−Removed: Wayside Technology Group, Inc.
−Removed: and Subsidiaries (the “Company,” “us,” “we,” or “our”) is a value added information technology (“IT”) distribution and solutions company.
−Removed: The Company primarily operates through its “Distribution” segment, which distributes emerging technologies to corporate resellers, value added resellers (VARs), consultants and systems integrators worldwide under the names “Climb Channel Solutions” and “Sigma Software Distribution”.
+Added: Wayside Technology Group, Inc., a Delaware corporation, and its subsidiaries (the “Company,” “us,” “we,” or “our”) is a value added information technology (“IT”) distribution and solutions company.
+Added: The Company primarily operates through its “Distribution” segment, which distributes emerging technologies to corporate resellers, value added resellers (VARs), consultants and systems integrators worldwide under the name “Climb Channel Solutions”.
The Company also operates a smaller segment called “Solutions”, which is a cloud solutions provider and value-added reseller of software, hardware and services for customers worldwide under the names “TechXtend” and “Grey Matter”.
2 unchanged sentences
Our common stock, par value $0.01 per share (“Common Stock”) is listed on The NASDAQ Global Market under the symbol “WSTG”.
−Removed: Our main web site address is www.waysidetechnology.com, and the other web sites maintained by our business include www.climbcs.com, www.techxtend.com, www.sigmasd.com, and www.greymatter.com.
+Added: Our main web site address is www.waysidetechnology.com, and the other web sites maintained by our business include www.climbcs.com, www.techxtend.com, and www.greymatter.com.
The information contained on, or otherwise accessible through, our websites is not part of, or incorporated by reference into, this report.
6 unchanged sentences
While our Distribution business is characterized by low gross profit as a percentage of adjusted gross billings, or gross margin, and price competition, we have been able to operate profitably by leveraging an efficient and scalable business model with low capital investment requirements.
−Removed: The large majority of the products we sell are either digital products such as license authorizations, third party maintenance contracts, or hardware which is dropped shipped to the end customer directly by the vendor.
+Added: The large majority of the products we sell are either digital products such as license authorizations, third party maintenance contracts, or hardware that is dropped shipped to the end customer directly by the vendor.
We utilize electronic digital interchange (“EDI”) and other automation to fulfill these orders on a cost-efficient basis.
10 unchanged sentences
We view acquisitions as an important part of our strategic growth plan.
−Removed: During 2020, we completed two acquisitions to add scale, broaden our geographic footprint, expand partner relationships and add cloud support capabilities.
+Added: In 2020, we completed two acquisitions to add scale, broaden our geographic footprint, expand partner relationships and add cloud support capabilities.
● Interwork Technologies Inc.
3 unchanged sentences
The acquisition expanded our sales presence in the United Kingdom and Europe, added a key vendor partner relationship for Microsoft cloud products, and provided valuable technical expertise in cloud enablement and support.
−Removed: We integrated Interwork into our business platform immediately to enable cost efficiencies and to leverage partner relationships across the companies as part of our strategic growth plan.
−Removed: We are evaluating the integration plan for CDF and plan to fully integrate its operations in 2021.
We plan to continue to evaluate acquisition opportunities as part of our strategic growth plan going forward.
19 unchanged sentences
The acquisition of CDF provided us with the ability to provide support for these cloud services in the United Kingdom and Europe.
−Removed: We plan to leverage these capabilities to provide cloud support services throughout our worldwide operations.
+Added: We plan to continue to leverage these capabilities to provide cloud support services throughout our worldwide operations.
Marketing and Distribution
13 unchanged sentences
Net sales to customers in Canada represented 9% and 7% of our consolidated net sales in 2021 and 2020, respectively.
−Removed: Net sales in Europe and the rest of the world represented 5% of our consolidated net sales in 2020 and 2019, respectively.
+Added: Net sales in Europe and the rest of the world represented 13% and 5% of our consolidated net sales in 2021 and 2020, respectively.
For geographic financial information, please refer to Note 13 in the Notes to our Consolidated Financial Statements.
7 unchanged sentences
The Company and its principal vendors have cooperated frequently in product introductions and in other marketing programs.
−Removed: As is customary in the industry, the Company has no long-term supply contracts with any of its
−Removed: vendor partners, and substantially all the Company’s contracts with its vendors are terminable upon 30 days’ notice or less, however, it is notable that the tenure of our relationships with vendor partners tends to extend over a longer term.
−Removed: We attribute this to the deep relationships we establish with our partners involving sales support, product and customer knowledge, and tailored infrastructure to facilitate efficient order processing.
−Removed: The Company purchased approximately 98% of its products directly from manufacturers and software vendors in 2020 and 2019, respectively, and the balance from multiple distributors.
+Added: As is customary in the industry, the Company has no long-term supply contracts with any of its vendor partners, and substantially all the Company’s contracts with its vendors are terminable upon 30 days’ notice or less, however, it is notable that the tenure of our relationships with vendor partners tends to extend over a longer term.
+Added: attribute this to the deep relationships we establish with our partners involving sales support, product and customer knowledge, and tailored infrastructure to facilitate efficient order processing.
Most vendor partners or distributors will “drop ship” products directly to the customers, which reduces physical handling by the Company.
2 unchanged sentences
From time to time, we may make advance payments to vendors to apply against future purchases from the vendor.
−Removed: Moreover, the Company’s order fulfillment and inventory control systems allow the Company to order certain products just in time for next day shipping.
+Added: Moreover, the Company’s order fulfillment and inventory control systems allow the Company to order certain products in time for next day shipping.
The Company promotes the use of EDI with its vendor partners and customers, which helps reduce overhead and the use of paper in the ordering process.
2 unchanged sentences
As an IT channel solutions provider, a critical element of our strategic growth plan is to maintain our ability to offer an efficient route to market for emerging technology vendors.
−Removed: Additionally, a key element of our strategic growth plan is to capitalize on market changes by implementing new value added services such as its cloud support and integration offerings.
+Added: Additionally, a key element of our strategic growth plan is to capitalize on market changes by implementing new value added services such as cloud support and integration offerings.
In our Distribution segment, we compete with other distributors to become an authorized distributor of products from software developers and vendors.
6 unchanged sentences
In our Solutions segment, we compete against a large variety of IT solutions providers including e- commerce sites, service organizations, value added resellers, cloud solution providers and technology providers offering direct solutions.
−Removed: We believe that we have ability to offer software developers and IT professionals easy access to a wide selection of the desired IT products at reasonable prices with prompt delivery and high customer service levels, along with its good relationships with vendor partners, allows it to compete effectively.
+Added: We believe that our ability to offer software developers and IT professionals easy access to a wide selection of desired IT products at reasonable prices with prompt delivery and high customer service levels, along with our good relationships with vendor partners, allows us to compete effectively.
Information Technology
The Company operates IT systems on several platforms including Windows and cloud-based platforms that control the full order processing cycle.
−Removed: The technology systems allow for centralized management of key functions, including inventory, accounts receivable, purchasing, sales and distribution and payment processing.
+Added: These IT systems allow for centralized management of key functions, including inventory, accounts receivable, purchasing, sales and distribution and payment processing.
We are dependent on the accuracy and proper utilization of our technology systems, telephone systems, websites, e-mail and EDI systems.
Our IT systems allow us to monitor sales trends, real-time product availability, order status throughout the full order cycle, and automates order transactions and invoicing transactions for our customers and vendors.
−Removed: The main focus of our IT systems is to allow us to transact and communicate with our customers and vendors in the most efficient manner
+Added: The main focus of our IT systems is to allow us to transact and communicate with our customers and vendors in the most efficient manner possible.
We provide various options to transact electronically with our customers and vendors through EDI, XML and other electronic methods.
9 unchanged sentences
The SEC maintains a web site at http://www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, including us.
−Removed: The Company also makes available, free of charge, through its internet web site at http://www.waysidetechnology.com, its reports on Forms 10-K and 10-Q, and amendments to those reports, as soon as reasonably practicable after they are filed with the SEC.
+Added: The Company also makes available, free of charge, through its internet web site at http://www.waysidetechnology.com, its reports on Forms 10-K, 10-Q and 8-K, and amendments to those reports, as soon as reasonably practicable after they are filed with the SEC.
The Company will provide paper copies of its reports on Form 8-K free of charge as requested.
The information contained on, or otherwise accessible through, our website is not part of, or incorporated by reference into, this annual report.
−Removed: In December 2017, we adopted a Code of Ethics and Business Conduct.
+Added: The Company has a Code of Ethics and Business Conduct that applies to all employees, officers and directors of the Company, including our Chief Executive Officer and Chief Financial Officer.
We review the Code of Ethics and Business Conduct annually and consider updates as necessary.
−Removed: The full text of the Code of Ethics and Business Conduct, which applies to all employees, officers and directors of the Company, including our Chief Executive Officer and Chief Financial Officer, is available at our web site, http://www.waysidetechnology.com.
+Added: The full text of the Code of Ethics and Business Conduct, is available at our web site, http://www.waysidetechnology.com.
We intend to disclose any amendment to, or waiver from, a provision of the Code of Ethical Conduct that applies to its Chief Executive Officer or Chief Financial Officer on our web site.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.