PC Connection (CNXN) 10-K 6 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Feb. 24, 2023	Jun. 30, 2022
Document And Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Entity File Number	000-23827
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, $0.01 par value
Trading Symbol	CNXN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 495
Entity Common Stock, Shares Outstanding		26,312,862
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001050377
Amendment Flag	false
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Boston, Massachusetts

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 122,930	$ 108,310
Accounts receivable, net	610,280	607,532
Inventories, net	208,682	206,555
Prepaid expenses and other current assets	11,900	10,016
Total current assets	953,792	932,413
Property and equipment, net	59,171	61,011
Right-of-use assets	7,558	9,579
Goodwill	73,602	73,602
Intangible, net	4,648	5,868
Other assets	1,055	910
Total Assets	1,099,826	1,083,383
Current Liabilities:
Accounts payable	232,638	281,836
Accrued payroll	24,071	30,966
Accrued expenses and other liabilities	53,808	61,830
Total current liabilities	310,517	374,632
Deferred income taxes	17,970	19,278
Noncurrent operating lease liabilities	4,994	6,789
Other liabilities	170	211
Total Liabilities	333,651	400,910
Stockholders' Equity:
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	291	290
Additional paid-in capital	125,784	122,354
Retained earnings	686,037	605,766
Treasury stock at cost, 2,773 and 2,773 shares at December 31, 2022 and 2021, respectively	(45,937)	(45,937)
Total Stockholders' Equity	766,175	682,473
Total Liabilities and Stockholders' Equity	$ 1,099,826	$ 1,083,383

CONSOLIDATED BALANCE SHEETS (PA

CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares shares in Thousands	Dec. 31, 2022	Dec. 31, 2021
Consolidated Balance Sheets
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, shares authorized	100,000	100,000
Common Stock, shares issued	29,123	29,025
Common Stock, shares outstanding	26,350	26,252
Treasury stock, shares	2,773	2,773

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Income
Net sales	$ 3,124,996	$ 2,892,595	$ 2,590,290
Cost of sales	2,598,819	2,428,016	2,171,483
Gross profit	526,177	464,579	418,807
Selling, general and administrative expenses	405,625	368,062	345,741
Restructuring and other charges	0	0	992
Income from operations	120,552	96,517	72,074
Other income, net	1,083	5	1,122
Income before taxes	121,635	96,522	73,196
Income tax provision	(32,416)	(26,616)	(17,431)
Net income	$ 89,219	$ 69,906	$ 55,765
Earnings per common share:
Basic	$ 3.40	$ 2.67	$ 2.13
Diluted	$ 3.37	$ 2.65	$ 2.12
Shares used in computation of earnings per common share:
Basic	26,279	26,196	26,157
Diluted	26,443	26,364	26,336

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Shares	Total
Balance at Dec. 31, 2019	$ 288	$ 118,045	$ 514,694	$ (35,715)	$ 597,312
Balance (in shares) at Dec. 31, 2019	28,870
Balance - Treasury Shares (in shares) at Dec. 31, 2019				(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		2,668			2,668
Restricted stock units vested	$ 1	(1)
Restricted stock units vested (in shares)	61
Shares withheld for taxes paid on stock awards		(1,357)			(1,357)
Repurchase of common stock for treasury				$ (10,222)	(10,222)
Repurchase of common stock for treasury (in shares)				(247)
Dividend declaration			(8,375)		(8,375)
Net income			55,765		55,765
Balance at Dec. 31, 2020	$ 289	119,891	562,084	$ (45,937)	636,327
Balance (in shares) at Dec. 31, 2020	28,943
Balance - Treasury Shares (in shares) at Dec. 31, 2020				(2,773)
Stock-based compensation expense		4,231			4,231
Restricted stock units vested	$ 1	(1)
Restricted stock units vested (in shares)	82
Shares withheld for taxes paid on stock awards		(1,767)			(1,767)
Dividend declaration			(26,224)		(26,224)
Net income			69,906		69,906
Balance at Dec. 31, 2021	$ 290	122,354	605,766	$ (45,937)	$ 682,473
Balance (in shares) at Dec. 31, 2021	29,025				29,025
Balance - Treasury Shares (in shares) at Dec. 31, 2021				(2,773)	(2,773)
Stock-based compensation expense		5,675			$ 5,675
Restricted stock units vested	$ 1	(1)
Restricted stock units vested (in shares)	98
Shares withheld for taxes paid on stock awards		(2,244)			(2,244)
Dividend declaration			(8,948)		(8,948)
Net income			89,219		89,219
Balance at Dec. 31, 2022	$ 291	$ 125,784	$ 686,037	$ (45,937)	$ 766,175
Balance (in shares) at Dec. 31, 2022	29,123				29,123
Balance - Treasury Shares (in shares) at Dec. 31, 2022				(2,773)	(2,773)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows provided by Operating Activities:
Net income	$ 89,219	$ 69,906	$ 55,765
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	11,978	12,202	13,603
Adjustments to credit losses reserve	3,252	3,307	3,316
Stock-based compensation expense	5,675	4,231	2,668
Deferred income taxes	(1,308)	753	(1,645)
Gain from life insurance			(1,061)
Loss (gain) on disposal of fixed assets	17	(36)	28
Changes in assets and liabilities:
Accounts receivable	(6,000)	(1,318)	(63,650)
Inventories	(2,127)	(65,688)	(16,201)
Prepaid expenses and other current assets	(1,884)	1,421	622
Other non-current assets	(145)	435	(398)
Accounts payable	(49,056)	14,814	32,515
Accrued expenses and other liabilities	(14,732)	17,727	10,536
Net cash provided by operating activities	34,889	57,754	36,098
Cash Flows used in Investing Activities:
Purchases of equipment and capitalized software	(9,077)	(10,302)	(11,033)
Proceeds from sale of equipment		69
Proceeds from life insurance		1,500
Net cash used in investing activities	(9,077)	(8,733)	(11,033)
Cash Flows used in Financing Activities:
Proceeds from short-term borrowings	36,463
Repayment of short-term borrowings	(36,463)
Purchase of treasury shares			(10,222)
Dividend payments	(8,948)	(34,599)	(8,427)
Issuance of stock under Employee Stock Purchase Plan			536
Payments of payroll taxes on stock-based compensation through shares withheld	(2,244)	(1,767)	(1,357)
Net cash used in financing activities	(11,192)	(36,366)	(19,470)
Increase (decrease) in cash and cash equivalents	14,620	12,655	5,595
Cash and cash equivalents, beginning of year	108,310	95,655	90,060
Cash and cash equivalents, end of period	122,930	108,310	95,655
Non-cash Investing and Financing Activities:
Accrued capital expenditures	192	334	442
Dividend declarations			8,375
Life insurance recorded as accounts receivable			1,500
Supplemental Cash Flow Information:
Income taxes paid	33,687	$ 21,465	$ 19,441
Interest paid	$ 4

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	PC CONNECTION, INC. AND SUBSIDIARIES ​ NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (amounts in thousands, except per share data) ​ 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ​ PC Connection, Inc. is a Fortune 1000 Global Solutions Provider that simplifies the IT customer experience, guiding the connection between people and technology. The Company’s dedicated Account Managers partner with customers to design, deploy, and support cutting-edge IT environments using the latest hardware, software, and services. The Company provides a wide range of IT solutions, from the desktop to the cloud—including computer systems, data center solutions, software and peripheral equipment, networking communications, and other products and accessories that the Company purchases from manufacturers, distributors, and other suppliers. The Company also offers comprehensive portfolio of managed services and professional services. These services are performed by the Company’s personnel and by third-party providers. The Company’s GlobalServe offering ensures worldwide coverage for the Company’s multinational customers, delivering global procurement solutions through the Company’s network of in-country suppliers in over 150 countries. ​ The Company operates through three operating segments: ​ ● Connection Enterprise Solutions – serving large enterprise customers ​ ● Connection Business Solutions – serving SMBs ​ ● Connection Public Sector Solutions – serving federal, state, and local government and educational institutions ​ The following is a summary of the Company’s significant accounting policies: ​ Principles of Consolidation ​ The consolidated financial statements include the accounts of PC Connection, Inc. and its subsidiaries, all of which are wholly-owned. Intercompany transactions and balances are eliminated in consolidation. ​ 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. Actual results could differ from those estimates and assumptions. ​ Revenue Recognition ​ Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. In most instances, when several performance obligations are aggregated into one single transaction, these performance obligations are fulfilled at the same point in time. The Company accounts for an arrangement when it has approval and commitment from both parties, the rights are identified, the contract has commercial substance, and collectability of consideration is probable. The Company generally obtains oral or written purchase authorizations from its customers for a specified amount of product at a specified price, which constitutes an arrangement. Revenue is recognized at the amount expected to be collected, net of any taxes collected from customers, which are subsequently remitted to governmental authorities. The Company generally invoices for its products at the time of shipping, and accordingly there is not a significant financing component included in its arrangements. ​ Cost of Sales and Certain Other Costs ​ Cost of sales includes the invoice cost of the product, direct employee and third-party cost of services, direct costs of packaging, inbound and outbound freight, and provisions for inventory obsolescence, adjusted for discounts, rebates, and other vendor allowances. ​ Cash and Cash Equivalents ​ The Company considers all highly liquid short-term investments with original maturities of 90 days or less to be cash equivalents. The carrying value of the Company’s cash equivalents approximates fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The accounting guidance includes a fair value hierarchy that priorities the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy are as follows: ​ ● Level 1: Quoted prices for identical assets or liabilities in active markets; ​ ● Level 2: Observable inputs other than those described as Level 1; and ​ ● Level 3: Unobservable inputs that are supportable by little or no market activities and are based on significant assumptions and estimates. ​ The Company’s money market funds are valued at the closing price reported by the fund sponsor from an actively traded exchange. It is included as cash equivalents within the Company’s consolidated balance sheet and is categorized as a level 1 measurement. ​ The majority of payments due from credit card processors and banks for third-party credit card and debit card transactions process within one to five business days. All credit card and debit card transactions that process in less than seven days are classified as cash and cash equivalents. Amounts due from banks for credit card transactions classified as cash equivalents totaled $6,862 and $4,748 at December 31, 2022 and 2021, respectively. ​ Accounts Receivable ​ Accounts receivable are recorded at the invoice amount, net of allowances. Customers are evaluated for their credit worthiness at the time of contract inception and the Company performs ongoing credit evaluations of its customers and adjusts credit limits based on payment history and customer creditworthiness. Based on the results of the credit assessments, the Company will extend credit under its standard payment terms or may request alternative early payment actions. The Company determines the required allowance for expected credit losses using information such as its customer credit history and financial condition, industry and market segment information, credit reports, and economic trends and conditions. Allowances can be affected by changes in the industry, customer credit issues or customer bankruptcies or expectations of any such events in a future period when reasonable and supportable. Historical information is utilized beyond reasonable and supportable forecast periods. Amounts are charged against the allowance when it is determined that expected credit losses may occur. The Company assesses collectability by reviewing account receivable on an aggregated basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with collectability issues, and if necessary, records a reserve against those receivables it determines may not be collectable. Trade receivables are written off in the period in which they are deemed uncollectible. Recoveries of trade receivables previously charged are recorded when received. ​ Inventories ​ Inventories (all finished goods) are stated at cost (which approximates the first-in, first-out method) or net realizable value, whichever is lower. Inventory quantities on hand are reviewed regularly, and allowances are maintained for obsolete, slow moving, and nonsalable inventory. ​ Advertising Costs and Vendor Consideration ​ Vendors have the ability to fund advertising activities for which the Company receives advertising consideration. This vendor consideration, to the extent that it represents specific reimbursements of incremental and identifiable costs, is offset against SG&A expenses. Advertising consideration that cannot be associated with a specific program or that exceeds the fair value of advertising expense associated with that program is classified as an offset to cost of sales. The Company’s vendor partners generally consolidate their funding of advertising and other marketing programs, and accordingly, the Company classifies substantially all vendor consideration as a reduction of cost of sales rather than a reduction of advertising expense. Other advertising costs are expensed as incurred. Advertising expense, which is classified as a component of SG&A expenses, totaled $20,155, $15,827, and $14,021 for the years ended December 31, 2022, 2021, and 2020, respectively. ​ Property and Equipment ​ Property and equipment are stated at cost, net of accumulated depreciation and amortization. The estimated useful lives of the assets range from three three ​ Costs incurred to develop internal-use software during the application development stage are recorded in property and equipment at cost. External direct costs of materials and services consumed in developing or obtaining internal-use computer software and payroll-related costs for employees developing internal-use computer software projects, to the extent of their time spent directly on the project and specific to application development, are capitalized. ​ When events or circumstances indicate a potential impairment, the Company evaluates the carrying value of property and equipment based upon current and anticipated undiscounted cash flows. The Company recognizes impairment when it is probable that such estimated future cash flows will be less than the asset carrying value. No property and equipment impairment was recognized for each of the years ended December 31, 2022, 2021 and 2020. ​ Leases The Company enters into operating lease contracts, as assessed at contract inception, primarily for real estate and equipment. On the lease commencement date, the Company records operating lease liabilities based on the present value of the future lease payments. In determining the present value of future lease payments, the Company utilized estimated rates that it would have incurred to borrow, over a similar term, the funds necessary to purchase the respective leased asset with cash. The Company elects to apply the short-team lease exception to any leases with contractual obligations of one year or less. These leases will not have right-of-use, or ROU, assets and associated lease liabilities on the balance sheet. Instead, rent will be recognized on a straight-line basis. Goodwill and Other Intangible Assets ​ The Company’s intangible assets consist of (1) goodwill, which is not subject to amortization; (2) an internet domain name, which is an indefinite-lived intangible asset not subject to amortization; and (3) amortizing intangibles, which consist of customer lists, trade names, and customer relationships, which are being amortized over their useful lives. ​ Note 3 describes the annual impairment methodology that the Company uses each year in calculating the recoverability of goodwill and non-amortizing intangibles. This same impairment test is performed at other times during the course of a year should an event occur or circumstance change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. ​ Recoverability of amortizing intangible assets is assessed only when events have occurred that may give rise to impairment. When a potential impairment has been identified, forecasted undiscounted net cash flows of the operations to which the asset relates are compared to the current carrying value of the long-lived assets present in that operation. If such cash flows are less than such carrying amounts, long-lived assets including such intangibles, are written down to their respective fair values. No intangible assets impairment was recognized for each of the years ended December 31, 2022, 2021 and 2020. ​ Concentrations ​ Concentrations of credit risk with respect to trade account receivables are limited due to the large number of customers comprising the Company’s customer base. No single customer accounted for more than 4% of total net sales in 2022, 2021, and 2020. ​ Product purchases from Ingram Micro, Inc., TD Synnex Corporation, and Dell Inc. accounted for approximately 23%, 22% and 15% respectively, of the Company’s total product purchases in 2022. Product purchases from Ingram Micro, Inc., TD Synnex Corporation and Dell Inc. accounted for approximately 23%, 23% and 12% respectively, of the Company’s total product purchases in 2021. Product purchases from Ingram Micro, Inc., TD Synnex Corporation and HP Inc. accounted for approximately 21%, 15% and 12% respectively, of the Company’s total product purchases in 2020. No other singular vendor supplied more than 10% of the Company’s total product purchases in 2022, 2021 and 2020. The Company believes that, while it may experience some short-term disruption if products from Ingram Micro, Inc., TD Synnex Corporation, Dell Inc., and HP Inc., or any of these vendors become unavailable to it, alternative sources are available. ​ Products manufactured by HP Inc. collectively represented approximately 14%, 15% and 18% of the Company’s net sales in 2022, 2021 and 2020, respectively. In the event the Company experiences either a short-term or permanent disruption of supply of HP products, such disruption would likely have a material adverse effect on the Company’s results of operations and cash flows. ​ Restructuring and Other charges ​ Restructuring and other charges are presented separately from SG&A expenses. In the year ended December 31, 2020, the Company undertook actions across the business to lower its cost structure and align its business in an effort to improve its ability to execute its strategy. In connection with these restructuring initiatives, the Company incurred restructuring and related costs of $1.0 million for the year ended December 31, 2020. There were no restructuring related costs incurred for the years ended December 31, 2022 or 2021. ​ 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 nonvested stock units and stock options outstanding, if dilutive. ​ The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 89,219 ​ $ 69,906 ​ $ 55,765 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic earnings per share ​ 26,279 ​ 26,196 ​ 26,157 ​ Dilutive effect of employee stock awards ​ 164 ​ 168 ​ 179 ​ Denominator for diluted earnings per share ​ 26,443 ​ 26,364 ​ 26,336 ​ Earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 3.40 ​ $ 2.67 ​ $ 2.13 ​ Diluted ​ $ 3.37 ​ $ 2.65 ​ $ 2.12 ​ ​ For the years ended December 31, 2022, 2021, and 2020, the Company did not exclude any outstanding nonvested stock units or stock options from the computation of diluted earnings per share because including them would have had an anti-dilutive effect. ​ Recently Issued Financial Accounting Standards ​ In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting. Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848

REVENUE

REVENUE	12 Months Ended
	Dec. 31, 2022
Revenue
Revenue	2. REVENUE ​ Nature of Products and Services ​ IT products typically represent a distinct performance obligation, and revenue is recognized at the point in time when control is transferred to the customer which is generally upon delivery to the customer. The Company recognizes revenue as the principal in the transaction with the customer (i.e., on a gross basis), as it controls the product prior to delivery to the customer and derives the economic benefits from the sales transaction given the Company’s control over customer pricing. ​ The Company does not recognize revenue for goods that remain in its physical possession before the customer has the ability to direct the use of, and obtain substantially all of the remaining benefits from the products, the goods are ready for physical transfer to and identified as belonging to the customer, and when the Company has no ability to use the product or to direct it to another customer. ​ Licenses for on-premise software provide the customer with a right to take possession of the software. Customers may purchase perpetual licenses or enter into subscriptions to the licensed software. The Company is the principal in these transactions and recognizes revenue for the on-premise license at the point in time when the software is made available to the customer and the commencement of the term of the software license or when the renewal term begins, as applicable. ​ For certain on-premise licenses for security software, the customer derives substantially all of the benefit from these arrangements through the third-party delivered software maintenance, which provides software updates and other support services. The Company does not have control over the delivery of these performance obligations, and accordingly the Company is the agent in these transactions. The Company recognizes revenue for security software net of the related costs of sales at the point in time when its vendor and customer accept the terms and conditions in the sales arrangement. Cloud products allow customers to use hosted software over the contractual period without taking possession of the software and are provided on a subscription basis. The Company does not exercise control over these products or services and therefore is an agent in these transactions. The Company recognizes revenue for cloud products net of the related costs of sales at the point in time when its vendor and customer accept the terms and conditions in the sales arrangements. ​ Certain software sales include on-premise licenses that are combined with software maintenance. Software maintenance conveys rights to updates, bug fixes and help desk support, and other support services transferred over the underlying contract period. On-premise licenses are considered distinct performance obligations when sold with the software maintenance, as the Company sells these items separately. The Company recognizes revenue related to the software maintenance as the agent in these transactions because it does not have control over the on-going software maintenance service. Revenue allocated to software maintenance is recognized at the point in time when the Company’s vendor and customer accept the terms and conditions in the sales arrangements. ​ Certain of the Company’s larger customers are offered the opportunity by vendors to purchase software licenses and maintenance under EAs. Under EAs, customers are considered to be compliant with applicable license requirements for the ensuing year, regardless of changes to their employee base. Customers are charged an annual true-up fee for changes in the number of users over the year. With most EAs, the Company’s vendors will transfer the license and bill the customer directly, paying resellers, such as the Company, an agency fee or commission on these sales. The Company records these agency fees as a component of net sales as earned and there is no corresponding cost of sales amount. In certain instances, the Company invoices the customer directly under an EA and accounts for the individual items sold based on the nature of each item. The Company’s vendors typically dictate how the EA will be sold to the customer. ​ The Company also offers ESPs on IT products, both as part of the initial arrangement and separately from the IT products. The Company recognizes revenue related to ESPs as the agent in the transaction because it does not have control over the on-going ESPs service and does not provide any service after the sale. Revenue allocated to ESPs is recognized at the point in time when the Company’s vendor and customer accept the terms and conditions in the sales arrangement. ​ The Company uses its own engineering personnel to assist in projects involving the design and installation of systems and networks, and also engages third-party service providers to perform warranty maintenance, implementations, asset disposal, and other services. Service revenue is recognized in general over time as the Company performs the underlying services and satisfies its performance obligations. The Company evaluates such engagements to determine whether it is the principal or the agent in each transaction. For those transactions in which the Company does not control the service, the Company acts as an agent and recognizes the transaction revenue on a net basis at a point in time when the vendor and customer accept the terms and conditions in the sales arrangement. ​ All amounts billed to a customer in a sales transaction related to shipping and handling, if any, represent revenues earned for the goods provided, and these amounts have been included in net sales. Costs related to shipping and handling billing are classified as cost of sales. Sales are reported net of sales, use, or other transaction taxes that are collected from customers and remitted to taxing authorities. ​ Significant Judgments ​ The Company’s contracts with customers often include promises to transfer multiple products or services to a customer. Determining whether the Company is the agent or the principal and whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. ​ The Company estimates the SSP for each distinct performance obligation when a single arrangement contains multiple performance obligations and the fulfillment occurs at different points of times. The Company maximizes the use of observable inputs in the determination of the estimate for SSP for the items that it does not sell separately, including on-premise licenses sold with software maintenance, and IT products sold with ESPs. In instances where SSP is not directly observable, such as when the Company does not sell the product or service separately, the Company determines the SSP using information that may include market conditions and other observable inputs. ​ The Company provides its customers with a limited thirty-day right of return, which is generally limited to defective merchandise, and gives rise to variable consideration. Revenue is recognized based on the most likely amount to which it is expected to be entitled. The estimated variable consideration is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur once the uncertainty is resolved. The Company makes estimates of product returns based on significant historical experience. The Company records its sales return reserve as a reduction of revenues and either as reduction of accounts receivable or, for customers who have already paid, as accrued expenses and as a reduction of cost of sales and an associated right of return asset. ​ Description of 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 years ended December 31, 2022, 2021 and 2020, along with the segment for each category (in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2022 ​ Business Solutions Enterprise Solutions Public Sector Solutions Total Notebooks/Mobility ​ $ 473,375 ​ $ 462,152 ​ $ 221,363 ​ $ 1,156,890 Desktops ​ ​ 88,127 ​ ​ 165,509 ​ ​ 56,804 ​ ​ 310,440 Software ​ ​ 147,792 ​ ​ 108,243 ​ ​ 36,071 ​ ​ 292,106 Servers/Storage ​ ​ 103,711 ​ ​ 64,622 ​ ​ 44,588 ​ ​ 212,921 Net/Com Products ​ 98,672 ​ 85,611 ​ ​ 32,548 ​ 216,831 Displays and Sound ​ ​ 118,753 ​ ​ 132,269 ​ ​ 67,860 ​ ​ 318,882 Accessories ​ 133,017 ​ 202,452 ​ ​ 58,413 ​ 393,882 Other Hardware/Services ​ 81,863 ​ 103,504 ​ ​ 37,677 ​ 223,044 Total net sales ​ $ 1,245,310 ​ $ 1,324,362 ​ $ 555,324 ​ $ 3,124,996 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2021 ​ Business Solutions Enterprise Solutions Public Sector Solutions Total Notebooks/Mobility ​ $ 426,022 ​ $ 428,868 ​ $ 241,146 ​ $ 1,096,036 Desktops ​ ​ 87,822 ​ ​ 140,468 ​ ​ 45,989 ​ ​ 274,279 Software ​ ​ 120,104 ​ ​ 119,423 ​ ​ 39,611 ​ ​ 279,138 Servers/Storage ​ 92,922 ​ ​ 66,027 ​ ​ 37,081 ​ ​ 196,030 Net/Com Products ​ 81,681 ​ 86,454 ​ ​ 34,336 ​ 202,471 Displays and Sound ​ ​ 99,474 ​ ​ 125,610 ​ ​ 59,153 ​ ​ 284,237 Accessories ​ ​ 115,048 ​ 179,249 ​ ​ 44,104 ​ 338,401 Other Hardware/Services ​ 75,423 ​ 103,360 ​ ​ 43,220 ​ 222,003 Total net sales ​ $ 1,098,496 ​ $ 1,249,459 ​ $ 544,640 ​ $ 2,892,595 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2020 ​ Business Solutions Enterprise Solutions Public Sector Solutions Total Notebooks/Mobility ​ $ 319,046 ​ $ 303,471 ​ $ 203,090 ​ $ 825,607 Desktops ​ ​ 89,828 ​ ​ 129,011 ​ ​ 36,744 ​ ​ 255,583 Software ​ ​ 124,681 ​ ​ 115,596 ​ ​ 42,793 ​ ​ 283,070 Servers/Storage ​ 93,535 ​ ​ 76,107 ​ ​ 42,694 ​ ​ 212,336 Net/Com Products ​ 75,141 ​ 96,203 ​ ​ 47,930 ​ 219,274 Displays and Sound ​ ​ 85,769 ​ ​ 78,312 ​ ​ 51,502 ​ ​ 215,583 Accessories ​ ​ 113,402 ​ 201,562 ​ ​ 47,504 ​ 362,468 Other Hardware/Services ​ 64,630 ​ 115,307 ​ ​ 36,432 ​ 216,369 Total net sales ​ $ 966,032 ​ $ 1,115,569 ​ $ 508,689 ​ $ 2,590,290 ​ Contract Balances ​ The following table provides information about contract liabilities from arrangements with customers as of December 31, 2022 and December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 Contract liabilities, which are included in "Accrued expenses and other liabilities" ​ $ 4,266 ​ $ 8,628 ​ ​ Changes in the contract liability balances during the years ended December 31, 2022 and 2021 are as follows (in thousands): ​ ​ ​ ​ ​ ​ 2022 Balance at December 31, 2021 ​ $ 8,628 Cash received in advance and not recognized as revenue ​ 20,626 Amounts recognized as revenue as performance obligations satisfied ​ (24,988) Balance at December 31, 2022 ​ $ 4,266 ​ ​ ​ ​ ​ ​ 2021 Balance at December 31, 2020 ​ $ 3,509 Cash received in advance and not recognized as revenue ​ 28,114 Amounts recognized as revenue as performance obligations satisfied ​ (22,995) Balance at December 31, 2021 ​ $ 8,628 ​

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure
Goodwill and Other Intangible Assets	3. GOODWILL AND OTHER INTANGIBLE ASSETS ​ Goodwill ​ Goodwill is held by the Company’s Business Solutions and Enterprise Solutions segments. Goodwill and intangible assets with indefinite lives are subject to an annual impairment test as of November 30 and tested more frequently if events or circumstances occur that would indicate a potential decline in fair value. In 2022 and 2021, the Company performed a qualitative “step 0” analysis. ASC 350— Intangible Goodwill and Other Based on the above qualitative analysis, the Company determined goodwill was not impaired as of December 31, 2022 and 2021. The carrying amount of goodwill for the periods presented is detailed below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2022 Business Solutions Enterprise Solutions Public Sector Solutions Total Goodwill, gross ​ $ 8,539 ​ $ 66,236 ​ $ 7,634 ​ $ 82,409 ​ Accumulated impairment losses ​ (1,173) ​ ─ ​ (7,634) ​ (8,807) ​ Net balance ​ $ 7,366 ​ $ 66,236 ​ $ — ​ $ 73,602 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2021 Business Solutions Enterprise Solutions Public Sector Solutions Total Goodwill, gross ​ $ 8,539 ​ $ 66,236 ​ $ 7,634 ​ $ 82,409 ​ Accumulated impairment losses ​ (1,173) ​ ─ ​ (7,634) ​ (8,807) ​ Net balance ​ $ 7,366 ​ $ 66,236 ​ $ — ​ $ 73,602 ​ ​ Intangible Assets ​ At December 31, 2022, the Company’s intangible assets included a domain name for $450, which has an indefinite life and is not subject to amortization. In addition, in 2016 the Company acquired customer relationships from its Softmart and GlobalServe acquisitions, which are amortized on a straight-line basis over their estimated useful lives of 10 years. The Company’s remaining intangible assets are amortized in proportion to the estimates of the future cash flows underlying the valuation of the assets. Intangible assets and related accumulated amortization are detailed below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ Estimated Gross Accumulated Net Gross Accumulated Net ​ ​ Useful Lives ​ Amount ​ Amortization ​ Amount ​ Amount ​ Amortization ​ Amount Customer list ​ 8 ​ $ 3,400 ​ $ 3,400 ​ $ — ​ $ 3,400 ​ $ 3,400 ​ $ — ​ Tradename ​ 5 ​ 1,190 ​ 1,190 ​ — ​ 1,190 ​ 1,190 ​ — ​ Customer relationships ​ 10 ​ 12,200 ​ 8,002 ​ 4,198 ​ 12,200 ​ 6,782 ​ 5,418 ​ Total intangible assets ​ ​ ​ $ 16,790 ​ $ 12,592 ​ $ 4,198 ​ $ 16,790 ​ $ 11,372 ​ $ 5,418 ​ ​ In 2022, 2021, and 2020, the Company recorded amortization expense of $1,220, $1,220, and $1,220, respectively. The estimated amortization expense relating to intangible assets in each of the five succeeding years and thereafter is as follows (in thousands): ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ ​ 2023 ​ $ 1,220 ​ 2024 ​ 1,220 ​ 2025 ​ 1,220 ​ 2026 ​ ​ 538 ​ 2027 and thereafter ​ — ​ ​ ​ $ 4,198 ​ ​ .

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	12 Months Ended
	Dec. 31, 2022
Accounts Receivable
Accounts Receivable	4. ACCOUNTS RECEIVABLE ​ Accounts receivable consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Trade ​ $ 561,857 ​ $ 568,964 ​ Vendor consideration, returns and other ​ 57,388 ​ 47,506 ​ Due from employees ​ 108 ​ 105 ​ Total gross accounts receivable ​ 619,353 ​ 616,575 ​ Allowances for: ​ ​ ​ ​ ​ ​ ​ Sales returns ​ (3,806) ​ (4,218) ​ Credit losses ​ (5,267) ​ (4,825) ​ Accounts receivable, net ​ $ 610,280 ​ $ 607,532 ​ ​

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2022
Property and Equipment
Property and Equipment	5. PROPERTY AND EQUIPMENT ​ Property and equipment consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Computer software, including licenses and internally-developed software ​ $ 87,645 ​ $ 96,264 ​ Furniture and equipment ​ 39,316 ​ 37,040 ​ Leasehold improvements ​ 8,964 ​ 8,668 ​ Total ​ 135,925 ​ 141,972 ​ Accumulated depreciation and amortization ​ (76,754) ​ (80,961) ​ Property and equipment, net ​ $ 59,171 ​ $ 61,011 ​ ​ The Company recorded depreciation and amortization expense for property and equipment of $10,758, $10,982, and $12,383 in 2022, 2021, and 2020, respectively.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2022
Leases
Leases	6. LEASES ​ The Company leases certain facilities from a related party, which is affiliated with the Company through common ownership. Included in the right-of-use assets as of December 31, 2022 was $1,130 and a corresponding lease liability of $1,130 associated with related party leases. ​ As of December 31, 2022, the Company had no leases that were classified as financing leases and there were no additional operating or financing leases that have not yet commenced. Refer to the following table for quantitative information related to the Company’s leases for the year ended December 31, 2022 and 2021 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ Related Parties ​ Others ​ Total Lease Cost ​ ​ ​ ​ Capitalized operating lease cost ​ $ 1,253 ​ $ 2,821 ​ $ 4,074 ​ Short-term lease cost ​ 428 ​ 121 ​ 549 ​ Total lease cost ​ $ 1,681 ​ $ 2,942 ​ $ 4,623 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Information ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities and capitalized operating leases: ​ ​ ​ ​ ​ ​ ​ Operating cash flows ​ $ 1,253 ​ $ 2,846 ​ $ 4,099 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term (in years): ​ ​ ​ ​ Capitalized operating leases ​ ​ 0.92 ​ ​ 4.03 ​ ​ 3.60 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average discount rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized operating leases ​ ​ 3.92% ​ ​ 4.05% ​ ​ 4.03% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ ​ Related Parties ​ Others ​ Total ​ Lease Cost ​ ​ ​ ​ Capitalized operating lease cost ​ $ 1,253 ​ $ 3,021 ​ $ 4,274 ​ Short-term lease cost ​ 426 ​ 92 ​ 518 ​ Total lease cost ​ $ 1,679 ​ $ 3,113 ​ $ 4,792 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Information ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities and capitalized operating leases: ​ ​ ​ ​ ​ ​ ​ Operating cash flows ​ $ 1,253 ​ $ 3,128 ​ $ 4,381 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term (in years): ​ ​ ​ ​ Capitalized operating leases ​ ​ 1.92 ​ ​ 4.46 ​ ​ 3.89 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average discount rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized operating leases ​ ​ 3.92% ​ ​ 3.92% ​ ​ 3.92% ​ ​ As of December 31, 2022, future lease payments over the remaining term of capitalized operating leases were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ Related Parties ​ Others ​ Total 2023 ​ $ 1,312 ​ $ 2,097 ​ $ 3,409 2024 ​ 163 ​ 1,697 ​ 1,860 2025 ​ 163 ​ 1,635 ​ 1,798 2026 ​ 163 ​ 952 ​ 1,115 2027 ​ ​ 1 ​ ​ 232 ​ ​ 233 Thereafter ​ ​ — ​ ​ 342 ​ ​ 342 ​ ​ $ 1,802 ​ $ 6,955 ​ $ 8,757 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Imputed interest ​ ​ ​ ​ ​ ​ ​ ​ (593) Lease liability balance at December 31, 2022 ​ ​ ​ ​ ​ ​ ​ $ 8,164 ​ As of December 31, 2022, the ROU asset had a balance of $7,558. The long-term lease liability was $4,994 and the short-term lease liability, which is included in accrued expenses and other liabilities in the consolidated balance sheets, was $3,170. ​ As of December 31, 2021, the ROU asset had a balance of $9,579. The long-term lease liability was $6,789 and the short-term lease liability, which is included in accrued expenses and other liabilities in the consolidated balance sheets, was $3,422 .

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	12 Months Ended
	Dec. 31, 2022
Accrued Expenses and Other Liabilities
Accrued Expenses and Other Liabilities	​ 7. ACCRUED EXPENSES AND OTHER LIABILITIES ​ Accrued expenses and other liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Customer and vendor deposits ​ $ 32,594 ​ $ 33,429 Sales tax ​ ​ 2,816 ​ ​ 10,471 Short term lease liability ​ ​ 3,170 ​ ​ 3,422 Other ​ 15,228 ​ 14,508 Accrued expenses and other liabilities ​ $ 53,808 ​ $ 61,830 ​

GAIN OF LIFE INSURANCE

GAIN OF LIFE INSURANCE	12 Months Ended
	Dec. 31, 2022
Gain on Life Insurance
Gain on Life Insurance Proceeds	8. GAIN ON LIFE INSURANCE The Company owns and is the beneficiary of one life insurance policy on Patricia Gallup, the Company’s Chair and Chief Administrative Officer. This policy had a total cash value recorded as “Other assets” on the Company’s balance sheet of approximately $274 and $200 as of December 31, 2022 and December 31, 2021 respectively. On November 14, 2020, David Hall, one of the Company co-founders and a member of the Company’s Board of Directors passed away. The Company owned and was the beneficiary of two life insurance policies on Mr. Hall. After the death of Mr. Hall, $1,500 was recorded as receivable on the Company’s balance sheet in 2020. The difference between the total insurance proceeds and the cash surrender value of the policies was $1,061, which was recorded as non-operating income for the year ended December 31, 2020. The life insurance proceeds were received in 2021, which are not subject to federal or state income taxes.

BANK BORROWINGS

BANK BORROWINGS	12 Months Ended
	Dec. 31, 2022
Bank Borrowings
Bank Borrowings	9. BANK BORROWINGS ​ The Company has a $50,000 credit facility collateralized by its account receivables that expires March 31, 2025. This facility can be increased, at the Company’s 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, plus a spread based on the Company’s funded debt ratio, or in the absence of LIBOR, the prime rate (7.50% at December 31, 2022). 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 Adjusted Earnings Before Interest Expense, Taxes, Depreciation, Amortization, and Special Charges, or Adjusted EBITDA. The maximum allowable funded debt ratio under the agreement is 2.0 to 1.0. Decreases in the Company’s consolidated Adjusted EBITDA could limit its potential borrowing capacity under the credit facility. During 2022, the Company borrowed an aggregate of $36,463 under the credit facility during the year ended December 31, 2022, which was fully repaid prior to December 31, 2022. The Company had no outstanding bank borrowings as of December 31, 2022 or 2021, and accordingly, the entire $50,000 facility was available for borrowings under the credit facility. As of December 31, 2022, the Company was in compliance with all financial covenants contained in the agreement governing the credit facility.

STOCKHOLDERS' EQUITY AND SHARE-

STOCKHOLDERS' EQUITY AND SHARE-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity and Share-Based Compensation
Stockholders' Equity and Share-Based Compensation	10. STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION ​ Preferred Stock ​ The Company’s Amended and Restated Certificate of Incorporation (the “Restated Certificate”) authorizes the issuance of up to 10,000 shares of preferred stock, $.01 par value per share (the “Preferred Stock”). Under the terms of the Restated Certificate, the Board is authorized, subject to any limitations prescribed by law, without stockholder approval, to issue by a unanimous vote such shares of Preferred Stock in one or more series. Each such series of Preferred Stock shall have such rights, preferences, privileges, and restrictions, including voting rights, dividend rights, redemption privileges, and liquidation preferences, as shall be determined by the Board. There were no preferred shares outstanding as of December 31, 2022 or 2021. ​ Share Repurchase Authorization ​ As of December 31, 2017, there was $30.0 million authorized for share repurchase. In 2018, the Company’s Board approved a share repurchase program authorizing up to $25.0 million in additional share repurchases. In November 2022, the Company’s Board approved a $25.0 million increase to the Company’s existing share repurchase authorization, bringing the aggregate size of the share repurchase program to $80.0 million as of December 31, 2022. There is no fixed termination date for this repurchase program. Purchases may be made in open-market transactions, block transactions on or off an exchange, or in privately negotiated transactions. The timing and amount of any share repurchases will be based on market conditions and other factors. ​ There were no share repurchases during the years ended December 31, 2022 and 2021. The Company repurchased 247 shares for $10.2 million during the year ended December 31, 2020 under Board-authorized repurchase programs. As of December 31, 2022, the Company has repurchased an aggregate of 2,599 shares for $42.3 million under Board-authorized repurchase programs, and the maximum approximate dollar value of shares that may yet be purchased under the Company’s existing Board-authorized program is $37.7 million. ​ Dividend Payments ​ The following table summarizes the Company’s special cash dividends declared in the years ended December 31, 2022, 2021 and 2020 (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 Dividend per share ​ $ 0.34 ​ $ 1.00 ​ $ 0.32 ​ Stockholder record date ​ 12/05/2022 ​ 11/18/2021 ​ 1/12/2021 ​ Total dividend ​ $ 8,948 ​ $ 26,224 ​ $ 8,375 ​ Payment date ​ ​ 12/23/2022 ​ ​ 12/03/2021 ​ ​ 1/29/2021 ​ ​ Declaration of any future cash dividends will depend upon the Company’s financial position, strategic plans, and general business conditions. ​ Equity Compensation Plan Descriptions ​ In 2007, the Board adopted and the Company’s stockholders approved the 2007 Stock Incentive Plan. In 2010, the Board adopted and the stockholders approved the Amended and Restated 2007 Stock Incentive Plan (the “2007 Plan”), which, among other things, extended the term of the 2007 Plan to 2020. In May 2019, the Company’s stockholders approved an amendment to the 2007 Plan, which authorized the issuance of up to 1,900 shares of common stock. Under the terms of the 2007 Plan, the Company is authorized, for a ten-year period, to grant options, stock appreciation rights, nonvested stock, nonvested stock units, and other stock-based awards to employees, officers, directors, and consultants. ​ In 2020, the Board adopted and the Company’s stockholders approved the 2020 Stock Incentive Plan (the “2020 plan”), which replaces the Amended and Restated 2007 Stock Incentive Plan. In May 2022, the Company’s stockholders approved an amendment to the 2020 Plan, which authorized the issuance of 1,003 shares of common stock. As of December 31, 2022, there were 119 shares eligible for future grants under the 2020 Plan. ​ 1997 Employee Stock Purchase Plan ​ In November 1997, the Board adopted and the Company’s stockholders approved the 1997 Employee Stock Purchase Plan (the “Purchase Plan”). The Purchase Plan authorizes the issuance of common stock to participating employees. Under the Purchase Plan, as amended, employees are eligible to purchase Company stock at 95% of the purchase price as of the last business day of each six-month offering period. In May 2022, the Board adopted and the Company’s stockholders approved an amendment to the Purchase Plan, which reserved an aggregate of 1,303 shares of common stock for issuance under the Purchase Plan, of which 1,200 shares have been purchased as of December 31, 2022. ​ Accounting for Share-Based Compensation ​ The Company measures the grant date fair value of equity awards given to employees and recognizes that cost, adjusted for forfeitures, over the period that services are performed. The Company values grants with multiple vesting periods as a single award, estimates expected forfeitures based upon historical patterns of employee turnover, and records share-based compensation as a component of SG&A expenses. ​ The following table summarizes the share-based compensation expenses included in the consolidated statements of net income (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 Pre-tax expense for nonvested units ​ $ 5,675 ​ $ 4,231 ​ $ 2,668 ​ Tax benefit ​ (1,512) ​ (1,167) ​ (635) ​ Net effect on net income ​ $ 4,163 ​ $ 3,064 ​ $ 2,033 ​ ​ In 2022, 2021, and 2020, the Company issued nonvested stock units that settle in stock and vest over periods of up to four years. Recipients of nonvested stock units do not possess stockholder rights. The fair value of nonvested stock units is based on the end of day market value of the Company’s common stock on the grant date. The following table summarizes the Company’s nonvested stock unit activity in 2022 (shares in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nonvested Stock Units ​ ​ Weighted-Average ​ ​ ​ ​ Grant Date ​ ​ Shares Fair Value Nonvested at January 1, 2022 509 ​ $ 36.98 ​ Granted ​ 184 ​ ​ 53.50 ​ Vested (142) ​ 37.28 ​ Canceled ​ (16) ​ ​ 41.99 ​ Nonvested at December 31, 2022 535 ​ 42.44 ​ ​ The weighted-average grant-date fair value of nonvested stock units granted in 2022, 2021 and 2020 was $53.50, $46.02 and $44.31, respectively. The total fair value of nonvested stock units that vested in 2022, 2021, and 2020 was $7,202, $5,529, and $4,044, respectively. Unearned compensation cost related to the nonvested portion of outstanding nonvested stock units was $20,914 as of December 31, 2022, and is expected to be recognized over a weighted-average period of approximately 3.3 years. The aggregate intrinsic value of the nonvested stock units at December 31, 2022, which is calculated based on the positive difference between the fair value of the Company’s stock on December 31, 2022 and the grant price of the underlying awards, was $25,093. ​ Stock Equivalent Units ​ The Company has also previously issued stock equivalent units, or SEUs, which settle in cash and vest ratably over four years, to non-executive employees. The fair value of these liability awards is based on the closing market price of the Company’s common stock and is remeasured at the end of each reporting period until the SEUs vest. The Company reports the compensation as a component of SG&A expense and the related liability as accrued payroll on the consolidated balance sheets. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 Units issued ​ — ​ — ​ — ​ Compensation expense ​ $ — ​ $ 425 ​ $ 840 ​ ​

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2022
Income Taxes
Income Taxes	11. INCOME TAXES ​ The provision for income taxes consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2022 2021 2020 Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 25,483 ​ $ 18,450 ​ $ 13,350 ​ State ​ 8,200 ​ 7,413 ​ 5,726 ​ Total current ​ 33,683 ​ 25,863 ​ 19,076 ​ Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ (743) ​ 655 ​ (1,108) ​ State ​ (524) ​ 98 ​ (537) ​ Total deferred ​ (1,267) ​ 753 ​ (1,645) ​ Provision for income taxes ​ $ 32,416 ​ $ 26,616 ​ $ 17,431 ​ ​ The components of the deferred taxes as of December 31, 2022 and 2021 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Deferred tax assets: ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses ​ $ 1,349 ​ $ 1,266 ​ Inventory costs capitalized for tax purposes ​ 227 ​ 254 ​ Inventory valuation reserves ​ 57 ​ 402 ​ Sales return reserves ​ 140 ​ 164 ​ Deductible expenses, primarily employee-benefit related ​ 79 ​ 18 ​ Accrued compensation ​ 2,249 ​ 2,792 ​ Operating lease liability ​ ​ 2,084 ​ ​ 2,668 ​ Other ​ 632 ​ 1,399 ​ Qualified research expenses ​ ​ 598 ​ ​ — ​ Compensation under non-statutory stock option agreements ​ 1,281 ​ 866 ​ State tax loss carryforwards ​ 1,151 ​ 1,411 ​ Total gross deferred tax assets ​ 9,847 ​ 11,240 ​ Less: Valuation allowance ​ (1,064) ​ (1,174) ​ Net deferred tax assets ​ 8,783 ​ 10,066 ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ ​ Goodwill and other intangibles ​ (13,990) ​ (14,243) ​ Property and equipment ​ ​ (10,572) ​ ​ (12,552) ​ Right-of-use assets ​ ​ (1,930) ​ ​ (2,503) ​ Prepaid expenses ​ (261) ​ (46) ​ Total gross deferred tax liabilities ​ (26,753) ​ (29,344) ​ Net deferred tax liability ​ $ (17,970) ​ $ (19,278) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current deferred tax assets ​ $ — ​ $ — ​ Noncurrent deferred tax liability ​ (17,970) ​ (19,278) ​ Net deferred tax liability ​ $ (17,970) ​ $ (19,278) ​ ​ The Company has deferred tax assets from state net operating loss carryforwards aggregating $1,457 as of December 31, 2022 representing state tax benefits, net of federal taxes, of approximately $1,151. These loss carryforwards are subject to five fifteen ​ A reconciliation of the Company’s 2022, 2021, and 2020 income tax provision to total income taxes at the statutory federal tax rate is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 Federal income taxes, at statutory tax rate ​ $ 25,543 ​ $ 20,270 ​ $ 15,378 ​ State income taxes, net of federal benefit ​ 5,954 ​ 5,954 ​ 3,987 ​ Nondeductible expenses ​ 928 ​ 645 ​ 365 ​ Tax credits ​ ​ — ​ ​ — ​ ​ (2,093) ​ Other, net ​ (9) ​ (253) ​ (206) ​ Income tax provision ​ $ 32,416 ​ $ 26,616 ​ $ 17,431 ​ ​ The Company files one consolidated U.S. Federal income tax return that includes all of its subsidiaries as well as several consolidated, combined, and separate Company returns in many U.S. state tax jurisdictions. The tax years 2018 2019-2021 ​ Previously, the Company recognized interest and penalties related to unrecognized income tax benefits as a component of income tax expense, and the corresponding accrual was included as a component of the Company’s liability for unrecognized income tax benefits. The Company did not recognize any interest and penalties for the years ended December 31, 2022, 2021 or 2020.

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN	12 Months Ended
	Dec. 31, 2022
Employee Benefit Plan
Employee Benefit Plan	12. EMPLOYEE BENEFIT PLAN ​ The Company has a contributory profit-sharing and employee savings plan covering all qualified employees. No contributions to the profit-sharing element of the plan were made by the Company in 2022, 2021, and 2020. The Company made matching contributions to the employee savings element of such plan of $6,517, $5,951, and $5,656 in 2022, 2021, and 2020, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	13. COMMITMENTS AND CONTINGENCIES ​ Contingencies ​ The Company is subject to various legal proceedings and claims, which have arisen during the ordinary course of business. In the opinion of the Company’s management, the outcome of such matters is not expected to have a material effect on the Company’s business, financial position, results of operations, or cash flows. ​ The Company records a liability when it believes that a loss is both probable and reasonably estimable. On a quarterly basis, the Company reviews each of these legal proceedings to determine whether it is probable, reasonably possible, or remote that a liability has been incurred and, if it is at least reasonably possible, whether a range of loss can be reasonably estimated. Significant judgment is required to determine both the likelihood of there being a loss and the estimated amount of such loss. Until the final resolution of such matters, there may be an exposure to loss in excess of the amount recorded, and such amounts could be material. The Company expenses legal fees in the period in which they are incurred. 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, and such outcomes could have a material negative impact on the Company’s financial position, results of operations, and cash flows.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2022
Segment Information
Segment Information	14. SEGMENT AND RELATED DISCLOSURES ​ The internal reporting structure used by the Company’s chief operating decision maker, or CODM, to assess performance and allocate resources determines the basis for the Company’s 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 reporting segments—the Business Solutions segment, which serves primarily SMBs; the Enterprise Solutions segment, which serves primarily medium-to-large corporations; and the Public Sector Solutions segment, which serves primarily federal, state, and local government and educational institutions. In addition, the Headquarters/Other group provides services in areas such as finance, human resources, IT, 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. Net sales presented below exclude inter-segment product revenues. Segment information applicable to the Company’s operating segments for the years ended December 31, 2022, 2021, and 2020 is shown below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2022 2021 2020 Net sales: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Business Solutions ​ $ 1,245,311 ​ $ 1,098,496 ​ $ 966,032 ​ Enterprise Solutions ​ 1,324,361 ​ 1,249,459 ​ 1,115,569 ​ Public Sector Solutions ​ 555,324 ​ 544,640 ​ 508,689 ​ Total net sales ​ $ 3,124,996 ​ $ 2,892,595 ​ $ 2,590,290 ​ Operating income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Business Solutions ​ $ 79,475 ​ $ 43,783 ​ $ 32,351 ​ Enterprise Solutions ​ 53,477 ​ 74,653 ​ 59,382 ​ Public Sector Solutions ​ 1,105 ​ (4,928) ​ (2,763) ​ Headquarters/Other ​ (13,505) ​ (16,991) ​ (16,896) ​ Total operating income ​ 120,552 ​ 96,517 ​ 72,074 ​ Other income, net ​ 1,083 ​ 5 ​ 1,122 ​ Income before taxes ​ $ 121,635 ​ $ 96,522 ​ $ 73,196 ​ Selected operating expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Business Solutions ​ $ 661 ​ $ 655 ​ $ 636 ​ Enterprise Solutions ​ 1,992 ​ 2,408 ​ 2,771 ​ Public Sector Solutions ​ 78 ​ 62 ​ 60 ​ Headquarters/Other ​ 9,247 ​ 9,077 ​ 10,136 ​ Total depreciation and amortization ​ $ 11,978 ​ $ 12,202 ​ $ 13,603 ​ Total assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Business Solutions ​ $ 445,698 ​ $ 401,624 ​ ​ ​ ​ Enterprise Solutions ​ 660,374 ​ 645,938 ​ ​ ​ ​ Public Sector Solutions ​ 84,939 ​ 84,787 ​ ​ ​ ​ Headquarters/Other ​ (91,185) ​ (48,966) ​ ​ ​ ​ Total assets ​ $ 1,099,826 ​ $ 1,083,383 ​ ​ ​ ​ ​ The assets of the Company’s operating segments presented above consist primarily of accounts receivable, net intercompany receivable, goodwill, and other intangibles. Goodwill of $66,236 and $7,366 is held by the Enterprise Solutions and Business Solutions segments, respectively, as of December 31, 2022. Assets reported under the Headquarters/Other group are managed by corporate headquarters, including cash, inventory, property and equipment and intercompany balance, net. Total assets for the Headquarters/Other group are presented net of intercompany balances eliminations of $43,679 and $39,390 for the years ended December 31, 2022 and 2021, respectively. The Company’s capital expenditures consist largely of IT hardware and software purchased to maintain or upgrade its management information systems. These systems serve all of the Company’s subsidiaries, to varying degrees, and as a result, the CODM does not evaluate capital expenditures on a segment basis. Substantially all of the Company’s sales in 2022, 2021, and 2020 were made to customers located in the United States. Shipments to customers located in foreign countries were not more than 2% of total net sales in 2022, 2021, and 2020. All of the Company’s assets as of December 31, 2022 and 2021 were located in the United States. The Company’s primary target customers are SMBs, medium-to-large businesses, and federal, state, and local government agencies and educational institutions.

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2022
Schedule II - Valuation and Qualifying Accounts
Schedule II-Valuation And Qualifying Accounts	SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS (amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at Charged to ​ Balance at ​ ​ Beginning ​ Costs and ​ Deductions/ ​ End of ​ ​ of Period ​ Expenses ​ Write-Offs ​ Period Description ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for Sales Returns ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 $ 3,466 29,435 (28,887) $ 4,014 ​ Year Ended December 31, 2021 $ 4,014 32,635 (32,431) $ 4,218 ​ Year Ended December 31, 2022 $ 4,218 35,161 (35,573) $ 3,806 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for Credit Losses ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 $ 2,202 3,316 (110) $ 5,408 ​ Year Ended December 31, 2021 $ 5,408 3,307 (3,890) $ 4,825 ​ Year Ended December 31, 2022 $ 4,825 3,252 (2,810) $ 5,267 ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Principles of Consolidation	​ Principles of Consolidation ​ The consolidated financial statements include the accounts of PC Connection, Inc. and its subsidiaries, all of which are wholly-owned. Intercompany transactions and balances are eliminated in consolidation.
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. Actual results could differ from those estimates and assumptions. ​
Revenue Recognition	Revenue Recognition ​ Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. In most instances, when several performance obligations are aggregated into one single transaction, these performance obligations are fulfilled at the same point in time. The Company accounts for an arrangement when it has approval and commitment from both parties, the rights are identified, the contract has commercial substance, and collectability of consideration is probable. The Company generally obtains oral or written purchase authorizations from its customers for a specified amount of product at a specified price, which constitutes an arrangement. Revenue is recognized at the amount expected to be collected, net of any taxes collected from customers, which are subsequently remitted to governmental authorities. The Company generally invoices for its products at the time of shipping, and accordingly there is not a significant financing component included in its arrangements.
Cost of Sales and Certain Other Costs	​ Cost of Sales and Certain Other Costs ​ Cost of sales includes the invoice cost of the product, direct employee and third-party cost of services, direct costs of packaging, inbound and outbound freight, and provisions for inventory obsolescence, adjusted for discounts, rebates, and other vendor allowances. ​
Cash and Cash Equivalents	Cash and Cash Equivalents ​ The Company considers all highly liquid short-term investments with original maturities of 90 days or less to be cash equivalents. The carrying value of the Company’s cash equivalents approximates fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The accounting guidance includes a fair value hierarchy that priorities the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy are as follows: ​ ● Level 1: Quoted prices for identical assets or liabilities in active markets; ​ ● Level 2: Observable inputs other than those described as Level 1; and ​ ● Level 3: Unobservable inputs that are supportable by little or no market activities and are based on significant assumptions and estimates. ​ The Company’s money market funds are valued at the closing price reported by the fund sponsor from an actively traded exchange. It is included as cash equivalents within the Company’s consolidated balance sheet and is categorized as a level 1 measurement. ​ The majority of payments due from credit card processors and banks for third-party credit card and debit card transactions process within one to five business days. All credit card and debit card transactions that process in less than seven days are classified as cash and cash equivalents. Amounts due from banks for credit card transactions classified as cash equivalents totaled $6,862 and $4,748 at December 31, 2022 and 2021, respectively.
Accounts Receivable	Accounts Receivable ​ Accounts receivable are recorded at the invoice amount, net of allowances. Customers are evaluated for their credit worthiness at the time of contract inception and the Company performs ongoing credit evaluations of its customers and adjusts credit limits based on payment history and customer creditworthiness. Based on the results of the credit assessments, the Company will extend credit under its standard payment terms or may request alternative early payment actions. The Company determines the required allowance for expected credit losses using information such as its customer credit history and financial condition, industry and market segment information, credit reports, and economic trends and conditions. Allowances can be affected by changes in the industry, customer credit issues or customer bankruptcies or expectations of any such events in a future period when reasonable and supportable. Historical information is utilized beyond reasonable and supportable forecast periods. Amounts are charged against the allowance when it is determined that expected credit losses may occur. The Company assesses collectability by reviewing account receivable on an aggregated basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with collectability issues, and if necessary, records a reserve against those receivables it determines may not be collectable. Trade receivables are written off in the period in which they are deemed uncollectible. Recoveries of trade receivables previously charged are recorded when received. ​
Inventories	Inventories ​ Inventories (all finished goods) are stated at cost (which approximates the first-in, first-out method) or net realizable value, whichever is lower. Inventory quantities on hand are reviewed regularly, and allowances are maintained for obsolete, slow moving, and nonsalable inventory. ​
Advertising Costs and Vendor consideration	Advertising Costs and Vendor Consideration ​ Vendors have the ability to fund advertising activities for which the Company receives advertising consideration. This vendor consideration, to the extent that it represents specific reimbursements of incremental and identifiable costs, is offset against SG&A expenses. Advertising consideration that cannot be associated with a specific program or that exceeds the fair value of advertising expense associated with that program is classified as an offset to cost of sales. The Company’s vendor partners generally consolidate their funding of advertising and other marketing programs, and accordingly, the Company classifies substantially all vendor consideration as a reduction of cost of sales rather than a reduction of advertising expense. Other advertising costs are expensed as incurred. Advertising expense, which is classified as a component of SG&A expenses, totaled $20,155, $15,827, and $14,021 for the years ended December 31, 2022, 2021, and 2020, respectively.
Property and Equipment	Property and Equipment ​ Property and equipment are stated at cost, net of accumulated depreciation and amortization. The estimated useful lives of the assets range from three three ​ Costs incurred to develop internal-use software during the application development stage are recorded in property and equipment at cost. External direct costs of materials and services consumed in developing or obtaining internal-use computer software and payroll-related costs for employees developing internal-use computer software projects, to the extent of their time spent directly on the project and specific to application development, are capitalized. ​ When events or circumstances indicate a potential impairment, the Company evaluates the carrying value of property and equipment based upon current and anticipated undiscounted cash flows. The Company recognizes impairment when it is probable that such estimated future cash flows will be less than the asset carrying value. No property and equipment impairment was recognized for each of the years ended December 31, 2022, 2021 and 2020.
Leases	Leases The Company enters into operating lease contracts, as assessed at contract inception, primarily for real estate and equipment. On the lease commencement date, the Company records operating lease liabilities based on the present value of the future lease payments. In determining the present value of future lease payments, the Company utilized estimated rates that it would have incurred to borrow, over a similar term, the funds necessary to purchase the respective leased asset with cash. The Company elects to apply the short-team lease exception to any leases with contractual obligations of one year or less. These leases will not have right-of-use, or ROU, assets and associated lease liabilities on the balance sheet. Instead, rent will be recognized on a straight-line basis.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets ​ The Company’s intangible assets consist of (1) goodwill, which is not subject to amortization; (2) an internet domain name, which is an indefinite-lived intangible asset not subject to amortization; and (3) amortizing intangibles, which consist of customer lists, trade names, and customer relationships, which are being amortized over their useful lives. ​ Note 3 describes the annual impairment methodology that the Company uses each year in calculating the recoverability of goodwill and non-amortizing intangibles. This same impairment test is performed at other times during the course of a year should an event occur or circumstance change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. ​ Recoverability of amortizing intangible assets is assessed only when events have occurred that may give rise to impairment. When a potential impairment has been identified, forecasted undiscounted net cash flows of the operations to which the asset relates are compared to the current carrying value of the long-lived assets present in that operation. If such cash flows are less than such carrying amounts, long-lived assets including such intangibles, are written down to their respective fair values. No intangible assets impairment was recognized for each of the years ended December 31, 2022, 2021 and 2020.
Concentrations	Concentrations ​ Concentrations of credit risk with respect to trade account receivables are limited due to the large number of customers comprising the Company’s customer base. No single customer accounted for more than 4% of total net sales in 2022, 2021, and 2020. ​ Product purchases from Ingram Micro, Inc., TD Synnex Corporation, and Dell Inc. accounted for approximately 23%, 22% and 15% respectively, of the Company’s total product purchases in 2022. Product purchases from Ingram Micro, Inc., TD Synnex Corporation and Dell Inc. accounted for approximately 23%, 23% and 12% respectively, of the Company’s total product purchases in 2021. Product purchases from Ingram Micro, Inc., TD Synnex Corporation and HP Inc. accounted for approximately 21%, 15% and 12% respectively, of the Company’s total product purchases in 2020. No other singular vendor supplied more than 10% of the Company’s total product purchases in 2022, 2021 and 2020. The Company believes that, while it may experience some short-term disruption if products from Ingram Micro, Inc., TD Synnex Corporation, Dell Inc., and HP Inc., or any of these vendors become unavailable to it, alternative sources are available. ​ Products manufactured by HP Inc. collectively represented approximately 14%, 15% and 18% of the Company’s net sales in 2022, 2021 and 2020, respectively. In the event the Company experiences either a short-term or permanent disruption of supply of HP products, such disruption would likely have a material adverse effect on the Company’s results of operations and cash flows.
Restructuring and other charges	Restructuring and Other charges ​ Restructuring and other charges are presented separately from SG&A expenses. In the year ended December 31, 2020, the Company undertook actions across the business to lower its cost structure and align its business in an effort to improve its ability to execute its strategy. In connection with these restructuring initiatives, the Company incurred restructuring and related costs of $1.0 million for the year ended December 31, 2020. There were no restructuring related costs incurred for the years ended December 31, 2022 or 2021. ​
Earnings Per Share	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 nonvested stock units and stock options outstanding, if dilutive. ​ The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 89,219 ​ $ 69,906 ​ $ 55,765 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic earnings per share ​ 26,279 ​ 26,196 ​ 26,157 ​ Dilutive effect of employee stock awards ​ 164 ​ 168 ​ 179 ​ Denominator for diluted earnings per share ​ 26,443 ​ 26,364 ​ 26,336 ​ Earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 3.40 ​ $ 2.67 ​ $ 2.13 ​ Diluted ​ $ 3.37 ​ $ 2.65 ​ $ 2.12 ​ ​ For the years ended December 31, 2022, 2021, and 2020, the Company did not exclude any outstanding nonvested stock units or stock options from the computation of diluted earnings per share because including them would have had an anti-dilutive effect.
Recently Issued Financial Accounting Standards	Recently Issued Financial Accounting Standards ​ In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting. Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Computation of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 89,219 ​ $ 69,906 ​ $ 55,765 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic earnings per share ​ 26,279 ​ 26,196 ​ 26,157 ​ Dilutive effect of employee stock awards ​ 164 ​ 168 ​ 179 ​ Denominator for diluted earnings per share ​ 26,443 ​ 26,364 ​ 26,336 ​ Earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 3.40 ​ $ 2.67 ​ $ 2.13 ​ Diluted ​ $ 3.37 ​ $ 2.65 ​ $ 2.12 ​ ​

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue
Schedule of disaggregation of revenue from contracts with customers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2022 ​ Business Solutions Enterprise Solutions Public Sector Solutions Total Notebooks/Mobility ​ $ 473,375 ​ $ 462,152 ​ $ 221,363 ​ $ 1,156,890 Desktops ​ ​ 88,127 ​ ​ 165,509 ​ ​ 56,804 ​ ​ 310,440 Software ​ ​ 147,792 ​ ​ 108,243 ​ ​ 36,071 ​ ​ 292,106 Servers/Storage ​ ​ 103,711 ​ ​ 64,622 ​ ​ 44,588 ​ ​ 212,921 Net/Com Products ​ 98,672 ​ 85,611 ​ ​ 32,548 ​ 216,831 Displays and Sound ​ ​ 118,753 ​ ​ 132,269 ​ ​ 67,860 ​ ​ 318,882 Accessories ​ 133,017 ​ 202,452 ​ ​ 58,413 ​ 393,882 Other Hardware/Services ​ 81,863 ​ 103,504 ​ ​ 37,677 ​ 223,044 Total net sales ​ $ 1,245,310 ​ $ 1,324,362 ​ $ 555,324 ​ $ 3,124,996 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2021 ​ Business Solutions Enterprise Solutions Public Sector Solutions Total Notebooks/Mobility ​ $ 426,022 ​ $ 428,868 ​ $ 241,146 ​ $ 1,096,036 Desktops ​ ​ 87,822 ​ ​ 140,468 ​ ​ 45,989 ​ ​ 274,279 Software ​ ​ 120,104 ​ ​ 119,423 ​ ​ 39,611 ​ ​ 279,138 Servers/Storage ​ 92,922 ​ ​ 66,027 ​ ​ 37,081 ​ ​ 196,030 Net/Com Products ​ 81,681 ​ 86,454 ​ ​ 34,336 ​ 202,471 Displays and Sound ​ ​ 99,474 ​ ​ 125,610 ​ ​ 59,153 ​ ​ 284,237 Accessories ​ ​ 115,048 ​ 179,249 ​ ​ 44,104 ​ 338,401 Other Hardware/Services ​ 75,423 ​ 103,360 ​ ​ 43,220 ​ 222,003 Total net sales ​ $ 1,098,496 ​ $ 1,249,459 ​ $ 544,640 ​ $ 2,892,595 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2020 ​ Business Solutions Enterprise Solutions Public Sector Solutions Total Notebooks/Mobility ​ $ 319,046 ​ $ 303,471 ​ $ 203,090 ​ $ 825,607 Desktops ​ ​ 89,828 ​ ​ 129,011 ​ ​ 36,744 ​ ​ 255,583 Software ​ ​ 124,681 ​ ​ 115,596 ​ ​ 42,793 ​ ​ 283,070 Servers/Storage ​ 93,535 ​ ​ 76,107 ​ ​ 42,694 ​ ​ 212,336 Net/Com Products ​ 75,141 ​ 96,203 ​ ​ 47,930 ​ 219,274 Displays and Sound ​ ​ 85,769 ​ ​ 78,312 ​ ​ 51,502 ​ ​ 215,583 Accessories ​ ​ 113,402 ​ 201,562 ​ ​ 47,504 ​ 362,468 Other Hardware/Services ​ 64,630 ​ 115,307 ​ ​ 36,432 ​ 216,369 Total net sales ​ $ 966,032 ​ $ 1,115,569 ​ $ 508,689 ​ $ 2,590,290 ​
Schedule of changes in contract liability balances	The following table provides information about contract liabilities from arrangements with customers as of December 31, 2022 and December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 Contract liabilities, which are included in "Accrued expenses and other liabilities" ​ $ 4,266 ​ $ 8,628 ​ ​ Changes in the contract liability balances during the years ended December 31, 2022 and 2021 are as follows (in thousands): ​ ​ ​ ​ ​ ​ 2022 Balance at December 31, 2021 ​ $ 8,628 Cash received in advance and not recognized as revenue ​ 20,626 Amounts recognized as revenue as performance obligations satisfied ​ (24,988) Balance at December 31, 2022 ​ $ 4,266 ​ ​ ​ ​ ​ ​ 2021 Balance at December 31, 2020 ​ $ 3,509 Cash received in advance and not recognized as revenue ​ 28,114 Amounts recognized as revenue as performance obligations satisfied ​ (22,995) Balance at December 31, 2021 ​ $ 8,628

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure
Carrying Amount of Goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2022 Business Solutions Enterprise Solutions Public Sector Solutions Total Goodwill, gross ​ $ 8,539 ​ $ 66,236 ​ $ 7,634 ​ $ 82,409 ​ Accumulated impairment losses ​ (1,173) ​ ─ ​ (7,634) ​ (8,807) ​ Net balance ​ $ 7,366 ​ $ 66,236 ​ $ — ​ $ 73,602 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2021 Business Solutions Enterprise Solutions Public Sector Solutions Total Goodwill, gross ​ $ 8,539 ​ $ 66,236 ​ $ 7,634 ​ $ 82,409 ​ Accumulated impairment losses ​ (1,173) ​ ─ ​ (7,634) ​ (8,807) ​ Net balance ​ $ 7,366 ​ $ 66,236 ​ $ — ​ $ 73,602 ​ ​
Intangible Assets and Related Accumulated Amortization	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ Estimated Gross Accumulated Net Gross Accumulated Net ​ ​ Useful Lives ​ Amount ​ Amortization ​ Amount ​ Amount ​ Amortization ​ Amount Customer list ​ 8 ​ $ 3,400 ​ $ 3,400 ​ $ — ​ $ 3,400 ​ $ 3,400 ​ $ — ​ Tradename ​ 5 ​ 1,190 ​ 1,190 ​ — ​ 1,190 ​ 1,190 ​ — ​ Customer relationships ​ 10 ​ 12,200 ​ 8,002 ​ 4,198 ​ 12,200 ​ 6,782 ​ 5,418 ​ Total intangible assets ​ ​ ​ $ 16,790 ​ $ 12,592 ​ $ 4,198 ​ $ 16,790 ​ $ 11,372 ​ $ 5,418 ​ ​
Estimated Amortization Expense	​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ ​ 2023 ​ $ 1,220 ​ 2024 ​ 1,220 ​ 2025 ​ 1,220 ​ 2026 ​ ​ 538 ​ 2027 and thereafter ​ — ​ ​ ​ $ 4,198 ​

ACCOUNTS RECEIVABLE (Tables)

ACCOUNTS RECEIVABLE (Tables)	12 Months Ended
	Dec. 31, 2022
Accounts Receivable
Accounts Receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Trade ​ $ 561,857 ​ $ 568,964 ​ Vendor consideration, returns and other ​ 57,388 ​ 47,506 ​ Due from employees ​ 108 ​ 105 ​ Total gross accounts receivable ​ 619,353 ​ 616,575 ​ Allowances for: ​ ​ ​ ​ ​ ​ ​ Sales returns ​ (3,806) ​ (4,218) ​ Credit losses ​ (5,267) ​ (4,825) ​ Accounts receivable, net ​ $ 610,280 ​ $ 607,532 ​

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2022
Property and Equipment
Property and Equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Computer software, including licenses and internally-developed software ​ $ 87,645 ​ $ 96,264 ​ Furniture and equipment ​ 39,316 ​ 37,040 ​ Leasehold improvements ​ 8,964 ​ 8,668 ​ Total ​ 135,925 ​ 141,972 ​ Accumulated depreciation and amortization ​ (76,754) ​ (80,961) ​ Property and equipment, net ​ $ 59,171 ​ $ 61,011 ​ ​

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2022
Leases
Schedule of lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ Related Parties ​ Others ​ Total Lease Cost ​ ​ ​ ​ Capitalized operating lease cost ​ $ 1,253 ​ $ 2,821 ​ $ 4,074 ​ Short-term lease cost ​ 428 ​ 121 ​ 549 ​ Total lease cost ​ $ 1,681 ​ $ 2,942 ​ $ 4,623 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Information ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities and capitalized operating leases: ​ ​ ​ ​ ​ ​ ​ Operating cash flows ​ $ 1,253 ​ $ 2,846 ​ $ 4,099 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term (in years): ​ ​ ​ ​ Capitalized operating leases ​ ​ 0.92 ​ ​ 4.03 ​ ​ 3.60 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average discount rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized operating leases ​ ​ 3.92% ​ ​ 4.05% ​ ​ 4.03% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ ​ Related Parties ​ Others ​ Total ​ Lease Cost ​ ​ ​ ​ Capitalized operating lease cost ​ $ 1,253 ​ $ 3,021 ​ $ 4,274 ​ Short-term lease cost ​ 426 ​ 92 ​ 518 ​ Total lease cost ​ $ 1,679 ​ $ 3,113 ​ $ 4,792 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Information ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities and capitalized operating leases: ​ ​ ​ ​ ​ ​ ​ Operating cash flows ​ $ 1,253 ​ $ 3,128 ​ $ 4,381 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term (in years): ​ ​ ​ ​ Capitalized operating leases ​ ​ 1.92 ​ ​ 4.46 ​ ​ 3.89 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 2023 ​ $ 1,312 ​ $ 2,097 ​ $ 3,409 2024 ​ 163 ​ 1,697 ​ 1,860 2025 ​ 163 ​ 1,635 ​ 1,798 2026 ​ 163 ​ 952 ​ 1,115 2027 ​ ​ 1 ​ ​ 232 ​ ​ 233 Thereafter ​ ​ — ​ ​ 342 ​ ​ 342 ​ ​ $ 1,802 ​ $ 6,955 ​ $ 8,757 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Imputed interest ​ ​ ​ ​ ​ ​ ​ ​ (593) Lease liability balance at December 31, 2022 ​ ​ ​ ​ ​ ​ ​ $ 8,164 ​

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2022
Accrued Expenses and Other Liabilities
Schedule of Accrued Expenses and Other Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Customer and vendor deposits ​ $ 32,594 ​ $ 33,429 Sales tax ​ ​ 2,816 ​ ​ 10,471 Short term lease liability ​ ​ 3,170 ​ ​ 3,422 Other ​ 15,228 ​ 14,508 Accrued expenses and other liabilities ​ $ 53,808 ​ $ 61,830

STOCKHOLDERS' EQUITY AND SHAR_2

STOCKHOLDERS' EQUITY AND SHARE-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2022
Dividend declared	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 Dividend per share ​ $ 0.34 ​ $ 1.00 ​ $ 0.32 ​ Stockholder record date ​ 12/05/2022 ​ 11/18/2021 ​ 1/12/2021 ​ Total dividend ​ $ 8,948 ​ $ 26,224 ​ $ 8,375 ​ Payment date ​ ​ 12/23/2022 ​ ​ 12/03/2021 ​ ​ 1/29/2021 ​ ​
Components of Share-Based Compensation Recorded as Expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 Pre-tax expense for nonvested units ​ $ 5,675 ​ $ 4,231 ​ $ 2,668 ​ Tax benefit ​ (1,512) ​ (1,167) ​ (635) ​ Net effect on net income ​ $ 4,163 ​ $ 3,064 ​ $ 2,033 ​ ​
Nonvested Stock Unit Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nonvested Stock Units ​ ​ Weighted-Average ​ ​ ​ ​ Grant Date ​ ​ Shares Fair Value Nonvested at January 1, 2022 509 ​ $ 36.98 ​ Granted ​ 184 ​ ​ 53.50 ​ Vested (142) ​ 37.28 ​ Canceled ​ (16) ​ ​ 41.99 ​ Nonvested at December 31, 2022 535 ​ 42.44 ​ ​
PhantomShareUnitsPSUsMember
Stock Equivalent Units	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 Units issued ​ — ​ — ​ — ​ Compensation expense ​ $ — ​ $ 425 ​ $ 840 ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
Income Taxes
Provision for Income Taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2022 2021 2020 Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 25,483 ​ $ 18,450 ​ $ 13,350 ​ State ​ 8,200 ​ 7,413 ​ 5,726 ​ Total current ​ 33,683 ​ 25,863 ​ 19,076 ​ Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ (743) ​ 655 ​ (1,108) ​ State ​ (524) ​ 98 ​ (537) ​ Total deferred ​ (1,267) ​ 753 ​ (1,645) ​ Provision for income taxes ​ $ 32,416 ​ $ 26,616 ​ $ 17,431 ​ ​
Components of Deferred Taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Deferred tax assets: ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses ​ $ 1,349 ​ $ 1,266 ​ Inventory costs capitalized for tax purposes ​ 227 ​ 254 ​ Inventory valuation reserves ​ 57 ​ 402 ​ Sales return reserves ​ 140 ​ 164 ​ Deductible expenses, primarily employee-benefit related ​ 79 ​ 18 ​ Accrued compensation ​ 2,249 ​ 2,792 ​ Operating lease liability ​ ​ 2,084 ​ ​ 2,668 ​ Other ​ 632 ​ 1,399 ​ Qualified research expenses ​ ​ 598 ​ ​ — ​ Compensation under non-statutory stock option agreements ​ 1,281 ​ 866 ​ State tax loss carryforwards ​ 1,151 ​ 1,411 ​ Total gross deferred tax assets ​ 9,847 ​ 11,240 ​ Less: Valuation allowance ​ (1,064) ​ (1,174) ​ Net deferred tax assets ​ 8,783 ​ 10,066 ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ ​ Goodwill and other intangibles ​ (13,990) ​ (14,243) ​ Property and equipment ​ ​ (10,572) ​ ​ (12,552) ​ Right-of-use assets ​ ​ (1,930) ​ ​ (2,503) ​ Prepaid expenses ​ (261) ​ (46) ​ Total gross deferred tax liabilities ​ (26,753) ​ (29,344) ​ Net deferred tax liability ​ $ (17,970) ​ $ (19,278) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current deferred tax assets ​ $ — ​ $ — ​ Noncurrent deferred tax liability ​ (17,970) ​ (19,278) ​ Net deferred tax liability ​ $ (17,970) ​ $ (19,278) ​ ​
Reconciliation of Income Tax Provision to Total Income Taxes at Statutory Federal Tax Rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 Federal income taxes, at statutory tax rate ​ $ 25,543 ​ $ 20,270 ​ $ 15,378 ​ State income taxes, net of federal benefit ​ 5,954 ​ 5,954 ​ 3,987 ​ Nondeductible expenses ​ 928 ​ 645 ​ 365 ​ Tax credits ​ ​ — ​ ​ — ​ ​ (2,093) ​ Other, net ​ (9) ​ (253) ​ (206) ​ Income tax provision ​ $ 32,416 ​ $ 26,616 ​ $ 17,431 ​ ​

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Information
Segment information applicable to reportable operating segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2022 2021 2020 Net sales: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Business Solutions ​ $ 1,245,311 ​ $ 1,098,496 ​ $ 966,032 ​ Enterprise Solutions ​ 1,324,361 ​ 1,249,459 ​ 1,115,569 ​ Public Sector Solutions ​ 555,324 ​ 544,640 ​ 508,689 ​ Total net sales ​ $ 3,124,996 ​ $ 2,892,595 ​ $ 2,590,290 ​ Operating income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Business Solutions ​ $ 79,475 ​ $ 43,783 ​ $ 32,351 ​ Enterprise Solutions ​ 53,477 ​ 74,653 ​ 59,382 ​ Public Sector Solutions ​ 1,105 ​ (4,928) ​ (2,763) ​ Headquarters/Other ​ (13,505) ​ (16,991) ​ (16,896) ​ Total operating income ​ 120,552 ​ 96,517 ​ 72,074 ​ Other income, net ​ 1,083 ​ 5 ​ 1,122 ​ Income before taxes ​ $ 121,635 ​ $ 96,522 ​ $ 73,196 ​ Selected operating expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Business Solutions ​ $ 661 ​ $ 655 ​ $ 636 ​ Enterprise Solutions ​ 1,992 ​ 2,408 ​ 2,771 ​ Public Sector Solutions ​ 78 ​ 62 ​ 60 ​ Headquarters/Other ​ 9,247 ​ 9,077 ​ 10,136 ​ Total depreciation and amortization ​ $ 11,978 ​ $ 12,202 ​ $ 13,603 ​ Total assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Business Solutions ​ $ 445,698 ​ $ 401,624 ​ ​ ​ ​ Enterprise Solutions ​ 660,374 ​ 645,938 ​ ​ ​ ​ Public Sector Solutions ​ 84,939 ​ 84,787 ​ ​ ​ ​ Headquarters/Other ​ (91,185) ​ (48,966) ​ ​ ​ ​ Total assets ​ $ 1,099,826 ​ $ 1,083,383 ​ ​ ​ ​ ​

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Number of operating segments | segment	3
Amounts due from banks for credit card transactions, classified as cash equivalents	$ 6,862	$ 4,748
Impairment of property and equipment	0	0	$ 0
Impairment of intangible assets	$ 0	0	0
Minimum
Property and equipment, estimated useful lives	3 years
Maximum
Property and equipment, estimated useful lives	7 years
Computer software | Minimum
Estimated useful lives	3 years
Computer software | Maximum
Estimated useful lives	10 years
Selling, General and Administrative Expenses
Advertising expense	$ 20,155	$ 15,827	$ 14,021

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration Risk (Details) - Net Sales	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Customer | Single Customer | Maximum
Concentration risk
Percentage of total net sales	4%	4%	4%
Supplier | Ingram Micro Inc.
Concentration risk
Percentage of product purchases	23%	23%	21%
Supplier | TD Synnex Corporation
Concentration risk
Percentage of product purchases	22%	23%	15%
Supplier | HP, Inc.
Concentration risk
Percentage of product purchases	15%	12%	12%
Products manufactured by HP as a percentage of net sales	14%	15%	18%

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restructuring and Other Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies
Restructuring and other charges	$ 0	$ 0	$ 992

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net income	$ 89,219	$ 69,906	$ 55,765
Denominator:
Denominator for basic earnings per share	26,279	26,196	26,157
Dilutive effect of employee stock awards	164	168	179
Denominator for diluted earnings per share	26,443	26,364	26,336
Earnings per share:
Basic	$ 3.40	$ 2.67	$ 2.13
Diluted	$ 3.37	$ 2.65	$ 2.12
Additional Disclosure
Employee stock awards excluded from computation of diluted earnings per share	$ 0	$ 0	$ 0

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of revenue
Net sales	$ 3,124,996	$ 2,892,595	$ 2,590,290
Notebooks/Mobility
Disaggregation of revenue
Net sales	1,156,890	1,096,036	825,607
Desktops
Disaggregation of revenue
Net sales	310,440	274,279	255,583
Software
Disaggregation of revenue
Net sales	292,106	279,138	283,070
Servers/Storage
Disaggregation of revenue
Net sales	212,921	196,030	212,336
Net/Com Products
Disaggregation of revenue
Net sales	216,831	202,471	219,274
Displays and Sound
Disaggregation of revenue
Net sales	318,882	284,237	215,583
Accessories
Disaggregation of revenue
Net sales	393,882	338,401	362,468
Other Hardware/Services
Disaggregation of revenue
Net sales	223,044	222,003	216,369
Business Solutions
Disaggregation of revenue
Net sales	1,245,310	1,098,496	966,032
Business Solutions | Notebooks/Mobility
Disaggregation of revenue
Net sales	473,375	426,022	319,046
Business Solutions | Desktops
Disaggregation of revenue
Net sales	88,127	87,822	89,828
Business Solutions | Software
Disaggregation of revenue
Net sales	147,792	120,104	124,681
Business Solutions | Servers/Storage
Disaggregation of revenue
Net sales	103,711	92,922	93,535
Business Solutions | Net/Com Products
Disaggregation of revenue
Net sales	98,672	81,681	75,141
Business Solutions | Displays and Sound
Disaggregation of revenue
Net sales	118,753	99,474	85,769
Business Solutions | Accessories
Disaggregation of revenue
Net sales	133,017	115,048	113,402
Business Solutions | Other Hardware/Services
Disaggregation of revenue
Net sales	81,863	75,423	64,630
Enterprise Solutions
Disaggregation of revenue
Net sales	1,324,362	1,249,459	1,115,569
Enterprise Solutions | Notebooks/Mobility
Disaggregation of revenue
Net sales	462,152	428,868	303,471
Enterprise Solutions | Desktops
Disaggregation of revenue
Net sales	165,509	140,468	129,011
Enterprise Solutions | Software
Disaggregation of revenue
Net sales	108,243	119,423	115,596
Enterprise Solutions | Servers/Storage
Disaggregation of revenue
Net sales	64,622	66,027	76,107
Enterprise Solutions | Net/Com Products
Disaggregation of revenue
Net sales	85,611	86,454	96,203
Enterprise Solutions | Displays and Sound
Disaggregation of revenue
Net sales	132,269	125,610	78,312
Enterprise Solutions | Accessories
Disaggregation of revenue
Net sales	202,452	179,249	201,562
Enterprise Solutions | Other Hardware/Services
Disaggregation of revenue
Net sales	103,504	103,360	115,307
Public Sector Solutions
Disaggregation of revenue
Net sales	555,324	544,640	508,689
Public Sector Solutions | Notebooks/Mobility
Disaggregation of revenue
Net sales	221,363	241,146	203,090
Public Sector Solutions | Desktops
Disaggregation of revenue
Net sales	56,804	45,989	36,744
Public Sector Solutions | Software
Disaggregation of revenue
Net sales	36,071	39,611	42,793
Public Sector Solutions | Servers/Storage
Disaggregation of revenue
Net sales	44,588	37,081	42,694
Public Sector Solutions | Net/Com Products
Disaggregation of revenue
Net sales	32,548	34,336	47,930
Public Sector Solutions | Displays and Sound
Disaggregation of revenue
Net sales	67,860	59,153	51,502
Public Sector Solutions | Accessories
Disaggregation of revenue
Net sales	58,413	44,104	47,504
Public Sector Solutions | Other Hardware/Services
Disaggregation of revenue
Net sales	$ 37,677	$ 43,220	$ 36,432

REVENUE - Contract Balances (De

REVENUE - Contract Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Change in contract liability
Beginning balance - Contract liability	$ 8,628	$ 3,509
Cash received in advance and not recognized as revenue	20,626	28,114
Amounts recognized as revenue as performance obligations satisfied	(24,988)	(22,995)
Ending balance - Contract liability	4,266	8,628
Accrued expenses and other liabilities
Contract liabilities
Contract liabilities	$ 4,266	$ 8,628

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Goodwill
Goodwill, gross	$ 82,409	$ 82,409
Accumulated impairment losses	(8,807)	(8,807)
Net balance	73,602	73,602
Business Solutions
Goodwill
Goodwill, gross	8,539	8,539
Accumulated impairment losses	(1,173)	(1,173)
Net balance	7,366	7,366
Enterprise Solutions
Goodwill
Goodwill, gross	66,236	66,236
Net balance	66,236	66,236
Public Sector Segment
Goodwill
Goodwill, gross	7,634	7,634
Accumulated impairment losses	$ (7,634)	$ (7,634)

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Amortizable Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2016
Intangible Assets
Indefinite-lived intangible assets	$ 450
Gross Amount	16,790	$ 16,790
Accumulated Amortization	12,592	11,372
Net Amount	4,198	5,418
Amortization expense	$ 1,220	1,220	$ 1,220
Customer List
Intangible Assets
Estimated useful lives	8 years
Gross Amount	$ 3,400	3,400
Accumulated Amortization	$ 3,400	3,400
Tradename
Intangible Assets
Estimated useful lives	5 years
Gross Amount	$ 1,190	1,190
Accumulated Amortization	$ 1,190	1,190
Customer relationships
Intangible Assets
Acquired estimated useful lives				10 years
Estimated useful lives	10 years
Gross Amount	$ 12,200	12,200
Accumulated Amortization	8,002	6,782
Net Amount	$ 4,198	$ 5,418

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Estimated Amortization Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure
2023	$ 1,220
2024	1,220
2025	1,220
2026	538
Net Amount	$ 4,198	$ 5,418

ACCOUNTS RECEIVABLE (Details)

ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Summary of Significant Accounting Policies
Trade	$ 561,857	$ 568,964
Vendor consideration, returns and other	57,388	47,506
Due from employees	108	105
Total gross accounts receivable	619,353	616,575
Sales returns	(3,806)	(4,218)
Credit losses	(5,267)	(4,825)
Accounts receivable, net	$ 610,280	$ 607,532

PROPERTY AND EQUIPMENT - Summar

PROPERTY AND EQUIPMENT - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property and Equipment
Computer software, including licenses and internally-developed software	$ 87,645	$ 96,264
Furniture and equipment	39,316	37,040
Leasehold improvements	8,964	8,668
Total	135,925	141,972
Accumulated depreciation and amortization	(76,754)	(80,961)
Property and equipment, net	$ 59,171	$ 61,011

PROPERTY AND EQUIPMENT - Deprec

PROPERTY AND EQUIPMENT - Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property and Equipment
Depreciation and amortization	$ 10,758	$ 10,982	$ 12,383

LEASES - Lease Cost and Other I

LEASES - Lease Cost and Other Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) lease	Dec. 31, 2021 USD ($)
Leases
Right-of-use assets	$ 7,558	$ 9,579
Lease liability	$ 8,164
Number of financing leases | lease	0
Number of additional operating or financing leases not yet commenced | lease	0
Lease Cost
Capitalized operating lease cost	$ 4,074	4,274
Short-term lease cost	549	518
Total lease cost	4,623	4,792
Cash paid for amounts included in the measurement of lease liabilities and capitalized operating leases:
Operating cash flows	$ 4,099	$ 4,381
Weighted-average remaining lease term - Capitalized operating leases (in years)	3 years 7 months 6 days	3 years 10 months 20 days
Weighted-average discount rate - Capitalized operating leases	4.03%	3.92%
Related Parties
Leases
Right-of-use assets	$ 1,130
Lease liability	1,130
Lease Cost
Capitalized operating lease cost	1,253	$ 1,253
Short-term lease cost	428	426
Total lease cost	1,681	1,679
Cash paid for amounts included in the measurement of lease liabilities and capitalized operating leases:
Operating cash flows	$ 1,253	$ 1,253
Weighted-average remaining lease term - Capitalized operating leases (in years)	11 months 1 day	1 year 11 months 1 day
Weighted-average discount rate - Capitalized operating leases	3.92%	3.92%
Others
Lease Cost
Capitalized operating lease cost	$ 2,821	$ 3,021
Short-term lease cost	121	92
Total lease cost	2,942	3,113
Cash paid for amounts included in the measurement of lease liabilities and capitalized operating leases:
Operating cash flows	$ 2,846	$ 3,128
Weighted-average remaining lease term - Capitalized operating leases (in years)	4 years 10 days	4 years 5 months 15 days
Weighted-average discount rate - Capitalized operating leases	4.05%	3.92%

LEASES - Future Lease Payments

LEASES - Future Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Future lease payments over the remaining term of capitalized operating leases
2023	$ 3,409
2024	1,860
2025	1,798
2026	1,115
2027	233
Thereafter	342
Total	8,757
Imputed interest	(593)
Lease liability balance	8,164
Right-of-use assets	7,558	$ 9,579
Long-term lease liability	4,994	6,789
Short-term lease liability	$ 3,170	$ 3,422
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
2023	$ 1,312
2024	163
2025	163
2026	163
2027	1
Total	1,802
Lease liability balance	1,130
Right-of-use assets	1,130
Others
Future lease payments over the remaining term of capitalized operating leases
2023	2,097
2024	1,697
2025	1,635
2026	952
2027	232
Thereafter	342
Total	$ 6,955

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued Expenses and Other Liabilities
Customer and vendor deposits	$ 32,594	$ 33,429
Sales taxes	2,816	10,471
Short-term lease liability	3,170	3,422
Other	15,228	14,508
Accrued expenses and other liabilities	$ 53,808	$ 61,830

GAIN OF LIFE INSURANCE (Details

GAIN OF LIFE INSURANCE (Details) $ in Thousands		12 Months Ended
	Nov. 14, 2020 item	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($) item	Dec. 31, 2020 USD ($) item
David Hall, Co-founder and Director
Number of Company co-founders who passed away during the period | item	1
Number of company-owned life insurance policies | item				2
Receivable for life insurance settlement proceeds due | $				$ 1,500
Gain recognized on life insurance settlement | $				$ 1,061
Patricia Gallup, Chairman of the Board and CAO
Number of company-owned life insurance policies | item		1	1
Patricia Gallup, Chairman of the Board and CAO | Other assets
Cash surrender value of life insurance | $		$ 274	$ 200

BANK BORROWINGS (Details)

BANK BORROWINGS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Subordinated Borrowing
Line of credit, borrowing capacity	$ 50,000
Credit facility, expiration date	Mar. 31, 2025
Line of credit, maximum borrowing capacity	$ 80,000
Proceeds from short-term borrowings	36,463
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	7.50%

STOCKHOLDERS' EQUITY AND SHAR_3

STOCKHOLDERS' EQUITY AND SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Nov. 30, 2022	May 31, 2022	May 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stockholders' equity and share-based compensation
Preferred Stock, shares authorized	10,000	10,000
Preferred Stock, par value	$ 0.01	$ 0.01
Preferred Stock, shares outstanding	0	0
Repurchase of common stock, authorized amount				$ 25,000			$ 25,000	$ 30,000
Shares repurchased, value			$ 10,222
Aggregate shares repurchased	2,773	2,773
2007 Stock Incentive Plan
Stockholders' equity and share-based compensation
Term of approved stock-based compensation plan	10 years
2020 Stock Incentive Plan
Stockholders' equity and share-based compensation
Shares authorized for issuance under stock incentive plan					1,003
Shares available for future grant	119
1997 Employee Stock Purchase Plan
Stockholders' equity and share-based compensation
Purchase price under employee stock purchase plan as a percentage of price as of the last day of each six month offering period	95%
Common stock reserved for issuance					1,303
Share purchased under employee stock purchase plan	1,200
Nonvested Stock Units
Stockholders' equity and share-based compensation
Granted	184
Weighted-average grant-date fair values of nonvested stock awards granted	$ 53.50	$ 46.02	$ 44.31
Total fair values of nonvested stock awards that vested	$ 7,202	$ 5,529	$ 4,044
Unearned compensation cost	$ 20,914
Unrecognized compensation costs, weighted average period of recognition	3 years 3 months 18 days
Aggregate intrinsic value	$ 25,093
Stock Equivalent Units (SEUs)
Stockholders' equity and share-based compensation
Vesting period	4 years
Share repurchase program, aggregate
Stockholders' equity and share-based compensation
Repurchase of common stock, authorized amount	$ 80,000
Number of share repurchased	0	0	247
Shares repurchased, value			$ 10,200
Aggregate shares repurchased	2,599
Aggregate number of shares repurchased	$ 42,300
Maximum | 2007 Stock Incentive Plan
Stockholders' equity and share-based compensation
Shares authorized for issuance under stock incentive plan						1,900
Maximum | Nonvested Stock Units
Stockholders' equity and share-based compensation
Vesting period	4 years	4 years	4 years
Maximum | Share repurchase program, aggregate
Stockholders' equity and share-based compensation
Approximate dollar value of shares that may yet be purchased	$ 37,700

STOCKHOLDERS' EQUITY AND SHAR_4

STOCKHOLDERS' EQUITY AND SHARE-BASED COMPENSATION - Dividend Payments (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share
Dividend per share	$ 0.34	$ 1	$ 0.32
Stockholder record date	Dec. 05, 2022	Nov. 18, 2021	Jan. 12, 2021
Total dividend	$ 8,948	$ 26,224	$ 8,375
Payment date	Dec. 23, 2022	Dec. 03, 2021	Jan. 29, 2021

STOCKHOLDERS' EQUITY AND SHAR_5

STOCKHOLDERS' EQUITY AND SHARE-BASED COMPENSATION - Components of Share-Based Compensation Recorded as Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stockholders' equity and share-based compensation
Tax benefit	$ (1,512)	$ (1,167)	$ (635)
Net effect on net income	4,163	3,064	2,033
Nonvested shares/units
Stockholders' equity and share-based compensation
Pre-tax expense for nonvested units	$ 5,675	$ 4,231	$ 2,668

STOCKHOLDERS' EQUITY AND SHAR_6

STOCKHOLDERS' EQUITY AND SHARE-BASED COMPENSATION - Nonvested Stock Award and Unit Activity (Details) - Nonvested Stock Units - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Shares
Nonvested shares beginning balance	509
Granted	184
Vested	(142)
Canceled	(16)
Nonvested shares ending balance	535	509
Weighted-Average Grant Date Fair Value
Nonvested shares beginning balance	$ 36.98
Granted	53.50	$ 46.02	$ 44.31
Vested	37.28
Canceled	41.99
Nonvested shares ending balance	$ 42.44	$ 36.98

STOCKHOLDERS' EQUITY AND SHAR_7

STOCKHOLDERS' EQUITY AND SHARE-BASED COMPENSATION - Stock Equivalent Units (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
PhantomShareUnitsPSUsMember
Stockholders' equity and share-based compensation
Compensation expense	$ 425	$ 840

INCOME TAXES - Provision for In

INCOME TAXES - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ 25,483	$ 18,450	$ 13,350
State	8,200	7,413	5,726
Total current	33,683	25,863	19,076
Deferred:
Federal	(743)	655	(1,108)
State	(524)	98	(537)
Total deferred	(1,267)	753	(1,645)
Income tax provision	$ 32,416	$ 26,616	$ 17,431

INCOME TAXES - Components of De

INCOME TAXES - Components of Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Allowance for credit losses	$ 1,349	$ 1,266
Inventory costs capitalized for tax purposes	227	254
Inventory valuation reserves	57	402
Sales return reserves	140	164
Deductible expenses, primarily employee-benefit related	79	18
Accrued compensation	2,249	2,792
Operating lease liability	2,084	2,668
Other	632	1,399
Qualified research expenses	598
Compensation under non-statutory stock option agreements	1,281	866
State tax loss carryforwards	1,151	1,411
Total gross deferred tax assets	9,847	11,240
Less: Valuation allowance	(1,064)	(1,174)
Net deferred tax assets	8,783	10,066
Deferred tax liabilities:
Goodwill and other intangibles	(13,990)	(14,243)
Property and equipment	(10,572)	(12,552)
Right-of-use assets	(1,930)	(2,503)
Prepaid expenses	(261)	(46)
Total gross deferred tax liabilities.	(26,753)	(29,344)
Net deferred tax liability	(17,970)	(19,278)
Noncurrent deferred tax liability	(17,970)	(19,278)
Net deferred tax liability	$ (17,970)	$ (19,278)

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax
State net operating loss carryforwards	$ 1,457
Operating loss carryforwards, state tax benefits net of federal taxes	1,151	$ 1,411
State tax credit and state tax loss carryforwards, valuation allowance	1,064	1,174
Net change in the valuation allowance related to utilization and expiration of tax carryforwards	(110)	232
Unrecognized income tax benefits, interest and penalties recognized	$ 0	$ 0	$ 0
State Jurisdiction
Income Tax
Tax years remain open to examination	2018 2019 2020 2021
Internal Revenue Service (IRS)
Income Tax
Tax years remain open to examination	2019 2020 2021
Expire in 2023
Income Tax
State net operating loss carryforwards	$ 2
Expire in 2024
Income Tax
State net operating loss carryforwards	4
Expire in 2025
Income Tax
State net operating loss carryforwards	4
Expire in 2026
Income Tax
State net operating loss carryforwards	33
Expire in 2027
Income Tax
State net operating loss carryforwards	7
Expire beyond 2027
Income Tax
State net operating loss carryforwards	1,210
No Expiration
Income Tax
State net operating loss carryforwards	$ 197
Period 1
Income Tax
State net operating loss carryforwards, expiration period	5 years
Period 2
Income Tax
State net operating loss carryforwards, expiration period	15 years
Period 3
Income Tax
State net operating loss carryforwards, expiration period	20 years

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Income Tax Provision To Total Income Taxes At Statutory Federal Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Federal income taxes, at statutory tax rate	$ 25,543	$ 20,270	$ 15,378
State income taxes, net of federal benefit	5,954	5,954	3,987
Nondeductible expenses	928	645	365
Tax credits			(2,093)
Other, net	(9)	(253)	(206)
Income tax provision	$ 32,416	$ 26,616	$ 17,431

EMPLOYEE BENEFIT PLAN (Details)

EMPLOYEE BENEFIT PLAN (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Compensation and Retirement
Employer matching contributions to employee savings	$ 6,517	$ 5,951	$ 5,656
Employer matching contributions to employee profit sharing plan	$ 0	$ 0	$ 0

SEGMENT INFORMATION - Segment I

SEGMENT INFORMATION - Segment Information Applicable to Reportable Operating Segments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting Information
Number of reportable segments | segment	3
Number of operating segments | segment	3
Net sales:
Net sales	$ 3,124,996	$ 2,892,595	$ 2,590,290
Operating income (loss):
Operating income (loss)	120,552	96,517	72,074
Other expenses, net	1,083	5	1,122
Income before taxes	121,635	96,522	73,196
Depreciation and amortization:
Depreciation and amortization	11,978	12,202	13,603
Total assets:
Total assets	1,099,826	1,083,383
Goodwill	73,602	73,602
Business Solutions
Net sales:
Net sales	1,245,310	1,098,496	966,032
Total assets:
Goodwill	7,366	7,366
Enterprise Solutions
Net sales:
Net sales	1,324,362	1,249,459	1,115,569
Total assets:
Goodwill	66,236	66,236
Public Sector Solutions
Net sales:
Net sales	555,324	544,640	508,689
Operating Segments | Business Solutions
Net sales:
Net sales	1,245,311	1,098,496	966,032
Operating income (loss):
Operating income (loss)	79,475	43,783	32,351
Depreciation and amortization:
Depreciation and amortization	661	655	636
Total assets:
Total assets	445,698	401,624
Goodwill	7,366
Operating Segments | Enterprise Solutions
Net sales:
Net sales	1,324,361	1,249,459	1,115,569
Operating income (loss):
Operating income (loss)	53,477	74,653	59,382
Depreciation and amortization:
Depreciation and amortization	1,992	2,408	2,771
Total assets:
Total assets	660,374	645,938
Goodwill	66,236
Operating Segments | Public Sector Solutions
Net sales:
Net sales	555,324	544,640	508,689
Operating income (loss):
Operating income (loss)	1,105	(4,928)	(2,763)
Depreciation and amortization:
Depreciation and amortization	78	62	60
Total assets:
Total assets	84,939	84,787
Headquarters/Other
Operating income (loss):
Operating income (loss)	(13,505)	(16,991)	(16,896)
Depreciation and amortization:
Depreciation and amortization	9,247	9,077	$ 10,136
Total assets:
Assets net of intercompany balance eliminations	(91,185)	(48,966)
Intersegment Elimination
Total assets:
Total assets	$ (43,679)	$ (39,390)

SEGMENT INFORMATION - Concentra

SEGMENT INFORMATION - Concentration Risk (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net Sales | Geographic Concentration Risk | Foreign | Maximum
Segment Reporting Information
Percentage of sales by segment	2%	2%	2%

SCHEDULE II - VALUATION AND Q_2

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Valuation and Qualifying Accounts
Beginning Balance	$ 4,218
Ending Balance	3,806	$ 4,218
Allowance for Sales Returns
Valuation and Qualifying Accounts
Beginning Balance	4,218	4,014	$ 3,466
Charged to Costs and Expenses	35,161	32,635	29,435
Deductions/Write-Offs	(35,573)	(32,431)	(28,887)
Ending Balance	3,806	4,218	4,014
Allowance for Credit Losses
Valuation and Qualifying Accounts
Beginning Balance	4,825	5,408	2,202
Charged to Costs and Expenses	3,252	3,307	3,316
Deductions/Write-Offs	(2,810)	(3,890)	(110)
Ending Balance	$ 5,267	$ 4,825	$ 5,408