$CNXN
PC CONNECTION INC

2022 Q1 Form 10-Q Financial Statement

#000155837022007352 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $788.3M $636.9M
YoY Change 23.78% -10.53%
Cost Of Revenue $660.0M $536.4M
YoY Change 23.06% -10.42%
Gross Profit $128.3M $100.5M
YoY Change 27.64% -11.14%
Gross Profit Margin 16.28% 15.78%
Selling, General & Admin $98.17M $86.40M
YoY Change 13.63% -6.56%
% of Gross Profit 76.51% 85.95%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.991M $3.200M
YoY Change -6.53% 3.23%
% of Gross Profit 2.33% 3.18%
Operating Expenses $98.17M $86.40M
YoY Change 13.63% -6.56%
Operating Profit $30.13M $14.12M
YoY Change 113.41% -31.62%
Interest Expense $0.00
YoY Change -100.0%
% of Operating Profit 0.0%
Other Income/Expense, Net -$3.000K -$7.000K
YoY Change -57.14% -107.61%
Pretax Income $30.13M $14.11M
YoY Change 113.5% -31.96%
Income Tax $8.339M $3.929M
% Of Pretax Income 27.68% 27.84%
Net Earnings $21.79M $10.18M
YoY Change 113.98% -31.63%
Net Earnings / Revenue 2.76% 1.6%
Basic Earnings Per Share $0.83 $0.39
Diluted Earnings Per Share $0.83 $0.39
COMMON SHARES
Basic Shares Outstanding 26.26M 26.17M
Diluted Shares Outstanding 26.41M 26.36M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $67.41M $92.30M
YoY Change -26.97% -17.07%
Cash & Equivalents $67.41M $92.26M
Short-Term Investments
Other Short-Term Assets $14.59M $15.40M
YoY Change -5.27% 10.0%
Inventory $234.6M $140.5M
Prepaid Expenses
Receivables $634.1M $554.7M
Other Receivables $0.00
Total Short-Term Assets $950.7M $802.9M
YoY Change 18.42% 7.19%
LONG-TERM ASSETS
Property, Plant & Equipment $60.84M $61.59M
YoY Change -1.23% -24.43%
Goodwill $73.60M $73.60M
YoY Change 0.0%
Intangibles $5.563M $6.783M
YoY Change -17.99%
Long-Term Investments
YoY Change
Other Assets $878.0K $1.701M
YoY Change -48.38% 54.64%
Total Long-Term Assets $150.1M $155.5M
YoY Change -3.51% -5.27%
TOTAL ASSETS
Total Short-Term Assets $950.7M $802.9M
Total Long-Term Assets $150.1M $155.5M
Total Assets $1.101B $958.4M
YoY Change 14.86% 4.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $271.4M $206.5M
YoY Change 31.41% -6.07%
Accrued Expenses $91.35M $68.40M
YoY Change 33.55% 24.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $369.8M $274.9M
YoY Change 34.5% -0.85%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $179.0K $8.630M
YoY Change -97.93% -34.62%
Total Long-Term Liabilities $179.0K $8.630M
YoY Change -97.93% -34.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $369.8M $274.9M
Total Long-Term Liabilities $179.0K $8.630M
Total Liabilities $395.3M $310.9M
YoY Change 27.16% 0.09%
SHAREHOLDERS EQUITY
Retained Earnings $627.6M $572.3M
YoY Change 9.66%
Common Stock $123.9M $121.2M
YoY Change 2.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $705.5M $647.5M
YoY Change
Total Liabilities & Shareholders Equity $1.101B $958.4M
YoY Change 14.86% 4.95%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $21.79M $10.18M
YoY Change 113.98% -31.63%
Depreciation, Depletion And Amortization $2.991M $3.200M
YoY Change -6.53% 3.23%
Cash From Operating Activities -$38.29M $5.962M
YoY Change -742.15% -86.62%
INVESTING ACTIVITIES
Capital Expenditures -$2.451M -$2.400M
YoY Change 2.13% -47.83%
Acquisitions
YoY Change
Other Investing Activities $0.00 $1.500M
YoY Change -100.0%
Cash From Investing Activities -$2.451M -$903.0K
YoY Change 171.43% -80.35%
FINANCING ACTIVITIES
Cash Dividend Paid $8.375M
YoY Change -0.62%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -165.0K -8.457M
YoY Change -98.05% -54.77%
NET CHANGE
Cash From Operating Activities -38.29M 5.962M
Cash From Investing Activities -2.451M -903.0K
Cash From Financing Activities -165.0K -8.457M
Net Change In Cash -40.90M -3.398M
YoY Change 1103.68% -115.98%
FREE CASH FLOW
Cash From Operating Activities -$38.29M $5.962M
Capital Expenditures -$2.451M -$2.400M
Free Cash Flow -$35.83M $8.362M
YoY Change -528.53% -82.99%

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 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. Actual results could differ from those estimates and assumptions.</p>
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WeightedAverageNumberOfSharesOutstandingBasic
26172000
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
150000
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
188000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26405000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26360000
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.83
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.39
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.83
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.39
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2022Q1 cnxn Number Of Additional Leases Not Yet Commenced
NumberOfAdditionalLeasesNotYetCommenced
0
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1022000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1090000
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
128000
CY2021Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
130000
CY2022Q1 us-gaap Lease Cost
LeaseCost
1150000
CY2021Q1 us-gaap Lease Cost
LeaseCost
1220000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1000000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1083000
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0392
CY2021Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-7000
CY2021Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
788344000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
636892000
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
30134000
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
14120000
CY2022Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3099000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3285000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1644000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1577000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
888000
CY2022Q1 cnxn Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
1000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
10494000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
640000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
9854000
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
9201000
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
6077000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3777000
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
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
30131000
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
14113000
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2991000
CY2021Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3165000
CY2022Q1 us-gaap Assets
Assets
1100819000
CY2021Q1 us-gaap Assets
Assets
958386000
CY2021Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2022Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2022Q1 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
50000000
CY2022Q1 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2025-03-31
CY2022Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
80000000
CY2022Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
1385000
CY2021Q1 us-gaap Line Of Credit
LineOfCredit
0
CY2022Q1 us-gaap Line Of Credit
LineOfCredit
0
CY2021Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
50000000
CY2022Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
50000000

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