10-Q Filing

PC CONNECTION INC CIK: 1050377 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001558370-22-007352`
Period End Date	20220331
Filing Date	20220505
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	cnxn-20220331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 55 Income Statement 26 Cash Flow Statement 50 Stockholders Equity 14

Balance Sheet 55 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$67.41M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$108.31M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$607.53M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$634.14M	USD	Point-in-time
Inventories, net	`InventoryNet`	$234.60M	USD	Point-in-time
Inventories, net	`InventoryNet`	$206.56M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$14.59M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$10.02M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$932.41M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$950.74M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$60.84M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$61.01M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$9.58M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$9.20M	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`	$5.56M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$5.87M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$910.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$878.00K	USD	Point-in-time
Total Assets	`Assets`	$1.10B	USD	Point-in-time
Total Assets	`Assets`	$958.39M	USD	Point-in-time
Total Assets	`Assets`	$1.08B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$271.41M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$281.84M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$26.84M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$30.97M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$71.55M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$61.83M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$369.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$374.63M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$19.28M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$19.28M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$8.79M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$6.08M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$6.79M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$211.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$179.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$395.34M	USD	Point-in-time
Total Liabilities	`Liabilities`	$400.91M	USD	Point-in-time
Common stock	`CommonStockValue`	$290.00K	USD	Point-in-time
Common stock	`CommonStockValue`	$290.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$122.35M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$123.57M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$605.77M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$627.56M	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`	$647.50M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$705.48M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$636.33M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$682.47M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.10B	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.08B	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$788.34M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$636.89M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$536.37M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$660.04M	USD	1 Quarter
Gross profit	`GrossProfit`	$128.31M	USD	1 Quarter
Gross profit	`GrossProfit`	$100.52M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$98.17M	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`	$30.13M	USD	1 Quarter
Other expenses, net	`OtherNonoperatingIncomeExpense`	$-3.00K	USD	1 Quarter
Other expenses, net	`OtherNonoperatingIncomeExpense`	$-7.00K	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$30.13M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$14.11M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$8.34M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$3.93M	USD	1 Quarter
Net income	`NetIncomeLoss`	$10.18M	USD	1 Quarter
Net income	`NetIncomeLoss`	$21.79M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.83	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.39	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.39	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.83	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.25M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.17M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.36M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.41M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$10.18M	USD	1 Quarter
Net income	`ProfitLoss`	$21.79M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.17M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.99M	USD	1 Quarter
Adjustments to credit losses reserve	`ProvisionForDoubtfulAccounts`	$567.00K	USD	1 Quarter
Adjustments to credit losses reserve	`ProvisionForDoubtfulAccounts`	$-70.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$1.38M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$1.07M	USD	1 Quarter
Loss on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-10.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$27.18M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-54.90M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$28.05M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-333.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.93M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$4.57M	USD	1 Quarter
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$356.00K	USD	1 Quarter
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-32.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-10.49M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-60.86M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$1.53M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$5.23M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.96M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-38.28M	USD	1 Quarter
Purchases of equipment and capitalized software	`PaymentsToAcquirePropertyPlantEquipmentAndSoftware`	$2.40M	USD	1 Quarter
Purchases of equipment and capitalized software	`PaymentsToAcquirePropertyPlantEquipmentAndSoftware`	$2.45M	USD	1 Quarter
Proceeds from life insurance	`ProceedsFromLifeInsurancePolicies`	$1.50M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.45M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-903.00K	USD	1 Quarter
Proceeds from short-term borrowings	`ProceedsFromLinesOfCredit`	$1.39M	USD	Point-in-time
Proceeds from short-term borrowings	`ProceedsFromLinesOfCredit`	$1.39M	USD	1 Quarter
Repayment of short-term borrowings	`RepaymentsOfLinesOfCredit`	$1.39M	USD	1 Quarter
Dividend payments	`PaymentsOfDividends`	$8.38M	USD	1 Quarter
Payments of payroll taxes on stock-based compensation through shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$165.00K	USD	1 Quarter
Payments of payroll taxes on stock-based compensation through shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$82.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-165.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-8.46M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.40M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-40.90M	USD	1 Quarter
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$92.26M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$108.31M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$67.41M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$95.66M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$92.26M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$108.31M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$67.41M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$95.66M	USD	Point-in-time
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$266.00K	USD	1 Quarter
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$714.00K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	$261.00K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	$287.00K	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$647.50M	USD	Point-in-time
Balance	`StockholdersEquity`	$705.48M	USD	Point-in-time
Balance	`StockholdersEquity`	$636.33M	USD	Point-in-time
Balance	`StockholdersEquity`	$682.47M	USD	Point-in-time
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.38M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.07M	USD	1 Quarter
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$165.00K	USD	1 Quarter
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$82.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$10.18M	USD	1 Quarter
Net income	`NetIncomeLoss`	$21.79M	USD	1 Quarter
Balance	`StockholdersEquity`	$647.50M	USD	Point-in-time
Balance	`StockholdersEquity`	$705.48M	USD	Point-in-time
Balance	`StockholdersEquity`	$636.33M	USD	Point-in-time
Balance	`StockholdersEquity`	$682.47M	USD	Point-in-time

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