Slide 1: CDW Corporation Non-GAAP Reconciliations First Quarter 2017
CDW Corporation Non-GAAP Reconciliations First Quarter 2017 CDW.com | 800.800.4239
Slide 2: Q1 2017 Adjusted EBITDA Reconciliation to Net Income
Q1 2017 Adjusted EBITDA Reconciliation to Net Income (Unaudited) ($ in millions) Three Months Ended March 31, 2017 2016 Net income $ 57.6 $ 77.8 Depreciation and amortization(i) 64.2 64.0 Income tax expense 16.0 46.1 Interest expense, net 39.7 38.1 EBITDA* 177.5 226.0 Adjustments: Equity-based compe
Slide 3: Q1 2017 Non-GAAP Net Income Reconciliation
Q1 2017 Non-GAAP Net Income Reconciliation (Unaudited) ($ in millions) Three Months Ended March 31, 2017 2016 Net income $ 57.6 $ 77.8 Amortization of intangibles (i) 46.1 47.5 Equity-based compensation 12.1 8.4 Net loss on extinguishments of long-term debt 57.4 — Acquisition and integration expense
Slide 4: Q1 2017 Non-GAAP Net Income Per Share
Q1 2017 Non-GAAP Net Income Per Share (Unaudited) ($ and shares in millions, except per share amounts) Three Months Ended March 31, 2017 2016 Net income $ 57.6 $ 77.8 Weighted-average common shares outstanding - Diluted 162.8 168.9 Net income per diluted share $ 0.35 $ 0.46 Non-GAAP net income* $ 12
Slide 5: Adjusted EBITDA Reconciliation to Net Income and Adjusted EBITDA Margin Calculation 2009 - LTM Q1'2017
Adjusted EBITDA Reconciliation to Net Income and Adjusted EBITDA Margin Calculation 2009 - LTM Q1'2017 (Unaudited) ($ in millions) LTM Q1 2009 2010 2011 2012 2013 2014 2015 (vii) 2016 (vii) 2017 Net income (loss) $ (373.4) $ (29.2) $ 17.1 $ 119.0 $ 132.8 $ 244.9 $ 403.1 $ 424.4 $ 404.2 Depreciation
Slide 6: Non-GAAP Net Income Reconciliation 2012 - LTM Q1'2017
Non-GAAP Net Income Reconciliation 2012 - LTM Q1'2017 (Unaudited) ($ in millions) 2012 2013 2014 2015(ix) 2016(ix) LTM Q1' 17 Net income (loss) $ 119.0 $ 132.8 $ 244.9 $ 403.1 $ 424.4 $ 404.2 Amortization of intangibles (i) 163.7 161.2 161.2 173.9 187.2 185.8 Equity-based compensation 22.1 8.6 16.4
Slide 7: Return on Working Capital Calculation 2009 - LTM Q1'2017
Return on Working Capital Calculation 2009 - LTM Q1'2017 (Unaudited) ($ in millions) LTM Q1' 2009 2010 2011 2012 2013 2014 2015 2016 2017 Numerator Income from operations $ (31.9) $ 352.7 $ 470.7 $ 510.6 $ 508.6 $ 673.0 $ 742.0 $ 819.2 $ 828.0 Amortization of intangibles (i) 168.9 166.8 165.7 163.7
Slide 8: Consolidated Net Sales Growth on a Constant Currency Basis
Consolidated Net Sales Growth on a Constant Currency Basis (Unaudited) ($ in millions) Three Months Ended March 31, Average % Daily % 2017 2016 Change Change (i) Consolidated Net sales, as reported $ 3,324.7 $ 3,116.7 6.7% 6.7% Foreign currency translation (ii) — (27.1) Consolidated Net sales, on a
Slide 9: Non-GAAP Net Income Per Diluted Share on a Constant Currency Basis
Non-GAAP Net Income Per diluted share, on a Constant Currency Basis (Unaudited) ($ and shares in millions, except per share amounts) Three Months Ended March 31, Average % Daily % 2017 2016 Change Change (1) Net income $ 57.6 $ 77.8 Amortization of intangibles 46.1 47.5 Equity-based compensation 12.
Slide 10: Adjusted EBITDA Margin Reconciliation
Adjusted EBITDA Margin Reconciliation (Unaudited) ($ in millions) LTM Q1 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Net Sales $3,842.5 $3,961.5 $4,264.6 $4,664.6 $5,737.8 $6,291.8 $6,785.5 $8,144.5 $8,071.2 $7,162.6 $8,801.2 $9,602.4 $10,128.2 $10,768.2