CDW 2012 Annual Report Download - page 21
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Table of Contents
Years Ended December 31,
(in millions)
2008
2009
2010
2011
2012
Statement of Operations Data:
Net sales
$
8,071.2
$
7,162.6
$
8,801.2
$
9,602.4
$
10,128.2
Cost of sales
6,710.2
6,029.7
7,410.4
8,018.9
8,458.6
Gross profit
1,361.0
1,132.9
1,390.8
1,583.5
1,669.6
Selling and administrative expenses
894.8
821.1
932.1
990.1
1,029.5
Advertising expense
141.3
101.9
106.0
122.7
129.5
Goodwill impairment
1,712.0
241.8
—
—
—
Income (loss) from operations
(1,387.1
)
(31.9
)
352.7
470.7
510.6
Interest expense, net
(390.3
)
(431.7
)
(391.9
)
(324.2
)
(307.4
)
Net gain (loss) on extinguishments of long-
term debt
—
—
2.0
(118.9
)
(17.2
)
Other income, net
0.2
2.4
0.2
0.7
0.1
Income (loss) before income taxes
(1,777.2
)
(461.2
)
(37.0
)
28.3
186.1
Income tax benefit (expense)
12.1
87.8
7.8
(11.2
)
(67.1
)
Net (loss) income
$
(1,765.1
)
$
(373.4
)
$
(29.2
)
$
17.1
$
119.0
Balance Sheet Data (at period end):
Cash and cash equivalents
$
94.4
$
88.0
$
36.6
$
99.9
$
37.9
Working capital
877.6
923.2
675.4
538.1
666.5
Total assets
6,276.3
5,976.0
5,943.8
5,949.6
5,700.1
Total debt and capitalized lease obligations
(1)
4,633.5
4,621.9
4,290.0
4,066.0
3,771.0
Total shareholders’ equity (deficit)
262.2
(44.7
)
(43.5
)
(7.3
)
136.5
Other Financial Data:
Capital expenditures
$
41.1
$
15.6
$
41.5
$
45.7
$
41.4
Depreciation and amortization
218.4
218.2
209.4
204.9
210.2
Gross profit as a percentage of net sales
16.9
%
15.8
%
15.8
%
16.5
%
16.5
%
Ratio of earnings to fixed charges
(2)
(a)
(a)
(a)
1.1
1.6
EBITDA
(3)
(1,168.5
)
188.7
564.3
557.4
703.7
Adjusted EBITDA
(3)
570.6
465.4
601.8
717.3
766.6
Statement of Cash Flows Data:
Net cash provided by (used in):
Operating activities
$
215.4
$
107.6
$
423.7
$
214.7
$
317.4
Investing activities
(60.3
)
(82.6
)
(125.4
)
(56.0
)
(41.7
)
Financing activities
(75.8
)
(31.9
)
(350.1
)
(95.4
)
(338.0
)
(1) Excludes borrowings of $34.1 million, $25.0 million, $28.2 million, $278.7 million and $249.2 million , as of December 31, 2008,
2009, 2010, 2011 and 2012, respectively, under our inventory financing agreements. We do not include these borrowings in total debt
because we have not in the past incurred, and in the future do not expect to incur, any interest expense or late fees under these
agreements.