$CNXN
PC CONNECTION INC

2022 Q3 Form 10-Q Financial Statement

#000155837022012230 Filed on August 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $775.7M $828.5M $788.3M
YoY Change 3.24% 17.66% 23.78%
Cost Of Revenue $639.1M $691.6M $660.0M
YoY Change 1.33% 17.65% 23.06%
Gross Profit $136.6M $136.9M $128.3M
YoY Change 13.2% 17.69% 27.64%
Gross Profit Margin 17.61% 16.52% 16.28%
Selling, General & Admin $104.9M $102.1M $98.17M
YoY Change 12.34% 10.34% 13.63%
% of Gross Profit 76.77% 74.6% 76.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.020M $2.989M $2.991M
YoY Change 2.48% -0.96% -6.53%
% of Gross Profit 2.21% 2.18% 2.33%
Operating Expenses $104.9M $102.1M $98.17M
YoY Change 12.34% 10.34% 13.63%
Operating Profit $31.74M $34.77M $30.13M
YoY Change 16.14% 46.31% 113.41%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $308.0K $15.00K -$3.000K
YoY Change 7.14% -57.14%
Pretax Income $32.05M $34.79M $30.13M
YoY Change 17.27% 46.29% 113.5%
Income Tax $8.841M $9.387M $8.339M
% Of Pretax Income 27.59% 26.99% 27.68%
Net Earnings $23.21M $25.40M $21.79M
YoY Change 15.77% 46.88% 113.98%
Net Earnings / Revenue 2.99% 3.07% 2.76%
Basic Earnings Per Share $0.88 $0.97 $0.83
Diluted Earnings Per Share $0.88 $0.96 $0.83
COMMON SHARES
Basic Shares Outstanding 26.27M 26.27M 26.26M
Diluted Shares Outstanding 26.46M 26.43M 26.41M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $116.2M $94.90M $67.41M
YoY Change 29.49% -17.96% -26.97%
Cash & Equivalents $116.2M $94.90M $67.41M
Short-Term Investments
Other Short-Term Assets $10.10M $13.37M $14.59M
YoY Change -14.43% -1.62% -5.27%
Inventory $213.3M $223.2M $234.6M
Prepaid Expenses
Receivables $646.7M $644.0M $634.1M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $986.3M $975.4M $950.7M
YoY Change 14.38% 11.09% 18.42%
LONG-TERM ASSETS
Property, Plant & Equipment $59.91M $60.25M $60.84M
YoY Change -1.17% -1.24% -1.23%
Goodwill $73.60M $73.60M $73.60M
YoY Change 0.0% 0.0% 0.0%
Intangibles $4.953M $5.258M $5.563M
YoY Change -19.76% -18.83% -17.99%
Long-Term Investments
YoY Change
Other Assets $905.0K $883.0K $878.0K
YoY Change -12.22% -14.11% -48.38%
Total Long-Term Assets $147.9M $148.3M $150.1M
YoY Change -2.49% -3.28% -3.51%
TOTAL ASSETS
Total Short-Term Assets $986.3M $975.4M $950.7M
Total Long-Term Assets $147.9M $148.3M $150.1M
Total Assets $1.134B $1.124B $1.101B
YoY Change 11.85% 8.96% 14.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $258.6M $278.4M $271.4M
YoY Change 19.12% 7.86% 31.41%
Accrued Expenses $94.32M $82.40M $91.35M
YoY Change 37.82% 22.22% 33.55%
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 $352.9M $366.9M $369.8M
YoY Change 20.31% 11.01% 34.5%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $200.0K $231.0K $179.0K
YoY Change -97.65% -97.3% -97.93%
Total Long-Term Liabilities $200.0K $231.0K $179.0K
YoY Change -97.65% -97.3% -97.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $352.9M $366.9M $369.8M
Total Long-Term Liabilities $200.0K $231.0K $179.0K
Total Liabilities $378.0M $391.6M $395.3M
YoY Change 15.34% 7.09% 27.16%
SHAREHOLDERS EQUITY
Retained Earnings $676.2M $653.0M $627.6M
YoY Change 10.92% 10.75% 9.66%
Common Stock $125.9M $125.0M $123.9M
YoY Change 2.76% 2.49% 2.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $756.1M $732.0M $705.5M
YoY Change
Total Liabilities & Shareholders Equity $1.134B $1.124B $1.101B
YoY Change 11.85% 8.96% 14.86%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $23.21M $25.40M $21.79M
YoY Change 15.77% 46.88% 113.98%
Depreciation, Depletion And Amortization $3.020M $2.989M $2.991M
YoY Change 2.48% -0.96% -6.53%
Cash From Operating Activities $24.08M $29.89M -$38.29M
YoY Change -204.78% 15.76% -742.15%
INVESTING ACTIVITIES
Capital Expenditures -$2.410M -$2.114M -$2.451M
YoY Change -2.86% -4.39% 2.13%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$2.410M -$2.114M -$2.451M
YoY Change -2.86% -4.39% 171.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -380.0K -289.0K -165.0K
YoY Change -19.15% 45.23% -98.05%
NET CHANGE
Cash From Operating Activities 24.08M 29.89M -38.29M
Cash From Investing Activities -2.410M -2.114M -2.451M
Cash From Financing Activities -380.0K -289.0K -165.0K
Net Change In Cash 21.29M 27.49M -40.90M
YoY Change -182.1% 17.42% 1103.68%
FREE CASH FLOW
Cash From Operating Activities $24.08M $29.89M -$38.29M
Capital Expenditures -$2.410M -$2.114M -$2.451M
Free Cash Flow $26.49M $32.00M -$35.83M
YoY Change -229.21% 14.17% -528.53%

Facts In Submission

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PC CONNECTION, INC.
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-13414000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
20010000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
108310000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
115665000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
390000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
609000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
21509000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
13141000
us-gaap Interest Paid Net
InterestPaidNet
3000
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. Actual results could differ from those estimates and assumptions.</p>
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
828509000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
704161000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1616853000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1341053000
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
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
8628000
cnxn Contract With Customer Liability Advance Payments Received
ContractWithCustomerLiabilityAdvancePaymentsReceived
16316000
cnxn Totalrevenuerecognizedfromboththebeginningbalanceandcurrentperiodincreaseincontractliability
Totalrevenuerecognizedfromboththebeginningbalanceandcurrentperiodincreaseincontractliability
18907000
CY2022Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
6037000
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3509000
cnxn Contract With Customer Liability Advance Payments Received
ContractWithCustomerLiabilityAdvancePaymentsReceived
6969000
cnxn Totalrevenuerecognizedfromboththebeginningbalanceandcurrentperiodincreaseincontractliability
Totalrevenuerecognizedfromboththebeginningbalanceandcurrentperiodincreaseincontractliability
5566000
CY2021Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
4912000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
25398000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
17292000
us-gaap Net Income Loss
NetIncomeLoss
47190000
us-gaap Net Income Loss
NetIncomeLoss
27476000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26268000
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26187000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26262000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26180000
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
161000
CY2021Q2 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
155000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
181000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26429000
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26359000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26417000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26361000
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.97
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.66
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.80
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.05
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.96
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.66
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.79
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.04
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
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
cnxn Number Of Additional Leases Not Yet Commenced
NumberOfAdditionalLeasesNotYetCommenced
0
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1024000
us-gaap Operating Lease Cost
OperatingLeaseCost
2046000
CY2022Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
128000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
256000
CY2022Q2 us-gaap Lease Cost
LeaseCost
1152000
us-gaap Lease Cost
LeaseCost
2302000
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
1060000
us-gaap Operating Lease Payments
OperatingLeasePayments
2061000
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y6M29D
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y6M29D
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0392
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0392
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
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2038000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3285000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1644000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1577000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
888000
CY2022Q2 cnxn Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
1000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
9433000
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
550000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
8883000
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8267000
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
5242000
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3641000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2021Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2022Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
828509000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
704161000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1616853000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1341053000
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
34770000
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
23764000
us-gaap Operating Income Loss
OperatingIncomeLoss
64905000
us-gaap Operating Income Loss
OperatingIncomeLoss
37884000
CY2022Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
15000
CY2021Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
14000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
11000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
7000
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
34785000
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
23778000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
64916000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
37891000
CY2022Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2989000
CY2021Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3053000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
5980000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
6218000
CY2022Q2 us-gaap Assets
Assets
1123633000
CY2021Q2 us-gaap Assets
Assets
1031272000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2021Q2 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2022Q2 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2022Q2 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
50000000
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2025-03-31
CY2022Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
80000000
CY2022Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
26054000
CY2021Q2 us-gaap Line Of Credit
LineOfCredit
0
CY2022Q2 us-gaap Line Of Credit
LineOfCredit
0
CY2021Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
50000000
CY2021Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
50000000
CY2022Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
50000000
CY2022Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
50000000

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