10-Q Filing

PC CONNECTION INC CIK: 1050377 Q2 2020

Filing Information

Form Type	10-Q
Accession Number	`0001558370-20-010185`
Period End Date	20200630
Filing Date	20200810
Fiscal Year	2020
Fiscal Period	Q2
XBRL Instance	cnxn-20200630x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 55 Cash Flow Statement 55 Stockholders Equity 32

Balance Sheet 56 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$165.94M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$90.06M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$446.72M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$549.63M	USD	Point-in-time
Inventories, net	`InventoryNet`	$165.63M	USD	Point-in-time
Inventories, net	`InventoryNet`	$124.67M	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$1.39M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$10.67M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$13.45M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$791.74M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$776.41M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$64.23M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$65.39M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$14.76M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$13.84M	USD	Point-in-time
Goodwill	`Goodwill`	$73.60M	USD	Point-in-time
Goodwill	`Goodwill`	$73.60M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$7.70M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$8.31M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.16M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$947.00K	USD	Point-in-time
Total Assets	`Assets`	$911.80M	USD	Point-in-time
Total Assets	`Assets`	$954.34M	USD	Point-in-time
Total Assets	`Assets`	$937.34M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$247.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$235.64M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$20.41M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$28.05M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$40.79M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$45.23M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$308.92M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$308.21M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$20.17M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$20.17M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$11.57M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$10.33M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$3.18M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$600.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$343.13M	USD	Point-in-time
Total Liabilities	`Liabilities`	$340.02M	USD	Point-in-time
Common stock	`CommonStockValue`	$288.00K	USD	Point-in-time
Common stock	`CommonStockValue`	$289.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$119.63M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$118.05M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$537.23M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$514.69M	USD	Point-in-time
Treasury stock, at cost	`TreasuryStockCommonValue`	$45.94M	USD	Point-in-time
Treasury stock, at cost	`TreasuryStockCommonValue`	$35.72M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$602.56M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$560.17M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$611.21M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$525.90M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$537.59M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$597.31M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$937.34M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$954.34M	USD	Point-in-time

Income Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.37B	USD	2 Qtrs
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$741.08M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.26B	USD	2 Qtrs
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$550.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$624.09M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$461.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.16B	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$1.06B	USD	2 Qtrs
Gross profit	`GrossProfit`	$216.33M	USD	2 Qtrs
Gross profit	`GrossProfit`	$89.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$116.99M	USD	1 Quarter
Gross profit	`GrossProfit`	$202.12M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$77.42M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$169.89M	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
Restructuring and other charges	`RestructuringAndOtherCharges`	$992.00K	USD	1 Quarter
Restructuring and other charges	`RestructuringAndOtherCharges`	$703.00K	USD	2 Qtrs
Restructuring and other charges	`RestructuringAndOtherCharges`	$992.00K	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$49.73M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$32.32M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$31.24M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$10.59M	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$184.00K	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$96.00K	USD	2 Qtrs
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$382.00K	USD	2 Qtrs
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$5.00K	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$32.51M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$10.59M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$31.34M	USD	2 Qtrs
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$50.11M	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$13.72M	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$8.84M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$2.95M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$8.80M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$23.67M	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.64M	USD	1 Quarter
Net income	`NetIncomeLoss`	$36.40M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$22.54M	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.90	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.29	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.38	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.86	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.29	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.89	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.37	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.86	USD	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.34M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.17M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.35M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.11M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.35M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.51M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.49M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.28M	shares	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$22.54M	USD	2 Qtrs
Net income	`ProfitLoss`	$36.40M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$7.08M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$3.37M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.35M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$6.50M	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-346.00K	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$3.63M	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$1.25M	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$833.00K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefitAdjusted`	$10.00K	USD	2 Qtrs
Loss on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-13.00K	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`	$-99.28M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$40.97M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$56.71M	USD	2 Qtrs
Prepaid expenses, income tax receivables and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-3.47M	USD	2 Qtrs
Prepaid expenses, income tax receivables and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.39M	USD	2 Qtrs
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-231.00K	USD	2 Qtrs
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$180.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$12.50M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$58.18M	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-764.00K	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$6.93M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$102.41M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.33M	USD	2 Qtrs
Purchases of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$13.88M	USD	2 Qtrs
Purchases of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.21M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-13.88M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.21M	USD	2 Qtrs
Purchase of treasury shares	`PaymentsForRepurchaseOfCommonStock`	$10.22M	USD	2 Qtrs
Purchase of treasury shares	`PaymentsForRepurchaseOfCommonStock`	$3.50M	USD	2 Qtrs
Dividend payments	`PaymentsOfDividends`	$8.45M	USD	2 Qtrs
Dividend payments	`PaymentsOfDividends`	$8.43M	USD	2 Qtrs
Issuance of stock under Employee Stock Purchase Plan	`AdjustmentsToEmployeeStockPurchasePlan`	$536.00K	USD	2 Qtrs
Issuance of stock under Employee Stock Purchase Plan	`AdjustmentsToEmployeeStockPurchasePlan`	$609.00K	USD	2 Qtrs
Payments of payroll taxes on stock-based compensation through shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$72.00K	USD	2 Qtrs
Payments of payroll taxes on stock-based compensation through shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$201.00K	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-18.31M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-11.42M	USD	2 Qtrs
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$75.88M	USD	2 Qtrs
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-21.96M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$165.94M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$91.70M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$69.74M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$90.06M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$165.94M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$91.70M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$69.74M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$90.06M	USD	Point-in-time
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$327.00K	USD	2 Qtrs
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$2.08M	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaid`	$11.96M	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaid`	$1.08M	USD	2 Qtrs

Stockholders Equity 32 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$602.56M	USD	Point-in-time
Balance	`StockholdersEquity`	$560.17M	USD	Point-in-time
Balance	`StockholdersEquity`	$611.21M	USD	Point-in-time
Balance	`StockholdersEquity`	$525.90M	USD	Point-in-time
Balance	`StockholdersEquity`	$537.59M	USD	Point-in-time
Balance	`StockholdersEquity`	$597.31M	USD	Point-in-time
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$833.00K	USD	2 Qtrs
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$624.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$564.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.25M	USD	2 Qtrs
Restricted stock units vested	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$1.00K	USD	2 Qtrs
Issuance of common stock under Employee Stock Purchase Plan	`AdjustmentsToAdditionalPaidInCapitalEmployeeStockPurchaseProgramAdjustments`	$536.00K	USD	2 Qtrs
Issuance of common stock under Employee Stock Purchase Plan	`AdjustmentsToAdditionalPaidInCapitalEmployeeStockPurchaseProgramAdjustments`	$609.00K	USD	2 Qtrs
Issuance of common stock under Employee Stock Purchase Plan	`AdjustmentsToAdditionalPaidInCapitalEmployeeStockPurchaseProgramAdjustments`	$622.00K	USD	1 Quarter
Issuance of common stock under Employee Stock Purchase Plan	`AdjustmentsToAdditionalPaidInCapitalEmployeeStockPurchaseProgramAdjustments`	$536.00K	USD	1 Quarter
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$201.00K	USD	2 Qtrs
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$72.00K	USD	1 Quarter
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$72.00K	USD	2 Qtrs
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$152.00K	USD	1 Quarter
Repurchase of common stock for treasury	`TreasuryStockValueAcquiredCostMethod`	$2.21M	USD	1 Quarter
Repurchase of common stock for treasury	`TreasuryStockValueAcquiredCostMethod`	$10.22M	USD	2 Qtrs
Repurchase of common stock for treasury	`TreasuryStockValueAcquiredCostMethod`	$3.50M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$23.67M	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.64M	USD	1 Quarter
Net income	`NetIncomeLoss`	$36.40M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$22.54M	USD	2 Qtrs
Balance	`StockholdersEquity`	$602.56M	USD	Point-in-time
Balance	`StockholdersEquity`	$560.17M	USD	Point-in-time
Balance	`StockholdersEquity`	$611.21M	USD	Point-in-time
Balance	`StockholdersEquity`	$525.90M	USD	Point-in-time
Balance	`StockholdersEquity`	$537.59M	USD	Point-in-time
Balance	`StockholdersEquity`	$597.31M	USD	Point-in-time

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