Insight Enterprises, Inc. Reports First Quarter 2020 Results

About this update from Insight Enterprises, Inc.

[{"type":"text","content":" TEMPE, Ariz.--(BUSINESS WIRE)--\nInsight Enterprises, Inc. (Nasdaq: NSIT) (the “Company”) today reported financial results for the quarter ended March 31, 2020. Highlights include:\n\n\n\nCash flow from operations of $93.1 million, decreased $28.8 million year over year\n\n\nNet sales increased 27% year over year to $2.14 billion\n\n\nGross profit increased 31% year over year to $325.3 million\n\n\nEarnings from operations decreased 7% to $52.9 million\n\n\nAdjusted earnings from operations increased 9% to $66.6 million\n\n\nDiluted earnings per share of $0.95 decreased 13% year to year\n\n\nAdjusted diluted earnings per share of $1.30 increased 11% year over year\n\n\n\nIn the first quarter of 2020, cash flow from operations were strong at $93.1 million. Net sales increased 27%, year over year, primarily as a result of our acquisition of PCM, Inc. (“PCM”) on August 30, 2019. Gross profit increased 31%, year over year and gross margin increased 50 basis points compared to the first quarter of 2019. The increase in gross profit and gross margin reflects higher margins on hardware net sales and an increase in higher margin Insight delivered services. Earnings from operations declined 7%, year to year, primarily as a result of increased amortization of intangible assets from the PCM acquisition, acquisition and integration related expenses, increased teammate benefits and variable compensation, and severance and restructuring expenses.\n\n\n“As global responses to COVID-19 progressed throughout the first quarter, our priority was to safeguard our teammates and core operating facilities and successfully deploy our more than 10,000 teammates across the globe to work-from-home,” stated Ken Lamneck, President and Chief Executive Officer. “At the same time, we focused on supporting our clients as they navigated the rapidly changing business environment,” stated Lamneck.\n\n\nKEY HIGHLIGHTS\n\n\n\nWe supported clients with their responses to the coronavirus strain COVID-19 (“COVID-19”) global pandemic, including government entities, healthcare institutions, schools and mid-market clients, by:\n\n\nTaking necessary precautions to keep our warehouses open and operating; and\n\n\nProviding devices and connectivity to enable mobile COVID-19 checkpoints and testing stations and to help facilitate clients moving to a remote workforce and remo...

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