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Segment Information | 9 Months Ended
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Sep. 30, 2025
Segment Information |
Segment Information | Note 7–Segment Information ​ The internal reporting structure used by the Company’s chief operating decision maker, or CODM, to assess performance and allocate resources determines the basis for the Company’s operating segments. The Company’s operations are organized under three reporting segments—the Enterprise Solutions segment, which serves primarily medium-to-large corporations; the Business Solutions segment, which serves primarily small- to medium-sized businesses; and the Public Sector Solutions segment, which serves primarily federal, state, and local government and educational institutions. In addition, the Headquarters/Other provides services in areas such as finance, human resources, IT, marketing, and product management. Most of the operating costs associated with the Headquarters/Other functions are charged to the operating segments based on their estimated usage of the underlying functions. The Company reports these charges to the operating segments as “Allocations”. Headquarters/Other amounts that are not allocated to the operating segments are shown as reconciling items in the tables below. ​ The Company’s CODM is its Chief Executive Officer, and he assesses the segments’ performance by using each segments’ operating income (which includes certain corporate overhead allocations attributable to each of the segments). Net sales presented below exclude inter-segment product revenues. The CODM uses operating income for each segment in the annual budget, periodic forecasting, and quarterly results processes. ​ Segment information applicable to the Company’s operating segments and the related reconciliations to consolidated amounts for the three and nine months ended September 30, 2025 and 2024 are shown below (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, 2025
​ | ​ | Enterprise Solutions |  | Business Solutions | ​ | Public Sector Solutions |  | Total
Net sales |  | $ | 319,744 | ​ | $ | 256,841 | ​ | $ | 132,483 | ​ | $ | 709,068
Cost of sales | ​ |  | 271,976 | ​ |  | 188,779 | ​ |  | 109,668 | ​ | ​ | ​
Personnel costs | ​ |  | 16,626 | ​ |  | 17,490 | ​ |  | 9,603 | ​ | ​ | ​
Marketing | ​ | ​ | 895 | ​ | ​ | 2,724 | ​ | ​ | 675 | ​ | ​ | ​
Allocated corporate overhead | ​ | ​ | 18,999 | ​ | ​ | 22,822 | ​ | ​ | 11,410 | ​ | ​ | ​
Depreciation and amortization | ​ | ​ | 195 | ​ | ​ | 155 | ​ | ​ | 22 | ​ | ​ | ​
Other segment expenses1 | ​ | ​ | 670 | ​ | ​ | 1,165 | ​ | ​ | 1,730 | ​ | ​ | ​
Operating income (loss) | ​ | $ | 10,383 | ​ | $ | 23,706 | ​ | $ | (625) | ​ | $ | 33,464
Unallocated Headquarters/Other expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (3,198)
Interest income, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 3,689
Income before taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 33,955
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, 2024
​ | ​ | Enterprise Solutions |  | Business Solutions | ​ | Public Sector Solutions |  | Total
Net sales |  | $ | 296,970 | ​ | $ | 252,631 | ​ | $ | 175,116 | ​ | $ | 724,717
Cost of sales | ​ |  | 250,753 | ​ |  | 189,498 | ​ |  | 149,060 | ​ | ​ | ​
Personnel costs | ​ |  | 15,781 | ​ |  | 17,343 | ​ |  | 9,794 | ​ | ​ | ​
Marketing | ​ | ​ | 1,228 | ​ | ​ | 4,178 | ​ | ​ | 739 | ​ | ​ | ​
Allocated corporate overhead | ​ | ​ | 17,767 | ​ | ​ | 20,003 | ​ | ​ | 10,001 | ​ | ​ | ​
Depreciation and amortization | ​ | ​ | 215 | ​ | ​ | 155 | ​ | ​ | 22 | ​ | ​ | ​
Other segment expenses1 | ​ | ​ | 946 | ​ | ​ | 1,389 | ​ | ​ | 1,158 | ​ | ​ | ​
Operating income | ​ | $ | 10,280 | ​ | $ | 20,065 | ​ | $ | 4,342 | ​ | $ | 34,687
Unallocated Headquarters/Other expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (4,646)
Interest income, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 4,837
Other income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 1,700
Income before taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 36,578
​
| 1) | Other segment expenses for each of the reportable segments include service contracts/subscriptions, professional fees, facilities operations, credit card fees, and other miscellaneous expenses.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30, 2025
​ | ​ | Enterprise Solutions |  | Business Solutions | ​ | Public Sector Solutions |  | Total
Net sales |  | $ | 943,758 | ​ | $ | 808,394 | ​ | $ | 417,655 | ​ | $ | 2,169,807
Cost of sales | ​ |  | 806,070 | ​ |  | 606,076 | ​ |  | 353,939 | ​ | ​ | ​
Personnel costs | ​ |  | 49,791 | ​ |  | 52,927 | ​ |  | 28,462 | ​ | ​ | ​
Marketing | ​ | ​ | 3,779 | ​ | ​ | 10,127 | ​ | ​ | 2,334 | ​ | ​ | ​
Allocated corporate overhead | ​ | ​ | 55,358 | ​ | ​ | 65,819 | ​ | ​ | 32,909 | ​ | ​ | ​
Depreciation and amortization | ​ | ​ | 582 | ​ | ​ | 465 | ​ | ​ | 67 | ​ | ​ | ​
Other segment expenses1 | ​ | ​ | 2,947 | ​ | ​ | 5,293 | ​ | ​ | 6,043 | ​ | ​ | ​
Operating income (loss) | ​ | $ | 25,231 | ​ | $ | 67,687 | ​ | $ | (6,099) | ​ | $ | 86,819
Unallocated Headquarters/Other expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (11,134)
Interest income, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 10,805
Other income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 76
Income before taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 86,566
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment assets | ​ | $ | 743,554 | ​ | $ | 620,098 | ​ | $ | 94,832 | ​ | $ | 1,458,484
Headquarters/Other assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (152,964)
Consolidated assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,305,520
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30, 2024
​ | ​ | Enterprise Solutions |  | Business Solutions | ​ | Public Sector Solutions |  | Total
Net sales |  | $ | 878,437 | ​ | $ | 786,698 | ​ | $ | 428,086 | ​ | $ | 2,093,221
Cost of sales | ​ |  | 743,441 | ​ |  | 596,875 | ​ |  | 362,885 | ​ | ​ | ​
Personnel costs | ​ |  | 46,596 | ​ |  | 53,430 | ​ |  | 27,455 | ​ | ​ | ​
Marketing | ​ | ​ | 3,872 | ​ | ​ | 12,180 | ​ | ​ | 2,734 | ​ | ​ | ​
Allocated corporate overhead | ​ | ​ | 54,582 | ​ | ​ | 61,200 | ​ | ​ | 30,600 | ​ | ​ | ​
Depreciation and amortization | ​ | ​ | 641 | ​ | ​ | 465 | ​ | ​ | 68 | ​ | ​ | ​
Other segment expenses1 | ​ | ​ | 2,948 | ​ | ​ | 4,465 | ​ | ​ | 2,638 | ​ | ​ | ​
Operating income | ​ | $ | 26,357 | ​ | $ | 58,083 | ​ | $ | 1,706 | ​ | $ | 86,146
Unallocated Headquarters/Other expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (11,722)
Interest income, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 14,053
Other income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 1,700
Income before taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 90,177
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment assets | ​ | $ | 717,143 | ​ | $ | 553,881 | ​ | $ | 117,728 | ​ | $ | 1,388,752
Headquarters/Other assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (103,007)
Consolidated assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,285,745
​
| 1) | Other segment expenses for each of the reportable segments include service contracts/subscriptions, professional fees, facilities operations, credit card fees, and other miscellaneous expenses.
​ The assets of the Company’s three operating segments presented above consist primarily of accounts receivable, net intercompany receivables, goodwill, and other intangibles, net. Assets reported under the Headquarters/Other are managed by corporate headquarters, including cash and cash equivalents, short-term investments, inventories, property and equipment, ROU assets, and intercompany balance, net. As of September 30, 2025 and 2024, total assets for the Headquarters/Other were presented net of intercompany balance eliminations of $51,204 and $64,994, respectively. The Company’s capital expenditures consist largely of IT hardware and software purchased to maintain or upgrade its management information systems. These information systems serve all of the Company’s segments, to varying degrees, and accordingly, the CODM does not evaluate capital expenditures on a segment-by-segment basis.

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- Definition The entire disclosure for reporting segments including data and tables. 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