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Annual Report 2013

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Annual Report 2013 Annual Report 2013 Dear Shareholders: Four years ago, Datalink embarked on a growth strategy that involved diversifying our legacy storage business with new products and services to increase our footprint in the data center. That included embracing converged data center infrastructures, virtualization, cloud computing, and other new technologies that were beginning to transform the data center landscape. The plan has yielded steady annual business expansion ever since. In 2013, the results included a 21% increase in overall revenues, a 28% increase in total services revenues, and a 39% increase in professional, managed, and advanced services that generate the highest margins. We expect another strong performance in 2014 as midmarket and large enterprises increase their reliance on Datalink to help them navigate the complexities of planning, deploying, and supporting the modern data center. We have become a true full-service data center provider, and we believe that will continue to fuel our growth. 2013 RESULTS 2013 was another record-setting year for Datalink. Revenues for the year ended December 31, 2013, reaching a record $594 million, a 21% gain over the previous year. That included a record $221 million in services revenues, with 26% and 39% increases in customer support and professional services, respectively. One of the strongest engines of our growth continues to be the sale of converged data center infrastructures that bring new efficiencies to the data center while also expediting the launch of IT applications supporting new business initiatives. In 2013, Datalink generated a record $91 million from these integrated server, storage, network, and virtualization architectures. This is significant not only for its direct contribution to our revenues but also for the potential multiplier effect. Many converged infrastructure placements lead to the sale of additional high-margin services like data center migration and private or hybrid cloud enablement. Our 2013 converged data center performance, coupled with 2014 OUTLOOK standalone sales of various data center products, also strengthened our relationships with key strategic partners including NetApp®, With the successful execution of our growth strategy over the past four Cisco®, EMC®, Symantec®, and Hitachi Data Systems®. Today we years, we believe Datalink has positioned itself to take full advantage of are among NetApp’s top commercial resellers in the Americas, shifting trends in the data center marketplace in 2014 and beyond. Both a leading Cisco data center partner, a major Symantec national the converged data center market and private/hybrid cloud adoption partner, and a key NetApp/Cisco partner for the FlexPod® continue to grow, offering substantial opportunities for new and converged platform. These partnership successes are critical for add-on business. Many IT organizations continue to ask us to provide referral business and customer support. consulting support to plan, deploy, and manage new infrastructures. IT teams are also transitioning from technology providers to service 2013 also marked our strongest services performance to date, with brokers, requiring assistance in moving into their new roles. a 28% increase in total services revenues, 26% increase in customer support revenues, and 39% increase in professional services mentioned We believe Datalink has the people, expertise, products, and services above. Our services now support customers at all stages of the IT to meet these market needs, as well as a holistic and vendor-agnostic lifecycle, helping us almost double our services revenues since we view of the data center that has earned the company a reputation began our data center transformation strategy in 2010. as a trusted data center advisor. We also continue to expand our portfolio to address new developments. In early 2014, for example, Services currently delivered by Datalink range from “one call does it we announced an expansion of our cloud consulting services to aid IT all” support for converged infrastructures and a full suite of managed teams in their journey to become IT services organizations. services to advanced consulting services, including private and hybrid cloud strategy, data center relocation, system and application 2014 looks to be another year of excellent growth for the company. migration, and business continuity/disaster recovery planning. Many of While the increasing size and complexity of our engagements may these advanced services were added or enhanced in 2013 in a major lengthen sales cycles and thereby cause fluctuations in our quarterly investment designed to provide a revenue and profit stream that is not operating results, we believe all the pieces are in place for a strong affected by product sales or fulfillment. fiscal year. We have a talented executive and senior leadership team, an equally strong field organization, exceptional reference customers, All of these factors have combined to increase our relevance to proven success with extremely complex projects, and a scope of customers, allow us to sell into a more complex environment, and products and services that is unmatched by our competitors. With deliver solid growth through a combination of new and repeat business these strengths and our strategic advantages in the data center space, I and increased wallet share. In 2013, that manifested itself in a record have utmost confidence in Datalink’s performance in 2014 and beyond. number of repeat customers, a new benchmark in the number of customers who spent more than $1 million with us in a fiscal year, and a 35% increase in spend from roughly the same number of new customers as we acquired in 2012. Many of these customers also have multi-year roadmaps that will yield additional revenues in the future. Paul Lidsky President & Chief Executive Officer Datalink Financial Highlights STATEMENT OF OPERATIONS 2013 2012 2011 2010 2009 (In thousands, except per share data) Revenues $ 594,184 $ 491,202 $ 380,027 $ 293,679 $ 178,082 Gross profit $ 133,858 $ 112,026 $ 89,612 $ 67,636 $ 46,436 Gross profit % 22.5% 22.8% 23.6% 23.0% 26.1% Earnings (loss) from operations $ 17,405 $ 17,718 $ 16,793 $ 3,978 $ (451) Net earnings (loss) $ 10,045 $ 10,535 $ 9,845 $ 2,302 $ (555) Net earnings (loss) per diluted share $ 0.52 $ 0.60 $ 0.61 $ 0.18 $ (0.04) BALANCE SHEET (In thousands, except employee data) Cash and investments $ 76,085 $ 10,315 $ 22,433 $ 8,988 $ 15,631 Working capital $ 91,254 $ 34,059 $ 37,881 $ 21,636 $ 14,702 Total assets $ 433,108 $ 370,393 $ 277,951 $ 176,072 $ 153,978 Stockholders’ equity $145,796 $ 95,383 $ 80,185 $ 47,455 $ 43,415 Common stock outstanding 22,785 18,727 17,899 13,570 13,261 Number of employees 510 459 389 299 307 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K (Mark one) ፤ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2013 OR អ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Transition Period From To Commission file number: 000-29758 DATALINK CORPORATION (Exact name of registrant as specified in its charter) MINNESOTA 41-0856543 (State or other jurisdiction of incorporation) (IRS Employer Identification Number) 10050 Crosstown Circle, Suite 500 EDEN PRAIRIE, MINNESOTA 55344 (Address of Principal Executive Offices) (952) 944-3462 (Registrant’s Telephone Number, Including Area Code) Securities registered pursuant to Section 12(b) of the Act: None. Securities registered pursuant to Section 12(g) of the Act: Common Stock, $0.001 par value. Name of exchange on which registered: NASDAQ Global Market Indicate by check mark if the registrant is a well known seasoned issuer as defined in Rule 405 of the Securities Act. Yes អ No ፤ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes អ No ፤ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ፤ No អ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ፤ No អ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. អ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. Large Accelerated Filer អ Accelerated Filer ፤ Non-Accelerated Filer អ Smaller Reporting Company អ (Do not check if a smaller reporting company) Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes អ No ፤ Aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant at June 30, 2013: $169,511,107. At March 7, 2014, the number of shares outstanding of the registrant’s classes of common stock was 22,770,272. DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s Proxy Statement for its 2014 Annual Meeting of Shareholders are incorporated by reference to Part III of this Form 10-K.
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