Subtext

CDW Corporation CDW

SectorInformation Technology
Transcripts25
Date range2019-05-01 – 2025-05-07
Calls charted25

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-17-9+0+9+172019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12019 Q1 · Overall: +15.12019 Q2 · Overall: +8.52019 Q3 · Overall: +12.22019 Q4 · Overall: +10.72020 Q1 · Overall: +0.82020 Q2 · Overall: +3.52020 Q3 · Overall: +4.42020 Q4 · Overall: +11.52021 Q1 · Overall: +9.32021 Q2 · Overall: +13.22021 Q3 · Overall: +5.92021 Q4 · Overall: +12.92022 Q1 · Overall: +10.42022 Q2 · Overall: +13.42022 Q3 · Overall: +11.42022 Q4 · Overall: +7.92023 Q1 · Overall: +2.62023 Q2 · Overall: +8.42023 Q3 · Overall: +6.02023 Q4 · Overall: +9.22024 Q1 · Overall: +0.02024 Q2 · Overall: +1.72024 Q3 · Overall: -1.82024 Q4 · Overall: +8.82025 Q1 · Overall: +8.9
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-25-13+0+13+252019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12019 Q1 · CEO: +22.12019 Q2 · CEO: +13.92019 Q3 · CEO: +18.32019 Q4 · CEO: +18.22020 Q1 · CEO: +4.52020 Q2 · CEO: +9.12020 Q3 · CEO: +10.32020 Q4 · CEO: +15.22021 Q1 · CEO: +15.22021 Q2 · CEO: +21.02021 Q3 · CEO: +9.52021 Q4 · CEO: +19.92022 Q1 · CEO: +17.62022 Q2 · CEO: +20.82022 Q3 · CEO: +18.12022 Q4 · CEO: +13.62023 Q1 · CEO: +6.12023 Q2 · CEO: +8.22023 Q3 · CEO: +9.72023 Q4 · CEO: +14.02024 Q1 · CEO: +11.52024 Q2 · CEO: +1.92024 Q3 · CEO: +2.82024 Q4 · CEO: +16.02025 Q1 · CEO: +11.72019 Q1 · CFO: +10.32019 Q2 · CFO: +6.32019 Q3 · CFO: +7.92019 Q4 · CFO: +8.02020 Q1 · CFO: +2.02020 Q2 · CFO: -1.12020 Q3 · CFO: +4.52020 Q4 · CFO: +9.02021 Q1 · CFO: +6.82021 Q2 · CFO: +9.82021 Q3 · CFO: +7.02021 Q4 · CFO: +13.02022 Q1 · CFO: +12.62022 Q2 · CFO: +11.92022 Q3 · CFO: +13.32022 Q4 · CFO: +10.32023 Q1 · CFO: +4.42023 Q2 · CFO: +12.52023 Q3 · CFO: +9.62023 Q4 · CFO: +9.22024 Q1 · CFO: -2.22024 Q2 · CFO: +3.92024 Q3 · CFO: -0.42024 Q4 · CFO: +6.02025 Q1 · CFO: +10.9
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-27-13+0+13+272019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12019 Q1 · Prepared remarks: +23.32019 Q2 · Prepared remarks: +12.72019 Q3 · Prepared remarks: +16.32019 Q4 · Prepared remarks: +15.42020 Q1 · Prepared remarks: +6.42020 Q2 · Prepared remarks: +6.82020 Q3 · Prepared remarks: +11.02020 Q4 · Prepared remarks: +11.22021 Q1 · Prepared remarks: +16.72021 Q2 · Prepared remarks: +20.32021 Q3 · Prepared remarks: +10.02021 Q4 · Prepared remarks: +17.02022 Q1 · Prepared remarks: +16.82022 Q2 · Prepared remarks: +17.72022 Q3 · Prepared remarks: +17.42022 Q4 · Prepared remarks: +14.52023 Q1 · Prepared remarks: +8.12023 Q2 · Prepared remarks: +13.12023 Q3 · Prepared remarks: +9.12023 Q4 · Prepared remarks: +10.22024 Q1 · Prepared remarks: +1.42024 Q2 · Prepared remarks: +0.32024 Q3 · Prepared remarks: +0.02024 Q4 · Prepared remarks: +9.32025 Q1 · Prepared remarks: +9.42019 Q1 · Q&A responses: +5.92019 Q2 · Q&A responses: +8.52019 Q3 · Q&A responses: +11.82019 Q4 · Q&A responses: +11.62020 Q1 · Q&A responses: +0.42020 Q2 · Q&A responses: +1.42020 Q3 · Q&A responses: +2.32020 Q4 · Q&A responses: +14.32021 Q1 · Q&A responses: +6.12021 Q2 · Q&A responses: +10.72021 Q3 · Q&A responses: +6.02021 Q4 · Q&A responses: +14.22022 Q1 · Q&A responses: +13.32022 Q2 · Q&A responses: +14.82022 Q3 · Q&A responses: +11.82022 Q4 · Q&A responses: +7.42023 Q1 · Q&A responses: +2.52023 Q2 · Q&A responses: +8.02023 Q3 · Q&A responses: +9.42023 Q4 · Q&A responses: +12.82024 Q1 · Q&A responses: +4.72024 Q2 · Q&A responses: +5.42024 Q3 · Q&A responses: +3.52024 Q4 · Q&A responses: +13.32025 Q1 · Q&A responses: +12.8
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$5.40$8.25$11.112019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12019 Q1: $5.792019 Q2: $6.052019 Q3: $6.272019 Q4: $6.592020 Q1: $6.792020 Q2: $5.922020 Q3: $6.222020 Q4: $6.692021 Q1: $7.292021 Q2: $7.712021 Q3: $8.222021 Q4: $8.722022 Q1: $9.522022 Q2: $10.072022 Q3: $10.382022 Q4: $10.422023 Q1: $10.642023 Q2: $9.962023 Q3: $10.422023 Q4: $10.552024 Q1: $10.722024 Q2: $10.642024 Q3: $10.68

Forward P/E

11.5418.0924.632019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12019 Q1: 16.752019 Q2: 17.342019 Q3: 19.212019 Q4: 21.342020 Q1: 12.442020 Q2: 19.812020 Q3: 18.312020 Q4: 19.772021 Q1: 22.012021 Q2: 22.272021 Q3: 23.732021 Q4: 22.042022 Q1: 18.222022 Q2: 16.262022 Q3: 16.572022 Q4: 18.432023 Q1: 17.732023 Q2: 17.732023 Q3: 20.002023 Q4: 20.672024 Q1: 23.192024 Q2: 21.672024 Q3: 20.75

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2019 Q2 tone ↓ -6.6 fwd EPS ↑ +0.26 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q1 tone ↓ -9.9 fwd EPS ↑ +0.20 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +2.6 fwd EPS ↓ -0.87 Tone rose while the forward EPS estimate was cut.
  • 2021 Q1 tone ↓ -2.2 fwd EPS ↑ +0.60 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q3 tone ↓ -7.2 fwd EPS ↑ +0.51 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q1 tone ↓ -2.5 fwd EPS ↑ +0.79 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q3 tone ↓ -2.0 fwd EPS ↑ +0.31 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q1 tone ↓ -5.2 fwd EPS ↑ +0.22 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q2 tone ↑ +5.8 fwd EPS ↓ -0.68 Tone rose while the forward EPS estimate was cut.
  • 2023 Q3 tone ↓ -2.4 fwd EPS ↑ +0.46 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q1 tone ↓ -9.2 fwd EPS ↑ +0.17 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-05-07+8.9——View →
2024 Q42025-02-05+8.8——View →
2024 Q32024-10-30-1.8$10.6820.8View →
2024 Q22024-07-31+1.7$10.6421.7View →
2024 Q12024-05-01+0.0$10.7223.2View →
2023 Q42024-02-07+9.2$10.5520.7View →
2023 Q32023-11-01+6.0$10.4220.0View →
2023 Q22023-08-02+8.4$9.9617.7View →