CDW 2006 Annual Report Download - page 34

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24
repurchases may be made from time to time in both open market and private transactions, as
conditions warrant. The new program is expected to remain in effect through April 2008, unless
earlier terminated by the Board or completed. The following table presents share repurchases for the
years ended December 31, 2006, 2005 and 2004 (in thousands):
Year Shares Amount
2006
4,059 $ 227,669
2005
4,570 $ 258,298
2004
1,352 $ 86,010
As of December 31, 2006, 3.2 million shares remained available for repurchase under our current
program. Repurchased shares are held in treasury pending use for general corporate purposes,
including issuances under various employee stock plans.
The following table presents information on dividends paid during the past three years:
Date Paid
Dividends Per
Share
Total Dividends
(in thousands)
June 30, 2006 $ 0.52 $ 40,723
June 30, 2005 $ 0.43 $ 35,114
June 30, 2004 $ 0.36 $ 30,027
In future years, we plan to announce any dividend following the annual shareholders meeting,
typically held in May. The timing and amount of any future dividends will depend upon the earnings,
cash requirements and financial condition of the Company and other factors deemed relevant by our
Board of Directors.
Capital expenditures in 2006 totaled $85.6 million. This includes the purchase of the North Las
Vegas, Nevada distribution center in December 2006 for $29.6 million, expenditures for machinery
and equipment and leasehold improvements related to the North Las Vegas, Nevada distribution
center and new leased office space in Chicago and Vernon Hills, Illinois, and improvements to our
information technology systems.
Total capital expenditures for 2007 are expected to be approximately $55 million to $60 million.
Our internally generated cash flow has been sufficient to fund our capital expenditures and we
believe this will continue.
Our current and anticipated uses of our cash, cash equivalents, and marketable securities are to
fund growth in working capital and capital expenditures necessary to support future growth in sales,
our share repurchase programs, potential dividends, and possible expansion through acquisitions.
We believe that the funds held in cash, cash equivalents, and marketable securities, and funds
available under the credit facilities, will be sufficient to fund our working capital and cash
requirements for the foreseeable future.
Cash Flows
Net cash provided by operating activities in 2006 was $216.7 million. The primary factors that
affected our cash flow from operations were net income and the increase in accounts receivable at
December 31, 2006 compared to December 31, 2005.
Net cash used in investing activities in 2006 was $99.6 million, including $574.0 million provided
by redemptions and sales of marketable securities offset by $407.3 million to purchase marketable
securities and $85.6 million for capital expenditures. In addition, we used $177.9 million to acquire
Berbee and $2.8 million to acquire Technology Resource Center, Inc., an education software reseller.