Pcm, inc. (PCMI)
CashFlow / Quarterly
Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash Flows From Operating Activities
Net income

8,202

4,675

6,108

5,971

7,883

2,811

-3,176

-767

2,366

4,172

4,777

5,321

7,406

156

-14,167

-785

249

-3,555

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net income (loss)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,887

-

1,924

3,163

1,236

2,320

1,813

1,431

-470

-393

1,762

1,036

727

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

2,958

3,135

3,205

3,322

3,308

3,605

3,699

3,569

3,391

3,522

3,862

3,875

3,975

4,072

3,132

3,170

3,216

2,699

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity income from unconsolidated affiliate

425

273

393

73

129

175

104

151

135

138

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distribution from equity method investee

132

147

69

63

84

78

237

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation and amortization

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,760

-

2,987

2,932

2,965

3,078

3,116

3,152

3,150

2,839

2,586

2,454

2,165

Provision for deferred income taxes

523

126

-2,385

442

758

226

17

95

465

-294

257

221

882

-69

-9,410

1,139

-473

-1,031

2,437

171

249

130

-46

859

-104

830

51

499

1,983

32

477

1,537

389

231

Net tax benefit related to stock option exercises

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-1

1

1

Excess tax benefit related to stock option exercises

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

22

179

6

3

21

64

205

31

223

10

27

52

102

0

39

10

-2

0

660

Non-cash stock-based compensation

770

800

801

826

760

672

687

695

708

515

504

453

493

511

369

355

444

421

428

439

304

331

297

437

417

366

398

451

480

571

755

587

528

534

Gain on sale of fixed assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-8

0

11

4

Change in operating assets and liabilities:
Accounts receivable

35,388

-48

12,002

-70,587

81,389

1,025

12,431

-28,259

85,502

-1,677

-18,550

-18,690

51,969

3,545

27,354

-74,743

185,989

-11,619

4,696

21,721

-4,175

-18,697

15,389

-36,672

29,425

-2,143

3,741

2,703

7,003

-15,031

15,900

8,005

9,032

-13,949

Inventories

-8,761

-24

-2,372

-14,502

3,022

-28,002

41,873

-4,633

11,145

-17,133

1,132

-6,448

28,877

1,270

6,491

-2,353

1,954

-7,755

5,659

-4,600

-22,012

-45,314

68,402

-18,776

-2,916

1,309

3,379

-10,857

16,291

-19,327

20,431

-215

1,294

-6,621

Prepaid expenses and other current assets

385

250

-454

-209

710

-845

-715

-4,562

2,183

-3,967

-7,577

-4,421

16,859

-6,631

-6,772

-6,409

19,437

-5,627

-9,355

-4,972

20,021

-4,360

-4,357

-3,056

11,065

-2,533

245

739

1,522

1,531

-2,863

729

1,242

714

Other assets

-3,662

-324

10,016

-508

147

-1,718

1,514

113

-1,661

367

205

-98

-1,620

493

374

-2,363

331

821

952

449

-2,903

647

822

1,275

-2,932

4,748

-108

-156

-21

-30

-195

-122

114

-14

Accounts payable

25,890

1,326

43,777

-79,817

100,800

1,881

15,500

-81,456

112,959

-38,648

-2,798

-63,460

112,735

41,242

-13,288

-90,618

163,798

-5,578

11,864

17,183

14,487

-52,110

37,641

-7,009

-12,742

13,152

-16,534

-9,418

15,403

-7,100

6,561

13,511

794

-30,291

Accrued expenses and other current liabilities

-16,976

7,499

13,880

3,126

-874

2,121

321

7,910

-5,146

783

-3,267

5,518

6,520

4,177

-3,351

4,983

7,089

-2,404

-1,376

-1,662

-1,176

1,621

4,312

-1,434

2,799

-3,516

3,656

-424

705

-5,307

3,773

-1,208

5,473

-6,005

Deferred revenue

-890

39

-

-

5,579

-1,288

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred revenue

-

-

-

-

-

-

-

-2,985

2,393

-5,846

-

-7,327

19,187

-7,272

-4,045

-6,560

17,876

-6,197

-4,133

-5,907

15,877

-5,201

-4,191

-5,968

15,723

-1,519

-6,969

9,584

31

-578

-3,655

-1,236

1,733

4,868

Total adjustments

-11,368

12,945

39,651

9,568

25,018

36,660

-32,161

-34,982

17,466

-17,696

18,225

-31,063

47,707

43,984

-31,733

-1,685

-12,613

12,084

10,009

269

42,471

15,050

-39,328

46,878

-25,627

10,870

-23,327

11,437

-3,216

23,586

-22,154

7,381

-1,121

-9,291

Net cash provided by operating activities

-3,166

17,620

45,759

15,539

32,901

39,471

-35,337

-35,749

19,832

-13,524

23,002

-25,742

55,113

44,140

-45,900

-2,470

-12,364

8,529

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash Flows From Investing Activities
Net cash provided by operating activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

17,937

-

48,802

-22,464

12,106

-21,007

13,250

-1,785

23,116

-22,547

9,143

-85

-8,564

Purchases of property and equipment

1,581

1,700

1,925

1,458

879

1,479

3,203

5,066

3,023

6,033

3,648

2,596

1,676

785

1,714

2,428

3,308

13,930

3,904

4,330

10,324

8,108

6,677

3,089

5,247

2,200

2,681

1,683

2,626

2,456

-1,431

7,102

3,296

1,898

Acquisition of assets of Systemax

-

-

-

-

-

-

-

-

-

-

-

0

0

400

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisitions, net of cash acquired

-

-

-

-

-

-

-

-

-

-

-

0

-78

171

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,327

Acquisition of Stack Technology

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities

-1,581

-1,700

-1,925

-1,327

-1,045

-1,479

-6,286

-6,789

-3,023

-6,033

-5,232

-2,596

-1,598

-1,356

-29,280

-2,428

-20,603

-13,930

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash Flows From Financing Activities
Net payments under line of credit

5,544

-16,839

-46,118

-14,783

-35,393

-29,085

45,434

61,034

-13,324

13,238

-

-

-

-28,588

79,589

13,692

19,918

-3,555

-

-

-

-

-

-

-

-12,075

-

-10,944

7,522

-27,621

29,189

6,247

-5,961

11,730

Borrowing under note payable

0

10,000

-

-

-

-

4

2,073

0

3,139

1

525

0

0

0

1

8,188

9,506

2,272

2,402

4,852

4,208

-221

712

1,715

2,393

0

0

0

2,859

-

-

-

-

Payments under notes payable

833

823

819

993

819

819

994

785

731

1,261

1,434

1,251

1,246

1,242

1,235

1,230

1,215

1,006

885

888

392

322

541

462

255

203

274

261

293

259

192

197

172

196

Change in book overdraft

1,131

-7,697

1,356

-1,994

4,926

-2,974

1,310

-3,153

1,390

3,648

-1,951

5,086

-6,543

-9,723

3,666

1,498

10,517

706

-1,228

-291

-50

1,471

-1,492

-10,264

7,524

1,198

1,770

-1,666

-2,177

-567

3,712

-4,338

941

6,719

Payments of earn-out liability

-

-

0

0

463

1,736

2,369

4,535

3,710

2,813

3,238

3,934

2,999

2,887

3,495

3,468

1,975

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments of obligations under capital lease

558

203

196

464

128

221

198

253

339

521

593

552

682

598

591

596

620

587

607

597

623

798

710

791

751

680

774

543

685

438

333

344

227

299

Proceeds from stock issued under stock option plans

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,151

-

496

665

734

398

114

12

80

47

50

0

665

Excess tax benefit related to stock option exercises

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

22

179

6

3

21

64

205

31

223

10

27

52

102

0

39

10

-2

0

660

Proceeds from capital lease obligations Capital lease proceeds

-

-

-

-

-

-

0

0

0

587

-

0

0

0

-

-

-

-

-

-

-

-

0

0

144

62

0

0

-21

4,377

-

-

-

-

Proceeds from stock issued under stock option plans

150

675

237

1,148

10

251

73

285

294

4,428

879

936

514

212

311

56

514

26

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of El Segundo building

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7,609

0

0

9,565

Proceeds from sale of fixed assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2

0

14

9

Net cash used in investing activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-8,108

-

-3,089

-5,247

-2,200

-2,681

-1,683

-2,626

-2,456

-6,176

-7,102

-3,239

-13,781

Net payments under line of credit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-20,185

-

-

-

-

-

-

-

-

-

-

-

-

Payment for deferred financing costs

6

102

2

230

16

27

340

34

38

597

-2

251

1

403

107

7

472

174

-

-

-

-

22

389

272

480

-

-

-

-

0

0

0

25

Common shares repurchased and held in treasury

-

-

-

-

-

-

-

-

-

-

0

0

1,887

1,721

299

2,496

2,339

720

-

-

-

-

0

75

0

1,558

-

-

-

-

-

-

-

-

Payment of taxes related to net-settled stock awards

1,421

83

133

63

422

28

86

25

702

81

-

-197

197

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in financing activities

4,007

-15,072

-45,675

-17,379

-32,305

-34,639

42,586

43,253

-17,160

19,767

-20,627

29,144

-53,591

-44,950

77,632

7,472

32,695

4,202

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Effect of foreign currency on cash flow

447

248

-

-

-273

-241

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net change in cash and cash equivalents

-293

1,096

-

-

-722

3,112

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Effect of foreign currency on cash flow

-

-

-

-

-

-

-

326

-115

389

-

-69

146

123

-227

-537

-103

-404

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net change in cash and cash equivalents

-

-

-

-

-

-

-

1,041

-466

599

-

737

70

-2,043

2,225

2,037

-375

-1,603

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-12,270

-

-47,861

33,621

-10,582

23,510

-13,618

4,358

-21,530

32,136

-1,965

1,779

19,254

Effect of foreign currency on cash flow

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-149

-

198

-455

64

248

-42

-2

-1

-138

116

-37

-21

Net change in cash and cash equivalents

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-2,590

-

-1,950

5,455

-612

70

-2,093

-55

-871

3,275

192

-1,582

-3,112

Supplemental Cash Flow Information
Interest paid

2,112

2,270

2,325

2,147

2,294

2,285

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Interest paid

-

-

-

-

-

-

-

-

-

1,341

-

1,367

1,305

1,253

1,062

1,006

763

788

812

722

882

937

774

1,061

538

855

846

821

829

809

743

708

738

608

Income taxes paid (refund), net

8,116

462

742

2,864

-2,692

1,134

514

512

968

2,346

3,835

3,650

405

-558

-2,038

-3,212

96

194

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Income taxes paid

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,379

-

966

1,630

190

1,066

435

563

406

219

290

1,325

2,323

Supplemental Non-Cash Investing and Financing Activities
Financed and accrued purchases of property and equipment

567

71

948

426

713

421

380

506

-30

44

-18

84

129

582

-140

411

171

453

1,788

-435

-1,699

2,678

443

393

86

184

1,130

512

-63

409

227

482

924

1,146

Deferred financing costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-25

253

-

-

-

-

0

297

11

38