10-Q Filing

PC CONNECTION INC CIK: 1050377 Q3 2022

Filing Information

Form Type	10-Q
Accession Number	`0001558370-22-016459`
Period End Date	20220930
Filing Date	20221104
Fiscal Year	2022
Fiscal Period	Q3
XBRL Instance	cnxn-20220930x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 57 Income Statement 51 Cash Flow Statement 53 Stockholders Equity 24

Balance Sheet 57 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$116.19M	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`	$646.66M	USD	Point-in-time
Inventories, net	`InventoryNet`	$206.56M	USD	Point-in-time
Inventories, net	`InventoryNet`	$213.32M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$10.02M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$10.10M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$986.26M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$932.41M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$59.91M	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`	$8.49M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$10.22M	USD	Point-in-time
Goodwill	`Goodwill`	$73.60M	USD	Point-in-time
Goodwill	`Goodwill`	$73.60M	USD	Point-in-time
Intangible, net	`IntangibleAssetsNetExcludingGoodwill`	$4.95M	USD	Point-in-time
Intangible, net	`IntangibleAssetsNetExcludingGoodwill`	$5.87M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$905.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$910.00K	USD	Point-in-time
Total Assets	`Assets`	$1.08B	USD	Point-in-time
Total Assets	`Assets`	$1.13B	USD	Point-in-time
Total Assets	`Assets`	$1.01B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$281.84M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$258.60M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$31.48M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$30.97M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$61.83M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$62.85M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$374.63M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$352.92M	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`	$6.79M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$7.35M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$5.62M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$211.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$200.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$400.91M	USD	Point-in-time
Total Liabilities	`Liabilities`	$378.02M	USD	Point-in-time
Common stock	`CommonStockValue`	$291.00K	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`	$125.59M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$605.77M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$676.16M	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`	$636.33M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$756.11M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$732.00M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$682.47M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$686.17M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$665.57M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.13B	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.08B	USD	Point-in-time

Income Statement 51 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$775.69M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.39B	USD	3 Qtrs
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$751.37M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.09B	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$639.07M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$630.67M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.99B	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$1.75B	USD	3 Qtrs
Gross profit	`GrossProfit`	$337.54M	USD	3 Qtrs
Gross profit	`GrossProfit`	$136.63M	USD	1 Quarter
Gross profit	`GrossProfit`	$120.70M	USD	1 Quarter
Gross profit	`GrossProfit`	$401.83M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$305.19M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$272.33M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$93.37M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$104.89M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$27.33M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$31.74M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$65.21M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$96.64M	USD	3 Qtrs
Other income, net	`OtherNonoperatingIncomeExpense`	$308.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$7.00K	USD	3 Qtrs
Other income, net	`OtherNonoperatingIncomeExpense`	$319.00K	USD	3 Qtrs
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$96.96M	USD	3 Qtrs
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$27.33M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$65.22M	USD	3 Qtrs
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$32.05M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$26.57M	USD	3 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$7.28M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$8.84M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$17.70M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$70.40M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$20.05M	USD	1 Quarter
Net income	`NetIncomeLoss`	$47.52M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$23.21M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.88	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$2.68	USD	3 Qtrs
Basic	`EarningsPerShareBasic`	$0.77	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.81	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.76	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$2.66	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.88	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.80	USD	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.27M	shares	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.28M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.19M	shares	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.20M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.45M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.37M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.43M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.36M	shares	3 Qtrs

Cash Flow Statement 53 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$47.52M	USD	3 Qtrs
Net income	`ProfitLoss`	$70.40M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$3.02M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$9.16M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$2.95M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$9.00M	USD	3 Qtrs
Adjustments to credit losses reserve	`ProvisionForDoubtfulAccounts`	$2.66M	USD	3 Qtrs
Adjustments to credit losses reserve	`ProvisionForDoubtfulAccounts`	$1.70M	USD	3 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$4.07M	USD	3 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$3.12M	USD	3 Qtrs
Loss on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-2.00K	USD	3 Qtrs
Loss on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-16.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-22.44M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$41.78M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$6.76M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$34.51M	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$79.00K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$360.00K	USD	3 Qtrs
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-5.00K	USD	3 Qtrs
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-314.00K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-50.00M	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-23.27M	USD	3 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$9.44M	USD	3 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$1.43M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$8.83M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$15.69M	USD	3 Qtrs
Purchases of equipment and capitalized software	`PaymentsToAcquirePropertyPlantEquipmentAndSoftware`	$7.09M	USD	3 Qtrs
Purchases of equipment and capitalized software	`PaymentsToAcquirePropertyPlantEquipmentAndSoftware`	$6.97M	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`	$-6.97M	USD	3 Qtrs
Proceeds from short-term borrowings	`ProceedsFromLinesOfCredit`	$36.46M	USD	3 Qtrs
Repayment of short-term borrowings	`RepaymentsOfLinesOfCredit`	$36.46M	USD	3 Qtrs
Dividend payments	`PaymentsOfDividends`	$8.38M	USD	3 Qtrs
Payments of payroll taxes on stock-based compensation through shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$794.00K	USD	3 Qtrs
Payments of payroll taxes on stock-based compensation through shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$834.00K	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-834.00K	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-9.17M	USD	3 Qtrs
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$7.88M	USD	3 Qtrs
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-5.93M	USD	3 Qtrs
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$89.73M	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`	$108.31M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$116.19M	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
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$108.31M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$116.19M	USD	Point-in-time
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$362.00K	USD	3 Qtrs
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$394.00K	USD	3 Qtrs
Income taxes paid	`IncomeTaxesPaidNet`	$20.60M	USD	3 Qtrs
Income taxes paid	`IncomeTaxesPaidNet`	$30.76M	USD	3 Qtrs
Interest paid	`InterestPaidNet`	$4.00K	USD	3 Qtrs

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$636.33M	USD	Point-in-time
Balance	`StockholdersEquity`	$756.11M	USD	Point-in-time
Balance	`StockholdersEquity`	$732.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$682.47M	USD	Point-in-time
Balance	`StockholdersEquity`	$686.17M	USD	Point-in-time
Balance	`StockholdersEquity`	$665.57M	USD	Point-in-time
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.03M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.12M	USD	3 Qtrs
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$4.07M	USD	3 Qtrs
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.28M	USD	1 Quarter
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$380.00K	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`	$834.00K	USD	3 Qtrs
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$794.00K	USD	3 Qtrs
Net income	`NetIncomeLoss`	$70.40M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$20.05M	USD	1 Quarter
Net income	`NetIncomeLoss`	$47.52M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$23.21M	USD	1 Quarter
Balance	`StockholdersEquity`	$636.33M	USD	Point-in-time
Balance	`StockholdersEquity`	$756.11M	USD	Point-in-time
Balance	`StockholdersEquity`	$732.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$682.47M	USD	Point-in-time
Balance	`StockholdersEquity`	$686.17M	USD	Point-in-time
Balance	`StockholdersEquity`	$665.57M	USD	Point-in-time

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