$CNXN
PC CONNECTION INC

2022 Q4 Form 10-Q Financial Statement

#000155837022016459 Filed on November 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $732.5M $775.7M
YoY Change -8.46% 3.24%
Cost Of Revenue $608.1M $639.1M
YoY Change -9.66% 1.33%
Gross Profit $124.3M $136.6M
YoY Change -2.12% 13.2%
Gross Profit Margin 16.98% 17.61%
Selling, General & Admin $97.44M $104.9M
YoY Change 5.07% 12.34%
% of Gross Profit 78.36% 76.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.978M $3.020M
YoY Change -1.94% 2.48%
% of Gross Profit 2.39% 2.21%
Operating Expenses $100.4M $104.9M
YoY Change 4.92% 12.34%
Operating Profit $23.91M $31.74M
YoY Change -23.63% 16.14%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $764.0K $308.0K
YoY Change -38300.0%
Pretax Income $24.67M $32.05M
YoY Change -21.18% 17.27%
Income Tax $5.849M $8.841M
% Of Pretax Income 23.71% 27.59%
Net Earnings $18.82M $23.21M
YoY Change -15.91% 15.77%
Net Earnings / Revenue 2.57% 2.99%
Basic Earnings Per Share $0.88
Diluted Earnings Per Share $0.71 $0.88
COMMON SHARES
Basic Shares Outstanding 26.29M 26.27M
Diluted Shares Outstanding 26.46M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $122.9M $116.2M
YoY Change 13.5% 29.49%
Cash & Equivalents $122.9M $116.2M
Short-Term Investments
Other Short-Term Assets $11.90M $10.10M
YoY Change 18.81% -14.43%
Inventory $208.7M $213.3M
Prepaid Expenses
Receivables $610.3M $646.7M
Other Receivables $108.0K $0.00
Total Short-Term Assets $953.8M $986.3M
YoY Change 2.29% 14.38%
LONG-TERM ASSETS
Property, Plant & Equipment $59.17M $59.91M
YoY Change -3.02% -1.17%
Goodwill $73.60M $73.60M
YoY Change 0.0% 0.0%
Intangibles $4.648M $4.953M
YoY Change -20.79% -19.76%
Long-Term Investments
YoY Change
Other Assets $1.055M $905.0K
YoY Change 15.93% -12.22%
Total Long-Term Assets $146.0M $147.9M
YoY Change -3.27% -2.49%
TOTAL ASSETS
Total Short-Term Assets $953.8M $986.3M
Total Long-Term Assets $146.0M $147.9M
Total Assets $1.100B $1.134B
YoY Change 1.52% 11.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $232.6M $258.6M
YoY Change -17.46% 19.12%
Accrued Expenses $30.06M $94.32M
YoY Change -67.61% 37.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $310.5M $352.9M
YoY Change -17.11% 20.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $170.0K $200.0K
YoY Change -19.43% -97.65%
Total Long-Term Liabilities $170.0K $200.0K
YoY Change -19.43% -97.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $310.5M $352.9M
Total Long-Term Liabilities $170.0K $200.0K
Total Liabilities $333.7M $378.0M
YoY Change -16.78% 15.34%
SHAREHOLDERS EQUITY
Retained Earnings $686.0M $676.2M
YoY Change 13.25% 10.92%
Common Stock $126.1M $125.9M
YoY Change 2.8% 2.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $766.2M $756.1M
YoY Change
Total Liabilities & Shareholders Equity $1.100B $1.134B
YoY Change 1.52% 11.85%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $18.82M $23.21M
YoY Change -15.91% 15.77%
Depreciation, Depletion And Amortization $2.978M $3.020M
YoY Change -1.94% 2.48%
Cash From Operating Activities $19.20M $24.08M
YoY Change -60.75% -204.78%
INVESTING ACTIVITIES
Capital Expenditures $2.102M -$2.410M
YoY Change -165.48% -2.86%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$2.102M -$2.410M
YoY Change -33.08% -2.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.36M -380.0K
YoY Change -61.91% -19.15%
NET CHANGE
Cash From Operating Activities 19.20M 24.08M
Cash From Investing Activities -2.102M -2.410M
Cash From Financing Activities -10.36M -380.0K
Net Change In Cash 6.740M 21.29M
YoY Change -63.73% -182.1%
FREE CASH FLOW
Cash From Operating Activities $19.20M $24.08M
Capital Expenditures $2.102M -$2.410M
Free Cash Flow $17.10M $26.49M
YoY Change -67.2% -229.21%

Facts In Submission

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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
EntityTaxIdentificationNumber
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dei Entity Address Address Line1
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730 Milford Road
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dei Security12b Title
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4000
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>
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
775692000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
751368000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2392545000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2092421000
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Operating Income Loss
OperatingIncomeLoss
65212000
cnxn Number Of Additional Leases Not Yet Commenced
NumberOfAdditionalLeasesNotYetCommenced
0
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
8628000
cnxn Contract With Customer Liability Advance Payments Received
ContractWithCustomerLiabilityAdvancePaymentsReceived
18943000
cnxn Totalrevenuerecognizedfromboththebeginningbalanceandcurrentperiodincreaseincontractliability
Totalrevenuerecognizedfromboththebeginningbalanceandcurrentperiodincreaseincontractliability
22544000
CY2022Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
5027000
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3509000
cnxn Contract With Customer Liability Advance Payments Received
ContractWithCustomerLiabilityAdvancePaymentsReceived
19838000
cnxn Totalrevenuerecognizedfromboththebeginningbalanceandcurrentperiodincreaseincontractliability
Totalrevenuerecognizedfromboththebeginningbalanceandcurrentperiodincreaseincontractliability
15524000
CY2021Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
7823000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
23206000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
20045000
us-gaap Net Income Loss
NetIncomeLoss
70396000
us-gaap Net Income Loss
NetIncomeLoss
47521000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26279000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26197000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26267000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26186000
CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
176000
CY2021Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
171000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
165000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
176000
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26455000
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26368000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26432000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26362000
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.88
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.77
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.68
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.81
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.88
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.76
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.66
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.80
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2021Q3 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
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1006000
us-gaap Operating Lease Cost
OperatingLeaseCost
3052000
CY2022Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
165000
CY2022Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
308000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
319000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
7000
CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
32047000
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y9M10D
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0402
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
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1012000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3409000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1860000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1798000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1115000
CY2022Q3 cnxn Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
575000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
9769000
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
678000
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
9091000
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8495000
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
5620000
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3471000
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
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2021Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2022Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
775692000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
751368000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2392545000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2092421000
CY2022Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
31739000
CY2021Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
27328000
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
27328000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
96963000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
65219000
CY2022Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3020000
CY2021Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2947000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
9000000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
9165000
CY2022Q3 us-gaap Assets
Assets
1134125000
CY2021Q3 us-gaap Assets
Assets
1013926000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2021Q3 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2022Q3 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2022Q3 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
50000000
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2025-03-31
CY2022Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
80000000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
36463000
CY2021Q3 us-gaap Line Of Credit
LineOfCredit
0
CY2022Q3 us-gaap Line Of Credit
LineOfCredit
0
CY2021Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
50000000
CY2022Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
50000000

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