10-Q Filing

PC CONNECTION INC CIK: 1050377 Q2 2019

Filing Information

Form Type	10-Q
Accession Number	`0001558370-19-006806`
Period End Date	20190630
Filing Date	20190801
Fiscal Year	2019
Fiscal Period	Q2
XBRL Instance	cnxn-20190630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 56 Cash Flow Statement 56 Stockholders Equity 31

Balance Sheet 56 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$69.74M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$91.70M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$447.70M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$500.91M	USD	Point-in-time
Inventories, net	`InventoryNet`	$175.90M	USD	Point-in-time
Inventories, net	`InventoryNet`	$119.19M	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$56.00K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$922.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$7.05M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$9.66M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$669.18M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$753.66M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$51.80M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$59.47M	USD	Point-in-time
Right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$18.72M	USD	Point-in-time
Right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$15.17M	USD	Point-in-time
Goodwill	`Goodwill`	$73.60M	USD	Point-in-time
Goodwill	`Goodwill`	$73.60M	USD	Point-in-time
Intangibles assets, net	`IntangibleAssetsNetExcludingGoodwill`	$8.92M	USD	Point-in-time
Intangibles assets, net	`IntangibleAssetsNetExcludingGoodwill`	$9.56M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.21M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$980.00K	USD	Point-in-time
Total Assets	`Assets`	$911.80M	USD	Point-in-time
Total Assets	`Assets`	$805.36M	USD	Point-in-time
Total Assets	`Assets`	$780.95M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$201.64M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$260.16M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$26.04M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$24.32M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$33.84M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$35.04M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$259.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$321.24M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$17.18M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$17.19M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$11.73M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$2.47M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.48M	USD	Point-in-time
Total Liabilities	`Liabilities`	$279.45M	USD	Point-in-time
Total Liabilities	`Liabilities`	$351.63M	USD	Point-in-time
Common stock	`CommonStockValue`	$288.00K	USD	Point-in-time
Common stock	`CommonStockValue`	$288.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$117.21M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$115.84M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$477.40M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$441.01M	USD	Point-in-time
Treasury stock, at cost	`TreasuryStockCommonValue`	$31.24M	USD	Point-in-time
Treasury stock, at cost	`TreasuryStockCommonValue`	$34.74M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$491.96M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$560.17M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$509.66M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$482.25M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$537.59M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$525.90M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$805.36M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$911.80M	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.37B	USD	2 Qtrs
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.33B	USD	2 Qtrs
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$741.08M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$706.57M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.13B	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$599.10M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$624.09M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.16B	USD	2 Qtrs
Gross profit	`GrossProfit`	$107.47M	USD	1 Quarter
Gross profit	`GrossProfit`	$116.99M	USD	1 Quarter
Gross profit	`GrossProfit`	$203.84M	USD	2 Qtrs
Gross profit	`GrossProfit`	$216.33M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$163.42M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$84.66M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$165.90M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$82.52M	USD	1 Quarter
Restructuring and other charges	`RestructuringAndOtherCharges`	-	USD	2 Qtrs
Restructuring and other charges	`RestructuringAndOtherCharges`	$703.00K	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$24.95M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$49.73M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$32.32M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$40.42M	USD	2 Qtrs
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$182.00K	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$382.00K	USD	2 Qtrs
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$298.00K	USD	2 Qtrs
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$184.00K	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$50.11M	USD	2 Qtrs
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$25.13M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$40.72M	USD	2 Qtrs
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$32.51M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$6.90M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$13.72M	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$8.84M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$11.19M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$11.30M	USD	1 Quarter
Net income	`NetIncomeLoss`	$23.67M	USD	1 Quarter
Net income	`NetIncomeLoss`	$36.40M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$12.73M	USD	1 Quarter
Net income	`NetIncomeLoss`	$29.53M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$18.23M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.90	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.68	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.10	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$1.38	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$1.10	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.68	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.89	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.37	USD	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.34M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.35M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.68M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.76M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.51M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.82M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.87M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.49M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$36.40M	USD	2 Qtrs
Net income	`ProfitLoss`	$29.53M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$3.37M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.43M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$7.08M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$6.73M	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-346.00K	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$694.00K	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$465.00K	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$833.00K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$10.00K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$429.00K	USD	2 Qtrs
Loss on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-118.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$52.87M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.45M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$56.71M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$11.56M	USD	2 Qtrs
Prepaid expenses, income tax receivables and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.33M	USD	2 Qtrs
Prepaid expenses, income tax receivables and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-3.47M	USD	2 Qtrs
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-231.00K	USD	2 Qtrs
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$2.00M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$6.16M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$58.18M	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$7.30M	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$6.93M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.33M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$41.52M	USD	2 Qtrs
Purchases of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$13.88M	USD	2 Qtrs
Purchases of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.93M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-13.88M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-9.93M	USD	2 Qtrs
Proceeds from short-term borrowings	`ProceedsFromLinesOfCredit`	$859.00K	USD	2 Qtrs
Repayment of short-term borrowings	`RepaymentsOfLinesOfCredit`	$859.00K	USD	2 Qtrs
Purchase of treasury shares	`PaymentsForRepurchaseOfCommonStock`	$4.38M	USD	2 Qtrs
Purchase of treasury shares	`PaymentsForRepurchaseOfCommonStock`	$3.50M	USD	2 Qtrs
Dividend payment	`PaymentsOfDividends`	$9.12M	USD	2 Qtrs
Dividend payment	`PaymentsOfDividends`	$8.45M	USD	2 Qtrs
Issuance of stock under Employee Stock Purchase Plan	`AdjustmentsToEmployeeStockPurchasePlan`	$605.00K	USD	2 Qtrs
Issuance of stock under Employee Stock Purchase Plan	`AdjustmentsToEmployeeStockPurchasePlan`	$609.00K	USD	2 Qtrs
Payment of payroll taxes on stock-based compensation through shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$72.00K	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-12.90M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-11.42M	USD	2 Qtrs
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-21.96M	USD	2 Qtrs
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$18.69M	USD	2 Qtrs
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$69.74M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$68.68M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$91.70M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$49.99M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$69.74M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$68.68M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$91.70M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$49.99M	USD	Point-in-time
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$2.08M	USD	2 Qtrs
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$1.28M	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaid`	$8.31M	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaid`	$11.96M	USD	2 Qtrs

Stockholders Equity 31 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$491.96M	USD	Point-in-time
Balance	`StockholdersEquity`	$560.17M	USD	Point-in-time
Balance	`StockholdersEquity`	$509.66M	USD	Point-in-time
Balance	`StockholdersEquity`	$482.25M	USD	Point-in-time
Balance	`StockholdersEquity`	$537.59M	USD	Point-in-time
Balance	`StockholdersEquity`	$525.90M	USD	Point-in-time
Cumulative effect of adoption of ASC 606	`CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption`	$1.20M	USD	Point-in-time
Issuance of common stock under Employee Stock Purchase Plan	`AdjustmentsToAdditionalPaidInCapitalEmployeeStockPurchaseProgramAdjustments`	$-13.00K	USD	1 Quarter
Issuance of common stock under Employee Stock Purchase Plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$605.00K	USD	1 Quarter
Issuance of common stock under Employee Stock Purchase Plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$622.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$258.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$269.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$207.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$564.00K	USD	1 Quarter
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$72.00K	USD	1 Quarter
Repurchases of common stock for treasury	`TreasuryStockValueAcquiredCostMethod`	$1.29M	USD	1 Quarter
Repurchases of common stock for treasury	`TreasuryStockValueAcquiredCostMethod`	$3.00M	USD	1 Quarter
Repurchases of common stock for treasury	`TreasuryStockValueAcquiredCostMethod`	$2.21M	USD	1 Quarter
Repurchases of common stock for treasury	`TreasuryStockValueAcquiredCostMethod`	$1.39M	USD	1 Quarter
Net income	`NetIncomeLoss`	$11.30M	USD	1 Quarter
Net income	`NetIncomeLoss`	$23.67M	USD	1 Quarter
Net income	`NetIncomeLoss`	$36.40M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$12.73M	USD	1 Quarter
Net income	`NetIncomeLoss`	$29.53M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$18.23M	USD	1 Quarter
Balance	`StockholdersEquity`	$491.96M	USD	Point-in-time
Balance	`StockholdersEquity`	$560.17M	USD	Point-in-time
Balance	`StockholdersEquity`	$509.66M	USD	Point-in-time
Balance	`StockholdersEquity`	$482.25M	USD	Point-in-time
Balance	`StockholdersEquity`	$537.59M	USD	Point-in-time
Balance	`StockholdersEquity`	$525.90M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.