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CDW Reports Second Quarter 2013 Results

Stocks in this article: CDW

Total selling and administrative expenses, including advertising expense, were $298.0 million in the second quarter of 2013, compared to $290.5 million in the second quarter of 2012, representing an increase of 2.6 percent. This increase was primarily due to increased sales compensation related to higher sales and gross profit, partially offset by the timing of coworker hiring. Coworker count was 6,810 as of June 30, 2013, compared to 6,804 as of December 31, 2012.

Adjusted EBITDA was $212.6 million in the second quarter of 2013, compared to $200.6 million in the second quarter of 2012, representing an increase of 6.0 percent. Second quarter 2013 Adjusted EBITDA margin was 7.6 percent, 20 basis points below last year’s second quarter.

Net income for the second quarter of 2013 was $46.7 million, up 26.7 percent over the second quarter of 2012 net income of $36.8 million. Interest expense was down $6.6 million to $70.3 million during the three months ended June 30, 2013 compared to $76.9 million during the comparable period in 2012 reflecting lower outstanding balances and a lower average interest rate. Debt extinguishment charges were $10.3 million in the second quarter of 2013. There were no debt extinguishment charges in the second quarter of 2012. The effective tax rate in the second quarter of 2013 was 36.2 percent versus 38.4 percent for the second quarter of 2012.

Non-GAAP net income, which excludes amortization related to the 2007 going-private transaction and certain debt refinancing and other costs, was $79.2 million in the second quarter of 2013, compared to $67.2 million in the second quarter of 2012, representing an increase of 17.8 percent driven by higher operating results and lower interest expense.

First Six Months of 2013 Highlights:

Total net sales in the first six months of 2013 were $5.191 billion, compared to $4.904 billion in the first six months of 2012, an increase of 5.9 percent. Average daily sales for the first six months of 2013 were $40.9 million, compared to $38.3 million for the first six months of 2012, representing a 6.7 percent increase. There were 127 selling days in the first six months of 2013 versus 128 selling days for the same period in 2012.

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