Segment Information (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Segment Information |
|
| Schedule of segment reporting information |
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
March 31, |
|
|
|
2024 |
|
2023 |
|
Net Sales: |
|
|
|
|
|
|
|
Distribution |
|
$ |
86,822 |
|
$ |
78,550 |
|
Solutions |
|
|
5,600 |
|
|
6,490 |
|
|
|
|
92,422 |
|
|
85,040 |
|
Gross Profit: |
|
|
|
|
|
|
|
Distribution |
|
$ |
14,215 |
|
$ |
12,728 |
|
Solutions |
|
|
2,805 |
|
|
2,481 |
|
|
|
|
17,020 |
|
|
15,209 |
|
Direct Costs: |
|
|
|
|
|
|
|
Distribution |
|
$ |
7,376 |
|
$ |
4,777 |
|
Solutions |
|
|
1,381 |
|
|
1,301 |
|
|
|
|
8,757 |
|
|
6,078 |
|
Segment Income Before Taxes: (1) |
|
|
|
|
|
|
|
Distribution |
|
$ |
6,839 |
|
$ |
7,951 |
|
Solutions |
|
|
1,424 |
|
|
1,180 |
|
Segment Income Before Taxes |
|
|
8,263 |
|
|
9,131 |
|
|
|
|
|
|
|
|
|
General and administrative |
|
$ |
3,766 |
|
$ |
4,163 |
|
Acquisition related costs |
|
|
123 |
|
|
22 |
|
Depreciation and amortization expense |
|
|
871 |
|
|
713 |
|
Interest, net |
|
|
203 |
|
|
112 |
|
Foreign currency transaction loss |
|
|
(85) |
|
|
44 |
|
Income before taxes |
|
$ |
3,621 |
|
$ |
4,389 |
|
|
|
|
|
|
|
|
|
| (1) |
Excludes general corporate expenses including interest and foreign currency transaction loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
As of |
|
|
|
March 31, |
|
December 31, |
|
Selected Assets by Segment: |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
Distribution |
|
$ |
196,893 |
|
$ |
242,927 |
|
Solutions |
|
|
39,137 |
|
|
37,992 |
|
Segment Select Assets |
|
|
236,030 |
|
|
280,919 |
|
Corporate Assets |
|
|
62,292 |
|
|
54,179 |
|
Total Assets |
|
$ |
298,322 |
|
$ |
335,098 |
|
|
| Schedule of disaggregation of revenue by geographic location and timing of recognition |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
March 31, 2024 |
|
|
|
Distribution |
|
Solutions |
|
Total |
|
Geography |
|
|
|
|
|
|
|
|
|
|
USA |
|
$ |
62,364 |
|
$ |
1,908 |
|
$ |
64,272 |
|
Europe and United Kingdom |
|
|
18,285 |
|
|
3,406 |
|
|
21,691 |
|
Canada |
|
|
6,173 |
|
|
286 |
|
|
6,459 |
|
Total net sales |
|
$ |
86,822 |
|
$ |
5,600 |
|
$ |
92,422 |
|
|
|
|
|
|
|
|
|
|
|
|
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
|
Transferred at a point in time where the Company is principal (1) |
|
$ |
75,733 |
|
$ |
3,558 |
|
$ |
79,291 |
|
Transferred at a point in time where the Company is agent (2) |
|
|
11,089 |
|
|
2,042 |
|
|
13,131 |
|
Total net sales |
|
$ |
86,822 |
|
$ |
5,600 |
|
$ |
92,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
March 31, 2023 |
|
|
|
Distribution |
|
Solutions |
|
Total |
|
Geography |
|
|
|
|
|
|
|
|
|
|
USA |
|
$ |
56,743 |
|
$ |
3,666 |
|
$ |
60,409 |
|
Europe and United Kingdom |
|
|
15,416 |
|
|
2,501 |
|
|
17,917 |
|
Canada |
|
|
6,391 |
|
|
323 |
|
|
6,714 |
|
Total net sales |
|
$ |
78,550 |
|
$ |
6,490 |
|
$ |
85,040 |
|
|
|
|
|
|
|
|
|
|
|
|
Timing of Revenue Recognition |
|
|
|
|
|
|
|
|
|
|
Transferred at a point in time where the Company is principal (1) |
|
$ |
68,568 |
|
$ |
4,833 |
|
$ |
73,401 |
|
Transferred at a point in time where the Company is agent (2) |
|
|
9,982 |
|
|
1,657 |
|
|
11,639 |
|
Total net sales |
|
$ |
78,550 |
|
$ |
6,490 |
|
$ |
85,040 |
|
| (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 |
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
Identifiable Assets by Geographic Areas |
|
2024 |
|
2023 |
|
USA |
|
$ |
143,693 |
|
$ |
171,080 |
|
Canada |
|
|
30,151 |
|
|
23,994 |
|
Europe and United Kingdom |
|
|
124,478 |
|
|
140,024 |
|
Total |
|
$ |
298,322 |
|
$ |
335,098 |
|
|