CDW 2003 Annual Report Download - page 26

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Item 6. Selected Financial Data
13
CDW Corporation and Subsidiaries
Selected Financial and Operating Data
(in thousands, except per share and selected operating data)
Year Ended December 31,
2003
2002 2001 2000 1999
Income Statement Data:
Net sales $ 4,664,616 $ 4,264,579 $ 3,961,545 $ 3,842,452 $ 2,561,239
Cost of sales 3,990,824 3,700,744 3,434,510 3,352,609 2,237,700
Gross profit 673,792 563,835 527,035 489,843 323,539
Selling, administrative and net
advertising expenses 389,334 265,657 258,837 230,235 165,627
Income from operations 284,458 298,178 268,198 259,608 157,912
Interest income, net 7,225 9,548 12,637 9,739 4,931
Other expense, net (2,119) (1,529) (859) (690) (450)
Income before income taxes 289,564 (1) 306,197 279,976 268,657 162,393
Income tax provision 114,378 120,948 111,290 106,388 64,308
Net income $ 175,186 (1) $ 185,249 $ 168,686 $ 162,269 $ 98,085
Earnings per share:
Basic $ 2.10 (1) $ 2.18 $ 1.97 $ 1.87 $ 1.14
Diluted $ 2.03 (1) $ 2.10 $ 1.89 $ 1.79 $ 1.11
Weighted-average number of
common shares outstanding:
Basic 83,329 84,862 85,803 87,003 86,270
Diluted 86,175 88,296 89,136 90,860 88,304
Dividends per share $ 0.30 $ 0.00 $ 0.00 $ 0.00 $ 0.00
Selected Operating Data:
Number of invoices processed
(in 000’s) 5,431 4,995 4,394 3,810 2,934
Average invoice size $ 916 $ 935 $ 964 $ 1,054 $ 918
Commercial customers served
(in 000’s) (2) 416 361 357 309 285
% of sales to commercial customers 98% 97% 97% 96% 93%
Net sales per coworker (in 000’s) $ 1,420 $ 1,508 $ 1,436 $ 1,634 $ 1,462
Inventory turnover 24 (3) 27 30 28 23
Accounts receivable – days
sales outstanding 35 (3) 29 29 32 33
December 31,
2003 2002 2001 2000 1999
Financial Position:
Cash, cash equivalents and
marketable securities $ 562,360 $ 504,614 $ 394,381 $ 202,621 $ 82,975
Working capital $ 986,445 $ 846,942 $ 695,786 $ 561,697 $ 340,117
Total assets $ 1,311,632 $ 1,095,664 $ 937,029 $ 748,437 $ 505,915
Total debt and capitalized lease
obligations $ - $ - $ - $ - $ -
Total shareholders’ equity $ 1,061,184 $ 924,070 $ 778,657 $ 636,251 $ 390,984
Return on shareholders’ equity (4) 17.8% 22.8% 24.7% 31.0% 30.1%
(1) Includes $22.3 million ($13.5 million after tax) of transaction and integration expenses recorded in connection with the Micro Warehouse
transactions. This had a $0.16 per share impact on basic and diluted earnings per share.
(2) Commercial customers is defined as public sector and corporate customers excluding consumers.
(3) Annualized inventory turnover and accounts receivable – days sales outstanding for 2003 were impacted by the Micro Warehouse
transactions in September 2003. For the fourth quarter of 2003, annualized inventory turnover was 25 and accounts receivable – days sales
outstanding was 30, which the Company believes provides a more meaningful comparison to reported results of prior periods.
(4) Return on shareholders’ equity is calculated as net income for the period divided by average shareholders’ equity.