10-K Filing

PC CONNECTION INC CIK: 1050377 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001558370-23-002947`
Period End Date	20221231
Filing Date	20230306
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	cnxn-20221231x10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 42 Cash Flow Statement 81 Stockholders Equity 30

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Common Stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common Stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$122.93M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$108.31M	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	29.12M	shares	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	29.02M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$607.53M	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	26.35M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$610.28M	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	26.25M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockCommonShares`	2.77M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockCommonShares`	2.77M	shares	Point-in-time
Inventories, net	`InventoryNet`	$206.56M	USD	Point-in-time
Inventories, net	`InventoryNet`	$208.68M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$10.02M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$11.90M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$953.79M	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`	$59.17M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$9.58M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$7.56M	USD	Point-in-time
Goodwill	`Goodwill`	$73.60M	USD	Point-in-time
Goodwill	`Goodwill`	$73.60M	USD	Point-in-time
Intangible, net	`IntangibleAssetsNetExcludingGoodwill`	$4.65M	USD	Point-in-time
Intangible, net	`IntangibleAssetsNetExcludingGoodwill`	$5.87M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$910.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.05M	USD	Point-in-time
Total Assets	`Assets`	$1.10B	USD	Point-in-time
Total Assets	`Assets`	$1.08B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$281.84M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$232.64M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$24.07M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$30.97M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$53.81M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$61.83M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$374.63M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$310.52M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$19.28M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$17.97M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$6.79M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$4.99M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$170.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$211.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$400.91M	USD	Point-in-time
Total Liabilities	`Liabilities`	$333.65M	USD	Point-in-time
Common Stock, $.01 par value, 100,000 shares authorized, 29,123 and 29,025 issued, 26,350 and 26,252 outstanding at December 31, 2022 and 2021, respectively	`CommonStockValue`	$291.00K	USD	Point-in-time
Common Stock, $.01 par value, 100,000 shares authorized, 29,123 and 29,025 issued, 26,350 and 26,252 outstanding at December 31, 2022 and 2021, respectively	`CommonStockValue`	$290.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$122.35M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$125.78M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$686.04M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$605.77M	USD	Point-in-time
Treasury stock at cost, 2,773 and 2,773 shares at December 31, 2022 and 2021, respectively	`TreasuryStockCommonValue`	$45.94M	USD	Point-in-time
Treasury stock at cost, 2,773 and 2,773 shares at December 31, 2022 and 2021, respectively	`TreasuryStockCommonValue`	$45.94M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$636.33M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$766.17M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$597.31M	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 42 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$3.12B	USD	Annual
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.59B	USD	Annual
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.89B	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$2.17B	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$2.60B	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$2.43B	USD	Annual
Gross profit	`GrossProfit`	$464.58M	USD	Annual
Gross profit	`GrossProfit`	$526.18M	USD	Annual
Gross profit	`GrossProfit`	$418.81M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$405.62M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$345.74M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$368.06M	USD	Annual
Restructuring and other charges	`RestructuringAndOtherCharges`	-	USD	Annual
Restructuring and other charges	`RestructuringAndOtherCharges`	$992.00K	USD	Annual
Restructuring and other charges	`RestructuringAndOtherCharges`	-	USD	Annual
Income from operations	`OperatingIncomeLoss`	$120.55M	USD	Annual
Income from operations	`OperatingIncomeLoss`	$72.07M	USD	Annual
Income from operations	`OperatingIncomeLoss`	$96.52M	USD	Annual
Other income, net	`OtherNonoperatingIncomeExpense`	$1.12M	USD	Annual
Other income, net	`OtherNonoperatingIncomeExpense`	$5.00K	USD	Annual
Other income, net	`OtherNonoperatingIncomeExpense`	$1.08M	USD	Annual
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$73.20M	USD	Annual
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$96.52M	USD	Annual
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$121.64M	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	$32.42M	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	$26.62M	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	$17.43M	USD	Annual
Net income	`NetIncomeLoss`	$89.22M	USD	Annual
Net income	`NetIncomeLoss`	$69.91M	USD	Annual
Net income	`NetIncomeLoss`	$55.77M	USD	Annual
Basic	`EarningsPerShareBasic`	$2.67	USD	Annual
Basic	`EarningsPerShareBasic`	$2.13	USD	Annual
Basic	`EarningsPerShareBasic`	$3.40	USD	Annual
Diluted	`EarningsPerShareDiluted`	$2.12	USD	Annual
Diluted	`EarningsPerShareDiluted`	$3.37	USD	Annual
Diluted	`EarningsPerShareDiluted`	$2.65	USD	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.28M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.16M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.20M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.44M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.34M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.36M	shares	Annual

Cash Flow Statement 81 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$89.22M	USD	Annual
Net income	`ProfitLoss`	$55.77M	USD	Annual
Net income	`ProfitLoss`	$69.91M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$11.98M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$12.20M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$13.60M	USD	Annual
Adjustments to credit losses reserve	`ProvisionForDoubtfulAccounts`	$3.32M	USD	Annual
Adjustments to credit losses reserve	`ProvisionForDoubtfulAccounts`	$3.31M	USD	Annual
Adjustments to credit losses reserve	`ProvisionForDoubtfulAccounts`	$3.25M	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$4.23M	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$2.67M	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$5.67M	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefitAdjusted`	$-1.65M	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefitAdjusted`	$-1.31M	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefitAdjusted`	$753.00K	USD	Annual
Gain from life insurance	`GainOnLifeInsurancePolicies`	$1.06M	USD	Annual
Loss (gain) on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-28.00K	USD	Annual
Loss (gain) on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-17.00K	USD	Annual
Loss (gain) on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$36.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$6.00M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$63.65M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.32M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$16.20M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$2.13M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$65.69M	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpenseIncomeTaxReceivablesAndOtherCurrentAssets`	$-622.00K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpenseIncomeTaxReceivablesAndOtherCurrentAssets`	$1.88M	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpenseIncomeTaxReceivablesAndOtherCurrentAssets`	$-1.42M	USD	Annual
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-435.00K	USD	Annual
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$398.00K	USD	Annual
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$145.00K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$32.52M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-49.06M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$14.81M	USD	Annual
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-14.73M	USD	Annual
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$17.73M	USD	Annual
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$10.54M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$34.89M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$57.75M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$36.10M	USD	Annual
Purchases of equipment and capitalized software	`PaymentsToAcquirePropertyPlantEquipmentAndSoftware`	$11.03M	USD	Annual
Purchases of equipment and capitalized software	`PaymentsToAcquirePropertyPlantEquipmentAndSoftware`	$10.30M	USD	Annual
Purchases of equipment and capitalized software	`PaymentsToAcquirePropertyPlantEquipmentAndSoftware`	$9.08M	USD	Annual
Proceeds from sale of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$69.00K	USD	Annual
Proceeds from life insurance	`ProceedsFromLifeInsurancePolicies`	$1.50M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-9.08M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.03M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.73M	USD	Annual
Proceeds from short-term borrowings	`ProceedsFromLinesOfCredit`	$36.46M	USD	Annual
Repayment of short-term borrowings	`RepaymentsOfLinesOfCredit`	$36.46M	USD	Annual
Purchase of treasury shares	`PaymentsForRepurchaseOfCommonStock`	$10.22M	USD	Annual
Dividend payments	`PaymentsOfDividends`	$34.60M	USD	Annual
Dividend payments	`PaymentsOfDividends`	$8.95M	USD	Annual
Dividend payments	`PaymentsOfDividends`	$8.43M	USD	Annual
Issuance of stock under Employee Stock Purchase Plan	`ProceedsFromStockPlans`	$536.00K	USD	Annual
Payments of payroll taxes on stock-based compensation through shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.24M	USD	Annual
Payments of payroll taxes on stock-based compensation through shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.77M	USD	Annual
Payments of payroll taxes on stock-based compensation through shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.36M	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-19.47M	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-11.19M	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-36.37M	USD	Annual
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$14.62M	USD	Annual
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$12.65M	USD	Annual
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$5.59M	USD	Annual
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$90.06M	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`	$122.93M	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`	$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`	$122.93M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$108.31M	USD	Point-in-time
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$334.00K	USD	Annual
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$192.00K	USD	Annual
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$442.00K	USD	Annual
Dividend declarations	`DividendsPayableCurrentAndNoncurrent`	$8.38M	USD	Point-in-time
Life insurance recorded as accounts receivable	`ReceivableForLifeInsuranceProceeds`	$1.50M	USD	Annual
Income taxes paid	`IncomeTaxesPaidNet`	$33.69M	USD	Annual
Income taxes paid	`IncomeTaxesPaidNet`	$21.46M	USD	Annual
Income taxes paid	`IncomeTaxesPaidNet`	$19.44M	USD	Annual
Interest paid	`InterestPaidNet`	$4.00K	USD	Annual

Stockholders Equity 30 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$636.33M	USD	Point-in-time
Balance	`StockholdersEquity`	$766.17M	USD	Point-in-time
Balance	`StockholdersEquity`	$597.31M	USD	Point-in-time
Balance	`StockholdersEquity`	$682.47M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	29.12M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	29.02M	shares	Point-in-time
Balance - Treasury Shares (in shares)	`TreasuryStockCommonShares`	2.77M	shares	Point-in-time
Balance - Treasury Shares (in shares)	`TreasuryStockCommonShares`	2.77M	shares	Point-in-time
Issuance of common stock under Employee Stock Purchase Plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$536.00K	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.67M	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$4.23M	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$5.67M	USD	Annual
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.77M	USD	Annual
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.36M	USD	Annual
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.24M	USD	Annual
Repurchase of common stock for treasury	`TreasuryStockValueAcquiredCostMethod`	$10.22M	USD	Annual
Dividend declaration	`DividendsCommonStockCash`	$26.22M	USD	Annual
Dividend declaration	`DividendsCommonStockCash`	$8.95M	USD	Annual
Dividend declaration	`DividendsCommonStockCash`	$8.38M	USD	Annual
Net income	`NetIncomeLoss`	$89.22M	USD	Annual
Net income	`NetIncomeLoss`	$69.91M	USD	Annual
Net income	`NetIncomeLoss`	$55.77M	USD	Annual
Balance	`StockholdersEquity`	$636.33M	USD	Point-in-time
Balance	`StockholdersEquity`	$766.17M	USD	Point-in-time
Balance	`StockholdersEquity`	$597.31M	USD	Point-in-time
Balance	`StockholdersEquity`	$682.47M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	29.12M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	29.02M	shares	Point-in-time
Balance - Treasury Shares (in shares)	`TreasuryStockCommonShares`	2.77M	shares	Point-in-time
Balance - Treasury Shares (in shares)	`TreasuryStockCommonShares`	2.77M	shares	Point-in-time

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