The following is a summary of the CDW Corporation (CDW) Q1 2024 Earnings Call Transcript:

Financial Performance:

• CDW Corporation reported gross profit of $1.1 billion in Q1 2024, down 2% from the previous year.

• Non-GAAP operating income was $404 million, a decrease of 7%, and non-GAAP net income per share was $1.92, down 6%.

• The company's net sales totaled $4.9 billion, a 4.5% decrease compared to the same period in the previous year.

• Despite a marginal decrease in net sales, CDW's gross margin increased to 21.8%.

Business Progress:

• CDW focuses on strategic AI services and optimization efforts which resulted in a 6% increase in their 'netted down' revenues category, demonstrating 35.1% of their gross revenue.

• Customers' demands in areas like cloud, security and SaaS solutions are strong.

• CDW promises its strong position in the market due to its ability to customize solutions based on customers' needs, infiltrating AI and cloud adoption.

• CDW expects customer activity to stabilize and possibly increase over the coming quarters, forecasting low single-digit gross profit growth for 2024 and a gross margin similar to the full year of 2023.

• CDW maintains optimism about leveraging AI business owing to their deep vertical expertise.

• Clients express growing attention to supply chain issues and evolving interest in AI PCs.

• CDW sees a continuous durability of revenue despite the changes in gross margins and gross profit.

More details: CDW Corp IR

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