PC CONNECTION INC
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 24, 2026
CNXN$82.10+2.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · · Years Ended December 31, | |||||||||
| · 2025 · · 2024 · · 2023 | |||||||||
| Cash Flows provided by Operating Activities: | | | | | | | | | |
| Net income | | $83,722 | | $87,095 | | $83,271 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | |
| Depreciation and amortization | | 11,703 | | 12,984 | | 12,654 | |||
| Adjustments to credit losses reserve | | 1,861 | | 1,914 | | 1,847 | |||
| Stock-based compensation expense | | 9,343 | | 8,475 | | 7,022 | |||
| Deferred income taxes | | 4,840 | | (777) | | (2,148) | |||
| Amortization of discount on short-term investments, net | | 569 | | (4,235) | | (1,522) | |||
| Gain on sale of short-term investments | | (76) | | — | | — | |||
| Loss on disposal of fixed assets | | 44 | | 58 | | 572 | |||
| Changes in assets and liabilities: | | | | | | | | | |
| Accounts receivable | | (38,448) | | (6,513) | | 1,599 | |||
| Inventories | | (48,513) | | 29,125 | | 84,503 | |||
| Prepaid expenses and other current assets | | (4,300) | | 2,690 | | (8,540) | |||
| Other non-current assets | | (4,087) | | 618 | | (659) | |||
| Accounts payable | | 38,075 | | 36,450 | | 31,146 | |||
| Accrued expenses and other liabilities | | 10,705 | | 5,984 | | (11,791) | |||
| Net cash provided by operating activities | | 65,438 | | 173,868 | | 197,954 | |||
| Cash Flows provided by (used in) Investing Activities: | | | | | | | | | |
| Purchases of short-term investments | | | (264,139) | | | (358,317) | | | (150,607) |
| Proceeds from sale of short-term investments | | | 108,763 | | | — | | | — |
| Maturities of short-term investments | | | 205,599 | | | 250,606 | | | — |
| Purchases of property and equipment | | | (7,389) | | | (7,575) | | | (9,595) |
| Net cash provided by (used in) investing activities | | 42,834 | | (115,286) | | (160,202) | |||
| Cash Flows used in Financing Activities: | | | | | | | | | |
| Proceeds from short-term borrowings | | 732 | | | 26,051 | | | 88,198 | |
| Repayment of short-term borrowings | | | (732) | | | (26,051) | | | (88,198) |
| Purchase of treasury shares | | (76,265) | | | (12,375) | | | (5,392) | |
| Payments for excise tax on treasury purchases | | (36) | | | — | | | — | |
| Dividend payments | | (15,298) | | (10,527) | | (8,410) | |||
| Issuance of stock under Employee Stock Purchase Plan | | | 1,234 | | | 1,108 | | | 1,089 |
| Payment of payroll taxes on stock-based compensation through shares withheld | | (3,004) | | (3,424) | | (3,015) | |||
| Net cash used in financing activities | | (93,369) | | (25,218) | | (15,728) | |||
| Increase in cash and cash equivalents | | 14,903 | | 33,364 | | 22,024 | |||
| Cash and cash equivalents, beginning of year | | 178,318 | | 144,954 | | 122,930 | |||
| Cash and cash equivalents, end of year | | $193,221 | | $178,318 | | $144,954 | |||
| | | | | | | | | | |
| Non-cash Investing and Financing Activities: | | | | | | | | | |
| Accrued purchases of property and equipment | | $85 | | $200 | | $90 | |||
| Accrued purchase of treasury shares | | $58 | | $240 | | $— | |||
| Accrued excise tax on treasury purchases | | $678 | | $36 | | $54 | |||
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