CDW (CDW, Financial) contributed to performance during the quarter after logging +19% currency-neutral revenue growth and +26% operating earnings growth. The Company’s "omni-office" strategy of outfitting small and medium businesses with software, hardware and services, wherever workers decide or need to work continues to resonate. CDW organizes itself across several end-markets, with each of these end markets at different stages of building out their omni-office presences. In the meantime, the post-Pandemic IT environment has quickly evolved from supply scarcity (due to vendor shortages and strong demand) where CDW flexed its balance sheet to ensure inventory availability, to more recently helping customers manage never before seen levels of complexity related to a work-from-everywhere workforce. CDW's consistent returns, cheap multiple, and mission-critical functions it offers to vendors and customers continues to be an attractive risk-reward for portfolios.
From David Rolfe (Trades, Portfolio)'s Wedgewood Partners fourth-quarter 2022 letter.
