10-Q Filing

PC CONNECTION INC CIK: 1050377 Q2 2022

Filing Information

Form Type	10-Q
Accession Number	`0001558370-22-012230`
Period End Date	20220630
Filing Date	20220804
Fiscal Year	2022
Fiscal Period	Q2
XBRL Instance	cnxn-20220630x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 57 Income Statement 52 Cash Flow Statement 53 Stockholders Equity 24

Balance Sheet 57 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$108.31M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$94.90M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$643.95M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$607.53M	USD	Point-in-time
Inventories, net	`InventoryNet`	$223.16M	USD	Point-in-time
Inventories, net	`InventoryNet`	$206.56M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$10.02M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$13.37M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$975.38M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$932.41M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$61.01M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$60.25M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$11.17M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$9.58M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$8.27M	USD	Point-in-time
Goodwill	`Goodwill`	$73.60M	USD	Point-in-time
Goodwill	`Goodwill`	$73.60M	USD	Point-in-time
Intangible, net	`IntangibleAssetsNetExcludingGoodwill`	$5.87M	USD	Point-in-time
Intangible, net	`IntangibleAssetsNetExcludingGoodwill`	$5.26M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$883.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$910.00K	USD	Point-in-time
Total Assets	`Assets`	$1.03B	USD	Point-in-time
Total Assets	`Assets`	$1.08B	USD	Point-in-time
Total Assets	`Assets`	$1.12B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$278.45M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$281.84M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$30.97M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$31.36M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$57.08M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$61.83M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$366.88M	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`	$5.24M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$6.79M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$8.12M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$211.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$231.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$400.91M	USD	Point-in-time
Total Liabilities	`Liabilities`	$391.63M	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`	$124.69M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$652.96M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$605.77M	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`	$732.00M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$705.48M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$665.57M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$682.47M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$636.33M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.08B	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.12B	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$704.16M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.62B	USD	2 Qtrs
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$828.51M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.34B	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$587.83M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.35B	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$1.12B	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$691.61M	USD	1 Quarter
Gross profit	`GrossProfit`	$136.90M	USD	1 Quarter
Gross profit	`GrossProfit`	$116.33M	USD	1 Quarter
Gross profit	`GrossProfit`	$216.85M	USD	2 Qtrs
Gross profit	`GrossProfit`	$265.21M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$200.30M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$178.96M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$102.13M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$92.56M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$23.76M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$34.77M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$64.91M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$37.88M	USD	2 Qtrs
Other income, net	`OtherNonoperatingIncomeExpense`	$15.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$7.00K	USD	2 Qtrs
Other income, net	`OtherNonoperatingIncomeExpense`	$11.00K	USD	2 Qtrs
Other income, net	`OtherNonoperatingIncomeExpense`	$14.00K	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`	$64.92M	USD	2 Qtrs
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$34.78M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$17.73M	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$6.49M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$10.41M	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$9.39M	USD	1 Quarter
Net income	`NetIncomeLoss`	$27.48M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$25.40M	USD	1 Quarter
Net income	`NetIncomeLoss`	$17.29M	USD	1 Quarter
Net income	`NetIncomeLoss`	$47.19M	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$1.05	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.97	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.66	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.80	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.66	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.96	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.04	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$1.79	USD	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.19M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.26M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.27M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.18M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.36M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.42M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.43M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.36M	shares	1 Quarter

Cash Flow Statement 53 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$27.48M	USD	2 Qtrs
Net income	`ProfitLoss`	$47.19M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$6.22M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$5.98M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$3.05M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.99M	USD	1 Quarter
Adjustments to credit losses reserve	`ProvisionForDoubtfulAccounts`	$1.06M	USD	2 Qtrs
Adjustments to credit losses reserve	`ProvisionForDoubtfulAccounts`	$1.64M	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$2.79M	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$2.09M	USD	2 Qtrs
Loss on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-13.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-26.81M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$38.06M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$16.60M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$26.21M	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.35M	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.15M	USD	2 Qtrs
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-317.00K	USD	2 Qtrs
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-27.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-9.13M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-3.44M	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-4.57M	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$5.35M	USD	2 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.39M	USD	2 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$31.82M	USD	2 Qtrs
Purchases of equipment and capitalized software	`PaymentsToAcquirePropertyPlantEquipmentAndSoftware`	$4.57M	USD	2 Qtrs
Purchases of equipment and capitalized software	`PaymentsToAcquirePropertyPlantEquipmentAndSoftware`	$4.61M	USD	2 Qtrs
Proceeds from life insurance	`ProceedsFromLifeInsurancePolicies`	$1.50M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.57M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.11M	USD	2 Qtrs
Proceeds from short-term borrowings	`ProceedsFromLinesOfCredit`	$26.05M	USD	2 Qtrs
Proceeds from short-term borrowings	`ProceedsFromLinesOfCredit`	$26.05M	USD	Point-in-time
Repayment of short-term borrowings	`RepaymentsOfLinesOfCredit`	$26.05M	USD	2 Qtrs
Dividend payments	`PaymentsOfDividends`	$8.38M	USD	2 Qtrs
Payments of payroll taxes on stock-based compensation through shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$324.00K	USD	2 Qtrs
Payments of payroll taxes on stock-based compensation through shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$454.00K	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-8.70M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-454.00K	USD	2 Qtrs
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-13.41M	USD	2 Qtrs
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$20.01M	USD	2 Qtrs
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$94.90M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$95.66M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$115.67M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$108.31M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$94.90M	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`	$115.67M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$108.31M	USD	Point-in-time
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$390.00K	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`	$21.51M	USD	2 Qtrs
Interest paid	`InterestPaidNet`	$3.00K	USD	2 Qtrs

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$647.50M	USD	Point-in-time
Balance	`StockholdersEquity`	$732.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$705.48M	USD	Point-in-time
Balance	`StockholdersEquity`	$665.57M	USD	Point-in-time
Balance	`StockholdersEquity`	$682.47M	USD	Point-in-time
Balance	`StockholdersEquity`	$636.33M	USD	Point-in-time
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.09M	USD	2 Qtrs
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.03M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.41M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.79M	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`	$454.00K	USD	2 Qtrs
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$289.00K	USD	1 Quarter
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$242.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$27.48M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$25.40M	USD	1 Quarter
Net income	`NetIncomeLoss`	$17.29M	USD	1 Quarter
Net income	`NetIncomeLoss`	$47.19M	USD	2 Qtrs
Balance	`StockholdersEquity`	$647.50M	USD	Point-in-time
Balance	`StockholdersEquity`	$732.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$705.48M	USD	Point-in-time
Balance	`StockholdersEquity`	$665.57M	USD	Point-in-time
Balance	`StockholdersEquity`	$682.47M	USD	Point-in-time
Balance	`StockholdersEquity`	$636.33M	USD	Point-in-time

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