Segment Information (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Segment Information |
|
| Schedule of segment reporting information |
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|
|
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|
|
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|
|
Nine months ended |
|
Three months ended |
|
|
September 30, |
|
September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
Distribution |
|
$ |
226,905 |
|
$ |
195,304 |
|
$ |
72,227 |
|
$ |
66,529 |
Solutions |
|
|
18,324 |
|
|
20,139 |
|
|
6,230 |
|
|
9,732 |
|
|
|
245,229 |
|
|
215,443 |
|
|
78,457 |
|
|
76,261 |
Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
|
Distribution |
|
$ |
35,472 |
|
$ |
30,953 |
|
$ |
11,671 |
|
$ |
11,101 |
Solutions |
|
|
7,704 |
|
|
7,031 |
|
|
2,603 |
|
|
2,416 |
|
|
|
43,176 |
|
|
37,984 |
|
|
14,274 |
|
|
13,517 |
Direct Costs: |
|
|
|
|
|
|
|
|
|
|
|
|
Distribution |
|
$ |
15,225 |
|
$ |
11,374 |
|
$ |
5,249 |
|
$ |
4,123 |
Solutions |
|
|
3,844 |
|
|
3,262 |
|
|
1,226 |
|
|
1,113 |
|
|
|
19,069 |
|
|
14,636 |
|
|
6,475 |
|
|
5,236 |
Segment Income Before Taxes: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
Distribution |
|
$ |
20,247 |
|
$ |
19,579 |
|
$ |
6,422 |
|
$ |
6,978 |
Solutions |
|
|
3,860 |
|
|
3,769 |
|
|
1,377 |
|
|
1,303 |
Segment Income Before Taxes |
|
|
24,107 |
|
|
23,348 |
|
|
7,799 |
|
|
8,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
$ |
12,861 |
|
$ |
10,390 |
|
$ |
3,647 |
|
$ |
3,686 |
Acquisition related costs |
|
|
277 |
|
|
445 |
|
|
246 |
|
|
365 |
Depreciation and amortization expense |
|
|
1,934 |
|
|
1,357 |
|
|
617 |
|
|
555 |
Interest, net |
|
|
760 |
|
|
40 |
|
|
318 |
|
|
58 |
Foreign currency transaction loss |
|
|
(100) |
|
|
(799) |
|
|
(140) |
|
|
(500) |
Income before taxes |
|
$ |
9,695 |
|
$ |
10,397 |
|
$ |
3,467 |
|
$ |
3,233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Excludes general corporate expenses including interest and foreign currency transaction loss
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As of |
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As of |
|
|
|
September 30, |
|
December 31, |
|
Selected Assets by Segment: |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
Distribution |
|
$ |
141,224 |
|
$ |
180,602 |
|
Solutions |
|
|
26,116 |
|
|
21,420 |
|
Segment Select Assets |
|
|
167,340 |
|
|
202,022 |
|
Corporate Assets |
|
|
65,025 |
|
|
29,834 |
|
Total Assets |
|
$ |
232,365 |
|
$ |
231,856 |
|
|
| Summary of disaggregation of revenue according to revenue type |
|
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|
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|
|
|
|
|
|
Nine months ended |
|
Three months ended |
|
|
September 30, 2023 |
|
September 30, 2023 |
|
|
Distribution |
|
Solutions |
|
Total |
|
Distribution |
|
Solutions |
|
Total |
Geography |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USA |
|
$ |
180,278 |
|
$ |
9,908 |
|
$ |
190,186 |
|
$ |
60,891 |
|
$ |
3,605 |
|
$ |
64,496 |
Europe and United Kingdom |
|
|
28,903 |
|
|
7,508 |
|
|
36,411 |
|
|
6,353 |
|
|
2,418 |
|
|
8,771 |
Canada |
|
|
17,724 |
|
|
908 |
|
|
18,632 |
|
|
4,983 |
|
|
207 |
|
|
5,190 |
Total net sales |
|
$ |
226,905 |
|
$ |
18,324 |
|
$ |
245,229 |
|
$ |
72,227 |
|
$ |
6,230 |
|
$ |
78,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transferred at a point in time where the Company is principal (1) |
|
$ |
200,027 |
|
$ |
13,290 |
|
$ |
213,317 |
|
$ |
63,587 |
|
$ |
4,422 |
|
$ |
68,009 |
Transferred at a point in time where the Company is agent (2) |
|
|
26,878 |
|
|
5,034 |
|
|
31,912 |
|
|
8,640 |
|
|
1,808 |
|
|
10,448 |
Total net sales |
|
$ |
226,905 |
|
$ |
18,324 |
|
$ |
245,229 |
|
$ |
72,227 |
|
$ |
6,230 |
|
$ |
78,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
Three months ended |
|
|
September 30, 2022 |
|
September 30, 2022 |
|
|
Distribution |
|
Solutions |
|
Total |
|
Distribution |
|
Solutions |
|
Total |
Geography |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USA |
|
$ |
159,335 |
|
$ |
12,027 |
|
$ |
171,362 |
|
$ |
54,812 |
|
$ |
7,224 |
|
$ |
62,036 |
Europe and United Kingdom |
|
|
19,252 |
|
|
6,816 |
|
|
26,068 |
|
|
5,933 |
|
|
2,077 |
|
|
8,010 |
Canada |
|
|
16,717 |
|
|
1,296 |
|
|
18,013 |
|
|
5,784 |
|
|
431 |
|
|
6,215 |
Total net sales |
|
$ |
195,304 |
|
$ |
20,139 |
|
$ |
215,443 |
|
$ |
66,529 |
|
$ |
9,732 |
|
$ |
76,261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transferred at a point in time where the Company is principal (1) |
|
$ |
173,606 |
|
$ |
15,076 |
|
$ |
188,682 |
|
$ |
58,669 |
|
$ |
7,982 |
|
$ |
66,651 |
Transferred at a point in time where the Company is agent (2) |
|
|
21,698 |
|
|
5,063 |
|
|
26,761 |
|
|
7,860 |
|
|
1,750 |
|
|
9,610 |
Total net sales |
|
$ |
195,304 |
|
$ |
20,139 |
|
$ |
215,443 |
|
$ |
66,529 |
|
$ |
9,732 |
|
$ |
76,261 |
| (1) |
Includes net sales from third-party hardware and software products. |
| (2) |
Includes net sales from third-party maintenance, software support and services. |
|
| Summary of identifiable assets by geographic area |
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|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
Identifiable Assets by Geographic Areas |
|
2023 |
|
2022 |
|
USA |
|
$ |
147,805 |
|
$ |
137,877 |
|
Canada |
|
|
24,169 |
|
|
27,597 |
|
Europe and United Kingdom |
|
|
60,391 |
|
|
66,382 |
|
Total |
|
$ |
232,365 |
|
$ |
231,856 |
|
|