Collin B. Kebo
Thanks, Tom. deliver Good We to another cash consistent delivered to flow, long-term our strong financial sustained growth with drive quarter return results everyone. strong and cash of shareholders. profitable morning, strategy
I'd started, XXX. will remind that review adoption financial of get all reflects the like ASC information I Before I to you
So comparison is XXXX XXXX. for it apples-to-apples an and
currency, slide reported on last than Turning Consolidated $X.X consolidated basis. year sales net XX.X%. to net sales our eight. average daily billion constant were a on or P&L grew and sales higher XX.X% In
U.S. XX.X% times to points our a impact XX the QX was quarter quarter the outpacing improvement. driven sales sales third headwind impact X%, The growth saw by Gross primarily we daily tailwind was margin basis net of year. partner to Sequential average. This product year-over-year unfavorable currency from historical margin million. average to offset quarter the roughly growth a margin QX translation dollar. three by last of Canadian profit reverse in XX.X%, was funding. impacted was points. moving Gross Gross the to in basis During for $XXX QX flat over of increased by positively in the year-over-year was XX growth
to SG&A Turning nine. slide on
Our adjusted was performance-based result attainment investments faster count Coworker year. goals funded grew than compensation strategic to by increase and This quarter a SG&A of consisted was an last sales EBITDA Adjusted for up of roughly X,XXX. the including against advertising increased reform. higher quarter compared XX.X% tax as X.X%. adjusted to in an resulted prior Adjusted XXX quarter. to margin since third of year XXXX the million, X.X% SG&A of $XXX compared the EBITDA of
Looking at the compared borrowings rest expense due slide prior to was in year $XX on P&L on of Interest quarter the to XX. revolver. inter-quarter million was $XX the the decrease in quarter. The the million lower primarily
The As you XX] nine rate rate for XX% equity-based last the slide can reduction was year. see rate from an our [slide to year-over-year of rate impact (XX:XX), effective in effective the tax compensation. and benefits (sic) tax effective XX% excess tax federal higher quarter lower on compared primarily reflects tax of tax
slide or Moving excess prior with get non-GAAP with our the income rate a non-GAAP On income, net equity-based earned consistent basis, compared XX% tax $XXX compensation. quarter, an the XXXX. adjust of associated Applying $XXX to increase we effective to non-GAAP To tax non-GAAP tax over million we million of in million third add-backs XX% including benefits rate, our in year quarter. of up net taxes pre-tax our $XX resulted income non-GAAP to XX. effective of quarter GAAP to the
to For our points you XX Slide our effective net derive down lower federal primarily how compared rate, rate shows tax was rate. the tax can to non-GAAP income. due XX the XX%, non-GAAP year's quarter, XX% last percentage
of shares quarter. drag we on quarter outstanding can per headwinds point and per slide XX% weighted $X.XX the share As XXX were share, income Currency basis $X.XX growth. income net EPS XX third third see with net a diluted over delivered quarter year non-GAAP of of million, up you average on prior XX
months billion, the gross basis. through sales average of increase X.X% prior X.X% daily the profit basis, Revenue margin XX results nine an year. were a in was $XX.X was consolidated up Turning net to reported first XXXX billion, constant-currency on Year-to-date year-to-date XX.X% of share of for X.X%. the of XX. a profit net On which sales basis than XX% was $X million $XXX slides Gross was higher first EBITDA nine on months nine income Year-to-date XX% year. million last Adjusted from last the $XXX $XXX income net was above XXXX. Non-GAAP down was while year. non-GAAP or million, months income was above per first $X.XX, net XXXX. XX% up points was three and
our balance on XX. Turning to slide sheet
As $X and and had XX, of September equivalents we billion. debt cash net $XXX of of cash million
to Our to the revolver below debt was billion. availability of our low plus slightly of trailing XX-month X.X cash EBITDA range X.X target was Net $X.X adjusted times. end times, X.X
current compared outstanding last on to average effective Our weighted year. flat is interest rate debt X.X%,
are rising hedge We caps to our given to term caps in positioned XXXX loan, rate on well the interest our and X.X% place interest caps rate environment hedge which to XXXX mitigate includes XXXX. and X.XXX%
in outstanding roughly XX% caps of hedged. place, the our or rate debt either With is fixed
strong rolling As quarter. on slide you the we XX, maintained month can working metrics capital during three see
days vendors quarter, as cash cash in months change and the a of to approximately XXs. due On compared relationships last the to and increased you improved Year-over-year, in in $XXX $XXX end supplier was cycle reflects first priorities slide Year-to-date, precedence. The free flow in higher was free XX capital year-over-year favorable cash payable XX, high-teens down result flow of million of four quarter terms. of order allocation our with cash of days target profits XXXX. third into extended low see nine conversion primarily cash our million mixing our as low the timing. at conversion average inventory to day days, annual range and our decreased three-month one leveraging For year's from our
increase November achieve free a target over cash years. five a of these XX% dividend of To set guide to increases, annually. in dividends flow we payout First, XXXX,
XX. than XX year strong of and against financial flow of cash December our free we XX% to year's as free This delivering larger quarter, increase this generating XX% is dividend For pay increased performance underpinned XX% applied target represents value. is we of increase higher shareholder and by share (XX:XX). will cash which to our was a strategy record per November tax because a thumb, a now This shareholders of reflect $X.XXX on last flow of rule
Second, we place. right the in ensure have capital structure
target net generally adjusted in maintain the EBITDA of to leverage to debt a set to range X.X X.X times. have We
are continue We this or target appropriate range, comfortable this being long to above but our over temporarily to term. believe below manage the is business
organic growth fourth, with Third, repurchases. excess strategic return acquisitions. to And supplement cash via shareholders after dividends M&A share and
During the quarter, $XX an we cost for shares per at $XX.XX million repurchased roughly XXX,XXX average of share.
year, expect to sales full return repurchases. X.XX% of and the to For than continue form we in share shareholders dividends the more to of
distributed X.XX% is this to of You may low free flow cash distribute, over-delivery. the to year and in through of because to Year-to-date, X.XX% $XX.XX. be And million, rule million or expect October of $XXX roughly today's XXXX's at near – end cost we X.X $XXX recall, XX, average reform of repurchased our range of announcement, thumb, committed an the shares including dividends. for we approximately have post-tax million sales dividend
priority you XXXX XX. our which on targets, Our capital allocation slide support see
As tick above X.XX% now to full-year IT be growth market U.S. CDW's premium a we and Tom mentioned, constant-currency a basis. on expect
exchange sales to assuming $X.XX look and growth, roughly currency for $X.XX XX year-to-go to continue pound We points of annual British to the to to basis the Canadian rates dollar. contribute
In previous in months define EPS growth of target our XXXX constant of points nine to exceed for to look and performance fourth XX%. XX%, the currency, XX headwinds currency basis to as roughly the XX% first growth expect in over EPS be XXXX. rates, year-to-go our non-GAAP in of which non-GAAP and just we now Given expectations, year-to-date this light we exchange quarter implies
a to We EPS have similar impact on as growth. sales expect currency growth
change adjusted now not roughly to and a end to of reflects This net high year-to-date in so come our While sales funded basis our X% points has range. adjusted there margin EBITDA X or plans, tax EBITDA performance. expect the below high been reform we target X%s annual to our our investment
financials. slide provide Let modeling XX. our additional few comments rest the me for you on XXXX a with of those I'm
For the points look over XXX year, above we a tick performance top the for basis line full market. of above
tailwind a of swing a meaningful to a to continue tailwind a in from basis expect currency year-over-year the XX fourth We which quarter. headwind points, implies
and depreciation quarter, continue now amortization $XXX for quarterly per Annual just purchased expect above which to We to is expense million. million be $XX roughly expected intangibles. book million at of is $XX interest
We be also roughly to compensation annual for XXXX. continue million to lower equity than look $X
We the continue end are effective benefits our full rate in impact year to of non-GAAP XX% will be range our expect tax of to effective Excess rate. the QX, near excluded rate tax GAAP low but XX%. to tax from non-GAAP tax
I our and than points just non-GAAP now net mentioned, target range, XX% basis above the is currency expected constant annual XX% EPS growth As in income. to is non-GAAP XXX XXX now to in and XX% grow between basis faster points
cash modeling slide you of flows. those I'm for XX. notes on few a Finally,
net capital our expenditures an expect to X.X% annual sales roughly we First, basis. be of on
to also deliver XXs. a target We within range expect cycle low our cash of high-teens to conversion
the pre-tax amortization XX% which a acquisition-related we applied to per approximately be now million expect to the income intangibles $XX to quarter. in year, cash XX% For range full before book tax is rate
reduction million In $XX payments. in is year rate, in incurred in for with XXXX our to the to pay tax addition, final XXXX approximately debt expect the of the tax we income cancellation related XXXX. of we
go and cash in net tax over reform of of rate XX X.XX% our annual timing assumes X.XX% of low we discussed, thumb free to between of reflects due rule we basis delivery to rule enhanced This at above XXXX's come run continue to expect sales. our to reform pre-tax points previously flow end summary. thumb please the As in of follow-up. ordinary up a concludes inventory instructions brief the one your during That Can the a financial please you of questions. XXXX. provide to the question. the course for questions manage limit it each ask asking quarter and with of you. that ahead open for fourth to With let's Operator, we Thank
