10-Q Filing

PC CONNECTION INC CIK: 1050377 Q2 2023

Filing Information

Form Type	10-Q
Accession Number	`0001558370-23-012938`
Period End Date	20230630
Filing Date	20230802
Fiscal Year	2023
Fiscal Period	Q2
XBRL Instance	cnxn-20230630x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 54 Cash Flow Statement 58 Stockholders Equity 34

Balance Sheet 58 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$122.93M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$243.98M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$610.28M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$592.66M	USD	Point-in-time
Inventories, net	`InventoryNet`	$208.68M	USD	Point-in-time
Inventories, net	`InventoryNet`	$159.73M	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$9.02M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$16.54M	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`	$1.02B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$58.01M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$59.17M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$5.78M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$8.27M	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`	$4.04M	USD	Point-in-time
Intangible, net	`IntangibleAssetsNetExcludingGoodwill`	$4.65M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$915.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.05M	USD	Point-in-time
Total Assets	`Assets`	$1.16B	USD	Point-in-time
Total Assets	`Assets`	$1.10B	USD	Point-in-time
Total Assets	`Assets`	$1.12B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$232.64M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$277.24M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$24.07M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$20.26M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$53.81M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$49.81M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$310.52M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$347.31M	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`	$5.24M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$4.20M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$4.99M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$684.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$170.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$370.15M	USD	Point-in-time
Total Liabilities	`Liabilities`	$333.65M	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`	$129.49M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$125.78M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$715.73M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$686.04M	USD	Point-in-time
Treasury stock, at cost	`TreasuryStockCommonValue`	$51.38M	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 Stockholders' Equity	`StockholdersEquity`	$732.00M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$794.12M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.10B	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.16B	USD	Point-in-time

Income Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.46B	USD	2 Qtrs
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.62B	USD	2 Qtrs
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$733.55M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$828.51M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$605.77M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.21B	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$1.35B	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$691.61M	USD	1 Quarter
Gross profit	`GrossProfit`	$250.07M	USD	2 Qtrs
Gross profit	`GrossProfit`	$136.90M	USD	1 Quarter
Gross profit	`GrossProfit`	$127.78M	USD	1 Quarter
Gross profit	`GrossProfit`	$265.21M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$100.96M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$102.13M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$204.24M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$200.30M	USD	2 Qtrs
Restructuring and other charges	`RestructuringAndOtherCharges`	$2.64M	USD	2 Qtrs
Restructuring and other charges	`RestructuringAndOtherCharges`	$1.75M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$34.77M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$43.19M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$25.07M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$64.91M	USD	2 Qtrs
Other income, net	`OtherNonoperatingIncomeExpense`	$11.00K	USD	2 Qtrs
Other income, net	`OtherNonoperatingIncomeExpense`	$1.87M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$15.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$3.16M	USD	2 Qtrs
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$46.35M	USD	2 Qtrs
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$26.95M	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`	$9.39M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$12.45M	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$7.25M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$17.73M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$19.70M	USD	1 Quarter
Net income	`NetIncomeLoss`	$25.40M	USD	1 Quarter
Net income	`NetIncomeLoss`	$33.90M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$47.19M	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$1.29	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.75	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.80	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.97	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.28	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.96	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.79	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.75	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.26M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.26M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.29M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.27M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.43M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.36M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.42M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.40M	shares	2 Qtrs

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$33.90M	USD	2 Qtrs
Net income	`ProfitLoss`	$47.19M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$3.09M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$6.17M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$2.99M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$5.98M	USD	2 Qtrs
Adjustments to credit losses reserve	`ProvisionForDoubtfulAccounts`	$1.64M	USD	2 Qtrs
Adjustments to credit losses reserve	`ProvisionForDoubtfulAccounts`	$1.25M	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$2.79M	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$3.64M	USD	2 Qtrs
Loss on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-475.00K	USD	2 Qtrs
Loss on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-13.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$38.06M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-16.37M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-48.95M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$16.60M	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$13.65M	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.35M	USD	2 Qtrs
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-27.00K	USD	2 Qtrs
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-140.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-3.44M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$44.58M	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-4.57M	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-6.36M	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.39M	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$135.44M	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.57M	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.86M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.57M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.86M	USD	2 Qtrs
Proceeds from short-term borrowings	`ProceedsFromLinesOfCredit`	$26.05M	USD	2 Qtrs
Proceeds from short-term borrowings	`ProceedsFromLinesOfCredit`	$67.89M	USD	2 Qtrs
Repayment of short-term borrowings	`RepaymentsOfLinesOfCredit`	$67.89M	USD	2 Qtrs
Repayment of short-term borrowings	`RepaymentsOfLinesOfCredit`	$26.05M	USD	2 Qtrs
Purchase of common stock for treasury shares	`PaymentsForRepurchaseOfCommonStock`	$5.39M	USD	2 Qtrs
Dividend payments	`PaymentsOfDividends`	$4.21M	USD	2 Qtrs
Issuance of stock under Employee Stock Purchase Plan	`AdjustmentsToEmployeeStockPurchasePlan`	$537.00K	USD	2 Qtrs
Payments of payroll taxes on stock-based compensation through shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$471.00K	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`	$-9.53M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-454.00K	USD	2 Qtrs
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$121.05M	USD	2 Qtrs
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-13.41M	USD	2 Qtrs
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$108.31M	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`	$94.90M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$243.98M	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`	$122.93M	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`	$243.98M	USD	Point-in-time
Accrued purchases of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$390.00K	USD	2 Qtrs
Accrued purchases of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$205.00K	USD	2 Qtrs
Accrued excise tax on treasury purchases	`AccruedExciseTaxOnTreasuryPurchases`	$54.00K	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaidNet`	$27.41M	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaidNet`	$21.51M	USD	2 Qtrs
Interest paid	`InterestPaidNet`	$3.00K	USD	2 Qtrs
Interest paid	`InterestPaidNet`	$18.00K	USD	2 Qtrs

Stockholders Equity 34 line items

Line Item	Tag	Value	Unit	Period
Dividend declaration	`CommonStockDividendsPerShareDeclared`	$0.08	USD	2 Qtrs
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
Balance	`StockholdersEquity`	$732.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$794.12M	USD	Point-in-time
Issuance of common stock under Employee Stock Purchase Plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$537.00K	USD	2 Qtrs
Issuance of common stock under Employee Stock Purchase Plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$537.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.64M	USD	2 Qtrs
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.78M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.79M	USD	2 Qtrs
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.41M	USD	1 Quarter
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`	$258.00K	USD	1 Quarter
Shares withheld for taxes paid on stock awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$471.00K	USD	2 Qtrs
Repurchase of common stock for treasury	`TreasuryStockValueAcquiredCostMethod`	$1.97M	USD	1 Quarter
Repurchase of common stock for treasury	`TreasuryStockValueAcquiredCostMethod`	$5.39M	USD	2 Qtrs
Excise tax on stock repurchases	`TreasuryStockExciseTaxOnStockRepurchases`	$54.00K	USD	2 Qtrs
Excise tax on stock repurchases	`TreasuryStockExciseTaxOnStockRepurchases`	$54.00K	USD	1 Quarter
Dividend declaration	`DividendsCommonStockCash`	$4.21M	USD	2 Qtrs
Dividend declaration	`DividendsCommonStockCash`	$2.10M	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$19.70M	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$25.40M	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$33.90M	USD	2 Qtrs
Net Income (Loss)	`NetIncomeLoss`	$47.19M	USD	2 Qtrs
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
Balance	`StockholdersEquity`	$732.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$794.12M	USD	Point-in-time

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