CDW 2012 Annual Report Download - page 27

Table of Contents
Results of Operations
Year Ended December 31, 2012 Compared to Year Ended December 31, 2011
The following table presents our results of operations, in dollars and as a percentage of net sales, for the years ended December 31,
2012 and 2011 :
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, 2012 and 2011 :
23
Year Ended December 31, 2012 Year Ended December 31, 2011
Dollars in
Millions
Percentage of
Net Sales
Dollars in
Millions
Percentage of
Net Sales
Net sales
$
10,128.2
100.0
%
$
9,602.4
100.0
%
Cost of sales
8,458.6
83.5
8,018.9
83.5
Gross profit
1,669.6
16.5
1,583.5
16.5
Selling and administrative expenses
1,029.5
10.2
990.1
10.3
Advertising expense
129.5
1.3
122.7
1.3
Income from operations
510.6
5.0
470.7
4.9
Interest expense, net
(307.4
)
(3.0
)
(324.2
)
(3.4
)
Net loss on extinguishments of long-term debt
(17.2
)
(0.2
)
(118.9
)
(1.2
)
Other income, net
0.1
—
0.7
—
Income before income taxes
186.1
1.8
28.3
0.3
Income tax expense
(67.1
)
(0.7
)
(11.2
)
(0.1
)
Net income
$
119.0
1.1
%
$
17.1
0.2
%
Years Ended December 31,
2012
2011
Dollars in
Millions
Percentage of
Total Net Sales
Dollars in
Millions
Percentage of
Total Net Sales
Dollar Change
Percent
Change
(1)
Corporate
$
5,512.8
54.4
%
$
5,334.4
55.6
%
$
178.4
3.3
%
Public
4,023.0
39.7
3,757.2
39.1
265.8
7.1
Other
592.4
5.9
510.8
5.3
81.6
16.0
Total net sales
$
10,128.2
100.0
%
$
9,602.4
100.0
%
$
525.8
5.5
%
(1) There were 254 and 255 selling days in the years ended December 31, 2012 and 2011
, respectively. On an average daily basis, total net
sales increased 5.9% .