[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_99":100},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","y3umwjgj99p59e72xlwxp56f5","revision",2,"title","PC Connection公布截至2026年9月30日季度及前九个月未经审计业绩：第三季度净销售额8.743亿美元，净利润3,146万美元","originalTitle","PC CONNECTION INC (0001050377) (Filer)","summary","PC Connection截至2026年9月30日的第三季度净销售额为8.743亿美元，高于上年同期的7.091亿美元；净利润为3,146万美元，摊薄每股收益1.24美元。前九个月净销售额为24.502亿美元，净利润8,185万美元，摊薄每股收益3.23美元。前九个月经营活动现金流为净流出3,981.9万美元，上年同期为净流入3,802万美元；公司称应收账款和存货增加占用现金。","reason","材料涵盖PC Connection第三季度及前九个月业绩、现金流和流动性情况，可用于了解收入与利润增长同时经营现金流转负的情况。","source",{"_12":90,"_91":92,"_9":93,"_94":42,"_95":96,"_97":98},"links",{"_87":88,"_78":89},"publishedAt","2026-10-28T20:07:50.000Z","discoveredAt","2026-10-28T20:14:40.818Z","timelineAt","category","ai-products","tags",[84,85,86],"stockSymbols",[83],"score",72,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","f6vpsFHt4SM4",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","2c5461dd-fd3e-4504-a8a5-821bbaf9a4e7","PC Connection第三季度销售创新高，现金流承压",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

表格 10-Q

（勾选一项）

☑根据《1934年证券交易法》第13或15(d)条提交的季度报告*

截至 2026年9月30日的季度

或

☐根据《1934年证券交易法》第13或15(d)条提交的过渡报告

过渡期自至

委员会档案编号： 0-23827

PC CONNECTION, INC.

（注册人章程中载明的准确名称）


特拉华州	02-0513618
（州或其他司法管辖区	（美国国税局雇主识别号）
注册成立或组织地）


730 Milford Road
Merrimack, 新罕布什尔州	03054
（主要行政办公室地址）	（邮政编码）


	(603) 683-2000
	（注册人电话号码，包括区号）

自上次报告以来如有变更，注册人以前的名称、地址和财政年度：不适用

根据该法第12(b)条注册的证券：

C
各类证券名称	交易代码	注册所在交易所名称
普通股，面值 $0.01	CNXN	纳斯达克全球精选市场

请勾选注册人是否：(1) 在过去12个月内（或注册人须提交此类报告的较短期间内）已提交《1934年证券交易法》第13或15(d)条要求提交的所有报告；且(2) 在过去90天内一直受此类申报要求约束。

是 ☑ 否 ☐

请勾选注册人是否已在过去12个月内（或注册人须提交此类文件的较短期间内），以电子方式提交根据本章规则 S-T 第405条（§232.405）要求提交的每个交互式数据文件。

是 ☑ 否 ☐

请勾选注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小报告公司还是新兴成长型公司。参见《交易法》规则12b-2中“大型加速申报公司”“加速申报公司”“较小报告公司”和“新兴成长型公司”的定义。


	大型加速申报公司 ☑		加速申报公司 ☐
	非加速申报公司 ☐		较小报告公司 ☐
			新兴成长型公司 ☐

如果是新兴成长型公司，请勾选注册人是否选择不采用《交易法》第13(a)条规定的、遵守任何新的或修订后的财务会计准则时适用的延长过渡期。 ◻

请勾选注册人是否为空壳公司（定义见《交易法》规则12b-2）。

是 ☐ 否 ☑

截至2026年10月21日，发行人已发行普通股为25,247,910股。

PC CONNECTION, INC.及其子公司

10-Q 表


	第一部分财务信息

		页码
第 1 项。	未经审计的简明合并财务报表：

	简明合并资产负债表——2026 年 9 月 30 日和 2025 年 12 月 31 日	1

	简明合并收益表——截至 2026 年和 2025 年 9 月 30 日的三个月和九个月	2

	简明合并综合收益表——截至 2026 年和 2025 年 9 月 30 日的三个月和九个月	3

	简明合并股东权益表——截至 2026 年和 2025 年 9 月 30 日的三个月和九个月	4

	简明合并现金流量表——截至 2026 年和 2025 年 9 月 30 日的九个月	5

	未经审计的简明合并财务报表附注	6

第 2 项。	管理层对财务状况和经营成果的讨论与分析	16

第 3 项。	关于市场风险的定量和定性披露	29

第 4 项。	控制与程序	29




	第二部分其他信息

第 1 项.	法律诉讼	30

第 1A 项.	风险因素	30

第5 项。	其他信息	30

第 6 项.	附件	31

签名	32

第一部分 ― 财务信息

第 1 项。财务报表

PC CONNECTION, INC.及其子公司

简明合并资产负债表

（未经审计）

（金额单位：千）


	9 月 30 日，		12 月 31 日，
	2026		2025
资产
流动资产：
现金及现金等价物	$	124,597		$	193,221
短期投资		218,717			213,457
应收账款净额		789,590			648,020
存货净额		226,599			143,567
预付费用及其他流动资产		23,718			22,607
流动资产总额		1,383,221			1,220,872
不动产及设备净额		45,569			46,912
使用权资产		7,541			1,569
商誉		73,602			73,602
无形资产净额		450			989
其他资产		5,915			6,981
资产总额	$	1,516,298		$	1,350,925
负债和股东权益
流动负债：
应付账款	$	413,156		$	338,202
应计工资		36,800			30,939
应计费用及其他负债		58,240			51,251
流动负债总额		508,196			420,392
递延所得税		20,261			19,905
非流动经营租赁负债		6,712			498
负债总额		535,169			440,795
承诺和或有事项（附注 8）
股东权益：
普通股		296			295
额外实缴资本		151,805			144,608
留存收益		972,606			905,890
累计其他综合（损失）收益		(414)			78
库存股，按成本计价		(143,164)			(140,741)
股东权益总额		981,129			910,130
负债和股东权益总额	$	1,516,298		$	1,350,925

请参阅未经审计的简明合并财务报表附注。

PC CONNECTION, INC.及其子公司

简明合并收益表

（未经审计）

（金额单位：千，每股数据除外）


	截至三个月		截至九个月
	9 月 30 日，		9 月 30 日，
	2026		2025		2026	2025
净销售额	$	874,313		$	709,068	$	2,450,175	$	2,169,807
销售成本		712,452			570,423		1,998,104		1,766,085
毛利		161,861			138,645		452,071		403,722
销售、一般及行政费用		120,881			108,379		344,794		325,107
遣散费		—			—		3,060		2,930
经营所得		40,980			30,266		104,217		75,685
利息收入净额		2,467			3,689		8,355		10,805
其他收入		—			—		—		76
税前收入		43,447			33,955		112,572		86,566
所得税拨备		(11,989)			(9,215)		(30,723)		(23,556)
净收入	$	31,458		$	24,740	$	81,849	$	63,010

每股普通股收益：
基本	$	1.25		$	0.98	$	3.25	$	2.46
摊薄	$	1.24		$	0.97	$	3.23	$	2.45

用于计算每股普通股收益的股份数：
基本		25,241			25,354		25,223		25,609
稀释		25,441			25,489		25,362		25,734

参见未经审计的简明合并财务报表附注。

PC CONNECTION, INC.及其子公司

简明合并综合收益表

（未经审计）

（金额单位：千）


	截至三个月		截至九个月
	9月 30日，		9月 30日，
	2026		2025		2026	2025
净收入	$	31,458		$	24,740	$	81,849	$	63,010
其他综合（亏损）收益：
可供出售投资未实现（亏损）收益，扣除税项后；截至2026年9月30日的三个月和九个月税额分别为$55和$131，截至2025年9月30日的三个月和九个月税额分别为$(36)和$24		(206)			138		(492)		(89)
综合收益	$	31,252		$	24,878	$	81,357	$	62,921

参见未经审计的简明合并财务报表附注。

PC CONNECTION, INC.及其子公司

简明合并股东权益表

（未经审计）

（金额单位：千）


		截至2026年9月 30日的三个月
		普通股		额外		留存		累计其他		库存股
		股份数		金额		实缴资本		收益		综合（亏损）收益		股份数		金额		总计
2026年6月30日余额		29,584		$	296		$	149,530		$	946,196		$	(208)		(4,346)	$	(143,164)	$	952,650
股票薪酬费用		—			—			2,658			—			—		—		—		2,658
限制性股票单位归属		10			—			—			—			—		—		—		—
为支付股票奖励税款而扣留的股份		—			—			(383)			—			—		—		—		(383)
宣告股息（每股$0.20）		—			—			—			(5,048)			—		—		—		(5,048)
净收入		—			—			—			31,458			—		—		—		31,458
其他综合亏损，扣除税项后		—			—			—			—			(206)		—		—		(206)
2026年9月 30日余额		29,594		$	296		$	151,805		$	972,606		$	(414)		(4,346)	$	(143,164)	$	981,129

		截至2025年9月 30日的三个月
		普通股		额外		留存		累计其他		库存股
		股份数		金额		实缴资本		收益		综合（亏损）收益		股份数		金额		总计
2025年6月30日余额		29,438		$	294		$	141,406		$	868,016		$	(53)		(4,042)	$	(124,843)	$	884,820
股票薪酬费用		—			—			2,433			—			—		—		—		2,433
限制性股票单位归属		13			1			(1)			—			—		—		—		—
为支付股票奖励税款而扣留的股份		—			—			(425)			—			—		—		—		(425)
回购普通股作为库存股		—			—			—			—			—		(83)		(5,165)		(5,165)
宣告股息（每股$0.15）		—			—			—			(3,799)			—		—		—		(3,799)
净收入		—			—			—			24,740			—		—		—		24,740
其他综合收益，扣除税项后		—			—			—			—			138		—		—		138
2025年9月 30日余额		29,451		$	295		$	143,413		$	888,957		$	85		(4,125)	$	(130,008)	$	902,742

		截至2026年9月 30日的九个月
		普通股		额外		留存		累计其他		库存股
		股份数		金额		实缴资本		收益		综合（亏损）收益		股份数		金额		总计
2025年12月31日余额		29,525		$	295		$	144,608		$	905,890		$	78		(4,304)	$	(140,741)	$	910,130
股票薪酬费用		—			—			7,950			—			—		—		—		7,950
限制性股票单位归属		60			1			(1)			—			—		—		—		—
为支付股票奖励税款而扣留的股份		—			—			(1,354)			—			—		—		—		(1,354)
回购普通股作为库存股		—			—			—			—			—		(42)		(2,423)		(2,423)
根据员工股票购买计划发行普通股		9			—			602			—			—		—		—		602
宣告股息（每股$0.20）		—			—			—			(15,133)			—		—		—		(15,133)
净收入		—			—			—			81,849			—		—		—		81,849
其他综合亏损，扣除税项后		—			—			—			—			(492)		—		—		(492)
2026年9月 30日余额		29,594		$	296		$	151,805		$	972,606		$	(414)		(4,346)	$	(143,164)	$	981,129

		截至2025年9月 30日的九个月
		普通股		额外		留存		累计其他		库存股
		股份数		金额		实缴资本		收益		综合（亏损）收益		股份数		金额		总计
2024年12月31日余额		29,390		$	294		$	137,036		$	837,466		$	174		(3,090)	$	(63,980)	$	910,990
股票薪酬费用		—			—			7,102			—			—		—		—		7,102
限制性股票单位归属		51			1			(1)			—			—		—		—		—
为支付股票奖励税款而扣留的股份		—			—			(1,343)			—			—		—		—		(1,343)
回购普通股作为库存股		—			—			—			—			—		(1,035)		(66,028)		(66,028)
根据员工股票购买计划发行普通股		10			—			619			—			—		—		—		619
宣告股息（每股$0.15）		—			—			—			(11,519)			—		—		—		(11,519)
净收入		—			—			—			63,010			—		—		—		63,010
其他综合亏损，扣除税项后		—			—			—			—			(89)		—		—		(89)
余额 - 2025年9月30日		29,451		$	295		$	143,413		$	888,957		$	85		(4,125)	$	(130,008)	$	902,742

参见未经审计的简明合并财务报表附注。

PC CONNECTION, INC. 及其子公司

简明合并现金流量表

（未经审计）

（金额以千计）


	截至九个月
	9月 30日，
	2026		2025
经营活动产生（使用）的现金流量：
净利润	$	81,849		$	63,010
将净利润调节为经营活动产生（使用）的现金净额：
折旧和摊销		8,173			8,853
信用损失准备调整		3,210			1,233
股份支付费用		7,950			7,102
递延所得税		487			3,185
短期投资折价摊销净额		(2,113)			(1,612)
出售短期投资收益		—			(76)
处置固定资产损失		149			30
资产和负债变动：
应收账款		(144,780)			(6,504)
存货		(83,032)			(39,964)
预付费用及其他流动资产		(1,111)			(4,854)
其他非流动资产		1,066			(3,803)
应付账款		74,505			11,905
应计费用及其他负债		13,828			(485)
经营活动产生（使用）的现金净额		(39,819)			38,020
投资活动产生（使用）的现金流量：
购买短期投资		(161,155)			(155,574)
出售短期投资所得款项		—			108,763
短期投资到期收回款项		157,385			101,328
购置财产和设备		(5,991)			(5,201)
投资活动产生（使用）的现金净额		(9,761)			49,316
融资活动使用的现金流量：
短期借款所得款项		—			732
偿还短期借款		—			(732)
购买库存股		(2,481)			(65,530)
支付购买库存股的消费税		(678)			(36)
股息支付		(15,133)			(11,519)
根据员工股票购买计划发行普通股		602			619
通过扣留股份支付股份支付的工资税		(1,354)			(1,343)
融资活动使用的现金净额		(19,044)			(77,809)
现金及现金等价物（减少）增加额		(68,624)			9,527
期初现金及现金等价物		193,221			178,318
期末现金及现金等价物	$	124,597		$	187,845

非现金投资和融资活动：
应计购置财产和设备款项	$	534		$	866
应计库存股购买款	$	—		$	123
应计库存股购买消费税	$	—		$	615

参见未经审计的简明合并财务报表附注。

PC CONNECTION, INC. 及其子公司

未经审计的简明合并财务报表附注

（未经审计）

（金额以千计，每股数据除外）

附注1–列报基础

PC Connection, Inc.及其子公司（以下简称“公司”）随附的未经审计简明合并财务报表，是根据美国证券交易委员会（以下简称“SEC”）有关中期财务报告的规则和规定，并按照美国普遍接受的会计原则（以下简称“美国 GAAP”）编制的。上述原则的应用基础与公司于 SEC 提交的截至2025年12月31日止年度的10-K表格年度报告中所述会计政策一致。阅读本未经审计简明合并财务报表时，应同时参阅公司截至2025年12月31日止年度的10-K表格年度报告所载经审计合并财务报表。

管理层认为，随附的未经审计简明合并财务报表包含公允列报所报告中期的经营业绩以及公司截至中期资产负债表日的财务状况所需的所有调整（仅包括正常的经常性调整）。公司认为，在资产负债表日之后、财务报表发布之前发生的事项或交易，可为某些估计提供补充证据，或识别需要额外披露的事项。截至财务报表发布日，公司已对期后事项进行了评估。截至2026年9月30日的三个月和九个月的经营业绩可能无法代表截至2026年12月31日的任何后续季度或全年预期业绩。

财务报表编制中的估计

按照美国公认会计原则编制财务报表，要求管理层作出估计和假设。这些估计和假设会影响资产和负债的报告金额及披露，以及本期收入和费用的报告金额及披露。管理层依据当时可获得的信息以及其认为在具体情况下合理的各种其他假设作出估计和判断。估计本质上存在一定程度的不确定性。实际结果可能与这些估计和假设不同。

现金及现金等价物与投资

公司将所有原始期限为90天或以下的高流动性短期投资视为现金等价物。公司现金等价物的账面价值接近其公允价值。公允价值定义为在计量日，市场参与者之间有序交易中出售资产可收取或转移负债须支付的价格。

购买时，公司根据其对相关投资的意图确定投资的适当分类。公司的所有投资均分类为可供出售。公司将剩余合同期限自资产负债表日起一年或以内的投资分类为短期投资；将剩余合同期限超过一年者分类为长期投资。公司按公允价值记录投资，未实现损益作为累计其他综合（亏损）收益的一部分计入简明合并资产负债表。

截至2026年9月30日的三个月和九个月，现金等价物和短期投资的利息收入分别为$2,468和$8,132；截至2025年9月30日的三个月和九个月，分别为$3,689和$10,706，均计入简明合并损益表的利息收入净额。

库存股（按成本计量）

截至2026年和2025年9月30日的九个月，回购总额分别为$2,423和$66,028，均记作库存股。这些成本反映了《2022年通胀削减法案》对2022年12月31日之后进行的某些股票回购净值征收的适用1%消费税。

遣散费

截至2026年和2025年9月30日的九个月内记录的遣散费用，与公司为降低成本结构而进行的自愿和非自愿裁员有关。自愿和非自愿裁员均包括现金遣散费及其他相关离职福利。预计这些费用中的大部分将在相关离职发生后一年内支付。截至2026年9月30日的简明合并资产负债表中，计入应计工资项目的未付遣散费用为$427。

近期发布的财务会计准则

2024年11月，FASB发布了ASU 2024-03，利润表——综合收益报告——费用分类披露（子主题220-40）：利润表费用分类。该指引旨在提供利润表中列示的某些成本和费用的更详细披露，包括存货采购、员工薪酬、销售费用和折旧费用。该ASU适用于公司自2027年1月1日开始的年度报告期间，以及自2028年1月1日开始的中期报告期间，并允许提前采用。公司目前正在评估采用该准则对其合并财务报表的影响。

2025年7月，FASB发布了ASU 2025-05，金融工具——信用损失（主题326）：应收账款和合同资产的信用损失计量。该指引提供了一项实务简便方法，用于估计应收账款和合同资产的预期信用损失，即假设当前状况在资产存续期内保持不变。该ASU适用于公司自2026年1月1日开始的年度报告期间，以及自2027年1月1日开始的中期报告期间，并允许提前采用。公司目前正在评估采用该准则对其合并财务报表的影响。

2025年9月，FASB发布了ASU 2025-06，无形资产——商誉及其他——内部使用软件（子主题350-40）：内部使用软件会计处理的针对性改进。该指引旨在为根据子主题350-40资本化软件成本建立新的判断标准，并将子主题360-10的披露要求与根据子主题350-40核算的资本化成本相关联。该ASU适用于公司自2028年1月1日开始的年度报告期间，以及自2029年1月1日开始的中期报告期间，并允许提前采用。公司目前正在评估采用该准则对其合并财务报表的影响。

2025年12月，FASB发布了ASU 2025-11，中期报告（主题270）：有限范围改进。该指引旨在提高所要求中期披露内容的可查阅性，明确指引的适用时机，并就中期报告期间应提供哪些披露提供补充指引。该ASU适用于公司自2028年1月1日开始的中期报告期间，并允许提前采用。公司目前正在评估采用该准则对其简明合并财务报表披露的影响。

附注2——收入

公司按产品和服务类型对其与客户签订的合同收入进行分类，因为公司认为这种方法最能体现经济因素如何影响收入和现金流的性质、金额、时间和不确定性。

下表列示截至2026年和2025年9月30日止三个月与客户签订的合同收入分类，以及每个类别所属的分部（单位：千美元）。


	截至2026年9月30日止三个月
	企业解决方案		商业解决方案		公共部门解决方案		总计
笔记本电脑/移动设备	$	109,139		$	119,194		$	54,420	$	282,753
台式机		81,990			28,599			10,427		121,016
软件		44,503			49,310			23,370		117,183
服务器/存储		14,496			45,378			14,529		74,403
网络/通信产品		36,395			20,805			9,792		66,992
显示器和音响		34,630			21,447			11,365		67,442
配件		56,588			21,694			7,682		85,964
其他硬件/服务		29,735			21,796			7,029		58,560
净销售额总计	$	407,476		$	328,223		$	138,614	$	874,313


	截至2025年9月30日止三个月
	企业解决方案		商业解决方案		公共部门解决方案		总计
笔记本电脑/移动设备	$	101,460		$	87,488		$	49,843	$	238,791
台式机		42,120			23,331			14,735		80,186
软件		35,183			41,456			18,490		95,129
服务器/存储		17,724			23,139			10,413		51,276
网络/通信产品		19,825			17,489			9,449		46,763
显示器和音响		29,748			21,191			11,885		62,824
配件		48,693			24,385			9,334		82,412
其他硬件/服务		24,991			18,362			8,334		51,687
净销售额总计	$	319,744		$	256,841		$	132,483	$	709,068

下表列示截至2026年和2025年9月30日止九个月与客户签订的合同收入分类，以及每个类别所属的分部（单位：千美元）。


	截至2026年9月30日止九个月
	企业解决方案		商业解决方案		公共部门解决方案		总计
笔记本电脑/移动设备	$	356,787		$	378,425		$	151,388	$	886,600
台式机		186,900			80,667			37,137		304,704
软件		104,668			127,015			42,866		274,549
服务器/存储		55,483			91,691			30,557		177,731
网络/通信产品		80,430			68,818			28,397		177,645
显示器和音响		100,162			65,141			36,042		201,345
配件		151,558			72,500			28,799		252,857
其他硬件/服务		87,579			63,398			23,767		174,744
净销售额总计	$	1,123,567		$	947,655		$	378,953	$	2,450,175


	截至2025年9月30日止九个月
	企业解决方案		商业解决方案		公共部门解决方案		总计
笔记本电脑/移动设备	$	286,685		$	295,909		$	174,881	$	757,475
台式机		153,305			75,683			44,614		273,602
软件		92,017			111,218			34,863		238,098
服务器/存储		57,350			77,556			37,780		172,686
网络/通信产品		61,612			55,000			30,669		147,281
显示器和音响		82,812			64,094			36,084		182,990
配件		132,642			72,560			35,067		240,269
其他硬件/服务		77,335			56,374			23,697		157,406
净销售额总计	$	943,758		$	808,394		$	417,655	$	2,169,807

合同余额

下表列示截至2026年9月30日和2025年12月31日与客户签订的合同所产生的合同负债信息（单位：千美元）。


		2026年9月30日		2025年12月31日
合同负债，计入“应计费用及其他负债”		$	11,889		$	8,801

截至2026年和2025年9月30日止九个月内合同负债余额变动如下（单位：千美元）：


		2026
2025年12月31日余额		$	8,801
预先收到但未确认为收入的现金			20,106
履约义务得到履行后确认为收入的金额			(17,018)
2026年9月30日余额		$	11,889

		2025
2024年12月31日余额		$	10,290
预先收到但未确认为收入的现金			27,290
履约义务得到履行后确认为收入的金额			(29,777)
2025年9月30日余额		$	7,803

附注3—公允价值计量

截至2026年9月30日和2025年12月31日的现金等价物和短期投资包括以下项目（单位：千美元）：


	2026年9月30日
	摊余成本		未实现收益		未实现损失		公允价值
现金等价物：
货币市场基金	$	80,267		$	—		$	—	$	80,267
短期投资：
美国政府国债		219,241			—			(524)		218,717
总计	$	299,508		$	—		$	(524)	$	298,984

	2025年12月31日
	摊余成本		未实现收益		未实现损失		公允价值
现金等价物：
货币市场基金	$	170,826		$	—		$	—	$	170,826
短期投资：
美国政府国债		213,358			99			—		213,457
总计	$	384,184		$	99		$	—	$	384,283

购买日起到期日为90天或以内的投资归类为现金等价物；购买日起到期日超过90天但不到一年的投资通常归类为短期投资；购买日起到期日为一年或以上的投资通常归类为长期投资。所有短期投资的列明到期日均不足一年。本公司在简明合并资产负债表中按公允价值记录这些证券，未实现收益和损失作为累计其他综合（损失）收益的一部分列报。重新分类计入收益的已实现收益和损失金额，以及相关递延税项调整，均基于对已售证券或到期证券的具体辨认。

公允价值

本公司按公允价值计量某些金融资产。公允价值是指在有序交易中，市场参与者出售资产可收到的退出价格，该价格根据主要市场或最有利市场确定。估值技术中使用的输入值按以下三级层级分类：

●

第1级输入值：活跃市场中相同资产或负债的报价；

●

第2级输入值：除第1级所述输入值以外的可观察输入值；以及

●

第3级输入值：很少或没有市场活动支持的不可观察输入值，并基于重大假设和估计。

截至2026年9月30日和2025年12月31日，本公司的投资公允价值均采用第1级输入值计量。

附注4—每股收益

每股普通股基本收益采用加权平均流通股数计算。稀释每股收益采用加权平均流通股数计算，并根据未归属股票单位和未行权股票期权所对应的增量股份进行调整（若具有稀释作用）。

下表列示截至2026年和2025年9月30日止三个月和九个月基本及稀释每股收益的计算（单位：千，股份数据除外）：


	截至9月30日止三个月，		截至9月30日止九个月，
	2026		2025		2026	2025
分子：
净收入	$	31,458		$	24,740	$	81,849	$	63,010
分母：
基本每股收益的分母		25,241			25,354		25,223		25,609
员工股票奖励的稀释影响		200			135		139		125
稀释每股收益的分母		25,441			25,489		25,362		25,734
每股收益：
基本	$	1.25		$	0.98	$	3.25	$	2.46
稀释	$	1.24		$	0.97	$	3.23	$	2.45

截至2026年和2025年9月30日止三个月和九个月，本公司没有未计入稀释每股收益计算的未归属股票单位，因为计入这些单位会产生反稀释影响。

附注5—租赁

本公司向关联方租赁若干设施，该关联方是一家因共同所有权而与本公司有关联的公司。这些租赁的成本列于下表中的短期租赁成本项下。

截至2026年9月30日，尚未开始的经营租赁中没有其他重大租赁。下表列示了截至2026年和2025年9月30日止三个月和九个月与公司租赁相关的定量信息（单位：千美元）：


	截至2026年9月30日止三个月		截至2026年9月30日止九个月
	关联方		其他		合计	关联方		其他		合计
租赁成本
资本化经营租赁成本	$	—		$	425	$	425		$	—	$	1,442	$	1,442
短期租赁成本		418			219		637			1,255		552		1,807
租赁成本总额	$	418		$	644	$	1,062		$	1,255	$	1,994	$	3,249

其他信息
计入租赁负债及资本化经营租赁计量金额的现金支付：
经营活动现金流	$	—		$	282	$	282		$	—	$	1,136	$	1,136
通过承担租赁义务取得的使用权资产
经营租赁	$	—		$	559	$	559		$	—	$	7,170	$	7,170

加权平均剩余租赁期限（年）：
资本化经营租赁										—		6.05		6.05

加权平均折现率：
资本化经营租赁										0.00%		4.64%		4.64%

	截至2025年9月30日止三个月		截至2025年9月30日止九个月
	关联方		其他		合计	关联方		其他		合计
租赁成本
资本化经营租赁成本	$	—		$	461	$	461		$	—	$	1,383	$	1,383
短期租赁成本		420			148		568			1,260		444		1,704
租赁成本总额	$	420		$	609	$	1,029		$	1,260	$	1,827	$	3,087

其他信息
计入租赁负债及资本化经营租赁计量金额的现金支付：
经营活动现金流	$	—		$	516	$	516		$	—	$	1,541	$	1,541

加权平均剩余租赁期限（年）：
资本化经营租赁										—		1.47		1.47

加权平均折现率：
资本化经营租赁										0.00%		4.33%		4.33%

截至2026年9月30日，资本化经营租赁剩余期限内的未来租赁付款额如下（单位：千美元）：


截至12月31日止年度，
2026年，不包括截至2026年9月30日止九个月	$	99
2027		1,496
2028		1,603
2029		1,386
2030		1,281
此后		3,240
	$	9,105

折现利息	$	(1,275)
截至2026年9月30日的租赁负债余额	$	7,830

截至2026年9月30日，使用权（ROU）资产余额为$7,541。长期租赁负债为$6,712，短期租赁负债为$1,118，该金额计入简明合并资产负债表中的应计费用和其他负债。截至2025年12月31日，ROU资产余额为$1,569。长期租赁负债为$498，短期租赁负债为$1,290，该金额计入简明合并资产负债表中的应计费用和其他负债。

附注6——累计其他综合（亏损）收益

累计其他综合（亏损）收益作为股东权益的组成部分列示，由短期投资未实现收益和亏损（扣除税项）构成。累计其他综合（亏损）收益变动如下（单位：千美元）：


	截至九个月
	2026年9月30日
余额——2025年12月31日	$	78
重新分类前的其他综合亏损（扣除税项）		(426)
减：从累计其他综合（亏损）收益中重分类的金额（扣除税项）		66
其他综合亏损净额		(492)
余额——2026年9月30日	$	(414)

	截至九个月
	2025年9月30日
余额——2024年12月31日	$	174
重新分类前的其他综合收益（扣除税项）		12
减：从累计其他综合（亏损）收益中重分类的金额（扣除税项）		101
其他综合亏损净额		(89)
余额——2025年9月30日	$	85

截至2025年9月30日的九个月内，累计其他综合（亏损）收入（税后净额）中重新分类的金额包括 $76 已实现收益，该收益计入未经审计的简明合并收益表中的“其他收入”。

注7—分部信息

公司首席运营决策者（CODM）用于评估业绩和分配资源的内部报告结构，决定了公司经营分部的划分基础。公司的业务分为三个报告分部——企业解决方案分部，主要服务中大型企业；商业解决方案分部，主要服务中小型企业；以及公共部门解决方案分部，主要服务联邦、州和地方政府及教育机构。此外，总部/其他部门提供财务、人力资源、IT、营销和产品管理等领域的服务。与总部/其他部门职能相关的大部分运营成本，根据对相关职能使用情况的估算分摊至各经营分部。公司将这些成本作为“分摊”报告给各经营分部。

未分摊至经营分部的总部/其他部门金额在下表中列作调节项目。

公司的CODM为首席执行官，他通过各分部的营业收入（其中包括分摊至各分部的某些公司管理费用）评估分部业绩。下文列示的净销售额不包括分部间产品收入。CODM在年度预算、定期预测和季度业绩流程中使用各分部的营业收入。

公司经营分部的相关分部信息，以及截至2026年和2025年9月30日的三个月和九个月合并金额的相关调节如下（单位：千）：


	截至2026年9月30日的三个月
	企业解决方案		商业解决方案		公共部门解决方案		总计
净销售额	$	407,476		$	328,223		$	138,614	$	874,313
销售成本		347,272			250,051			115,129
人员成本		20,913			19,604			9,253
营销		1,344			4,453			790
分摊的公司管理费用		19,921			23,927			11,964
折旧和摊销		60			2			7
其他分部费用¹		1,120			1,691			1,791
营业收入（亏损）	$	16,846		$	28,495		$	(320)	$	45,021
未分摊的总部/其他部门费用										(4,041)
利息收入净额										2,467
税前收入									$	43,447


	截至2025年9月30日的三个月
	企业解决方案		商业解决方案		公共部门解决方案		总计
净销售额	$	319,744		$	256,841		$	132,483	$	709,068
销售成本		271,976			188,779			109,668
人员成本		16,626			17,490			9,603
营销		895			2,724			675
分摊的公司管理费用		18,999			22,822			11,410
折旧和摊销		195			155			22
其他分部费用¹		670			1,165			1,730
营业收入（亏损）	$	10,383		$	23,706		$	(625)	$	33,464
未分摊的总部/其他部门费用										(3,198)
利息收入净额										3,689
税前收入									$	33,955

各报告分部的其他分部费用包括服务合同/订阅、专业费用、设施运营、信用卡费用及其他杂项费用。


	截至2026年9月30日的九个月
	企业解决方案		商业解决方案		公共部门解决方案		总计
净销售额	$	1,123,567		$	947,655		$	378,953	$	2,450,175
销售成本		957,993			722,899			317,212
人员成本		56,852			55,457			26,264
营销		4,690			12,227			2,774
分摊的公司管理费用		57,639			69,297			34,647
折旧和摊销		406			260			32
其他分部费用¹		3,375			5,404			4,482
营业收入（亏损）	$	42,612		$	82,111		$	(6,458)	$	118,265
未分摊的总部/其他费用										(14,048)
利息收入净额										8,355
税前收入									$	112,572

分部资产	$	864,737		$	709,215		$	93,102	$	1,667,054
总部/其他资产										(150,756)
合并资产									$	1,516,298


	截至2025年9月30日的九个月
	企业解决方案		商业解决方案		公共部门解决方案		总计
净销售额	$	943,758		$	808,394		$	417,655	$	2,169,807
销售成本		806,070			606,076			353,939
人员成本		49,791			52,927			28,462
营销		3,779			10,127			2,334
分摊的公司管理费用		55,358			65,819			32,909
折旧和摊销		582			465			67
其他分部费用¹		2,947			5,293			6,043
营业收入（亏损）	$	25,231		$	67,687		$	(6,099)	$	86,819
未分摊的总部/其他费用										(11,134)
利息收入净额										10,805
其他收入										76
税前收入									$	86,566

分部资产	$	743,554		$	620,098		$	94,832	$	1,458,484
总部/其他资产										(152,964)
合并资产									$	1,305,520

各可报告分部的其他分部费用包括服务合同/订阅、专业费用、设施运营、信用卡费用及其他杂项费用。

公司三个经营分部的资产（如上所列）主要包括应收账款、公司间应收款净额、商誉及其他无形资产净额。总部/其他项下报告的资产由公司总部管理，包括现金及现金等价物、短期投资、存货、不动产和设备、使用权资产及公司间余额净额。截至2026年和2025年9月30日，总部/其他的资产总额分别扣除了公司间余额抵销额$56,785和$51,204。公司的资本支出主要包括为维护或升级其管理信息系统而购置的IT硬件和软件。这些信息系统在不同程度上服务于公司的所有分部，因此，CODM不会按分部评估资本支出。

附注8—承诺和或有事项

公司在日常经营过程中涉及各种法律诉讼和索赔。预计此类事项的结果不会对公司的财务状况、经营业绩和/或现金流产生重大不利影响。

公司需接受各州就销售税和所得税、雇佣事项及其他评估事项进行的审计。此类审计及其他审计可能会产生额外负债，但预计其结果不会对公司的财务状况、经营业绩和/或现金流产生重大不利影响。

附注9—银行借款

公司此前有一项金额为$50,000、以其应收账款作抵押的信贷额度，该额度于2025年3月31日到期，公司选择不续期或替换。该信贷额度项下未偿还金额按每日彭博短期银行收益指数（BSBY利率）加上根据公司债务融资比率确定的利差计息；若无BSBY利率，则按最优惠利率计息（截至2025年3月31日为7.50%）。

现金收入会自动用于偿还任何未偿借款。在截至2025年3月31日的三个月内，公司借入了多笔新增款项，且均已全额偿还。截至2025年3月31日的三个月内，此类借款总额为$732；但任何时候的未偿借款均未超过信贷额度下$50,000的上限。信贷额度到期前，公司没有未偿借款。

注10—供应商融资计划

公司与第三方金融机构签订了协议，这些协议由参与供应商提出，允许公司为付款义务融资。第三方金融机构与公司的供应商另行安排，并向供应商提供提前收取公司已确认发票款项的选项。公司不决定第三方与供应商之间安排的条款或条件，也不会从第三方金融机构获得任何报酬。供应商是否根据这些安排为款项融资，不会影响公司对供应商的义务，包括应付款金额和预定付款日期。这些安排的付款期限符合行业惯例，介于30至50天之间。与金融机构签订的协议以通过融资协议购买的存货作为担保。供应商融资计划下公司未偿付款义务计入简明合并资产负债表的应付账款，截至2026年9月30日和2025年12月31日分别为$65,925和$58,563。

注11—现金流量补充信息

截至2026年9月30日的九个月内，已支付所得税（扣除收到的退款）为$25,172。截至2025年9月30日的九个月内，已支付所得税为$24,837。

注12—后续事项

2026年10月14日，公司宣布Matthew Zafirovski加入公司，担任总裁兼首席运营官，自2026年10月12日起生效。随着Zafirovski先生获任命，Timothy J. McGrath自2026年10月12日起不再担任公司总裁。McGrath先生继续担任公司首席执行官。与Zafirovski先生受聘相关的薪酬成本已在公司于2026年10月14日向SEC提交的8-K文件中披露。

第2项：管理层对财务状况和经营业绩的讨论与分析

前瞻性陈述注意事项

本季度 10-Q 表格报告包含经修订的《1933 年证券法》第 27A 条及经修订的《1934 年证券交易法》（或《交易法》）第 21E 条所指的前瞻性陈述。前瞻性陈述通常涉及未来事件或我们未来的财务或经营业绩，包括有关我们未来财务业绩、业务计划（包括我们可能推出的新产品和服务以及未来支出、成本和投资）、负债、减值费用、竞争，以及当前宏观经济状况对我们业务和经营业绩的预期影响等陈述。在某些情况下，您可以通过以下词语识别前瞻性陈述：“可能”“将”“会”“应”“预期”“计划”“能够”“打算”“目标”“预计”“相信”“估计”“预料”“潜在”或“继续”，或这些词语的否定形式，或涉及我们预期、战略、计划或意图的其他类似术语或表达。这些陈述反映了我们当前的看法，并基于本报告日期的假设。这些假设基于内部估算以及对当前市场状况和趋势、管理层预期、计划和战略、经济状况及其他因素的分析。这些陈述面临已知和未知的风险、不确定性及其他因素，可能导致我们的实际结果、业绩或成就与前瞻性陈述所预测或暗示的预期或结果存在重大差异。

此类差异可能源于我们采取的行动，包括削减开支或战略举措（包括裁员、资本投资以及推出新产品或服务或扩展现有产品或服务）、执行业务计划（包括库存管理、成本结构管理及管理层和其他人员决策）或其他业务决策；也可能源于我们无法控制的事态发展，包括：

●

全球经济面临的宏观经济因素，包括资本市场中断或波动性加剧、贸易政策变化（可能包括征收关税或其他贸易壁垒）、经济制裁和经济放缓或衰退、政府停摆、伊朗及中东冲突的影响、税收政策变化、通胀上升和利率变动（这些因素会改变我们获得投资收入的可能性及其时机，或减少客户愿意在 IT 产品上进行的投资）；

●

供应受限，例如全球内存（DRAM 和 NAND）短缺；

●

激烈竞争导致我们的市场份额下降；

●

显著的价格竞争导致我们的利润率下降；

●

失去任何主要供应商，从而对我们可提供的产品数量或类型造成不利影响；

●

信息技术（IT）资源和应用（包括网络、服务器、应用和数据存储）的虚拟化扰乱或改变我们的传统分销模式；

●

第三方承运商的服务中断，损害我们向客户交付所售产品的能力；

●

运输和邮资成本上升，压低我们的利润率并对经营业绩造成不利影响；

●

关键人员流失，或无法吸引、培训和留住合格人员，从而对我们运营业务的能力造成不利影响；以及

●

网络攻击，或未能保护个人信息和我们的 IT 系统，从而导致责任并损害我们的声誉。

其他因素包括我们截至2025年12月31日止年度的 Form 10-K 年报中“风险因素”“管理层对财务状况和经营业绩的讨论与分析”及“业务”标题下所述的因素，我们后续 Form 10-Q 季报中“管理层对财务状况和经营业绩的讨论与分析”标题下所述的因素，以及我们不时向美国证券交易委员会提交的其他后续文件中所述的因素。

前瞻性陈述既不是对未来事件或情况的预测，也不是保证。您不应过度依赖前瞻性陈述。除法律要求外，对于更新任何此类前瞻性陈述，或更新实际结果可能与预期结果存在重大差异的原因，以反映陈述作出后发生的情况或事件，我们概不承担义务。

除非上下文另有要求，本 Form 10-Q 季报中使用的“Connection”“公司”“我们”等术语均指 PC Connection, Inc. 及其子公司。

概述

我们是一家《财富》1000 强全球解决方案提供商，致力于简化 IT，引导人与技术建立联系。我们的专属客户经理与客户合作，利用最新硬件、软件和服务，设计、部署并支持尖端 IT 环境。我们提供广泛的 IT 解决方案，从桌面到云端，涵盖计算机系统、数据中心解决方案、安全、人工智能、软件和外围设备、网络通信，以及我们自主开发并从制造商、分销商和其他供应商处采购的其他产品和配件。我们的技术解决方案与服务组织（TSSO）以及先进的 ISO 9001:2015 SOC 2 Type 2 认证技术集成与分销中心，提供与 IT 解决方案设计、配置和实施相关的端到端服务。我们的团队还提供全面的托管服务和专业服务组合。这些服务由我们的员工和第三方服务提供商提供。我们的 GlobalServe 服务为跨国客户提供全球覆盖，通过遍布 150 多个国家/地区的本地供应商网络提供全球采购解决方案。

“Connection”品牌包括 Connection Enterprise Solutions、Connection Business Solutions 和 Connection Public Sector Solutions，分别为企业、小型和中型企业以及公共部门市场提供 IT 解决方案和服务。

我们各业务分部的财务业绩载于随附的财务报表中。我们通过以下方式实现销售：（i）由专注于商业、教育、医疗保健、零售、制造和政府市场的销售代表开展的外呼式内部销售和现场销售；（ii）我们的网站；以及（iii）通过广告媒体获知信息并作出回应的客户直接下单。我们以有竞争力的价格提供超过 460,000 种产品，品类丰富，包括 Apple、Cisco、Dell Inc.、HP Inc.、Hewlett-Packard Enterprise、Intel、Lenovo、Microsoft Corporation 和 VMware by Broadcom 等供应商的产品，并与 1,600 多家供应商合作。我们能够利用先进的物流能力，快速向客户发货。

作为 IT 供应链中的增值经销商，我们不制造 IT 硬件或软件产品。我们依赖供应商——制造商和分销商；它们历来只向经销商销售，而不直接面向终端用户。然而，某些制造商曾多次直接向我们的客户销售或尝试销售，在某些情况下还限制我们向特定客户直接销售其产品，从而试图、并在某些情况下成功地排除我们的角色。我们认为，制造商此类直销举措能否成功，取决于它们是否有能力满足客户持续不断的需求并提供相应解决方案。我们认为，越来越多的客户寻求全面集成的 IT 解决方案，而非一次性单独采购特定 IT 产品。我们的优势在于保持产品中立，并根据客户的个别需求提供更广泛的产品、服务和建议组合。通过向客户提供来自多个制造商的定制解决方案，我们认为能够减轻个别制造商持续开展直销举措所带来的负面影响。通过组建 TSSO，我们能够为客户提供完整的 IT 解决方案，从识别需求，到设计、开发并管理产品和服务的集成，以实施其 IT 项目。此类服务的利润率高于传统产品销售。此外，我们服务工程师的技术认证使我们能够提供通常毛利率较高的高端复杂产品。我们预计，在这一竞争环境中，此类服务和技术认证将继续推动销售并改善毛利率。

我们在有效管理业务方面持续面临的主要挑战包括：（1）在提高所有三个分部毛利率的同时，增加产品和服务收入；（2）招聘、留用销售和技术支持人员并提高其生产力；以及（3）在对 IT 系统和解决方案销售人员进行重大投资的同时，有效控制销售、一般及行政（SG&A）费用，尤其是在收入水平变化的情况下。

为了支持未来增长，我们已投资并预计将继续投资于 IT 解决方案业务，这需要增加高技能服务工程师。尽管我们预计这项多年计划最终将带来更高利润率的服务收入，但我们认为，随着增加服务工程师，服务成本将会上升。如果服务收入增长不足以抵消新增人员的成本，我们的经营业绩可能会受到负面影响。

市场状况和技术进步会显著影响对我们产品和服务的需求。软件产品的虚拟交付以及可为客户提供增强功能的先进互联网技术，大幅提高了客户预期，因此我们需要持续投资于自身 IT 基础设施，以满足这些新需求。

我们对 IT 基础设施的投资旨在提高运营效率，并为客户提供增强功能。

全球内存（DRAM 和 NAND）持续短缺可能导致库存成本上升，从而降低我们的利润率或迫使我们提价。内存短缺还可能导致产品供应不足，进而对我们的经营业绩产生负面影响。由于目前和预计将出现短缺，我们已提前采购、并可能继续在收到客户订单前采购产品；与此同时，客户可能会根据其资本资源加快或推迟采购。

美国政府已宣布或对美国贸易伙伴实施了一系列关税。作为回应，多个国家威胁采取或已采取报复措施。对我们的供应商所在国家进口的商品征收新关税或提高现有关税，可能导致库存成本上升。这些成本上涨可能降低我们的利润率或迫使我们提价。我们将继续评估关税对供应链的影响。此外，这些行动、受到威胁的行动以及金融市场波动加剧，可能影响客户对 IT 投资时机或规模的决策。

关键运营指标

总开票额

我们使用关键运营指标跟踪和评估业务表现，其中包括总开票额。总开票额是指期间内开具账单的商品和服务总金额，扣除客户退货、贷项通知单以及任何适用的销售税或其他税费，并包含代理费用和运费。由于某些交易按净额确认，总开票额包含未计入净销售额的金额。

我们使用总开票额这一运营指标进行规划、预测并评估各运营部门的销售表现，从而了解业务交易的总价值。我们认为，总开票额也能为投资者提供同样的参考。

下表列示了各运营部门及合并实体的总开票额（单位：百万）：


	截至 9 月 30 日的三个月，		截至 9 月 30 日的九个月，
	2026		2025		2026	2025
总开票额
企业解决方案	$	521.2		$	423.3	$	1,437.8	$	1,229.6
商业解决方案		522.7			428.2		1,464.8		1,261.3
公共部门解决方案		233.3			218.5		566.1		584.5
总开票额	$	1,277.2		$	1,070.0	$	3,468.7	$	3,075.4

经营业绩

下表列示了所示期间我们损益表中的信息，以占净销售额的百分比表示（金额单位：百万美元）：


	截至9月 30日的三个月，			截至9月 30日的九个月，
	2026		2025			2026	2025
净销售额	$	874.3		$	709.1		$	2,450.2		$	2,169.8
毛利率		18.5	%		19.6	%		18.5	%		18.6	%
销售、一般及行政费用		13.8	%		15.3	%		14.1	%		15.0	%
营业收入		4.7	%		4.3	%		4.3	%		3.5	%

Net sales of $874.3 million for the third quarter of 2026 reflect an increase of $165.2 million, or 23.3% compared to the third quarter of 2025. The increase was primarily driven by increases in net sales of notebooks/mobility, desktops, servers/storage, software, net/com products, other hardware/services, displays and sound, and accessories of $44.0 million, $40.8 million, $23.1 million, $22.1 million, $20.2 million, $6.9 million, $4.6 million, and $3.6 million, respectively, as shown in the table in Note 2, “Revenue,” in the Notes to our Unaudited Condensed Consolidated Financial Statements. Gross profit for the third quarter of 2026 increased year-over-year by $23.3 million, or 16.8%, to $161.9 million as illustrated in the table and the discussion beginning on page 21 of this Quarterly Report on Form 10-Q. Gross margin decreased to 18.5% from 19.6% a year ago. The decrease in gross margin was primarily driven by a decrease in the amount of software sales recognized on a net basis relative to total net sales as these sales are recognized in the financial statements at 100% margin, as well as a decrease in invoice margins in net/com products primarily due to changes in customer mix. SG&A expenses as a percentage of net sales decreased to 13.8% compared to 15.3% a year ago, primarily due to the increase in net sales as discussed above. Operating income as a percentage of net sales increased to 4.7% compared to 4.3% a year ago, primarily due to the increases in net sales and gross profit as discussed above.

Net Sales Distribution

The following table sets forth our percentage of net sales by segment and product mix for the periods indicated:


	Three Months Ended September 30,			Nine Months Ended September 30,
	2026		2025		2026		2025
Operating Segment
Enterprise Solutions	47	%	45	%	46	%	44	%
Business Solutions	37		36		39		37
Public Sector Solutions	16		19		15		19
Total	100	%	100	%	100	%	100	%

Product Mix
Notebooks/Mobility	32	%	34	%	36	%	35	%
Desktops	14		11		12		13
Software	13		13		11		11
Servers/Storage	9		7		7		8
Net/Com Products	8		7		7		7
Displays and Sound	8		9		8		8
Accessories	10		12		10		11
Other Hardware/Services	6		7		9		7
Total	100	%	100	%	100	%	100	%

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Gross Profit Margin

The following table summarizes our gross margin, as a percentage of net sales, for the periods indicated:


	Three Months Ended September 30,			Nine Months Ended September 30,
	2026		2025		2026		2025
Operating Segment
Enterprise Solutions	14.8	%	14.9	%	14.7	%	14.6	%
Business Solutions	23.8		26.5		23.7		25.0
Public Sector Solutions	16.9		17.2		16.3		15.3
Total Company	18.5	%	19.6	%	18.5	%	18.6	%

Operating Expenses

The following table reflects our SG&A expenses for the periods indicated (dollars in millions):


	Three Months Ended September 30,			Nine Months Ended September 30,
	2026		2025			2026	2025
Personnel costs	$	92.0		$	84.5		$	262.3		$	248.6
Marketing		7.1			4.9			21.1			17.3
Service contracts/subscriptions		7.6			6.2			21.6			19.4
Professional fees		3.4			4.1			9.1			12.2
Depreciation and amortization		2.7			2.9			8.2			8.9
Facilities operations		2.0			1.9			5.9			5.6
Credit card fees		1.8			1.7			4.8			4.7
Other		4.3			2.2			11.8			8.4
Total SG&A expense	$	120.9		$	108.4		$	344.8		$	325.1
As a percentage of net sales		13.8	%		15.3	%		14.1	%		15.0	%

Severance Expenses

There were no severance expenses incurred during the three months ended September 30, 2026 and 2025. During the nine months ended September 30, 2026 and 2025, we undertook actions to lower our cost structure. In connection with these initiatives, we incurred severance expenses of $3.1 million and $2.9 million for the nine months ended September 30, 2026 and 2025, respectively. The severance expenses were related to voluntary and involuntary reductions in our workforce. Both the voluntary and involuntary reductions included cash severance and other related termination benefits. The majority of each of these costs are expected to be paid within a year of the applicable termination and any unpaid balances are included in accrued payroll on the condensed consolidated balance sheets as of September 30, 2026.

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Year-Over-Year Comparisons

In this section and elsewhere in this Quarterly Report on Form 10-Q we refer to changes in year-over-year results. Unless context otherwise requires, such references refer to changes between the three months ended September 30, 2026 and the three months ended September 30, 2025, and changes between the nine months ended September 30, 2026 and the nine months ended September 30, 2025.

Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025

Changes in net sales and gross profit by segment are shown in the following table (dollars in millions):


	Three Months Ended September 30,
	2026		2025
				% of				% of		$		%
	Amount		Net Sales		Amount		Net Sales	Change		Change
Net Sales:
Enterprise Solutions	$	407.5		46.6	%	$	319.8	45.1	%	$	87.7		27.4	%
Business Solutions		328.2		37.5			256.8	36.2			71.4		27.8
Public Sector Solutions		138.6		15.9			132.5	18.7			6.1		4.6
Total	$	874.3		100.0	%	$	709.1	100.0	%	$	165.2		23.3	%
Gross Profit:
Enterprise Solutions	$	60.2		14.8	%	$	47.8	14.9	%	$	12.4		26.0	%
Business Solutions		78.2		23.8			68.0	26.5			10.2		14.9
Public Sector Solutions		23.5		16.9			22.8	17.2			0.7		2.9
Total	$	161.9		18.5	%	$	138.6	19.6	%	$	23.3		16.7	%

Net sales increased for the third quarter of 2026 compared to the third quarter of 2025, as explained by the year-over-year changes discussed below:

●

Net sales of $407.5 million for the Enterprise Solutions segment reflect an increase of $87.7 million, or 27.4%. The increase in net sales is primarily due to increases in net sales of desktops, net/com products, software, accessories, notebooks/mobility, displays and sound, and other hardware/services of $39.9 million, $16.6 million, $9.3 million, $7.9 million, $7.7 million, $4.9 million, and $4.7 million, respectively. These increases were partially offset by a decrease in net sales of servers/storage products of $3.2 million.

●

Net sales of $328.2 million for the Business Solutions segment reflect an increase of $71.4 million, or 27.8%. The increase in net sales is primarily due to increases in net sales of notebooks/mobility, servers/storage, software, desktops, other hardware/services, and net/com products of $31.7 million, $22.2 million, $7.9 million, $5.3 million, $3.4 million, and $3.3 million, respectively. These increases were partially offset by a decrease in net sales of accessories of $2.7 million.

●

Net sales of $138.6 million for the Public Sector Solutions segment reflect an increase of $6.1 million, or 4.6%. Sales to the state and local government increased by $10.5 million, or 10.2%, compared to the prior year quarter, while sales to federal government and educational institutions decreased by $4.4 million, or 15.3%. The increase in net sales is primarily due to increases in net sales of software, notebooks/mobility, and servers/storage of $4.9 million, $4.6 million, and $4.1 million, respectively. These increases were partially offset by decreases in net sales of desktops, accessories, and other hardware/services of $4.3 million, $1.7 million, and $1.3 million, respectively.

Gross profit for the third quarter of 2026 increased year-over-year, as explained by the year-over-year changes discussed below:

●

Gross profit for the Enterprise Solutions segment increased by $12.4 million year-over-year primarily due to the increase in net sales as discussed in the preceding paragraph.

●

Gross profit for the Business Solutions segment increased by $10.2 million year-over-year primarily due to the increase in net sales as discussed in the preceding paragraph.

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●

Gross profit for the Public Sector Solutions segment increased by $0.7 million primarily as a result of improved invoice margins in notebooks/mobility primarily due to changes in customer mix.

Gross margin for the third quarter of 2026 decreased year-over-year, as explained by the year-over-year changes discussed below:

●

Gross margin for the Enterprise Solutions segment remained substantially the same year-over-year.

●

Gross margin for the Business Solutions segment decreased by 270 basis points primarily as a result of a decrease in the amount of software sales recognized on a net basis relative to total net sales in the segment, as well as a decrease in invoice margins in notebooks/mobility primarily due to changes in customer mix.

●

Gross margin for the Public Sector Solutions segment decreased by 30 basis points primarily as a result of a decrease in invoice margins in notebooks/mobility primarily due to changes in customer mix.

Selling, general and administrative expenses for the third quarter of 2026 increased in dollars but decreased as a percentage of net sales compared to the third quarter of 2025. SG&A expenses attributable to our three segments and the remaining unallocated Headquarters/Other expenses are summarized in the table below (dollars in millions):


	Three Months Ended September 30,
	2026		2025
				% of				% of
				Segment Net				Segment Net		$		%
	Amount		Sales		Amount		Sales	Change		Change
Enterprise Solutions	$	43.4		10.7	%	$	37.4	11.7	%	$	6.0		16.0	%
Business Solutions		49.7		15.1			44.4	17.3			5.3		12.0
Public Sector Solutions		23.8		17.2			23.4	17.7			0.4		1.6
Headquarters/Other, unallocated		4.0					3.2				0.8		26.5
Total	$	120.9		13.8	%	$	108.4	15.3	%	$	12.5		11.5	%

●

SG&A expenses for the Enterprise Solutions segment increased year-over-year in dollars but decreased as a percentage of net sales. The year-over-year change in SG&A dollars was primarily attributable to increases in personnel costs, use of shared Headquarter services, marketing, and other expenses of $4.3 million, $0.9 million, $0.4 million, and $0.4 million, respectively. SG&A expenses as a percentage of net sales were 10.7% for the Enterprise Solutions segment for the third quarter of 2026, which reflects a decrease of 100 basis points and is primarily due to the increase in net sales as discussed above.

●

SG&A expenses for the Business Solutions segment increased year-over-year in dollars but decreased as a percentage of net sales. The year-over-year change in SG&A dollars was primarily attributable to increases in personnel costs, marketing, use of shared Headquarter services, and other expenses of $2.1 million, $1.7 million, $1.1 million, and $0.4 million, respectively. SG&A expenses as a percentage of net sales were 15.1% for the Business Solutions segment for the third quarter of 2026, which reflects a decrease of 220 basis points and is primarily due to the increase in net sales as discussed above.

●

SG&A expenses for the Public Sector Solutions segment increased year-over-year in dollars but decreased as a percentage of net sales. The year-over-year change in SG&A dollars was primarily attributable to increases in other expenses, use of shared Headquarter services, and marketing of $0.7 million, $0.6 million, and $0.1 million, respectively, partially offset by decreases in professional fees and personnel costs of $0.7 million and $0.4 million, respectively. SG&A expenses as a percentage of net sales were 17.2% for the Public Sector Solutions segment for the third quarter of 2026, which reflects a decrease of 50 basis points and is primarily due to the increase in net sales as discussed above.

●

SG&A expenses for the Headquarters/Other increased year-over-year by $0.8 million primarily due to an increase in personnel costs, service contracts/subscriptions, and other expenses of $1.5 million, $1.3 million, and $0.5 million, respectively, partially offset by an increase in the allocated amounts to the operating segments of $2.6 million. The Headquarters/Other provides services to the three segments in areas such as finance,

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distribution center, human resources, IT, marketing, and product management. Most of the operating costs associated with such corporate Headquarters/Other services are charged to the segments based on their estimated allocation usage of the underlying services.

Income from operations for the third quarter of 2026 was $41.0 million, compared to $30.3 million for the third quarter of 2025. Income from operations as a percentage of net sales increased to 4.7% for the third quarter of 2026, compared to 4.3% for the prior year quarter. The increase in income from operations both in dollars and as a percentage of net sales is primarily due to the increases in net sales and gross profit as discussed above.

Interest income, net for the third quarter of 2026 decreased to $2.5 million, compared to $3.7 million for the third quarter of 2025, primarily due to a decrease in interest income of $1.2 million. The decrease in interest income is primarily a result of lower cash equivalent balances in the current period combined with lower realized interest rates in the current period.

Income taxes. Our provision for income taxes for the third quarter of 2026 increased to $12.0 million, compared to $9.2 million for the third quarter of 2025. The increase in our provision for income taxes was primarily due to the increase in income before taxes. Our effective tax rate was 27.6% for the quarter ended September 30, 2026, compared to 27.1% for the quarter ended September 30, 2025.

Net income for the third quarter of 2026 increased to $31.5 million, compared to $24.7 million for the third quarter of 2025, primarily due to the increase in income from operations, partially offset by the decrease in interest income, net and the increase in our provision for income taxes, as discussed above.

Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025

Changes in net sales and gross profit by segment are shown in the following table (dollars in millions):


	Nine Months Ended September 30,
	2026		2025
				% of				% of		$		%
	Amount		Net Sales		Amount		Net Sales	Change		Change
Net Sales:
Enterprise Solutions	$	1,123.6		45.9	%	$	943.8	43.5	%	$	179.8		19.1	%
Business Solutions		947.7		38.7			808.4	37.3			139.3		17.2
Public Sector Solutions		378.9		15.4			417.6	19.2			(38.7)		(9.3)
Total	$	2,450.2		100.0	%	$	2,169.8	100.0	%	$	280.4		12.9	%
Gross Profit:
Enterprise Solutions	$	165.6		14.7	%	$	137.7	14.6	%	$	27.9		20.3	%
Business Solutions		224.8		23.7			202.3	25.0			22.5		11.1
Public Sector Solutions		61.7		16.3			63.7	15.3			(2.0)		(3.1)
Total	$	452.1		18.5	%	$	403.7	18.6	%	$	48.4		12.0	%

Net sales increased for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, as explained by the year-over-year changes discussed below:

●

Net sales of $1,123.6 million for the Enterprise Solutions segment reflect an increase of $179.8 million, or 19.1%. The increase in net sales is primarily due to increases in net sales of notebooks/mobility, desktops, accessories, net/com products, displays and sound, software, and other hardware/services of $70.1 million, $33.6 million, $18.9 million, $18.8 million, $17.4 million, $12.7 million, and $10.2 million, respectively. These increases were partially offset by a decrease in net sales of servers/storage of $1.9 million.

●

Net sales of $947.7 million for the Business Solutions segment reflect an increase of $139.3 million, or 17.2%. The increase in net sales is primarily due to increases in net sales of notebooks/mobility, software, servers/storage, net/com products, other hardware/services, desktops, and displays and sounds of $82.5 million, $15.8 million, $14.1 million, $13.8 million, $7.0 million, $5.0 million, and $1.0 million, respectively.

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●

Net sales of $378.9 million for the Public Sector Solutions segment reflect a decrease of $38.7 million, or 9.3%. Sales to the federal government decreased by $53.3 million, or 46.7%, compared to the prior year period, primarily due to a few large orders in the prior period that did not repeat. Sales to state and local government and educational institutions increased by $14.6 million, or 4.8%. The decrease in net sales is primarily due to decreases in net sales of notebooks/mobility, desktops, servers/storage, accessories, and net/com products of $23.5 million, $7.5 million, $7.2 million, $6.3 million, and $2.3 million, respectively. These decreases were partially offset by an increase in net sales of software of $8.0 million.

Gross profit for the nine months ended September 30, 2026 increased year-over-year, as explained by the year-over-year changes discussed below:

●

Gross profit for the Enterprise Solutions segment increased by $27.9 million year-over-year primarily due to the increase in net sales as discussed in the preceding paragraph.

●

Gross profit for the Business Solutions segment increased by $22.5 million year-over-year primarily due to the increase in net sales as discussed in the preceding paragraph.

●

Gross profit for the Public Sector Solutions segment decreased by $2.0 million year-over-year primarily due to the decrease in net sales as discussed in the preceding paragraph.

Gross margin for the nine months ended September 30, 2026 decreased year-over-year, as explained by the year-over-year changes discussed below:

●

Gross margin for the Enterprise Solutions segment remained substantially the same year-over-year.

●

Gross margin for the Business Solutions segment decreased by 130 basis points primarily as a result of decreases in invoice margins in desktops and notebooks/mobility primarily due to changes in customer mix.

●

Gross margin for the Public Sector Solutions segment increased by 100 basis points primarily due to an increase in the amount of software sales recognized on a net basis relative to total net sales in the segment, as well as a few low-margin deals in the prior period that did not repeat.

Selling, general and administrative expenses for the nine months ended September 30, 2026 increased in dollars but decreased as a percentage of net sales compared to the nine months ended September 30, 2025. SG&A expenses attributable to our three segments and the remaining unallocated Headquarters/Other expenses are summarized in the table below (dollars in millions):


	Nine Months Ended September 30,
	2026		2025
				% of				% of
				Segment Net				Segment Net		$		%
	Amount		Sales		Amount		Sales	Change		Change
Enterprise Solutions	$	122.8		10.9	%	$	112.5	11.9	%	$	10.3		9.2	%
Business Solutions		142.4		15.0			133.0	16.5			9.4		7.0
Public Sector Solutions		67.6		17.8			69.8	16.7			(2.2)		(3.1)
Headquarters/Other, unallocated		12.0					9.8				2.2		22.0
Total	$	344.8		14.1	%	$	325.1	15.0	%	$	19.7		6.1	%

●

SG&A expenses for the Enterprise Solutions segment increased year-over-year in dollars but decreased as a percentage of net sales. The year-over-year change in SG&A dollars was primarily attributable to increases in personnel costs, use of shared Headquarter services, and marketing of $7.1 million, $2.3 million, and $0.9 million, respectively. SG&A expenses as a percentage of net sales were 10.9% for the Enterprise Solutions segment for the nine months ended September 30, 2026, which reflects a decrease of 100 basis points and is primarily due to the increase in net sales as discussed above.

●

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use of shared Headquarter services, personnel costs, marketing, and other expenses of $3.5 million, $2.5 million, $2.1 million, and $1.1 million, respectively. SG&A expenses as a percentage of net sales were 15.0% for the Business Solutions segment for the nine months ended September 30, 2026, which reflects a decrease of 150 basis points and is primarily due to the increase in net sales as discussed above.

●

SG&A expenses for the Public Sector Solutions segment decreased year-over-year in dollars but increased as a percentage of net sales. The year-over-year change in SG&A dollars was primarily attributable to decreases in professional fees and personnel costs of $2.9 million and $2.2 million, respectively, partially offset by increases in use of shared Headquarter services and other expenses of $1.7 million and $1.0 million, respectively. SG&A expenses as a percentage of net sales were 17.8% for the Public Sector Solutions segment for the nine months ended September 30, 2026, which reflects an increase of 110 basis points and is primarily due to the decrease in net sales as discussed above.

●

SG&A expenses for the Headquarters/Other increased year-over-year by $2.2 million primarily due to increases in personnel costs, service contracts/subscriptions, other expenses, marketing, and facility operations of $6.3 million, $2.1 million, $0.5 million, $0.4 million, and $0.4 million, respectively, partially offset by an increase in the allocated amounts to the operating segments of $7.5 million. The Headquarters/Other provides services to the three segments in areas such as finance, distribution center, human resources, IT, marketing, and product management. Most of the operating costs associated with such corporate Headquarters/Other services are charged to the segments based on their estimated allocation usage of the underlying services.

Severance expenses for the nine months ended September 30, 2026 were $3.1 million, compared to $2.9 million for the nine months ended September 30, 2025. The severance expenses were related to voluntary and involuntary reductions in our workforce to lower our cost structure and included cash severance and other related termination benefits.

Income from operations for the nine months ended September 30, 2026 was $104.2 million, compared to $75.7 million for the nine months ended September 30, 2025. Income from operations as a percentage of net sales increased to 4.3% for the nine months ended September 30, 2026, compared to 3.5% for the prior year period. The increase in income from operations both in dollars and as a percentage of net sales is primarily due to the increases in net sales and gross profit as discussed above.

Interest income, net for the nine months ended September 30, 2026 decreased to $8.4 million, compared to $10.8 million for the nine months ended September 30, 2025, primarily due to a decrease in interest income of $2.4 million. The decrease in interest income is primarily a result of lower cash equivalent balances in the current period combined with lower realized interest rates in the current period.

Income taxes. Our provision for income taxes for the nine months ended September 30, 2026 increased to $30.7 million, compared to $23.6 million for the nine months ended September 30, 2025. The increase in our provision for income taxes was primarily due to the increase in income before taxes. Our effective tax rate was 27.3% for the nine months ended September 30, 2026, compared to 27.2% for the nine months ended September 30, 2025.

Net income for the nine months ended September 30, 2026 increased to $81.8 million, compared to $63.0 million for the nine months ended September 30, 2025, primarily due to the increase in income from operations, partially offset by the decrease in interest income, net and the increase in our provision for income taxes, as discussed above.

Liquidity and Capital Resources

Our primary sources of liquidity are internally generated funds from operations and short-term investments. We have historically used and expect to use in the future those funds to meet our capital requirements, which consist primarily of working capital for operational needs, capital expenditures for computer equipment and software used in our business, repurchases of our common stock for treasury, dividend payments, and as opportunities arise, possible acquisitions of new businesses.

We believe that funds generated from operations and short-term investments will be sufficient to finance our working capital, capital expenditures, and other requirements for at least the next twelve calendar months and beyond

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such twelve calendar month period. Our investments in IT systems and infrastructure are designed to enable us to operate more efficiently and to provide our customers enhanced functionality.

We expect to meet our cash requirements for the next twelve months and beyond through a combination of cash on hand, short-term investments, and cash generated from operations, as follows:

●

Cash and Cash Equivalents. As of September 30, 2026, we had $124.6 million in cash and cash equivalents.

●

Short-term Investments. As of September 30, 2026, we had $218.7 million in short-term investments.

●

Cash Generated from Operations. We expect to generate cash flows from operations in excess of operating cash needs by generating earnings and managing net changes in inventories and receivables with changes in payables to generate positive cash flow.

Our ability to continue funding our planned growth, both internally and externally, is dependent upon our ability to generate sufficient cash flow from operations or to obtain additional funds through equity or debt financing, or from other sources of financing, as may be required. While we do not anticipate needing any additional sources of financing to fund our operations at this time, if demand for IT products declines, or our customers are materially adversely impacted by the developing macroeconomic trends characterized by inflation and increased interest rates, our cash flows from operations may be substantially affected.

Dividends

A summary of 2026 dividend activity for our common stock is as follows:


Dividend Amount		Declaration Date		Record Date		Payment Date
$	0.20		February 3, 2026		February 17, 2026		March 6, 2026
$	0.20		April 28, 2026		May 12, 2026		May 29, 2026
$	0.20		July 28, 2026		August 11, 2026		August 28, 2026

On October 28, 2026, we announced that our Board of Directors declared a quarterly cash dividend on our common stock of $0.20 per share. The dividend will be paid on November 27, 2026 to all stockholders of record as of the close of business on November 10, 2026. The declaration and payment of any future dividends is at the discretion of our Board of Directors and will depend upon our financial position, strategic plans, general business conditions and any other factors deemed relevant by our Board of Directors.

Summary of Sources and Uses of Cash

Cash flows from operating, investing and financing activities for the nine months ended September 30, 2026 and 2025, as reflected in our Unaudited Condensed Consolidated Statements of Cash Flows included in Item 1 of this Quarterly Report on Form 10-Q, are summarized in the following table (in millions):



	Nine Months Ended September 30,
	2026		2025
Net cash (used in) provided by operating activities	$	(39.8)		$	38.0
Net cash (used in) provided by investing activities		(9.8)			49.3
Net cash used in financing activities		(19.0)			(77.8)
(Decrease) increase in cash and cash equivalents	$	(68.6)		$	9.5

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Cash (used in) provided by operating activities is summarized as follows (in millions):


	Nine Months Ended September 30,
	2026		2025		Change
Net income	$	81.8		$	63.0	$	18.8
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization		8.2			8.9		(0.7)
Adjustments to credit losses reserve		3.2			1.2		2.0
Stock-based compensation expense		8.0			7.1		0.9
Deferred income taxes		0.5			3.2		(2.7)
Amortization of discount on short-term investments, net		(2.1)			(1.6)		(0.5)
Other adjustments		0.1			—		0.1
Changes in assets and liabilities:
Accounts receivable		(144.8)			(6.5)		(138.3)
Inventories		(83.0)			(40.0)		(43.0)
Prepaid expenses and other current assets		(1.1)			(4.9)		3.8
Other non-current assets		1.1			(3.8)		4.9
Accounts payable		74.5			11.9		62.6
Accrued expenses and other liabilities		13.8			(0.5)		14.3
Net cash (used in) provided by operating activities	$	(39.8)		$	38.0	$	(77.8)

The decrease in net cash from operating activities of $77.8 million for the nine months ended September 30, 2026 was primarily attributable to changes in accounts receivable, accounts payable, and inventories of $138.3 million, $62.6 million, and $43.0 million, respectively. The change in cash from operating activities attributable to accounts receivable is primarily driven by the timing of customer deliveries. The change in cash from operating activities attributable to accounts payable is primarily due to the timing of payments. The change in cash from operating activities attributable to inventories is primarily due to bringing in inventory for several large scale customer deployments.

In order to manage our working capital and operating cash needs, we monitor our cash conversion cycle, defined as days of sales outstanding in accounts receivable plus days of supply in inventory minus days of purchases outstanding in accounts payable, based on a rolling three-month average. Components of our cash conversion cycle are as follows:


	September 30,
(in days)	2026		2025
Days of sales outstanding (DSO)⁽¹⁾		74		74
Days of supply in inventory (DIO)⁽²⁾		29		22
Days of purchases outstanding (DPO)⁽³⁾		(53)		(50)
Cash conversion cycle		50		46

(1)	Represents the trade receivable at the end of the quarter divided by average daily net sales for the same three-month period.

(2)	Represents the inventory balance at the end of the quarter divided by average daily cost of sales for the same three-month period.

(3)	Represents the accounts payable balance at the end of the quarter divided by average daily cost of sales for the same three-month period.

The cash conversion cycle increased to 50 days at September 30, 2026, compared to 46 days at September 30, 2025, as evidenced in the above cash conversion table. The increase in DIO is primarily due to the increase in inventory as of September 30, 2026 compared to September 30, 2025. The increase in DPO is primarily due to the increase in accounts payable as of September 30, 2026 compared to September 30, 2025.

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Cash (used in) provided by investing activities for the nine months ended September 30, 2026 consisted of $161.2 million of purchases of U.S. Government treasury securities, $157.4 million of maturities of U.S. Government treasury securities, and $6.0 million of purchases of property and equipment. The property and equipment expenditures were primarily for computer equipment and capitalized internally developed software in connection with investments in our IT infrastructure. In the prior year period, investing activities consisted of $155.6 million of purchases of U.S. Government treasury securities, $108.8 million of sales of U.S. Government treasury securities, $101.3 million of maturities of U.S. Government treasury securities, and $5.2 million of purchases of property and equipment.

Cash used in financing activities for the nine months ended September 30, 2026 consisted of $15.1 million of dividend payments, $2.5 million of treasury purchases, $0.7 million of excise tax payments on treasury purchases, $0.6 million of issuances of stock under the Employee Stock Purchase Plan, and $1.4 million of payments of payroll taxes on stock-based compensation through shares withheld. In the prior year period, financing activities consisted of $0.7 million of aggregate borrowings and repayments, $65.5 million of treasury purchases, $11.5 million of dividend payments, $0.6 million of issuances of stock under the Employee Stock Purchase Plan, and $1.3 million of payments of payroll taxes on stock-based compensation through shares withheld.

Contractual Agreements

Below is a summary of our contractual obligations. For more information about our obligations, commitments, and contingencies, see our condensed consolidated financial statements and the accompanying notes included in this Quarterly Report on Form 10-Q.

Supplier Finance Programs. We have entered into agreements with financial institutions to facilitate the purchase of inventory from designated suppliers under certain terms and conditions to enhance liquidity. We do not incur any interest or other incremental expenses associated with these agreements as balances are paid when they are due. See Note 10, “Supplier Finance Programs,” of our Unaudited Condensed Consolidated Financial Statements for additional information.

Operating Leases. We lease facilities, including our corporate headquarters, from a related party, which is a company affiliated with us through common ownership. The lease agreement of our corporate headquarters has expired. We continue to occupy the facility on a month-to-month basis under the terms of the prior written lease agreement. It is our intention to enter into a written, long-term lease for our corporate headquarters. We also lease facilities from third parties under non-cancelable operating leases. Certain leases require us to pay real estate taxes, insurance, and common area maintenance charges. See “Item 2. Properties” in our Annual Report on Form 10-K for the year ended December 31, 2025 for additional information regarding our operating leases.

Factors Affecting Sources of Liquidity

Internally Generated Funds. The key factors affecting our internally generated funds are our ability to manage costs and fully achieve our operating efficiencies, timely collection of our customer receivables, and management of our inventory levels.

Capital Markets. Our ability to raise additional funds in the capital market depends upon, among other things, general economic conditions, the condition of the IT industry, our financial performance and stock price, and the state of the capital markets. In addition, market volatility, inflation and interest rate fluctuations may increase our cost of financing or restrict our access to potential sources of future liquidity.

APPLICATION OF CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Our critical accounting policies and estimates have not materially changed from those discussed in our Annual Report on Form 10-K for the year ended December 31, 2025.

RECENTLY ISSUED FINANCIAL ACCOUNTING STANDARDS

Recently issued financial accounting standards are detailed in Note 1, “Basis of Presentation,” in the Notes to our Unaudited Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

For a description of our market risks, see Item 7A. “Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report on Form 10-K for the year ended December 31, 2025. No material changes related to our market risks have occurred since December 31, 2025.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer (our principal executive officer) and Chief Financial Officer (our principal financial officer), evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2026. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives as described above. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the fiscal quarter ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II ― OTHER INFORMATION

Item 1. Legal Proceedings

For information related to legal proceedings, see the discussion in Note 8, “Commitments and Contingencies,” in the Notes to our Unaudited Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q, which information is incorporated by reference into this Part II, Item 1.

Item 1A. Risk Factors

In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, which could materially affect our business, financial position, and results of operations. Risk factors which could cause actual results to differ materially from those suggested by forward-looking statements include but are not limited to those discussed or identified in this document, in our other public filings with the SEC, and those contained in Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025.

Item 5. Other Information

Director and Officer Trading Arrangements

None of our directors or officers (as defined in Exchange Act Rule 16a-1(f)) adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as each term is defined in Item 408(c) of Regulation S-K) during the third quarter of 2026.

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Item 6. Exhibits


Exhibit Number		Description

3.1			Amended and Restated Certificate of Incorporation of PC Connection, Inc., as amended (incorporated by reference to Exhibit 3.1 to the Company’s registration statement on Form S-4 (333-63272) filed on June 19, 2001).

3.2			Amended and Restated Bylaws of PC Connection, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s current report on Form 8-K, filed on January 9, 2008).

31.1	*		Certification of the Company’s Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2	*		Certification of the Company’s Senior Vice President and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1	*		Certification of the Company’s Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2	*		Certification of the Company’s Senior Vice President and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS	*		Inline XBRL Instance Document* - The Instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.

101.SCH	*		Inline XBRL Taxonomy Extension Schema Document.

101.CAL	*		Inline XBRL Taxonomy Calculation Linkbase Document.

101.DEF	*		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB	*		Inline XBRL Taxonomy Label Linkbase Document.

101.PRE	*		Inline XBRL Taxonomy Presentation Linkbase Document.

104	*		Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101).

*	Submitted electronically herewith.

Attached as Exhibit 101 to this report are the following formatted in XBRL (Extensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets at September 30, 2026 and December 31, 2025, (ii) Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2026 and 2025, (iii) Condensed Consolidated Statements of Other Comprehensive Income for the three and nine months ended September 30, 2026 and 2025, (iv) Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2026 and 2025, (v) Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2026 and 2025, and (vi) Notes to Unaudited Condensed Consolidated Financial Statements.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

PC CONNECTION, INC.


Date:	October 28, 2026	By:	/s/ TIMOTHY J. MCGRATH
			Timothy J. McGrath
			Chief Executive Officer (Duly Authorized Officer)

Date:	October 28, 2026	By:	/s/ THOMAS C. BAKER
			Thomas C. Baker
			Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)

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