$CNXN
PC CONNECTION INC

2021 Q1 Form 10-Q Financial Statement

#000155837021006379 Filed on May 07, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $636.9M $711.9M
YoY Change -10.53% 12.47%
Cost Of Revenue $536.4M $598.7M
YoY Change -10.42% 12.21%
Gross Profit $100.5M $113.1M
YoY Change -11.14% 13.86%
Gross Profit Margin 15.78% 15.89%
Selling, General & Admin $86.40M $92.47M
YoY Change -6.56% 13.83%
% of Gross Profit 85.95% 81.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.200M $3.100M
YoY Change 3.23% -16.22%
% of Gross Profit 3.18% 2.74%
Operating Expenses $86.40M $92.47M
YoY Change -6.56% 13.83%
Operating Profit $14.12M $20.65M
YoY Change -31.62% 18.62%
Interest Expense $0.00 $100.0K
YoY Change -100.0% -50.0%
% of Operating Profit 0.0% 0.48%
Other Income/Expense, Net -$7.000K $92.00K
YoY Change -107.61% -53.54%
Pretax Income $14.11M $20.74M
YoY Change -31.96% 17.81%
Income Tax $3.929M $5.846M
% Of Pretax Income 27.84% 28.18%
Net Earnings $10.18M $14.90M
YoY Change -31.63% 17.04%
Net Earnings / Revenue 1.6% 2.09%
Basic Earnings Per Share $0.39 $0.57
Diluted Earnings Per Share $0.39 $0.56
COMMON SHARES
Basic Shares Outstanding 26.17M 26.24M
Diluted Shares Outstanding 26.36M 26.42M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $92.30M $111.3M
YoY Change -17.07% 19.04%
Cash & Equivalents $92.26M $111.3M
Short-Term Investments
Other Short-Term Assets $15.40M $14.00M
YoY Change 10.0% 91.78%
Inventory $140.5M $137.0M
Prepaid Expenses
Receivables $554.7M
Other Receivables
Total Short-Term Assets $802.9M $749.0M
YoY Change 7.19% 11.41%
LONG-TERM ASSETS
Property, Plant & Equipment $61.59M $81.50M
YoY Change -24.43% 12.88%
Goodwill $73.60M
YoY Change
Intangibles $6.783M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.701M $1.100M
YoY Change 54.64% 0.0%
Total Long-Term Assets $155.5M $164.2M
YoY Change -5.27% 5.18%
TOTAL ASSETS
Total Short-Term Assets $802.9M $749.0M
Total Long-Term Assets $155.5M $164.2M
Total Assets $958.4M $913.2M
YoY Change 4.95% 10.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $206.5M $219.9M
YoY Change -6.07% 7.69%
Accrued Expenses $68.40M $54.90M
YoY Change 24.59% 0.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $274.9M $277.3M
YoY Change -0.85% 7.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.630M $13.20M
YoY Change -34.62% -10.81%
Total Long-Term Liabilities $8.630M $13.20M
YoY Change -34.62% -10.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $274.9M $277.3M
Total Long-Term Liabilities $8.630M $13.20M
Total Liabilities $310.9M $310.6M
YoY Change 0.09% 6.77%
SHAREHOLDERS EQUITY
Retained Earnings $572.3M
YoY Change
Common Stock $121.2M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $647.5M $602.6M
YoY Change
Total Liabilities & Shareholders Equity $958.4M $913.2M
YoY Change 4.95% 10.24%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $10.18M $14.90M
YoY Change -31.63% 17.04%
Depreciation, Depletion And Amortization $3.200M $3.100M
YoY Change 3.23% -16.22%
Cash From Operating Activities $5.962M $44.56M
YoY Change -86.62% 146.17%
INVESTING ACTIVITIES
Capital Expenditures -$2.400M -$4.600M
YoY Change -47.83% -30.3%
Acquisitions
YoY Change
Other Investing Activities $1.500M
YoY Change
Cash From Investing Activities -$903.0K -$4.595M
YoY Change -80.35% -30.38%
FINANCING ACTIVITIES
Cash Dividend Paid $8.375M $8.427M
YoY Change -0.62%
Common Stock Issuance & Retirement, Net $10.22M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.457M -18.70M
YoY Change -54.77% 90.8%
NET CHANGE
Cash From Operating Activities 5.962M 44.56M
Cash From Investing Activities -903.0K -4.595M
Cash From Financing Activities -8.457M -18.70M
Net Change In Cash -3.398M 21.26M
YoY Change -115.98% 1150.76%
FREE CASH FLOW
Cash From Operating Activities $5.962M $44.56M
Capital Expenditures -$2.400M -$4.600M
Free Cash Flow $8.362M $49.16M
YoY Change -82.99% 99.01%

Facts In Submission

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<p style="font-family:'Arial Unicode MS';font-size:9pt;text-indent:18pt;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates in the Preparation of Financial Statements</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts and disclosures of assets and liabilities and the reported amounts and disclosures of revenue and expenses during the period. Management bases its estimates and judgments on the information available at the time and various other assumptions believed to be reasonable under the circumstances. By nature, estimates are subject to an inherent degree of uncertainty, including uncertainty in the current economic environment due to the coronavirus pandemic (“COVID-19 pandemic”). Actual results could differ from those estimates and assumptions, including the impact of the COVID-19 pandemic.</p>
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CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
185000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26360000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26421000
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.39
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.57
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2021Q1 cnxn Number Of Additional Leases Not Yet Commenced
NumberOfAdditionalLeasesNotYetCommenced
0
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1090000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1163000
CY2020Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
43000
CY2021Q1 us-gaap Lease Cost
LeaseCost
1220000
CY2020Q1 us-gaap Lease Cost
LeaseCost
1206000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1083000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1160000
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y7M24D
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y7M6D
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0392
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0392
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3262000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3364000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2824000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1699000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1594000
CY2021Q1 cnxn Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
888000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
13631000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1027000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
12604000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
11857000
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
8792000
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3812000
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
15776000
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
12551000
CY2020Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3147000
CY2021Q1 us-gaap Assets
Assets
958386000
CY2020Q1 us-gaap Assets
Assets
913192000
CY2021Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
20742000
CY2021Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3165000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
636892000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
711850000
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
14120000
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
20650000
CY2021Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-7000
CY2020Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
92000
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
14113000
CY2021Q1 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
50000000
CY2021Q1 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2022-02-10
CY2021Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
80000000
CY2020Q1 us-gaap Line Of Credit
LineOfCredit
0
CY2021Q1 us-gaap Line Of Credit
LineOfCredit
0
CY2020Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
50000000
CY2021Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
50000000

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