CDW Corp Form 8-K Summary
Business Context and Reporting Period
CDW Corporation filed this Current Report on Form 8-K on April 20, 2011. The filing discloses preliminary financial results for the quarter ended March 31, 2011, and announces a proposed private offering of senior notes by a newly formed subsidiary, CDW Escrow Corporation.
Key Financial Metrics
- Total Net Sales (Q1 2011): $2,129.6 million
- Total Net Sales (Q1 2010): $1,934.1 million
- Selling Days (Q1 2011): 64 days
- Selling Days (Q1 2010): 63 days
- Proposed Debt Offering: $150 million aggregate principal amount of 8.5% senior notes due 2019
The filing text does not provide clear values for profit, cash flow, margins, existing debt levels, or liquidity metrics beyond the proposed note offering.
Material Changes
Total net sales increased by 10.1% year-over-year for the three months ended March 31, 2011. This growth occurred alongside an increase of one selling day compared to the prior year period.
Outlook, Risks, and Unusual Items
CDW Escrow Corporation intends to offer $150 million in 8.5% senior notes due 2019 in a private offering exempt from registration under the Securities Act. The offering is subject to market and other customary conditions. The filing explicitly states that the financial results disclosed are not deemed "filed" for purposes of Section 18 of the Exchange Act and are not incorporated by reference except as expressly set forth.
Investor Verification Checklist
- Verify the final terms and closing of the $150 million 8.5% senior notes offering.
- Review the full Q1 2011 earnings release for detailed profit, margin, and cash flow data not included in this 8-K.
- Confirm the impact of the additional selling day on the reported 10.1% sales growth.
- Check for any subsequent filings regarding the registration status or sale of the Notes.