Q3 2019 Earnings Call

Call at this time all participant lines are in listen only mode. After the speakers presentation. There will be a question and answer session to answer your question. During the session. You want me to press Star one on your telephone. Please be advised the today's conference is being recorded if you require any further assistance. Please press star zero I would now like to hand.

The call conference over to your Speaker today, Chris Leahy, Chief Executive Officer of CDW. Thank you and please go ahead ma'am.

You Lauren and good morning, everyone, it's a pleasure to be.

You with our Chief Financial Officer, and Britney Smith, our VP Investor Relations and financial planning and analysis.

I'll begin with a high level overview of our third quarter financial and strategic performance and share some thoughts on our outlook then Colin will take you through a more detailed look at our results capital strategy and priorities and outlook for 2019 will move quickly through our prepared remarks to ensure we have plenty of time for today, but before we begin Britney will present the companies.

Harbor disclosure statement.

Thank you Chris Good morning, everyone. Our third quarter earnings release was distributed this morning and is available on our website investor that CDW Dot com along with supplemental slides you can use to follow along during the call I'd like to remind you that certain comments made during this presentation are considered forward looking statements under the private Securities litigation.

Format of 1995.

Statements are subject to risks and uncertainties they could cause actual.

So results to differ materially additional information concerning these risks and uncertainties is contained in the earnings release and form 8-K, we furnished to the FCC to today and the company's other filings with the FCC.

C.

CDW assumes no obligation to update the information presented.

During this webcast our presentation also includes or a non-GAAP financial.

So measures, including non-GAAP operating income and non-GAAP earnings per share.

They're all non-GAAP measures have been reconciled to the most directly comparable GAAP measures in accordance with FCC rules, you'll find reconciliation charge and the slides for today's webcast and in our earnings release and form 8-K, we furnished to the FCC today. Please note that all references to growth rates or dollar amounts in our remarks today.

Our versus a comparable period in 2018.

This average daily sales unless otherwise indicated replay of this webcast we posted to our website later today.

So I wanted to remind you that this conference call as a property of CDW and may not be recorded or rebroadcast without specific written permission from the company with that let me turn the call back over to Chris.

Thanks Brittany.

Third quarter results were excellent with both strong sales growth and profitability consolidated net sales were $4.9 billion up 12.2% on reported basis with one additional selling day in the quarter average daily sales increased 10.5% and 10.9% in constant currency.

Gross profit increased 14.4% to $816 million non-GAAP operating income increased 13.9% to $380 million and non-GAAP net income per share increased 19.8% to $1.70 cents per share on a constant currency basis non-GAAP net income.

I am per share increased 20.4%.

These excellent results reflect the combined power of our balanced portfolio customer end markets, our full suite of offerings that address customer priorities across the IP landscape.

And our ongoing success executing our three part strategy for growth.

First the balance across our customer and Mark.