CDW delivered a resilient Q4 2024, marking a solid finish to a challenging year. Total net sales reached $5.186 billion, up 3.3% YoY on a reported basis (5% above 2023 on an average daily sales basis in the company commentary), with gross profit of $1.156 billion and a gross margin of 22.3%, the highest quarterly margin of 2024. Non-GAAP operating income was approximately $500 million (margin ~9.6%), and non-GAAP EPS stood at $2.48. For the full year, CDW posted a 1.8% decline in net sales and a 1.1% drop in gross profit, but gross margins remained resilient at 21.9%. The company generated over $1.0 billion of adjusted free cash flow in 2024 and returned roughly $1.18 billion to shareholders via dividends and share repurchases, including a $750 million incremental share-repurchase authorization announced by the Board. Business mix in Q4 reflected strength in Healthcare and Services, with Healthcare up about 30% in public channels, while government and Education faced headwinds related to funding cycles and policy uncertainty. Management emphasized a multi-year growth strategy focused on cloud, SaaS, security, and managed services, alongside selective M&A (Mission Cloud Services acquisition closed in November 2024) to accelerate scale and accretion. 2025 guidance is cautious but constructive: IT market in the U.S. projected to grow in the low single digits, with CDW targeting 200–300 bps of outperformance on a customer-spend basis; gross profit growth expected to be in the low single digits, with stable margins as cloud/services scale, and non-GAAP EPS to grow in the low single digits. Investors should monitor public sector budgets (federal and Education), UK/Canada exposure, currency headwinds, and the pace of cloud/SaaS adoption and related services demand.