$CNXN
PC CONNECTION INC

2021 Q2 Form 10-Q Financial Statement

#000155837021010557 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2 2020 Q1
Revenue $704.2M $550.0M $711.9M
YoY Change 28.03% -25.78% 12.47%
Cost Of Revenue $587.8M $461.0M $598.7M
YoY Change 27.51% -26.13% 12.21%
Gross Profit $116.3M $89.00M $113.1M
YoY Change 30.7% -23.92% 13.86%
Gross Profit Margin 16.52% 16.18% 15.89%
Selling, General & Admin $92.56M $77.42M $92.47M
YoY Change 19.56% -8.56% 13.83%
% of Gross Profit 79.57% 86.99% 81.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.018M $3.400M $3.100M
YoY Change -11.24% 0.0% -16.22%
% of Gross Profit 2.59% 3.82% 2.74%
Operating Expenses $92.56M $77.42M $92.47M
YoY Change 19.56% -8.56% 13.83%
Operating Profit $23.76M $10.59M $20.65M
YoY Change 124.44% -67.24% 18.62%
Interest Expense $5.000K $100.0K
YoY Change -97.28% -50.0%
% of Operating Profit 0.05% 0.48%
Other Income/Expense, Net $14.00K $5.000K $92.00K
YoY Change 180.0% -97.28% -53.54%
Pretax Income $23.78M $10.59M $20.74M
YoY Change 124.47% -67.41% 17.81%
Income Tax $6.486M $2.950M $5.846M
% Of Pretax Income 27.28% 27.85% 28.18%
Net Earnings $17.29M $7.643M $14.90M
YoY Change 126.25% -67.71% 17.04%
Net Earnings / Revenue 2.46% 1.39% 2.09%
Basic Earnings Per Share $0.66 $0.29 $0.57
Diluted Earnings Per Share $0.66 $0.29 $0.56
COMMON SHARES
Basic Shares Outstanding 26.19M 26.11M 26.24M
Diluted Shares Outstanding 26.36M 26.28M 26.42M

Balance Sheet

Concept 2021 Q2 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $115.7M $165.9M $111.3M
YoY Change -30.28% 138.02% 19.04%
Cash & Equivalents $115.7M $165.9M $111.3M
Short-Term Investments
Other Short-Term Assets $13.59M $13.50M $14.00M
YoY Change 0.65% 90.14% 91.78%
Inventory $167.1M $165.6M $137.0M
Prepaid Expenses
Receivables $581.7M $446.7M
Other Receivables
Total Short-Term Assets $878.0M $791.7M $749.0M
YoY Change 10.89% 5.05% 11.41%
LONG-TERM ASSETS
Property, Plant & Equipment $61.00M $65.39M $81.50M
YoY Change -6.71% -12.35% 12.88%
Goodwill $73.60M $73.60M
YoY Change 0.0%
Intangibles $6.478M $7.698M
YoY Change -15.85%
Long-Term Investments
YoY Change
Other Assets $1.028M $1.157M $1.100M
YoY Change -11.15% 15.7% 0.0%
Total Long-Term Assets $153.3M $162.6M $164.2M
YoY Change -5.73% 2.84% 5.18%
TOTAL ASSETS
Total Short-Term Assets $878.0M $791.7M $749.0M
Total Long-Term Assets $153.3M $162.6M $164.2M
Total Assets $1.031B $954.3M $913.2M
YoY Change 8.06% 4.67% 10.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $258.2M $247.0M $219.9M
YoY Change 4.52% -5.07% 7.69%
Accrued Expenses $67.42M $59.00M $54.90M
YoY Change 14.27% -3.44% 0.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $330.5M $308.2M $277.3M
YoY Change 7.23% -4.05% 7.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.558M $3.184M $13.20M
YoY Change 168.78% -75.88% -10.81%
Total Long-Term Liabilities $8.558M $3.184M $13.20M
YoY Change 168.78% -75.88% -10.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $330.5M $308.2M $277.3M
Total Long-Term Liabilities $8.558M $3.184M $13.20M
Total Liabilities $365.7M $343.1M $310.6M
YoY Change 6.58% -2.41% 6.77%
SHAREHOLDERS EQUITY
Retained Earnings $589.6M $537.2M
YoY Change 9.74%
Common Stock $121.9M $119.9M
YoY Change 1.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $665.6M $611.2M $602.6M
YoY Change
Total Liabilities & Shareholders Equity $1.031B $954.3M $913.2M
YoY Change 8.06% 4.67% 10.24%

Cashflow Statement

Concept 2021 Q2 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income $17.29M $7.643M $14.90M
YoY Change 126.25% -67.71% 17.04%
Depreciation, Depletion And Amortization $3.018M $3.400M $3.100M
YoY Change -11.24% 0.0% -16.22%
Cash From Operating Activities $25.82M $57.80M $44.56M
YoY Change -55.33% -490.54% 146.17%
INVESTING ACTIVITIES
Capital Expenditures -$2.211M -$3.600M -$4.600M
YoY Change -38.58% -50.68% -30.3%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$2.211M -$3.600M -$4.595M
YoY Change -38.58% -50.68% -30.38%
FINANCING ACTIVITIES
Cash Dividend Paid $8.427M
YoY Change
Common Stock Issuance & Retirement, Net $10.22M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -199.0K 400.0K -18.70M
YoY Change -149.75% -125.0% 90.8%
NET CHANGE
Cash From Operating Activities 25.82M 57.80M 44.56M
Cash From Investing Activities -2.211M -3.600M -4.595M
Cash From Financing Activities -199.0K 400.0K -18.70M
Net Change In Cash 23.41M 54.60M 21.26M
YoY Change -57.12% -330.38% 1150.76%
FREE CASH FLOW
Cash From Operating Activities $25.82M $57.80M $44.56M
Capital Expenditures -$2.211M -$3.600M -$4.600M
Free Cash Flow $28.03M $61.40M $49.16M
YoY Change -54.35% -918.67% 99.01%

Facts In Submission

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PC CONNECTION, INC.
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-8699000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-18314000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
20010000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
75883000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
95655000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
90060000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
115665000
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
165943000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
609000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
327000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
13141000
cnxn Contract With Customer Liability Advance Payments Received
ContractWithCustomerLiabilityAdvancePaymentsReceived
6297000
cnxn Totalrevenuerecognizedfromboththebeginningbalanceandcurrentperiodincreaseincontractliability
Totalrevenuerecognizedfromboththebeginningbalanceandcurrentperiodincreaseincontractliability
10049000
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.66
CY2020Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2190000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1082000
us-gaap Use Of Estimates
UseOfEstimates
<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>
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
704161000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
550002000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1341053000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1261852000
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3509000
cnxn Contract With Customer Liability Advance Payments Received
ContractWithCustomerLiabilityAdvancePaymentsReceived
6969000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
17292000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
7643000
us-gaap Net Income Loss
NetIncomeLoss
27476000
us-gaap Net Income Loss
NetIncomeLoss
22539000
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26187000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26107000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26180000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26172000
CY2021Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
172000
CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
172000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
181000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
178000
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26359000
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26279000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26361000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26350000
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.29
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.05
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.86
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.66
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.29
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.04
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.86
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
cnxn Number Of Additional Leases Not Yet Commenced
NumberOfAdditionalLeasesNotYetCommenced
0
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1088000
us-gaap Operating Lease Cost
OperatingLeaseCost
2179000
CY2021Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
128000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
255000
CY2021Q2 us-gaap Lease Cost
LeaseCost
1216000
us-gaap Lease Cost
LeaseCost
2434000
CY2021Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
1143000
us-gaap Operating Lease Payments
OperatingLeasePayments
2226000
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y3M18D
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0392
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1177000
us-gaap Operating Lease Cost
OperatingLeaseCost
2339000
CY2020Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
43000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
86000
CY2020Q2 us-gaap Lease Cost
LeaseCost
1220000
us-gaap Lease Cost
LeaseCost
2425000
CY2020Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
1206000
us-gaap Operating Lease Payments
OperatingLeasePayments
2366000
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y4M13D
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0392
CY2021Q2 us-gaap Assets
Assets
1031272000
CY2020Q2 us-gaap Assets
Assets
954340000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
23778000
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
10593000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2208000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3521000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2876000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1699000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1594000
CY2021Q2 cnxn Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
888000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
12786000
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
920000
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
11866000
CY2021Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
11174000
CY2021Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
8124000
CY2021Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3742000
CY2020Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
14755000
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
11566000
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3999000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
704161000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
550002000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1341053000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1261852000
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
23764000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
10588000
us-gaap Operating Income Loss
OperatingIncomeLoss
37884000
us-gaap Operating Income Loss
OperatingIncomeLoss
31239000
CY2021Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
14000
CY2020Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
7000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
96000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
37891000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
31335000
CY2021Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3053000
CY2020Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3355000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
6218000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
6502000
CY2021Q2 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
50000000
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2022-02-10
CY2021Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
80000000
CY2020Q2 us-gaap Line Of Credit
LineOfCredit
0
CY2021Q2 us-gaap Line Of Credit
LineOfCredit
0
CY2020Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
50000000
CY2021Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
50000000

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