10-Q Filing

PC CONNECTION INC CIK: 1050377 Q3 2021

Filing Information

Form Type	10-Q
Accession Number	`0001558370-21-014611`
Period End Date	20210930
Filing Date	20211104
Fiscal Year	2021
Fiscal Period	Q3
XBRL Instance	cnxn-20210930x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 57 Income Statement 52 Cash Flow Statement 53 Stockholders Equity 27

Balance Sheet 57 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$95.66M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$89.73M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$611.02M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$585.38M	USD	Point-in-time
Inventories, net	`InventoryNet`	$175.37M	USD	Point-in-time
Inventories, net	`InventoryNet`	$140.87M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$11.80M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$11.44M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$858.98M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$862.28M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$60.62M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$61.54M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$10.22M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$12.82M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$13.77M	USD	Point-in-time
Goodwill	`Goodwill`	$73.60M	USD	Point-in-time
Goodwill	`Goodwill`	$73.60M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$7.09M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$6.17M	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`	$1.00B	USD	Point-in-time
Total Assets	`Assets`	$1.02B	USD	Point-in-time
Total Assets	`Assets`	$1.01B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$266.85M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$217.08M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$24.02M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$17.83M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$52.24M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$57.59M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$293.35M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$342.26M	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`	$9.63M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$10.58M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$7.35M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$8.63M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$8.53M	USD	Point-in-time
Total Liabilities	`Liabilities`	$327.75M	USD	Point-in-time
Total Liabilities	`Liabilities`	$379.05M	USD	Point-in-time
Common stock	`CommonStockValue`	$290.00K	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`	$122.21M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$562.08M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$609.61M	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`	$628.28M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$636.33M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$611.21M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$665.57M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$686.17M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.01B	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.02B	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$751.37M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$652.75M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.91B	USD	3 Qtrs
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.09B	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$1.75B	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$1.60B	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$544.92M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$630.67M	USD	1 Quarter
Gross profit	`GrossProfit`	$309.95M	USD	3 Qtrs
Gross profit	`GrossProfit`	$120.70M	USD	1 Quarter
Gross profit	`GrossProfit`	$337.54M	USD	3 Qtrs
Gross profit	`GrossProfit`	$107.83M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$272.33M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$256.64M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$86.75M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$93.37M	USD	1 Quarter
Restructuring and other charges	`RestructuringAndOtherCharges`	$992.00K	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$65.21M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$21.08M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$27.33M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$52.31M	USD	3 Qtrs
Other (expenses) income, net	`OtherNonoperatingIncomeExpense`	$80.00K	USD	3 Qtrs
Other (expenses) income, net	`OtherNonoperatingIncomeExpense`	$-17.00K	USD	1 Quarter
Other (expenses) income, net	`OtherNonoperatingIncomeExpense`	$7.00K	USD	3 Qtrs
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$21.06M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$27.33M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$52.40M	USD	3 Qtrs
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$65.22M	USD	3 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$7.28M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$4.13M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$12.93M	USD	3 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$17.70M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$16.93M	USD	1 Quarter
Net income	`NetIncomeLoss`	$39.47M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$47.52M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$20.05M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.51	USD	3 Qtrs
Basic	`EarningsPerShareBasic`	$0.65	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.81	USD	3 Qtrs
Basic	`EarningsPerShareBasic`	$0.77	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.76	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.80	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$1.50	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.64	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.20M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.13M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.16M	shares	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.19M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.34M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.37M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.31M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.36M	shares	3 Qtrs

Cash Flow Statement 53 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$39.47M	USD	3 Qtrs
Net income	`ProfitLoss`	$47.52M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$9.16M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$2.95M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$10.34M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$3.83M	USD	1 Quarter
Adjustments to credit losses reserve	`ProvisionForDoubtfulAccounts`	$1.70M	USD	3 Qtrs
Adjustments to credit losses reserve	`ProvisionForDoubtfulAccounts`	$3.28M	USD	3 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$1.87M	USD	3 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$3.12M	USD	3 Qtrs
Loss on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-13.00K	USD	3 Qtrs
Loss on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-2.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-22.44M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$42.61M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$34.51M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$10.02M	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$360.00K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-43.00K	USD	3 Qtrs
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-314.00K	USD	3 Qtrs
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$719.00K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-50.00M	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$48.74M	USD	3 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$9.44M	USD	3 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-3.99M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$46.40M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$8.83M	USD	3 Qtrs
Purchases of equipment and capitalized software	`PaymentsToAcquirePropertyPlantEquipmentAndSoftware`	$7.09M	USD	3 Qtrs
Purchases of equipment and capitalized software	`PaymentsToAcquirePropertyPlantEquipmentAndSoftware`	$9.61M	USD	3 Qtrs
Proceeds from life insurance	`ProceedsFromLifeInsurancePolicies`	$1.50M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.59M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-9.61M	USD	3 Qtrs
Purchase of treasury shares	`PaymentsForRepurchaseOfCommonStock`	$10.22M	USD	3 Qtrs
Dividend payments	`PaymentsOfDividends`	$8.38M	USD	3 Qtrs
Dividend payments	`PaymentsOfDividends`	$8.43M	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`	$684.00K	USD	3 Qtrs
Payments of payroll taxes on stock-based compensation through shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$794.00K	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-18.80M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-9.17M	USD	3 Qtrs
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$17.99M	USD	3 Qtrs
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-5.93M	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`	$89.73M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$95.66M	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`	$89.73M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$95.66M	USD	Point-in-time
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$394.00K	USD	3 Qtrs
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$248.00K	USD	3 Qtrs
Income taxes paid	`IncomeTaxesPaidNet`	$20.60M	USD	3 Qtrs
Income taxes paid	`IncomeTaxesPaidNet`	$13.80M	USD	3 Qtrs

Stockholders Equity 27 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$597.31M	USD	Point-in-time
Balance	`StockholdersEquity`	$628.28M	USD	Point-in-time
Balance	`StockholdersEquity`	$636.33M	USD	Point-in-time
Balance	`StockholdersEquity`	$611.21M	USD	Point-in-time
Balance	`StockholdersEquity`	$665.57M	USD	Point-in-time
Balance	`StockholdersEquity`	$686.17M	USD	Point-in-time
Issuance of common stock under Employee Stock Purchase Plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$536.00K	USD	3 Qtrs
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.12M	USD	3 Qtrs
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.87M	USD	3 Qtrs
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.03M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$619.00K	USD	1 Quarter
Restricted stock units vested	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$1.00K	USD	3 Qtrs
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$485.00K	USD	1 Quarter
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$470.00K	USD	1 Quarter
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$685.00K	USD	3 Qtrs
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$794.00K	USD	3 Qtrs
Repurchase of common stock for treasury	`TreasuryStockValueAcquiredCostMethod`	$10.22M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$16.93M	USD	1 Quarter
Net income	`NetIncomeLoss`	$39.47M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$47.52M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$20.05M	USD	1 Quarter
Balance	`StockholdersEquity`	$597.31M	USD	Point-in-time
Balance	`StockholdersEquity`	$628.28M	USD	Point-in-time
Balance	`StockholdersEquity`	$636.33M	USD	Point-in-time
Balance	`StockholdersEquity`	$611.21M	USD	Point-in-time
Balance	`StockholdersEquity`	$665.57M	USD	Point-in-time
Balance	`StockholdersEquity`	$686.17M	USD	Point-in-time

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