PC Connection (CNXN) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Entity File Number	0-23827
Entity Registrant Name	PC CONNECTION, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	02-0513618
Entity Address, Address Line One	730 Milford Road
Entity Address, City or Town	Merrimack
Entity Address, State or Province	NH
Entity Address, Postal Zip Code	03054
City Area Code	603
Local Phone Number	683-2000
Title of 12(b) Security	Common Stock
Trading Symbol	CNXN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,191,723
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001050377
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 115,665	$ 95,655
Accounts receivable, net	581,656	611,021
Inventories, net	167,079	140,867
Prepaid expenses and other current assets	13,588	11,437
Total current assets	877,988	858,980
Property and equipment, net	61,002	61,537
Right-of-use assets	11,174	12,821
Goodwill	73,602	73,602
Intangible assets, net	6,478	7,088
Other assets	1,028	1,345
Total Assets	1,031,272	1,015,373
Current Liabilities:
Accounts payable	258,163	266,846
Accrued payroll	26,119	17,828
Accrued expenses and other liabilities	46,212	57,586
Total current liabilities	330,494	342,260
Deferred income taxes	18,525	18,525
Noncurrent operating lease liabilities	8,124	9,631
Other liabilities	8,558	8,630
Total Liabilities	365,701	379,046
Stockholders' Equity:
Common stock	289	289
Additional paid-in capital	121,659	119,891
Retained earnings	589,560	562,084
Treasury stock, at cost	(45,937)	(45,937)
Total Stockholders' Equity	665,571	636,327
Total Liabilities and Stockholders' Equity	$ 1,031,272	$ 1,015,373

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Consolidated Statements of Income
Net sales	$ 704,161	$ 550,002	$ 1,341,053	$ 1,261,852
Cost of sales	587,834	461,002	1,124,206	1,059,734
Gross profit	116,327	89,000	216,847	202,118
Selling, general and administrative expenses	92,563	77,420	178,963	169,887
Restructuring and other charges		992		992
Income from operations	23,764	10,588	37,884	31,239
Other income, net	14	5	7	96
Income before taxes	23,778	10,593	37,891	31,335
Income tax provision	(6,486)	(2,950)	(10,415)	(8,796)
Net income	$ 17,292	$ 7,643	$ 27,476	$ 22,539
Earnings per common share:
Basic	$ 0.66	$ 0.29	$ 1.05	$ 0.86
Diluted	$ 0.66	$ 0.29	$ 1.04	$ 0.86
Shares used in computation of earnings per common share:
Basic	26,187	26,107	26,180	26,172
Diluted	26,359	26,279	26,361	26,350

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Total
Balance at Dec. 31, 2019	$ 288	$ 118,045	$ 514,694	$ (35,715)	$ 597,312
Balance (in shares) at Dec. 31, 2019	28,870			(2,526)
Issuance of common stock under Employee Stock Purchase Plan		536			536
Issuance of common stock under Employee Stock Purchase Plan (in shares)	12
Stock-based compensation expense		1,248			1,248
Restricted stock units vested	$ 1				1
Restricted stock units vested (in shares)	10
Shares withheld for taxes paid on stock awards		(201)			(201)
Repurchase of common stock for treasury				$ (10,222)	(10,222)
Repurchase of common stock for treasury (in shares)				(247)
Net income			22,539		22,539
Balance at Jun. 30, 2020	$ 289	119,628	537,233	$ (45,937)	611,213
Balance (in shares) at Jun. 30, 2020	28,892			(2,773)
Balance at Mar. 31, 2020	$ 289	118,620	529,590	$ (45,937)	602,562
Balance (in shares) at Mar. 31, 2020	28,874			(2,773)
Issuance of common stock under Employee Stock Purchase Plan		536			536
Issuance of common stock under Employee Stock Purchase Plan (in shares)	12
Stock-based compensation expense		624			624
Restricted stock units vested (in shares)	6
Shares withheld for taxes paid on stock awards		(152)			(152)
Net income			7,643		7,643
Balance at Jun. 30, 2020	$ 289	119,628	537,233	$ (45,937)	611,213
Balance (in shares) at Jun. 30, 2020	28,892			(2,773)
Balance at Dec. 31, 2020	$ 289	119,891	562,084	$ (45,937)	636,327
Balance (in shares) at Dec. 31, 2020	28,943			(2,773)
Stock-based compensation expense		2,092			2,092
Restricted stock units vested (in shares)	17
Shares withheld for taxes paid on stock awards		(324)			(324)
Net income			27,476		27,476
Balance at Jun. 30, 2021	$ 289	121,659	589,560	$ (45,937)	665,571
Balance (in shares) at Jun. 30, 2021	28,960			(2,773)
Balance at Mar. 31, 2021	$ 289	120,875	572,268	$ (45,937)	647,495
Balance (in shares) at Mar. 31, 2021	28,948			(2,773)
Stock-based compensation expense		1,026			1,026
Restricted stock units vested (in shares)	12
Shares withheld for taxes paid on stock awards		(242)			(242)
Net income			17,292		17,292
Balance at Jun. 30, 2021	$ 289	$ 121,659	$ 589,560	$ (45,937)	$ 665,571
Balance (in shares) at Jun. 30, 2021	28,960			(2,773)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows provided by Operating Activities:
Net income	$ 27,476	$ 22,539
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	6,218	6,502
Provision for credit losses	1,059	3,627
Stock-based compensation expense	2,092	1,248
Loss on disposal of fixed assets		13
Changes in assets and liabilities:
Accounts receivable	26,806	99,283
Inventories	(26,212)	(40,966)
Prepaid expenses and other current assets	(2,151)	(1,391)
Other non-current assets	317	(180)
Accounts payable	(9,134)	12,500
Accrued expenses and other liabilities	5,349	(764)
Net cash provided by operating activities	31,820	102,411
Cash Flows used in Investing Activities:
Purchases of equipment and capitalized software	(4,611)	(8,214)
Proceeds from life insurance	1,500
Net cash used in investing activities	(3,111)	(8,214)
Cash Flows used in Financing Activities:
Purchase of treasury shares		(10,222)
Dividend payments	(8,375)	(8,427)
Issuance of stock under Employee Stock Purchase Plan		536
Payments of payroll taxes on stock-based compensation through shares withheld	(324)	(201)
Net cash used in financing activities	(8,699)	(18,314)
Increase in cash and cash equivalents	20,010	75,883
Cash and cash equivalents, beginning of period	95,655	90,060
Cash and cash equivalents, end of period	115,665	165,943
Non-cash Investing and Financing Activities:
Accrued capital expenditures	609	327
Supplemental Cash Flow Information:
Income taxes paid	$ 13,141	$ 1,082

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2021
Basis of Presentation
Basis of Presentation	Note 1–Basis of Presentation ​ The accompanying unaudited condensed consolidated financial statements of PC Connection, Inc. and its subsidiaries (the “Company”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission regarding interim financial reporting and in accordance with accounting principles generally accepted in the United States of America. Such principles were applied on a basis consistent with the accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (the “SEC”). The accompanying condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K. ​ In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the results of operations for the interim periods reported and of the Company’s financial condition as of the date of the interim balance sheet. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through the date of issuance of these financial statements. The operating results for the three and six months ended June 30, 2021 may not be indicative of the results expected for any succeeding quarter or the entire year ending December 31, 2021. ​ Use of Estimates in the Preparation of Financial Statements ​ The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts and disclosures of assets and liabilities and the reported amounts and disclosures of revenue and expenses during the period. Management bases its estimates and judgments on the information available at the time and various other assumptions believed to be reasonable under the circumstances. By nature, estimates are subject to an inherent degree of uncertainty, including uncertainty in the current economic environment due to the coronavirus pandemic (“COVID-19 pandemic”). Actual results could differ from those estimates and assumptions, including the impact of the COVID-19 pandemic. ​ Recently Issued Financial Accounting Standards ​ In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

REVENUE

REVENUE	6 Months Ended
	Jun. 30, 2021
Revenue
Revenue	Note 2–Revenue ​ The Company disaggregates revenue from its arrangements with customers by type of products and services, as it believes this method best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. ​ The following tables represent a disaggregation of revenue from arrangements with customers for the three months ended June 30, 2021 and 2020, along with the reportable segment for each category. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2021 ​ Business Enterprise Public Sector Total Notebooks/Mobility ​ $ 97,401 ​ $ 94,472 ​ $ 62,501 ​ $ 254,374 Desktops ​ ​ 20,607 ​ ​ 38,916 ​ ​ 8,527 ​ ​ 68,050 Software ​ ​ 33,102 ​ ​ 26,162 ​ ​ 11,858 ​ ​ 71,122 Servers/Storage ​ ​ 21,086 ​ ​ 27,106 ​ ​ 7,635 ​ ​ 55,827 Net/Com Products ​ ​ 22,360 ​ ​ 20,691 ​ ​ 7,211 ​ ​ 50,262 Displays and Sound ​ 25,825 ​ 29,343 ​ 12,743 ​ 67,911 Accessories ​ 27,480 ​ 44,311 ​ 9,109 ​ 80,900 Other Hardware/Services ​ 19,397 ​ 26,160 ​ 10,158 ​ 55,715 Total net sales ​ $ 267,258 ​ $ 307,161 ​ $ 129,742 ​ $ 704,161 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2020 ​ Business Enterprise Public Sector Total Notebooks/Mobility ​ $ 62,652 ​ $ 79,730 ​ $ 50,308 ​ $ 192,690 Desktops ​ ​ 14,500 ​ ​ 27,014 ​ ​ 9,107 ​ ​ 50,621 Software ​ ​ 24,251 ​ ​ 24,876 ​ ​ 8,347 ​ ​ 57,474 Servers/Storage ​ ​ 23,646 ​ 22,976 ​ 8,020 ​ ​ 54,642 Net/Com Products ​ ​ 14,764 ​ ​ 19,285 ​ ​ 7,444 ​ ​ 41,493 Displays and Sound ​ 19,231 ​ 18,524 ​ 9,686 ​ 47,441 Accessories ​ 19,486 ​ 32,673 ​ 12,622 ​ 64,781 Other Hardware/Services ​ 12,559 ​ ​ 21,681 ​ ​ 6,620 ​ 40,860 Total net sales ​ $ 191,089 ​ $ 246,759 ​ $ 112,154 ​ $ 550,002 ​ ​ The following table represents a disaggregation of revenue from arrangements with customers for the six months ended June 30, 2021 and 2020, along with the reportable segment for each category. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2021 ​ Business Enterprise Public Sector Total Notebooks/Mobility ​ $ 191,836 ​ $ 176,663 ​ $ 119,475 ​ $ 487,974 ​ Desktops ​ ​ 41,766 ​ ​ 69,267 ​ ​ 16,377 ​ ​ 127,410 ​ Software ​ ​ 60,264 ​ ​ 48,667 ​ ​ 19,067 ​ ​ 127,998 ​ Servers/Storage ​ ​ 41,659 ​ ​ 44,262 ​ ​ 14,282 ​ ​ 100,203 ​ Net/Com Products ​ 40,764 ​ ​ 40,517 ​ ​ 17,572 ​ 98,853 ​ Displays and Sound ​ ​ 45,599 ​ 52,748 ​ 26,736 ​ ​ 125,083 ​ Accessories ​ 53,327 ​ 88,187 ​ 19,930 ​ 161,444 ​ Other Hardware/Services ​ 38,377 ​ 52,135 ​ 21,576 ​ 112,088 ​ Total net sales ​ $ 513,592 ​ $ 572,446 ​ $ 255,015 ​ $ 1,341,053 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2020 ​ ​ Business Enterprise Public Sector Total ​ Notebooks/Mobility ​ $ 154,265 ​ $ 159,046 ​ $ 79,274 ​ $ 392,585 ​ Desktops ​ ​ 47,794 ​ ​ 61,223 ​ ​ 19,579 ​ ​ 128,596 ​ Software ​ ​ 60,649 ​ ​ 51,058 ​ ​ 15,642 ​ ​ 127,349 ​ Servers/Storage ​ 49,476 ​ 39,210 ​ 19,766 ​ 108,452 ​ Net/Com Products ​ 35,776 ​ ​ 44,231 ​ ​ 17,254 ​ 97,261 ​ Displays and Sound ​ ​ 43,177 ​ 42,092 ​ 21,129 ​ ​ 106,398 ​ Accessories ​ ​ 47,507 ​ 123,647 ​ 21,431 ​ ​ 192,585 ​ Other Hardware/Services ​ 31,230 ​ ​ 59,670 ​ ​ 17,726 ​ 108,626 ​ Total net sales ​ $ 469,874 ​ $ 580,177 ​ $ 211,801 ​ $ 1,261,852 ​ ​ Contract Balances ​ The following table provides information about contract liabilities from arrangements with customers as of June 30, 2021 and December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Contract liabilities, which are included in "Accrued expenses and other liabilities" ​ $ 4,912 ​ $ 3,509 ​ Changes in the contract liability balances during the six months ended June 30, 2021 and 2020 are as follows (in thousands): ​ ​ ​ ​ ​ 2021 Balances at December 31, 2020 ​ $ 3,509 Cash received in advance and not recognized as revenue ​ 6,969 Amounts recognized as revenue as performance obligations satisfied ​ (5,566) Balances at June 30, 2021 ​ $ 4,912 ​ ​ ​ ​ ​ ​ 2020 Balances at December 31, 2019 ​ $ 5,942 Cash received in advance and not recognized as revenue ​ 6,297 Amounts recognized as revenue as performance obligations satisfied ​ (10,049) Balances at June 30, 2020 ​ $ 2,190 ​

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2021
Earnings Per Share
Earnings Per Share	Note 3–Earnings Per Share ​ Basic earnings per common share is computed using the weighted average number of shares outstanding. Diluted earnings per share is computed using the weighted average number of shares outstanding adjusted for the incremental shares attributable to non-vested stock units and stock options outstanding, if dilutive. ​ The following table sets forth the computation of basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2021 2020 2021 2020 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 17,292 ​ $ 7,643 ​ $ 27,476 ​ $ 22,539 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic earnings per share ​ 26,187 ​ 26,107 ​ 26,180 ​ 26,172 ​ Dilutive effect of employee stock awards ​ 172 ​ 172 ​ 181 ​ 178 ​ Denominator for diluted earnings per share ​ 26,359 ​ 26,279 ​ 26,361 ​ 26,350 ​ Earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.66 ​ $ 0.29 ​ $ 1.05 ​ $ 0.86 ​ Diluted ​ $ 0.66 ​ $ 0.29 ​ $ 1.04 ​ $ 0.86 ​ ​ For the three and six months ended June 30, 2021 and 2020, the Company had no outstanding non-vested stock units that were excluded from the computation of diluted earnings per share because including them would have had an anti-dilutive effect.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2021
Leases
Leases	Note 4—Leases ​ The Company leases certain facilities from a related party, which is a company affiliated with us through common ownership. Included in the right-of-use asset (“ROU asset”) as of June 30, 2021 was $2,894 and a corresponding lease liability of $2,894 associated with related party leases. ​ As of June 30, 2021, there were no additional operating leases that have not yet commenced. Refer to the following table for quantitative information related to the Company’s leases for the three and six months ended June 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, 2021 Six months ended June 30, 2021 ​ Related Parties ​ Others ​ Total Related Parties ​ Others ​ Total Lease Cost ​ ​ ​ ​ ​ Capitalized operating lease cost $ 313 ​ $ 775 ​ $ 1,088 ​ $ 627 ​ $ 1,552 ​ $ 2,179 Short-term lease cost 107 ​ 21 ​ 128 ​ 213 ​ 42 ​ 255 Total lease cost $ 420 ​ $ 796 ​ $ 1,216 ​ $ 840 ​ $ 1,594 ​ $ 2,434 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Information ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities and capitalized operating leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows $ 313 ​ $ 830 ​ $ 1,143 ​ $ 627 ​ $ 1,599 ​ $ 2,226 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term (in years): ​ ​ ​ ​ ​ Capitalized operating leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2.42 ​ ​ 4.90 ​ ​ 4.30 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average discount rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized operating leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3.92% ​ ​ 3.92% ​ ​ 3.92% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, 2020 Six months ended June 30, 2020 ​ Related Parties ​ Others ​ Total Related Parties ​ Others ​ Total Lease Cost ​ ​ ​ ​ ​ Capitalized operating lease cost $ 379 ​ $ 798 ​ $ 1,177 ​ $ 758 ​ $ 1,581 ​ $ 2,339 Short-term lease cost 41 ​ 2 ​ 43 ​ 82 ​ 4 ​ 86 Total lease cost $ 420 ​ $ 800 ​ $ 1,220 ​ $ 840 ​ $ 1,585 ​ $ 2,425 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Information ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities and capitalized operating leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows $ 379 ​ $ 827 ​ $ 1,206 ​ $ 758 ​ $ 1,608 ​ $ 2,366 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term (in years): ​ ​ ​ ​ ​ Capitalized operating leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3.42 ​ ​ 6.05 ​ ​ 5.37 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average discount rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized operating leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3.92% ​ ​ 3.92% ​ ​ 3.92% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ Related Parties ​ Others ​ Total 2021, excluding the six months ended June 30, 2021 ​ $ 627 ​ $ 1,581 ​ $ 2,208 2022 ​ 1,253 ​ 2,268 ​ 3,521 2023 ​ 1,149 ​ 1,727 ​ 2,876 2024 ​ — ​ 1,699 ​ 1,699 2025 ​ ​ — ​ ​ 1,594 ​ ​ 1,594 Thereafter ​ ​ — ​ ​ 888 ​ ​ 888 ​ ​ $ 3,029 ​ $ 9,757 ​ $ 12,786 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Imputed interest ​ ​ ​ ​ ​ ​ ​ ​ (920) Lease liability balance at June 30, 2021 ​ ​ ​ ​ ​ ​ ​ $ 11,866 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021, the ROU asset had a balance of $11,174. The long-term lease liability was $8,124 and the short-term lease liability, which is included in accrued expenses and other liabilities in the consolidated balance sheets, was $3,742. As of June 30, 2020, the ROU asset had a balance of $14,755. The long-term lease liability was $11,566 and the short-term lease liability, which is included in accrued expenses and other liabilities in the consolidated balance sheets, was $3,999.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2021
Segment and Related Disclosures
Segment and Related Disclosures	Note 5–Segment Information ​ The internal reporting structure used by the Company’s chief operating decision maker (“CODM”) to assess performance and allocate resources determines the basis for our reportable operating segments. The Company’s CODM is its Chief Executive Officer, and he evaluates operations and allocates resources based on a measure of operating income. ​ The Company’s operations are organized under three reportable segments—the Business Solutions segment, which serves primarily small- and medium-sized businesses; the Enterprise Solutions segment, which serves primarily medium-to-large corporations; and the Public Sector Solutions segment, which serves primarily federal, state, and local governmental and educational institutions. In addition, the Headquarters/Other group provides services in areas such as finance, human resources, information technology, marketing, and product management. Most of the operating costs associated with the Headquarters/Other group functions are charged to the operating segments based on their estimated usage of the underlying functions. The Company reports these charges to the operating segments as “Allocations.” Certain headquarters costs relating to executive oversight and other fiduciary functions that are not allocated to the operating segments are included under the heading of Headquarters/Other in the tables below. ​ Segment information applicable to our reportable operating segments for the three and six months ended June 30, 2021 and 2020 is shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ June 30, ​ June 30, ​ ​ 2021 2020 2021 2020 Net sales: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Business Solutions ​ $ 267,258 ​ $ 191,089 ​ $ 513,592 ​ $ 469,874 ​ Enterprise Solutions ​ 307,161 ​ 246,759 ​ 572,446 ​ 580,177 ​ Public Sector Solutions ​ 129,742 ​ 112,154 ​ 255,015 ​ 211,801 ​ Total net sales ​ $ 704,161 ​ $ 550,002 ​ $ 1,341,053 ​ $ 1,261,852 ​ Operating income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Business Solutions ​ $ 8,365 ​ $ 1,452 ​ $ 16,785 ​ $ 12,752 ​ Enterprise Solutions ​ 20,509 ​ 13,667 ​ 33,052 ​ 30,390 ​ Public Sector Solutions ​ (2,116) ​ (1,807) ​ (4,869) ​ (5,130) ​ Headquarters/Other ​ (2,994) ​ (2,724) ​ (7,084) ​ (6,773) ​ Total operating income ​ 23,764 ​ 10,588 ​ 37,884 ​ 31,239 ​ Other (expenses) income, net ​ 14 ​ 5 ​ 7 ​ 96 ​ Income before taxes ​ $ 23,778 ​ $ 10,593 ​ $ 37,891 ​ $ 31,335 ​ Selected operating expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Business Solutions ​ $ 159 ​ $ 159 ​ $ 318 ​ $ 318 ​ Enterprise Solutions ​ 612 ​ 679 ​ 1,328 ​ 1,361 ​ Public Sector Solutions ​ 10 ​ 15 ​ 24 ​ 30 ​ Headquarters/Other ​ 2,272 ​ 2,502 ​ 4,548 ​ 4,793 ​ Total depreciation and amortization ​ $ 3,053 ​ $ 3,355 ​ $ 6,218 ​ $ 6,502 ​ Total assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Business Solutions ​ ​ ​ ​ ​ ​ ​ $ 370,608 ​ $ 326,748 ​ Enterprise Solutions ​ ​ ​ ​ ​ ​ ​ 603,960 ​ 538,994 ​ Public Sector Solutions ​ ​ ​ ​ ​ ​ ​ 84,301 ​ 73,885 ​ Headquarters/Other ​ ​ ​ ​ ​ ​ ​ (27,597) ​ 14,713 ​ Total assets ​ ​ ​ ​ ​ ​ ​ $ 1,031,272 ​ $ 954,340 ​ ​ The assets of our three operating segments presented above consist primarily of accounts receivable, net intercompany receivable, goodwill, and other intangibles. Assets reported under the Headquarters/Other group are managed by corporate headquarters, including cash, inventory, property and equipment, right-of-use assets, and intercompany balance, net. As of June 30, 2021 and 2020, total assets for the Headquarters/Other group are presented net of intercompany balance eliminations of $37,457 and $29,100 , respectively. Our capital expenditures consist largely of IT hardware and software purchased to maintain or upgrade our management information systems. These information systems serve all of our segments, to varying degrees, and accordingly, our CODM does not evaluate capital expenditures on a segment-by-segment basis.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies
Commitments and Contingencies	Note 6–Commitments and Contingencies ​ The Company is subject to various legal proceedings and claims, including patent infringement claims, which have arisen during the ordinary course of business. In the opinion of management, the outcome of such matters is not expected to have a material, adverse effect on our financial position, results of operations, and/or cash flows. ​ The Company is subject to audits by states on sales and income taxes, employment matters, and other assessments. Additional liabilities for these and other audits could be assessed, but such outcomes are not expected to have a material, adverse impact on our financial position, results of operations, and/or cash flows.

BANK BORROWINGS

BANK BORROWINGS	6 Months Ended
	Jun. 30, 2021
Bank Borrowings
Bank Borrowings	Note 7–Bank Borrowings ​ The Company has a $50,000 credit facility collateralized by our account receivables that expires February 10, 2022 . This facility can be increased, at our option, to $80,000 for permitted acquisitions or other uses authorized by the lender on substantially the same terms. Amounts outstanding under this facility bear interest at the one-month LIBOR (0.10% at June 30, 2021), plus a spread based on our funded debt ratio, or in the absence of LIBOR, the prime rate (3.25% at June 30, 2021). The credit facility includes various customary financial ratios and operating covenants, including minimum net worth and maximum funded debt ratio requirements, and default acceleration provisions. The credit facility does not include restrictions on future dividend payments. Funded debt ratio is the ratio of average outstanding advances under the credit facility to trailing twelve months Adjusted EBITDA (Earnings Before Interest Expense, Taxes, Depreciation, Amortization, and Special Charges). The maximum allowable funded debt ratio under the agreement is 2.0 to 1.0. Decreases in our consolidated trailing twelve months Adjusted EBITDA could limit our potential borrowing capacity under the credit facility. The Company had no outstanding bank borrowings at June 30, 2021 or 2020, and accordingly, the entire $50,000 facility was available for borrowings under the credit facility. As of June 30, 2021, the Company was in compliance with all financial covenants contained in the agreement governing the credit facility. ​

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2021
Basis of Presentation
Principles of Consolidation	​ The accompanying unaudited condensed consolidated financial statements of PC Connection, Inc. and its subsidiaries (the “Company”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission regarding interim financial reporting and in accordance with accounting principles generally accepted in the United States of America. Such principles were applied on a basis consistent with the accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (the “SEC”). The accompanying condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K. ​ In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the results of operations for the interim periods reported and of the Company’s financial condition as of the date of the interim balance sheet. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through the date of issuance of these financial statements. The operating results for the three and six months ended June 30, 2021 may not be indicative of the results expected for any succeeding quarter or the entire year ending December 31, 2021. ​
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements ​ The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts and disclosures of assets and liabilities and the reported amounts and disclosures of revenue and expenses during the period. Management bases its estimates and judgments on the information available at the time and various other assumptions believed to be reasonable under the circumstances. By nature, estimates are subject to an inherent degree of uncertainty, including uncertainty in the current economic environment due to the coronavirus pandemic (“COVID-19 pandemic”). Actual results could differ from those estimates and assumptions, including the impact of the COVID-19 pandemic.
Recently Issued Financial Accounting Standards	Recently Issued Financial Accounting Standards ​ In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue
Schedule of disaggregation of revenue from contracts with customers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2021 ​ Business Enterprise Public Sector Total Notebooks/Mobility ​ $ 97,401 ​ $ 94,472 ​ $ 62,501 ​ $ 254,374 Desktops ​ ​ 20,607 ​ ​ 38,916 ​ ​ 8,527 ​ ​ 68,050 Software ​ ​ 33,102 ​ ​ 26,162 ​ ​ 11,858 ​ ​ 71,122 Servers/Storage ​ ​ 21,086 ​ ​ 27,106 ​ ​ 7,635 ​ ​ 55,827 Net/Com Products ​ ​ 22,360 ​ ​ 20,691 ​ ​ 7,211 ​ ​ 50,262 Displays and Sound ​ 25,825 ​ 29,343 ​ 12,743 ​ 67,911 Accessories ​ 27,480 ​ 44,311 ​ 9,109 ​ 80,900 Other Hardware/Services ​ 19,397 ​ 26,160 ​ 10,158 ​ 55,715 Total net sales ​ $ 267,258 ​ $ 307,161 ​ $ 129,742 ​ $ 704,161 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2020 ​ Business Enterprise Public Sector Total Notebooks/Mobility ​ $ 62,652 ​ $ 79,730 ​ $ 50,308 ​ $ 192,690 Desktops ​ ​ 14,500 ​ ​ 27,014 ​ ​ 9,107 ​ ​ 50,621 Software ​ ​ 24,251 ​ ​ 24,876 ​ ​ 8,347 ​ ​ 57,474 Servers/Storage ​ ​ 23,646 ​ 22,976 ​ 8,020 ​ ​ 54,642 Net/Com Products ​ ​ 14,764 ​ ​ 19,285 ​ ​ 7,444 ​ ​ 41,493 Displays and Sound ​ 19,231 ​ 18,524 ​ 9,686 ​ 47,441 Accessories ​ 19,486 ​ 32,673 ​ 12,622 ​ 64,781 Other Hardware/Services ​ 12,559 ​ ​ 21,681 ​ ​ 6,620 ​ 40,860 Total net sales ​ $ 191,089 ​ $ 246,759 ​ $ 112,154 ​ $ 550,002 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2021 ​ Business Enterprise Public Sector Total Notebooks/Mobility ​ $ 191,836 ​ $ 176,663 ​ $ 119,475 ​ $ 487,974 ​ Desktops ​ ​ 41,766 ​ ​ 69,267 ​ ​ 16,377 ​ ​ 127,410 ​ Software ​ ​ 60,264 ​ ​ 48,667 ​ ​ 19,067 ​ ​ 127,998 ​ Servers/Storage ​ ​ 41,659 ​ ​ 44,262 ​ ​ 14,282 ​ ​ 100,203 ​ Net/Com Products ​ 40,764 ​ ​ 40,517 ​ ​ 17,572 ​ 98,853 ​ Displays and Sound ​ ​ 45,599 ​ 52,748 ​ 26,736 ​ ​ 125,083 ​ Accessories ​ 53,327 ​ 88,187 ​ 19,930 ​ 161,444 ​ Other Hardware/Services ​ 38,377 ​ 52,135 ​ 21,576 ​ 112,088 ​ Total net sales ​ $ 513,592 ​ $ 572,446 ​ $ 255,015 ​ $ 1,341,053 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2020 ​ ​ Business Enterprise Public Sector Total ​ Notebooks/Mobility ​ $ 154,265 ​ $ 159,046 ​ $ 79,274 ​ $ 392,585 ​ Desktops ​ ​ 47,794 ​ ​ 61,223 ​ ​ 19,579 ​ ​ 128,596 ​ Software ​ ​ 60,649 ​ ​ 51,058 ​ ​ 15,642 ​ ​ 127,349 ​ Servers/Storage ​ 49,476 ​ 39,210 ​ 19,766 ​ 108,452 ​ Net/Com Products ​ 35,776 ​ ​ 44,231 ​ ​ 17,254 ​ 97,261 ​ Displays and Sound ​ ​ 43,177 ​ 42,092 ​ 21,129 ​ ​ 106,398 ​ Accessories ​ ​ 47,507 ​ 123,647 ​ 21,431 ​ ​ 192,585 ​ Other Hardware/Services ​ 31,230 ​ ​ 59,670 ​ ​ 17,726 ​ 108,626 ​ Total net sales ​ $ 469,874 ​ $ 580,177 ​ $ 211,801 ​ $ 1,261,852 ​
Schedule of changes in contract liability balances	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Contract liabilities, which are included in "Accrued expenses and other liabilities" ​ $ 4,912 ​ $ 3,509 ​ Changes in the contract liability balances during the six months ended June 30, 2021 and 2020 are as follows (in thousands): ​ ​ ​ ​ ​ 2021 Balances at December 31, 2020 ​ $ 3,509 Cash received in advance and not recognized as revenue ​ 6,969 Amounts recognized as revenue as performance obligations satisfied ​ (5,566) Balances at June 30, 2021 ​ $ 4,912 ​ ​ ​ ​ ​ ​ 2020 Balances at December 31, 2019 ​ $ 5,942 Cash received in advance and not recognized as revenue ​ 6,297 Amounts recognized as revenue as performance obligations satisfied ​ (10,049) Balances at June 30, 2020 ​ $ 2,190

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share
Computation of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2021 2020 2021 2020 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 17,292 ​ $ 7,643 ​ $ 27,476 ​ $ 22,539 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic earnings per share ​ 26,187 ​ 26,107 ​ 26,180 ​ 26,172 ​ Dilutive effect of employee stock awards ​ 172 ​ 172 ​ 181 ​ 178 ​ Denominator for diluted earnings per share ​ 26,359 ​ 26,279 ​ 26,361 ​ 26,350 ​ Earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.66 ​ $ 0.29 ​ $ 1.05 ​ $ 0.86 ​ Diluted ​ $ 0.66 ​ $ 0.29 ​ $ 1.04 ​ $ 0.86 ​

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2021
Leases
Schedule of lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, 2021 Six months ended June 30, 2021 ​ Related Parties ​ Others ​ Total Related Parties ​ Others ​ Total Lease Cost ​ ​ ​ ​ ​ Capitalized operating lease cost $ 313 ​ $ 775 ​ $ 1,088 ​ $ 627 ​ $ 1,552 ​ $ 2,179 Short-term lease cost 107 ​ 21 ​ 128 ​ 213 ​ 42 ​ 255 Total lease cost $ 420 ​ $ 796 ​ $ 1,216 ​ $ 840 ​ $ 1,594 ​ $ 2,434 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Information ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities and capitalized operating leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows $ 313 ​ $ 830 ​ $ 1,143 ​ $ 627 ​ $ 1,599 ​ $ 2,226 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term (in years): ​ ​ ​ ​ ​ Capitalized operating leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2.42 ​ ​ 4.90 ​ ​ 4.30 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average discount rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized operating leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3.92% ​ ​ 3.92% ​ ​ 3.92% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, 2020 Six months ended June 30, 2020 ​ Related Parties ​ Others ​ Total Related Parties ​ Others ​ Total Lease Cost ​ ​ ​ ​ ​ Capitalized operating lease cost $ 379 ​ $ 798 ​ $ 1,177 ​ $ 758 ​ $ 1,581 ​ $ 2,339 Short-term lease cost 41 ​ 2 ​ 43 ​ 82 ​ 4 ​ 86 Total lease cost $ 420 ​ $ 800 ​ $ 1,220 ​ $ 840 ​ $ 1,585 ​ $ 2,425 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Information ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities and capitalized operating leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows $ 379 ​ $ 827 ​ $ 1,206 ​ $ 758 ​ $ 1,608 ​ $ 2,366 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term (in years): ​ ​ ​ ​ ​ Capitalized operating leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3.42 ​ ​ 6.05 ​ ​ 5.37 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average discount rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized operating leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3.92% ​ ​ 3.92% ​ ​ 3.92% ​
Schedule of future lease payments on capitalized operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ Related Parties ​ Others ​ Total 2021, excluding the six months ended June 30, 2021 ​ $ 627 ​ $ 1,581 ​ $ 2,208 2022 ​ 1,253 ​ 2,268 ​ 3,521 2023 ​ 1,149 ​ 1,727 ​ 2,876 2024 ​ — ​ 1,699 ​ 1,699 2025 ​ ​ — ​ ​ 1,594 ​ ​ 1,594 Thereafter ​ ​ — ​ ​ 888 ​ ​ 888 ​ ​ $ 3,029 ​ $ 9,757 ​ $ 12,786 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Imputed interest ​ ​ ​ ​ ​ ​ ​ ​ (920) Lease liability balance at June 30, 2021 ​ ​ ​ ​ ​ ​ ​ $ 11,866 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2021
Segment and Related Disclosures
Segment information applicable to reportable operating segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ June 30, ​ June 30, ​ ​ 2021 2020 2021 2020 Net sales: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Business Solutions ​ $ 267,258 ​ $ 191,089 ​ $ 513,592 ​ $ 469,874 ​ Enterprise Solutions ​ 307,161 ​ 246,759 ​ 572,446 ​ 580,177 ​ Public Sector Solutions ​ 129,742 ​ 112,154 ​ 255,015 ​ 211,801 ​ Total net sales ​ $ 704,161 ​ $ 550,002 ​ $ 1,341,053 ​ $ 1,261,852 ​ Operating income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Business Solutions ​ $ 8,365 ​ $ 1,452 ​ $ 16,785 ​ $ 12,752 ​ Enterprise Solutions ​ 20,509 ​ 13,667 ​ 33,052 ​ 30,390 ​ Public Sector Solutions ​ (2,116) ​ (1,807) ​ (4,869) ​ (5,130) ​ Headquarters/Other ​ (2,994) ​ (2,724) ​ (7,084) ​ (6,773) ​ Total operating income ​ 23,764 ​ 10,588 ​ 37,884 ​ 31,239 ​ Other (expenses) income, net ​ 14 ​ 5 ​ 7 ​ 96 ​ Income before taxes ​ $ 23,778 ​ $ 10,593 ​ $ 37,891 ​ $ 31,335 ​ Selected operating expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Business Solutions ​ $ 159 ​ $ 159 ​ $ 318 ​ $ 318 ​ Enterprise Solutions ​ 612 ​ 679 ​ 1,328 ​ 1,361 ​ Public Sector Solutions ​ 10 ​ 15 ​ 24 ​ 30 ​ Headquarters/Other ​ 2,272 ​ 2,502 ​ 4,548 ​ 4,793 ​ Total depreciation and amortization ​ $ 3,053 ​ $ 3,355 ​ $ 6,218 ​ $ 6,502 ​ Total assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Business Solutions ​ ​ ​ ​ ​ ​ ​ $ 370,608 ​ $ 326,748 ​ Enterprise Solutions ​ ​ ​ ​ ​ ​ ​ 603,960 ​ 538,994 ​ Public Sector Solutions ​ ​ ​ ​ ​ ​ ​ 84,301 ​ 73,885 ​ Headquarters/Other ​ ​ ​ ​ ​ ​ ​ (27,597) ​ 14,713 ​ Total assets ​ ​ ​ ​ ​ ​ ​ $ 1,031,272 ​ $ 954,340 ​

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of revenue
Net sales	$ 704,161	$ 550,002	$ 1,341,053	$ 1,261,852
Notebooks/Mobility
Disaggregation of revenue
Net sales	254,374	192,690	487,974	392,585
Desktops
Disaggregation of revenue
Net sales	68,050	50,621	127,410	128,596
Software
Disaggregation of revenue
Net sales	71,122	57,474	127,998	127,349
Servers/Storage
Disaggregation of revenue
Net sales	55,827	54,642	100,203	108,452
Net/Com Products
Disaggregation of revenue
Net sales	50,262	41,493	98,853	97,261
Displays and Sound
Disaggregation of revenue
Net sales	67,911	47,441	125,083	106,398
Accessories
Disaggregation of revenue
Net sales	80,900	64,781	161,444	192,585
Other Hardware/Services
Disaggregation of revenue
Net sales	55,715	40,860	112,088	108,626
Business Solutions
Disaggregation of revenue
Net sales	267,258	191,089	513,592	469,874
Business Solutions | Notebooks/Mobility
Disaggregation of revenue
Net sales	97,401	62,652	191,836	154,265
Business Solutions | Desktops
Disaggregation of revenue
Net sales	20,607	14,500	41,766	47,794
Business Solutions | Software
Disaggregation of revenue
Net sales	33,102	24,251	60,264	60,649
Business Solutions | Servers/Storage
Disaggregation of revenue
Net sales	21,086	23,646	41,659	49,476
Business Solutions | Net/Com Products
Disaggregation of revenue
Net sales	22,360	14,764	40,764	35,776
Business Solutions | Displays and Sound
Disaggregation of revenue
Net sales	25,825	19,231	45,599	43,177
Business Solutions | Accessories
Disaggregation of revenue
Net sales	27,480	19,486	53,327	47,507
Business Solutions | Other Hardware/Services
Disaggregation of revenue
Net sales	19,397	12,559	38,377	31,230
Enterprise Solutions
Disaggregation of revenue
Net sales	307,161	246,759	572,446	580,177
Enterprise Solutions | Notebooks/Mobility
Disaggregation of revenue
Net sales	94,472	79,730	176,663	159,046
Enterprise Solutions | Desktops
Disaggregation of revenue
Net sales	38,916	27,014	69,267	61,223
Enterprise Solutions | Software
Disaggregation of revenue
Net sales	26,162	24,876	48,667	51,058
Enterprise Solutions | Servers/Storage
Disaggregation of revenue
Net sales	27,106	22,976	44,262	39,210
Enterprise Solutions | Net/Com Products
Disaggregation of revenue
Net sales	20,691	19,285	40,517	44,231
Enterprise Solutions | Displays and Sound
Disaggregation of revenue
Net sales	29,343	18,524	52,748	42,092
Enterprise Solutions | Accessories
Disaggregation of revenue
Net sales	44,311	32,673	88,187	123,647
Enterprise Solutions | Other Hardware/Services
Disaggregation of revenue
Net sales	26,160	21,681	52,135	59,670
Public Sector Solutions
Disaggregation of revenue
Net sales	129,742	112,154	255,015	211,801
Public Sector Solutions | Notebooks/Mobility
Disaggregation of revenue
Net sales	62,501	50,308	119,475	79,274
Public Sector Solutions | Desktops
Disaggregation of revenue
Net sales	8,527	9,107	16,377	19,579
Public Sector Solutions | Software
Disaggregation of revenue
Net sales	11,858	8,347	19,067	15,642
Public Sector Solutions | Servers/Storage
Disaggregation of revenue
Net sales	7,635	8,020	14,282	19,766
Public Sector Solutions | Net/Com Products
Disaggregation of revenue
Net sales	7,211	7,444	17,572	17,254
Public Sector Solutions | Displays and Sound
Disaggregation of revenue
Net sales	12,743	9,686	26,736	21,129
Public Sector Solutions | Accessories
Disaggregation of revenue
Net sales	9,109	12,622	19,930	21,431
Public Sector Solutions | Other Hardware/Services
Disaggregation of revenue
Net sales	$ 10,158	$ 6,620	$ 21,576	$ 17,726

REVENUE - Contract Balances (De

REVENUE - Contract Balances (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Change in contract liability
Beginning balance - Contract liability	$ 3,509	$ 5,942
Cash received in advance and not recognized as revenue	6,969	6,297
Amounts recognized as revenue as performance obligations satisfied	(5,566)	(10,049)
Ending balance - Contract liability	4,912	$ 2,190
Accrued expenses and other liabilities
Contract liabilities
Contract liabilities	$ 4,912		$ 3,509

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income	$ 17,292	$ 7,643	$ 27,476	$ 22,539
Denominator:
Denominator for basic earnings per share	26,187	26,107	26,180	26,172
Dilutive effect of unvested employee stock awards	172	172	181	178
Denominator for diluted earnings per share	26,359	26,279	26,361	26,350
Earnings per share:
Basic	$ 0.66	$ 0.29	$ 1.05	$ 0.86
Diluted	$ 0.66	$ 0.29	$ 1.04	$ 0.86
Additional Disclosure
Employee stock awards excluded from computation of diluted earnings per share	0	0	0	0

LEASES - Lease Cost and Other I

LEASES - Lease Cost and Other Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)lease	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Leases
Right-of-use assets	$ 11,174	$ 14,755	$ 11,174	$ 14,755	$ 12,821
Lease liability	11,866		$ 11,866
Number of additional operating or financing leases not yet commenced | lease			0
Lease Cost
Capitalized operating lease cost	1,088	1,177	$ 2,179	2,339
Short-term lease cost	128	43	255	86
Total lease cost	1,216	1,220	2,434	2,425
Cash paid for amounts included in the measurement of lease liabilities and capitalized operating leases:
Operating cash flows	$ 1,143	$ 1,206	$ 2,226	$ 2,366
Weighted-average remaining lease term - Capitalized operating leases (in years)	4 years 3 months 18 days	5 years 4 months 13 days	4 years 3 months 18 days	5 years 4 months 13 days
Weighted-average discount rate - Capitalized operating leases	3.92%	3.92%	3.92%	3.92%
Related Parties
Leases
Right-of-use assets	$ 2,894		$ 2,894
Lease liability	2,894		2,894
Lease Cost
Capitalized operating lease cost	313	$ 379	627	$ 758
Short-term lease cost	107	41	213	82
Total lease cost	420	420	840	840
Cash paid for amounts included in the measurement of lease liabilities and capitalized operating leases:
Operating cash flows	$ 313	$ 379	$ 627	$ 758
Weighted-average remaining lease term - Capitalized operating leases (in years)	2 years 5 months 1 day	3 years 5 months 1 day	2 years 5 months 1 day	3 years 5 months 1 day
Weighted-average discount rate - Capitalized operating leases	3.92%	3.92%	3.92%	3.92%
Others
Lease Cost
Capitalized operating lease cost	$ 775	$ 798	$ 1,552	$ 1,581
Short-term lease cost	21	2	42	4
Total lease cost	796	800	1,594	1,585
Cash paid for amounts included in the measurement of lease liabilities and capitalized operating leases:
Operating cash flows	$ 830	$ 827	$ 1,599	$ 1,608
Weighted-average remaining lease term - Capitalized operating leases (in years)	4 years 10 months 24 days	6 years 18 days	4 years 10 months 24 days	6 years 18 days
Weighted-average discount rate - Capitalized operating leases	3.92%	3.92%	3.92%	3.92%

LEASES - Future Lease Payments

LEASES - Future Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Future lease payments over the remaining term of capitalized operating leases
2021, excluding the six months ended June 30, 2021	$ 2,208
2022	3,521
2023	2,876
2024	1,699
2025	1,594
Thereafter	888
Total	12,786
Imputed interest	(920)
Lease liability balance	11,866
Right-of-use assets	11,174	$ 12,821	$ 14,755
Long-term lease liability	8,124	$ 9,631	11,566
Short-term lease liability	$ 3,742		$ 3,999
Current operating lease liability, Statement of Financial Position	Accrued expenses and other liabilities		Accrued expenses and other liabilities
Related Parties
Future lease payments over the remaining term of capitalized operating leases
2021, excluding the six months ended June 30, 2021	$ 627
2022	1,253
2023	1,149
Total	3,029
Lease liability balance	2,894
Right-of-use assets	2,894
Others
Future lease payments over the remaining term of capitalized operating leases
2021, excluding the six months ended June 30, 2021	1,581
2022	2,268
2023	1,727
2024	1,699
2025	1,594
Thereafter	888
Total	$ 9,757

SEGMENT INFORMATION - Segment I

SEGMENT INFORMATION - Segment Information Applicable to Reportable Operating Segments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Segment Reporting Information
Number of reportable segments | segment			3
Number of operating segments | segment			3
Net sales:
Net sales	$ 704,161	$ 550,002	$ 1,341,053	$ 1,261,852
Operating income (loss):
Operating income (loss)	23,764	10,588	37,884	31,239
Other income, net	14	5	7	96
Other income, net	14	5	7	96
Income before taxes	23,778	10,593	37,891	31,335
Depreciation and amortization:
Depreciation and amortization	3,053	3,355	6,218	6,502
Total assets:
Total assets	1,031,272	954,340	1,031,272	954,340	$ 1,015,373
Goodwill	73,602		73,602		$ 73,602
Business Solutions
Net sales:
Net sales	267,258	191,089	513,592	469,874
Enterprise Solutions
Net sales:
Net sales	307,161	246,759	572,446	580,177
Public Sector Solutions
Net sales:
Net sales	129,742	112,154	255,015	211,801
Operating Segments | Business Solutions
Net sales:
Net sales	267,258	191,089	513,592	469,874
Operating income (loss):
Operating income (loss)	8,365	1,452	16,785	12,752
Depreciation and amortization:
Depreciation and amortization	159	159	318	318
Total assets:
Total assets	370,608	326,748	370,608	326,748
Operating Segments | Enterprise Solutions
Net sales:
Net sales	307,161	246,759	572,446	580,177
Operating income (loss):
Operating income (loss)	20,509	13,667	33,052	30,390
Depreciation and amortization:
Depreciation and amortization	612	679	1,328	1,361
Total assets:
Total assets	603,960	538,994	603,960	538,994
Operating Segments | Public Sector Solutions
Net sales:
Net sales	129,742	112,154	255,015	211,801
Operating income (loss):
Operating income (loss)	(2,116)	(1,807)	(4,869)	(5,130)
Depreciation and amortization:
Depreciation and amortization	10	15	24	30
Total assets:
Total assets	84,301	73,885	84,301	73,885
Headquarters/Other
Operating income (loss):
Operating income (loss)	(2,994)	(2,724)	(7,084)	(6,773)
Depreciation and amortization:
Depreciation and amortization	2,272	2,502	4,548	4,793
Total assets:
Assets net of intercompany balance eliminations	(27,597)	14,713	(27,597)	14,713
Intersegment Elimination
Total assets:
Total assets	$ (37,457)	$ (29,100)	$ (37,457)	$ (29,100)

BANK BORROWINGS (Details)

BANK BORROWINGS (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Subordinated Borrowing
Line of credit, borrowing capacity	$ 50,000
Credit facility, expiration date	Feb. 10, 2022
Line of credit, maximum borrowing capacity	$ 80,000
Debt instrument, description of variable rate basis	One-month LIBOR
Line of credit, outstanding borrowing	$ 0	$ 0
Line of credit, available for borrowing	$ 50,000	$ 50,000
Maximum
Subordinated Borrowing
Debt ratio	2
Prime Rate
Subordinated Borrowing
Debt instrument, interest rate	3.25%
One-month LIBOR rate
Subordinated Borrowing
Debt instrument, interest rate	0.10%