$CNXN
PC Connection Inc

2023 Q2 Form 10-Q Financial Statement

#000155837023008133 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $733.5M $727.5M
YoY Change -11.46% -7.71%
Cost Of Revenue $605.8M $605.2M
YoY Change -12.41% -8.3%
Gross Profit $127.8M $122.3M
YoY Change -6.66% -4.68%
Gross Profit Margin 17.42% 16.81%
Selling, General & Admin $97.86M $103.3M
YoY Change -4.18% 5.21%
% of Gross Profit 76.59% 84.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.094M $3.073M
YoY Change 3.51% 2.74%
% of Gross Profit 2.42% 2.51%
Operating Expenses $101.0M $103.3M
YoY Change -1.15% 5.21%
Operating Profit $26.82M $18.12M
YoY Change -22.87% -39.88%
Interest Expense $1.874M
YoY Change
% of Operating Profit 6.99%
Other Income/Expense, Net $1.874M $1.286M
YoY Change 12393.33% -42966.67%
Pretax Income $26.95M $19.40M
YoY Change -22.54% -35.6%
Income Tax $7.248M $5.205M
% Of Pretax Income 26.9% 26.83%
Net Earnings $19.70M $14.20M
YoY Change -22.45% -34.85%
Net Earnings / Revenue 2.69% 1.95%
Basic Earnings Per Share $0.75 $0.54
Diluted Earnings Per Share $0.75 $0.54
COMMON SHARES
Basic Shares Outstanding 26.28M 26.31M
Diluted Shares Outstanding 26.37M 26.44M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $244.0M $134.8M
YoY Change 157.11% 99.99%
Cash & Equivalents $244.0M $134.8M
Short-Term Investments
Other Short-Term Assets $16.54M $18.15M
YoY Change 23.71% 24.38%
Inventory $159.7M $199.3M
Prepaid Expenses
Receivables $592.7M $621.8M
Other Receivables
Total Short-Term Assets $1.022B $974.1M
YoY Change 4.77% 2.46%
LONG-TERM ASSETS
Property, Plant & Equipment $63.79M $58.37M
YoY Change 5.87% -4.05%
Goodwill $73.60M $73.60M
YoY Change 0.0% 0.0%
Intangibles $4.038M $4.343M
YoY Change -23.2% -21.93%
Long-Term Investments
YoY Change
Other Assets $915.0K $1.013M
YoY Change 3.62% 15.38%
Total Long-Term Assets $142.3M $143.9M
YoY Change -3.99% -4.09%
TOTAL ASSETS
Total Short-Term Assets $1.022B $974.1M
Total Long-Term Assets $142.3M $143.9M
Total Assets $1.164B $1.118B
YoY Change 3.62% 1.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $277.2M $239.1M
YoY Change -0.43% -11.92%
Accrued Expenses $70.07M $71.72M
YoY Change -14.96% -21.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $347.3M $318.3M
YoY Change -5.34% -13.92%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.880M $672.0K
YoY Change 2012.55% 275.42%
Total Long-Term Liabilities $4.880M $672.0K
YoY Change 2012.55% 275.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $347.3M $318.3M
Total Long-Term Liabilities $4.880M $672.0K
Total Liabilities $370.2M $341.6M
YoY Change -5.48% -13.6%
SHAREHOLDERS EQUITY
Retained Earnings $715.7M $698.1M
YoY Change 9.61% 11.25%
Common Stock $129.8M $127.7M
YoY Change 3.84% 3.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $794.1M $776.5M
YoY Change
Total Liabilities & Shareholders Equity $1.164B $1.118B
YoY Change 3.62% 1.57%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $19.70M $14.20M
YoY Change -22.45% -34.85%
Depreciation, Depletion And Amortization $3.094M $3.073M
YoY Change 3.51% 2.74%
Cash From Operating Activities $115.9M $19.51M
YoY Change 287.89% -150.95%
INVESTING ACTIVITIES
Capital Expenditures $2.978M $1.882M
YoY Change -240.87% -176.78%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.978M -$1.882M
YoY Change 40.87% -23.22%
FINANCING ACTIVITIES
Cash Dividend Paid $2.107M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.789M -5.743M
YoY Change 1211.07% 3380.61%
NET CHANGE
Cash From Operating Activities 115.9M 19.51M
Cash From Investing Activities -2.978M -1.882M
Cash From Financing Activities -3.789M -5.743M
Net Change In Cash 109.2M 11.88M
YoY Change 297.18% -129.05%
FREE CASH FLOW
Cash From Operating Activities $115.9M $19.51M
Capital Expenditures $2.978M $1.882M
Free Cash Flow $113.0M $17.62M
YoY Change 252.96% -149.18%

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><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
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CY2022Q1 cnxn Contract With Customer Liability Advance Payments Received
ContractWithCustomerLiabilityAdvancePaymentsReceived
3870000
CY2022Q1 cnxn Totalrevenuerecognizedfromboththebeginningbalanceandcurrentperiodincreaseincontractliability
Totalrevenuerecognizedfromboththebeginningbalanceandcurrentperiodincreaseincontractliability
5455000
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
7043000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
14198000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
21792000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26325000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26255000
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
111000
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
150000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26436000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26405000
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.54
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.83
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.54
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.83
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2023Q1 cnxn Number Of Additional Leases Not Yet Commenced
NumberOfAdditionalLeasesNotYetCommenced
0
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1022000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1022000
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
128000
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
128000
CY2023Q1 us-gaap Lease Cost
LeaseCost
1150000
CY2022Q1 us-gaap Lease Cost
LeaseCost
1150000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
956000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1000000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y5M12D
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y9M14D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0404
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0392
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2453000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1860000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1798000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1115000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
233000
CY2023Q1 cnxn Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
340000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
7799000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
516000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
7283000
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
6611000
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
4623000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2660000
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
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
727545000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
788344000
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
18117000
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
30134000
CY2023Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1286000
CY2022Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3000
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
19403000
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
30131000
CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3073000
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2991000
CY2023Q1 us-gaap Assets
Assets
1118057000
CY2022Q1 us-gaap Assets
Assets
1100819000
CY2022Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2023Q1 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
50000000
CY2023Q1 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2025-03-31
CY2023Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
80000000
CY2023Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
59310000
CY2022Q1 us-gaap Line Of Credit
LineOfCredit
0
CY2023Q1 us-gaap Line Of Credit
LineOfCredit
0
CY2022Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
50000000
CY2023Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
50000000

Files In Submission

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cnxn-20230331_lab.xml Edgar Link unprocessable
0001558370-23-008133-index-headers.html Edgar Link pending
0001558370-23-008133-index.html Edgar Link pending
0001558370-23-008133.txt Edgar Link pending
0001558370-23-008133-xbrl.zip Edgar Link pending
cnxn-20230331.xsd Edgar Link pending
cnxn-20230331x10q.htm Edgar Link pending
cnxn-20230331xex10d1.htm Edgar Link pending
cnxn-20230331xex31d1.htm Edgar Link pending
cnxn-20230331xex31d2.htm Edgar Link pending
cnxn-20230331xex32d1.htm Edgar Link pending
cnxn-20230331xex32d2.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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report.css Edgar Link pending
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cnxn-20230331_def.xml Edgar Link unprocessable
cnxn-20230331_cal.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
cnxn-20230331_pre.xml Edgar Link unprocessable
cnxn-20230331x10q_htm.xml Edgar Link completed