0001104659-25-103731 | 10-Q | XBRL Viewer

Leases

9 Months Ended

Sep. 30, 2025

Note 5–Leases

The Company leases certain facilities from a related party, which is a company affiliated with it through common ownership. The costs for these leases are presented within short-term lease cost in the below table.

As of September 30, 2025, there were no additional significant operating leases that have not yet commenced. Refer to the following table for quantitative information related to the Company’s leases for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands):


	Three Months Ended September 30, 2025						Nine Months Ended September 30, 2025
	Related Parties		Others		Total		Related Parties			Others			Total
Lease Cost
Capitalized operating lease cost	$	—	$	461	$	461	$	—		$	1,383		$	1,383
Short-term lease cost		420		148		568		1,260			444			1,704
Total lease cost	$	420	$	609	$	1,029	$	1,260		$	1,827		$	3,087

Other Information
Cash paid for amounts included in the measurement of lease liabilities and capitalized operating leases:
Operating cash flows	$	—	$	516	$	516	$	—		$	1,541		$	1,541

Weighted-average remaining lease term (in years):
Capitalized operating leases								—			1.47			1.47

Weighted-average discount rate:
Capitalized operating leases								—	%		4.33	%		4.33	%

	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	Related Parties		Others		Total		Related Parties			Others			Total
Lease Cost
Capitalized operating lease cost	$	—	$	501	$	501	$	—		$	1,445		$	1,445
Short-term lease cost		420		140		560		1,261			421			1,682
Total lease cost	$	420	$	641	$	1,061	$	1,261		$	1,866		$	3,127

Other Information
Cash paid for amounts included in the measurement of lease liabilities and capitalized operating leases:
Operating cash flows	$	—	$	550	$	550	$	—		$	1,527		$	1,527

Weighted-average remaining lease term (in years):
Capitalized operating leases								—			2.22			2.22

Weighted-average discount rate:
Capitalized operating leases								—	%		4.27	%		4.27	%

As of September 30, 2025, future lease payments over the remaining term of capitalized operating leases were as follows (in thousands):


For the Years Ended December 31,
2025, excluding the nine months ended September 30, 2025	$	521
2026		1,205
2027		237
2028		161
2029		—
Thereafter		—
		2,124
Imputed interest		(63)
Lease liability balance at September 30, 2025	$	2,061

As of September 30, 2025, the right-of-use, or ROU, asset had a balance of $1,781. The long-term lease liability was $437 and the short-term lease liability, which is included in accrued expenses and other liabilities on the condensed consolidated balance sheets, was $1,624. As of December 31, 2024, the ROU asset had a balance of $3,077. The long-term lease liability was $1,552 and the short-term lease liability, which is included in accrued expenses and other liabilities on the condensed consolidated balance sheets, was $1,805.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current Assets:
Cash and cash equivalents	$ 187,845	$ 178,318
Short-term investments	211,354	264,295
Accounts receivable, net	616,704	611,433
Inventories, net	135,018	95,054
Prepaid expenses and other current assets	23,161	17,750
Total current assets	1,174,082	1,166,850
Property and equipment, net	48,064	52,520
Right-of-use assets	1,781	3,077
Goodwill	73,602	73,602
Intangibles, net	1,294	2,209
Other assets	6,697	1,096
Total Assets	1,305,520	1,299,354
Current Liabilities:
Accounts payable	312,813	300,242
Accrued payroll	30,483	23,330
Accrued expenses and other liabilities	40,792	47,633
Total current liabilities	384,088	371,205
Deferred income taxes	18,253	15,091
Non-current operating lease liabilities	437	1,552
Other liabilities		516
Total Liabilities	402,778	388,364
Stockholders' Equity:
Common stock	295	294
Additional paid-in capital	143,413	137,036
Retained earnings	888,957	837,466
Accumulated other comprehensive income	85	174
Treasury stock, at cost	(130,008)	(63,980)
Total Stockholders' Equity	902,742	910,990
Total Liabilities and Stockholders' Equity	$ 1,305,520	$ 1,299,354

Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 2025

Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income

Note 6–Accumulated Other Comprehensive Income

Accumulated other comprehensive income, which is included as a component of stockholders’ equity, is comprised of unrealized gains and losses on short-term investments, net of tax. The changes in accumulated other comprehensive income were as follows (in thousands):


	Nine Months Ended
	September 30, 2025
Balance - December 31, 2024	$	174
Other comprehensive income before reclassifications, net of tax		12
Less amounts reclassified from accumulated other comprehensive income, net of tax		101
Net other comprehensive loss		(89)
Balance - September 30, 2025	$	85

	Nine Months Ended
	September 30, 2024
Balance - December 31, 2023	$	81
Other comprehensive income before reclassifications, net of tax		477
Less amounts reclassified from accumulated other comprehensive income, net of tax		81
Net other comprehensive income		396
Balance - September 30, 2024	$	477

Included in amounts reclassified from accumulated other comprehensive income, net of tax for the nine months ended September 30, 2025 is $76 of realized gain, which is included in “Other income” on the unaudited condensed consolidated statements of income.

Segment Information - Segment Information Applicable to Reportable Operating Segments (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) segment	Sep. 30, 2024 USD ($) segment	Dec. 31, 2024 USD ($)
Segment Reporting Information
Number of reportable segments \| segment			3	3
Number of operating segments \| segment			3	3
Net sales	$ 709,068	$ 724,717	$ 2,169,807	$ 2,093,221
Cost of sales	570,423	589,311	1,766,085	1,703,201
Depreciation and amortization			8,853	9,818
Operating income (loss)	30,266	30,041	75,685	74,424
Interest income, net	3,689	4,837	10,805	14,053
Other income		1,700	76	1,700
Income before taxes	33,955	36,578	86,566	90,177
Total assets	1,305,520	1,285,745	1,305,520	1,285,745	$ 1,299,354
Enterprise Solutions
Segment Reporting Information
Net sales	319,744	296,970	943,758	878,437
Business Solutions
Segment Reporting Information
Net sales	256,841	252,631	808,394	786,698
Public Sector Solutions
Segment Reporting Information
Net sales	132,483	175,116	417,655	428,086
Operating Segments
Segment Reporting Information
Net sales	$ 709,068	$ 724,717	$ 2,169,807	$ 2,093,221
Other segment expenses, description	Other segment expenses for each of the reportable segments include service contracts/subscriptions, professional fees, facilities operations, credit card fees, and other miscellaneous expenses	Other segment expenses for each of the reportable segments include service contracts/subscriptions, professional fees, facilities operations, credit card fees, and other miscellaneous expenses	Other segment expenses for each of the reportable segments include service contracts/subscriptions, professional fees, facilities operations, credit card fees, and other miscellaneous expenses	Other segment expenses for each of the reportable segments include service contracts/subscriptions, professional fees, facilities operations, credit card fees, and other miscellaneous expenses
Operating income (loss)	$ 33,464	$ 34,687	$ 86,819	$ 86,146
Total assets	1,458,484	1,388,752	1,458,484	1,388,752
Operating Segments \| Enterprise Solutions
Segment Reporting Information
Net sales	319,744	296,970	943,758	878,437
Cost of sales	271,976	250,753	806,070	743,441
Personnel costs	16,626	15,781	49,791	46,596
Marketing	895	1,228	3,779	3,872
Allocated corporate overhead	18,999	17,767	55,358	54,582
Depreciation and amortization	195	215	582	641
Other segment expenses	670	946	2,947	2,948
Operating income (loss)	10,383	10,280	25,231	26,357
Total assets	743,554	717,143	743,554	717,143
Operating Segments \| Business Solutions
Segment Reporting Information
Net sales	256,841	252,631	808,394	786,698
Cost of sales	188,779	189,498	606,076	596,875
Personnel costs	17,490	17,343	52,927	53,430
Marketing	2,724	4,178	10,127	12,180
Allocated corporate overhead	22,822	20,003	65,819	61,200
Depreciation and amortization	155	155	465	465
Other segment expenses	1,165	1,389	5,293	4,465
Operating income (loss)	23,706	20,065	67,687	58,083
Total assets	620,098	553,881	620,098	553,881
Operating Segments \| Public Sector Solutions
Segment Reporting Information
Net sales	132,483	175,116	417,655	428,086
Cost of sales	109,668	149,060	353,939	362,885
Personnel costs	9,603	9,794	28,462	27,455
Marketing	675	739	2,334	2,734
Allocated corporate overhead	11,410	10,001	32,909	30,600
Depreciation and amortization	22	22	67	68
Other segment expenses	1,730	1,158	6,043	2,638
Operating income (loss)	(625)	4,342	(6,099)	1,706
Total assets	94,832	117,728	94,832	117,728
Headquarters/Other
Segment Reporting Information
Unallocated Headquarters/Other expenses	(3,198)	(4,646)	(11,134)	(11,722)
Total assets	(152,964)	(103,007)	(152,964)	(103,007)
Intersegment Elimination
Segment Reporting Information
Total assets	$ (51,204)	$ (64,994)	$ (51,204)	$ (64,994)

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Net sales	$ 709,068	$ 724,717	$ 2,169,807	$ 2,093,221
Cost of sales	570,423	589,311	1,766,085	1,703,201
Gross profit	138,645	135,406	403,722	390,020
Selling, general and administrative expenses	108,379	105,365	325,107	315,181
Severance expenses			2,930	415
Income from operations	30,266	30,041	75,685	74,424
Interest income, net	3,689	4,837	10,805	14,053
Other income		1,700	76	1,700
Income before taxes	33,955	36,578	86,566	90,177
Income tax provision	(9,215)	(9,519)	(23,556)	(23,803)
Net income	$ 24,740	$ 27,059	$ 63,010	$ 66,374
Earnings per common share:
Basic	$ 0.98	$ 1.03	$ 2.46	$ 2.52
Diluted	$ 0.97	$ 1.02	$ 2.45	$ 2.5
Shares used in computation of earnings per common share:
Basic	25,354	26,292	25,609	26,334
Diluted	25,489	26,501	25,734	26,518

Bank Borrowings

9 Months Ended

Sep. 30, 2025

Bank Borrowings

Bank Borrowings

Note 9–Bank Borrowings

The Company previously had a $50,000 credit facility collateralized by its account receivables that expired March 31, 2025 that the Company elected not to renew or replace. Amounts outstanding under the credit facility bore interest at the daily Bloomberg Short-Term Bank Yield Index, or BSBY Rate, plus a spread based on the Company’s funded debt ratio, or in the absence of BSBY Rate, the prime rate (7.50% at March 31, 2025).

Cash receipts were automatically applied against any outstanding borrowings. During the nine months ended September 30, 2025 and 2024, the Company borrowed incremental amounts that were each repaid in full. These borrowings for the nine months ended September 30, 2025 and 2024 totaled $732 and $25,204, respectively; however, at no time were the outstanding borrowings greater than the $50,000 limit under the credit facility. The Company had no outstanding borrowings under the credit facility immediately prior to the expiration of the credit facility, or as of September 30, 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 24,740	$ 27,059	$ 63,010	$ 66,374

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3A
-Subparagraph (24)(d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-3A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 19: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Bank Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Bank Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Sep. 30, 2025	Sep. 30, 2024
Bank Borrowings
Line of credit, borrowing capacity		$ 50,000	$ 50,000
Credit facility, expiration date		Mar. 31, 2025
Debt instrument, variable interest rate, type	us-gaap:PrimeRateMember
Debt instrument, interest rate	7.50%
Proceeds from short-term borrowings		$ 732	25,204
Line of credit, outstanding borrowing		$ 0	$ 0

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash Flows provided by Operating Activities:
Net income	$ 63,010	$ 66,374
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,853	9,818
Adjustments to credit losses reserve	1,233	830
Stock-based compensation expense	7,102	6,196
Deferred income taxes	3,185	2,434
Amortization of discount on short-term investments, net	(1,612)	(4,402)
Gain on sale of short-term investments	(76)
Loss on disposal of fixed assets	30	49
Changes in assets and liabilities:
Accounts receivable	(6,504)	20,928
Inventories	(39,964)	10,488
Prepaid expenses and other current assets	(4,854)	(3,405)
Other non-current assets	(3,803)	526
Accounts payable	11,905	29,141
Accrued expenses and other liabilities	(485)	9,643
Net cash provided by operating activities	38,020	148,620
Cash Flows provided by (used in) Investing Activities:
Purchases of short-term investments	(155,574)	(255,075)
Proceeds from sale of short-term investments	108,763
Maturities of short-term investments	101,328	150,607
Purchases of property and equipment	(5,201)	(5,215)
Net cash provided by (used in) investing activities	49,316	(109,683)
Cash Flows used in Financing Activities:
Proceeds from short-term borrowings	732	25,204
Repayment of short-term borrowings	(732)	(25,204)
Purchase of common stock for treasury shares	(65,530)	(7,732)
Payments for excise tax on treasury purchases	(36)
Dividend payments	(11,519)	(7,900)
Issuance of stock under Employee Stock Purchase Plan	619	537
Payment of payroll taxes on stock-based compensation through shares withheld	(1,343)	(1,285)
Net cash used in financing activities	(77,809)	(16,380)
Increase in cash and cash equivalents	9,527	22,557
Cash and cash equivalents, beginning of period	178,318	144,954
Cash and cash equivalents, end of period	187,845	167,511
Non-cash Investing and Financing Activities:
Accrued purchases of property and equipment	866	425
Accrued purchase of treasury shares	123
Accrued excise tax on treasury purchases	615	45
Supplemental Cash Flow Information:
Income taxes paid	$ 24,837	24,533
Interest paid		$ 5

CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
Unrealized losses on available-for-sale investments, tax	$ (36)	$ (154)	$ 24	$ (105)

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Shares	Total
Balance at Dec. 31, 2023	$ 293	$ 130,878	$ 760,898	$ 81	$ (51,383)	$ 840,767
Balance (in shares) at Dec. 31, 2023	29,262
Balance - Treasury Shares (in shares) at Dec. 31, 2023					(2,902)
Stock-based compensation expense		6,196				6,196
Restricted stock units vested (in shares)	39
Shares withheld for taxes paid on stock awards		(1,285)				(1,285)
Repurchase of common stock for treasury					$ (7,723)	(7,723)
Repurchase of common stock for treasury (in shares)					(119)
Issuance of common stock under Employee Stock Purchase Plan		537				537
Issuance of common stock under Employee Stock Purchase Plan (in shares)	9
Dividend declaration			(7,900)			(7,900)
Net Income (Loss)			66,374			66,374
Other comprehensive income, net of tax				396		396
Balance at Sep. 30, 2024	$ 293	136,326	819,372	477	$ (59,106)	897,362
Balance (in shares) at Sep. 30, 2024	29,310
Balance - Treasury Shares (in shares) at Sep. 30, 2024					(3,021)
Balance at Jun. 30, 2024	$ 293	134,967	794,942	(103)	$ (55,171)	874,928
Balance (in shares) at Jun. 30, 2024	29,294
Balance - Treasury Shares (in shares) at Jun. 30, 2024					(2,962)
Stock-based compensation expense		1,999				1,999
Restricted stock units vested (in shares)	16
Shares withheld for taxes paid on stock awards		(640)				(640)
Repurchase of common stock for treasury					$ (3,935)	(3,935)
Repurchase of common stock for treasury (in shares)					(59)
Dividend declaration			(2,629)			(2,629)
Net Income (Loss)			27,059			27,059
Other comprehensive income, net of tax				580		580
Balance at Sep. 30, 2024	$ 293	136,326	819,372	477	$ (59,106)	897,362
Balance (in shares) at Sep. 30, 2024	29,310
Balance - Treasury Shares (in shares) at Sep. 30, 2024					(3,021)
Balance at Dec. 31, 2024	$ 294	137,036	837,466	174	$ (63,980)	910,990
Balance (in shares) at Dec. 31, 2024	29,390
Balance - Treasury Shares (in shares) at Dec. 31, 2024					(3,090)
Stock-based compensation expense		7,102				7,102
Restricted stock units vested	$ 1	(1)
Restricted stock units vested (in shares)	51
Shares withheld for taxes paid on stock awards		(1,343)				(1,343)
Repurchase of common stock for treasury					$ (66,028)	(66,028)
Repurchase of common stock for treasury (in shares)					(1,035)
Issuance of common stock under Employee Stock Purchase Plan		619				619
Issuance of common stock under Employee Stock Purchase Plan (in shares)	10
Dividend declaration			(11,519)			(11,519)
Net Income (Loss)			63,010			63,010
Other comprehensive income, net of tax				(89)		(89)
Balance at Sep. 30, 2025	$ 295	143,413	888,957	85	$ (130,008)	902,742
Balance (in shares) at Sep. 30, 2025	29,451
Balance - Treasury Shares (in shares) at Sep. 30, 2025					(4,125)
Balance at Jun. 30, 2025	$ 294	141,406	868,016	(53)	$ (124,843)	884,820
Balance (in shares) at Jun. 30, 2025	29,438
Balance - Treasury Shares (in shares) at Jun. 30, 2025					(4,042)
Stock-based compensation expense		2,433				2,433
Restricted stock units vested	$ 1	(1)
Restricted stock units vested (in shares)	13
Shares withheld for taxes paid on stock awards		(425)				(425)
Repurchase of common stock for treasury					$ (5,165)	(5,165)
Repurchase of common stock for treasury (in shares)					(83)
Dividend declaration			(3,799)			(3,799)
Net Income (Loss)			24,740			24,740
Other comprehensive income, net of tax				138		138
Balance at Sep. 30, 2025	$ 295	$ 143,413	$ 888,957	$ 85	$ (130,008)	$ 902,742
Balance (in shares) at Sep. 30, 2025	29,451
Balance - Treasury Shares (in shares) at Sep. 30, 2025					(4,125)

Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Segment Information

Segment information applicable to reportable operating segments

Segment information applicable to the Company’s operating segments and the related reconciliations to consolidated amounts for the three and nine months ended September 30, 2025 and 2024 are shown below (in thousands):


	Three Months Ended September 30, 2025
	Enterprise Solutions		Business Solutions		Public Sector Solutions		Total
Net sales	$	319,744	$	256,841	$	132,483	$	709,068
Cost of sales		271,976		188,779		109,668
Personnel costs		16,626		17,490		9,603
Marketing		895		2,724		675
Allocated corporate overhead		18,999		22,822		11,410
Depreciation and amortization		195		155		22
Other segment expenses¹		670		1,165		1,730
Operating income (loss)	$	10,383	$	23,706	$	(625)	$	33,464
Unallocated Headquarters/Other expenses								(3,198)
Interest income, net								3,689
Income before taxes							$	33,955


	Three Months Ended September 30, 2024
	Enterprise Solutions		Business Solutions		Public Sector Solutions		Total
Net sales	$	296,970	$	252,631	$	175,116	$	724,717
Cost of sales		250,753		189,498		149,060
Personnel costs		15,781		17,343		9,794
Marketing		1,228		4,178		739
Allocated corporate overhead		17,767		20,003		10,001
Depreciation and amortization		215		155		22
Other segment expenses¹		946		1,389		1,158
Operating income	$	10,280	$	20,065	$	4,342	$	34,687
Unallocated Headquarters/Other expenses								(4,646)
Interest income, net								4,837
Other income								1,700
Income before taxes							$	36,578

Other segment expenses for each of the reportable segments include service contracts/subscriptions, professional fees, facilities operations, credit card fees, and other miscellaneous expenses.


	Nine Months Ended September 30, 2025
	Enterprise Solutions		Business Solutions		Public Sector Solutions		Total
Net sales	$	943,758	$	808,394	$	417,655	$	2,169,807
Cost of sales		806,070		606,076		353,939
Personnel costs		49,791		52,927		28,462
Marketing		3,779		10,127		2,334
Allocated corporate overhead		55,358		65,819		32,909
Depreciation and amortization		582		465		67
Other segment expenses¹		2,947		5,293		6,043
Operating income (loss)	$	25,231	$	67,687	$	(6,099)	$	86,819
Unallocated Headquarters/Other expenses								(11,134)
Interest income, net								10,805
Other income								76
Income before taxes							$	86,566

Segment assets	$	743,554	$	620,098	$	94,832	$	1,458,484
Headquarters/Other assets								(152,964)
Consolidated assets							$	1,305,520


	Nine Months Ended September 30, 2024
	Enterprise Solutions		Business Solutions		Public Sector Solutions		Total
Net sales	$	878,437	$	786,698	$	428,086	$	2,093,221
Cost of sales		743,441		596,875		362,885
Personnel costs		46,596		53,430		27,455
Marketing		3,872		12,180		2,734
Allocated corporate overhead		54,582		61,200		30,600
Depreciation and amortization		641		465		68
Other segment expenses¹		2,948		4,465		2,638
Operating income	$	26,357	$	58,083	$	1,706	$	86,146
Unallocated Headquarters/Other expenses								(11,722)
Interest income, net								14,053
Other income								1,700
Income before taxes							$	90,177

Segment assets	$	717,143	$	553,881	$	117,728	$	1,388,752
Headquarters/Other assets								(103,007)
Consolidated assets							$	1,285,745

Other segment expenses for each of the reportable segments include service contracts/subscriptions, professional fees, facilities operations, credit card fees, and other miscellaneous expenses.

Revenue

9 Months Ended

Sep. 30, 2025

Revenue

Revenue

Note 2–Revenue

The Company disaggregates revenue from its arrangements with customers by type of products and services, as it believes this method best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.

The following tables represent a disaggregation of revenue from arrangements with customers for the three months ended September 30, 2025 and 2024, along with the segment for each category (in thousands).


	Three Months Ended September 30, 2025
	Enterprise Solutions		Business Solutions		Public Sector Solutions		Total
Notebooks/Mobility	$	101,460	$	87,488	$	49,843	$	238,791
Desktops		42,120		23,331		14,735		80,186
Software		35,183		41,456		18,490		95,129
Servers/Storage		17,724		23,139		10,413		51,276
Net/Com Products		19,825		17,489		9,449		46,763
Displays and Sound		29,748		21,191		11,885		62,824
Accessories		48,693		24,385		9,334		82,412
Other Hardware/Services		24,991		18,362		8,334		51,687
Total Net sales	$	319,744	$	256,841	$	132,483	$	709,068


	Three Months Ended September 30, 2024
	Enterprise Solutions		Business Solutions		Public Sector Solutions		Total
Notebooks/Mobility	$	90,233	$	91,757	$	77,264	$	259,254
Desktops		44,846		17,543		15,193		77,582
Software		29,847		34,478		21,706		86,031
Servers/Storage		11,866		23,106		8,696		43,668
Net/Com Products		24,530		21,186		10,340		56,056
Displays and Sound		38,316		20,682		15,981		74,979
Accessories		35,962		27,020		16,978		79,960
Other Hardware/Services		21,370		16,859		8,958		47,187
Total Net sales	$	296,970	$	252,631	$	175,116	$	724,717

The following tables represent a disaggregation of revenue from arrangements with customers for the nine months ended September 30, 2025 and 2024, along with the segment for each category (in thousands).


	Nine Months Ended September 30, 2025
	Enterprise Solutions		Business Solutions		Public Sector Solutions		Total
Notebooks/Mobility	$	286,685	$	295,909	$	174,881	$	757,475
Desktops		153,305		75,683		44,614		273,602
Software		92,017		111,218		34,863		238,098
Servers/Storage		57,350		77,556		37,780		172,686
Net/Com Products		61,612		55,000		30,669		147,281
Displays and Sound		82,812		64,094		36,084		182,990
Accessories		132,642		72,560		35,067		240,269
Other Hardware/Services		77,335		56,374		23,697		157,406
Total Net sales	$	943,758	$	808,394	$	417,655	$	2,169,807


	Nine Months Ended September 30, 2024
	Enterprise Solutions		Business Solutions		Public Sector Solutions		Total
Notebooks/Mobility	$	270,266	$	281,754	$	185,962	$	737,982
Desktops		135,563		55,766		36,732		228,061
Software		78,595		102,905		36,827		218,327
Servers/Storage		39,924		78,773		30,842		149,539
Net/Com Products		63,599		62,876		30,257		156,732
Displays and Sound		106,845		62,415		43,329		212,589
Accessories		116,139		86,056		36,044		238,239
Other Hardware/Services		67,506		56,153		28,093		151,752
Total Net sales	$	878,437	$	786,698	$	428,086	$	2,093,221

Contract Balances

The following table provides information about contract liabilities from arrangements with customers as of September 30, 2025 and December 31, 2024 (in thousands).


	September 30, 2025		December 31, 2024
Contract liabilities, which are included in accrued expenses and other liabilities	$	7,803	$	10,290

Changes in the contract liability balances during the nine months ended September 30, 2025 and 2024 are as follows (in thousands):


	2025
Balance at December 31, 2024	$	10,290
Cash received in advance and not recognized as revenue		27,290
Amounts recognized as revenue as performance obligations satisfied		(29,777)
Balance at September 30, 2025	$	7,803

	2024
Balance at December 31, 2023	$	4,206
Cash received in advance and not recognized as revenue		18,544
Amounts recognized as revenue as performance obligations satisfied		(14,230)
Balance at September 30, 2024	$	8,520

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Accumulated Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2025

Accumulated Other Comprehensive Income

Schedule of changes in accumulated other comprehensive income


	Nine Months Ended
	September 30, 2025
Balance - December 31, 2024	$	174
Other comprehensive income before reclassifications, net of tax		12
Less amounts reclassified from accumulated other comprehensive income, net of tax		101
Net other comprehensive loss		(89)
Balance - September 30, 2025	$	85

	Nine Months Ended
	September 30, 2024
Balance - December 31, 2023	$	81
Other comprehensive income before reclassifications, net of tax		477
Less amounts reclassified from accumulated other comprehensive income, net of tax		81
Net other comprehensive income		396
Balance - September 30, 2024	$	477

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Dividend per Share	$ 0.15	$ 0.1	$ 0.15	$ 0.1

Supplier Finance Programs

9 Months Ended

Sep. 30, 2025

Supplier Finance Programs

Supplier Finance Programs

Note 10–Supplier Finance Programs

The Company has agreements with third-party financial institutions, instituted by request of participating suppliers, that allow for the ability to finance payment obligations from the Company. The third-party financial institutions have separate arrangements with the Company’s suppliers and provide them with the option to request early payment for invoices confirmed by the Company. The Company does not determine the terms or conditions of the arrangements between the third-parties and its suppliers and receives no compensation from the third-party financial institutions. The Company’s obligation to its suppliers, including amounts due and scheduled payment dates, are not impacted by the suppliers’ decisions to finance amounts under the arrangements. The payment terms under these arrangements are typical with industry standards and range from 30 to 50 days. The agreements with the financial institutions are collateralized by the inventory purchased through the financing agreements. The Company’s outstanding payment obligations under the supplier finance programs, which are included in accounts payable on the condensed consolidated balance sheets, were $59,981 and $47,763 at September 30, 2025 and December 31, 2024, respectively. The rollforward of the Company’s outstanding obligations confirmed as valid under the supplier finance programs for the nine months ended September 30, 2025 is as follows (in thousands):


	2025
Confirmed obligations outstanding at December 31, 2024	$	47,763
Invoices confirmed		366,871
Confirmed invoices paid		(354,653)
Confirmed obligations outstanding at September 30, 2025	$	59,981

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Accumulated other comprehensive income
Balance at beginning of period	$ 174	$ 81
Other comprehensive loss before reclassifications, net of tax	12	477
Less amounts reclassified from accumulated other comprehensive (loss) income, net of tax	101	81
Net other comprehensive loss	(89)	396
Balance at end of period	85	$ 477
Gain on sale of short-term investments	76
Other income
Accumulated other comprehensive income
Gain on sale of short-term investments	$ 76

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480870/815-30-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480870/815-30-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480870/815-30-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480870/815-30-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

+ Details

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-14A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480870/815-30-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482739/220-10-55-15

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482739/220-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

+ Details

- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-14A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480870/815-30-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482739/220-10-55-15

+ Details

Fair Value Measurements - Available-for-Sale Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Cash equivalents and short-term investments
Amortized Cost	$ 377,563	$ 425,168
Unrealized Gains	109	309
Unrealized Losses		(88)
Fair Value	$ 377,672	$ 425,389
Fair value hierarchy - Level 1	us-gaap:FairValueInputsLevel1Member	us-gaap:FairValueInputsLevel1Member
Money market funds \| Cash and cash equivalents
Cash equivalents and short-term investments
Amortized Cost	$ 166,318	$ 161,094
Fair Value	166,318	161,094
U.S. Government treasury securities \| Short-term investments
Cash equivalents and short-term investments
Amortized Cost	211,245	264,074
Unrealized Gains	109	309
Unrealized Losses		(88)
Fair Value	$ 211,354	$ 264,295

Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies.

Commitments and Contingencies

Note 8–Commitments and Contingencies

The Company is subject to various legal proceedings and claims, which have arisen during the ordinary course of business. The outcomes of such matters are not expected to have a material, adverse effect on the Company’s financial position, results of operations, and/or cash flows.

The Company is subject to audits by states on sales and income taxes, employment matters, and other assessments. Additional liabilities for these and other audits could be assessed, but such outcomes are not expected to have a material, adverse impact on the Company’s financial position, results of operations, and/or cash flows.

Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Measurements

Fair Value Measurements

Note 3–Fair Value Measurements

Cash equivalents and short-term investments as of September 30, 2025 and December 31, 2024 consist of the following (in thousands):


	September 30, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	$	166,318	$	—	$	—	$	166,318
Short-term investments:
U.S. Government treasury securities		211,245		109		—		211,354
Total	$	377,563	$	109	$	—	$	377,672

	December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	$	161,094	$	—	$	—	$	161,094
Short-term investments:
U.S. Government treasury securities		264,074		309		(88)		264,295
Total	$	425,168	$	309	$	(88)	$	425,389

Investments with maturities of 90 days or less from the date of purchase are classified as cash equivalents; investments with maturities of greater than 90 days from the date of purchase but less than one year are generally classified as short-term investments; and investments with maturities of one year or greater from the date of purchase are generally classified as long-term investments. All short-term investments had stated maturity dates of less than one year. The Company has recorded the securities at fair value on its condensed consolidated balance sheets and unrealized gains and losses are reported as a component of accumulated other comprehensive income. The amount of realized gains and losses reclassified into earnings and the related adjustments to deferred taxes are based on the specific identification of the securities sold or securities that reached maturity date.

Fair Value

The Company measures certain financial assets at fair value. Fair value is determined based upon the exit price that would be received to sell an asset in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques are classified based on a three-level hierarchy, as follows:

●

Level 1 inputs: Quoted prices for identical assets or liabilities in active markets;

●

Level 2 inputs: Observable inputs other than those described as Level 1; and

●

Level 3 inputs: Unobservable inputs that are supported by little or no market activities and are based on significant assumptions and estimates.

As of September 30, 2025 and December 31, 2024, the fair values of the Company’s investments were all measured using level 1 inputs.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Supplier Finance Programs (Details) $ in Thousands	9 Months Ended
Supplier Finance Programs (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Supplier Finance Program, Obligation [Roll Forward]
Confirmed obligations outstanding at December 31, 2024	$ 47,763
Invoices confirmed	366,871
Confirmed invoices paid	(354,653)
Confirmed obligations outstanding at September 30, 2025	$ 59,981
Supplier finance programs, obligation, Statement of Financial Position	Accounts payable
Minimum
Supplier finance programs
Payment terms	30 days
Maximum
Supplier finance programs
Payment terms	50 days

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net Income (Loss)	$ 24,740	$ 27,059	$ 63,010	$ 66,374
Denominator:
Denominator for basic earnings per share	25,354,000	26,292,000	25,609,000	26,334,000
Dilutive effect of unvested employee stock awards	135,000	209,000	125,000	184,000
Denominator for diluted earnings per share	25,489,000	26,501,000	25,734,000	26,518,000
Earnings per share:
Basic	$ 0.98	$ 1.03	$ 2.46	$ 2.52
Diluted	$ 0.97	$ 1.02	$ 2.45	$ 2.5
Additional Disclosure
Employee stock awards excluded from computation of diluted earnings per share	0	0	0	0

Revenue (Tables)

9 Months Ended

Sep. 30, 2025

Revenue

Schedule of disaggregation of revenue from contracts with customers


	Three Months Ended September 30, 2025
	Enterprise Solutions		Business Solutions		Public Sector Solutions		Total
Notebooks/Mobility	$	101,460	$	87,488	$	49,843	$	238,791
Desktops		42,120		23,331		14,735		80,186
Software		35,183		41,456		18,490		95,129
Servers/Storage		17,724		23,139		10,413		51,276
Net/Com Products		19,825		17,489		9,449		46,763
Displays and Sound		29,748		21,191		11,885		62,824
Accessories		48,693		24,385		9,334		82,412
Other Hardware/Services		24,991		18,362		8,334		51,687
Total Net sales	$	319,744	$	256,841	$	132,483	$	709,068


	Three Months Ended September 30, 2024
	Enterprise Solutions		Business Solutions		Public Sector Solutions		Total
Notebooks/Mobility	$	90,233	$	91,757	$	77,264	$	259,254
Desktops		44,846		17,543		15,193		77,582
Software		29,847		34,478		21,706		86,031
Servers/Storage		11,866		23,106		8,696		43,668
Net/Com Products		24,530		21,186		10,340		56,056
Displays and Sound		38,316		20,682		15,981		74,979
Accessories		35,962		27,020		16,978		79,960
Other Hardware/Services		21,370		16,859		8,958		47,187
Total Net sales	$	296,970	$	252,631	$	175,116	$	724,717


	Nine Months Ended September 30, 2025
	Enterprise Solutions		Business Solutions		Public Sector Solutions		Total
Notebooks/Mobility	$	286,685	$	295,909	$	174,881	$	757,475
Desktops		153,305		75,683		44,614		273,602
Software		92,017		111,218		34,863		238,098
Servers/Storage		57,350		77,556		37,780		172,686
Net/Com Products		61,612		55,000		30,669		147,281
Displays and Sound		82,812		64,094		36,084		182,990
Accessories		132,642		72,560		35,067		240,269
Other Hardware/Services		77,335		56,374		23,697		157,406
Total Net sales	$	943,758	$	808,394	$	417,655	$	2,169,807


	Nine Months Ended September 30, 2024
	Enterprise Solutions		Business Solutions		Public Sector Solutions		Total
Notebooks/Mobility	$	270,266	$	281,754	$	185,962	$	737,982
Desktops		135,563		55,766		36,732		228,061
Software		78,595		102,905		36,827		218,327
Servers/Storage		39,924		78,773		30,842		149,539
Net/Com Products		63,599		62,876		30,257		156,732
Displays and Sound		106,845		62,415		43,329		212,589
Accessories		116,139		86,056		36,044		238,239
Other Hardware/Services		67,506		56,153		28,093		151,752
Total Net sales	$	878,437	$	786,698	$	428,086	$	2,093,221

Schedule of changes in contract liability balances

The following table provides information about contract liabilities from arrangements with customers as of September 30, 2025 and December 31, 2024 (in thousands).


	September 30, 2025		December 31, 2024
Contract liabilities, which are included in accrued expenses and other liabilities	$	7,803	$	10,290

Changes in the contract liability balances during the nine months ended September 30, 2025 and 2024 are as follows (in thousands):


	2025
Balance at December 31, 2024	$	10,290
Cash received in advance and not recognized as revenue		27,290
Amounts recognized as revenue as performance obligations satisfied		(29,777)
Balance at September 30, 2025	$	7,803

	2024
Balance at December 31, 2023	$	4,206
Cash received in advance and not recognized as revenue		18,544
Amounts recognized as revenue as performance obligations satisfied		(14,230)
Balance at September 30, 2024	$	8,520

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of revenue
Total Net sales	$ 709,068	$ 724,717	$ 2,169,807	$ 2,093,221
Notebooks/Mobility
Disaggregation of revenue
Total Net sales	238,791	259,254	757,475	737,982
Desktops
Disaggregation of revenue
Total Net sales	80,186	77,582	273,602	228,061
Software
Disaggregation of revenue
Total Net sales	95,129	86,031	238,098	218,327
Servers/Storage
Disaggregation of revenue
Total Net sales	51,276	43,668	172,686	149,539
Net/Com Products
Disaggregation of revenue
Total Net sales	46,763	56,056	147,281	156,732
Displays and Sound
Disaggregation of revenue
Total Net sales	62,824	74,979	182,990	212,589
Accessories
Disaggregation of revenue
Total Net sales	82,412	79,960	240,269	238,239
Other Hardware/Services
Disaggregation of revenue
Total Net sales	51,687	47,187	157,406	151,752
Enterprise Solutions
Disaggregation of revenue
Total Net sales	319,744	296,970	943,758	878,437
Enterprise Solutions \| Notebooks/Mobility
Disaggregation of revenue
Total Net sales	101,460	90,233	286,685	270,266
Enterprise Solutions \| Desktops
Disaggregation of revenue
Total Net sales	42,120	44,846	153,305	135,563
Enterprise Solutions \| Software
Disaggregation of revenue
Total Net sales	35,183	29,847	92,017	78,595
Enterprise Solutions \| Servers/Storage
Disaggregation of revenue
Total Net sales	17,724	11,866	57,350	39,924
Enterprise Solutions \| Net/Com Products
Disaggregation of revenue
Total Net sales	19,825	24,530	61,612	63,599
Enterprise Solutions \| Displays and Sound
Disaggregation of revenue
Total Net sales	29,748	38,316	82,812	106,845
Enterprise Solutions \| Accessories
Disaggregation of revenue
Total Net sales	48,693	35,962	132,642	116,139
Enterprise Solutions \| Other Hardware/Services
Disaggregation of revenue
Total Net sales	24,991	21,370	77,335	67,506
Business Solutions
Disaggregation of revenue
Total Net sales	256,841	252,631	808,394	786,698
Business Solutions \| Notebooks/Mobility
Disaggregation of revenue
Total Net sales	87,488	91,757	295,909	281,754
Business Solutions \| Desktops
Disaggregation of revenue
Total Net sales	23,331	17,543	75,683	55,766
Business Solutions \| Software
Disaggregation of revenue
Total Net sales	41,456	34,478	111,218	102,905
Business Solutions \| Servers/Storage
Disaggregation of revenue
Total Net sales	23,139	23,106	77,556	78,773
Business Solutions \| Net/Com Products
Disaggregation of revenue
Total Net sales	17,489	21,186	55,000	62,876
Business Solutions \| Displays and Sound
Disaggregation of revenue
Total Net sales	21,191	20,682	64,094	62,415
Business Solutions \| Accessories
Disaggregation of revenue
Total Net sales	24,385	27,020	72,560	86,056
Business Solutions \| Other Hardware/Services
Disaggregation of revenue
Total Net sales	18,362	16,859	56,374	56,153
Public Sector Solutions
Disaggregation of revenue
Total Net sales	132,483	175,116	417,655	428,086
Public Sector Solutions \| Notebooks/Mobility
Disaggregation of revenue
Total Net sales	49,843	77,264	174,881	185,962
Public Sector Solutions \| Desktops
Disaggregation of revenue
Total Net sales	14,735	15,193	44,614	36,732
Public Sector Solutions \| Software
Disaggregation of revenue
Total Net sales	18,490	21,706	34,863	36,827
Public Sector Solutions \| Servers/Storage
Disaggregation of revenue
Total Net sales	10,413	8,696	37,780	30,842
Public Sector Solutions \| Net/Com Products
Disaggregation of revenue
Total Net sales	9,449	10,340	30,669	30,257
Public Sector Solutions \| Displays and Sound
Disaggregation of revenue
Total Net sales	11,885	15,981	36,084	43,329
Public Sector Solutions \| Accessories
Disaggregation of revenue
Total Net sales	9,334	16,978	35,067	36,044
Public Sector Solutions \| Other Hardware/Services
Disaggregation of revenue
Total Net sales	$ 8,334	$ 8,958	$ 23,697	$ 28,093

Earnings Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share

Earnings Per Share

Note 4–Earnings Per Share

Basic earnings per common share is computed using the weighted average number of shares outstanding. Diluted earnings per share is computed using the weighted average number of shares outstanding adjusted for the incremental shares attributable to non-vested stock units and stock options outstanding, if dilutive.

The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2025 and 2024 (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net income	$	24,740	$	27,059	$	63,010	$	66,374
Denominator:
Denominator for basic earnings per share	$	25,354	$	26,292	$	25,609	$	26,334
Dilutive effect of employee stock awards		135		209		125		184
Denominator for diluted earnings per share	$	25,489	$	26,501	$	25,734	$	26,518
Earnings per share:
Basic	$	0.98	$	1.03	$	2.46	$	2.52
Diluted	$	0.97	$	1.02	$	2.45	$	2.50

For the three and nine months ended September 30, 2025 and 2024, the Company had no outstanding non-vested stock units that were excluded from the computation of diluted earnings per share because including them would have had an anti-dilutive effect.

Leases - Lease Cost and Other Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) lease	Sep. 30, 2024 USD ($)
Leases
Number of additional operating or financing leases not yet commenced \| lease			0
Lease Cost
Capitalized operating lease cost	$ 461	$ 501	$ 1,383	$ 1,445
Short-term lease cost	568	560	1,704	1,682
Total lease cost	1,029	1,061	3,087	3,127
Cash paid for amounts included in the measurement of lease liabilities and capitalized operating leases:
Operating cash flows	$ 516	$ 550	$ 1,541	$ 1,527
Weighted-average remaining lease term - Capitalized operating leases (in years)	1 year 5 months 19 days	2 years 2 months 19 days	1 year 5 months 19 days	2 years 2 months 19 days
Weighted-average discount rate - Capitalized operating leases	4.33%	4.27%	4.33%	4.27%
Related Parties
Lease Cost
Short-term lease cost	$ 420	$ 420	$ 1,260	$ 1,261
Total lease cost	420	420	1,260	1,261
Others
Lease Cost
Capitalized operating lease cost	461	501	1,383	1,445
Short-term lease cost	148	140	444	421
Total lease cost	609	641	1,827	1,866
Cash paid for amounts included in the measurement of lease liabilities and capitalized operating leases:
Operating cash flows	$ 516	$ 550	$ 1,541	$ 1,527
Weighted-average remaining lease term - Capitalized operating leases (in years)	1 year 5 months 19 days	2 years 2 months 19 days	1 year 5 months 19 days	2 years 2 months 19 days
Weighted-average discount rate - Capitalized operating leases	4.33%	4.27%	4.33%	4.27%

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2025	Oct. 22, 2025
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Securities Act File Number	0-23827
Entity Registrant Name	PC CONNECTION, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	02-0513618
Entity Address, Address Line One	730 Milford Road
Entity Address, City or Town	Merrimack
Entity Address, State or Province	NH
Entity Address, Postal Zip Code	03054
City Area Code	603
Local Phone Number	683-2000
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	CNXN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,245,224
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001050377
Amendment Flag	false

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share

Computation of basic and diluted earnings per share

The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2025 and 2024 (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net income	$	24,740	$	27,059	$	63,010	$	66,374
Denominator:
Denominator for basic earnings per share	$	25,354	$	26,292	$	25,609	$	26,334
Dilutive effect of employee stock awards		135		209		125		184
Denominator for diluted earnings per share	$	25,489	$	26,501	$	25,734	$	26,518
Earnings per share:
Basic	$	0.98	$	1.03	$	2.46	$	2.52
Diluted	$	0.97	$	1.02	$	2.45	$	2.50

Basis of Presentation - Restructuring and Other Charges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Cash and cash equivalents and investments
Interest income on cash equivalents and short-term investments	$ 3,689	$ 4,840	$ 10,706	$ 14,060
Treasury stock
Common stock repurchases as treasury stock including excise tax			$ 66,028	$ 7,723
Excise tax rate on certain stock repurchases			1.00%	1.00%
Accrued expenses and other liabilities
Restructuring and other charges
Unpaid severance expenses	$ 1,001		$ 1,001

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2025
Basis of Presentation.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of PC Connection, Inc. and its subsidiaries, or the Company, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting and in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. Such principles were applied on a basis consistent with the accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the results of operations for the interim periods reported and of the Company’s financial condition as of the date of the interim balance sheet. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through the date of issuance of these financial statements. The operating results for the three and nine months ended September 30, 2025 may not be indicative of the results expected for any succeeding quarter or the entire year ending December 31, 2025. Certain amounts in the prior period’s condensed consolidated financial statements have been reclassified to conform with the current period presentation.
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 U.S. GAAP 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.
Cash and Cash Equivalents and Investments	Cash and Cash Equivalents and Investments 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. At the time of purchase, the Company determines the appropriate classification of investments based upon its intent with regard to such investments. All of the Company’s investments are classified as available-for-sale. The Company classifies investments as short-term when their remaining contractual maturities are one year or less from the balance sheet date, and as long-term when the investment has a remaining contractual maturity of more than one year from the balance sheet date. The Company records investments at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income on the condensed consolidated balance sheets. Included in interest income, net on the condensed consolidated statements of income is interest income on cash equivalents and short-term investments of $3,689 and $10,706 for the three and nine months ended September 30, 2025, respectively, and $4,840 and $14,060 for the three and nine months ended September 30, 2024, respectively.
Treasury Stock, at Cost	Treasury Stock, at Cost The total repurchases for the nine months ended September 30, 2025 and 2024 were recorded as treasury stock of $66,028 and $7,723, respectively. Such costs reflect the applicable one percent excise tax imposed by the Inflation Reduction Act of 2022 on the net value of certain stock repurchases made after December 31, 2022.
Severance Expenses	Severance Expenses The severance expenses recorded for the nine months ended September 30, 2025 and 2024 were related to involuntary reductions in the Company’s workforce to lower the Company’s cost structure and included cash severance and other related termination benefits. The majority of these costs are expected to be paid within a year of the applicable termination. Included in accrued expenses and other liabilities on the condensed consolidated balance sheets as of September 30, 2025 was $1,001 related to unpaid severance expenses.
Recently Issued Financial Accounting Standards	Recently Issued Financial Accounting Standards In December 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This guidance is intended to improve the transparency of income tax disclosures through, among other things, enhancement of the disclosure requirements within the rate reconciliation, as well as increased income tax disaggregation disclosures. This ASU is effective for the Company’s annual reporting periods beginning January 1, 2025, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statement disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This guidance is intended to provide more detailed disclosure about certain costs and expenses presented in the income statement, including inventory purchases, employee compensation, selling expenses, and depreciation expense. This ASU is effective for the Company’s annual reporting periods beginning January 1, 2027, and for interim reporting periods beginning January 1, 2028, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This guidance provides a practical expedient related to estimating expected credit losses for accounts receivable and contract assets by assuming that current conditions remain unchanged over the life of the asset. This ASU is effective for the Company’s annual reporting periods beginning January 1, 2026, and for interim reporting periods beginning January 1, 2027, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This guidance was issued to establish new criteria to be considered for capitalization of software costs under Subtopic 350-40, as well as link the disclosure requirements of Subtopic 360-10 to capitalized costs accounted for under Subtopic 350-40. This ASU is effective for the Company’s annual reporting periods beginning January 1, 2028, and for interim reporting periods beginning January 1, 2029, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
Net Income (Loss)	$ 24,740	$ 27,059	$ 63,010	$ 66,374
Other comprehensive income (loss):
Unrealized gains (losses) on available-for-sale investments, net of tax of $(36) and $24 for the three and nine months ended September 30, 2025, respectively, and net of tax of $(154) and $(105) for the three and nine months ended September 30, 2024, respectively	138	580	(89)	396
Comprehensive income	$ 24,878	$ 27,639	$ 62,921	$ 66,770

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Segment Information

9 Months Ended

Sep. 30, 2025

Segment Information

Segment Information

Note 7–Segment Information

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 operations are organized under three reporting segments—the Enterprise Solutions segment, which serves primarily medium-to-large corporations; the Business Solutions segment, which serves primarily small- to medium-sized businesses; and the Public Sector Solutions segment, which serves primarily federal, state, and local government and educational institutions. In addition, the Headquarters/Other provides services in areas such as finance, human resources, IT, marketing, and product management. Most of the operating costs associated with the Headquarters/Other 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”. Headquarters/Other amounts that are not allocated to the operating segments are shown as reconciling items in the tables below.

The Company’s CODM is its Chief Executive Officer, and he assesses the segments’ performance by using each segments’ operating income (which includes certain corporate overhead allocations attributable to each of the segments). Net sales presented below exclude inter-segment product revenues. The CODM uses operating income for each segment in the annual budget, periodic forecasting, and quarterly results processes.


	Three Months Ended September 30, 2025
	Enterprise Solutions		Business Solutions		Public Sector Solutions		Total
Net sales	$	319,744	$	256,841	$	132,483	$	709,068
Cost of sales		271,976		188,779		109,668
Personnel costs		16,626		17,490		9,603
Marketing		895		2,724		675
Allocated corporate overhead		18,999		22,822		11,410
Depreciation and amortization		195		155		22
Other segment expenses¹		670		1,165		1,730
Operating income (loss)	$	10,383	$	23,706	$	(625)	$	33,464
Unallocated Headquarters/Other expenses								(3,198)
Interest income, net								3,689
Income before taxes							$	33,955


	Three Months Ended September 30, 2024
	Enterprise Solutions		Business Solutions		Public Sector Solutions		Total
Net sales	$	296,970	$	252,631	$	175,116	$	724,717
Cost of sales		250,753		189,498		149,060
Personnel costs		15,781		17,343		9,794
Marketing		1,228		4,178		739
Allocated corporate overhead		17,767		20,003		10,001
Depreciation and amortization		215		155		22
Other segment expenses¹		946		1,389		1,158
Operating income	$	10,280	$	20,065	$	4,342	$	34,687
Unallocated Headquarters/Other expenses								(4,646)
Interest income, net								4,837
Other income								1,700
Income before taxes							$	36,578

Other segment expenses for each of the reportable segments include service contracts/subscriptions, professional fees, facilities operations, credit card fees, and other miscellaneous expenses.


	Nine Months Ended September 30, 2025
	Enterprise Solutions		Business Solutions		Public Sector Solutions		Total
Net sales	$	943,758	$	808,394	$	417,655	$	2,169,807
Cost of sales		806,070		606,076		353,939
Personnel costs		49,791		52,927		28,462
Marketing		3,779		10,127		2,334
Allocated corporate overhead		55,358		65,819		32,909
Depreciation and amortization		582		465		67
Other segment expenses¹		2,947		5,293		6,043
Operating income (loss)	$	25,231	$	67,687	$	(6,099)	$	86,819
Unallocated Headquarters/Other expenses								(11,134)
Interest income, net								10,805
Other income								76
Income before taxes							$	86,566

Segment assets	$	743,554	$	620,098	$	94,832	$	1,458,484
Headquarters/Other assets								(152,964)
Consolidated assets							$	1,305,520


	Nine Months Ended September 30, 2024
	Enterprise Solutions		Business Solutions		Public Sector Solutions		Total
Net sales	$	878,437	$	786,698	$	428,086	$	2,093,221
Cost of sales		743,441		596,875		362,885
Personnel costs		46,596		53,430		27,455
Marketing		3,872		12,180		2,734
Allocated corporate overhead		54,582		61,200		30,600
Depreciation and amortization		641		465		68
Other segment expenses¹		2,948		4,465		2,638
Operating income	$	26,357	$	58,083	$	1,706	$	86,146
Unallocated Headquarters/Other expenses								(11,722)
Interest income, net								14,053
Other income								1,700
Income before taxes							$	90,177

Segment assets	$	717,143	$	553,881	$	117,728	$	1,388,752
Headquarters/Other assets								(103,007)
Consolidated assets							$	1,285,745

Other segment expenses for each of the reportable segments include service contracts/subscriptions, professional fees, facilities operations, credit card fees, and other miscellaneous expenses.

The assets of the Company’s three operating segments presented above consist primarily of accounts receivable, net intercompany receivables, goodwill, and other intangibles, net. Assets reported under the Headquarters/Other are managed by corporate headquarters, including cash and cash equivalents, short-term investments, inventories, property and equipment, ROU assets, and intercompany balance, net. As of September 30, 2025 and 2024, total assets for the Headquarters/Other were presented net of intercompany balance eliminations of $51,204 and $64,994, respectively. The Company’s capital expenditures consist largely of IT hardware and software purchased to maintain or upgrade its management information systems. These information systems serve all of the Company’s segments, to varying degrees, and accordingly, the CODM does not evaluate capital expenditures on a segment-by-segment basis.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Supplier Finance Programs (Tables)

9 Months Ended

Sep. 30, 2025

Supplier Finance Programs

Schedule of outstanding obligations confirmed under supplier finance programs

The rollforward of the Company’s outstanding obligations confirmed as valid under the supplier finance programs for the nine months ended September 30, 2025 is as follows (in thousands):


	2025
Confirmed obligations outstanding at December 31, 2024	$	47,763
Invoices confirmed		366,871
Confirmed invoices paid		(354,653)
Confirmed obligations outstanding at September 30, 2025	$	59,981

Leases - Future Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Future lease payments over the remaining term of capitalized operating leases
2025, excluding the nine months ended September 30, 2025	$ 521
2026	1,205
2027	237
2028	161
Total	2,124
Imputed interest	(63)
Lease liability balance	2,061
Right-of-use assets	1,781	$ 3,077
Long-term lease liability	437	1,552
Short-term lease liability	$ 1,624	$ 1,805
Short-term lease liability, Statement of Financial Position	Accrued expenses and other liabilities	Accrued expenses and other liabilities

Revenue - Contract Balances (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Change in contract liability
Beginning balance - Contract liability	$ 10,290	$ 4,206
Cash received in advance and not recognized as revenue	27,290	18,544
Amounts recognized as revenue as performance obligations satisfied	(29,777)	(14,230)
Ending balance - Contract liability	7,803	$ 8,520
Accrued expenses and other liabilities
Contract liabilities
Contract liabilities	$ 7,803		$ 10,290

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Measurements

Schedule of cash equivalents and short-term investments

Cash equivalents and short-term investments as of September 30, 2025 and December 31, 2024 consist of the following (in thousands):


	September 30, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	$	166,318	$	—	$	—	$	166,318
Short-term investments:
U.S. Government treasury securities		211,245		109		—		211,354
Total	$	377,563	$	109	$	—	$	377,672

	December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	$	161,094	$	—	$	—	$	161,094
Short-term investments:
U.S. Government treasury securities		264,074		309		(88)		264,295
Total	$	425,168	$	309	$	(88)	$	425,389

Basis of Presentation

9 Months Ended

Sep. 30, 2025

Basis of Presentation

Basis of Presentation

Note 1–Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of PC Connection, Inc. and its subsidiaries, or the Company, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting and in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. Such principles were applied on a basis consistent with the accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the results of operations for the interim periods reported and of the Company’s financial condition as of the date of the interim balance sheet. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through the date of issuance of these financial statements. The operating results for the three and nine months ended September 30, 2025 may not be indicative of the results expected for any succeeding quarter or the entire year ending December 31, 2025.

Certain amounts in the prior period’s condensed consolidated financial statements have been reclassified to conform with the current period presentation.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with U.S. GAAP 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.

Cash and Cash Equivalents and Investments

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.

At the time of purchase, the Company determines the appropriate classification of investments based upon its intent with regard to such investments. All of the Company’s investments are classified as available-for-sale. The Company classifies investments as short-term when their remaining contractual maturities are one year or less from the balance sheet date, and as long-term when the investment has a remaining contractual maturity of more than one year from the balance sheet date. The Company records investments at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income on the condensed consolidated balance sheets.

Included in interest income, net on the condensed consolidated statements of income is interest income on cash equivalents and short-term investments of $3,689 and $10,706 for the three and nine months ended September 30, 2025, respectively, and $4,840 and $14,060 for the three and nine months ended September 30, 2024, respectively.

Treasury Stock, at Cost

The total repurchases for the nine months ended September 30, 2025 and 2024 were recorded as treasury stock of $66,028 and $7,723, respectively. Such costs reflect the applicable one percent excise tax imposed by the Inflation Reduction Act of 2022 on the net value of certain stock repurchases made after December 31, 2022.

Severance Expenses

The severance expenses recorded for the nine months ended September 30, 2025 and 2024 were related to involuntary reductions in the Company’s workforce to lower the Company’s cost structure and included cash severance and other related termination benefits. The majority of these costs are expected to be paid within a year of the applicable termination. Included in accrued expenses and other liabilities on the condensed consolidated balance sheets as of September 30, 2025 was $1,001 related to unpaid severance expenses.

Recently Issued Financial Accounting Standards

In December 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This guidance is intended to improve the transparency of income tax disclosures through, among other things, enhancement of the disclosure requirements within the rate reconciliation, as well as increased income tax disaggregation disclosures. This ASU is effective for the Company’s annual reporting periods beginning January 1, 2025, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statement disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This guidance is intended to provide more detailed disclosure about certain costs and expenses presented in the income statement, including inventory purchases, employee compensation, selling expenses, and depreciation expense. This ASU is effective for the Company’s annual reporting periods beginning January 1, 2027, and for interim reporting periods beginning January 1, 2028, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This guidance provides a practical expedient related to estimating expected credit losses for accounts receivable and contract assets by assuming that current conditions remain unchanged over the life of the asset. This ASU is effective for the Company’s annual reporting periods beginning January 1, 2026, and for interim reporting periods beginning January 1, 2027, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This guidance was issued to establish new criteria to be considered for capitalization of software costs under Subtopic 350-40, as well as link the disclosure requirements of Subtopic 360-10 to capitalized costs accounted for under Subtopic 350-40. This ASU is effective for the Company’s annual reporting periods beginning January 1, 2028, and for interim reporting periods beginning January 1, 2029, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

Leases (Tables)

9 Months Ended

Sep. 30, 2025

Leases

Schedule of lease cost


	Three Months Ended September 30, 2025						Nine Months Ended September 30, 2025
	Related Parties		Others		Total		Related Parties			Others			Total
Lease Cost
Capitalized operating lease cost	$	—	$	461	$	461	$	—		$	1,383		$	1,383
Short-term lease cost		420		148		568		1,260			444			1,704
Total lease cost	$	420	$	609	$	1,029	$	1,260		$	1,827		$	3,087

Other Information
Cash paid for amounts included in the measurement of lease liabilities and capitalized operating leases:
Operating cash flows	$	—	$	516	$	516	$	—		$	1,541		$	1,541

Weighted-average remaining lease term (in years):
Capitalized operating leases								—			1.47			1.47

Weighted-average discount rate:
Capitalized operating leases								—	%		4.33	%		4.33	%

	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	Related Parties		Others		Total		Related Parties			Others			Total
Lease Cost
Capitalized operating lease cost	$	—	$	501	$	501	$	—		$	1,445		$	1,445
Short-term lease cost		420		140		560		1,261			421			1,682
Total lease cost	$	420	$	641	$	1,061	$	1,261		$	1,866		$	3,127

Other Information
Cash paid for amounts included in the measurement of lease liabilities and capitalized operating leases:
Operating cash flows	$	—	$	550	$	550	$	—		$	1,527		$	1,527

Weighted-average remaining lease term (in years):
Capitalized operating leases								—			2.22			2.22

Weighted-average discount rate:
Capitalized operating leases								—	%		4.27	%		4.27	%

Schedule of future lease payments on capitalized operating leases

As of September 30, 2025, future lease payments over the remaining term of capitalized operating leases were as follows (in thousands):


For the Years Ended December 31,
2025, excluding the nine months ended September 30, 2025	$	521
2026		1,205
2027		237
2028		161
2029		—
Thereafter		—
		2,124
Imputed interest		(63)
Lease liability balance at September 30, 2025	$	2,061