Item 5. Market for Registrant’s Common Equity
Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities
Market Information
Our common stock commenced trading on March 3, 1998, on the Nasdaq Global Select Market and trades today under the symbol “CNXN”. As of February 14, 2025, there were 26,160,014 shares of our common stock outstanding, held by approximately 36 stockholders of record. This figure does not include an estimate of the number of beneficial holders whose shares are held of record by brokerage firms.
Dividends
The following table summarizes our 2024 quarterly dividends paid (in millions, except per share data):
Dividend per Share
Declaration Date
Record Date
Payment Date
Total Dividend
$
0.10
February 12, 2024
February 27, 2024
March 15, 2024
$
2.6
$
0.10
April 30, 2024
May 14, 2024
May 29, 2024
$
2.6
$
0.10
July 30, 2024
August 13, 2024
August 30, 2024
$
2.6
$
0.10
October 29, 2024
November 12, 2024
November 29, 2024
$
2.6
On February 5, 2025, we announced that our Board of Directors declared a quarterly cash dividend on our common stock of $0.15 per share. The dividend will be paid on March 14, 2025 to all stockholders of record as of the close of business on February 25, 2025. 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.
Share Repurchase Authorization
Repurchases under our stock repurchase program are made from time to time at management’s discretion in accordance with applicable federal securities laws. All repurchases of our common stock have been recorded as treasury stock. The following table summarizes information relating to purchases of common stock made by or on our behalf during the quarter ended December 31, 2024 (dollars in thousands, except per share data):
Issuer Purchases of Equity Securities
Total Number of
Approximate Dollar Value
Shares Purchased as
of Shares that May Yet Be
Total Number
Part of Publicly
Purchased Under the Plans
of Shares
Average Price Paid
Announced Plans or
or Programs
Period
Purchased
Per Share
Programs (1)
(in thousands) (1)(2)
10/01/24-10/31/24
3,419
$
68.31
3,419
$
64,334
11/01/24-11/30/24
31,097
$
70.19
31,097
$
62,152
12/01/24-12/31/24
34,850
$
70.78
34,850
$
59,685
69,366
$
70.39
69,366
(1) As of December 31, 2024, we have repurchased in the aggregate approximately 2.9 million shares of our common stock for approximately $60.3 million pursuant to the repurchase program approved by our Board of Directors.
(2) On March 28, 2001, we announced that our Board of Directors authorized the spending of up to $15.0 million to repurchase shares of our common stock. On each of February 11, 2014, December 17, 2018, November 22, 2022, and May 1, 2024, our Board of Directors approved increases of $15.0 million, $25.0 million, $25.0 million, and $40.0 million, respectively, to the repurchase program bringing the aggregate authorized amount
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under the repurchase program to $120.0 million. There is no fixed termination date for this repurchase program. Purchases may be made in open-market transactions, block transactions on or off an exchange, or in privately negotiated transactions. The timing and amount of any share repurchases will be based on market conditions and other factors.
Stock Performance Graph
The following performance graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 (the “Securities Act”) or the Exchange Act, each as amended, except to the extent that we specifically incorporate it by reference into such filing.
The following graph compares our annual percentage change in cumulative total return on shares of our common stock over the past five years with the cumulative total return of companies comprising the NASDAQ Composite Index and the NASDAQ US Benchmark TR Index. This presentation assumes that $100 was invested in shares of the relevant issuers on December 31, 2019, and that dividends received were immediately invested in additional shares of our common stock. The graph plots the value of the initial $100 investment at one-year intervals for the fiscal years shown. Measurement points are December 31, 2019, December 31, 2020, December 31, 2021, December 31, 2022, December 31, 2023, and December 31, 2024.
Base Period
Years Ended
Company Name / Index
Dec-19
Dec-20
Dec-21
Dec-22
Dec-23
Dec-24
PC Connection, Inc.
100.00
95.22
89.27
97.66
140.87
146.02
Nasdaq Stock Market-Composite
100.00
144.92
177.06
119.45
172.77
223.87
Nasdaq US Benchmark TR Index
100.00
121.27
152.67
122.55
154.93
192.86
Item 6. [Reserved]
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