$CNXN
PC CONNECTION INC

2024 Q2 Form 10-Q Financial Statement

#000155837024006387 Filed on May 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $736.5M $632.0M
YoY Change 0.4% -13.13%
Cost Of Revenue $599.9M $514.0M
YoY Change -0.96% -15.08%
Gross Profit $136.5M $118.1M
YoY Change 6.86% -3.45%
Gross Profit Margin 18.54% 18.68%
Selling, General & Admin $105.2M $104.6M
YoY Change 7.51% 1.28%
% of Gross Profit 77.05% 88.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.273M $3.266M
YoY Change 5.79% 6.28%
% of Gross Profit 2.4% 2.77%
Operating Expenses $105.2M $104.6M
YoY Change 4.21% 1.28%
Operating Profit $30.92M $13.46M
YoY Change 15.3% -25.68%
Interest Expense $4.649M $4.567M
YoY Change 148.08%
% of Operating Profit 15.04% 33.92%
Other Income/Expense, Net
YoY Change
Pretax Income $35.57M $18.03M
YoY Change 32.0% -7.07%
Income Tax $9.407M $4.877M
% Of Pretax Income 26.45% 27.05%
Net Earnings $26.16M $13.15M
YoY Change 32.82% -7.35%
Net Earnings / Revenue 3.55% 2.08%
Basic Earnings Per Share $0.99 $0.50
Diluted Earnings Per Share $0.99 $0.50
COMMON SHARES
Basic Shares Outstanding 26.36M 26.36M
Diluted Shares Outstanding 26.52M 26.53M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $385.8M $352.0M
YoY Change 58.13% 161.07%
Cash & Equivalents $128.2M $147.6M
Short-Term Investments $257.6M $204.4M
Other Short-Term Assets $16.98M $16.93M
YoY Change 2.69% -6.72%
Inventory $136.6M $123.9M
Prepaid Expenses
Receivables $598.8M $527.3M
Other Receivables
Total Short-Term Assets $1.148B $1.023B
YoY Change 12.29% 5.05%
LONG-TERM ASSETS
Property, Plant & Equipment $54.38M $59.55M
YoY Change -14.75% 2.02%
Goodwill $73.60M $73.60M
YoY Change 0.0% 0.0%
Intangibles $2.819M $3.124M
YoY Change -30.19% -28.07%
Long-Term Investments
YoY Change
Other Assets $1.266M $1.434M
YoY Change 38.36% 41.56%
Total Long-Term Assets $136.0M $137.7M
YoY Change -4.47% -4.33%
TOTAL ASSETS
Total Short-Term Assets $1.148B $1.023B
Total Long-Term Assets $136.0M $137.7M
Total Assets $1.283B $1.161B
YoY Change 10.24% 3.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $317.1M $218.8M
YoY Change 14.38% -8.47%
Accrued Expenses $64.43M $71.01M
YoY Change -8.05% -0.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $388.6M $289.8M
YoY Change 11.9% -8.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.497M $2.779M
YoY Change -48.83% 313.54%
Total Long-Term Liabilities $2.497M $2.779M
YoY Change -48.83% 313.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $388.6M $289.8M
Total Long-Term Liabilities $2.497M $2.779M
Total Liabilities $408.6M $308.4M
YoY Change 10.37% -9.71%
SHAREHOLDERS EQUITY
Retained Earnings $794.9M $771.4M
YoY Change 11.07% 10.5%
Common Stock $135.3M $132.9M
YoY Change 4.22% 4.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $874.9M $852.7M
YoY Change
Total Liabilities & Shareholders Equity $1.283B $1.161B
YoY Change 10.24% 3.85%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $26.16M $13.15M
YoY Change 32.82% -7.35%
Depreciation, Depletion And Amortization $3.273M $3.266M
YoY Change 5.79% 6.28%
Cash From Operating Activities $38.39M $57.29M
YoY Change -66.89% 193.69%
INVESTING ACTIVITIES
Capital Expenditures $1.819M $1.608M
YoY Change -38.92% -14.56%
Acquisitions
YoY Change
Other Investing Activities -$50.00M -$50.00M
YoY Change
Cash From Investing Activities -$51.82M -$51.61M
YoY Change 1640.03% 2642.14%
FINANCING ACTIVITIES
Cash Dividend Paid $2.636M
YoY Change 25.11%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.939M -3.053M
YoY Change 56.74% -46.84%
NET CHANGE
Cash From Operating Activities 38.39M 57.29M
Cash From Investing Activities -51.82M -51.61M
Cash From Financing Activities -5.939M -3.053M
Net Change In Cash -19.37M 2.625M
YoY Change -117.74% -77.9%
FREE CASH FLOW
Cash From Operating Activities $38.39M $57.29M
Capital Expenditures $1.819M $1.608M
Free Cash Flow $36.57M $55.68M
YoY Change -67.62% 215.93%

Facts In Submission

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144954000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
122930000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
147579000
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
753000
CY2024Q1 cnxn Accrued Excise Tax On Treasury Purchases
AccruedExciseTaxOnTreasuryPurchases
2000
CY2024Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
635000
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
7279000
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
1000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
17000
CY2024Q1 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>
CY2024Q1 us-gaap Interest Income Short Term Investment Other
InterestIncomeShortTermInvestmentOther
4565000
CY2023Q1 us-gaap Interest Income Short Term Investment Other
InterestIncomeShortTermInvestmentOther
1308000
CY2024Q1 cnxn Repurchase Of Common Stock Including Excise Tax
RepurchaseOfCommonStockIncludingExciseTax
188000
CY2024Q1 cnxn Excise Tax Rate Stock Repurchase Percent
ExciseTaxRateStockRepurchasePercent
0.01
CY2023Q1 cnxn Repurchase Of Common Stock Including Excise Tax
RepurchaseOfCommonStockIncludingExciseTax
3423000
CY2024Q1 cnxn Restructuring And Other Charges
RestructuringAndOtherCharges
0
CY2023Q1 cnxn Restructuring And Other Charges
RestructuringAndOtherCharges
897000
CY2024Q1 cnxn Accrued Employee Termination Benefits
AccruedEmployeeTerminationBenefits
210000
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
632025000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
727545000
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
4206000
CY2024Q1 cnxn Contract With Customer Liability Advance Payments Received
ContractWithCustomerLiabilityAdvancePaymentsReceived
5795000
CY2024Q1 cnxn Totalrevenuerecognizedfromboththebeginningbalanceandcurrentperiodincreaseincontractliability
Totalrevenuerecognizedfromboththebeginningbalanceandcurrentperiodincreaseincontractliability
1548000
CY2024Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
8453000
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
4266000
CY2023Q1 cnxn Contract With Customer Liability Advance Payments Received
ContractWithCustomerLiabilityAdvancePaymentsReceived
7656000
CY2023Q1 cnxn Totalrevenuerecognizedfromboththebeginningbalanceandcurrentperiodincreaseincontractliability
Totalrevenuerecognizedfromboththebeginningbalanceandcurrentperiodincreaseincontractliability
4388000
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
7534000
CY2024Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
328448000
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
78000
CY2024Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
328370000
CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
281252000
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
103000
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
281355000
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
13154000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
14198000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26362000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26325000
CY2024Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
163000
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
111000
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26525000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26436000
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.50
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.54
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.50
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.54
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2024Q1 cnxn Number Of Additional Leases Not Yet Commenced
NumberOfAdditionalLeasesNotYetCommenced
0
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
459000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1022000
CY2024Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
561000
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
128000
CY2024Q1 us-gaap Lease Cost
LeaseCost
1020000
CY2023Q1 us-gaap Lease Cost
LeaseCost
1150000
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
445000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
956000
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y8M1D
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y5M12D
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0407
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0404
CY2024Q1 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2025-03-31
CY2024Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
80000000
CY2024Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
8349000
CY2023Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
59310000
CY2023Q1 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
50000000
CY2024Q1 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
50000000
CY2023Q1 us-gaap Line Of Credit
LineOfCredit
0
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1534000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1813000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1120000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
237000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
161000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4865000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
256000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
4609000
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4020000
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2760000
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1849000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4340000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3181000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1733000
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
632025000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
727545000
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
13464000
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
18117000
CY2024Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
4567000
CY2023Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
1286000
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
18031000
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
19403000
CY2024Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3266000
CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3073000
CY2024Q1 us-gaap Assets
Assets
1161065000
CY2023Q1 us-gaap Assets
Assets
1118057000
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2024Q1 us-gaap Line Of Credit
LineOfCredit
0
CY2023Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
50000000
CY2023Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
81000
CY2024Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-135000
CY2024Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
8000
CY2024Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-143000
CY2024Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-62000
CY2024Q1 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
50000000
CY2024Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
50000000
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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