$CNXN
PC Connection Inc

2024 Q3 Form 10-Q Financial Statement

#000155837024010484 Filed on July 31, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $724.7M $736.5M $733.5M
YoY Change 4.56% 0.4% -11.46%
Cost Of Revenue $589.3M $599.9M $605.8M
YoY Change 5.01% -0.96% -12.41%
Gross Profit $135.4M $136.5M $127.8M
YoY Change 2.67% 6.86% -6.66%
Gross Profit Margin 18.68% 18.54% 17.42%
Selling, General & Admin $105.4M $105.2M $97.86M
YoY Change 5.55% 7.51% -4.18%
% of Gross Profit 77.81% 77.05% 76.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.279M $3.273M $3.094M
YoY Change -0.64% 5.79% 3.51%
% of Gross Profit 2.42% 2.4% 2.42%
Operating Expenses $105.4M $105.2M $101.0M
YoY Change 5.55% 4.21% -1.15%
Operating Profit $30.04M $30.92M $26.82M
YoY Change -6.19% 15.3% -22.87%
Interest Expense $4.837M $4.649M $1.874M
YoY Change 79.95% 148.08%
% of Operating Profit 16.1% 15.04% 6.99%
Other Income/Expense, Net $1.700M $1.874M
YoY Change -36.76% 12393.33%
Pretax Income $36.58M $35.57M $26.95M
YoY Change 5.38% 32.0% -22.54%
Income Tax $9.519M $9.407M $7.248M
% Of Pretax Income 26.02% 26.45% 26.9%
Net Earnings $27.06M $26.16M $19.70M
YoY Change 5.71% 32.82% -22.45%
Net Earnings / Revenue 3.73% 3.55% 2.69%
Basic Earnings Per Share $1.03 $0.99 $0.75
Diluted Earnings Per Share $1.02 $0.99 $0.75
COMMON SHARES
Basic Shares Outstanding 26.29M 26.36M 26.28M
Diluted Shares Outstanding 26.50M 26.52M 26.37M

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $429.1M $385.8M $244.0M
YoY Change 48.28% 58.13% 157.11%
Cash & Equivalents $167.5M $128.2M $244.0M
Short-Term Investments $261.6M $257.6M
Other Short-Term Assets $16.76M $16.98M $16.54M
YoY Change 18.84% 2.69% 23.71%
Inventory $113.7M $136.6M $159.7M
Prepaid Expenses
Receivables $585.1M $598.8M $592.7M
Other Receivables
Total Short-Term Assets $1.152B $1.148B $1.022B
YoY Change 10.67% 12.29% 4.77%
LONG-TERM ASSETS
Property, Plant & Equipment $53.26M $54.38M $63.79M
YoY Change -7.6% -14.75% 5.87%
Goodwill $73.60M $73.60M $73.60M
YoY Change 0.0% 0.0% 0.0%
Intangibles $2.514M $2.819M $4.038M
YoY Change -32.65% -30.19% -23.2%
Long-Term Investments
YoY Change
Other Assets $1.188M $1.266M $915.0K
YoY Change 44.7% 38.36% 3.62%
Total Long-Term Assets $134.0M $136.0M $142.3M
YoY Change -4.77% -4.47% -3.99%
TOTAL ASSETS
Total Short-Term Assets $1.152B $1.148B $1.022B
Total Long-Term Assets $134.0M $136.0M $142.3M
Total Assets $1.286B $1.283B $1.164B
YoY Change 8.83% 10.24% 3.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $293.2M $317.1M $277.2M
YoY Change 10.83% 14.38% -0.43%
Accrued Expenses $65.78M $64.43M $70.07M
YoY Change -8.14% -8.05% -14.96%
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 $367.5M $388.6M $347.3M
YoY Change 8.09% 11.9% -5.34%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $517.0K $2.497M $4.880M
YoY Change -20.95% -48.83% 2012.55%
Total Long-Term Liabilities $517.0K $2.497M $4.880M
YoY Change -20.95% -48.83% 2012.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $367.5M $388.6M $347.3M
Total Long-Term Liabilities $517.0K $2.497M $4.880M
Total Liabilities $388.4M $408.6M $370.2M
YoY Change 7.21% 10.37% -5.48%
SHAREHOLDERS EQUITY
Retained Earnings $819.4M $794.9M $715.7M
YoY Change 10.84% 11.07% 9.61%
Common Stock $136.6M $135.3M $129.8M
YoY Change 4.16% 4.22% 3.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $897.4M $874.9M $794.1M
YoY Change
Total Liabilities & Shareholders Equity $1.286B $1.283B $1.164B
YoY Change 8.83% 10.24% 3.62%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income $27.06M $26.16M $19.70M
YoY Change 5.71% 32.82% -22.45%
Depreciation, Depletion And Amortization $3.279M $3.273M $3.094M
YoY Change -0.64% 5.79% 3.51%
Cash From Operating Activities $52.94M $38.39M $115.9M
YoY Change 5.26% -66.89% 287.89%
INVESTING ACTIVITIES
Capital Expenditures $1.788M $1.819M $2.978M
YoY Change -28.48% -38.92% -240.87%
Acquisitions
YoY Change
Other Investing Activities -$4.470M -$50.00M
YoY Change -90.82%
Cash From Investing Activities -$6.258M -$51.82M -$2.978M
YoY Change -87.78% 1640.03% 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 -7.388M -5.939M -3.789M
YoY Change 195.52% 56.74% 1211.07%
NET CHANGE
Cash From Operating Activities 52.94M 38.39M 115.9M
Cash From Investing Activities -6.258M -51.82M -2.978M
Cash From Financing Activities -7.388M -5.939M -3.789M
Net Change In Cash 39.30M -19.37M 109.2M
YoY Change -1255.82% -117.74% 297.18%
FREE CASH FLOW
Cash From Operating Activities $52.94M $38.39M $115.9M
Capital Expenditures $1.788M $1.819M $2.978M
Free Cash Flow $51.16M $36.57M $113.0M
YoY Change 7.02% -67.62% 252.96%

Facts In Submission

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CY2023Q2 us-gaap Dividends Common Stock Cash
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CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
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cnxn Accrued Excise Tax On Treasury Purchases
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cnxn Accrued Excise Tax On Treasury Purchases
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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>
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CY2024Q2 cnxn Restructuring And Other Charges
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2024Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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cnxn Number Of Additional Leases Not Yet Commenced
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P2Y5M4D
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
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CY2024Q2 us-gaap Depreciation And Amortization
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2024Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2024Q2 us-gaap Line Of Credit Facility Current Borrowing Capacity
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us-gaap Line Of Credit Facility Expiration Date1
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2025-03-31
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CY2024Q2 us-gaap Debt Instrument Interest Rate Stated Percentage
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us-gaap Proceeds From Lines Of Credit
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us-gaap Proceeds From Lines Of Credit
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CY2023Q2 us-gaap Line Of Credit Facility Current Borrowing Capacity
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CY2023Q2 us-gaap Line Of Credit
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CY2024Q2 us-gaap Line Of Credit
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