$CNXN
PC CONNECTION INC

2021 Q4 Form 10-Q Financial Statement

#000155837021014611 Filed on November 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $800.2M $751.4M $652.8M
YoY Change 18.42% 15.11% -10.51%
Cost Of Revenue $673.1M $630.7M $544.9M
YoY Change 18.76% 15.74% -10.75%
Gross Profit $127.0M $120.7M $107.8M
YoY Change 16.7% 11.93% -9.28%
Gross Profit Margin 15.88% 16.06% 16.52%
Selling, General & Admin $92.73M $93.37M $86.75M
YoY Change 4.07% 7.63% 0.61%
% of Gross Profit 73.0% 77.36% 80.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.037M $2.947M $3.800M
YoY Change -7.97% -22.45% 22.58%
% of Gross Profit 2.39% 2.44% 3.52%
Operating Expenses $95.73M $93.37M $86.75M
YoY Change 7.44% 7.63% 0.61%
Operating Profit $31.30M $27.33M $21.08M
YoY Change 58.43% 29.66% -35.42%
Interest Expense -$17.00K
YoY Change -127.42%
% of Operating Profit -0.08%
Other Income/Expense, Net -$2.000K $0.00 -$17.00K
YoY Change -100.19% -100.0% -127.42%
Pretax Income $31.30M $27.33M $21.06M
YoY Change 50.49% 29.76% -35.59%
Income Tax $8.918M $7.283M $4.130M
% Of Pretax Income 28.49% 26.65% 19.61%
Net Earnings $22.39M $20.05M $16.93M
YoY Change 37.36% 18.4% -28.72%
Net Earnings / Revenue 2.8% 2.67% 2.59%
Basic Earnings Per Share $0.77 $0.65
Diluted Earnings Per Share $848.9K $0.76 $0.64
COMMON SHARES
Basic Shares Outstanding 26.21M 26.20M 26.13M
Diluted Shares Outstanding 26.37M 26.31M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $108.3M $89.73M $108.1M
YoY Change 13.18% -17.0% 9.75%
Cash & Equivalents $108.3M $89.73M $108.1M
Short-Term Investments
Other Short-Term Assets $10.02M $11.80M $12.00M
YoY Change -12.14% -1.69% 73.91%
Inventory $206.6M $175.4M $134.7M
Prepaid Expenses
Receivables $607.5M $585.4M $589.0M
Other Receivables
Total Short-Term Assets $932.4M $862.3M $843.7M
YoY Change 8.55% 2.2% 18.77%
LONG-TERM ASSETS
Property, Plant & Equipment $61.01M $60.62M $63.19M
YoY Change -0.85% -4.06% -18.15%
Goodwill $73.60M $73.60M $73.60M
YoY Change 0.0% 0.0%
Intangibles $5.868M $6.173M $7.393M
YoY Change -17.21% -16.5%
Long-Term Investments
YoY Change
Other Assets $910.0K $1.031M $1.666M
YoY Change -32.34% -38.12% 85.11%
Total Long-Term Assets $151.0M $151.6M $159.6M
YoY Change -3.47% -4.99% -0.39%
TOTAL ASSETS
Total Short-Term Assets $932.4M $862.3M $843.7M
Total Long-Term Assets $151.0M $151.6M $159.6M
Total Assets $1.083B $1.014B $1.003B
YoY Change 6.7% 1.06% 15.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $281.8M $217.1M $283.2M
YoY Change 5.62% -23.34% 43.23%
Accrued Expenses $92.80M $68.44M $53.70M
YoY Change 23.07% 27.45% -10.05%
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 $374.6M $293.3M $338.4M
YoY Change 9.46% -13.3% 31.4%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $211.0K $8.528M $5.948M
YoY Change -97.56% 43.38% -53.53%
Total Long-Term Liabilities $211.0K $8.528M $5.948M
YoY Change -97.56% 43.38% -53.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $374.6M $293.3M $338.4M
Total Long-Term Liabilities $211.0K $8.528M $5.948M
Total Liabilities $400.9M $327.8M $375.1M
YoY Change 5.77% -12.61% 30.45%
SHAREHOLDERS EQUITY
Retained Earnings $605.8M $609.6M $554.2M
YoY Change 7.77% 10.0%
Common Stock $122.6M $122.5M $120.1M
YoY Change 2.05% 2.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $2.773M
Shareholders Equity $682.5M $686.2M $628.3M
YoY Change
Total Liabilities & Shareholders Equity $1.083B $1.014B $1.003B
YoY Change 6.7% 1.06% 15.25%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $22.39M $20.05M $16.93M
YoY Change 37.36% 18.4% -28.72%
Depreciation, Depletion And Amortization $3.037M $2.947M $3.800M
YoY Change -7.97% -22.45% 22.58%
Cash From Operating Activities $48.92M -$22.99M -$56.00M
YoY Change -574.95% -58.95% -252.59%
INVESTING ACTIVITIES
Capital Expenditures -$3.210M -$2.481M -$1.400M
YoY Change 129.29% 77.21% -79.1%
Acquisitions
YoY Change
Other Investing Activities $69.00K $0.00
YoY Change
Cash From Investing Activities -$3.141M -$2.481M -$1.400M
YoY Change 124.36% 77.21% -79.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -27.20M -470.0K -500.0K
YoY Change 3785.29% -6.0% -58.33%
NET CHANGE
Cash From Operating Activities 48.92M -22.99M -56.00M
Cash From Investing Activities -3.141M -2.481M -1.400M
Cash From Financing Activities -27.20M -470.0K -500.0K
Net Change In Cash 18.58M -25.94M -57.90M
YoY Change -249.85% -55.2% -301.04%
FREE CASH FLOW
Cash From Operating Activities $48.92M -$22.99M -$56.00M
Capital Expenditures -$3.210M -$2.481M -$1.400M
Free Cash Flow $52.13M -$20.51M -$54.60M
YoY Change -685.73% -62.45% -225.81%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CityAreaCode
603
dei Local Phone Number
LocalPhoneNumber
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dei Document Type
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dei Document Period End Date
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dei Entity File Number
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dei Entity Registrant Name
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PC CONNECTION, INC.
dei Entity Incorporation State Country Code
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DE
dei Entity Tax Identification Number
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730 Milford Road
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AdjustmentsToEmployeeStockPurchasePlan
536000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
17991000
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
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
89728000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
108051000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
394000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
248000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
20600000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
13798000
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 U.S.GAAP 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>
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
176000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
16930000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
20045000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
751368000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
652752000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2092421000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1914603000
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3509000
cnxn Contract With Customer Liability Advance Payments Received
ContractWithCustomerLiabilityAdvancePaymentsReceived
-15524000
cnxn Totalrevenuerecognizedfromboththebeginningbalanceandcurrentperiodincreaseincontractliability
Totalrevenuerecognizedfromboththebeginningbalanceandcurrentperiodincreaseincontractliability
-19838000
CY2021Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
7823000
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
5942000
cnxn Contract With Customer Liability Advance Payments Received
ContractWithCustomerLiabilityAdvancePaymentsReceived
7978000
cnxn Totalrevenuerecognizedfromboththebeginningbalanceandcurrentperiodincreaseincontractliability
Totalrevenuerecognizedfromboththebeginningbalanceandcurrentperiodincreaseincontractliability
12380000
CY2020Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1540000
us-gaap Net Income Loss
NetIncomeLoss
47521000
us-gaap Net Income Loss
NetIncomeLoss
39469000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26197000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26130000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26186000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26158000
CY2021Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
171000
CY2020Q3 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
179000
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26368000
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26311000
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.77
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.50
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26362000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26337000
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.65
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.81
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.51
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.76
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.64
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.80
CY2020Q3 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
CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1111000
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
cnxn Number Of Additional Leases Not Yet Commenced
NumberOfAdditionalLeasesNotYetCommenced
0
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1066000
us-gaap Operating Lease Cost
OperatingLeaseCost
3244000
CY2021Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
128000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
383000
CY2021Q3 us-gaap Lease Cost
LeaseCost
1194000
us-gaap Lease Cost
LeaseCost
3627000
CY2021Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
1120000
us-gaap Operating Lease Payments
OperatingLeasePayments
3344000
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y21D
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0392
us-gaap Operating Lease Cost
OperatingLeaseCost
3450000
CY2020Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
109000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
194000
CY2020Q3 us-gaap Lease Cost
LeaseCost
1220000
us-gaap Lease Cost
LeaseCost
3644000
CY2020Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
1145000
us-gaap Operating Lease Payments
OperatingLeasePayments
3510000
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y1M17D
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0392
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1087000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3521000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2876000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1699000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1594000
CY2021Q3 cnxn Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
888000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
11665000
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
810000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
10855000
CY2021Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
10218000
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
7353000
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3502000
CY2020Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
13768000
CY2020Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
10579000
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3989000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
751368000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
52395000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1914603000
CY2021Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
27328000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
65219000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
652752000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2092421000
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
21077000
us-gaap Operating Income Loss
OperatingIncomeLoss
65212000
us-gaap Operating Income Loss
OperatingIncomeLoss
52315000
CY2020Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-17000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
7000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
80000
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
27328000
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
21060000
CY2021Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2947000
CY2020Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3833000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
9165000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
10335000
CY2021Q3 us-gaap Assets
Assets
1013926000
CY2020Q3 us-gaap Assets
Assets
1003334000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2021Q3 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
50000000
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2022-02-10
CY2021Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
80000000
us-gaap Debt Instrument Description Of Variable Rate Basis
DebtInstrumentDescriptionOfVariableRateBasis
one-month LIBOR
CY2020Q3 us-gaap Line Of Credit
LineOfCredit
0
CY2021Q3 us-gaap Line Of Credit
LineOfCredit
0
CY2020Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
50000000
CY2021Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
50000000

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