Ann E. Ziegler
morning, Thanks, Tom. everyone. Good
are to power shareholders. As long-term reflect deliver cash progress drive product results flow, of our strategy return making portfolio we to and Tom growth, quarter combined markets, balanced financial They of the our digit third low-double breadth cost our strong of also cash per and against earnings customer share indicated, reflect end our variable constant-currency offerings, the financial structure.
P&L; this Gross $X Average last XX sales Canadian last XX XX.X% unfavorable XX.X%, follow year. slide sales year be Currency to and average sales basis. impact increased million. of on the as year the U.S. netted have U.S. lower to offset to were am $XXX margin likely to our On sales average last to revenues. constant-currency of growth basis than it daily on was the basis, which from more were higher dollar the daily pound along. margin, quarter I for $XX X. on was dollar. the QX a posted rate than net you of points to sales impact sales offset more Turning quarter a quarter, up X.X% mix daily higher roughly product net XX.X% consolidated profit was billion, versus an positive year. were higher slightly reported X.X% hardware both year. on decrease British the Gross impact and primarily online, in in will On XXXX, than translation an to saw the million. improvement translation reflects basis, adding last were last higher The which sequential than basis helpful third slides points we down if Consolidated access basis than than than X.X%
law on including expense compensation year's million related million change. than last $XX consolidated one-time was due unclaimed SG&A Reported expense equity-based $X.X slide the advertising higher state to a property includes prior SG&A also balances X% reported to retroactive year. Turning of X; of SG&A reinstatement roughly Illinois a to and
fewer X%. sales and since bearing was count up XXXX expected than both SG&A gross compensation benefit the one Coworker to line XXX including day in with year end on roughly adjusted profits of impact Our expenses. of reflected X,XXX. more selling It's the advertising increased
quarter EBITDA margin down X%, $XXX.X an adjusted basis Our EBITDA the million, XX points delivered of for This X.X%. adjusted last year. was up from
the the to P&L at compared last slide rest of flat level. year's $XX.X expense X, essentially was Looking on million, interest QX
increase of rates taxes is we in to benefits million, XXXX. to which in net tax an quarter compared state taxes, of were $XX GAAP related XX.X% a tax the income. Turning effective rate GAAP rate On $XXX to resulted equity-based in The XX.X% tax lower Illinois basis, third change of tax the tax result effective of million a and rate compensation. earned in
net in year. our reflects was better Our income, over which performance, up last quarter, operating non-GAAP $XXX million X.X% the
well as There press As the benefits you on Tax after-tax tax-affecting can per other of amortization income shares our to fall compensation, non-GAAP the equity-based and income that adjustments net excess add $X.XX prior into of buckets; delivered weighted in adjustments related at up purchased arrive compensation, income the With a release. include or we share, see or minor over reflects expenses, net the tax minimis and of expenses. on of slide as was net intangibles, impact XX, reconciliation at million, acquisition and integration outstanding year. non-GAAP non-recurring equity-based QX XX.X% in currency infrequent ongoing EPS. reversal non-GAAP the provided other add-backs diluted to four income backs detailed XXX general XX% average de
XXXX selling basis. of nine months' the revenue Gross first XX of daily increase XX.X%. sales X.X%. have shaved nine during profit been XX.X%. million XXX margin Non-GAAP XXXX, respectively. XXXX Gross a XX.X%, versus would months X.X%. first There was million, and of basis profit net nine basis to XXX roughly versus above on XXXX. basis, Adjusted EBITDA sales billion, and months slide growth was net points of $XXX was up EPS On average income months X.X%. income the constant-currency $XXX results basis, growth X.X% was growth was non-GAAP of higher points. roughly million On days currency XX a first in was XXXX million billion, down first and $XXX basis, months reported was growth. for the $XXX income On an year-to-date nine nine points months the X.X% net up nine the of non-GAAP first XX $X.X $XX.X on of in was Turning basis Net a XX; XXXX first were an or XXXX,
net on Turning of to equivalents at September billion cash to debt balance sheet compared XX, $X.X $X.X million billion $XX of XX; and we XXXX. as our slide September on had cash and
accelerating growth Given revolver hardware sales of down quarter. drew we the and positions, combination stocking our strategic in the
just versus X.X net times. was X.X flat QX availability Reflecting ticked over revolver target and last trailing EBITDA times, to second up to versus plus at debt this, adjusted X/XX quarter year cash XX-month the of was X million. $XXX Our within our range our
is completed or Our loan current year note due remains re-pricing on rate our below of X.X%, and the points fixed Roughly debt interest outstanding U.S. weighted hedged. in basis outstanding term average refinancing QX. debt rate XX either to XX% last we
see on during can three-month slide you As metrics XX, strong we working rolling maintained QX. capital
annual for quarter, days, cash Cash For and was target flow mixing cash low positive increased $XX and DSO by strategic while into flow flooring $XXX to teens which million. days, increased stocking DPO in Quarterly the $XX.X our four the less XX%s. agreement $XX.X million capital cycle was which typically acceleration our plus conversion positions was customers, the in third QX million three million as operating slower payers. sales quarter our XXXX. high and Year-over-year, cash XX impacted year's cash for compared interest was days. last up calculate cash of taxes day the sales change flow in within Free one to paid quarter net was quarter, growth, government free a are to we expenditures our from
was $XXX in flow Recall free $XXX nine XXXX. influenced items possibly than flow year's nine one-time the free first million, that of months. the last year, For first months million cash cash
execute to an and our $XXX X.X at million strategy against per share. capital shares million continued for we quarter, repurchased allocation the average $XX.XX cost During of
of annually. XX; our a following increases, November we dividends in the which first, guide achieve target XXXX, five of can see to years. four a dividend comprised is set to To on free strategy allocation payout slide capital components, XX% these Our flow of cash over increase you
quarter, to dividend a For XX, pay of as ago. from XX% will shareholders a November per we on December up share the year XX of of record $X.XX
at dividend nearly annual per initial Our level times of our $X.XX in our IPO is of June five XXXX. share
the place. structure capital in Second, right have ensure we
set debt We QX generally range a in to We EBITDA maintain net adjusted of to X target have X.X at leverage the times. ended to times. X.X
Third, supplement organic growth with acquisitions. tuck-in
UK Our the $XXX September, M&A fourth, excellent an after CDW million investment remaining and shareholders this. of cash to is repurchase return dividends on excess of And current had example At share via share authorization. end our repurchases. we
IT X% high a net range, and currency. the deliver market ratio to target low Our capital XXXX constant between XXX X% are to allocation X.X our our currency margin and XXXX than U.S. you in priority XX. to adjusted which slide with to These supports X constant faster EPS XXX in times, basis can grow targets, maintain the growth on leverage medium-term EBITDA in points see double-digit
define constant growth we Keep medium-term deliver on our medium-term not share indicated, accountable at the quarterly low we As full-year XX% a growth, in ourselves Tom to expect income to we net an of which our non-GAAP for currency mind target achieving XX%. double-digit hold annual, in targets as of that on per midpoint basis.
of our those you modeling comments provide financials. additionally for the on with slide me Let XX. rest XXXX I'm few a
by market in points, basis and of XXX XXX points months Given nine likely first the the more we XXX points. basis the than outgrow to basis now between performance year, expect
fourth in selling growth QX be year, higher versus one have will XXXX sales the daily day QX more so average quarter. in than sales growth We last reported
for currently Canadian lower XXXX. currency our $X.XX annual we the roughly rate positive same have selling XX currency XX an expect to pound We points come impact basis of $X.XX of the fourth for quarter. to estimate the number in previous at QX, of about headwinds days translation of to in We than the In the basis average look points. translation This for rates British assumes dollar and year.
adjusted the our to netting end remainder year, continue low impact our will of target in range. the expectations growth at look continue come outpace down to Given that margin the the of annual hardware for current to we for of EBITDA
as similar depreciation roughly $XX quarter, per expect at which We intangibles. of purchased a continue and at million QX is rate for to $XX amortization million
acceleration than to now of we be expect annual interest the our XXXX, throughout roughly $X higher $XXX previous million, total estimate. With sales book expense million
to year. and vesting We tax the our we not relating move continue tax reduction effective the tax compensation, to higher-than-anticipated between any Due Note through have full-year U.S. up in as of we to rate to GAAP ramp expect assumed XX% to we equity that our benefits XX%. rate GAAP expect rate. now corporate be the
slightly lower be Our favorable from to non-GAAP effective be our tax XXXX income. net of expected primarily the levels. net tax excluded for rate relates benefits equity-based since below will benefits non-GAAP related add recording tax impact is excess expenses to QX compensation to Remember, the compensation. income, equity we back these
is for income be expected Our year. tax the non-GAAP XX% all-in full roughly rate
we quarter. repurchases fourth level in third year, As level same average of the the roughly shares nine annual share will the be have the target months as in for achieved the our in first outstanding quarter
notes flows. for of our modeling cash few a you Finally, those
continue thumb flow of of annual we our to expect X% cash net come to to First, our enhanced in sales. rule X.X% within of
As you payment this term. of as benefit target, well delivered will extending cash longer to the recall, a in one-time net to due sales, XXXX we key a primarily free of partner percentage flow above
X.X% an our expenditures be basis. Second, capital will on annual revenues net of about
teens cycle XX%s. low of within target high enhanced range cash We conversion also deliver to our to expect
which expect intangibles $XX For amortization, year, full range approximately we million to pre-tax the rate cash income per the before XX% tax in a acquisition-related be book quarter. applied to
cancellation and deferred tax in to XXXX. to primarily compensation $XX million approximately discrete debt be taxes concludes we related items of to deductions incurred due from the XXXX In in addition, equity pay we continued That in annually related XXXX, summary. versus lower the payout. will to Cash tax income financial
we few Before thank-yous open to myself. moment questions, take I'd it for a like up for a
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thank it question. please on please let's and this financial your that, limit many call. of community. to thoroughly question time questions brief let me one Finally, asking with Can interfacing ask each instructions of a up follow questions. you for you we the up? enjoyed Operator, I open have the provide one With for my
