CDW 2014 Annual Report Download - page 46
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Table of Contents
The following table sets forth a reconciliation of EBITDA to net cash provided by operating activities for the years ended December 31,
2014 and 2013 .
42
(in millions) Years Ended December 31,
2014
2013
Net income
$
244.9
$
132.8
Depreciation and amortization
207.9
208.2
Income tax expense
142.8
62.7
Interest expense, net
197.3
250.1
EBITDA
792.9
653.8
Adjustments:
Non-cash equity-based compensation
16.4
8.6
Sponsor fee —
2.5
Net loss on extinguishments of long-term debt
90.7
64.0
Litigation, net
(1)
(0.9
)
(4.1
)
IPO- and secondary-offering related expenses
(2)
1.4
75.0
Other adjustments
(3)
6.5
8.7
Total adjustments
114.1
154.7
Adjusted EBITDA
$
907.0
$
808.5
(1) Relates to unusual, non-
recurring litigation matters.
(2) As defined under Non-GAAP net income
above.
(3)
Other adjustments primarily include certain retention costs and equity investment income.
Years Ended December 31,
(in millions)
2014
2013
EBITDA
$
792.9
$
653.8
Depreciation and amortization
(207.9
)
(208.2
)
Income tax expense
(142.8
)
(62.7
)
Interest expense, net
(197.3
)
(250.1
)
Net income
244.9
132.8
Depreciation and amortization
207.9
208.2
Equity-based compensation expense
16.4
46.6
Deferred income taxes
(89.1
)
(48.7
)
Amortization of deferred financing costs, debt premium, and debt
discount, net
6.4
8.8
Net loss on extinguishments of long-term debt
90.7
64.0
Other
(0.4
)
1.7
Changes in assets and liabilities
(41.8
)
(47.1
)
Net cash provided by operating activities
$
435.0
$
366.3