PC CONNECTION INC
For the period ended Dec 31, 2023. Filed Mar 7, 2024.
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FY2023 · Filed Mar 7, 2024
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
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|---|---|---|---|---|---|---|---|---|---|---|
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| · · Years Ended December 31, · | ||||||||||
| · 2023 · 2022 · 2021 | ||||||||||
| Cash Flows provided by Operating Activities: | | | | | | | | | | |
| Net income | | $83,271 | | $89,219 | | $69,906 | | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | |
| Depreciation and amortization | | 12,654 | | 11,978 | | 12,202 | | |||
| Adjustments to credit losses reserve | | 1,847 | | 3,252 | | 3,307 | | |||
| Stock-based compensation expense | | 7,022 | | 5,675 | | 4,231 | | |||
| Deferred income taxes | | (2,148) | | (1,308) | | 753 | | |||
| Amortization of discount on short-term investments | | (1,522) | | — | | — | | |||
| Loss (gain) on disposal of fixed assets | | 572 | | 17 | | (36) | | |||
| Changes in assets and liabilities: | | | | | | | | | | |
| Accounts receivable | | 1,599 | | (6,000) | | (1,318) | | |||
| Inventories | | 84,503 | | (2,127) | | (65,688) | | |||
| Prepaid expenses and other current assets | | (8,540) | | (1,884) | | 1,421 | | |||
| Other non-current assets | | (659) | | (145) | | 435 | | |||
| Accounts payable | | 31,146 | | (49,056) | | 14,814 | | |||
| Accrued expenses and other liabilities | | (11,791) | | (14,732) | | 17,727 | | |||
| Net cash provided by operating activities | | 197,954 | | 34,889 | | 57,754 | | |||
| Cash Flows used in Investing Activities: | | | | | | | | | | |
| Purchases of short-term investments | | | (150,607) | | | — | | | — | |
| Purchases of equipment and capitalized software | | | (9,595) | | | (9,077) | | | (10,302) | |
| Proceeds from sale of equipment | | | — | | | — | | | 69 | |
| Proceeds from life insurance | | | — | | | — | | | 1,500 | |
| Net cash used in investing activities | | (160,202) | | (9,077) | | (8,733) | | |||
| Cash Flows used in Financing Activities: | | | | | | | | | | |
| Proceeds from short-term borrowings | | 88,198 | | | 36,463 | | | — | | |
| Repayment of short-term borrowings | | | (88,198) | | | (36,463) | | | — | |
| Purchase of treasury shares | | (5,392) | | | — | | | — | | |
| Dividend payments | | (8,410) | | (8,948) | | (34,599) | | |||
| Issuance of stock under Employee Stock Purchase Plan | | | 1,089 | | | — | | | — | |
| Payment of payroll taxes on stock-based compensation through shares withheld | | (3,015) | | (2,244) | | (1,767) | | |||
| Net cash used in financing activities | | (15,728) | | (11,192) | | (36,366) | | |||
| Increase in cash and cash equivalents | | 22,024 | | 14,620 | | 12,655 | | |||
| Cash and cash equivalents, beginning of year | | 122,930 | | 108,310 | | 95,655 | | |||
| Cash and cash equivalents, end of year | | $144,954 | | $122,930 | | $108,310 | | |||
| | | | | | | | | | | |
| Non-cash Investing and Financing Activities: | | | | | | | | | | |
| Accrued capital expenditures | | $90 | | $192 | | $334 | | |||
| Accrued excise tax on treasury purchases | | | 54 | | | — | | | — | |
| Supplemental Cash Flow Information: | | | | | | | | | | |
| Income taxes paid | | $41,668 | | $33,687 | | $21,465 | | |||
| Interest paid | | | 24 | | | 4 | | | — | |
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