10-Q Filing

PC CONNECTION INC CIK: 1050377 Q3 2019

Filing Information

Form Type	10-Q
Accession Number	`0001558370-19-009434`
Period End Date	20190930
Filing Date	20191030
Fiscal Year	2019
Fiscal Period	Q3
XBRL Instance	cnxn-20190930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 55 Income Statement 53 Cash Flow Statement 58 Stockholders Equity 30

Balance Sheet 55 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$91.70M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$98.49M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$478.91M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$447.70M	USD	Point-in-time
Inventories, net	`InventoryNet`	$126.08M	USD	Point-in-time
Inventories, net	`InventoryNet`	$119.19M	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$922.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$6.88M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$9.66M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$710.36M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$669.18M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$62.34M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$51.80M	USD	Point-in-time
Right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$14.85M	USD	Point-in-time
Right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$18.72M	USD	Point-in-time
Goodwill	`Goodwill`	$73.60M	USD	Point-in-time
Goodwill	`Goodwill`	$73.60M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$8.61M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$9.56M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$892.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.21M	USD	Point-in-time
Total Assets	`Assets`	$750.23M	USD	Point-in-time
Total Assets	`Assets`	$870.65M	USD	Point-in-time
Total Assets	`Assets`	$805.36M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$197.74M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$201.64M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$23.39M	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`	$36.34M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$259.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$257.47M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$17.19M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$17.18M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$11.39M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.45M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$2.47M	USD	Point-in-time
Total Liabilities	`Liabilities`	$287.50M	USD	Point-in-time
Total Liabilities	`Liabilities`	$279.45M	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`	$115.84M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$117.30M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$501.15M	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`	$35.60M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$560.17M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$525.90M	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`	$583.14M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$523.24M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$805.36M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$870.65M	USD	Point-in-time

Income Statement 53 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.10B	USD	3 Qtrs
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$729.41M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$658.50M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.99B	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$610.55M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.69B	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$1.77B	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$558.06M	USD	1 Quarter
Gross profit	`GrossProfit`	$335.20M	USD	3 Qtrs
Gross profit	`GrossProfit`	$304.28M	USD	3 Qtrs
Gross profit	`GrossProfit`	$118.86M	USD	1 Quarter
Gross profit	`GrossProfit`	$100.44M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$81.49M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$86.23M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$244.91M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$252.12M	USD	3 Qtrs
Restructuring and other charges	`RestructuringAndOtherCharges`	$703.00K	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$82.37M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$32.64M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$59.37M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$18.95M	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$62.00K	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$444.00K	USD	3 Qtrs
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$114.00K	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$412.00K	USD	3 Qtrs
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$32.70M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$82.81M	USD	3 Qtrs
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$19.06M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$59.78M	USD	3 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$5.30M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$16.49M	USD	3 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$22.67M	USD	3 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$8.95M	USD	1 Quarter
Net income	`NetIncomeLoss`	$60.15M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$43.29M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$13.77M	USD	1 Quarter
Net income	`NetIncomeLoss`	$23.75M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.62	USD	3 Qtrs
Basic	`EarningsPerShareBasic`	$2.28	USD	3 Qtrs
Basic	`EarningsPerShareBasic`	$0.52	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.90	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.61	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$2.27	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.90	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.51	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.32M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.75M	shares	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.34M	shares	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.72M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.90M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.48M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.50M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.88M	shares	3 Qtrs

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$60.15M	USD	3 Qtrs
Net income	`ProfitLoss`	$43.29M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$3.11M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$10.18M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$10.36M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$3.63M	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$1.43M	USD	3 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$181.00K	USD	3 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$1.26M	USD	3 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$737.00K	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$429.00K	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$10.00K	USD	3 Qtrs
Loss on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-51.00K	USD	3 Qtrs
Loss on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-114.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-63.88M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$31.39M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$9.40M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$6.88M	USD	3 Qtrs
Prepaid expenses, income tax receivables and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-3.70M	USD	3 Qtrs
Prepaid expenses, income tax receivables and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-812.00K	USD	3 Qtrs
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-283.00K	USD	3 Qtrs
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-319.00K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-29.36M	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-3.17M	USD	3 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$5.55M	USD	3 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-1.26M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$40.02M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$81.25M	USD	3 Qtrs
Purchases of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$20.62M	USD	3 Qtrs
Purchases of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$15.64M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-20.62M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-15.64M	USD	3 Qtrs
Proceeds from short-term borrowings	`ProceedsFromLinesOfCredit`	$859.00K	USD	3 Qtrs
Repayment of short-term borrowings	`RepaymentsOfLinesOfCredit`	$859.00K	USD	3 Qtrs
Purchase of treasury shares	`PaymentsForRepurchaseOfCommonStock`	$4.36M	USD	3 Qtrs
Purchase of treasury shares	`PaymentsForRepurchaseOfCommonStock`	$4.38M	USD	3 Qtrs
Dividend payment	`PaymentsOfDividends`	$8.45M	USD	3 Qtrs
Dividend payment	`PaymentsOfDividends`	$9.12M	USD	3 Qtrs
Issuance of stock under Employee Stock Purchase Plan	`AdjustmentsToEmployeeStockPurchasePlan`	$605.00K	USD	3 Qtrs
Issuance of stock under Employee Stock Purchase Plan	`AdjustmentsToEmployeeStockPurchasePlan`	$609.00K	USD	3 Qtrs
Payment of payroll taxes on stock-based compensation through shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$457.00K	USD	3 Qtrs
Payment of payroll taxes on stock-based compensation through shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$409.00K	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-13.36M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-12.62M	USD	3 Qtrs
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$52.25M	USD	3 Qtrs
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$6.79M	USD	3 Qtrs
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$49.99M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$98.49M	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`	$102.24M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$49.99M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$98.49M	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`	$102.24M	USD	Point-in-time
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$1.05M	USD	3 Qtrs
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$1.68M	USD	3 Qtrs
Income taxes paid	`IncomeTaxesPaid`	$18.97M	USD	3 Qtrs
Income taxes paid	`IncomeTaxesPaid`	$15.13M	USD	3 Qtrs

Stockholders Equity 30 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$560.17M	USD	Point-in-time
Balance	`StockholdersEquity`	$525.90M	USD	Point-in-time
Balance	`StockholdersEquity`	$509.66M	USD	Point-in-time
Balance	`StockholdersEquity`	$482.25M	USD	Point-in-time
Balance	`StockholdersEquity`	$583.14M	USD	Point-in-time
Balance	`StockholdersEquity`	$523.24M	USD	Point-in-time
Cumulative effect of adoption of ASC 606	`CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption`	$1.20M	USD	Point-in-time
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$426.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.26M	USD	3 Qtrs
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$737.00K	USD	3 Qtrs
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$273.00K	USD	1 Quarter
Issuance of common stock under Employee Stock Purchase Plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$609.00K	USD	3 Qtrs
Issuance of common stock under Employee Stock Purchase Plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$605.00K	USD	3 Qtrs
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$457.00K	USD	3 Qtrs
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$409.00K	USD	3 Qtrs
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$337.00K	USD	1 Quarter
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$457.00K	USD	1 Quarter
Repurchases of common stock for treasury	`TreasuryStockValueAcquiredCostMethod`	$4.36M	USD	3 Qtrs
Repurchases of common stock for treasury	`TreasuryStockValueAcquiredCostMethod`	$4.38M	USD	3 Qtrs
Repurchases of common stock for treasury	`TreasuryStockValueAcquiredCostMethod`	$862.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$60.15M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$43.29M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$13.77M	USD	1 Quarter
Net income	`NetIncomeLoss`	$23.75M	USD	1 Quarter
Balance	`StockholdersEquity`	$560.17M	USD	Point-in-time
Balance	`StockholdersEquity`	$525.90M	USD	Point-in-time
Balance	`StockholdersEquity`	$509.66M	USD	Point-in-time
Balance	`StockholdersEquity`	$482.25M	USD	Point-in-time
Balance	`StockholdersEquity`	$583.14M	USD	Point-in-time
Balance	`StockholdersEquity`	$523.24M	USD	Point-in-time

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