10-Q Filing

PC CONNECTION INC CIK: 1050377 Q3 2020

Filing Information

Form Type	10-Q
Accession Number	`0001558370-20-013402`
Period End Date	20200930
Filing Date	20201109
Fiscal Year	2020
Fiscal Period	Q3
XBRL Instance	cnxn-20200930x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 54 Cash Flow Statement 55 Stockholders Equity 30

Balance Sheet 56 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$108.05M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$90.06M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$588.96M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$549.63M	USD	Point-in-time
Inventories, net	`InventoryNet`	$134.69M	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`	$12.02M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$776.41M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$843.72M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$64.23M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$63.19M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$13.77M	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`	$8.31M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$7.39M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.67M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$947.00K	USD	Point-in-time
Total Assets	`Assets`	$1.00B	USD	Point-in-time
Total Assets	`Assets`	$870.65M	USD	Point-in-time
Total Assets	`Assets`	$937.34M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$235.64M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$283.16M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$28.05M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$20.20M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$45.23M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$35.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$338.36M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$308.92M	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`	$10.58M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$10.33M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$600.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$5.95M	USD	Point-in-time
Total Liabilities	`Liabilities`	$375.06M	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`	$119.76M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$118.05M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$514.69M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$554.16M	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`	$583.14M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$525.90M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$597.31M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$560.17M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$628.28M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$611.21M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.00B	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$937.34M	USD	Point-in-time

Income Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.91B	USD	3 Qtrs
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.10B	USD	3 Qtrs
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$652.75M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$729.41M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.77B	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$1.60B	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$610.55M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$544.92M	USD	1 Quarter
Gross profit	`GrossProfit`	$107.83M	USD	1 Quarter
Gross profit	`GrossProfit`	$309.95M	USD	3 Qtrs
Gross profit	`GrossProfit`	$118.86M	USD	1 Quarter
Gross profit	`GrossProfit`	$335.20M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$256.64M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$86.23M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$86.75M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$252.12M	USD	3 Qtrs
Restructuring and other charges	`RestructuringAndOtherCharges`	$703.00K	USD	3 Qtrs
Restructuring and other charges	`RestructuringAndOtherCharges`	$992.00K	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$21.08M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$32.64M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$82.37M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$52.31M	USD	3 Qtrs
Interest (expense) income, net	`InterestIncomeExpenseNonoperatingNet`	$62.00K	USD	1 Quarter
Interest (expense) income, net	`InterestIncomeExpenseNonoperatingNet`	$80.00K	USD	3 Qtrs
Interest (expense) income, net	`InterestIncomeExpenseNonoperatingNet`	$444.00K	USD	3 Qtrs
Interest (expense) income, net	`InterestIncomeExpenseNonoperatingNet`	$-17.00K	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$21.06M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$82.81M	USD	3 Qtrs
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$52.40M	USD	3 Qtrs
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$32.70M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$4.13M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$22.67M	USD	3 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$8.95M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$12.93M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$60.15M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$16.93M	USD	1 Quarter
Net income	`NetIncomeLoss`	$39.47M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$23.75M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.51	USD	3 Qtrs
Basic	`EarningsPerShareBasic`	$2.28	USD	3 Qtrs
Basic	`EarningsPerShareBasic`	$0.90	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.65	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.90	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.50	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.64	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$2.27	USD	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.13M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.32M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.34M	shares	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.16M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.31M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.48M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.50M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.34M	shares	3 Qtrs

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$60.15M	USD	3 Qtrs
Net income	`ProfitLoss`	$39.47M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$3.83M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$10.18M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$3.11M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$10.34M	USD	3 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$3.28M	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`	$1.87M	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefitAdjusted`	$10.00K	USD	3 Qtrs
Loss on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-13.00K	USD	3 Qtrs
Loss on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-114.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$31.39M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$42.61M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$6.88M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$10.02M	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`	$-43.00K	USD	3 Qtrs
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$719.00K	USD	3 Qtrs
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-319.00K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-3.17M	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$48.74M	USD	3 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-3.99M	USD	3 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$5.55M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$46.40M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$40.02M	USD	3 Qtrs
Purchases of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.61M	USD	3 Qtrs
Purchases of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$20.62M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-20.62M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-9.61M	USD	3 Qtrs
Purchase of treasury shares	`PaymentsForRepurchaseOfCommonStock`	$4.36M	USD	3 Qtrs
Purchase of treasury shares	`PaymentsForRepurchaseOfCommonStock`	$10.22M	USD	3 Qtrs
Dividend payments	`PaymentsOfDividends`	$8.45M	USD	3 Qtrs
Dividend payments	`PaymentsOfDividends`	$8.43M	USD	3 Qtrs
Issuance of stock under Employee Stock Purchase Plan	`AdjustmentsToEmployeeStockPurchasePlan`	$609.00K	USD	3 Qtrs
Issuance of stock under Employee Stock Purchase Plan	`AdjustmentsToEmployeeStockPurchasePlan`	$536.00K	USD	3 Qtrs
Payments of payroll taxes on stock-based compensation through shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$409.00K	USD	3 Qtrs
Payments of payroll taxes on stock-based compensation through shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$684.00K	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-18.80M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-12.62M	USD	3 Qtrs
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$17.99M	USD	3 Qtrs
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$6.79M	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$108.05M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$90.06M	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`	$98.49M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$108.05M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$90.06M	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`	$98.49M	USD	Point-in-time
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$248.00K	USD	3 Qtrs
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$1.68M	USD	3 Qtrs
Income taxes paid	`IncomeTaxesPaid`	$13.80M	USD	3 Qtrs
Income taxes paid	`IncomeTaxesPaid`	$18.97M	USD	3 Qtrs

Stockholders Equity 30 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$583.14M	USD	Point-in-time
Balance	`StockholdersEquity`	$525.90M	USD	Point-in-time
Balance	`StockholdersEquity`	$597.31M	USD	Point-in-time
Balance	`StockholdersEquity`	$560.17M	USD	Point-in-time
Balance	`StockholdersEquity`	$628.28M	USD	Point-in-time
Balance	`StockholdersEquity`	$611.21M	USD	Point-in-time
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.87M	USD	3 Qtrs
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.26M	USD	3 Qtrs
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$426.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$619.00K	USD	1 Quarter
Restricted stock units vested	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$1.00K	USD	3 Qtrs
Issuance of common stock under Employee Stock Purchase Plan	`AdjustmentsToAdditionalPaidInCapitalEmployeeStockPurchaseProgramAdjustments`	$609.00K	USD	3 Qtrs
Issuance of common stock under Employee Stock Purchase Plan	`AdjustmentsToAdditionalPaidInCapitalEmployeeStockPurchaseProgramAdjustments`	$536.00K	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`	$409.00K	USD	3 Qtrs
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$685.00K	USD	3 Qtrs
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$485.00K	USD	1 Quarter
Repurchase of common stock for treasury	`TreasuryStockValueAcquiredCostMethod`	$862.00K	USD	1 Quarter
Repurchase of common stock for treasury	`TreasuryStockValueAcquiredCostMethod`	$10.22M	USD	3 Qtrs
Repurchase of common stock for treasury	`TreasuryStockValueAcquiredCostMethod`	$4.36M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$60.15M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$16.93M	USD	1 Quarter
Net income	`NetIncomeLoss`	$39.47M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$23.75M	USD	1 Quarter
Balance	`StockholdersEquity`	$583.14M	USD	Point-in-time
Balance	`StockholdersEquity`	$525.90M	USD	Point-in-time
Balance	`StockholdersEquity`	$597.31M	USD	Point-in-time
Balance	`StockholdersEquity`	$560.17M	USD	Point-in-time
Balance	`StockholdersEquity`	$628.28M	USD	Point-in-time
Balance	`StockholdersEquity`	$611.21M	USD	Point-in-time

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