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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 11, 2025

WESCO International, Inc.
(Exact name of registrant as specified in its charter)
Delaware 001-1498925-1723342
(State or other jurisdiction of
incorporation)		(Commission File Number)(IRS Employer
Identification No.)
225 West Station Square Drive
Suite 700		 15219
Pittsburgh,Pennsylvania(Zip Code)
(Address of principal executive offices)
(412) 454-2200
(Registrant's telephone number, including area code)
Not applicable.
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of ClassTrading Symbol(s)Name of Exchange on which registered
Common Stock, par value $.01 per shareWCCNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of Series A Fixed-Rate Reset Cumulative Perpetual Preferred StockWCC PR ANew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Item 2.02    Results of Operations and Financial Condition.
The information in this Item 2.02 is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in this Item 2.02 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.
On February 11, 2025, WESCO International, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and full year 2024. A copy of the press release is attached hereto as Exhibit 99.1.
Item 7.01    Regulation FD Disclosure.
The information in this Item 7.01 is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in this Item 7.01 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.
A slide presentation to be used by executive management of the Company in connection with its discussions with investors regarding the Company's financial results for the fourth quarter and full year 2024 is included in Exhibit 99.2 to this report and is being furnished in accordance with Regulation FD of the Securities and Exchange Commission.
Item 9.01    Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.Description
99.1
99.2
104
Cover Page Interactive Date File (embedded within the Inline XBRL document)



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
WESCO International, Inc.
(Registrant)
February 11, 2025By:/s/ David S. Schulz
(Date)David S. Schulz
Executive Vice President and Chief Financial Officer




wesco_logoa.jpg
NEWS RELEASE
WESCO International, Inc. / 225 West Station Square Drive, Suite 700 / Pittsburgh, PA 15219
Wesco International Reports Fourth Quarter
and Full Year 2024 Results
•Fourth quarter reported net sales up 0.5% YOY; Organic sales up 2.4% YOY and 1.7% sequentially
–Fourth quarter diluted EPS of $3.03; Adjusted diluted EPS of $3.16, up 19% YOY
•Full-year reported net sales down 2.5% YOY; Organic sales down 0.6% YOY
•Full-year operating profit of $1.2 billion; operating margin of 5.6%
–Adjusted EBITDA margin of 6.9%, down 70 basis points YOY
•Record operating cash flow of $1.1 billion for 2024, up from $493 million for 2023
PITTSBURGH, February 11, 2025 /PR Newswire/ -- Wesco International (NYSE: WCC), a leading provider of business-to-business distribution, logistics services and supply chain solutions, announces its results for the fourth quarter and full year 2024.
“We are pleased with our return to sales growth in the fourth quarter sparked by more than 70% growth year-over-year in our global Data Center business, 20% growth in Broadband Solutions, and renewed positive sales momentum in Electrical and Electronic Solutions. This was partially offset by a slowdown with industrial customers and the expected continued weakness in our utility business in the fourth quarter. With that said, our positive momentum has carried into January with preliminary sales per workday, adjusted for M&A, up 5% versus prior year. Our opportunity pipeline remains at a record level, backlog remains healthy and bid activity levels remain very strong. Gross margin was stable on a full-year basis although we experienced some pressure in Communication and Security Solutions as sales ramped to customers on project deployments. Consistent with past practice, we expect to improve margins as we move through the project deployment life cycle in this segment,” said John Engel, Chairman, President, and CEO.
Mr. Engel continued, “Our continued focus on effective working capital management yielded strong benefits again in the fourth quarter and contributed to record free cash flow generation of over $1 billion in 2024, or 154% of adjusted net income. Financial leverage remained stable at 2.9x trailing twelve-month adjusted EBITDA as we reduced our net debt by $431 million and repurchased $425 million of shares last year. We also significantly strengthened our portfolio through the divestiture of our integrated supply business and the acquisitions of three services-based businesses, including Ascent. As we look to 2025, our pipeline of strategic acquisitions remains strong and is aligned with our goal to increase service offerings to our customers.”
Mr. Engel added, “We also made excellent progress on our enterprise-wide digitalization efforts and overall business transformation in 2024. We’re more than halfway complete on our technology and capabilities build, which once completed, will accelerate our earnings growth through greater cross-sell, expand our margins through improved pricing and operating cost leverage, and dramatically increase our speed to value on the integration of future acquisitions.”
Mr. Engel concluded, “In 2025, we expect organic sales to grow 2.5% to 6.5% and operating margin to expand, as all three business units are expected to deliver profitable growth. We expect to generate $600 to $800 million of free cash flow and I am pleased to announce that we plan to increase our common stock dividend by 10% again this year to $1.82 per share while continuing our share buyback program. As we outlined in our recent Investor Day, we are committed to substantial value creation from operational improvements, digital transformation, and our capital allocation strategy including additional M&A. We’re well-positioned to deliver outsized growth due to the secular trends of AI-driven data centers, increased power generation, electrification, automation, and reshoring. And we remain laser focused on our enterprise wide margin improvement program, which has been a historical strength for Wesco. I’m confident that Wesco will outperform our markets this year, and we're best positioned to deliver improved sales growth and continue toward our long-term EBITDA margin expansion goal. Finally, I continue to be very proud of our talented and dedicated Wesco team, who remain steadfast in executing our strategic plan to capture the significant value creation opportunity in front us, as we realize our vision of becoming the best tech-enabled supply chain solutions provider in the world.”

1

The following are results for the three months ended December 31, 2024 compared to the three months ended December 31, 2023:
•Net sales were $5,499.7 million for the fourth quarter of 2024 compared to $5,473.4 million for the fourth quarter of 2023, an increase of 0.5%. On an organic basis, which removes the impact of the Wesco Integrated Supply (“WIS”) divestiture, the Ascent, LLC (“Ascent”) acquisition, differences in foreign exchange rates, and the impact from the number of workdays, sales for the fourth quarter of 2024 grew by 2.4%. The increase in organic sales primarily reflects volume growth in the CSS segment, partially offset by volume decline in the UBS segment. Sequentially, net sales increased 0.2%. Adjusting for the unfavorable impact from the number of workdays of 1.6%, the unfavorable impact from fluctuations in foreign exchange rates of 0.5%, and the increase from the acquisition of Ascent of 0.6%, organic sales grew by 1.7% sequentially.
•Cost of goods sold was $4,335.7 million for the fourth quarter of 2024 compared to $4,302.7 million for the fourth quarter of 2023, and gross profit was $1,164.0 million and $1,170.7 million, respectively. As a percentage of net sales, gross profit was 21.2% and 21.4% for 2024 and 2023, respectively. The decline in gross profit as a percentage of net sales for the fourth quarter of 2024 primarily reflects a decrease in CSS sales margin, partially offset by the impact of the divestiture of the WIS business.
•Selling, general and administrative (“SG&A”) expenses were $817.3 million, or 14.9% of net sales, for the fourth quarter of 2024 compared to $810.1 million, or 14.8% of net sales, for the fourth quarter of 2023. SG&A expenses for the fourth quarter of 2024 include $10.0 million of digital transformation and restructuring costs and $0.1 million of excise taxes on excess pension plan assets. SG&A expenses for the fourth quarter of 2023 include $11.3 million of digital transformation, merger-related and integration, and restructuring costs. Adjusted for these costs, SG&A expenses were $807.2 million, or 14.7% of net sales, for the fourth quarter of 2024 and $798.8 million, or 14.6% of net sales, for the fourth quarter of 2023. Adjusted SG&A expenses for the fourth quarter of 2024 primarily reflect higher costs to operate our facilities, employee expenses, taxes, and transportation costs, partially offset by lower payroll expenses.
•Operating profit was $301.1 million for the fourth quarter of 2024 compared to $315.8 million for the fourth quarter of 2023, a decrease of $14.7 million, or 4.7%. Operating profit as a percentage of net sales was 5.5% for the current quarter, compared to 5.8% for the fourth quarter of the prior year. Adjusted for digital transformation costs, restructuring costs, and excise taxes on excess pension plan assets, operating profit was $311.2 million, or 5.7% of net sales, for the fourth quarter of 2024. Adjusted for digital transformation costs, merger-related and integration costs, restructuring costs, and accelerated trademark amortization expense, operating profit was $327.5 million, or 6.0% of net sales, for the fourth quarter of 2023.
•Net interest expense for the fourth quarter of 2024 was $85.1 million compared to $97.0 million for the fourth quarter of 2023. The decrease is primarily attributable to lower borrowings and a decrease in variable interest rates.
•The effective tax rate for the fourth quarter of 2024 was 20.8% compared to 31.5% for the fourth quarter of 2023. The effective tax rate for the quarter ended December 31, 2024 was lower than the comparable period due to the favorable impact of changes in estimates of uncertain tax positions and foreign return-to-provision adjustments.
•Net income attributable to common stockholders was $151.0 million for the fourth quarter of 2024 compared to $127.6 million for the fourth quarter of 2023, an increase of 18.3%. Adjusted for digital transformation costs, restructuring costs, excise taxes on excess pension plan assets, the adjustment to the loss on termination of a business arrangement, the reduction to pension settlement cost, and the related income tax effects, net income attributable to common stockholders was $157.4 million for the fourth quarter of 2024. Adjusted for digital transformation costs, merger-related and integration costs, restructuring costs, accelerated trademark amortization expense, net pension settlement cost, and the related income tax effects, net income attributable to common stockholders was $137.9 million for the fourth quarter of 2023.
•Earnings per diluted share for the fourth quarter of 2024 was $3.03, based on 49.8 million diluted shares, compared to $2.45 for the fourth quarter of 2023, based on 52.0 million diluted shares, an increase of 23.7%. Adjusted for digital transformation costs, restructuring costs, excise taxes on excess pension plan assets, the loss on termination of a business arrangement, the reduction to pension settlement cost, and the related income tax effects, earnings per diluted share for the fourth quarter of 2024 was $3.16. Adjusted for digital transformation costs, merger-related and integration costs, restructuring costs, accelerated trademark amortization expense, net pension settlement cost, and the related income tax effects, earnings per diluted share for the fourth quarter of 2023 was $2.65.
•Operating cash flow for the fourth quarter of 2024 was an inflow of $276.6 million compared to $69.3 million for the fourth quarter of 2023. Free cash flow for the fourth quarter of 2024 was $268.4 million, or 155.8% of adjusted net income. The net cash inflow in the fourth quarter of 2024 was primarily driven by net income of $165.9 million, as well as an improvement in net working capital. Changes in net working capital included a decrease in trade accounts receivable due to the timing of receipts from customers, resulting in a cash inflow of $167.2 million. Inventory management efforts leading to a $67.0 million decrease in inventory also contributed to the cash inflow. These inflows were partially offset by a decrease in accounts payable of $148.5 million due to the timing of payments to suppliers.
2

The following are results for the year ended December 31, 2024 compared to the year ended December 31, 2023:
•Net sales were $21.8 billion for 2024 compared to $22.4 billion for 2023, a decrease of 2.5%. On an organic basis, which removes the impact of the WIS divestiture, Ascent acquisition, differences in foreign exchange rates, and the impact from the number of workdays, sales for 2024 declined by 0.6%. The decrease in organic sales reflects volume declines in the UBS and EES segments, partially offset by a volume increase in the CSS segment, and price inflation in the EES and UBS segments.
•Cost of goods sold for 2024 was $17.1 billion compared to $17.5 billion for 2023, and gross profit was $4.7 billion and $4.8 billion, respectively. As a percentage of net sales, gross profit was 21.6% for 2024 and 2023.
•SG&A expenses were $3,306.2 million, or 15.2% of net sales, for 2024 compared to $3,256.0 million, or 14.5% of net sales, for 2023. SG&A expenses for 2024 include $37.0 million of digital transformation and restructuring costs, a $17.8 million loss on abandonment of assets, and $4.9 million of excise taxes on excess pension plan assets. SG&A expenses for 2023 include $72.1 million of digital transformation, merger-related and integration, and restructuring costs. Adjusted for these costs, SG&A expenses were $3,246.5 million, or 14.9% of net sales, for 2024 and $3,183.9 million, or 14.2% of net sales, for 2023. The increase in adjusted SG&A expenses for 2024 compared to 2023 reflects higher costs to operate our facilities and an increase in IT costs.
•Operating profit was $1.2 billion for 2024 compared to $1.4 billion for 2023, a decrease of 13.0%. Operating profit as a percentage of net sales was 5.6% for the current year, compared to 6.3% for the prior year. Adjusted for digital transformation costs, the loss on abandonment of assets, restructuring costs, and excise taxes on excess pension plan assets, operating profit was $1.3 billion, or 5.9% of net sales, for 2024. Adjusted for digital transformation costs, merger-related and integration costs, restructuring costs, and accelerated trademark amortization expense, operating profit was $1.5 billion, or 6.6% of net sales, for 2023.
•Net interest expense for 2024 was $364.9 million compared to $389.3 million for 2023. The decrease primarily reflects lower borrowings, the redemption of the 2025 Notes in the second quarter of 2024, and a decrease in variable interest rates.
•Other non-operating income for 2024 was $92.7 million compared to expense of $25.1 million for 2023. In 2024, we completed the divestiture of our WIS business and recognized a gain from the sale of $122.2 million. Due to fluctuations in the U.S. dollar against certain foreign currencies, a net foreign currency exchange loss of $25.5 million was recognized for 2024 compared to a net loss of $22.9 million for 2023. Adjusted for the gain on the divestiture of our WIS business, a $3.6 million loss on termination of a business arrangement, and $2.5 million of pension settlement cost related to the final settlement of the Anixter Inc. Pension Plan, other non-operating expense was $23.4 million for 2024. Other non-operating expense for 2023 includes net pension settlement cost of $2.8 million related to the settlement of certain pension plans. Adjusted for this amount, other non-operating expense was $22.3 million for 2023.
•The effective tax rate for 2024 was 24.4% compared to 22.8% for 2023. The higher effective tax rate in 2024 is primarily due to increases in valuation allowances recorded against certain deferred tax assets.
•Net income attributable to common stockholders was $660.2 million for 2024 compared to $708.1 million for 2023. Adjusted for digital transformation costs, the loss on abandonment of assets, restructuring costs, excise taxes on excess pension plan assets, the gain recognized on the divestiture of the WIS business, the loss on termination of a business arrangement, pension settlement cost, and the related income tax effects, net income attributable to common stockholders was $618.6 million for 2024. Adjusted for digital transformation costs, merger-related and integration costs, restructuring costs, accelerated trademark amortization expense, net pension settlement cost, and the related income tax effects, net income attributable to common stockholders was $763.6 million for 2023.
•Earnings per diluted share for 2024 was $13.05, based on 50.6 million diluted shares, compared to $13.54 for 2023, based on 52.3 million diluted shares. Adjusted for digital transformation costs, the loss on abandonment of assets, restructuring costs, excise taxes on excess pension plan assets, the gain recognized on the divestiture of the WIS business, the loss on termination of a business arrangement, pension settlement cost, and the related income tax effects, earnings per diluted share for 2024 was $12.23. Adjusted for digital transformation costs, merger-related and integration costs, restructuring costs, accelerated trademark amortization expense, net pension settlement cost, and the related income tax effects, earnings per diluted share for 2023 was $14.60.
•Operating cash flow for 2024 was an inflow of $1,101.2 million compared to $493.2 million for 2023. Free cash flow for 2024 was $1,045.2 million, or 154.2% of adjusted net income. The net cash inflow in 2024 was primarily driven by net income of $719.4 million and non-cash adjustments to net income totaling $105.6 million. Operating cash flow was positively impacted by net changes in assets and liabilities of $276.2 million, which primarily comprised an increase in accounts payable of $329.5 million, primarily due to the timing of inventory purchases and payments to suppliers, and an increase of $62.7 million in accrued payroll and benefits costs, partially offset by an increase in trade accounts receivable of $50.7 million due to the timing of receipts from customers.
3

Webcast and Teleconference Access
Wesco will conduct a webcast and teleconference to discuss the fourth quarter and full year 2024 earnings as described in this News Release on Tuesday, February 11, 2025, at 10:00 a.m. E.T. The call will be broadcast live over the internet and can be accessed from the Investor Relations page of the Company's website at https://investors.wesco.com. The call will be archived on this internet site for seven days.
Wesco International (NYSE: WCC) builds, connects, powers and protects the world. Headquartered in Pittsburgh, Pennsylvania, Wesco is a FORTUNE 500® company with approximately $22 billion in annual sales in 2024 and a leading provider of business-to-business distribution, logistics services and supply chain solutions. Wesco offers a best-in-class product and services portfolio of Electrical and Electronic Solutions, Communications and Security Solutions, and Utility and Broadband Solutions. The Company employs approximately 20,000 people, partners with the industry’s premier suppliers, and serves thousands of customers around the world. With millions of products, end-to-end supply chain services, and leading digital capabilities, Wesco provides innovative solutions to meet customer needs across commercial and industrial businesses, contractors, educational institutions, government agencies, technology companies, telecommunications providers, and utilities. Wesco operates more than 700 sites, including distribution centers, fulfillment centers, and sales offices in approximately 50 countries, providing a local presence for customers and a global network to serve multi-location businesses and global corporations.
4

Forward-Looking Statements
All statements made herein that are not historical facts should be considered as "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. These statements include, but are not limited to, statements regarding business strategy, growth strategy, competitive strengths, productivity and profitability enhancement, competition, new product and service introductions, and liquidity and capital resources. Such statements can generally be identified by the use of words such as "anticipate," "plan," "believe," "estimate," "intend," "expect," "project," and similar words, phrases or expressions or future or conditional verbs such as "could," "may," "should," "will," and "would," although not all forward-looking statements contain such words. These forward-looking statements are based on current expectations and beliefs of Wesco's management, as well as assumptions made by, and information currently available to, Wesco's management, current market trends and market conditions and involve risks and uncertainties, many of which are outside of Wesco's and Wesco's management's control, and which may cause actual results to differ materially from those contained in forward-looking statements. Accordingly, you should not place undue reliance on such statements.
Important factors that could cause actual results or events to differ materially from those presented or implied in the forward-looking statements include, among others, the failure to achieve the anticipated benefits of, and other risks associated with, acquisitions, joint ventures, divestitures and other corporate transactions; the inability to successfully integrate acquired businesses; the impact of increased interest rates or borrowing costs; fluctuations in currency exchange rates; failure to adequately protect Wesco's intellectual property or successfully defend against infringement claims; the inability to successfully deploy new technologies, digital products and information systems or to otherwise adapt to emerging technologies in the marketplace, such as those incorporating artificial intelligence; failure to execute on our efforts and programs related to environmental, social and governance (ESG) matters; unanticipated expenditures or other adverse developments related to compliance with new or stricter government policies, laws or regulations, including those relating to data privacy, sustainability and environmental protection; the inability to successfully develop, manage or implement new technology initiatives or business strategies, including with respect to the expansion of e-commerce capabilities and other digital solutions and digitalization initiatives; disruption of information technology systems or operations; natural disasters (including as a result of climate change), health epidemics, pandemics and other outbreaks; supply chain disruptions; geopolitical issues, including the impact of the evolving conflicts in the Middle East and Russia/Ukraine; the impact of sanctions imposed on, or other actions taken by the U.S. or other countries against, Russia or China; the failure to manage the increased risks and impacts of cyber incidents or data breaches; and exacerbation of key materials shortages, inflationary cost pressures, material cost increases, demand volatility, and logistics and capacity constraints, any of which may have a material adverse effect on the Company's business, results of operations and financial condition. All such factors are difficult to predict and are beyond the Company's control. Additional factors that could cause results to differ materially from those described above can be found in Wesco's most recent Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission.



Contact Information
Investor RelationsCorporate Communications
Will Ruthrauff
Director, Investor Relations
484-885-5648
Jennifer Sniderman
Vice President, Corporate Communications
717-579-6603
http://www.wesco.com

5

WESCO INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts)
(Unaudited)
Three Months Ended
December 31, 2024December 31, 2023
Net sales$5,499.7 $5,473.4 
Cost of goods sold (excluding depreciation and amortization)4,335.7 78.8 %4,302.7 78.6 %
Selling, general and administrative expenses817.3 14.9 %810.1 14.8 %
Depreciation and amortization45.6 44.8 
Income from operations301.1 5.5 %315.8 5.8 %
Interest expense, net85.1 97.0 
Other expense, net6.6 10.5 
Income before income taxes209.4 3.8 %208.3 3.8 %
Provision for income taxes43.5 65.7 
Net income165.9 3.0 %142.6 2.6 %
Net income attributable to noncontrolling interests0.5 0.6 
Net income attributable to WESCO International, Inc.165.4 3.0 %142.0 2.6 %
Preferred stock dividends14.4 14.4 
Net income attributable to common stockholders$151.0 2.7 %$127.6 2.3 %
Earnings per diluted share attributable to common stockholders$3.03 $2.45 
Weighted-average common shares outstanding and common share equivalents used in computing earnings per diluted common share49.8 52.0 
6

WESCO INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts)
(Unaudited)

Twelve Months Ended
December 31, 2024December 31, 2023
Net sales$21,818.8 $22,385.2 
Cost of goods sold (excluding depreciation and amortization)17,106.2 78.4 %17,541.5 78.4 %
Selling, general and administrative expenses3,306.2 15.2 %3,256.0 14.5 %
Depreciation and amortization183.2 181.3 
Income from operations1,223.2 5.6 %1,406.4 6.3 %
Interest expense, net364.9 389.3 
Other (income) expense, net(92.7)25.1 
Income before income taxes951.0 4.4 %992.0 4.4 %
Provision for income taxes231.6 225.9 
Net income719.4 3.3 %766.1 3.4 %
Net income attributable to noncontrolling interests1.8 0.6 
Net income attributable to WESCO International, Inc.717.6 3.3 %765.5 3.4 %
Preferred stock dividends57.4 57.4 
Net income attributable to common stockholders$660.2 3.0 %$708.1 3.2 %
Earnings per diluted share attributable to common stockholders$13.05 $13.54 
Weighted-average common shares outstanding and common share equivalents used in computing earnings per diluted common share50.6 52.3 
7

WESCO INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
(Unaudited)
As of
December 31,
2024		December 31,
2023
Assets
Current Assets
Cash and cash equivalents$702.6 $524.1 
Trade accounts receivable, net3,454.4 3,639.5 
Inventories3,501.7 3,572.1 
Other current assets692.7 655.9 
    Total current assets8,351.4 8,391.6 
Goodwill and intangible assets5,116.0 5,119.9 
Other assets1,594.0 1,549.4 
    Total assets$15,061.4 $15,060.9 
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable$2,670.6 $2,431.5 
Short-term debt and current portion of long-term debt, net19.5 8.6 
Other current liabilities1,113.9 948.3 
    Total current liabilities3,804.0 3,388.4 
Long-term debt, net5,045.5 5,313.1 
Other noncurrent liabilities1,246.4 1,327.5 
    Total liabilities10,095.9 10,029.0 
Stockholders' Equity
    Total stockholders' equity4,965.5 5,031.9 
    Total liabilities and stockholders' equity$15,061.4 $15,060.9 
8

WESCO INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
Twelve Months Ended
December 31,
2024		December 31,
2023
Operating Activities:
Net income$719.4 $766.1 
Add back (deduct):
Depreciation and amortization183.2 181.3 
Gain on divestiture(122.2)— 
Loss on abandonment of assets17.8 — 
Deferred income taxes(39.9)(7.9)
Change in trade receivables, net(50.7)52.2 
Change in inventories(18.0)(68.4)
Change in accounts payable329.5 (319.7)
Other, net82.1 (110.4)
Net cash provided by operating activities
1,101.2 493.2 
Investing Activities:
Capital expenditures(94.7)(92.3)
Acquisition payments, net of cash acquired(221.3)— 
Proceeds from divestiture, net of cash transferred354.9 — 
    Other, net1.5 2.7 
Net cash provided by (used in) investing activities40.4 (89.6)
Financing Activities:
Debt repayments, net(1)
(278.3)(120.0)
Payments for taxes related to net-share settlement of equity awards(30.9)(68.3)
Repurchases of common stock(425.0)(75.0)
Payment of common stock dividends(81.5)(76.6)
Payment of preferred stock dividends(57.4)(57.4)
Other, net(55.2)(6.6)
Net cash used in financing activities(928.3)(403.9)
Effect of exchange rate changes on cash and cash equivalents(34.8)(2.9)
Net change in cash and cash equivalents178.5 (3.2)
Cash and cash equivalents at the beginning of the period524.1 527.3 
Cash and cash equivalents at the end of the period$702.6 $524.1 
(1)    The year ended December 31, 2024 includes the issuance of the Company's $900.0 million aggregate principal amount of 6.375% Senior Notes due 2029 (the “2029 Notes”) and the Company's $850.0 million aggregate principal amount of 6.625% Senior Notes due 2032 (the “2032 Notes” and, together with the 2029 Notes, the "2029 and 2032 Notes"). The proceeds from the issuance of the 2029 and 2032 Notes were used for the redemption of the Company's $1,500.0 million aggregate principal amount of 7.125% Senior Notes due 2025 (the “2025 Notes”) and for other corporate purposes. The year ended December 31, 2023 includes the repayment of the Company's $58.6 million aggregate principal amount of 5.50% Anixter Senior Notes due 2023 (the “Anixter 2023 Senior Notes”). The repayment of the Anixter 2023 Senior Notes was funded with borrowings under the Company's revolving credit facility.
9

NON-GAAP FINANCIAL MEASURES

In addition to the results provided in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) above, this earnings release includes certain non-GAAP financial measures. These financial measures include organic sales growth, gross profit, gross margin, earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA, adjusted EBITDA margin, financial leverage, free cash flow, adjusted selling, general and administrative expenses, adjusted income from operations, adjusted operating margin, adjusted other non-operating expense (income), adjusted provision for income taxes, adjusted income before income taxes, adjusted net income, adjusted net income attributable to WESCO International, Inc., adjusted net income attributable to common stockholders, and adjusted earnings per diluted share. The Company believes that these non-GAAP measures are useful to investors as they provide a better understanding of our financial condition and results of operations on a comparable basis. Additionally, certain non-GAAP measures either focus on or exclude items impacting comparability of results such as digital transformation costs, restructuring costs, merger-related and integration costs, cloud computing arrangement amortization, pension settlement cost and excise taxes on excess pension plan assets related to the settlement of the Anixter Inc. Pension Plan, loss on abandonment of assets, the gain recognized on the divestiture of the WIS business, the loss on termination of business arrangement, and the related income tax effects, allowing investors to more easily compare the Company's financial performance from period to period. Management does not use these non-GAAP financial measures for any purpose other than the reasons stated above.
10
WESCO INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in millions, except per share amounts)
(Unaudited)
Organic Sales Growth by Segment - Three Months Ended:
Three Months EndedGrowth/(Decline)
December 31, 2024December 31, 2023Reported SalesAcquisitions/DivestitureForeign ExchangeWorkday Organic Sales
EES$2,123.7 $2,084.2 1.9%— %(0.7)%1.6 %1.0 %
CSS2,045.9 1,791.3 14.2%1.8 %(0.5)%1.6 %11.3 %
UBS1,330.1 1,597.9 (16.8)%(12.3)%(0.2)%1.6 %(5.9)%
Total net sales$5,499.7 $5,473.4 0.5%(3.0)%(0.5)%1.6 %2.4 %
Organic Sales Growth by Segment - Twelve Months Ended:
Twelve Months EndedGrowth/(Decline)
December 31, 2024December 31, 2023Reported SalesAcquisitions/DivestitureForeign Exchange Workday Organic Sales
EES$8,546.8 $8,610.3 (0.7)%— %(0.5)%0.8 %(1.0)%
CSS7,537.0 7,152.2 5.4%0.5 %(0.2)%0.8 %4.3 %
UBS5,735.0 6,622.7 (13.4)%(8.9)%(0.1)%0.8 %(5.2)%
Total net sales$21,818.8 $22,385.2 (2.5)%(2.5)%(0.2)%0.8 %(0.6)%

Organic Sales Growth by Segment - Sequential:
Three Months EndedGrowth/(Decline)
December 31, 2024September 30, 2024Reported Sales
Acquisition
Foreign Exchange Workday Organic Sales
EES$2,123.7 $2,151.2 (1.3)%— %(0.7)%(1.6)%1.0 %
CSS2,045.9 1,955.1 4.6 %1.6 %(0.6)%(1.6)%5.2 %
UBS1,330.1 1,383.1 (3.8)%— %(0.2)%(1.6)%(2.0)%
Total net sales$5,499.7 $5,489.4 0.2 %0.6 %(0.5)%(1.6)%1.7 %
Note: Organic sales growth is a non-GAAP financial measure of sales performance. Organic sales growth is calculated by deducting the percentage impact from acquisitions and divestitures for one year following the respective transaction, fluctuations in foreign exchange rates and number of workdays from the reported percentage change in consolidated net sales. Workday impact represents the change in the number of operating days period-over-period after adjusting for weekends and public holidays in the United States. The fourth quarter of 2024 had one more workday compared to the fourth quarter of 2023; 2024 had two more workdays compared to 2023. The fourth quarter of 2024 had one less workday compared to the third quarter of 2024.
11
WESCO INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in millions, except per share amounts)
(Unaudited)
Three Months EndedTwelve Months Ended
Gross Profit:December 31,
2024		December 31,
2023		December 31,
2024		December 31,
2023
Net sales$5,499.7 $5,473.4 $21,818.8 $22,385.2 
Cost of goods sold (excluding depreciation and amortization)4,335.7 4,302.7 17,106.2 17,541.5 
  Gross profit$1,164.0 $1,170.7 $4,712.6 $4,843.7 
Gross margin21.2 %21.4 %21.6 %21.6 %
Note: Gross profit is a financial measure commonly used in the distribution industry. Gross profit is calculated by deducting cost of goods sold, excluding depreciation and amortization, from net sales. Gross margin is calculated by dividing gross profit by net sales.
12
WESCO INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in millions, except per share amounts)
(Unaudited)
Three Months EndedTwelve Months Ended
Adjusted SG&A Expenses:December 31,
2024		December 31,
2023		December 31,
2024		December 31,
2023
Selling, general and administrative expenses$817.3$810.1$3,306.2$3,256.0
Digital transformation costs(1)
(7.4)(7.6)(24.9)(36.1)
Loss on abandonment of assets(2)
——(17.8)—
Restructuring costs(3)
(2.6)(1.3)(12.1)(16.7)
Excise taxes on excess pension plan assets(4)
(0.1)—(4.9)—
Merger-related and integration costs(5)
—(2.4)—(19.3)
Adjusted selling, general and administrative expenses$807.2$798.8$3,246.5$3,183.9
% of net sales14.7 %14.6 %14.9 %14.2 %
Adjusted Income from Operations:
Income from operations$301.1$315.8$1,223.2$1,406.4
Digital transformation costs(1)
7.47.624.936.1
Loss on abandonment of assets(2)
——17.8—
Restructuring costs(3)
2.61.312.116.7
Excise taxes on excess pension plan assets(4)
0.1—4.9—
Merger-related and integration costs(5)
—2.4—19.3
Accelerated trademark amortization(6)
—0.4—1.6
Adjusted income from operations$311.2$327.5$1,282.9$1,480.1
Adjusted income from operations margin %5.7 %6.0 %5.9 %6.6 %
Adjusted Other Expense (Income), net:
Other expense (income), net$6.6$10.5$(92.7)$25.1
Gain on divestiture——122.2—
Loss on termination of business arrangement(7)
0.2—(3.6)—
Pension settlement cost(8)
0.8(2.8)(2.5)(2.8)
Adjusted other expense, net$7.6$7.7$23.4$22.3
Adjusted Provision for Income Taxes:
Provision for income taxes$43.5$65.7$231.6$225.9
Income tax effect of adjustments to income from operations and other expense (income), net(9)
2.74.2(14.8)21.0
Adjusted provision for income taxes$46.2$69.9$216.8$246.9
(1)    Digital transformation costs include costs associated with certain digital transformation initiatives.
(2)    Loss on abandonment of assets represents the write-off of certain capitalized cloud computing arrangement implementation costs relating to a third-party developed operations management software product in favor of an application with functionality that better suits the Company’s operations.
(3)    Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan.
(4)    Excise taxes on excess pension plan assets represent the excise taxes applicable to the excess pension plan assets following the final settlement of the Company's U.S. pension plan.
(5)    Merger-related and integration costs include integration and professional fees associated with the integration of Wesco and Anixter, as well as advisory, legal, and separation costs associated with the merger between the two companies.
(6)    Accelerated trademark amortization represents additional amortization expense resulting from changes in the estimated useful lives of certain legacy trademarks that have migrated to our master brand architecture.
(7)    Loss on termination of business arrangement represents the loss recognized as a result of management's decision to terminate a business arrangement with a third party.
(8)    For the year ended December 31, 2024, pension settlement cost represents expense related to the final settlement of the Company's U.S. pension plan. For the year ended December 31, 2023, pension settlement cost represents expense related to the partial settlement of the Company's U.S. pension plan, partially offset by pension settlement gains related to other plans.
(9)     The adjustments to income from operations and other expense (income), net have been tax effected at rates of 29.7% and 26.2% for the three and twelve months ended December 31, 2024, respectively, and 29.0% and 27.5% for the three and twelve months ended December 31, 2023, respectively.
13
WESCO INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in millions, except per share amounts)
(Unaudited)
Three Months EndedTwelve Months Ended
Adjusted Earnings per Diluted Share:December 31,
2024		December 31,
2023		December 31,
2024		December 31,
2023
Adjusted income from operations$311.2 $327.5 $1,282.9 $1,480.1 
Interest expense, net85.1 97.0 364.9 389.3 
Adjusted other expense, net7.6 7.7 23.4 22.3 
Adjusted income before income taxes218.5 222.8 894.6 1,068.5 
Adjusted provision for income taxes46.2 69.9 216.8 246.9 
Adjusted net income172.3 152.9 677.8 821.6 
Net income attributable to noncontrolling interests0.5 0.6 1.8 0.6 
Adjusted net income attributable to WESCO International, Inc.171.8 152.3 676.0 821.0 
Preferred stock dividends14.4 14.4 57.4 57.4 
Adjusted net income attributable to common stockholders$157.4 $137.9 $618.6 $763.6 
Diluted shares49.8 52.0 50.6 52.3 
Adjusted earnings per diluted share$3.16 $2.65 $12.23 $14.60 
Note: For the three and twelve months ended December 31, 2024, SG&A expenses, income from operations, other non-operating expense (income), the provision for income taxes and earnings per diluted share have been adjusted to exclude digital transformation costs, the loss on abandonment of assets, restructuring costs, excise taxes on excess pension plan assets, the gain recognized on the divestiture of the WIS business, the loss on termination of business arrangement, pension settlement cost, and the related income tax effects. For the three and twelve months ended December 31, 2023, SG&A expenses, income from operations, other non-operating expense, the provision for income taxes and earnings per diluted share have been adjusted to exclude digital transformation costs, merger-related and integration costs, restructuring costs, accelerated trademark amortization expense, pension settlement cost, and the related income tax effects. These non-GAAP financial measures provide a better understanding of our financial results on a comparable basis.

14
WESCO INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in millions, except per share amounts)
(Unaudited)
Three Months Ended December 31, 2024
EBITDA and Adjusted EBITDA by Segment:EESCSSUBSCorporateTotal
Net income attributable to common stockholders$161.0$127.8$135.3$(273.1)$151.0
Net income attributable to noncontrolling interests0.20.4—(0.1)0.5
Preferred stock dividends———14.4 14.4
Provision for income taxes(1)
———43.5 43.5
Interest expense, net(1)
———85.1 85.1
Depreciation and amortization11.917.67.28.9 45.6
EBITDA$173.1$145.8$142.5$(121.3)$340.1
Other (income) expense, net(3.8)20.40.8(10.8)6.6
Stock-based compensation expense1.11.60.85.8 9.3
Digital transformation costs(2)
———7.4 7.4
Cloud computing arrangement amortization(3)
———4.4 4.4
Restructuring costs(4)
———2.6 2.6
Excise taxes on pension plan assets(5)
———0.1 0.1
Adjusted EBITDA$170.4$167.8$144.1$(111.8)$370.5
Adjusted EBITDA margin %8.0 %8.2 %10.8 %6.7 %
(1) The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the Corporate tax and treasury functions.
(2) Digital transformation costs include costs associated with certain digital transformation initiatives.
(3) Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses for capitalized implementation costs for cloud computing arrangements to support our digital transformation initiatives.                                    
(4) Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan.
(5) Excise taxes on excess pension plan assets represent the excise taxes applicable to the excess pension plan assets following the final settlement of the Company's U.S. pension plan.                                        
Three Months Ended December 31, 2023
EBITDA and Adjusted EBITDA by Segment:EESCSSUBSCorporateTotal
Net income attributable to common stockholders$152.4$117.4$160.4$(302.6)$127.6
Net income (loss) attributable to noncontrolling interests
0.30.6—(0.3)0.6
Preferred stock dividends———14.4 14.4
Provision for income taxes(1)
———65.7 65.7
Interest expense, net(1)
———97.0 97.0
Depreciation and amortization11.017.86.39.7 44.8
EBITDA$163.7$135.8$166.7$(116.1)$350.1
Other (income) expense, net(1.8)36.1(0.9)(22.9)10.5
Stock-based compensation expense2.11.40.89.1 13.4
Digital transformation costs(2)
———7.6 7.6
Merger-related and integration costs(3)
———2.4 2.4
Restructuring costs(4)
———1.3 1.3
Adjusted EBITDA$164.0$173.3$166.6$(118.6)$385.3
Adjusted EBITDA margin %7.9 %9.7 %10.4 %7.0 %
(1) The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the Corporate tax and treasury functions.
(2) Digital transformation costs include costs associated with certain digital transformation initiatives.
(3) Merger-related and integration costs include integration and professional fees associated with the integration of Wesco and Anixter, as well as advisory, legal, and separation costs associated with the merger between the two companies.                                
(4) Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan.
15
WESCO INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in millions, except per share amounts)
(Unaudited)
Three Months Ended September 30, 2024
EBITDA and Adjusted EBITDA by Segment:EESCSSUBSCorporateTotal
Net income attributable to common stockholders$168.4$150.4$168.5$(297.4)$189.9
Net (loss) income attributable to noncontrolling interests(1.0)0.9—0.50.4
Preferred stock dividends———14.414.4
Provision for income taxes(1)
———69.369.3
Interest expense, net(1)
———86.586.5
Depreciation and amortization12.217.66.99.346.0
EBITDA$179.6$168.9$175.4$(117.4)$406.5
Other expense (income), net(2)
5.64.7(19.7)(15.5)(24.9)
Stock-based compensation expense1.11.60.83.36.8
Digital transformation costs(3)
———5.45.4
Cloud computing arrangement amortization(4)
———3.83.8
Restructuring costs(5)
———0.50.5
Adjusted EBITDA$186.3$175.2$156.5$(119.9)$398.1
Adjusted EBITDA margin %8.7 %9.0 %11.3 %7.3 %
(1) The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the Corporate tax and treasury functions.
(2) Other income for the UBS segment includes the gain on the divestiture of the WIS business.
(3) Digital transformation costs include costs associated with certain digital transformation initiatives.
(4) Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses for capitalized implementation costs for cloud computing arrangements to support our digital transformation initiatives.
(5) Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan.
Note: EBITDA, Adjusted EBITDA and Adjusted EBITDA margin % are non-GAAP financial measures that provide indicators of the Company's performance and its ability to meet debt service requirements. For the three months ended December 31, 2024, Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization before other non-operating expenses (income), non-cash stock-based compensation expense, digital transformation costs, cloud computing arrangement amortization, restructuring costs and excise taxes on excess pension plan assets related to the final settlement of the Anixter Inc. Pension Plan. For the three months ended December 31, 2023, Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization before other non-operating expenses (income), non-cash stock-based compensation expense, digital transformation costs, merger-related and integration costs, and restructuring costs. For the three months ended September 30, 2024, Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization before other non-operating expenses (income), non-cash stock-based compensation expense, digital transformation costs, cloud computing arrangement amortization, and restructuring costs. Adjusted EBITDA margin % is calculated by dividing Adjusted EBITDA by net sales.
16
WESCO INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in millions, except per share amounts)
(Unaudited)
Year Ended December 31, 2024
EBITDA and Adjusted EBITDA by Segment:EESCSSUBSCorporateTotal
Net income attributable to common stockholders$656.9$480.9$733.0$(1,210.6)$660.2
Net (loss) income attributable to noncontrolling interests(1.1)2.3—0.6 1.8
Preferred stock dividends———57.4 57.4
Provision for income taxes(1)
———231.6 231.6
Interest expense, net(1)
———364.9 364.9
Depreciation and amortization46.871.528.536.4 183.2
EBITDA$702.6$554.7$761.5$(519.7)$1,499.1
Other expense (income), net(2)
10.559.8(121.2)(41.8)(92.7)
Stock-based compensation expense4.46.63.114.8 28.9
Digital transformation costs(3)
———24.9 24.9
Loss on abandonment of assets(4)
———17.8 17.8
Cloud computing arrangement amortization(5)
———14.1 14.1
Restructuring costs(6)
———12.1 12.1
Excise taxes on excess pension plan assets(7)
———4.9 4.9
Adjusted EBITDA$717.5$621.1$643.4$(472.9)$1,509.1
Adjusted EBITDA margin %8.4 %8.2 %11.2 %6.9 %
(1) The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the Corporate tax and treasury functions.
(2) Other income for the UBS segment includes the gain on the divestiture of the WIS business.
(3) Digital transformation costs include costs associated with certain digital transformation initiatives.
(4) Loss on abandonment of assets represents the write-off of certain capitalized cloud computing arrangement implementation costs relating to a third-party developed operations management software product in favor of an application with functionality that better suits the Company’s operation.
(5) Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses for capitalized implementation costs for cloud computing arrangements to support our digital transformation initiatives.                                    
(6) Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan.
(7) Excise taxes on excess pension plan assets represent the excise taxes applicable to the excess pension plan assets following the final settlement of the Company's U.S. pension plan.    
Year Ended December 31, 2023
EBITDA and Adjusted EBITDA by Segment:EESCSSUBSCorporateTotal
Net income attributable to common stockholders$668.7$531.1$712.5$(1,204.2)$708.1
Net (loss) income attributable to noncontrolling interests(0.5)1.6—(0.5)0.6
Preferred stock dividends———57.457.4
Provision for income taxes(1)
———225.9225.9
Interest expense, net(1)
———389.3389.3
Depreciation and amortization43.371.725.041.3181.3
EBITDA$711.5$604.4$737.5$(490.8)$1,562.6
Other expense (income), net10.174.2(1.4)(57.8)25.1
Stock-based compensation expense(2)
5.85.23.231.345.5
Digital transformation costs(3)
———36.136.1
Merger-related and integration costs(4)
———19.319.3
Restructuring costs(5)
———16.716.7
Adjusted EBITDA$727.4$683.8$739.3$(445.2)$1,705.3
Adjusted EBITDA margin %8.4 %9.6 %11.2 %7.6 %
(1) The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the Corporate tax and treasury functions.
(2) Stock-based compensation expense in the calculation of adjusted EBITDA for the year ended December 31, 2023 excludes $2.6 million that is included in merger-related and integration costs.
(3) Digital transformation costs include costs associated with certain digital transformation initiatives.
(4) Merger-related and integration costs include integration and professional fees associated with the integration of Wesco and Anixter, as well as advisory, legal, and separation costs associated with the merger between the two companies.
(5) Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan.
Note: EBITDA, Adjusted EBITDA and Adjusted EBITDA margin % are non-GAAP financial measures that provide indicators of the Company's performance and its ability to meet debt service requirements. For the year ended December 31, 2024, Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization before other non-operating expenses (income), non-cash stock-based compensation expense, digital transformation costs, loss on abandonment of assets, cloud computing arrangement amortization, restructuring costs and excise taxes on excess pension plan assets related to the final settlement of the Anixter Inc. Pension Plan. For the year ended December 31, 2023, Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization before other non-operating expenses (income), non-cash stock-based compensation expense, digital transformation costs, merger-related and integration costs, and restructuring costs. Adjusted EBITDA margin % is calculated by dividing Adjusted EBITDA by net sales.
17
WESCO INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in millions, except per share amounts)
(Unaudited)
Twelve months ended
Financial Leverage:December 31, 2024December 31, 2023
Net income attributable to common stockholders$660.2 $708.1 
Net income attributable to noncontrolling interests1.8 0.6 
Preferred stock dividends57.4 57.4 
Provision for income taxes231.6 225.9 
Interest expense, net364.9 389.3 
Depreciation and amortization183.2 181.3 
EBITDA$1,499.1 $1,562.6 
Other (income) expense, net(92.7)25.1 
Stock-based compensation expense28.9 45.5 
Merger-related and integration costs(1)
— 19.3 
Restructuring costs(2)
12.1 16.7 
Digital transformation costs(3)
24.9 36.1 
Excise taxes on excess pension plan assets costs(4)
4.9 — 
Loss on abandonment of assets(5)
17.8 $— 
Cloud computing arrangement amortization(6)
14.1 — 
Adjusted EBITDA$1,509.1 $1,705.3 
As of
December 31, 2024December 31, 2023
Short-term debt and current portion of long-term debt, net$19.5 $8.6 
Long-term debt, net5,045.5 5,313.1 
Debt discount and debt issuance costs(7)
47.2 43.0 
Fair value adjustments to the Anixter Senior Notes(7)
(0.1)(0.1)
Total debt5,112.1 5,364.6 
Less: Cash and cash equivalents702.6 524.1 
Total debt, net of cash$4,409.5 $4,840.5 
Financial leverage ratio2.9 2.8
(1)    Merger-related and integration costs include integration and professional fees associated with the integration of Wesco and Anixter, as well as advisory, legal, and separation costs associated with the merger between the two companies.
(2)    Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan.
(3)    Digital transformation costs include costs associated with certain digital transformation initiatives, which have historically been included in merger-related and integration costs in prior years.
(4)    Excise taxes on excess pension plan assets represent the excise taxes applicable to the excess pension plan assets following the final settlement of the Company's U.S. pension plan.
(5)    Loss on abandonment of assets represents the write-off of certain capitalized cloud computing arrangement implementation costs relating to a third-party developed operations management software product in favor of an application with functionality that better suits the Company’s operations.
(6)    Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses for capitalized implementation costs for cloud computing arrangements to support our digital transformation initiatives.
(7)    Debt is presented in the condensed consolidated balance sheets net of debt discount and debt issuance costs, and includes adjustments to record the long-term debt assumed in the merger with Anixter at its acquisition date fair value.
Note: Financial leverage is a non-GAAP measure of the use of debt. Financial leverage ratio is calculated by dividing total debt, excluding debt discount, debt issuance costs and fair value adjustments, net of cash, by adjusted EBITDA. EBITDA is defined as the trailing twelve months earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as the trailing twelve months EBITDA before other non-operating expense (income), non-cash stock-based compensation expense, merger-related and integration costs, restructuring costs, digital transformation costs, excise taxes on excess pension plan assets related to the final settlement of the Anixter Inc. Pension Plan, loss on abandonment of assets, and cloud computing arrangement amortization.
18
WESCO INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in millions, except per share amounts)
(Unaudited)
Three Months EndedTwelve Months Ended
Free Cash Flow:December 31, 2024December 31, 2023December 31, 2024December 31, 2023
Cash flow provided by operations$276.6$69.3$1,101.2$493.2
Less: Capital expenditures(24.3)(28.7)(94.7)(92.3)
Add: Other adjustments16.118.638.742.7
Free cash flow$268.4$59.2$1,045.2$443.6
% of adjusted net income155.8 %38.7 %154.2 %54.0 %

Note: Free cash flow is a non-GAAP financial measure of liquidity. Capital expenditures are deducted from operating cash flow to determine free cash flow. Free cash flow is available to fund investing and financing activities. For the three and twelve months ended December 31, 2024, the Company paid for certain costs related to digital transformation and restructuring. For the three and twelve months ended December 31, 2023, the Company paid for certain costs to integrate the acquired Anixter business and related to digital transformation as well as certain restructuring costs. Such expenditures have been added back to operating cash flow to determine free cash flow for such periods. Our calculation of free cash flow may not be comparable to similar measures used by other companies.
19
Fourth Quarter 2024 Webcast Presentation February 11, 2025 NYSE: WCC

 
2 All statements made herein that are not historical facts should be considered as "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. These statements include, but are not limited to, statements regarding business strategy, growth strategy, competitive strengths, productivity and profitability enhancement, competition, new product and service introductions, and liquidity and capital resources. Such statements can generally be identified by the use of words such as "anticipate," "plan," "believe," "estimate," "intend," "expect," "project," and similar words, phrases or expressions or future or conditional verbs such as "could," "may," "should," "will," and "would," although not all forward-looking statements contain such words. These forward-looking statements are based on current expectations and beliefs of Wesco's management, as well as assumptions made by, and information currently available to, Wesco's management, current market trends and market conditions and involve risks and uncertainties, many of which are outside of Wesco's and Wesco's management's control, and which may cause actual results to differ materially from those contained in forward-looking statements. Accordingly, you should not place undue reliance on such statements. Important factors that could cause actual results or events to differ materially from those presented or implied in the forward-looking statements include, among others, the failure to achieve the anticipated benefits of, and other risks associated with, acquisitions, joint ventures, divestitures and other corporate transactions; the inability to successfully integrate acquired businesses; the impact of increased interest rates or borrowing costs; fluctuations in currency exchange rates; failure to adequately protect Wesco's intellectual property or successfully defend against infringement claims; the inability to successfully deploy new technologies, digital products and information systems or to otherwise adapt to emerging technologies in the marketplace, such as those incorporating artificial intelligence; failure to execute on our efforts and programs related to environmental, social and governance (ESG) matters; unanticipated expenditures or other adverse developments related to compliance with new or stricter government policies, laws or regulations, including those relating to data privacy, sustainability and environmental protection; the inability to successfully develop, manage or implement new technology initiatives or business strategies, including with respect to the expansion of e-commerce capabilities and other digital solutions and digitalization initiatives; disruption of information technology systems or operations; natural disasters (including as a result of climate change), health epidemics, pandemics and other outbreaks; supply chain disruptions; geopolitical issues, including the impact of the evolving conflicts in the Middle East and Russia/Ukraine; the impact of sanctions imposed on, or other actions taken by the U.S. or other countries against, Russia or China; the failure to manage the increased risks and impacts of cyber incidents or data breaches; and exacerbation of key materials shortages, inflationary cost pressures, material cost increases, demand volatility, and logistics and capacity constraints, any of which may have a material adverse effect on the Company's business, results of operations and financial condition. All such factors are difficult to predict and are beyond the Company's control. Additional factors that could cause results to differ materially from those described above can be found in Wesco's most recent Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission. Non-GAAP Measures In addition to the results provided in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) above, this presentation includes certain non-GAAP financial measures. These financial measures include organic sales growth, gross profit, gross margin, earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA, adjusted EBITDA margin, financial leverage, free cash flow, adjusted selling, general and administrative expenses, adjusted income from operations, adjusted operating margin, adjusted other non-operating expense (income), adjusted provision for income taxes, adjusted income before income taxes, adjusted net income, adjusted net income attributable to WESCO International, Inc., adjusted net income attributable to common stockholders, and adjusted earnings per diluted share. The Company believes that these non-GAAP measures are useful to investors as they provide a better understanding of our financial condition and results of operations on a comparable basis. Additionally, certain non-GAAP measures either focus on or exclude items impacting comparability of results such as digital transformation costs, restructuring costs, merger-related and integration costs, cloud computing arrangement amortization, pension settlement cost and excise taxes on excess pension plan assets related to the settlement of the Anixter Inc. Pension Plan, loss on abandonment of assets, the gain recognized on the divestiture of the WIS business, the loss on termination of business arrangement, and the related income tax effects, allowing investors to more easily compare the Company's financial performance from period to period. Management does not use these non-GAAP financial measures for any purpose other than the reasons stated above. Forward-Looking Statements and Non-GAAP Measures

 
3 2024 Results and 2025 Outlook Record free cash flow in 2024; expect sales and profit growth in all three businesses in 2025 Return to growth in Q4 • Improved sales momentum in October and November with greater than expected sales slowdown in December • Wesco Data Center Solutions up more than 70% versus prior year, broadband up 20%, Electrical and Electronic Solutions returned to growth • Gross margin contraction driven by business and project mix in Communications and Security Solutions, including a 30-basis point headwind from lower supplier volume rebates • Stronger than expected free cash flow generation through effective working capital management and shift in timing of tax payments 2024 sets stage for growth in 2025 • 2024 organic sales flat and gross margin stable versus prior year • Record free cash flow generation of more than $1B exceeded expectations • Portfolio strengthened through Wesco Integrated Supply divestiture and three services-based acquisitions, including Ascent • Executed $425M stock repurchase, reduced net debt $431 million and increased common dividend by 10% • In 2025, expect profitable growth in all three business units, along with continued strong free cash flow generation and the redemption of the preferred equity

 
4 $5,473 $5,500 Q4 2023 Sales Price Volume M&A, Fx, and Workdays Q4 2024 Sales Adjusted EBITDA Net Sales1 Fourth Quarter YOY Results Returned to growth in Q4 despite mixed and multi-speed economy $ millions 1 Sales growth attribution based on company estimates 2 SG&A excludes the impact of stock-based compensation and cloud computing amortization See appendix for non-GAAP definitions and reconciliations • Reported sales flat, organic sales up 2% • Divestiture of Integrated Supply and differences in foreign exchange rates partially offset by higher number of workdays • Estimated growth from price of ~1.5% • Gross margin 21.2%, down 20 bps from prior year • UBS gross margin up YOY, EES flat; offset by lower CSS gross margin due to business and project mix • SG&A up ~1% as inflation was partially offset by lower incentive costs • Adjusted EPS up 19% $385 $371 Q4 2023 Adjusted EBITDA Reported Sales Gross Margin % SG&A $ Q4 2024 Adjusted EBITDA 6.7% of sales 7.0% of sales 2

 
5 $22,385 $21,819 FY 2023 Sales Price Volume M&A, Fx, and Workdays FY 2024 Sales Adjusted EBITDA Net Sales1 Full Year 2024 YOY Results Solid year against mixed and multi-speed economy $ millions 1 Sales growth attribution based on company estimates 2 SG&A excludes the impact of stock-based compensation and cloud computing amortization See appendix for non-GAAP definitions and reconciliations • Reported sales down 3%, organic sales down 1% • Divestiture of Integrated Supply and differences in foreign exchange rates partially offset by higher number of workdays • Estimated growth from price of ~1.5% • Gross margin 21.6%, flat with prior year • SG&A up 2% YOY primarily due to people-related investments and facilities costs $1,705 $1,509 FY 2023 Adjusted EBITDA Reported Sales Gross Margin % SG&A $ FY 2024 Adjusted EBITDA 6.9% of sales 7.6% of sales 2

 
6 (150) bps (100) bps (50) bps bps 50 bps 100 bps EES CSS UBS FY 24 Gross Margin YOY (bps) Strategic Business Units 0 +10 bps Gross Margin Flat as EES and UBS Increases Offset by CSS Lower CSS gross margin driven by business and project mix (130) bps +80 bps 21.6% 21.6% FY 23 FY 24 FY 24 Gross Margin % Total Company

 
Fourth Quarter • Organic sales up 1%, reported sales up 2% – Construction up LSD due to increased project sales – Industrial down LSD as growth in Canada offset by weaker U.S. market activity – OEM up LSD with continued positive momentum • Backlog down 1% year over year and down 2% sequentially, in-line with typical seasonality • Adjusted EBITDA up 4%, margin up 10 basis points, reflecting improved operating leverage on higher sales Full Year • Organic and reported sales down 1% YOY as LSD growth in Construction was offset by an LSD decline in OEM • Adjusted EBITDA margin flat on slightly lower sales Resilient business in 2024; improving momentum and secular trends drive profitable growth in 2025 See appendix for non-GAAP definitions and reconciliations. Electrical & Electronic Solutions (EES) Improved business momentum drove a return to profitable growth in Q4 1 Sales growth shown on an organic basis 7 Q4 2024 Q4 2023 YOY Sales $2,124 $2,084 1%1 Adjusted EBITDA $170 $164 4% bps fav / (unfav) Gross Profit 23.2% 23.3% (10) bps SG&A 15.2% 15.5% 30 bps Adjusted EBITDA 8.0% 7.9% 10 bps FY 2024 FY 2023 YOY Sales $8,547 $8,610 (1)%1 Adjusted EBITDA $718 $727 (1)% bps fav / (unfav) Gross Profit 23.7% 23.6% 10 bps SG&A 15.3% 15.2% (10) bps Adjusted EBITDA 8.4% 8.4% flat $ millions / margin %

 
Fourth Quarter • Organic sales up 11% YOY, reported sales up 14% – Wesco Data Center Solutions sales up more than 70% driven by large project activity in hyperscale, as well as strong growth in multi-tenant data centers – Enterprise Network Infrastructure (ENI) sales down low-teens on weaker wireless demand – Security flat with growth in most regions offset by lower sales in CALA • Backlog up 16% over prior year reflecting strong growth in data center project activities, and down 5% sequentially • Adjusted EBITDA down 150 bps reflecting lower gross margin and business mix – Gross margin down driven by business and project mix Full Year • Organic sales up 4% YOY, reported sales up 5% • Growth driven by data center activity and continued share gains • Adjusted EBITDA margin down 140 bps reflecting lower gross margin Accelerating growth in 2024; global position and leading value proposition drive profitable growth in 2025 See appendix for non-GAAP definitions and reconciliations. Communications & Security Solutions (CSS) Accelerating Wesco Data Center Solutions sales drove double-digit growth in CSS in Q4 8 Q4 2024 Q4 2023 YOY Sales $2,046 $1,791 11%1 Adjusted EBITDA $168 $173 (3)% bps fav / (unfav) Gross Profit 20.8% 22.7% (190) bps SG&A 12.6% 13.0% 40 bps Adjusted EBITDA 8.2% 9.7% (150) bps FY 2024 FY 2023 YOY Sales $7,537 $7,152 4%1 Adjusted EBITDA $621 $684 (9)% bps fav / (unfav) Gross Profit 21.5% 22.8% (130) bps SG&A 13.2% 13.2% flat Adjusted EBITDA 8.2% 9.6% (140) bps 1 Sales growth shown on an organic basis $ millions / margin %

 
AI-Driven Data Centers Driving Strong Growth Transformers Data CenterSite Substation Land acquisition with access to power Civil construction 3-5 Years Time to Power Generators white space gray space Electrical distribution inside data hall CommissioningMechanical, plumbing and electrical equipment Q1 '24 Q2 '24 Q3 '24 Q4 '24 Wesco Data Center Solutions YOY Growth in 2024Transmission lines to a substation for site Generator sets to enable backup power Transformers to data center Growth and expansion of capabilities through M&A November 2022 Hyperscale solutions Data center facility services across the entire lifecycle December 2024 Data center building intelligence software June 2024 Substantial expansion of capabilities through M&A has rapidly increased our exposure to this high-growth secular trend 1-2 Year Construction Period Up LSD Up high teens Up more than 40% Up more than 70% 9

 
10 Ascent Acquisition A premier provider of data center facility management services Transaction Overview • Acquired Ascent LLC, on December 6, 2024, for $185 million or ~1.5x TTM sales • Provides data center operators with specialized facility and property management services • More than 330 employees in U.S. and Canada, headquartered in St. Louis, MO Strategic Rationale • Expands our data center services offerings into full suite of operations services including staffing, facilities maintenance, critical systems repairs, emergency services and management of third- party workflows • On-site delivery model managed by highly experienced leadership team • Software platform enables highly efficient operations management and capital expenditure performance reporting Service Offerings • Facility modernization/optimization projects, advisory services and assessments • Liquid cooling design and implementation • Facility-wide maintenance and critical system repairs • 24/7/365 emergency services • Management of third-party maintenance workflows

 
Double-digit EBITDA margin maintained in 2024; expect utility to return to growth in the second half of 2025 See appendix for non-GAAP definitions and reconciliations. Utility & Broadband Solutions (UBS) Strong broadband growth partially offset expected utility demand softness in Q4 Q4 2024 Q4 2023 YOY Sales $1,330 $1,598 (6)%1 Adjusted EBITDA $144 $167 (14)% bps fav / (unfav) Gross Profit 18.5% 17.4% 110 bps SG&A 7.6% 7.0% (60) bps Adjusted EBITDA 10.8% 10.4% 40 bps Fourth Quarter • Organic sales down 6% YOY, reported sales down 17% due to WIS divestiture – Utility sales down HSD due to continued customer purchasing delays and weakness in public power, partially offset by strong growth in grid services – Broadband sales up more than 20% reflecting strong growth in Canada – Nominal storm restoration support on behalf of our utility and broadband customers • Backlog down 25% from prior year and down 10% sequentially reflecting a delay of new project activity and destocking in utility and broadband • Adjusted EBITDA margin up 40 bps from prior year reflecting the Integrated Supply divestiture Full Year • Organic sales down 5% YOY, reported sales down 13% • Gross margin up 80 bps reflecting the Integrated Supply divestiture • Adjusted EBITDA margin flat with prior year as higher gross margin offset the declining sales 11 FY 2024 FY 2023 YOY Sales $5,735 $6,623 (5)%1 Adjusted EBITDA $643 $739 (13)% bps fav / (unfav) Gross Profit 18.6% 17.8% 80 bps SG&A 7.4% 6.7% (70) bps Adjusted EBITDA 11.2% 11.2% flat 1 Sales growth shown on an organic basis $ millions / margin %

 
12 $201 $51 $18 $330 $95 Adjusted Net Income D&A and Other Accounts Receivable Inventory Accounts Payable Capex Free Cash Flow $1,045 $678 154% of Adjusted Net Income Record Free Cash Flow >$1B of free cash flow in 2024; progress on reducing net working capital intensity FY 2024 $ millions Highest free cash flow in company history; on track to deliver $3 billion over next three years See appendix for non-GAAP reconciliations 1 Represents a four quarter average of net working capital as of March 31, June 30, September 30, and December 31, as a percentage of revenue for the twelve months ended December 31. 21.4% 19.8% FY 2023 FY 2024 Net Working Capital1 % of FY Sales 160 basis point improvement

 
13 2025 Strategic Business Unit Sales Growth Drivers Expect organic growth of 2.5% to 6.5%; reported growth to be flat to up 4% OEM Industrial Construction Data Center Security Enterprise Network Infrastructure Broadband Utility % of Wesco 2024 Sales 1 Bars indicate the percentage of SBU sales SBU Sales Breakdown 1 2024 Actual 2025 Outlook 2025 Outlook Electrical & Electronic Solutions 39% Flat to +LSD 35% Communications & Security Solutions Up ~MSD 26% Utility & Broadband Solutions Data Center expected to be up double digits (Reported Sales Growth) (Reported Sales Growth) Flat to +LSD

 
14 2025 Outlook 2025 Outlook Sales Organic sales growth 2.5% - 6.5% Estimated Fx impact (1.5)% M&A and Workday impact (1)% Reported sales growth 0% - 4% Reported sales $21.8 – $22.7 billion Adjusted EBITDA Adjusted EBITDA margin 6.7% - 7.2% Adjusted EPS Adjusted diluted EPS $12.00 – $14.50 Cash Free cash flow $600 – $800 million 2025 Modeling Assumptions FY 2025 Depreciation and Amortization ~$185–195 million Cloud Computing Amortization Expense Adjustment ~$40 million1 Interest Expense ~$340–350 million Other Expense, net ~$10–20 million Capital Expenditures ~$120 million Share Count 49–50 million Effective Tax Rate ~27% 1 Cloud computing amortization recognized as SG&A expense in accordance with GAAP See appendix for non-GAAP definitions and reconciliations 2025 Underlying Assumptions U.S. GDP stable with Q4 2024; reflects a modest reduction in the Federal Funds Rate Utility sales recovery starts in the second half of the year Increased capital spending for data centers Industrial markets recover led by short cycle end markets Stable customer inventory levels Impact of tariffs not incorporated in the outlook due to a high level of uncertainty

 
15 First Quarter Outlook Sales momentum improved in Q4 and continued in January 2025 Preliminary January sales per workday up ~5%1 (10)% 20% Jan 23 Feb 23 Mar 23 Apr 23 May 23 Jun 23 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 Dec 23 Jan 24 Feb 24 Mar 24 Apr 24 May 24 Jun 24 Jul 24 Aug 24 Sep 24 Oct 24 Nov 24 Dec 24 YOY Organic Sales Trends 0% Q1-23 +11% Q1 Outlook vs. Prior Year Organic Sales Up LSD to MSD Reported Sales ~Flat EBITDA % Down slightly Q2-23 +3% Q3-23 +3% Q4-23 (3)% Q1-24 (3)% Q2-24 (1)% Q3-24 (1)% Q4-24 +2% 1 Sales per workday, adjusted for M&A

 
16 2024 Results and 2025 Outlook Record free cash flow in 2024; expect sales and profit growth in all three businesses in 2025 Return to growth in Q4 • Improved sales momentum in October and November with greater than expected sales slowdown in December • Wesco Data Center Solutions up more than 70% versus prior year, broadband up 20%, Electrical and Electronic Solutions returned to growth • Gross margin contraction driven by business and project mix in Communications and Security Solutions, including a 30-basis point headwind from lower supplier volume rebates • Stronger than expected free cash flow generation through effective working capital management and shift in timing of tax payments 2024 sets stage for growth in 2025 • 2024 organic sales flat and gross margin stable versus prior year • Record free cash flow generation of more than $1B exceeded expectations • Portfolio strengthened through Wesco Integrated Supply divestiture and three services-based acquisitions, including Ascent • Executed $425M stock repurchase, reduced net debt $431 million and increased common dividend by 10% • In 2025, expect profitable growth in all three business units, along with continued strong free cash flow generation and the redemption of the preferred equity

 
APPENDIX

 
18 Glossary 1H: First half of fiscal year MTDC: Multi-tenant data center 2H: Second half of fiscal year PF: Pro Forma A/V: Audio/visual PY: Prior Year B2B: Business-to-Business OEM: Original equipment manufacturer COGS: Cost of goods sold OPEX: Operating expenses CIG: Commercial, Institutional and Government ROW: Rest of world CSS: Communications & Security Solutions (strategic business unit) RTW: Return to Workplace EES: Electrical & Electronic Solutions (strategic business unit) SBU: Strategic Business Unit ETR: Effective tax rate Seq: Sequential FCF: Free Cash Flow SVR: Supplier Volume Rebate FTTx: Fiber-to-the-x (last mile fiber optic network connections)   T&D: Transmission and Distribution HSD: High-single digit TTM: Trailing twelve months LDD: Low-double digit UBS: Utility & Broadband Solutions (strategic business unit) LSD: Low-single digit WD: Workday MRO: Maintenance, repair and operating WDCS: Wesco Data Center Solutions MSD: Mid-single digit YOY: Year-over-year

 
19 Workdays Q1 Q2 Q3 Q4 FY 2024 63 64 64 63 254 2025 62 64 64 63 253 2026 62 64 64 63 253 2023 63 64 63 62 252

 
20 Organic Sales Growth $ millions Three Months Ended Growth/(Decline) December 31, 2024 December 31, 2023 Reported Sales Acquisitions/ Divestiture Foreign Exchange Workday Organic Sales EES $ 2,123.7 $ 2,084.2 1.9 % — % (0.7) % 1.6 % 1.0 % CSS 2,045.9 1,791.3 14.2 % 1.8 % (0.5) % 1.6 % 11.3 % UBS 1,330.1 1,597.9 (16.8) % (12.3) % (0.2) % 1.6 % (5.9) % Total net sales $ 5,499.7 $ 5,473.4 0.5 % (3.0) % (0.5) % 1.6 % 2.4 % Twelve Months Ended Growth/(Decline) December 31, 2024 December 31, 2023 Reported Sales Acquisitions/ Divestiture Foreign Exchange Workday Organic Sales EES $ 8,546.8 $ 8,610.3 (0.7) % — % (0.5) % 0.8 % (1.0) % CSS 7,537.0 7,152.2 5.4 % 0.5 % (0.2) % 0.8 % 4.3 % UBS 5,735.0 6,622.7 (13.4) % (8.9) % (0.1) % 0.8 % (5.2) % Total net sales $ 21,818.8 $ 22,385.2 (2.5) % (2.5) % (0.2) % 0.8 % (0.6) % Organic sales growth is a non-GAAP financial measure of sales performance. Organic sales growth is calculated by deducting the percentage impact from acquisitions and divestitures for one year following the respective transaction, fluctuations in foreign exchange rates and number of workdays from the reported percentage change in consolidated net sales. Workday impact represents the change in the number of operating days period-over-period after adjusting for weekends and public holidays in the United States. The fourth quarter of 2024 had one more workday compared to the fourth quarter of 2023; 2024 had two more workdays compared to 2023. The fourth quarter of 2024 had one less workday compared to the third quarter of 2024.

 
21 Gross Profit and Free Cash Flow $ millions Three Months Ended Twelve Months Ended Gross Profit: December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Net sales $ 5,499.7 $ 5,473.4 $ 21,818.8 $ 22,385.2 Cost of goods sold (excluding depreciation and amortization) 4,335.7 4,302.7 17,106.2 17,541.5 Gross profit $ 1,164.0 $ 1,170.7 $ 4,712.6 $ 4,843.7 Gross margin 21.2 % 21.4 % 21.6 % 21.6 % Gross profit is a financial measure commonly used in the distribution industry. Gross profit is calculated by deducting cost of goods sold, excluding depreciation and amortization, from net sales. Gross margin is calculated by dividing gross profit by net sales. Free cash flow is a non-GAAP financial measure of liquidity. Capital expenditures are deducted from operating cash flow to determine free cash flow. Free cash flow is available to fund investing and financing activities. For the three and twelve months ended December 31, 2024, the Company paid for certain costs related to digital transformation and restructuring. For the three and twelve months ended December 31, 2023, the Company paid for certain costs to integrate the acquired Anixter business and related to digital transformation as well as certain restructuring costs. Such expenditures have been added back to operating cash flow to determine free cash flow for such periods. Our calculation of free cash flow may not be comparable to similar measures used by other companies. Three Months Ended Twelve Months Ended Free Cash Flow: December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Cash flow provided by operations $ 276.6 $ 69.3 $ 1,101.2 $ 493.2 Less: Capital expenditures (24.3) (28.7) (94.7) (92.3) Add: Other adjustments 16.1 18.6 38.7 42.7 Free cash flow $ 268.4 $ 59.2 $ 1,045.2 $ 443.6 % of adjusted net income 155.8 % 38.7 % 154.2 % 54.0 %

 
22 Business Unit Gross Profit and Gross Margin Electrical & Electronic Solutions (EES) Gross Profit: December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Net Sales $ 2,123.7 $ 2,084.2 $ 8,546.8 $ 8,610.3 Cost of goods sold (excluding depreciation and amortization) 1,630.1 1,598.0 6,517.8 6,576.2 Gross Profit $ 493.6 $ 486.2 $ 2,029.0 $ 2,034.1 Gross Margin 23.2% 23.3% 23.7% 23.6% Communications & Security Solutions (CSS) Gross Profit: December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Net Sales $ 2,045.9 $ 1,791.3 $ 7,537.0 $ 7,152.2 Cost of goods sold (excluding depreciation and amortization) 1,621.2 1,384.5 5,918.4 5,524.6 Gross Profit $ 424.7 $ 406.8 $ 1,618.6 $ 1,627.6 Gross Margin 20.8% 22.7% 21.5% 22.8% Utility & Broadband Solutions (UBS) Gross Profit: December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Net Sales $ 1,330.1 $ 1,597.9 $ 5,735.0 $ 6,622.7 Cost of goods sold (excluding depreciation and amortization) 1,084.4 1,320.1 4,670.0 5,440.7 Gross Profit $ 245.7 $ 277.8 $ 1,065.0 $ 1,182.0 Gross Margin 18.5% 17.4% 18.6% 17.8% Three Months Ended Twelve Months Ended Three Months Ended Twelve Months Ended Three Months Ended Twelve Months Ended Gross profit is a financial measure commonly used in the distribution industry. Gross profit is calculated by deducting cost of goods sold, excluding depreciation and amortization, from net sales. Gross margin is calculated by dividing gross profit by net sales.

 
23 Adjusted EBITDA – 4Q 2024 $ millions Three Months Ended December 31, 2024 EBITDA and Adjusted EBITDA by Segment: EES CSS UBS Corporate Total Net income attributable to common stockholders $ 161.0 $ 127.8 $ 135.3 $ (273.1) $ 151.0 Net income attributable to noncontrolling interests 0.2 0.4 — (0.1) 0.5 Preferred stock dividends — — — 14.4 14.4 Provision for income taxes(1) — — — 43.5 43.5 Interest expense, net(1) — — — 85.1 85.1 Depreciation and amortization 11.9 17.6 7.2 8.9 45.6 EBITDA $ 173.1 $ 145.8 $ 142.5 $ (121.3) $ 340.1 Other (income) expense, net (3.8) 20.4 0.8 (10.8) 6.6 Stock-based compensation expense 1.1 1.6 0.8 5.8 9.3 Digital transformation costs(2) — — — 7.4 7.4 Cloud computing arrangement amortization(3) — — — 4.4 4.4 Restructuring costs(4) — — — 2.6 2.6 Excise taxes on pension plan assets(5) — — — 0.1 0.1 Adjusted EBITDA $ 170.4 $ 167.8 $ 144.1 $ (111.8) $ 370.5 Adjusted EBITDA margin % 8.0 % 8.2 % 10.8 % 6.7 % (1) The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the Corporate tax and treasury functions. (2) Digital transformation costs include costs associated with certain digital transformation initiatives. (3) Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses for capitalized implementation costs for cloud computing arrangements to support our digital transformation initiatives. (4) Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan. (5) Excise taxes on excess pension plan assets represent the excise taxes applicable to the excess pension plan assets following the final settlement of the Company's U.S. pension plan. EBITDA, Adjusted EBITDA and Adjusted EBITDA margin % are non-GAAP financial measures that provide indicators of the Company's performance and its ability to meet debt service requirements. For the three months ended December 31, 2024, Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization before other non-operating expenses (income), non-cash stock-based compensation expense, digital transformation costs, cloud computing arrangement amortization, restructuring costs and excise taxes on excess pension plan assets related to the final settlement of the Anixter Inc. Pension Plan. Adjusted EBITDA margin % is calculated by dividing Adjusted EBITDA by net sales.

 
24 Adjusted EBITDA – 4Q 2023 $ millions Three Months Ended December 31, 2023 EBITDA and Adjusted EBITDA by Segment: EES CSS UBS Corporate Total Net income attributable to common stockholders $ 152.4 $ 117.4 $ 160.4 $ (302.6) $ 127.6 Net income (loss) attributable to noncontrolling interests 0.3 0.6 — (0.3) 0.6 Preferred stock dividends — — — 14.4 14.4 Provision for income taxes(1) — — — 65.7 65.7 Interest expense, net(1) — — — 97.0 97.0 Depreciation and amortization 11.0 17.8 6.3 9.7 44.8 EBITDA $ 163.7 $ 135.8 $ 166.7 $ (116.1) $ 350.1 Other (income) expense, net (1.8) 36.1 (0.9) (22.9) 10.5 Stock-based compensation expense 2.1 1.4 0.8 9.1 13.4 Digital transformation costs(2) — — — 7.6 7.6 Merger-related and integration costs(3) — — — 2.4 2.4 Restructuring costs(4) — — — 1.3 1.3 Adjusted EBITDA $ 164.0 $ 173.3 $ 166.6 $ (118.6) $ 385.3 Adjusted EBITDA margin % 7.9 % 9.7 % 10.4 % 7.0 % (1) The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the Corporate tax and treasury functions. (2) Digital transformation costs include costs associated with certain digital transformation initiatives. (3) Merger-related and integration costs include integration and professional fees associated with the integration of Wesco and Anixter, as well as advisory, legal, and separation costs associated with the merger between the two companies. (4) Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan. EBITDA, Adjusted EBITDA and Adjusted EBITDA margin % are non-GAAP financial measures that provide indicators of the Company's performance and its ability to meet debt service requirements. For the three months ended December 31, 2023, Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization before other non-operating expenses (income), non-cash stock-based compensation expense, digital transformation costs, merger-related and integration costs, and restructuring costs. Adjusted EBITDA margin % is calculated by dividing Adjusted EBITDA by net sales.

 
25 Adjusted EBITDA – FY 2024 $ millions Year Ended December 31, 2024 EBITDA and Adjusted EBITDA by Segment: EES CSS UBS Corporate Total Net income attributable to common stockholders $ 656.9 $ 480.9 $ 733.0 $ (1,210.6) $ 660.2 Net (loss) income attributable to noncontrolling interests (1.1) 2.3 — 0.6 1.8 Preferred stock dividends — — — 57.4 57.4 Provision for income taxes(1) — — — 231.6 231.6 Interest expense, net(1) — — — 364.9 364.9 Depreciation and amortization 46.8 71.5 28.5 36.4 183.2 EBITDA $ 702.6 $ 554.7 $ 761.5 $ (519.7) $ 1,499.1 Other expense (income), net(2) 10.5 59.8 (121.2) (41.8) (92.7) Stock-based compensation expense 4.4 6.6 3.1 14.8 28.9 Digital transformation costs(3) — — — 24.9 24.9 Loss on abandonment of assets(4) — — — 17.8 17.8 Cloud computing arrangement amortization(5) — — — 14.1 14.1 Restructuring costs(6) — — — 12.1 12.1 Excise taxes on excess pension plan assets(7) — — — 4.9 4.9 Adjusted EBITDA $ 717.5 $ 621.1 $ 643.4 $ (472.9) $ 1,509.1 Adjusted EBITDA margin % 8.4 % 8.2 % 11.2 % 6.9 % (1) The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the Corporate tax and treasury functions. (2) Other income for the UBS segment includes the gain on the divestiture of the WIS business. (3) Digital transformation costs include costs associated with certain digital transformation initiatives. (4) Loss on abandonment of assets represents the write-off of certain capitalized cloud computing arrangement implementation costs relating to a third-party developed operations management software product in favor of an application with functionality that better suits the Company’s operation. (5) Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses for capitalized implementation costs for cloud computing arrangements to support our digital transformation initiatives. (6) Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan. (7) Excise taxes on excess pension plan assets represent the excise taxes applicable to the excess pension plan assets following the final settlement of the Company's U.S. pension plan. EBITDA, Adjusted EBITDA and Adjusted EBITDA margin % are non-GAAP financial measures that provide indicators of the Company's performance and its ability to meet debt service requirements. For the year ended December 31, 2024, Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization before other non-operating expenses (income), non-cash stock-based compensation expense, digital transformation costs, loss on abandonment of assets, cloud computing arrangement amortization, restructuring costs and excise taxes on excess pension plan assets related to the final settlement of the Anixter Inc. Pension Plan. Adjusted EBITDA margin % is calculated by dividing Adjusted EBITDA by net sales.

 
26 Adjusted EBITDA – FY 2023 Year Ended December 31, 2023 EBITDA and Adjusted EBITDA by Segment: EES CSS UBS Corporate Total Net income attributable to common stockholders $ 668.7 $ 531.1 $ 712.5 $ (1,204.2) $ 708.1 Net (loss) income attributable to noncontrolling interests (0.5) 1.6 — (0.5) 0.6 Preferred stock dividends — — — 57.4 57.4 Provision for income taxes(1) — — — 225.9 225.9 Interest expense, net(1) — — — 389.3 389.3 Depreciation and amortization 43.3 71.7 25.0 41.3 181.3 EBITDA $ 711.5 $ 604.4 $ 737.5 $ (490.8) $ 1,562.6 Other expense (income), net 10.1 74.2 (1.4) (57.8) 25.1 Stock-based compensation expense(2) 5.8 5.2 3.2 31.3 45.5 Digital transformation costs(3) — — — 36.1 36.1 Merger-related and integration costs(4) — — — 19.3 19.3 Restructuring costs(5) — — — 16.7 16.7 Adjusted EBITDA $ 727.4 $ 683.8 $ 739.3 $ (445.2) $ 1,705.3 Adjusted EBITDA margin % 8.4 % 9.6 % 11.2 % 7.6 % (1) The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the Corporate tax and treasury functions. (2) Stock-based compensation expense in the calculation of adjusted EBITDA for the year ended December 31, 2023 excludes $2.6 million that is included in merger-related and integration costs. (3) Digital transformation costs include costs associated with certain digital transformation initiatives. (4) Merger-related and integration costs include integration and professional fees associated with the integration of Wesco and Anixter, as well as advisory, legal, and separation costs associated with the merger between the two companies. (5) Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan. $ millions EBITDA, Adjusted EBITDA and Adjusted EBITDA margin % are non-GAAP financial measures that provide indicators of the Company's performance and its ability to meet debt service requirements. For the year ended December 31, 2023, Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization before other non-operating expenses (income), non-cash stock-based compensation expense, digital transformation costs, merger-related and integration costs, and restructuring costs. Adjusted EBITDA margin % is calculated by dividing Adjusted EBITDA by net sales.

 
27 $ millions Adjusted SG&A and Income from Operations Three Months Ended Twelve Months Ended Adjusted SG&A Expenses: December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Selling, general and administrative expenses $ 817.3 $ 810.1 $ 3,306.2 $ 3,256.0 Digital transformation costs(1) (7.4) (7.6) (24.9) (36.1) Loss on abandonment of assets(2) — — (17.8) — Restructuring costs(3) (2.6) (1.3) (12.1) (16.7) Excise taxes on excess pension plan assets(4) (0.1) — (4.9) — Merger-related and integration costs(5) — (2.4) — (19.3) Adjusted selling, general and administrative expenses $ 807.2 $ 798.8 $ 3,246.5 $ 3,183.9 % of net sales 14.7 % 14.6 % 14.9 % 14.2 % Adjusted Income from Operations: Income from operations $ 301.1 $ 315.8 $ 1,223.2 $ 1,406.4 Digital transformation costs(1) 7.4 7.6 24.9 36.1 Loss on abandonment of assets(2) — — 17.8 — Restructuring costs(3) 2.6 1.3 12.1 16.7 Excise taxes on excess pension plan assets(4) 0.1 — 4.9 — Merger-related and integration costs(5) — 2.4 — 19.3 Accelerated trademark amortization(6) — 0.4 — 1.6 Adjusted income from operations $ 311.2 $ 327.5 $ 1,282.9 $ 1,480.1 Adjusted income from operations margin % 5.7 % 6.0 % 5.9 % 6.6 % Adjusted Other Expense (Income), net: Other expense (income), net $ 6.6 $ 10.5 $ (92.7) $ 25.1 Gain on divestiture — — 122.2 — Loss on termination of business arrangement(7) 0.2 — (3.6) — Pension settlement cost(8) 0.8 (2.8) (2.5) (2.8) Adjusted other expense, net $ 7.6 $ 7.7 $ 23.4 $ 22.3 Adjusted Provision for Income Taxes: Provision for income taxes $ 43.5 $ 65.7 $ 231.6 $ 225.9 Income tax effect of adjustments to income from operations and other expense (income), net(9) 2.7 4.2 (14.8) 21.0 Adjusted provision for income taxes $ 46.2 $ 69.9 $ 216.8 $ 246.9 (1) Digital transformation costs include costs associated with certain digital transformation initiatives. (2) Loss on abandonment of assets represents the write-off of certain capitalized cloud computing arrangement implementation costs relating to a third-party developed operations management software product in favor of an application with functionality that better suits the Company’s operations. (3) Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan. (4) Excise taxes on excess pension plan assets represent the excise taxes applicable to the excess pension plan assets following the final settlement of the Company's U.S. pension plan. (5) Merger-related and integration costs include integration and professional fees associated with the integration of Wesco and Anixter, as well as advisory, legal, and separation costs associated with the merger between the two companies. (6) Accelerated trademark amortization represents additional amortization expense resulting from changes in the estimated useful lives of certain legacy trademarks that have migrated to our master brand architecture. (7) Loss on termination of business arrangement represents the loss recognized as a result of management's decision to terminate a business arrangement with a third party. (8) For the year ended December 31, 2024, pension settlement cost represents expense related to the final settlement of the Company's U.S. pension plan. For the year ended December 31, 2023, pension settlement cost represents expense related to the partial settlement of the Company's U.S. pension plan, partially offset by pension settlement gains related to other plans. (9) The adjustments to income from operations and other expense (income), net have been tax effected at rates of 29.7% and 26.2% for the three and twelve months ended December 31, 2024, respectively, and 29.0% and 27.5% for the three and twelve months ended December 31, 2023, respectively.

 
Adjusted Earnings Per Diluted Share 28 $ millions Three Months Ended Twelve Months Ended Adjusted Earnings per Diluted Share: December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Adjusted income from operations $ 311.2 $ 327.5 $ 1,282.9 $ 1,480.1 Interest expense, net 85.1 97.0 364.9 389.3 Adjusted other expense, net 7.6 7.7 23.4 22.3 Adjusted income before income taxes 218.5 222.8 894.6 1,068.5 Adjusted provision for income taxes 46.2 69.9 216.8 246.9 Adjusted net income 172.3 152.9 677.8 821.6 Net income attributable to noncontrolling interests 0.5 0.6 1.8 0.6 Adjusted net income attributable to WESCO International, Inc. 171.8 152.3 676.0 821.0 Preferred stock dividends 14.4 14.4 57.4 57.4 Adjusted net income attributable to common stockholders $ 157.4 $ 137.9 $ 618.6 $ 763.6 Diluted shares 49.8 52.0 50.6 52.3 Adjusted earnings per diluted share $ 3.16 $ 2.65 $ 12.23 $ 14.60 Note: For the three and twelve months ended December 31, 2024, SG&A expenses, income from operations, other non- operating expense (income), the provision for income taxes and earnings per diluted share have been adjusted to exclude digital transformation costs, the loss on abandonment of assets, restructuring costs, excise taxes on excess pension plan assets, the gain recognized on the divestiture of the WIS business, the loss on termination of business arrangement, pension settlement cost, and the related income tax effects. For the three and twelve months ended December 31, 2023, SG&A expenses, income from operations, other non-operating expense, the provision for income taxes and earnings per diluted share have been adjusted to exclude digital transformation costs, merger-related and integration costs, restructuring costs, accelerated trademark amortization expense, pension settlement cost, and the related income tax effects. These non-GAAP financial measures provide a better understanding of our financial results on a comparable basis.

 
Twelve months ended Financial Leverage: December 31, 2024 December 31, 2023 Net income attributable to common stockholders $ 660.2 $ 708.1 Net income attributable to noncontrolling interests 1.8 0.6 Preferred stock dividends 57.4 57.4 Provision for income taxes 231.6 225.9 Interest expense, net 364.9 389.3 Depreciation and amortization 183.2 181.3 EBITDA $ 1,499.1 $ 1,562.6 Other (income) expense, net (92.7) 25.1 Stock-based compensation expense 28.9 45.5 Merger-related and integration costs(1) — 19.3 Restructuring costs(2) 12.1 16.7 Digital transformation costs(3) 24.9 36.1 Excise taxes on excess pension plan assets costs(4) 4.9 — Loss on abandonment of assets(5) 17.8 $ — Cloud computing arrangement amortization(6) 14.1 — Adjusted EBITDA $ 1,509.1 $ 1,705.3 As of December 31, 2024 December 31, 2023 Short-term debt and current portion of long-term debt, net $ 19.5 $ 8.6 Long-term debt, net 5,045.5 5,313.1 Debt discount and debt issuance costs(7) 47.2 43.0 Fair value adjustments to the Anixter Senior Notes(7) (0.1) (0.1) Total debt 5,112.1 5,364.6 Less: Cash and cash equivalents 702.6 524.1 Total debt, net of cash $ 4,409.5 $ 4,840.5 Financial leverage ratio 2.9 2.8 Financial Leverage 29 $ millions (1) Merger-related and integration costs include integration and professional fees associated with the integration of Wesco and Anixter, as well as advisory, legal, and separation costs associated with the merger between the two companies (2) Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan. (3) Digital transformation costs include costs associated with certain digital transformation initiatives, which have historically been included in merger-related and integration costs in prior years. (4) Excise taxes on excess pension plan assets represent the excise taxes applicable to the excess pension plan assets following the final settlement of the Company's U.S. pension plan. (5) Loss on abandonment of assets represents the write-off of certain capitalized cloud computing arrangement implementation costs relating to a third-party developed operations management software product in favor of an application with functionality that better suits the Company’s operations. (6) Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses for capitalized implementation costs for cloud computing arrangements to support our digital transformation initiatives. (7) Debt is presented in the condensed consolidated balance sheets net of debt discount and debt issuance costs, and includes adjustments to record the long-term debt assumed in the merger with Anixter at its acquisition date fair value. Financial leverage is a non-GAAP measure of the use of debt. Financial leverage ratio is calculated by dividing total debt, excluding debt discount, debt issuance costs and fair value adjustments, net of cash, by adjusted EBITDA.

 
v3.25.0.1
Cover Page
Feb. 11, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 11, 2025
Entity Registrant Name WESCO International, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-14989
Entity Tax Identification Number 25-1723342
Entity Address, Address Line One 225 West Station Square DriveSuite 700
Entity Address, Postal Zip Code 15219
Entity Address, City or Town Pittsburgh,
Entity Address, State or Province PA
City Area Code 412
Local Phone Number 454-2200
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000929008
Amendment Flag false
Document Information [Line Items]  
Document Period End Date Feb. 11, 2025
Document Type 8-K
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Common Class A [Member]  
Cover [Abstract]  
Title of 12(b) Security Common Stock, par value $.01 per share
Trading Symbol WCC
Security Exchange Name NYSE
Document Information [Line Items]  
Title of 12(b) Security Common Stock, par value $.01 per share
Trading Symbol WCC
Security Exchange Name NYSE
Series A Preferred Stock [Member]  
Cover [Abstract]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a share of Series A Fixed-Rate Reset Cumulative Perpetual Preferred Stock
Trading Symbol WCC PR A
Security Exchange Name NYSE
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a share of Series A Fixed-Rate Reset Cumulative Perpetual Preferred Stock
Trading Symbol WCC PR A
Security Exchange Name NYSE
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