10-Q Filing

PC CONNECTION INC CIK: 1050377 Q2 2021

Filing Information

Form Type	10-Q
Accession Number	`0001558370-21-010557`
Period End Date	20210630
Filing Date	20210805
Fiscal Year	2021
Fiscal Period	Q2
XBRL Instance	cnxn-20210630x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 57 Income Statement 54 Cash Flow Statement 52 Stockholders Equity 28

Balance Sheet 57 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$115.67M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$95.66M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$611.02M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$581.66M	USD	Point-in-time
Inventories, net	`InventoryNet`	$140.87M	USD	Point-in-time
Inventories, net	`InventoryNet`	$167.08M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$11.44M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$13.59M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$877.99M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$858.98M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$61.00M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$61.54M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$14.76M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$12.82M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$11.17M	USD	Point-in-time
Goodwill	`Goodwill`	$73.60M	USD	Point-in-time
Goodwill	`Goodwill`	$73.60M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$6.48M	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`	$1.03M	USD	Point-in-time
Total Assets	`Assets`	$1.02B	USD	Point-in-time
Total Assets	`Assets`	$1.03B	USD	Point-in-time
Total Assets	`Assets`	$954.34M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$266.85M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$258.16M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$17.83M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$26.12M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$46.21M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$57.59M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$342.26M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$330.49M	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`	$8.12M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$9.63M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$11.57M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$8.56M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$8.63M	USD	Point-in-time
Total Liabilities	`Liabilities`	$365.70M	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`	$119.89M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$121.66M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$562.08M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$589.56M	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`	$665.57M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$611.21M	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`	$597.31M	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`	$1.03B	USD	Point-in-time

Income Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$550.00M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.26B	USD	2 Qtrs
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.34B	USD	2 Qtrs
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$704.16M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.06B	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$1.12B	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$461.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$587.83M	USD	1 Quarter
Gross profit	`GrossProfit`	$216.85M	USD	2 Qtrs
Gross profit	`GrossProfit`	$89.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$116.33M	USD	1 Quarter
Gross profit	`GrossProfit`	$202.12M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$169.89M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$178.96M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$92.56M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$77.42M	USD	1 Quarter
Restructuring and other charges	`RestructuringAndOtherCharges`	$992.00K	USD	2 Qtrs
Restructuring and other charges	`RestructuringAndOtherCharges`	$992.00K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$31.24M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$37.88M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$23.76M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$10.59M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$5.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$96.00K	USD	2 Qtrs
Other income, net	`OtherNonoperatingIncomeExpense`	$7.00K	USD	2 Qtrs
Other income, net	`OtherNonoperatingIncomeExpense`	$14.00K	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$10.59M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$37.89M	USD	2 Qtrs
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$23.78M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$31.34M	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$2.95M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$10.41M	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$8.80M	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$6.49M	USD	1 Quarter
Net income	`NetIncomeLoss`	$27.48M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$7.64M	USD	1 Quarter
Net income	`NetIncomeLoss`	$17.29M	USD	1 Quarter
Net income	`NetIncomeLoss`	$22.54M	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.66	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.29	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.86	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$1.05	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.29	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.66	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.86	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$1.04	USD	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.17M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.19M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.18M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.11M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.28M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.36M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.35M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.36M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$27.48M	USD	2 Qtrs
Net income	`ProfitLoss`	$22.54M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$6.22M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$3.05M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.35M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$6.50M	USD	2 Qtrs
Provision for credit losses	`ProvisionForDoubtfulAccounts`	$3.63M	USD	2 Qtrs
Provision for credit losses	`ProvisionForDoubtfulAccounts`	$1.06M	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$2.09M	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$1.25M	USD	2 Qtrs
Loss on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-13.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-99.28M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-26.81M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$26.21M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$40.97M	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.15M	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.39M	USD	2 Qtrs
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$180.00K	USD	2 Qtrs
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-317.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$12.50M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-9.13M	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-764.00K	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$5.35M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$102.41M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$31.82M	USD	2 Qtrs
Purchases of equipment and capitalized software	`PaymentsToAcquirePropertyPlantEquipmentAndSoftware`	$4.61M	USD	2 Qtrs
Purchases of equipment and capitalized software	`PaymentsToAcquirePropertyPlantEquipmentAndSoftware`	$8.21M	USD	2 Qtrs
Proceeds from life insurance	`ProceedsFromLifeInsurancePolicies`	$1.50M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.21M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.11M	USD	2 Qtrs
Purchase of treasury shares	`PaymentsForRepurchaseOfCommonStock`	$10.22M	USD	2 Qtrs
Dividend payments	`PaymentsOfDividends`	$8.38M	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
Payments of payroll taxes on stock-based compensation through shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$201.00K	USD	2 Qtrs
Payments of payroll taxes on stock-based compensation through shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$324.00K	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-18.31M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-8.70M	USD	2 Qtrs
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$75.88M	USD	2 Qtrs
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$20.01M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$115.67M	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`	$165.94M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$115.67M	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`	$165.94M	USD	Point-in-time
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$327.00K	USD	2 Qtrs
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$609.00K	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaidNet`	$13.14M	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaidNet`	$1.08M	USD	2 Qtrs

Stockholders Equity 28 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$665.57M	USD	Point-in-time
Balance	`StockholdersEquity`	$611.21M	USD	Point-in-time
Balance	`StockholdersEquity`	$602.56M	USD	Point-in-time
Balance	`StockholdersEquity`	$636.33M	USD	Point-in-time
Balance	`StockholdersEquity`	$597.31M	USD	Point-in-time
Balance	`StockholdersEquity`	$647.50M	USD	Point-in-time
Issuance of common stock under Employee Stock Purchase Plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$536.00K	USD	1 Quarter
Issuance of common stock under Employee Stock Purchase Plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$536.00K	USD	2 Qtrs
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.03M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.09M	USD	2 Qtrs
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.25M	USD	2 Qtrs
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$624.00K	USD	1 Quarter
Restricted stock units vested	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$1.00K	USD	2 Qtrs
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$324.00K	USD	2 Qtrs
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$201.00K	USD	2 Qtrs
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$152.00K	USD	1 Quarter
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$242.00K	USD	1 Quarter
Repurchase of common stock for treasury	`TreasuryStockValueAcquiredCostMethod`	$10.22M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$27.48M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$7.64M	USD	1 Quarter
Net income	`NetIncomeLoss`	$17.29M	USD	1 Quarter
Net income	`NetIncomeLoss`	$22.54M	USD	2 Qtrs
Balance	`StockholdersEquity`	$665.57M	USD	Point-in-time
Balance	`StockholdersEquity`	$611.21M	USD	Point-in-time
Balance	`StockholdersEquity`	$602.56M	USD	Point-in-time
Balance	`StockholdersEquity`	$636.33M	USD	Point-in-time
Balance	`StockholdersEquity`	$597.31M	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.