10-Q Filing

PC CONNECTION INC CIK: 1050377 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001558370-23-008133`
Period End Date	20230331
Filing Date	20230504
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	cnxn-20230331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 55 Income Statement 27 Cash Flow Statement 53 Stockholders Equity 17

Balance Sheet 55 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$122.93M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$134.81M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$610.28M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$621.84M	USD	Point-in-time
Inventories, net	`InventoryNet`	$199.32M	USD	Point-in-time
Inventories, net	`InventoryNet`	$208.68M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$18.14M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$11.90M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$974.12M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$953.79M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$59.17M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$58.37M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$9.20M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$7.56M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$6.61M	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`	$4.34M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.01M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.05M	USD	Point-in-time
Total Assets	`Assets`	$1.12B	USD	Point-in-time
Total Assets	`Assets`	$1.10B	USD	Point-in-time
Total Assets	`Assets`	$1.10B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$239.06M	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`	$24.30M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$53.81M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$54.95M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$318.31M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$310.52M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$17.97M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$17.97M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$6.08M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$4.62M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$4.99M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$672.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$170.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$333.65M	USD	Point-in-time
Total Liabilities	`Liabilities`	$341.57M	USD	Point-in-time
Common stock	`CommonStockValue`	$291.00K	USD	Point-in-time
Common stock	`CommonStockValue`	$291.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$125.78M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$127.42M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$686.04M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$698.13M	USD	Point-in-time
Treasury stock, at cost	`TreasuryStockCommonValue`	$49.36M	USD	Point-in-time
Treasury stock, at cost	`TreasuryStockCommonValue`	$45.94M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$705.48M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$682.47M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$766.17M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$776.48M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.12B	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.10B	USD	Point-in-time

Income Statement 27 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$788.34M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$727.54M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$660.04M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$605.25M	USD	1 Quarter
Gross profit	`GrossProfit`	$128.31M	USD	1 Quarter
Gross profit	`GrossProfit`	$122.30M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$98.17M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$103.28M	USD	1 Quarter
Restructuring and other charges	`RestructuringAndOtherCharges`	$897.00K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$18.12M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$30.13M	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$1.29M	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-3.00K	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$30.13M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$19.40M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$5.21M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$8.34M	USD	1 Quarter
Net income	`NetIncomeLoss`	$21.79M	USD	1 Quarter
Net income	`NetIncomeLoss`	$14.20M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.83	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.54	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.83	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.54	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.32M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.25M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.44M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.41M	shares	1 Quarter

Cash Flow Statement 53 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$21.79M	USD	1 Quarter
Net income	`ProfitLoss`	$14.20M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.99M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$3.07M	USD	1 Quarter
Adjustments to credit losses reserve	`ProvisionForDoubtfulAccounts`	$-99.00K	USD	1 Quarter
Adjustments to credit losses reserve	`ProvisionForDoubtfulAccounts`	$567.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$1.85M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$1.38M	USD	1 Quarter
Loss on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-474.00K	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`	$11.46M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$28.05M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-9.37M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$4.57M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$6.25M	USD	1 Quarter
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-32.00K	USD	1 Quarter
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-42.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$5.86M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-10.49M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$2.45M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$5.23M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-38.28M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$19.50M	USD	1 Quarter
Purchases of equipment and capitalized software	`PaymentsToAcquirePropertyPlantEquipmentAndSoftware`	$2.45M	USD	1 Quarter
Purchases of equipment and capitalized software	`PaymentsToAcquirePropertyPlantEquipmentAndSoftware`	$1.88M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.88M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.45M	USD	1 Quarter
Proceeds from short-term borrowings	`ProceedsFromLinesOfCredit`	$59.31M	USD	1 Quarter
Proceeds from short-term borrowings	`ProceedsFromLinesOfCredit`	$1.39M	USD	1 Quarter
Repayment of short-term borrowings	`RepaymentsOfLinesOfCredit`	$1.39M	USD	1 Quarter
Repayment of short-term borrowings	`RepaymentsOfLinesOfCredit`	$59.31M	USD	1 Quarter
Purchase of common stock for treasury shares	`PaymentsForRepurchaseOfCommonStock`	$3.42M	USD	1 Quarter
Dividend payments	`PaymentsOfDividends`	$2.11M	USD	1 Quarter
Payments of payroll taxes on stock-based compensation through shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$213.00K	USD	1 Quarter
Payments of payroll taxes on stock-based compensation through shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$165.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-5.74M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-165.00K	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$11.88M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-40.90M	USD	1 Quarter
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$67.41M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$134.81M	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`	$67.41M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$134.81M	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`	$266.00K	USD	1 Quarter
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$753.00K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	$7.28M	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	$287.00K	USD	1 Quarter
Interest paid	`InterestPaidNet`	$17.00K	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Dividend declaration	`CommonStockDividendsPerShareDeclared`	$0.08	USD	1 Quarter
Balance	`StockholdersEquity`	$705.48M	USD	Point-in-time
Balance	`StockholdersEquity`	$682.47M	USD	Point-in-time
Balance	`StockholdersEquity`	$766.17M	USD	Point-in-time
Balance	`StockholdersEquity`	$776.48M	USD	Point-in-time
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.38M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.85M	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`	$213.00K	USD	1 Quarter
Repurchase of common stock for treasury	`TreasuryStockValueAcquiredCostMethod`	$3.42M	USD	1 Quarter
Dividend declaration	`DividendsCommonStockCash`	$2.11M	USD	1 Quarter
Net income	`NetIncomeLoss`	$21.79M	USD	1 Quarter
Net income	`NetIncomeLoss`	$14.20M	USD	1 Quarter
Balance	`StockholdersEquity`	$705.48M	USD	Point-in-time
Balance	`StockholdersEquity`	$682.47M	USD	Point-in-time
Balance	`StockholdersEquity`	$766.17M	USD	Point-in-time
Balance	`StockholdersEquity`	$776.48M	USD	Point-in-time

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