Insight Enterprises, Inc. Reports Fourth Quarter and Full Year Results

About this update from Insight Enterprises, Inc.

[{"type":"text","content":" CHANDLER, Ariz. --(BUSINESS WIRE)--\n Insight Enterprises, Inc. (NASDAQ: NSIT) (the “Company”) today reported financial results for the quarter and full year ended December 31, 2024 . Highlights include:\n\n \n \nGross profit increased 1% year over year to $439.6 million with gross margin expanding 170 basis points to a record 21.2% for the fourth quarter and gross profit increased 6% for the full year to $1.8 billion with gross margin expanding 210 basis points to a record 20.3%\n \n \nInsight Core services gross profit increased 12% year over year for the fourth quarter and increased 15% for the full year\n\n \n \nCloud gross profit grew 3% year over year for the fourth quarter and increased 21% for the full year\n\n \n \n\n \n \nConsolidated net earnings decreased 59% to $37.0 million , year to year for the fourth quarter and decreased 11% to $249.7 million for the full year\n\n \n \nAdjusted earnings before interest, tax, depreciation and amortization (“EBITDA”) decreased 11% to $141.1 million , year to year for the fourth quarter but increased 4% to $543.5 million for the full year\n\n \n \nDiluted earnings per share of $0.99 decreased 59% year to year for the fourth quarter and diluted earnings per share of $6.55 decreased 13% for the full year\n\n \n \nAdjusted diluted earnings per share of $2.66 decreased 11% year to year for the fourth quarter and Adjusted diluted earnings per share of $9.68 was flat for the full year\n\n \n \nCash flows provided by operating activities were $215.1 million for the fourth quarter and $632.8 million for the full year\n\n \n \nIn the fourth quarter of 2024, net sales decreased 7%, year to year, to $2.1 billion , while gross profit increased 1%, year over year, to $439.6 million . Gross margin expanded 170 basis points compared to the fourth quarter of 2023 to 21.2%. Earnings from operations of $64.7 million decreased 51% compared to $131.9 million in the fourth quarter of 2023. Adjusted earnings from operations of $129.4 million decreased 13%, year to year compared to $148.7 million in the fourth quarter of 2023. Consolidated net earnings were $37.0 million , or 1.8% of net sales, in the fourth quarter of 2024, and Adjusted consolidated net earnings were $91.1 million , or 4.4% of net sales. Diluted earnings per share for the quarter was $0.99 , down 59%, year to year, and Adjusted diluted earnings per share was $2.66 , down 11%, year to year.\n\n \nFor the full year 2024, net sales decreased 5%, year to year, to $8.7 billion , while gross profit increased 6%, year over year, to $1.8 billion . Gross margin expanded 210 basis points compared to the prior year to 20.3%. Earnings from operations of $388.6 million decreased 7% compared to $419.8 million in 2023. Adjusted earnings from operations of $502.4 million increased 2%, year over year compared to $492.1 million in 2023. Consolidated net earnings were $249.7 million , or 2.9% of net sales for the full year and Adjusted consolidated net earnings were $338.2 million , or 3.9% of net sales. Diluted earnings per share for the full year was $6.55 , down 13%, year to year, and Adjusted diluted earnings per share was $9.68 , flat, year to year.\n\n \n“In 2024, clients continued to exercise caution due to the macroeconomic environment, which influenced their investment priorities and prolonged their decision-making. Still, Q4 met our expectations and we posted another record year of gross margin at 20.3% and cash flow from operations of $633 million ,” stated Joyce Mullen , President and Chief Executive Officer. “We took critical steps forward with our offerings across key growth areas: cloud solutions and Insight Core services, and we continued building expertise and scale in other areas important to our clients, particularly in GCP, ServiceNow and AWS, augmenting our existing strength in Azure,” stated Mullen.\n\n \n KEY HIGHLIGHTS \n\n \n Results for the Quarter: \n\n \n \nConsolidated net sales for the fourth quarter of 2024 of $2.1 billion decreased 7%, year to year, when compared to the fourth quarter of 2023. Product net sales decreased 10%, year to year, while services net sales increased 3%, year over year.\n \n \nNet sales in North America decreased 5%, year to year, to $1.7 billion ;\n \n \nProduct net sales decreased 6%, year to year, to $1.4 billion ;\n\n \n \nServices net sales increased 1%, year over year, to $321.3 million ;\n\n \n \n\n \n \nNet sales in EMEA decreased 18%, year to year, to $319.8 million ; and\n\n \n \nNet sales in APAC decreased 6%, year to year, to $52.1 million .\n\n \n \n\n \n \nExcluding the effects of fluctuating foreign currency exchange rates, consolidated net sales also decreased 7%, year to year, with decreases in net sales in North America , EMEA and APAC of 5%, 19% and 6%, year to year, respectively.\n\n \n \nConsolidated gross profit increased 1% compared to the fourth quarter of 2023 to $439.6 million , with consolidated gross margin expanding 170 basis points to 21.2% of net sales. Product gross profit decreased 1%, year to year, and services gross profit increased 3%, year over year. Cloud gross profit grew 3%, year over year, and Insight Core services gross profit increased 12%, year over year. By segment, gross profit:\n \n \ndecreased 1% in North America , year to year, to $350.0 million (20.6% gross margin);\n\n \n \nincreased 8% in EMEA, year over year, to $72.6 million (22.7% gross margin); and\n\n \n \nincreased 13% in APAC, year over year, to $17.0 million (32.7% gross margin).\n\n \n \n\n \n \nExcluding the effects of fluctuating foreign currency exchange rates, consolidated gross profit was also up 1%, year over year, with gross profit growth in EMEA and APAC of 7% and 13%, respectively, year over year, partially offset by a decrease in North America of 1%, year to year.\n\n \n \nConsolidated earnings from operations decreased 51% compared to the fourth quarter of 2023 to $64.7 million , or 3.1% of net sales. By segment, earnings from operations:\n \n \ndecreased 55% in North America , year to year, to $52.4 million , or 3.1% of net sales;\n\n \n \ndecreased 26% in EMEA, year to year, to $7.4 million , or 2.3% of net sales; and\n\n \n \nincreased 7% in APAC, year over year, to $4.9 million , or 9.5% of net sales.\n\n \n \n\n \n \nExcluding the effects of fluctuating foreign currency exchange rates, consolidated earnings from operations were also down 51%, year to year, with decreases in earnings from operations in North America and EMEA of 55% and 24%, respectively, year to year, partially offset by increased earnings from operations in APAC of 8%, year over year.\n\n \n \nAdjusted earnings from operations decreased 13% compared to the fourth quarter of 2023 at $129.4 million , or 6.2% of net sales. By segment, Adjusted earnings from operations:\n \n \ndecreased 17% in North America , year to year, to $109.2 million , or 6.4% of net sales;\n\n \n \nincreased 21% in EMEA, year over year, to $14.6 million , or 4.6% of net sales; and\n\n \n \nincreased 16% in APAC, year over year, to $5.6 million , or 10.7% of net sales.\n\n \n \n\n \n \nExcluding the effects of fluctuating foreign currency exchange rates, Adjusted consolidated earnings from operations decreased 13% compared to the fourth quarter of 2023, with a decrease in Adjusted earnings from operations in North America of 17%, year to year, partially offset by increased Adjusted earnings from operations in EMEA and APAC of 22% and 16%, respectively, year over year.\n\n \n \nConsolidated net earnings and diluted earnings per share for the fourth quarter of 2024 were $37.0 million and $0.99 , respectively, at an effective tax rate of 29.2%.\n\n \n \nAdjusted consolidated net earnings and Adjusted diluted earnings per share for the fourth quarter of 2024 were $91.1 million and $2.66 , respectively. Excluding the effects of fluctuating foreign currency exchange rates, Adjusted diluted earnings per share decreased 10%, year to year.\n\n \n \n Results for the Year: \n\n \n \nConsolidated net sales of $8.7 billion for the full year of 2024 decreased 5%, year to year, when compared to the full year of 2023.\n \n \nNet sales in North America decreased 4%, year to year, to $7.1 billion ;\n \n \nProduct net sales decreased 7%, year to year, to $5.8 billion ;\n\n \n \nServices net sales increased 7%, year over year, to $1.3 billion ;\n\n \n \n\n \n \nNet sales in EMEA decreased 10%, year to year, to $1.4 billion ; and\n\n \n \nNet sales in APAC increased 1%, year over year, to $233.0 million .\n\n \n \n\n \n \nExcluding the effects of fluctuating foreign currency exchange rates, consolidated net sales also decreased 5%, year to year, with declines in net sales in North America and EMEA of 4% and 11%, respectively, year to year, partially offset by an increase in net sales in APAC of 2%.\n\n \n \nConsolidated gross profit increased 6% compared to the full year of 2023 to $1.8 billion , with consolidated gross margin expanding 210 basis points to 20.3% of net sales. Product gross profit decreased 2%, year to year, and services gross profit increased 13%, year over year. Cloud gross profit grew 21%, year over year, and Insight core services gross profit increased 15%, year over year. By segment, gross profit:\n \n \nincreased 4% in North America , year over year, to $1.4 billion (19.9% gross margin);\n\n \n \nincreased 13% in EMEA, year over year, to $293.2 million (20.7% gross margin); and\n\n \n \nincreased 11% in APAC, year over year, to $70.8 million (30.4% gross margin).\n\n \n \n\n \n \nExcluding the effects of fluctuating foreign currency exchange rates, consolidated gross profit was also up 6%, year over year, with gross profit growth in North America , EMEA and APAC of 4%, 11% and 12%, respectively, year over year.\n\n \n \nConsolidated earnings from operations decreased 7% compared to the full year of 2023 to $388.6 million , or 4.5% of net sales. By segment, earnings from operations:\n \n \ndecreased 12% in North America , year to year, to $319.1 million , or 4.5% of net sales;\n\n \n \nincreased 21% in EMEA, year over year, to $46.2 million , or 3.3% of net sales; and\n\n \n \nincreased 19% in APAC, year over year, to $23.3 million , or 10.0% of net sales.\n\n \n \n\n \n \nExcluding the effects of fluctuating foreign currency exchange rates, consolidated earnings from operations were also down 7%, year to year, with a decrease in earnings from operations in North America of 12%, year to year, partially offset by increased earnings from operations in both EMEA and APAC of 20%, year over year.\n\n \n \nAdjusted earnings from operations increased 2% compared to the full year of 2023 to $502.4 million , or 5.8% of net sales. By segment, Adjusted earnings from operations:\n \n \ndecreased 1% in North America , year to year, to $422.0 million , or 6.0% of net sales;\n\n \n \nincreased 18% in EMEA, year over year, to $55.9 million , or 4.0% of net sales; and\n\n \n \nincreased 21% in APAC, year over year, to $24.5 million , or 10.5% of net sales.\n\n \n \n\n \n \nExcluding the effects of fluctuating foreign currency exchange rates, Adjusted consolidated earnings from operations were also up 2%, year over year, with increases in EMEA and APAC of 16% and 22%, respectively, year over year. Adjusted earnings from operations in North America remained flat.\n\n \n \nConsolidated net earnings and diluted earnings per share for the full year of 2024 were $249.7 million and $6.55 , respectively, at an effective tax rate of 25.0%.\n\n \n \nAdjusted consolidated net earnings and Adjusted diluted earnings per share for the full year of 2024 were $338.2 million and $9.68 , respectively. Excluding the effects of fluctuating foreign currency exchange rates, Adjusted diluted earnings per share was flat, year to year.\n\n \n \nIn discussing financial results for the three and twelve months ended months ended December 31, 2024 and 2023 in this press release, the Company refers to certain financial measures that are adjusted from the financial results prepared in accordance with United States generally accepted accounting principles (“GAAP”). When referring to non-GAAP measures, the Company refers to them as “Adjusted.” See “Use of Non-GAAP Financial Measures” for additional information. A tabular reconciliation of financial measures prepared in accordance with GAAP to the non-GAAP financial measures is included at the end of this press release.\n\n \nIn some instances, the Company refers to changes in net sales, gross profit, earnings from operations and Adjusted earnings from operations on a consolidated basis and in North America , EMEA and APAC excluding the effects of fluctuating foreign currency exchange rates. In addition, the Company refers to changes in Adjusted diluted earnings per share on a consolidated basis excluding the effects of fluctuating foreign currency exchange rates. These are also considered to be non-GAAP measures. The Company believes providing this information excluding the effects of fluctuating foreign currency exchange rates provides valuable supplemental information to investors regarding its underlying business and results of operations, consistent with how the Company and its management evaluate the Company’s performance. In computing these changes and percentages, the Company compares the current year amount as translated into U.S. dollars under the applicable accounting standards to the prior year amount in local currency translated into U.S. dollars utilizing the weighted average translation rate for the current period. The performance measures excluding the effects of fluctuating foreign currency exchange rates should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.\n\n \nThe tax effect of Adjusted amounts referenced herein were computed using the statutory tax rate for the taxing jurisdictions in the operating segment in which the related expenses were recorded, adjusted for the effects of valuation allowances on net operating losses in certain jurisdictions.\n\n \n GUIDANCE \n\n \nFor the full year 2025, we expect Adjusted diluted earnings per share to be between $9.70 and $10.10 . We expect to deliver low single-digits gross profit growth and expect that our gross margin will continue to be approximately 20%.\n\n \nThis outlook assumes:\n\n \n \ninterest expense of $70 to $75 million ;\n\n \n \nan effective tax rate of approximately 25% to 26% for the full year;\n\n \n \ncapital expenditures of $35 to $40 million ; and\n\n \n \nan average share count for the full year of 32.9 million shares, reflecting the net impact of settling our outstanding convertible senior notes (the “Convertible Notes”) in February 2025 and the associated warrants in 2025.\n\n \n \nThis outlook excludes acquisition-related intangibles amortization expense of approximately $74.3 million , assumes no acquisition or integration related expenses, transformation or severance and restructuring expenses, net, does not contemplate any impact of tariffs, and no significant change in our debt instruments, with the exception of the settlement of our Convertible Notes, and no significant change in the macroeconomic environment. Due to the inherent difficulty of forecasting some of these types of expenses, which impact net earnings, diluted earnings per share and selling and administrative expenses, the Company is unable to reasonably estimate the impact of such expenses, if any, to net earnings, diluted earnings per share and selling and administrative expenses. Accordingly, the Company is unable to provide a reconciliation of GAAP to non-GAAP diluted earnings per share for the full year 2025 forecast.\n\n \n CONFERENCE CALL AND WEBCAST \n\n \nThe Company will host a conference call and live webcast today at 9:00 a.m. ET to discuss fourth quarter and full year 2024 results of operations. A live webcast of the conference call (in listen-only mode) will be available on the Company’s web site at http://investor.insight.com/ , and a replay of the webcast will be available on the Company’s web site for a limited time following the call. To access the live conference call, please register in advance using the event link on the Company's web site. Upon registering, participants will receive dial-in information via email, as well as a unique registrant ID, event passcode, and detailed instructions regarding how to join the call.\n\n \n USE OF NON-GAAP FINANCIAL MEASURES \n\n \nThe non-GAAP financial measures are referred to as “Adjusted”. Adjusted earnings from operations, Adjusted net earnings and Adjusted diluted earnings per share exclude (i) severance and restructuring expenses, net, (ii) certain executive recruitment and hiring related expenses, (iii) amortization of intangible assets, (iv) transformation costs, (v) certain acquisition and integration related expenses, (vi) gains and losses from revaluation of acquisition related earnout liabilities, (vii) certain third-party data center service outage related expenses and recoveries, and (viii) the tax effects of each of these items, as applicable. Transformation costs represent costs we are incurring to transform our business, to help us achieve our strategic objectives, including becoming a leading solutions integrator. The Company excludes these items when internally evaluating earnings from operations, tax expense, net earnings and diluted earnings per share for the Company and earnings from operations for each of the Company’s operating segments. Adjusted diluted earnings per share also includes the impact of the benefit from the note hedge where the Company’s average stock price for the fourth quarter of 2024 was in excess of $68.32 , which is the initial conversion price of our Convertible Notes. Adjusted EBITDA excludes (i) interest expense, (ii) income tax expense, (iii) depreciation and amortization of property and equipment, (iv) amortization of intangible assets, (v) severance and restructuring expenses, net, (vi) certain executive recruitment and hiring related expenses, (vii) transformation costs (viii) certain acquisition and integration related expenses, (ix) certain third-party data center service outage related expenses and recoveries, and (x) gains and losses from revaluation of acquisition related earnout liabilities. Adjusted return on invested capital (“ROIC”) excludes (i) severance and restructuring expenses, net, (ii) certain executive recruitment and hiring related expenses, (iii) amortization of intangible assets, (iv) transformation costs, (v) certain acquisition and integration related expenses, (vi) certain third-party data center service outage related expenses and recoveries, (vii) gains and losses from revaluation of acquisition related earnout liabilities, and (viii) the tax effects of each of these items, as applicable.\n\n \nThese non-GAAP measures are used by the Company and its management to evaluate financial performance against budgeted amounts, to calculate incentive compensation, to assist in forecasting future performance and to compare the Company’s results to those of the Company’s competitors. The Company believes that these non-GAAP financial measures are useful to investors because they allow for greater transparency, facilitate comparisons to prior periods and the Company’s competitors’ results and assist in forecasting performance for future periods. These non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures presented by other companies. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.\n\n \n \n \n \n \n \n \n \n \n \n FINANCIAL SUMMARY TABLE \n\n \n\n \n (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) \n\n \n\n \n (UNAUDITED) \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Three Months Ended\n December 31 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n Twelve Months Ended\n December 31 , \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n change \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n change \n\n \n\n \n\n \n \n \n Insight Enterprises, Inc. \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet sales:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProducts\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,651,471\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,827,980\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(10%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7,015,640\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7,631,388\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(8%)\n\n \n\n \n\n \n \n \nServices\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n421,194\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n408,031\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,686,058\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,544,452\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9%\n\n \n\n \n\n \n \n \nTotal net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,072,665\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,236,011\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n8,701,698\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n9,175,840\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(5%)\n\n \n\n \n\n \n \n \nGross profit\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n439,638\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n436,150\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,766,016\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,669,525\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6%\n\n \n\n \n\n \n \n \nGross margin\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n21.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n170 bps\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n20.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n18.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n210 bps\n\n \n\n \n\n \n \n \nSelling and administrative expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n358,487\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n298,206\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n20%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,343,151\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,236,243\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9%\n\n \n\n \n\n \n \n \nSeverance and restructuring expenses, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n15,967\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,136\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n> 100%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n31,605\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,091\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n> 100%\n\n \n\n \n\n \n \n \nAcquisition and integration related expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n510\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,947\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(83%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,676\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7,396\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(64%)\n\n \n\n \n\n \n \n \nEarnings from operations\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n64,674\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n131,861\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(51%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n388,584\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n419,795\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7%)\n\n \n\n \n\n \n \n \nNet earnings\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n37,012\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n90,608\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(59%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n249,691\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n281,309\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(11%)\n\n \n\n \n\n \n \n \nDiluted earnings per share\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.99\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2.42\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(59%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6.55\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7.55\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(13%)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Sales Mix \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n**\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n**\n\n \n\n \n\n \n \n \nHardware\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n55\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n51\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(2%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n53\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n55\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(10%)\n\n \n\n \n\n \n \n \nSoftware\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n25\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n31\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(23%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(4%)\n\n \n\n \n\n \n \n \nServices\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n20\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n18\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n3%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n17\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n9%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n100\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n100\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(7%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n100\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n100\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(5%)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n North America \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet sales:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProducts\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,379,530\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,471,761\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(6%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n5,759,744\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,167,512\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7%)\n\n \n\n \n\n \n \n \nServices\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n321,288\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n318,591\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,294,836\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,214,842\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7%\n\n \n\n \n\n \n \n \nTotal net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,700,818\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,790,352\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(5%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7,054,580\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7,382,354\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(4%)\n\n \n\n \n\n \n \n \nGross profit\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n349,987\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n353,812\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,401,994\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,345,955\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4%\n\n \n\n \n\n \n \n \nGross margin\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n20.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n80 bps\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19.9\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n18.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n170 bps\n\n \n\n \n\n \n \n \nSelling and administrative expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n287,118\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n230,913\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n24%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,058,184\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n976,172\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8%\n\n \n\n \n\n \n \n \nSeverance and restructuring expenses, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n10,259\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,741\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n> 100%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n23,042\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,793\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n> 100%\n\n \n\n \n\n \n \n \nAcquisition and integration related expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n214\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,781\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(92%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,700\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,908\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(56%)\n\n \n\n \n\n \n \n \nEarnings from operations\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n52,396\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n117,377\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(55%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n319,068\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n362,082\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(12%)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Sales Mix \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n**\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n**\n\n \n\n \n\n \n \n \nHardware\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n59\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n57\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(2%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n57\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n61\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(10%)\n\n \n\n \n\n \n \n \nSoftware\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n25\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(17%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n25\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n3%\n\n \n\n \n\n \n \n \nServices\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n18\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n1%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n18\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n7%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n100\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n100\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(5%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n100\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n100\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(4%)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n EMEA \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet sales:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProducts\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n246,019\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n325,122\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(24%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,127,483\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,331,338\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(15%)\n\n \n\n \n\n \n \n \nServices\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n73,758\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n65,406\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n286,614\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n232,316\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23%\n\n \n\n \n\n \n \n \nTotal net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n319,777\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n390,528\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(18%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,414,097\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,563,654\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(10%)\n\n \n\n \n\n \n \n \nGross profit\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n72,632\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n67,343\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n293,188\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n259,987\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13%\n\n \n\n \n\n \n \n \nGross margin\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n17.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n550 bps\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n20.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n410 bps\n\n \n\n \n\n \n \n \nSelling and administrative expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n59,923\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n56,993\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n238,300\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n216,246\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10%\n\n \n\n \n\n \n \n \nSeverance and restructuring expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n5,336\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n285\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n> 100%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7,975\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,125\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n> 100%\n\n \n\n \n\n \n \n \nAcquisition and integration related expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n17\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n166\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(90%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n695\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,488\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(80%)\n\n \n\n \n\n \n \n \nEarnings from operations\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7,356\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n9,899\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(26%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n46,218\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n38,128\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n21%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Sales Mix \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n**\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n**\n\n \n\n \n\n \n \n \nHardware\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n36\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n29\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n—%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n36\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n35\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(8%)\n\n \n\n \n\n \n \n \nSoftware\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n41\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n54\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(38%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n44\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n50\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(20%)\n\n \n\n \n\n \n \n \nServices\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n17\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n13%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n20\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n23%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n100\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n100\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(18%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n100\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n100\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(10%)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n APAC \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet sales:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProducts\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n25,922\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n31,097\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(17%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n128,413\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n132,538\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3%)\n\n \n\n \n\n \n \n \nServices\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n26,148\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n24,034\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n104,608\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n97,294\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8%\n\n \n\n \n\n \n \n \nTotal net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n52,070\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n55,131\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(6%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n233,021\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n229,832\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1%\n\n \n\n \n\n \n \n \nGross profit\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n17,019\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n14,995\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n70,834\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n63,583\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11%\n\n \n\n \n\n \n \n \nGross margin\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n32.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n550 bps\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n30.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n270 bps\n\n \n\n \n\n \n \n \nSelling and administrative expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n11,446\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n10,300\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n46,667\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n43,825\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6%\n\n \n\n \n\n \n \n \nSeverance and restructuring expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n372\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n110\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n> 100%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n588\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n173\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n> 100%\n\n \n\n \n\n \n \n \nAcquisition and integration related expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n279\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n*\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n281\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n*\n\n \n\n \n\n \n \n \nEarnings from operations\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,922\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,585\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n23,298\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n19,585\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Sales Mix \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n**\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n**\n\n \n\n \n\n \n \n \nHardware\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n18\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(22%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(19)%\n\n \n\n \n\n \n \n \nSoftware\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n35\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n39\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(14%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n40\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n39\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n5%\n\n \n\n \n\n \n \n \nServices\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n50\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n43\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n9%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n45\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n42\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n8%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n100\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n100\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(6%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n100\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n100\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n1%\n\n \n\n \n\n \n \n \n \n*\n\n \n\n \n\n \n \nPercentage change not considered meaningful\n\n \n\n \n\n \n \n \n**\n\n \n\n \n\n \n \nChange in sales mix represents growth/decline in category net sales on a U.S. dollar basis and does not exclude the effects of fluctuating foreign currency exchange rates\n\n \n\n \n\n \n \n FORWARD-LOOKING INFORMATION \n\n \nCertain statements in this release and the related conference call, webcast and presentation are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including those related to the impact of inflation and higher interest rates, the Company’s future financial performance and results of operations, including gross profit growth, Adjusted diluted earnings per share, gross margin, and Adjusted selling and administrative expenses, as well as the Company’s other key performance indicators, the Company’s anticipated effective tax rate, capital expenditures, and expected average share count, the Company’s expectations regarding cash flow, the Company’s plans and expectations relating to the settlement of the Convertible Notes and the related warrants, the Company’s expectations regarding supply constraints, future trends in the IT market, the Company’s business strategy and strategic initiatives, which are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. There can be no assurances that the results discussed by the forward-looking statements will be achieved, and actual results may differ materially from those set forth in the forward-looking statements. Some of the important factors that could cause the Company’s actual results to differ materially from those projected in any forward-looking statements include, but are not limited to, the following, which are discussed in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including in the “Risk Factors” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings with the SEC :\n\n \n \nactions of our competitors, including manufacturers and publishers of products we sell;\n\n \n \nour reliance on our partners for product availability, competitive products to sell and marketing funds and purchasing incentives, which can and do change significantly in the amounts made available and in the requirements year over year;\n\n \n \nour ability to keep pace with rapidly evolving technological advances and the evolving competitive marketplace;\n\n \n \ngeneral economic conditions, economic uncertainties and changes in geopolitical conditions, including the possibility of a recession or a decline in market activity as a result of the ongoing conflicts in Ukraine and Gaza ;\n\n \n \nchanges in the IT industry and/or rapid changes in technology;\n\n \n \nour ability to provide high quality services to our clients;\n\n \n \nour reliance on independent shipping companies;\n\n \n \nthe risks associated with our international operations;\n\n \n \nsupply constraints for products;\n\n \n \nnatural disasters or other adverse occurrences, including public health issues such as pandemics or epidemics;\n\n \n \ndisruptions in our IT systems and voice and data networks;\n\n \n \ncyberattacks, outages, or third-party breaches of data privacy as well as related breaches of government regulations;\n\n \n \nintellectual property infringement claims and challenges to our copyrights, patents, trademarks and trade names;\n\n \n \npotential liability and competitive risk based on the development, adoption, and use of Generative Artificial Intelligence;\n\n \n \nlegal proceedings, client audits and failure to comply with laws and regulations;\n\n \n \nrisks of termination, delays in payment, audits and investigations related to our public sector contracts;\n\n \n \nexposure to changes in, interpretations of, or enforcement trends related to tax rules and regulations;\n\n \n \nour potential to draw down a substantial amount of indebtedness;\n\n \n \nthe Company is subject to counterparty risk with respect to certain hedge and warrant transactions entered into in connection with the issuance of the Convertible Notes;\n\n \n \nincreased debt and interest expense and the possibility of decreased availability of funds under our financing facilities;\n\n \n \npossible significant fluctuations in our future operating results as well as seasonality and variability in client demands;\n\n \n \npotential contractual disputes with our clients and third-party suppliers;\n\n \n \nour dependence on certain key personnel and our ability to attract, train and retain skilled teammates;\n\n \n \nrisks associated with the integration and operation of acquired businesses, including achievement of expected synergies and benefits; and\n\n \n \nfuture sales of the Company’s common stock or equity-linked securities in the public market could lower the market price for our common stock.\n\n \n \nAdditionally, there may be other risks that are otherwise described from time to time in the reports that the Company files with the SEC . Any forward-looking statements in this release, the related conference call, webcast and presentation speak only as of the date on which they are made and should be considered in light of various important factors, including the risks and uncertainties listed above, as well as others. The Company assumes no obligation to update, and, except as may be required by law, does not intend to update, any forward-looking statements. The Company does not endorse any projections regarding future performance that may be made by third parties.\n\n \n \n \n \n \n \n \n \n \n INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES \n\n \n\n \n CONSOLIDATED STATEMENTS OF OPERATIONS \n\n \n\n \n (IN THOUSANDS, EXCEPT PER SHARE DATA) \n\n \n\n \n (UNAUDITED) \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n Three Months Ended\n December 31 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n Twelve Months Ended\n December 31 , \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n \nNet sales:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProducts\n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,651,471\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,827,980\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7,015,640\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7,631,388\n\n \n\n \n\n \n \n \nServices\n\n \n\n \n\n \n \n\n \n\n \n\n \n421,194\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n408,031\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,686,058\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,544,452\n\n \n\n \n\n \n \n \nTotal net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n2,072,665\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,236,011\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,701,698\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9,175,840\n\n \n\n \n\n \n \n \nCosts of goods sold:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProducts\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,465,690\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,639,458\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,259,815\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,859,178\n\n \n\n \n\n \n \n \nServices\n\n \n\n \n\n \n \n\n \n\n \n\n \n167,337\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n160,403\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n675,867\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n647,137\n\n \n\n \n\n \n \n \nTotal costs of goods sold\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,633,027\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,799,861\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,935,682\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,506,315\n\n \n\n \n\n \n \n \nGross profit\n\n \n\n \n\n \n \n\n \n\n \n\n \n439,638\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n436,150\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,766,016\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,669,525\n\n \n\n \n\n \n \n \nOperating expenses:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSelling and administrative expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n358,487\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n298,206\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,343,151\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,236,243\n\n \n\n \n\n \n \n \nSeverance and restructuring expenses, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n15,967\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,136\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n31,605\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,091\n\n \n\n \n\n \n \n \nAcquisition and integration related expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n510\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,947\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,676\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,396\n\n \n\n \n\n \n \n \nEarnings from operations\n\n \n\n \n\n \n \n\n \n\n \n\n \n64,674\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n131,861\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n388,584\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n419,795\n\n \n\n \n\n \n \n \nNon-operating expense (income):\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nInterest expense, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n14,660\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9,358\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n58,036\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n41,124\n\n \n\n \n\n \n \n \nOther (income) expense, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,237\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n328\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,365\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n817\n\n \n\n \n\n \n \n \nEarnings before income taxes\n\n \n\n \n\n \n \n\n \n\n \n\n \n52,251\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n122,175\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n332,913\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n377,854\n\n \n\n \n\n \n \n \nIncome tax expense\n\n \n\n \n\n \n \n\n \n\n \n\n \n15,239\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n31,567\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n83,222\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n96,545\n\n \n\n \n\n \n \n \nNet earnings\n\n \n\n \n\n \n$\n\n \n\n \n\n \n37,012\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n90,608\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n249,691\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n281,309\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet earnings per share:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBasic\n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.17\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2.78\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7.73\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n8.53\n\n \n\n \n\n \n \n \nDiluted\n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.99\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2.42\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6.55\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7.55\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nShares used in per share calculations:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBasic\n\n \n\n \n\n \n \n\n \n\n \n\n \n31,769\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n32,583\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n32,286\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n32,991\n\n \n\n \n\n \n \n \nDiluted\n\n \n\n \n\n \n \n\n \n\n \n\n \n37,212\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n37,513\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n38,136\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n37,241\n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES \n\n \n\n \n CONSOLIDATED BALANCE SHEETS \n\n \n\n \n (In THOUSANDS) \n\n \n\n \n (UNAUDITED) \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n December 31 ,\n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2023 \n\n \n\n \n\n \n \n \n ASSETS \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCurrent assets:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash and cash equivalents\n\n \n\n \n\n \n$\n\n \n\n \n\n \n259,234\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n268,730\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccounts receivable, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n4,172,104\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,568,290\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nInventories\n\n \n\n \n\n \n \n\n \n\n \n\n \n122,581\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n184,605\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nContract assets, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n81,980\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n120,518\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther current assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n208,723\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n189,158\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal current assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n4,844,622\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,331,301\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLong-term contract assets, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n86,953\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n132,780\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProperty and equipment, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n215,678\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n210,061\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Goodwill \n\n \n\n \n\n \n \n\n \n\n \n\n \n893,516\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n684,345\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIntangible assets, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n426,493\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n369,687\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLong-term accounts receivable\n\n \n\n \n\n \n \n\n \n\n \n\n \n845,943\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n412,666\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n135,373\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n145,510\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7,448,578\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,286,350\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n LIABILITIES AND STOCKHOLDERS’ EQUITY \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCurrent liabilities:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccounts payable – trade\n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,059,667\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,255,183\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccounts payable – inventory financing facilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n217,604\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n231,850\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccrued expenses and other current liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n512,052\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n538,346\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCurrent portion of long-term debt\n\n \n\n \n\n \n \n\n \n\n \n\n \n332,879\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n348,004\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal current liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n4,122,202\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,373,383\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLong-term debt\n\n \n\n \n\n \n \n\n \n\n \n\n \n531,233\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n592,517\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDeferred income taxes\n\n \n\n \n\n \n \n\n \n\n \n\n \n64,459\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27,588\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLong-term accounts payable\n\n \n\n \n\n \n \n\n \n\n \n\n \n799,546\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n353,794\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n160,527\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n203,335\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,677,967\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,550,617\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nStockholders’ equity:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPreferred stock\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCommon stock\n\n \n\n \n\n \n \n\n \n\n \n\n \n318\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n326\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdditional paid-in capital\n\n \n\n \n\n \n \n\n \n\n \n\n \n342,893\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n328,607\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRetained earnings\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,508,558\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,448,412\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccumulated other comprehensive loss – foreign currency translation adjustments\n\n \n\n \n\n \n \n\n \n\n \n\n \n(81,158\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(41,612\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nTotal stockholders’ equity\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,770,611\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,735,733\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7,448,578\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,286,350\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n \n \n \n \n INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES \n\n \n\n \n CONSOLIDATED STATEMENTS OF CASH FLOWS \n\n \n\n \n (IN THOUSANDS) \n\n \n\n \n (UNAUDITED) \n\n \n\n \n\n \n \n \n \n \n \n \n \n Twelve Months Ended\n December 31 , \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash flows from operating activities:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet earnings\n\n \n\n \n\n \n$\n\n \n\n \n\n \n249,691\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n281,309\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjustments to reconcile net earnings to net cash provided by operating activities:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDepreciation and amortization\n\n \n\n \n\n \n \n\n \n\n \n\n \n98,137\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n62,476\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProvision for losses on accounts receivable\n\n \n\n \n\n \n \n\n \n\n \n\n \n10,038\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,062\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNon-cash stock-based compensation\n\n \n\n \n\n \n \n\n \n\n \n\n \n33,971\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28,951\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet change on revaluation of earnout liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n(7,848\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDeferred income taxes\n\n \n\n \n\n \n \n\n \n\n \n\n \n8,296\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(13,080\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nAmortization of debt issuance costs\n\n \n\n \n\n \n \n\n \n\n \n\n \n5,591\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,870\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther adjustments\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,054\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n234\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nChanges in assets and liabilities:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIncrease in accounts receivable\n\n \n\n \n\n \n \n\n \n\n \n\n \n(656,092\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(11,892\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nDecrease in inventories\n\n \n\n \n\n \n \n\n \n\n \n\n \n54,439\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n75,729\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDecrease (increase) in contract assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n58,433\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(13,840\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nIncrease in long-term accounts receivable\n\n \n\n \n\n \n \n\n \n\n \n\n \n(454,887\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(126,850\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nDecrease in other assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n16,199\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n34,061\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIncrease in accounts payable\n\n \n\n \n\n \n \n\n \n\n \n\n \n825,555\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n216,229\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIncrease in long-term accounts payable\n\n \n\n \n\n \n \n\n \n\n \n\n \n441,881\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n111,790\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDecrease in accrued expenses and other liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n(51,613\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(35,518\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nNet cash provided by operating activities:\n\n \n\n \n\n \n \n\n \n\n \n\n \n632,845\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n619,531\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash flows from investing activities:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProceeds from sale of assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n13,751\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,515\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPurchases of property and equipment\n\n \n\n \n\n \n \n\n \n\n \n\n \n(46,782\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(39,252\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nAcquisitions, net of cash and cash equivalents acquired\n\n \n\n \n\n \n \n\n \n\n \n\n \n(270,247\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(481,464\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nNet cash used in investing activities:\n\n \n\n \n\n \n \n\n \n\n \n\n \n(303,278\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(505,201\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nCash flows from financing activities:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBorrowings on ABL revolving credit facility\n\n \n\n \n\n \n \n\n \n\n \n\n \n4,622,416\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,587,596\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRepayments on ABL revolving credit facility\n\n \n\n \n\n \n \n\n \n\n \n\n \n(5,176,546\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(4,288,036\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nNet repayments under inventory financing facilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n(13,577\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(70,408\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nProceeds from issuance of senior unsecured notes\n\n \n\n \n\n \n \n\n \n\n \n\n \n500,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPayment of debt issuance costs\n\n \n\n \n\n \n \n\n \n\n \n\n \n(8,652\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRepurchases of common stock\n\n \n\n \n\n \n \n\n \n\n \n\n \n(200,020\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(217,108\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nRepayment of principal on the Convertible Notes\n\n \n\n \n\n \n \n\n \n\n \n\n \n(16,895\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nEarnout and acquisition related payments\n\n \n\n \n\n \n \n\n \n\n \n\n \n(20,286\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(15,615\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nOther payments\n\n \n\n \n\n \n \n\n \n\n \n\n \n(7,711\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(13,141\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nNet cash used in financing activities:\n\n \n\n \n\n \n \n\n \n\n \n\n \n(321,271\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(16,712\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nForeign currency exchange effect on cash, cash equivalents and restricted cash balances\n\n \n\n \n\n \n \n\n \n\n \n\n \n(17,614\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,449\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n(Decrease) increase in cash, cash equivalents and restricted cash\n\n \n\n \n\n \n \n\n \n\n \n\n \n(9,318\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n105,067\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash, cash equivalents and restricted cash at beginning of period\n\n \n\n \n\n \n \n\n \n\n \n\n \n270,785\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n165,718\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash, cash equivalents and restricted cash at end of period\n\n \n\n \n\n \n$\n\n \n\n \n\n \n261,467\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n270,785\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES \n\n \n\n \n RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES \n\n \n\n \n (IN THOUSANDS, EXCEPT PER SHARE DATA) \n\n \n\n \n (UNAUDITED) \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Three Months Ended\n December 31 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n Twelve Months Ended\n December 31 , \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Adjusted Consolidated Earnings from Operations: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGAAP consolidated EFO\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n64,674\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n131,861\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n388,584\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n419,795\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAmortization of intangible assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n18,597\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10,988\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n69,581\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n36,231\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nChange in fair value of earnout liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22,800\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7,849\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther*\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23,342\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,823\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n52,056\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n36,101\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted non-GAAP consolidated EFO\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n129,413\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n148,672\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n502,372\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n492,127\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGAAP EFO as a percentage of net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5.9\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nAdjusted non-GAAP EFO as a percentage of net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Adjusted Consolidated Net Earnings: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGAAP consolidated net earnings\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n37,012\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n90,608\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n249,691\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n281,309\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAmortization of intangible assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n18,597\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10,988\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n69,581\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n36,231\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nChange in fair value of earnout liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22,800\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7,849\n\n \n\n \n\n \n)\n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther*\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23,342\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,823\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n52,056\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n36,101\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIncome taxes on non-GAAP adjustments\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(10,620\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(4,287\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(25,298\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(18,016\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nAdjusted non-GAAP consolidated net earnings\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n91,131\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n103,132\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n338,181\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n335,625\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGAAP net earnings as a percentage of net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.9\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nAdjusted non-GAAP net earnings as a percentage of net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.9\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Adjusted Diluted Earnings Per Share: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGAAP diluted EPS\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.99\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2.42\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6.55\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7.55\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAmortization of intangible assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.50\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.29\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.82\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.97\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nChange in fair value of earnout liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.61\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.21\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.63\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.16\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.37\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.97\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIncome taxes on non-GAAP adjustments\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.29\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.11\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.66\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.48\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nImpact of benefit from note hedge\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.22\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.22\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.81\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.68\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted non-GAAP diluted EPS\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2.66\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2.98\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n9.68\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n9.69\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nShares used in diluted EPS calculation\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n37,212\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n37,513\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n38,136\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n37,241\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nImpact of benefit from note hedge\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,011\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,874\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,205\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,619\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nShares used in Adjusted non-GAAP diluted EPS calculation\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n34,201\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n34,639\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n34,931\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n34,622\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Adjusted North America Earnings from Operations: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGAAP EFO from North America segment\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n52,396\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n117,377\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n319,068\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n362,082\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAmortization of intangible assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16,820\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9,245\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n62,377\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n32,514\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nChange in fair value of earnout liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22,800\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,419\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther*\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n17,198\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,122\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n41,951\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n29,763\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted non-GAAP EFO from North America segment\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n109,214\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n131,744\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n421,977\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n424,359\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGAAP EFO as a percentage of net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.9\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nAdjusted non-GAAP EFO as a percentage of net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Adjusted EMEA Earnings from Operations: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGAAP EFO from EMEA segment\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7,356\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n9,899\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n46,218\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n38,128\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAmortization of intangible assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,777\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,635\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,912\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,277\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nChange in fair value of earnout liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(6,430\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,493\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n591\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9,236\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,165\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted non-GAAP EFO from EMEA segment\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n14,626\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n12,125\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n55,936\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n47,570\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGAAP EFO as a percentage of net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nAdjusted non-GAAP EFO as a percentage of net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Adjusted APAC Earnings from Operations: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGAAP EFO from APAC segment\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,922\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,585\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n23,298\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n19,585\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAmortization of intangible assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n108\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n292\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n440\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n651\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n110\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n869\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n173\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted non-GAAP EFO from APAC segment\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n5,573\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,803\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n24,459\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n20,198\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGAAP EFO as a percentage of net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nAdjusted non-GAAP EFO as a percentage of net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Adjusted EBITDA: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGAAP consolidated net earnings\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n37,012\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n90,608\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n249,691\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n281,309\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nInterest expense\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16,960\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11,958\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n68,272\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n48,576\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIncome tax expense\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,239\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n31,567\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n83,222\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n96,545\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDepreciation and amortization of property and equipment\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,183\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,790\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28,556\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n26,245\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAmortization of intangible assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n18,597\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10,988\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n69,581\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n36,231\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nChange in fair value of earnout liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22,800\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7,849\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther*\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23,342\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,823\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n52,056\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n36,101\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted non-GAAP EBITDA\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n141,133\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n157,734\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n543,529\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n525,007\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGAAP consolidated net earnings as a percentage of net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.1\n\...

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