$CNXN
PC Connection Inc

2023 Q3 Form 10-Q Financial Statement

#000155837023012938 Filed on August 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $693.1M $733.5M
YoY Change -10.65% -11.46%
Cost Of Revenue $561.2M $605.8M
YoY Change -12.18% -12.41%
Gross Profit $131.9M $127.8M
YoY Change -3.47% -6.66%
Gross Profit Margin 19.03% 17.42%
Selling, General & Admin $99.82M $97.86M
YoY Change -4.83% -4.18%
% of Gross Profit 75.69% 76.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.300M $3.094M
YoY Change 9.27% 3.51%
% of Gross Profit 2.5% 2.42%
Operating Expenses $99.82M $101.0M
YoY Change -4.83% -1.15%
Operating Profit $32.02M $26.82M
YoY Change 0.89% -22.87%
Interest Expense $2.688M $1.874M
YoY Change
% of Operating Profit 8.39% 6.99%
Other Income/Expense, Net $2.688M $1.874M
YoY Change 772.73% 12393.33%
Pretax Income $34.71M $26.95M
YoY Change 8.31% -22.54%
Income Tax $9.112M $7.248M
% Of Pretax Income 26.25% 26.9%
Net Earnings $25.60M $19.70M
YoY Change 10.31% -22.45%
Net Earnings / Revenue 3.69% 2.69%
Basic Earnings Per Share $0.97 $0.75
Diluted Earnings Per Share $0.97 $0.75
COMMON SHARES
Basic Shares Outstanding 26.26M 26.28M
Diluted Shares Outstanding 26.43M 26.37M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $289.4M $244.0M
YoY Change 149.07% 157.11%
Cash & Equivalents $240.5M $244.0M
Short-Term Investments $48.90M
Other Short-Term Assets $14.10M $16.54M
YoY Change 39.67% 23.71%
Inventory $142.2M $159.7M
Prepaid Expenses
Receivables $587.6M $592.7M
Other Receivables
Total Short-Term Assets $1.041B $1.022B
YoY Change 5.52% 4.77%
LONG-TERM ASSETS
Property, Plant & Equipment $57.64M $63.79M
YoY Change -3.8% 5.87%
Goodwill $73.60M $73.60M
YoY Change 0.0% 0.0%
Intangibles $3.733M $4.038M
YoY Change -24.63% -23.2%
Long-Term Investments
YoY Change
Other Assets $821.0K $915.0K
YoY Change -9.28% 3.62%
Total Long-Term Assets $140.7M $142.3M
YoY Change -4.83% -3.99%
TOTAL ASSETS
Total Short-Term Assets $1.041B $1.022B
Total Long-Term Assets $140.7M $142.3M
Total Assets $1.181B $1.164B
YoY Change 4.17% 3.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $264.5M $277.2M
YoY Change 2.28% -0.43%
Accrued Expenses $71.60M $70.07M
YoY Change -24.09% -14.96%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $340.0M $347.3M
YoY Change -3.67% -5.34%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $654.0K $4.880M
YoY Change 227.0% 2012.55%
Total Long-Term Liabilities $654.0K $4.880M
YoY Change 227.0% 2012.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $340.0M $347.3M
Total Long-Term Liabilities $654.0K $4.880M
Total Liabilities $362.3M $370.2M
YoY Change -4.17% -5.48%
SHAREHOLDERS EQUITY
Retained Earnings $739.2M $715.7M
YoY Change 9.33% 9.61%
Common Stock $131.2M $129.8M
YoY Change 4.2% 3.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $819.2M $794.1M
YoY Change
Total Liabilities & Shareholders Equity $1.181B $1.164B
YoY Change 4.17% 3.62%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $25.60M $19.70M
YoY Change 10.31% -22.45%
Depreciation, Depletion And Amortization $3.300M $3.094M
YoY Change 9.27% 3.51%
Cash From Operating Activities $50.30M $115.9M
YoY Change 108.85% 287.89%
INVESTING ACTIVITIES
Capital Expenditures $2.500M $2.978M
YoY Change -203.73% -240.87%
Acquisitions
YoY Change
Other Investing Activities -$48.70M
YoY Change
Cash From Investing Activities -$51.20M -$2.978M
YoY Change 2024.48% 40.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.500M -3.789M
YoY Change 557.89% 1211.07%
NET CHANGE
Cash From Operating Activities 50.30M 115.9M
Cash From Investing Activities -51.20M -2.978M
Cash From Financing Activities -2.500M -3.789M
Net Change In Cash -3.400M 109.2M
YoY Change -115.97% 297.18%
FREE CASH FLOW
Cash From Operating Activities $50.30M $115.9M
Capital Expenditures $2.500M $2.978M
Free Cash Flow $47.80M $113.0M
YoY Change 80.42% 252.96%

Facts In Submission

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PC CONNECTION, INC.
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-13414000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
122930000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
108310000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
243983000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
94896000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
205000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
390000
cnxn Accrued Excise Tax On Treasury Purchases
AccruedExciseTaxOnTreasuryPurchases
54000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
27410000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
21509000
us-gaap Interest Paid Net
InterestPaidNet
18000
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>
cnxn Repurchase Of Common Stock Including Excise Tax
RepurchaseOfCommonStockIncludingExciseTax
5446000000
cnxn Excise Tax Rate Stock Repurchase Percent
ExciseTaxRateStockRepurchasePercent
0.01
CY2023Q2 cnxn Restructuring And Other Charges
RestructuringAndOtherCharges
1746000
cnxn Restructuring And Other Charges
RestructuringAndOtherCharges
2643000
CY2023Q2 cnxn Accrued Employee Termination Benefits
AccruedEmployeeTerminationBenefits
1381000
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
733547000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
828509000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1461092000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1616853000
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
4266000
cnxn Contract With Customer Liability Advance Payments Received
ContractWithCustomerLiabilityAdvancePaymentsReceived
11980000
cnxn Totalrevenuerecognizedfromboththebeginningbalanceandcurrentperiodincreaseincontractliability
Totalrevenuerecognizedfromboththebeginningbalanceandcurrentperiodincreaseincontractliability
9683000
CY2023Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
6563000
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
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
19697000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
25398000
us-gaap Net Income Loss
NetIncomeLoss
33895000
us-gaap Net Income Loss
NetIncomeLoss
47190000
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26256000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26268000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26291000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26262000
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
109000
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
161000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
109000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
155000
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26365000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26429000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26400000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26417000
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.75
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.97
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.29
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.80
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.75
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.96
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.28
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.79
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
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
cnxn Number Of Additional Leases Not Yet Commenced
NumberOfAdditionalLeasesNotYetCommenced
0
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
904000
us-gaap Operating Lease Cost
OperatingLeaseCost
1926000
CY2023Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
222000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
350000
CY2023Q2 us-gaap Lease Cost
LeaseCost
1126000
us-gaap Lease Cost
LeaseCost
2276000
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
916000
us-gaap Operating Lease Payments
OperatingLeasePayments
1872000
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y3M29D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0404
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 Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0392
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1537000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1860000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1798000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1115000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
233000
CY2023Q2 cnxn Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
340000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6883000
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
448000
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
6435000
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
5775000
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
4196000
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2239000
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
CY2022Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2023Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
733547000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
828509000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1461092000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1616853000
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
25071000
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
34770000
us-gaap Operating Income Loss
OperatingIncomeLoss
43188000
us-gaap Operating Income Loss
OperatingIncomeLoss
64905000
CY2023Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1874000
CY2022Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
15000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3160000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
11000
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
26945000
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
34785000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
46348000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
64916000
CY2023Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3094000
CY2022Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2989000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
6167000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
5980000
CY2023Q2 us-gaap Assets
Assets
1164275000
CY2022Q2 us-gaap Assets
Assets
1123633000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2022Q2 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2023Q2 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2023Q2 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
50000000
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2025-03-31
CY2023Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
80000000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
67895000
CY2023Q2 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
50000000
CY2022Q2 us-gaap Line Of Credit
LineOfCredit
0
CY2023Q2 us-gaap Line Of Credit
LineOfCredit
0
CY2022Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
50000000
CY2023Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
50000000
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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