Slide 1: Second Quarter 2025 Earnings Conference Call and Webcast
Insight Enterprises, Inc. Second Quarter 2025 Earnings Conference Call and Webcast 1 © 2025 Insight. All Rights Reserved.
Slide 2: Disclosures
Disclosures ◦ Safe harbor statement This presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 related to Insight’s plans and expectations. Statements that are not historical facts, including those related to our expectations ab
Slide 3: Table of Contents
Table of Contents ◦ Solutions Integrator Strategy ◦ Solutions at Work ◦ Employer Awards ◦ Partner Recognitions ◦ Second Quarter 2025 Highlights and Performance ◦ Debt ◦ 2025 Outlook ◦ Appendix 3 © 2025 Insight. All Rights Reserved.
Slide 4: Solutions Integrator
Our strategy is to become THE leading SOLUTIONS INTEGRATOR X Put clients first The pillars of our strategy are: We put our clients first, delivering essential value that contributes to their success and making us the partner they can't live without. Put Deliver Champion Drive Clients First Different
Slide 5: Solutions Integrator
Our strategy is to become THE leading SOLUTIONS INTEGRATOR Put clients first We put our clients first, delivering essential value that contributes to their success and making us the partner they can't live without. DRIVE PROFITABLE Deliver differentiation Our combination of innovative and scalable G
Slide 6: AI-Powered Document Review
AI-Powered Document Review The challenge: The solution: The results: • The client faced the challenge of • Insight developed and deployed a secure • Projected to save the firm $7.5 million managing massive data volumes AI platform leveraging Microsoft Azure annually associated with their contract re
Slide 7: Comprehensive Security Solutions
Comprehensive Security Solutions The challenge: The solution: The results: • A top gold producer faced typical mining • Insight implemented a Palo Alto Network • Insight is positioned as a multinational industry challenges around capital and solution delivering single-source security single source p
Slide 8: Employer Awards
Employer Awards FORBES 2024 World's Best Employers No. 37 in IT • 2025 America’s Best Employers for Women • 2024 Best Large Employers • 2024 Canada's Best Employers • 2024 Best Employers for Diversity Phoenix Business Journal International Great Place to Work Newsweek No. 5 | 2024 Best Places to Wor
Slide 9: Partner Recognitions
Partner Recognitions • 2025 Partner of the Year for BROADCOM VMWARE | North America • Surface Reseller Partner of the Cybersecurity Partner of the Year & Fastest Google Workspace Year Award (North America) Growth Partner of the Year • 2024 Global Sales Partner of the Year • 2024 Americas Surface Par
Slide 10: Q2 2025 Performance
Q2 2025 Performance (Changes against prior year period) NET SALES GROSS PROFIT CLOUD GROSS PROFIT INSIGHT CORE SERVICES XD GROSS PROFIT $2.1B $442M $123M $78M -3% YoY -2% YoY -5% YoY -3% YoY MARGINS EARNINGS EARNINGS FROM OPERATIONS ADJUSTED EARNINGS FROM GROSS MARGIN EFO MARGIN ADJUSTED EFO* MARGIN
Slide 11: YTD Q2 2025 Performance
YTD Q2 2025 Performance (Changes against prior year period) NET SALES GROSS PROFIT CLOUD GROSS PROFIT INSIGHT CORE SERVICES XD GROSS PROFIT $4.2B $849M $226M $151M -8% YoY -5% YoY -4% YoY -3% YoY MARGINS EARNINGS EARNINGS FROM OPERATIONS ADJUSTED EARNINGS FROM GROSS MARGIN EFO MARGIN ADJUSTED EFO* M
Slide 12: Debt
Debt • Total debt balance at June 30, 2025 - $1.3 billion • Total debt balance at June 30, 2024 - $1.0 billion • YoY increase in total debt of $330 million • Share repurchases and warrant settlements - $463 million US Dollars in millions Description Net payments Total share repurchases $241 Total wa
Slide 13: Full Year 2025 Outlook
Full Year 2025 Outlook Assumptions: As of July 31, 2025 Gross profit growth approximately flat Gross margin approximately 20% Adjusted diluted EPS* $9.70 - $10.10 Interest expense $75 - $80 million Effective tax rate 25% - 26% Capital expenditures $30 - $35 million Average share count 32.4 million O
Slide 14: Appendix
Appendix 14 © 2025 Insight. All Rights Reserved.
Slide 15: Net Sales
NET SALES Trailing twelve months $2.1B -3% YoY $8.4B* -8% YoY $9.2B $9.0B $8.9B $8.7B $8.4B $8.4B $2.2B $2.1B $2.1B $2.1B $2.1B Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q1-24 Q2-24 Q3-24 2024 Q1-25 Q2-25 GROSS PROFIT Trailing twelve months $442M -2% YoY $1.7B* -1% YoY 19.2% 19.9% 20.3% 20.6% 20.6% 18.6% 21.0%
Slide 16: Services Net Sales
SERVICES NET SALES Trailing twelve months $426M -2% YoY $1.7B* 1% YoY $1,604M $1,635M $1,673M $1,686M $1,666M $1,657M $435M $414M $421M $396M $426M Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q1-24 Q2-24 Q3-24 2024 Q1-25 Q2-25 SERVICES GROSS PROFIT Trailing twelve months $258M -2% YoY $1.0B* 1% YoY 60% 60% 60% 60
Slide 17: Insight Core Services Gross Profit
INSIGHT CORE SERVICES GROSS PROFIT Trailing twelve months $78M -3% YoY $310M* 4% YoY 30.6% 31.0% 31.4% 31.8% 31.7% 31.6% 31.9% 32.3% 31.7% 31.8% 30.6% Gross Margin $297M $307M $315M $312M $310M $288M $81M $81M $78M $73M $78M Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q1-24 Q2-24 Q3-24 2024 Q1-25 Q2-25 CLOUD GROS
Slide 18: Earnings From Operations
EARNINGS FROM OPERATIONS Trailing twelve months $87M -34% YoY $304M* -33% YoY $442M $455M $456M $389M $349M $131M $304M $93M $87M $65M $60M Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q1-24 Q2-24 Q3-24 2024 Q1-25 Q2-25 ADJUSTED EARNINGS FROM OPERATIONS** Trailing twelve months $129M -2% YoY $481M* -8% YoY $520M $
Slide 19: Diluted Earnings Per Share
DILUTED EARNINGS PER SHARE Trailing twelve months $1.46 -36% YoY $4.21* -48% YoY $7.95 $8.05 $7.94 $2.27 $6.55 $5.11 $1.52 $1.46 $4.21 $0.99 $0.22 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q1-24 Q2-24 Q3-24 2024 Q1-25 Q2-25 ADJUSTED DILUTED EARNINGS PER SHARE** Trailing twelve months $2.45 Flat YoY $9.36* -8% Y
Slide 20: Q2 2025 YTD | Financial Performance
Q2 2025 YTD | Financial Performance Six Months Ended June 30, US Dollars in $000s, except for per share data 2025 2024 Change Consolidated IEI Net sales $4,195,038 $4,541,147 (8)% Net sales, constant currency* (8)% Product net sales $3,373,090 $3,690,390 (9)% Services net sales $821,948 $850,757 (3)
Slide 21: Consolidated IEI Financial Metrics
Consolidated IEI Financial Metrics Three Months Ended Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Twelve Months Ended Q1-24 Q2-24 Q3-24 2024 Q1-25 Q2-25 Net Sales YoY (8)% (8)% (7)% (12)% (3)% Net Sales YoY (9)% (7)% (6)% (5)% (9)% (8)% Gross Margin 21.0% 20.7% 21.2% 19.3% 21.1% Gross Margin 18.6% 19.2% 19.9% 20.
Slide 22: Services Financial Metrics
Services Financial Metrics Three Months Ended Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Twelve Months Ended Q1-24 Q2-24 Q3-24 2024 Q1-25 Q2-25 Services Revenue $435M $414M $421M $396M $426M Services Revenue $1,604M $1,635M $1,673M $1,686M $1,666M $1,657M Services Revenue YoY 8% 10% 3% (5%) (2%) Services Revenue
Slide 23: GEO Financial Metrics
GEO Financial Metrics Three Months Ended Six Months Ended June 30, 2025 June 30, 2025 North America EMEA APAC North America EMEA APAC Net Sales $1.7B $348.6M $58.6M $3.4B $0.7B $118.6M Net Sales YoY** (3%) (11%) (1%) (7%) (13%) —% Gross Profit $341.7M $82.4M $18.2M $0.7B $154.4M $33.3M Gross Profit
Slide 24: 2027 KPIs for Success
2027 KPIs for Success KPIs TTM Q2 2025** 2027 Cloud GP Growth 6% 16% - 20% 5-year CAGR*** Core services GP Growth 4% 16% - 20% 5-year CAGR*** Adjusted EBITDA Margin* 6.2% 6.5% - 7.0% Adjusted DEPS* Growth (8)% 19% - 22% 5-year CAGR*** Adjusted ROIC* 14.4% >25% Adjusted free cash flow 64% >90% as % o
Slide 25: Adjusted EBITDA and Debt Covenants
Adjusted EBITDA and Debt Covenants Twelve Months Ended June 30, Fixed Charge Coverage US Dollars in $000s 2025 2024 $550,000 $514,221 Adjusted Consolidated EBITDA: $500,000 Net earnings $ 149,666 $ 305,326 $450,000 Interest expense 78,176 57,960 $400,000 $350,000 Taxes 60,879 102,445 $300,000 Deprec
Slide 26: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures* Three Months Ended Six Months Ended June 30, June 30, US Dollars in $000s 2025 2024 2023 2025 2024 Adjusted Consolidated Earnings from Operations: GAAP consolidated EFO $ 86,532 $ 131,073 $ 118,611 $ 146,635 $ 231,059 Amortization of intangible
Slide 27: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures* (continued) Three Months Ended Six Months Ended June 30, June 30, US Dollars in $000s, except per share data 2025 2024 2023 2025 2024 Adjusted Consolidated Net Earnings: GAAP consolidated net earnings $ 46,932 $ 87,444 $ 80,482 $ 54,446 $ 154,47
Slide 28: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures* (continued) Three Months Ended Six Months Ended June 30, June 30, US Dollars in $000s 2025 2024 2025 2024 Adjusted North America Earnings from Operations: GAAP EFO from North America segment $ 68,722 $ 101,813 $ 119,512 $ 185,836 Amortization of
Slide 29: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (continued) Three Months Ended Six Months Ended June 30, June 30, US Dollars in $000s 2025 2024 2025 2024 Adjusted Consolidated EBITDA: GAAP consolidated net earnings $ 46,932 $ 87,444 $ 54,446 $ 154,471 Interest expense 24,293 16,859 42,032 32,1
Slide 30: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (continued) Twelve Months Ended June 30, US Dollars in $000s 2025 2024 Adjusted Return on Invested Capital: GAAP consolidated EFO $ 304,160 $ 454,782 Amortization of intangible assets 74,515 51,918 Change in fair value of earnout liabilities 31,7
Slide 31: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (continued) Three Months Ended Six Months Ended June 30, June 30, US Dollars in $000s 2025 2024 2025 2024 Adjusted Consolidated Selling and Administrative Expenses: GAAP selling and administrative expenses $ 352,314 $ 317,234 $ 691,487 $ 654,668
Slide 32: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures* (continued) Twelve Months Ended June 30, US Dollars in $000s 2025 Adjusted Free Cash Flow: Net cash provided by operating activities $ 240,880 Less: Purchases of property and equipment 40,116 Adjusted non-GAAP free cash flow $ 200,764 Net cash u
Slide 33: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures* (continued) Three Months Ended Three Months Ended Three Months Ended September 30, December 31, March 31, US Dollars in $000s 2024 2023 2024 2023 2025 2024 Adjusted Consolidated Earnings from Operations: GAAP consolidated EFO $ 92,851 $ 91,862 $
Slide 34: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures* (continued) Three Months Ended Three Months Ended Three Months Ended September 30, December 31, March 31, US Dollars in $000s, except per share data 2024 2023 2024 2023 2025 2024 Adjusted Consolidated Net Earnings: GAAP consolidated net earnings
Slide 35: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures* (continued) US Dollars in $000s TTM Q1-23 TTM Q2-23 TTM Q3-23 2023 TTM Q1-24 TTM Q2-24 TTM Q3-24 2024 TTM Q1-25 TTM Q2-25 Adjusted Consolidated Earnings from Operations: GAAP consolidated EFO $ 411,312 $ 400,367 $ 401,950 $ 419,795 $ 442,320 $ 4
Slide 36: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures* (continued) US Dollars in $000s, except per share data TTM Q1-23 TTM Q2-23 TTM Q3-23 2023 TTM Q1-24 TTM Q2-24 TTM Q3-24 2024 TTM Q1-25 TTM Q2-25 Adjusted Consolidated Net Earnings: GAAP consolidated net earnings $ 273,949 $ 265,247 $ 268,178 $ 2
Slide 37: Financial Results by Offering Category
Financial Results by Offering Category US Dollars in $000s Q2-23 Q3-23 Q4-23 FY 2023 Q1-24 Q2-24 Q3-24 Q4-24 FY 2024 Q1-25 Q2-25 Consolidated IEI by Offering Category: Hardware $ 1,310,273 $ 1,301,155 $ 1,148,664 $ 5,088,937 $ 1,134,727 $ 1,172,641 $ 1,137,518 $ 1,130,014 $ 4,574,900 $ 1,141,516 $ 1
Slide 38: Warrants (Illustrative example)
Warrants (Illustrative example) • Insight settled 3,586,212 of the total originally outstanding 5,123,160 warrants in cash in Q1 and Q2 2025 • The remaining 1,536,948 warrants matured on May 15, 2025 • At June 30, 2025 1,239,825 of the warrants are still to be settled in shares through the end of 20