10-Q Filing

PC CONNECTION INC CIK: 1050377 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001558370-21-006379`
Period End Date	20210331
Filing Date	20210507
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	cnxn-20210331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 55 Income Statement 26 Cash Flow Statement 48 Stockholders Equity 16

Balance Sheet 55 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$92.26M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$95.66M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$554.70M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$611.02M	USD	Point-in-time
Inventories, net	`InventoryNet`	$140.87M	USD	Point-in-time
Inventories, net	`InventoryNet`	$140.53M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$11.44M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$15.36M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$802.85M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$858.98M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$61.59M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$61.54M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$12.82M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$15.78M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$11.86M	USD	Point-in-time
Goodwill	`Goodwill`	$73.60M	USD	Point-in-time
Goodwill	`Goodwill`	$73.60M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$6.78M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$7.09M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.34M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.70M	USD	Point-in-time
Total Assets	`Assets`	$958.39M	USD	Point-in-time
Total Assets	`Assets`	$1.02B	USD	Point-in-time
Total Assets	`Assets`	$913.19M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$206.54M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$266.85M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$17.83M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$18.17M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$57.59M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$50.23M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$342.26M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$274.94M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$18.52M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$18.52M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$12.55M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$9.63M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$8.79M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$8.63M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$8.63M	USD	Point-in-time
Total Liabilities	`Liabilities`	$310.89M	USD	Point-in-time
Total Liabilities	`Liabilities`	$379.05M	USD	Point-in-time
Common stock	`CommonStockValue`	$289.00K	USD	Point-in-time
Common stock	`CommonStockValue`	$289.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$120.88M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$119.89M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$562.08M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$572.27M	USD	Point-in-time
Treasury stock, at cost	`TreasuryStockCommonValue`	$45.94M	USD	Point-in-time
Treasury stock, at cost	`TreasuryStockCommonValue`	$45.94M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$597.31M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$602.56M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$636.33M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$647.50M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.02B	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$958.39M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$636.89M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$711.85M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$536.37M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$598.73M	USD	1 Quarter
Gross profit	`GrossProfit`	$100.52M	USD	1 Quarter
Gross profit	`GrossProfit`	$113.12M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$92.47M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$86.40M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$14.12M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$20.65M	USD	1 Quarter
Other (expenses) income, net	`OtherNonoperatingIncomeExpense`	$-7.00K	USD	1 Quarter
Other (expenses) income, net	`OtherNonoperatingIncomeExpense`	$92.00K	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$14.11M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$20.74M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$5.85M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$3.93M	USD	1 Quarter
Net income	`NetIncomeLoss`	$14.90M	USD	1 Quarter
Net income	`NetIncomeLoss`	$10.18M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.57	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.39	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.56	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.39	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.24M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.17M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.42M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.36M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$14.90M	USD	1 Quarter
Net income	`ProfitLoss`	$10.18M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.15M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.17M	USD	1 Quarter
Provision for credit losses	`ProvisionForDoubtfulAccounts`	$-70.00K	USD	1 Quarter
Provision for credit losses	`ProvisionForDoubtfulAccounts`	$2.83M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$1.07M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$624.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-54.90M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-61.48M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-333.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$12.32M	USD	1 Quarter
Prepaid expenses, income tax receivables and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.93M	USD	1 Quarter
Prepaid expenses, income tax receivables and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.30M	USD	1 Quarter
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$356.00K	USD	1 Quarter
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$98.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-60.86M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-15.50M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-7.21M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$1.53M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$44.56M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.96M	USD	1 Quarter
Purchases of equipment and capitalized software	`PaymentsToAcquirePropertyPlantEquipmentAndSoftware`	$2.40M	USD	1 Quarter
Purchases of equipment and capitalized software	`PaymentsToAcquirePropertyPlantEquipmentAndSoftware`	$4.59M	USD	1 Quarter
Proceeds from life insurance	`ProceedsFromLifeInsurancePolicies`	$1.50M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-903.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.59M	USD	1 Quarter
Purchase of treasury shares	`PaymentsForRepurchaseOfCommonStock`	$10.22M	USD	1 Quarter
Dividend payments	`PaymentsOfDividends`	$8.38M	USD	1 Quarter
Dividend payments	`PaymentsOfDividends`	$8.43M	USD	1 Quarter
Payments of payroll taxes on stock-based compensation through shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$82.00K	USD	1 Quarter
Payments of payroll taxes on stock-based compensation through shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$49.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-8.46M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-18.70M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$21.26M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.40M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$111.32M	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`	$95.66M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$92.26M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$111.32M	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`	$95.66M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$92.26M	USD	Point-in-time
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$714.00K	USD	1 Quarter
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$1.24M	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	$261.00K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	$369.00K	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$597.31M	USD	Point-in-time
Balance	`StockholdersEquity`	$602.56M	USD	Point-in-time
Balance	`StockholdersEquity`	$636.33M	USD	Point-in-time
Balance	`StockholdersEquity`	$647.50M	USD	Point-in-time
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.07M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$624.00K	USD	1 Quarter
Restricted stock units vested	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$1.00K	USD	1 Quarter
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$82.00K	USD	1 Quarter
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$49.00K	USD	1 Quarter
Repurchase of common stock for treasury	`TreasuryStockValueAcquiredCostMethod`	$10.22M	USD	1 Quarter
Net income	`NetIncomeLoss`	$14.90M	USD	1 Quarter
Net income	`NetIncomeLoss`	$10.18M	USD	1 Quarter
Balance	`StockholdersEquity`	$597.31M	USD	Point-in-time
Balance	`StockholdersEquity`	$602.56M	USD	Point-in-time
Balance	`StockholdersEquity`	$636.33M	USD	Point-in-time
Balance	`StockholdersEquity`	$647.50M	USD	Point-in-time

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