CDW 2012 Annual Report Download - page 32

Table of Contents
Year Ended December 31, 2011 Compared to Year Ended December 31, 2010
The following table presents our results of operations, in dollars and as a percentage of net sales, for the years ended December 31,
2011 and 2010:
Net sales
The following table presents our net sales by segment, in dollars and as a percentage of total net sales, and the year-over-
year dollar and
percentage change in net sales for the years ended December 31, 2011 and 2010:
28
Year Ended December 31, 2011 Year Ended December 31, 2010
Dollars in
Millions
Percentage of
Net Sales
Dollars in
Millions
Percentage of
Net Sales
Net sales
$
9,602.4
100.0
%
$
8,801.2
100.0
%
Cost of sales
8,018.9
83.5
7,410.4
84.2
Gross profit
1,583.5
16.5
1,390.8
15.8
Selling and administrative expenses
990.1
10.3
932.1
10.6
Advertising expense
122.7
1.3
106.0
1.2
Income from operations
470.7
4.9
352.7
4.0
Interest expense, net
(324.2
)
(3.4
)
(391.9
)
(4.4
)
Net (loss) gain on extinguishments of long-term debt
(118.9
)
(1.2
)
2.0
—
Other income, net
0.7
—
0.2
—
Income (loss) before income taxes
28.3
0.3
(37.0
)
(0.4
)
Income tax (expense) benefit
(11.2
)
(0.1
)
7.8
0.1
Net income (loss)
$
17.1
0.2
%
$
(29.2
)
(0.3
)%
Years Ended December 31,
2011
2010
Dollars in
Millions
Percentage of
Total
Net Sales
Dollars in
Millions
Percentage of
Total Net Sales
Dollar Change
Percent
Change
(1)
Corporate
$
5,334.4
55.6
%
$
4,833.6
54.9
%
$
500.8
10.4
%
Public
3,757.2
39.1
3,560.6
40.5
196.6
5.5
Other
510.8
5.3
407.0
4.6
103.8
25.5
Total net sales
$
9,602.4
100.0
%
$
8,801.2
100.0
%
$
801.2
9.1
%
(1) There were 255 and 254 selling days in the years ended December 31, 2011 and 2010, respectively. On an average daily basis, total net
sales increased 8.7%.