Segment Information (Tables)
|
6 Months Ended |
Jun. 30, 2021 |
|---|
| Segment Information |
|
| Schedule of segment reporting information |
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|
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|
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|
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|
Six months ended |
|
Three months ended |
|
|
June 30, |
|
June 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Distribution |
|
$ |
124,692 |
|
$ |
111,479 |
|
$ |
69,872 |
|
$ |
54,213 |
Solutions |
|
|
13,471 |
|
|
7,727 |
|
|
5,478 |
|
|
2,373 |
|
|
|
138,163 |
|
|
119,206 |
|
|
75,350 |
|
|
56,586 |
Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
|
Distribution |
|
$ |
16,688 |
|
$ |
13,806 |
|
$ |
8,814 |
|
$ |
6,643 |
Solutions |
|
|
5,134 |
|
|
1,473 |
|
|
2,165 |
|
|
471 |
|
|
|
21,822 |
|
|
15,279 |
|
|
10,979 |
|
|
7,114 |
Direct Costs: |
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|
|
|
|
|
|
|
|
|
|
|
Distribution |
|
$ |
7,590 |
|
$ |
5,371 |
|
$ |
3,677 |
|
$ |
2,734 |
Solutions |
|
|
2,528 |
|
|
717 |
|
|
1,120 |
|
|
255 |
|
|
|
10,118 |
|
|
6,088 |
|
|
4,797 |
|
|
2,989 |
Segment Income Before Taxes: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
Distribution |
|
$ |
9,098 |
|
$ |
8,435 |
|
$ |
5,137 |
|
$ |
3,909 |
Solutions |
|
|
2,606 |
|
|
756 |
|
|
1,045 |
|
|
216 |
Segment Income Before Taxes |
|
|
11,704 |
|
|
9,191 |
|
|
6,182 |
|
|
4,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
$ |
6,433 |
|
$ |
4,785 |
|
$ |
3,341 |
|
$ |
2,480 |
Legal and financial advisory expenses, net - unsolicited bid and related matters |
|
|
— |
|
|
1,833 |
|
|
— |
|
|
509 |
Acquisition related costs |
|
|
— |
|
|
638 |
|
|
— |
|
|
235 |
Amortization and depreciation expense |
|
|
796 |
|
|
239 |
|
|
398 |
|
|
143 |
Interest, net |
|
|
301 |
|
|
86 |
|
|
291 |
|
|
24 |
Foreign currency transaction (loss) gain |
|
|
(66) |
|
|
276 |
|
|
25 |
|
|
161 |
Income before taxes |
|
$ |
4,710 |
|
$ |
2,058 |
|
$ |
2,759 |
|
$ |
943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Excludes general corporate expenses including interest and foreign currency transaction (loss) gain. |
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As of |
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As of |
|
|
|
June 30, |
|
December 31, |
|
Selected Assets by Segment: |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
Distribution |
|
$ |
110,962 |
|
$ |
100,841 |
|
Solutions |
|
|
6,414 |
|
|
7,304 |
|
Segment Select Assets |
|
|
117,376 |
|
|
108,145 |
|
Goodwill and Intangible Assets |
|
|
20,333 |
|
|
19,592 |
|
Corporate Assets |
|
|
32,182 |
|
|
37,796 |
|
Total Assets |
|
$ |
169,891 |
|
$ |
165,533 |
|
|
| Summary of disaggregation of revenue according to revenue type |
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|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
Three months ended |
|
|
June 30, 2021 |
|
June 30, 2021 |
|
|
Distribution |
|
Solutions |
|
Total |
|
Distribution |
|
Solutions |
|
Total |
Geography |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USA |
|
$ |
99,049 |
|
$ |
7,164 |
|
$ |
106,213 |
|
$ |
57,964 |
|
$ |
2,185 |
|
$ |
60,149 |
Europe and United Kingdom |
|
|
12,969 |
|
|
5,571 |
|
|
18,540 |
|
|
5,724 |
|
|
2,827 |
|
|
8,551 |
Canada |
|
|
12,674 |
|
|
736 |
|
|
13,410 |
|
|
6,184 |
|
|
466 |
|
|
6,650 |
Total net sales |
|
$ |
124,692 |
|
$ |
13,471 |
|
$ |
138,163 |
|
$ |
69,872 |
|
$ |
5,478 |
|
$ |
75,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transferred at a point in time where the Company is principal (1) |
|
$ |
113,240 |
|
$ |
9,897 |
|
$ |
123,137 |
|
$ |
63,882 |
|
$ |
3,746 |
|
$ |
67,628 |
Transferred at a point in time where the Company is agent (2) |
|
|
11,452 |
|
|
3,574 |
|
|
15,026 |
|
|
5,990 |
|
|
1,732 |
|
|
7,722 |
Total net sales |
|
$ |
124,692 |
|
$ |
13,471 |
|
$ |
138,163 |
|
$ |
69,872 |
|
$ |
5,478 |
|
$ |
75,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
Three months ended |
|
|
June 30, 2020 |
|
June 30, 2020 |
|
|
Distribution |
|
Solutions |
|
Total |
|
Distribution |
|
Solutions |
|
Total |
Geography |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USA |
|
$ |
100,873 |
|
$ |
6,698 |
|
$ |
107,571 |
|
$ |
47,767 |
|
$ |
1,900 |
|
$ |
49,667 |
Europe and United Kingdom |
|
|
4,534 |
|
|
— |
|
|
4,534 |
|
|
2,758 |
|
|
— |
|
|
2,758 |
Canada |
|
|
6,072 |
|
|
1,029 |
|
|
7,101 |
|
|
3,688 |
|
|
473 |
|
|
4,161 |
Total net sales |
|
$ |
111,479 |
|
$ |
7,727 |
|
$ |
119,206 |
|
$ |
54,213 |
|
$ |
2,373 |
|
$ |
56,586 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transferred at a point in time where the Company is principal (1) |
|
$ |
102,333 |
|
$ |
7,249 |
|
$ |
109,582 |
|
$ |
49,838 |
|
$ |
2,159 |
|
$ |
51,997 |
Transferred at a point in time where the Company is agent (2) |
|
|
9,146 |
|
|
478 |
|
|
9,624 |
|
|
4,375 |
|
|
214 |
|
|
4,589 |
Total net sales |
|
$ |
111,479 |
|
$ |
7,727 |
|
$ |
119,206 |
|
$ |
54,213 |
|
$ |
2,373 |
|
$ |
56,586 |
| (1) |
Includes net sales from third-party hardware and software products. |
| (2) |
Includes net sales from third-party maintenance, software support and services. |
|
| Schedule of net sales to identifiable assets by geographic areas |
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
Identifiable Assets by Geographic Areas |
|
2021 |
|
2020 |
|
USA |
|
$ |
108,515 |
|
$ |
114,126 |
|
Canada |
|
|
20,506 |
|
|
18,514 |
|
Europe and United Kingdom |
|
|
20,537 |
|
|
13,301 |
|
Unallocated |
|
|
20,333 |
|
|
19,592 |
|
Total |
|
$ |
169,891 |
|
$ |
165,533 |
|
|