Payments to extinguish debt

[Table of Contents](#i7c08528f82aa4260b71dd1d8bcc2d1c3_7)

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| CDW CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(dollars in millions)(unaudited) |
|   |  | Nine Months Ended September 30, |
|   |  | 2022 |  | 2021 |
| Cash flows from operating activities: |  |  |  |  |
| Net income |  | $ | 827.3  |  |  | $ | 773.3  |  |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
| Depreciation and amortization |  | 218.1  |  |  | 140.0  |  |
| Equity-based compensation expense |  | 71.4  |  |  | 53.3  |  |
| Deferred income taxes |  | (12.3) |  |  | (6.7) |  |
| Provision for credit losses |  | 6.6  |  |  | (7.3) |  |
| Other  |  | 13.1  |  |  | (33.4) |  |
| Changes in assets and liabilities: |  |  |  |  |
| Accounts receivable |  | (156.2) |  |  | (323.5) |  |
| Merchandise inventory |  | (16.1) |  |  | (87.5) |  |
| Other assets |  | (273.9) |  |  | (92.6) |  |
| Accounts payable-trade |  | 188.5  |  |  | 179.7  |  |
| Other liabilities |  | 227.5  |  |  | 41.4  |  |
| Net cash provided by operating activities |  | 1,094.0  |  |  | 636.7  |  |
| Cash flows from investing activities: |  |  |  |  |
| Capital expenditures |  | (97.2) |  |  | (66.2) |  |
| Acquisitions of businesses, net of cash acquired |  | (28.0) |  |  | (339.7) |  |
| Proceeds from the sale of equity method investment |  | —  |  |  | 36.0  |  |
| Net cash used in investing activities |  | (125.2) |  |  | (369.9) |  |
| Cash flows from financing activities: |  |  |  |  |
| Proceeds from borrowings under revolving credit facility |  | 1,854.6  |  |  | 548.3  |  |
| Repayments of borrowings under revolving credit facility |  | (2,047.3) |  |  | (379.6) |  |
|  |  |  |  |  |
| Repayments of debt |  | (435.5) |  |  | (11.2) |  |
| Repayments of receivable financing liability |  | (58.9) |  |  | (2.1) |  |
| Payments to extinguish debt |  | —  |  |  | (56.5) |  |
| Net change in accounts payable-inventory financing |  | 46.6  |  |  | (183.7) |  |
| Financing payments for revenue generating assets |  | —  |  |  | (46.1) |  |
| Repurchases of common stock |  | —  |  |  | (1,185.3) |  |
| Proceeds from stock option exercises |  | 20.7  |  |  | 60.7  |  |
| Payment of incentive compensation plan withholding taxes |  | (21.9) |  |  | (28.4) |  |
| Dividend payments |  | (202.7) |  |  | (167.1) |  |
| Other |  | 14.0  |  |  | 19.2  |  |
| Net cash used in financing activities |  | (830.4) |  |  | (1,431.8) |  |
| Effect of exchange rate changes on cash and cash equivalents |  | (11.9) |  |  | (0.1) |  |
| Net increase (decrease) in cash and cash equivalents |  | 126.5  |  |  | (1,165.1) |  |
| Cash and cash equivalents—beginning of period |  | 258.1  |  |  | 1,410.2  |  |
| Cash and cash equivalents—end of period |  | $ | 384.6  |  |  | $ | 245.1  |  |
| Supplementary disclosure of cash flow information: |  |  |  |  |
| Interest paid |  | $ | (131.6) |  |  | $ | (85.1) |  |
| Income taxes paid, net |  | $ | (274.5) |  |  | $ | (264.4) |  |

  
The accompanying notes are an integral part of the Consolidated Financial Statements.6
