conference Call Participants
Adam Tindle - Raymond James
Samik Chatterjee - JPMorgan
Amit Daryanani - Evercore
Matt Sheerin - Stifel
Erik Woodring - Morgan Stanley
David Vogt - UBS
Presentation
Operator
Welcome to the CDW First Quarter 2024 Earnings Call. My name is Carla and I'll be coordinating your call today. [Operator Instructions] I will now hand you over to your host, Steve O'Brien, with Investor Relations to begin. Steve, please go ahead.
Steve O'Brien
Thank you, Carla. Good morning, everyone. Joining me today to review our first quarter 2024 results are Chris Leahy, our Chair and Chief Executive Officer, and Al Miralles, our Chief Financial Officer.
Our first quarter earnings release was distributed this morning and is available on our website, investor.cdw.com, along with supplemental slides that you can use to follow along during the call. I'd like to remind you that certain comments made in the presentation are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. Those statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Additional information concerning these risks and uncertainties is contained in the earnings release and Form 8-K, which we furnished to the SEC today in the company's other filings and in the company's other filings with the SEC. CDW assumes no obligation to update the information presented during this webcast.
Our presentation also includes certain non-GAAP financial measures, including non-GAAP operating income, non-GAAP operating income margin, non-GAAP net income, and non-GAAP earnings per share. All non-GAAP measures have been reconciled to the most directly comparable GAAP measures in accordance with SEC rules. You'll find reconciliation charts in the slides for today's webcast and in our earnings release and Form 8-K.
Please note all references to growth rates or dollar amount changes in our remarks today are versus the comparable period in 2024 unless otherwise indicated. Replay of this webcast will be posted to our website later today. I also want to remind you that this conference call is the property of CDW and may not be recorded or rebroadcast without specific written permission from the company.
With that, let me turn the call over to Chris.
Chris Leahy
Thank you, Steve. Good morning, everyone. I'll begin today's call with a brief overview of our performance, our strategic progress, and view for the balance of the year. Al will provide additional details on our results, our capital allocation priorities, and our outlook. We'll move quickly through our prepared remarks to ensure we have plenty of time for questions.
Market conditions remained challenging and first quarter results came in below our expectations. For the quarter, gross profit was $1.1 billion, 2% lower than last year. Non-GAAP operating income was $404 million, down 7% and non-GAAP net income per share was $1.92, down 6%....
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CDW Corporation (CDW) Q1 2024 Earnings Call Transcript