CDW 2012 Annual Report Download - page 20

Table of Contents
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Our outstanding common stock is privately held, and there is no established public trading market for our common stock.
Holders
All of our outstanding common stock is owned by CDW Holdings LLC.
Dividends
We did not pay any dividends in 2012 or 2011.
Our senior credit agreements and indentures impose restrictions on our ability to pay dividends, and thus our ability to pay dividends on
our common stock will depend upon, among other things, our level of indebtedness at the time of the proposed dividend and whether we are in
default under any of our debt instruments. Our future dividend policy will also depend on the requirements of any future financing agreements to
which we may be a party and other factors considered relevant by our board of directors. Any decision to declare and pay dividends in the future
will be made at the discretion of our board of directors and will depend on, among other things, our results of operations, cash requirements,
financial condition, business opportunities, provision of applicable law and other factors that our board of directors may deem relevant. For a
discussion of our cash resources and needs, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—
Liquidity and Capital Resources” included elsewhere in this report.
Item 6. Selected Financial Data
The selected financial data set forth below are not necessarily indicative of the results of future operations and should be read in
conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our audited consolidated
financial statements and the related notes included elsewhere in this report.
We have derived the selected financial data presented below as of December 31, 2011 and December 31, 2012 and for the years ended
December 31, 2010, 2011, and 2012 from our audited consolidated financial statements and related notes, which are included elsewhere in this
report. The selected financial data as of December 31, 2008 and December 31, 2009 have been derived from our audited consolidated financial
statements as of and for those periods, which are not included in this report.
The following are some of the items affecting comparability of the selected financial data for the periods presented:
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• During the years ended December 31, 2011 and 2012, we recorded net losses on extinguishments of long-term debt of $118.9
million and $17.2 million , respectively. The losses represented the difference between the amount paid upon extinguishment,
including call premiums and expenses paid to the debt holders and agents, and the net carrying amount of the extinguished
debt, adjusted for a portion of the unamortized deferred financing costs.
• During the years ended December 31, 2008 and 2009, we recorded goodwill impairment charges of $1,712.0 million and
$241.8 million, respectively. These impairments were primarily attributable to deterioration in macroeconomic conditions and
overall declines in net sales.