Segment Information (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Segment Information |
|
| Schedule of segment reporting information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
Three months ended |
|
|
June 30, |
|
June 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
Distribution |
|
$ |
154,678 |
|
$ |
128,775 |
|
$ |
76,128 |
|
$ |
62,992 |
Solutions |
|
|
12,093 |
|
|
10,407 |
|
|
5,604 |
|
|
4,871 |
|
|
|
166,771 |
|
|
139,182 |
|
|
81,732 |
|
|
67,863 |
Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
|
Distribution |
|
$ |
23,801 |
|
$ |
19,852 |
|
$ |
11,074 |
|
$ |
10,259 |
Solutions |
|
|
5,100 |
|
|
4,614 |
|
|
2,619 |
|
|
2,227 |
|
|
|
28,901 |
|
|
24,466 |
|
|
13,693 |
|
|
12,486 |
Direct Costs: |
|
|
|
|
|
|
|
|
|
|
|
|
Distribution |
|
$ |
9,976 |
|
$ |
7,251 |
|
$ |
5,010 |
|
$ |
3,587 |
Solutions |
|
|
2,618 |
|
|
2,148 |
|
|
1,317 |
|
|
1,010 |
|
|
|
12,594 |
|
|
9,399 |
|
|
6,327 |
|
|
4,597 |
Segment Income Before Taxes: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
Distribution |
|
$ |
13,825 |
|
$ |
12,601 |
|
$ |
6,064 |
|
$ |
6,672 |
Solutions |
|
|
2,482 |
|
|
2,466 |
|
|
1,302 |
|
|
1,217 |
Segment Income Before Taxes |
|
|
16,307 |
|
|
15,067 |
|
|
7,366 |
|
|
7,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
$ |
9,243 |
|
$ |
6,784 |
|
$ |
5,249 |
|
$ |
3,337 |
Amortization and depreciation expense |
|
|
1,317 |
|
|
802 |
|
|
604 |
|
|
445 |
Interest, net |
|
|
441 |
|
|
(17) |
|
|
330 |
|
|
(7) |
Foreign currency transaction gain (loss) |
|
|
40 |
|
|
(298) |
|
|
(4) |
|
|
(442) |
Income before taxes |
|
$ |
6,228 |
|
$ |
7,166 |
|
$ |
1,839 |
|
$ |
3,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Excludes general corporate expenses including interest and foreign currency transaction gain (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
As of |
|
|
|
June 30, |
|
December 31, |
|
Selected Assets by Segment: |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
Distribution |
|
$ |
152,199 |
|
$ |
180,602 |
|
Solutions |
|
|
21,374 |
|
|
21,420 |
|
Segment Select Assets |
|
|
173,573 |
|
|
202,022 |
|
Corporate Assets |
|
|
60,125 |
|
|
29,834 |
|
Total Assets |
|
$ |
233,698 |
|
$ |
231,856 |
|
|
| Summary of disaggregation of revenue according to revenue type |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
Three months ended |
|
|
June 30, 2023 |
|
June 30, 2023 |
|
|
Distribution |
|
Solutions |
|
Total |
|
Distribution |
|
Solutions |
|
Total |
Geography |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USA |
|
$ |
119,387 |
|
$ |
6,303 |
|
$ |
125,690 |
|
$ |
62,644 |
|
$ |
2,637 |
|
$ |
65,281 |
Europe and United Kingdom |
|
|
22,550 |
|
|
5,089 |
|
|
27,639 |
|
|
7,134 |
|
|
2,589 |
|
|
9,723 |
Canada |
|
|
12,741 |
|
|
701 |
|
|
13,442 |
|
|
6,350 |
|
|
378 |
|
|
6,728 |
Total net sales |
|
$ |
154,678 |
|
$ |
12,093 |
|
$ |
166,771 |
|
$ |
76,128 |
|
$ |
5,604 |
|
$ |
81,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transferred at a point in time where the Company is principal (1) |
|
$ |
136,439 |
|
$ |
8,869 |
|
$ |
145,308 |
|
$ |
67,872 |
|
$ |
4,036 |
|
$ |
71,908 |
Transferred at a point in time where the Company is agent (2) |
|
|
18,239 |
|
|
3,224 |
|
|
21,463 |
|
|
8,256 |
|
|
1,568 |
|
|
9,824 |
Total net sales |
|
$ |
154,678 |
|
$ |
12,093 |
|
$ |
166,771 |
|
$ |
76,128 |
|
$ |
5,604 |
|
$ |
81,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
Three months ended |
|
|
June 30, 2022 |
|
June 30, 2022 |
|
|
Distribution |
|
Solutions |
|
Total |
|
Distribution |
|
Solutions |
|
Total |
Geography |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USA |
|
$ |
104,523 |
|
$ |
4,803 |
|
$ |
109,326 |
|
$ |
51,407 |
|
$ |
2,291 |
|
$ |
53,698 |
Europe and United Kingdom |
|
|
13,319 |
|
|
4,739 |
|
|
18,058 |
|
|
5,883 |
|
|
2,182 |
|
|
8,065 |
Canada |
|
|
10,933 |
|
|
865 |
|
|
11,798 |
|
|
5,702 |
|
|
398 |
|
|
6,100 |
Total net sales |
|
$ |
128,775 |
|
$ |
10,407 |
|
$ |
139,182 |
|
$ |
62,992 |
|
$ |
4,871 |
|
$ |
67,863 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transferred at a point in time where the Company is principal (1) |
|
$ |
114,937 |
|
$ |
7,093 |
|
$ |
122,030 |
|
$ |
55,797 |
|
$ |
3,083 |
|
$ |
58,880 |
Transferred at a point in time where the Company is agent (2) |
|
|
13,838 |
|
|
3,314 |
|
|
17,152 |
|
|
7,195 |
|
|
1,788 |
|
|
8,983 |
Total net sales |
|
$ |
128,775 |
|
$ |
10,407 |
|
$ |
139,182 |
|
$ |
62,992 |
|
$ |
4,871 |
|
$ |
67,863 |
| (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 |
|
2023 |
|
2022 |
|
USA |
|
$ |
137,315 |
|
$ |
137,877 |
|
Canada |
|
|
25,789 |
|
|
27,597 |
|
Europe and United Kingdom |
|
|
70,594 |
|
|
66,382 |
|
Total |
|
$ |
233,698 |
|
$ |
231,856 |
|
|