Gross Profit Increased to a Record $91.0
million; Gross Margin Increased to a Q2 Record 16.6% GAAP
EPS (including M&A related charges) of $0.62; Non-GAAP EPS
Increased 6% to $0.87
PCM, Inc. (NASDAQ: PCMI), a leading technology solutions
provider, today reported financial results for the second quarter
and six months ended June 30, 2019.
Consolidated Financial
Summary
Three
Months Ended June 30,
Six
Months Ended June 30,
(in millions, except per share
data)
2019
2018
% Change
2019
2018
% Change
Net Sales
$
548.3
$
546.4
0
%
$
1,082.3
$
1,089.3
(1
)%
Gross Profit
91.0
90.4
1
174.1
174.0
0
Gross Profit Margin
16.6
%
16.5
%
10
bp
16.1
%
16.0
%
10
bp
SG&A Expenses
$
78.1
$
77.2
1
$
152.8
$
154.6
(1
)
Operating Profit
12.9
13.2
(2
)
21.3
19.4
10
Net Income
8.2
7.9
4
12.9
10.7
20
Non-GAAP Net Income
11.5
10.0
15
17.6
14.2
24
EBITDA
16.3
16.6
(2
)
28.1
26.7
5
Adjusted EBITDA
20.6
19.0
8
33.8
30.0
13
Diluted Earnings Per Share
0.62
0.64
(3
)
0.97
0.88
10
Adjusted Diluted Earnings Per Share
0.87
0.82
6
1.33
1.17
14
Frank Khulusi, Chairman and CEO of PCM, Inc., stated, “I am very
pleased with our results for the second quarter as we saw sales
growth in three of our four segments, with Commercial growing 5%,
Canada growing 9% and UK growing 50% year over year, while
improving our gross margin to second quarter record 16.6%.
Additionally, sales of services accelerated in the quarter, with
commercial service sales increasing 17% and Canada service sales
growing 11%. These results benefited from our investments in
advanced technologies, including cloud, security, hybrid data
center and collaboration, as our capabilities in these and other
areas have been resonating with our customers and vendors alike.
Coupled with continued focus on tight expense management, we drove
an 8% increase in adjusted EBITDA.”
Proposed Insight Merger
Transaction
On June 24, 2019, PCM announced that it has entered into an
agreement under which Insight Enterprises (Nasdaq: NSIT) will
acquire PCM for $35 per share. The transaction is expected to close
in the third quarter of 2019. The press release of the announcement
can be accessed at investor.pcm.com under "Press Releases." Due to
the pending transaction, the Company will not host a conference
call to discuss its second quarter results and is suspending
guidance.
Khulusi concluded, “I am excited about the pending transaction
with Insight and the value that it brings to shareholders of both
companies. We are working together to expeditiously close the
transaction, and currently expect it to close in the third quarter
of 2019.”
Results of Operations
Second Quarter Segment Results
Summary
Net Sales
Three Months Ended June
30,
2019
2018
Net Sales
Percentage of Total Net
Sales
Net Sales
Percentage of Total Net
Sales
Dollar Change
Percent Change
Commercial
$
431,339
79
%
$
410,950
75
%
$
20,389
5
%
Public Sector
45,019
8
74,712
14
(29,693
)
(40
)
Canada
51,902
9
47,416
9
4,486
9
United Kingdom
20,238
4
13,512
2
6,726
50
Corporate & Other
(172
)
—
(160
)
—
(12
)
8
Consolidated
$
548,326
100
%
$
546,430
100
%
$
1,896
0
Consolidated net sales were $548.3 million in the three months
ended June 30, 2019 compared to $546.4 million in the three months
ended June 30, 2018, an increase of $1.9 million. Consolidated
sales of services were $46.3 million in the three months ended June
30, 2019 compared to $42.9 million in the three months ended June
30, 2018, an increase of $3.4 million, or 8%, and represented 8% of
consolidated net sales in each of the three months ended June 30,
2019 and 2018.
Commercial net sales were $431.3 million in the three months
ended June 30, 2019 compared to $411.0 million in the three months
ended June 30, 2018, an increase of $20.3 million, or 5%. Sales of
services in our Commercial segment were $34.5 million in the three
months ended June 30, 2019 compared to $29.4 million in the three
months ended June 30, 2018, an increase of $5.1 million or 17%, and
represented 8% and 7% of Commercial net sales in the three months
ended June 30, 2019 and 2018, respectively. The increase in our
Commercial segment net sales in the three months ended June 30,
2019 was primarily due to strong demand in the commercial business
sector, partially offset by several specific, non-strategic
customer deals that we elected not to pursue based on our focus on
profitable growth.
Public Sector net sales were $45.0 million in the three months
ended June 30, 2019 compared to $74.7 million in the three months
ended June 30, 2018, a decrease of $29.7 million or 40%. Sales of
services in our Public Sector segment were $2.3 million in the
three months ended June 30, 2019 compared to $4.8 million in the
three months ended June 30, 2018, a decrease of $2.5 million or
53%, and represented 5% and 6% of Public Sector net sales in the
three months ended June 30, 2019 and 2018, respectively. The
decrease in our Public Sector net sales in the three months ended
June 30, 2019 compared to the same period in the prior year was
primarily due to a 45% decrease in our state and local government
and educational institution (“SLED”) business and a 24% decrease in
our federal sales.
Canada net sales were $51.9 million in the three months ended
June 30, 2019 compared to $47.4 million in the three months ended
June 30, 2018, an increase of $4.5 million, or 10%. Sales of
services in our Canada segment were $8.4 million in the three
months ended June 30, 2019, compared to $7.5 million in the three
months ended June 30, 2018, an increase of $0.9 million or 11%, and
represented 16% of Canada net sales in each of the three months
ended June 30, 2019 and 2018.
Our United Kingdom segment net sales were $20.2 million in the
three months ended June 30, 2019 compared to $13.5 million in the
three months ended June 30, 2018, an increase of $6.7 million, or
50%. Sales of services in our United Kingdom segment were $1.1
million in the three months ended June 30, 2019, compared to $1.2
million in the three months ended June 30, 2018, a decrease of $0.1
million or 9%, and represented 5% and 9% of United Kingdom net
sales in the three months ended June 30, 2019 and 2018,
respectively.
Gross Profit and Gross Profit Margin
Consolidated gross profit was $91.0 million in the three months
ended June 30, 2019 compared to $90.4 million in the three months
ended June 30, 2018, an increase of $0.6 million, or 1%.
Consolidated gross profit margin increased to 16.6% in the three
months ended June 30, 2019 from 16.5% in the same period last
year.
Selling, General & Administrative Expenses
Consolidated SG&A expenses were $78.1 million in the three
months ended June 30, 2019 compared to $77.2 million in the three
months ended June 30, 2018, an increase of $0.9 million.
Consolidated SG&A expenses as a percentage of net sales
increased to 14.2% in the three months ended June 30, 2019 from
14.1% in the same period of last year. The increase in consolidated
SG&A expenses was primarily due to a $1.5 million increase in
consulting and M&A related fees and a $0.6 million increase in
telecommunication expenses, partially offset by a decrease in
personnel costs of $0.8 million and a decrease in advertising costs
of $0.7 million.
Operating Profit
Consolidated operating profit decreased by $0.3 million to $12.9
million in the three months ended June 30, 2019 compared to $13.2
million in the same period of prior year due to the increase in
SG&A expenses discussed above.
Income Taxes
Income tax expense was $2.8 million in the three months ended
June 30, 2019 compared to $3.1 million in the three months ended
June 30, 2018. Our effective tax rate was 25.4% compared to 28.4%
in the same period prior year, with the reduction in rate primarily
due to increased excess tax benefits associated with stock-based
compensation over the prior year.
Net Income
Net income for the three months ended June 30, 2019 was $8.2
million compared to $7.9 million for the three months ended June
30, 2018. Diluted earnings per share was $0.62 for the three months
ended June 30, 2019 compared to $0.64 in the same period of the
prior year.
Adjusted EPS
Non-GAAP EPS (adjusted EPS) was $0.87 for the three months ended
June 30, 2019 compared to $0.82 for the three months ended June 30,
2018.
Consolidated Balance Sheet and Cash
Flow
We had cash and cash equivalents of $6.8 million at June 30,
2019 compared to $6.0 million at December 31, 2018. We had $14.5
million of net cash provided by operating activities in the six
months ended June 30, 2019 compared to $72.4 million in the six
months ended June 30, 2018.
Accounts receivable at June 30, 2019 was $498.8 million, an
increase of $35.3 million from December 31, 2018. Inventory at June
30, 2019 was $52.8 million, a decrease of $8.8 million from
December 31, 2018. Accounts payable at June 30, 2019 was $377.9
million, an increase of $20.7 million from December 31, 2018.
Cash used in investing activities in the six months ended June
30, 2019 totaled $3.3 million compared to $2.5 million in the same
period of last year. Investing activities in the six months ended
June 30, 2019 and 2018 were primarily related to expenditures
relating to investments in our IT infrastructure.
Outstanding borrowings under our line of credit was $77.1
million at June 30, 2019, a decrease of $11.3 million compared to
$88.4 million at December 31, 2018 as a result of the cash flow
generated from our earnings combined with $10 million received from
a refinancing of one of our real estate properties.
Sales Mix Summary
The following table sets forth our gross billed sales (net of
returns) by major categories as a percentage of total gross billed
sales (net of returns) for the periods presented, determined based
upon our internal product code classifications:
Three Months Ended June
30,
Six Months Ended June
30,
2019
2018
Y/Y Sales Growth
2019
2018
Y/Y Sales Growth
Software (1)
29
%
30
%
(10
)%
27
%
28
%
(7
)%
Notebooks and tablets
19
18
4
19
18
6
Desktops
9
8
7
9
8
5
Services
8
8
6
8
8
2
Networking
7
6
8
7
8
(7
)
Display
5
5
(1
)
5
5
3
Manufacturer service and warranties
(1)
5
6
(32
)
5
6
(19
)
Accessories
4
4
5
4
4
7
Storage
3
4
(12
)
4
3
2
Servers
2
2
13
2
2
(3
)
Input Devices
2
2
(12
)
2
2
0
Printers
2
2
(12
)
2
2
(5
)
Other (2)
5
5
(16
)
6
6
(20
)
Total
100
%
100
%
100
%
100
%
__________________________
(1)
Software, including software licenses,
maintenance and enterprise agreements, and manufacturer service and
warranties are shown, for purposes of this table, on a gross sales
billed to customers basis, net of returns and do not reflect the
net down impact related to revenue recognition for sales of such
products.
(2)
Other includes power, supplies, consumer
electronics, memory, iPod/MP3 and miscellaneous other items.
Non-GAAP Measures
We are presenting earnings before interest, taxes, depreciation
and amortization expenses (EBITDA), adjusted EBITDA and non-GAAP
EPS (adjusted EPS), which are financial measures that are not
determined in accordance with accounting principles generally
accepted in the United States of America, or GAAP. Adjusted EBITDA
and adjusted EPS remove the effect of severance and restructuring
related expenses related to our cost reduction initiatives and
stock-based compensation, as well as uncommon, non-recurring or
special items. Adjusted EPS also removes the effect of amortization
of intangibles acquired in acquisitions. Depreciation and
amortization expenses primarily represent an allocation to current
expense of the cost of historical capital expenditures and for
acquired intangible assets resulting from prior business
acquisitions. EBITDA, adjusted EBITDA and adjusted EPS should be
used in conjunction with other GAAP financial measures and are not
presented as an alternative measure of operating results, as
determined in accordance with GAAP. We believe that these non-GAAP
financial measures allow a more meaningful comparison of our
operating performance trends to both management and investors that
is more indicative of our consolidated operating results across
reporting periods. We believe that adjusted EBITDA and adjusted EPS
provide a better understanding of our company’s operating
performance and cash flows. A reconciliation of the non-GAAP
consolidated financial measures is included in a table below.
About PCM, Inc.
PCM, Inc., through its wholly-owned subsidiaries, is a leading
multi-vendor provider of technology solutions, including hardware,
software and services to small, medium and enterprise businesses,
state, local and federal governments and educational institutions
across the United States, Canada and the UK. We generated net sales
of approximately $2.2 billion in the twelve months ended June 30,
2019. For more information, please visit investor.pcm.com or call
(310) 354-5600.
Important Information and Where to Find
It
PCM has filed a definitive proxy statement with the SEC in
connection with the solicitation of proxies for a special meeting
of the stockholders of PCM and has mailed the definitive proxy
statement to its shareholders. At the special meeting, PCM’s
shareholders will be asked to approve, among other things, a
proposal for the adoption the Agreement and Plan of Merger, dated
as of June 23, 2019, as it may be amended from time to time by and
among PCM, Insight Enterprises, Inc., a Delaware corporation, which
we refer to as Insight, and Trojan Acquisition Corp., a Delaware
corporation and a wholly-owned subsidiary of Insight. PCM’S
STOCKHOLDERS ARE URGED TO READ PCM’S DEFINITIVE PROXY STATEMENT IN
CONNECTION WITH ITS SOLICITATION OF PROXIES FOR THE SPECIAL MEETING
AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY
AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, BECAUSE THEY CONTAIN
IMPORTANT INFORMATION ABOUT PCM, INSIGHT, AND THE PROPOSED
TRANSACTION. Shareholders may obtain, free of charge, copies of the
definitive proxy statement and any other documents filed by PCM
with the SEC in connection with the proposed transaction at the
SEC's website (http://www.sec.gov), at PCM’s website or by writing
to PCM's Corporate Secretary at 1940 E. Mariposa Avenue, El
Segundo, CA 90245.
Participants in
Solicitation
PCM, Insight, and certain of their directors and executive
officers may become or be deemed participants in the solicitation
of proxies from PCM’s stockholders in connection with the matters
discussed above. Additional information regarding persons who may,
under the rules of the SEC, be deemed to be participants in the
solicitation of PCM's stockholders in connection with the proposed
transaction, and who have interests, whether as security holders,
directors or employees of PCM or Insight or otherwise, which may be
different from those of PCM’s stockholders generally, have been
provided in the proxy statement and other materials filed with the
SEC. Additional information regarding PCM’s directors' and
executive officers' respective interests in PCM by security
holdings or otherwise is set forth in PCM’s Definitive Proxy
Statement filed with the SEC on July 26, 2019. Investors may obtain
additional information regarding the interest of such participants
by reading the definitive proxy statement regarding the proposed
transaction, which was filed on July 26, 2019, and other relevant
materials filed with the SEC regarding the proposed
transaction.
Forward-looking
Statements
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward-looking statements include statements
regarding our expectations, hopes or intentions regarding the
future, including but not limited to, the effect of the
announcement or pendency of the proposed acquisition by Insight
Enterprises of PCM on our business relationships, operating
results, financial condition and business generally and
expectations of financial performance, including opportunities or
expectations for top or bottom line growth, including growth in
sales, gross profits, gross margins, and earnings per share.
Forward-looking statements involve certain risks and uncertainties,
and actual results may differ materially from those discussed in
any such statement. Factors that could cause our actual results to
differ materially include without limitation risks and
uncertainties related to the following: risks regarding our ability
to complete the proposed acquisition by Insight in a timely manner
or at all and the effects of any such delay or failure on our
business, financial condition, operating results, financial
condition or stock price; risks associated with limitations on our
ability to pursue alternative transactions pursuant to the
provisions of the merger agreement with Insight; our ability to
attract and retain key employees; our loss of personnel to
competitors; the misappropriation or unauthorized use of our
proprietary or confidential information by competitors or others;
our IT infrastructure; risks associated with cyber and data
security including compliance with related regulatory requirements
such as the European Union General Data Protection Regulation;
availability of key vendor incentives and other vendor assistance;
possible discontinuance of IT licenses or authorizations used to
operate our business which are provided by vendors; the potential
lack of availability of government funding applicable to our Public
Sector business; our ability to receive expected returns on changes
in our sales and services organizations or strategic investments,
including without limit, investments in security, cloud, hybrid
data center, advanced technology solutions and services, our call
centers and our international expansion; the relationship between
the number of our account executives and productivity; decreased
sales related to any of our segments, including but not limited to,
potential decreases in sales resulting from the loss of or a
reduction in purchases from significant customers; increased
competition, including, but not limited to, increased competition
from direct sales by some of our largest vendors and increased
pricing pressures which affect our pricing strategy in any given
period; the effect of our pricing strategy on our operating
results; potential decreases in sales related to changes in our
vendors products; the impact of seasonality on our sales;
availability of products from third party suppliers at reasonable
prices; business and other conditions in Canada, the UK and Europe
and the Asia Pacific region and the related effects on our
Canadian, UK and our Asia-Pacific operations, including without
limitation our executive management’s lack of experience operating
in some of these markets; increased expenses, including, but not
limited to, interest expense, foreign currency transaction
gains/losses and other expenses which may increase as a result of
future inflationary pressures; our advertising, marketing and
promotional efforts may be costly and may not achieve desired
results; shifts in market demand or price erosion of owned
inventory; other risks related to foreign currency fluctuations;
warranties and indemnities we may be required to provide to third
parties through our commercial and government contracts; litigation
by or against us, including without limitation the litigation and
other actions related to our En Pointe acquisition; and
availability of financing, including availability under our
existing credit lines. Additional factors that could cause our
actual results to differ are discussed under the heading “Risk
Factors” in Item 1A, Part II of our Form 10-Q for the period ended
June 30, 2019, on file with the Securities and Exchange Commission,
and in our other reports filed from time to time with the SEC. All
forward-looking statements in this document are made as of the date
hereof, based on information available to us as of the date hereof,
and we assume no obligation to update any forward-looking
statements.
PCM, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(unaudited, in thousands,
except per share amounts)
Three Months Ended June
30,
Six Months Ended June
30,
2019
2018
2019
2018
Net sales
$
548,326
$
546,430
$
1,082,315
$
1,089,262
Cost of goods sold
457,367
456,013
908,242
915,249
Gross profit
90,959
90,417
174,073
174,013
Selling, general and administrative
expenses
78,090
77,222
152,777
154,576
Operating profit
12,869
13,195
21,296
19,437
Interest expense, net
2,293
2,315
4,582
4,777
Equity income from unconsolidated
affiliate
425
129
698
304
Income before income taxes
11,001
11,009
17,412
14,964
Income tax expense
2,799
3,126
4,535
4,270
Net income
$
8,202
$
7,883
$
12,877
$
10,694
Basic and Diluted Earnings Per Common
Share
Basic
$
0.67
$
0.66
$
1.05
$
0.90
Diluted
0.62
0.64
0.97
0.88
Weighted average number of common shares
outstanding:
Basic
12,289
11,912
12,253
11,878
Diluted
13,242
12,259
13,211
12,145
PCM, INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
(unaudited, in thousands,
except per share amounts)
Three Months Ended June
30,
Six Months Ended June
30,
2019
2018
2019
2018
EBITDA(a)
Consolidated operating profit
$
12,869
$
13,195
$
21,296
$
19,437
Add: Consolidated depreciation expense
2,517
2,618
5,094
5,331
Consolidated amortization expense
441
690
999
1,582
Equity income from unconsolidated
affiliate(b)….
425
129
698
304
EBITDA
$
16,252
$
16,632
$
28,087
$
26,654
EBITDA Adjustments
M&A, related litigation and other
costs and fees(c)
$
2,787
$
899
$
3,590
$
1,139
Stock-based compensation
770
760
1,570
1,432
Severance and restructuring related
costs(d)
490
252
775
564
Legal settlement gain(e)
—
—
(516
)
—
Foreign exchange loss (gain)
278
417
283
187
Total EBITDA adjustments
$
4,325
$
2,328
$
5,702
$
3,322
Adjusted EBITDA
EBITDA
$
16,252
$
16,632
$
28,087
$
26,654
Add: EBITDA Adjustments
4,325
2,328
5,702
3,322
Adjusted EBITDA
$
20,577
$
18,960
$
33,789
$
29,976
Net income
Income before income taxes
$
11,001
$
11,009
$
17,412
$
14,964
Less: Income tax expense
2,799
3,126
4,535
4,270
Net income
$
8,202
$
7,883
$
12,877
$
10,694
Income before income taxes
$
11,001
$
11,009
$
17,412
$
14,964
Add: EBITDA Adjustments
4,325
2,328
5,702
3,322
Amortization of purchased
intangibles(f)
438
686
993
1,574
Adjusted income before income taxes
15,764
14,023
24,107
19,860
Less: Adjusted income tax expense(g)
4,272
3,997
6,533
5,660
Non-GAAP net income
$
11,492
$
10,026
$
17,574
$
14,200
Diluted earnings per share
GAAP diluted EPS
$
0.62
$
0.64
$
0.97
$
0.88
Non-GAAP diluted EPS
0.87
0.82
1.33
1.17
Diluted weighted average number of common
shares outstanding
13,242
12,259
13,211
12,145
__________________________
(a)
EBITDA — earnings from operations before
interest, taxes, depreciation and amortization expenses.
(b)
Represents our equity income resulting
from our 49% ownership interest in the NCE.
(c)
Includes costs and fees, including
litigation, related to our M&A activity and other one-time
consulting costs.
(d)
Includes employee severance related costs
related to our cost reduction initiatives, lease vacancy costs and
other restructuring related costs.
(e)
Relates to a gain resulting from a
Canadian LCD class action settlement.
(f)
Includes amortization expense for
acquisition-related intangible assets, which include trademarks,
trade names, non-compete agreements and customer relationships.
(g)
The 2019 tax expense is based on our
expected annual effective tax rate of 27.1%. Our actual effective
tax rate for Q2 2019 was 25.4%. The 2018 tax expense utilized an
effective tax rate of 28.9%.
PCM, INC.
CONSOLIDATED BALANCE
SHEETS
(unaudited, in thousands,
except per share amounts and share data)
June 30, 2019
December 31, 2018
ASSETS
Current assets:
Cash and cash equivalents
$
6,835
$
6,032
Accounts receivable, net of allowances of
$1,730 and $1,714
498,827
463,487
Inventories
52,832
61,617
Prepaid expenses and other current
assets
9,170
8,535
Total current assets
567,664
539,671
Property and equipment, net
68,062
69,286
Goodwill
87,397
87,226
Intangible assets, net
7,144
8,103
Deferred income taxes
1,384
1,483
Investment and other assets
44,252
15,181
Total assets
$
775,903
$
720,950
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
377,862
$
357,212
Accrued expenses and other current
liabilities
61,454
63,213
Deferred revenue
7,115
7,966
Line of credit
77,104
88,399
Notes payable — current
3,569
3,283
Total current liabilities
527,104
520,073
Notes payable
37,569
29,507
Other long-term liabilities
41,262
16,583
Deferred income taxes
2,424
1,894
Total liabilities
608,359
568,057
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value;
5,000,000 shares authorized; none issued and outstanding
—
—
Common stock, $0.001 par value; 30,000,000
shares authorized; 17,718,443 and 17,573,700 shares issued;
12,327,791 and 12,183,048 shares outstanding
18
18
Additional paid-in capital
139,597
138,703
Treasury stock, at cost: 5,390,652
shares
(38,536
)
(38,536
)
Accumulated other comprehensive loss
(433
)
(1,313
)
Retained earnings
66,898
54,021
Total stockholders’ equity
167,544
152,893
Total liabilities and stockholders’
equity
$
775,903
$
720,950
PCM, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(unaudited, in
thousands)
Six Months Ended June
30,
2019
2018
Cash Flows From Operating
Activities
Net income
$
12,877
$
10,694
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
6,093
6,913
Equity income from unconsolidated
affiliate
(698
)
(304
)
Distribution from equity method
investee
279
162
Provision for deferred income taxes
649
984
Non-cash stock-based compensation
1,570
1,432
Change in operating assets and
liabilities:
Accounts receivable
(35,340
)
(82,414
)
Inventories
8,785
24,980
Prepaid expenses and other current
assets
(635
)
135
Other assets
3,986
1,571
Accounts payable
27,216
102,681
Accrued expenses and other current
liabilities
(9,477
)
1,247
Deferred revenue
(851
)
4,291
Total adjustments
1,577
61,678
Net cash provided by operating
activities
14,454
72,372
Cash Flows From Investing
Activities
Purchases of property and equipment
(3,281
)
(2,358
)
Acquisition of Stack Technology
—
(166
)
Net cash used in investing activities
(3,281
)
(2,524
)
Cash Flows From Financing
Activities
Net payments under line of credit
(11,295
)
(64,478
)
Borrowing under note payable
10,000
—
Payments under notes payable
(1,656
)
(1,638
)
Change in book overdraft
(6,566
)
1,952
Payments of earn-out liability
—
(2,199
)
Payments of obligations under capital
lease
(761
)
(349
)
Proceeds from stock issued under stock
option plans
825
261
Payment for deferred financing costs
(108
)
(43
)
Payment of taxes related to net-settled
stock awards
(1,504
)
(450
)
Net cash used in financing activities
(11,065
)
(66,944
)
Effect of foreign currency on cash
flow
695
(514
)
Net change in cash and cash
equivalents
803
2,390
Cash and cash equivalents at beginning of
the period
6,032
9,113
Cash and cash equivalents at end of the
period
$
6,835
$
11,503
Supplemental Cash Flow
Information
Interest paid
$
4,382
$
4,579
Income taxes paid (refund), net
8,578
(1,558
)
Supplemental Non-Cash Investing and
Financing Activities
Financed and accrued purchases of property
and equipment
638
1,134
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190808005805/en/
Investor Relations: Kim Rogers Hayden IR (385) 831-7337
kim@haydenir.com
PCM (NASDAQ:PCMI)
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