2 unchanged sentences
“Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020.
−Removed: See also “Part II – Other Information” of this Form 10-Q.
No other material changes have occurred in our market risks since December 31, 2020.
4 unchanged sentences
Disclosure Controls and Procedures
−Removed: Our management, with the participation of the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2020.
+Added: Our management, with the participation of the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2021.
The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), means controls and other procedures of a company that are designed to ensure that information required to be disclosed by the 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.
4 unchanged sentences
Changes in Internal Control over Financial Reporting
−Removed: In 2017, we began the process of implementing a new company-wide ERP system as part of a multi-year plan to integrate and upgrade our systems and processes.
−Removed: The system became operational in May 2020.
−Removed: As the implementation of the new ERP system has now been largely completed, we have experienced certain changes to our processes and procedures which, in turn, have resulted in changes to the design and operation of certain internal controls over financial reporting.
−Removed: We believe the necessary steps have been taken to monitor and maintain appropriate internal control over financial reporting during this period of change and we will continue to evaluate the design and operating effectiveness of related key controls during subsequent periods.
−Removed: While we ultimately expect the new ERP system to strengthen our internal financial controls by automating certain manual processes and standardizing business processes and reporting across our organization, management will continue to evaluate and monitor our internal controls as each of the affected areas evolves.
−Removed: Furthermore, in response to the COVID-19 pandemic, we have undertaken measures to protect our employees, partners, and clients, including encouraging employees to work remotely.
−Removed: These changes have compelled us to modify some of our control procedures, however, those changes have so far not been material.
−Removed: Except for the changes as described in detail above, there were no additional 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, 2020 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
+Added: There was no change 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 March 31, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II - OTHER INFORMATIO N
−Removed: Item 1A - Risk Factor s
−Removed: In addition to other information set forth in this report, you should carefully consider the factors discussed in Item 1A.
−Removed: “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019, as supplemented by the below risk factor, which could materially affect our business, financial position, and results of operations.
−Removed: The COVID-19 pandemic has heightened, and in some cases manifested, certain of the risks we normally face in operating our business, including those disclosed in the Annual Report, and the risk factor disclosure in the Annual Report is qualified by the information relating to COVID-19 that is described in this Quarterly Report on Form 10-Q.
−Removed: The spread of COVID-19 and the imposition of related public health measures and restrictions have, and may in the future, further materially adversely impact our business, financial condition, results of operations and cash flows.
−Removed: In December 2019, the 2019 novel coronavirus surfaced in Wuhan, China.
−Removed: The World Health Organization declared a global emergency on January 30, 2020, with respect to the outbreak and several countries, including the United States, Japan and Australia have initiated travel restrictions to and from China.
−Removed: The impacts of the outbreak are unknown and rapidly evolving.
−Removed: The COVID-19 pandemic has caused material disruptions to our business and operations and could cause material disruptions to our business and operations in the future as a result of, among other things, quarantines, worker illness, worker absenteeism as a result of illness or other factors, social distancing measures and other travel, health-related, business or other restrictions.
−Removed: We rely on third-party suppliers and manufacturers.
−Removed: This outbreak has resulted in the extended shutdown of certain businesses, which may in turn result in disruptions or delays to our supply chain.
−Removed: These may include disruptions from the temporary closure of third-party supplier and manufacturer facilities, interruptions in product supply or restrictions on the export or shipment of our products.
−Removed: Any disruption of our suppliers and their contract manufacturers will likely impact our sales and operating results.
−Removed: In addition, the COVID-19 pandemic has caused, and may continue to cause, disruptions to the business and operations of our customers.
−Removed: Certain of our customers have been, and may in the future be, required to close down or operate at a lower capacity.
−Removed: We have experienced, and may continue to experience, a decrease in orders as a result of the pandemic.
−Removed: We have also experienced, and may continue to experience, delays in collecting amounts owed to us.
−Removed: This widespread health crisis has adversely affected the global economy, and may result in a sustained economic downturn that could impact demand for our products going forward.
−Removed: The future impact of the outbreak is highly uncertain and cannot be predicted, and there is no assurance that the outbreak will not have a material adverse impact on the future results of the Company.
−Removed: The extent of the impact will depend on future developments, including actions taken to contain COVID-19.
−Removed: Item 6 - Exhibits
−Removed: Certification of the Company’s President and Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
−Removed: Certification of the Company’s Senior Vice President and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
−Removed: Certification of the Company’s President and Chief Executive Officer pursuant to 18 U.S.C.
−Removed: Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
−Removed: Certification of the Company’s Senior Vice President and Chief Financial Officer pursuant to 18 U.S.C.
−Removed: Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 .
−Removed: 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.
−Removed: Inline XBRL Taxonomy Extension Schema Document.
−Removed: Inline XBRL Taxonomy Calculation Linkbase Document.
−Removed: Inline XBRL Taxonomy Extension Definition Linkbase Document
−Removed: Inline XBRL Taxonomy Label Linkbase Document.
−Removed: Inline XBRL Taxonomy Presentation Linkbase Document.
−Removed: Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101).
−Removed: * Filed herewith.
−Removed: ** Submitted electronically herewith.
−Removed: Attached as Exhibit 101 to this report are the following formatted in XBRL (Extensible Business Reporting Language):
−Removed: (i) Condensed Consolidated Balance Sheets at September 30, 2020 and December 31, 2019, (ii) Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2020, (iii) Condensed Consolidated Statements of Stockholders’ Equity at September 30, 2020 and December 31, 2019, (iv) Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and September 30, 2019, and (v) Notes to Unaudited Condensed Consolidated Financial Statements.
−Removed: 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.
−Removed: PC CONNECTION, INC.
−Removed: November 9, 2020
−Removed: /s/ TIMOTHY J.
−Removed: President and Chief Executive Officer
−Removed: (Duly Authorized Officer)
−Removed: November 9, 2020
−Removed: /s/ THOMAS C.
−Removed: Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)
+Added: Item 1 – Legal Proceedings
+Added: For information related to legal proceedings, see the discussion in Note 6 - Commitments and Contingencies to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report, which information is incorporated by reference into this Part II, Item 1.
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.