Insight Enterprises, Inc. Reports Second Quarter 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 ended June 30, 2025 . Results include:\n\n \n \nConsolidated net sales decreased 3%, year to year while hardware net sales increased 2%, year over year\n\n \n \nGross profit decreased 2% year to year to $442.3 million and gross margin expanded 10 basis points to 21.1%\n\n \n \nConsolidated net earnings decreased 46% year to year to $46.9 million \n\n \n \nAdjusted earnings before interest, tax, depreciation and amortization (“EBITDA”) decreased 2% to $138.2 million year to year\n\n \n \nDiluted earnings per share of $1.46 decreased 36% year to year\n\n \n \nAdjusted diluted earnings per share of $2.45 was flat year to year\n\n \n \nCash flows used in operating activities were $177.1 million \n\n \n \nIn the second quarter of 2025, net sales decreased 3%, year to year, to $2.1 billion , and gross profit decreased 2%, year to year, to $442.3 million . Gross margin expanded 10 basis points compared to the second quarter of 2024 to 21.1%. Earnings from operations of $86.5 million , or 4.1% of net sales, decreased 34% compared to $131.1 million in the second quarter of 2024, and attributable in part to partner program changes previously discussed, a loss on impairment of a real estate asset held for sale in the current year period and a net gain on revaluation of earnout liabilities in the prior year period. Adjusted earnings from operations of $129.0 million , or 6.2% of net sales, decreased 2%, year to year compared to $131.1 million in the second quarter of 2024. Consolidated net earnings were $46.9 million , or 2.2% of net sales, in the second quarter of 2025, down compared to the second quarter of 2024. Adjusted consolidated net earnings were $78.6 million , or 3.8% of net sales. Diluted earnings per share for the quarter was $1.46 , down 36%, year to year, and Adjusted diluted earnings per share was $2.45 , flat year to year.\n\n \n\"Our results in the second quarter met our expectations as we navigated a challenging environment driven by the partner program changes” stated Joyce Mullen , President and Chief Executive Officer. “Compared to our plans, we executed well. Our hardware business delivered year over year growth for the second consecutive quarter and we achieved strong profitability milestones: gross margin of 21.1% and Adjusted earnings from operations margin of 6.2% are both second quarter records,\" Mullen stated.\n\n \n KEY HIGHLIGHTS \n\n \n Results for the Quarter: \n\n \n \nConsolidated net sales for the second quarter of 2025 of $2.1 billion decreased 3%, year to year, when compared to the second quarter of 2024. Product net sales decreased 4%, year to year, and services net sales decreased 2%, year to year. Software product net sales decreased 14%, year to year, while hardware product net sales increased 2%, year over year.\n \n \nNet sales in North America decreased 3%, year to year, to $1.7 billion ;\n \n \nProduct net sales decreased 2%, year to year, to $1.4 billion ;\n\n \n \nServices net sales decreased 6%, year to year, to $309.7 million ;\n\n \n \n\n \n \nNet sales in EMEA decreased 5%, year to year, to $348.6 million ; and\n\n \n \nNet sales in APAC decreased 3%, year to year, to $58.6 million .\n\n \n \n\n \n \n \nExcluding the effects of fluctuating foreign currency exchange rates, consolidated net sales decreased 4%, year to year, with decreases in net sales in North America , EMEA and APAC of 3%, 11% and 1%, year to year, respectively.\n\n \n \n \nConsolidated gross profit decreased 2% compared to the second quarter of 2024 to $442.3 million , with consolidated gross margin expanding 10 basis points to 21.1% of net sales. Product gross profit decreased 3%, year to year, and services gross profit decreased 2%, year to year. Cloud gross profit decreased 5%, year to year, and Insight Core services gross profit decreased 3%, year to year. By segment, gross profit:\n \n \ndecreased 4% in North America , year to year, to $341.7 million (20.3% gross margin);\n\n \n \nincreased 4% in EMEA, year over year, to $82.4 million (23.6% gross margin); and\n\n \n \ndecreased 10% in APAC, year to year, to $18.2 million (31.1% gross margin).\n\n \n \n\n \n \n \nExcluding the effects of fluctuating foreign currency exchange rates, consolidated gross profit was down 3%, year to year, with decreases in gross profit in North America , EMEA and APAC of 3%, 2% and 8%, year to year.\n\n \n \n \nConsolidated earnings from operations decreased 34% compared to the second quarter of 2024 to $86.5 million , or 4.1% of net sales. By segment, earnings from operations:\n \n \ndecreased 33% in North America , year to year, to $68.7 million , or 4.1% of net sales;\n\n \n \ndecreased 47% in EMEA, year to year, to $11.2 million , or 3.2% of net sales; and\n\n \n \ndecreased 19% in APAC, year to year, to $6.7 million , or 11.4% of net sales.\n\n \n \n\n \n \n \nExcluding the effects of fluctuating foreign currency exchange rates, consolidated earnings from operations was down 34%, year to year, with decreases in earnings from operations in North America , EMEA and APAC of 32%, 49% and 18%, respectively, year to year.\n\n \n \n \nAdjusted earnings from operations decreased 2% compared to the second quarter of 2024 to $129.0 million , or 6.2% of net sales. By segment, Adjusted earnings from operations:\n \n \ndecreased 1% in North America , year to year, to $102.9 million , or 6.1% of net sales;\n\n \n \nincreased 1% in EMEA, year over year, to $19.4 million , or 5.6% of net sales; and\n\n \n \ndecreased 21% in APAC, year to year, to $6.7 million , or 11.4% of net sales.\n\n \n \n\n \n \n \nExcluding the effects of fluctuating foreign currency exchange rates, Adjusted consolidated earnings from operations decreased 2%, with decreases in Adjusted earnings from operations in EMEA and APAC of 3% and 19%, respectively, year to year, while Adjusted earnings from operations in North America remained flat year to year.\n\n \n \n \nConsolidated net earnings and diluted earnings per share for the second quarter of 2025 were $46.9 million and $1.46 , respectively, at an effective tax rate of 26.9%.\n\n \n \n \nAdjusted consolidated net earnings and Adjusted diluted earnings per share for the second quarter of 2025 were $78.6 million and $2.45 , respectively. Excluding the effects of fluctuating foreign currency exchange rates, Adjusted diluted earnings per share decreased 1%, year to year.\n\n \n \nIn discussing financial results for the three and six months ended June 30, 2025 and 2024 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 gross profit to be approximately flat from 2024 and that our gross margin will be approximately 20%.\n\n \nThis outlook assumes:\n\n \n \ninterest expense of $75 to $80 million ;\n\n \n \nan effective tax rate of approximately 25% to 26% for the full year;\n\n \n \ncapital expenditures of $30 to $35 million ; and\n\n \n \nan average share count for the full year of 32.4 million shares, reflecting the settlement of the remaining warrants associated with our convertible senior notes (the “Convertible Notes”) in 2025.\n\n \n \nThis outlook excludes acquisition-related intangibles amortization expense of approximately $74.4 million , and assumes no acquisition or integration related expenses, transformation or severance and restructuring expenses, net, no significant change in our debt instruments, and no significant change in the macroeconomic environment, whether due to tariffs or otherwise. 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 second quarter 2025 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, (viii) impairment losses on long lived real estate assets now held for sale, and (ix) 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 net earnings and Adjusted diluted earnings per share also exclude a net loss on revaluation of warrant settlement liabilities. 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 period was in excess of $68.32 , which was the initial conversion price of the Convertible Notes, which matured in February 2025 . 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) gains and losses from revaluation of acquisition related earnout liabilities, (x) gains and losses from the revaluation of warrant settlement liabilities, (xi) certain third-party data center service outage related expenses and recoveries, and (xii) impairment losses on long lived real estate assets now held for sale. 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, (viii) impairment losses on long lived real estate assets now held for sale, and (ix) 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 FINANCIAL SUMMARY TABLE \n\n \n\n \n\n \n \n \n (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) \n\n \n\n \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 \n\n \n\n \n\n \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 June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n Six Months Ended\n June 30 , \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \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 change \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \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 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 \n1,665,290\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,726,435\n\n \n\n \n\n \n \n\n \n\n \n\n \n(4%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,373,090\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,690,390\n\n \n\n \n\n \n \n\n \n\n \n\n \n(9%)\n\n \n\n \n\n \n \n \nServices\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n426,192\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n435,227\n\n \n\n \n\n \n \n\n \n\n \n\n \n(2%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n821,948\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n850,757\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3%)\n\n \n\n \n\n \n \n \nTotal net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,091,482\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,161,662\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,195,038\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,541,147\n\n \n\n \n\n \n \n\n \n\n \n\n \n(8%)\n\n \n\n \n\n \n \n \nGross profit\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n442,327\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n453,365\n\n \n\n \n\n \n \n\n \n\n \n\n \n(2%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n848,804\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n894,293\n\n \n\n \n\n \n \n\n \n\n \n\n \n(5%)\n\n \n\n \n\n \n \n \nGross margin\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n21.1%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n21.0%\n\n \n\n \n\n \n \n\n \n\n \n\n \n10 bps\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n20.2%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19.7%\n\n \n\n \n\n \n \n\n \n\n \n\n \n50 bps\n\n \n\n \n\n \n \n \nSelling and administrative expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n352,314\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n317,234\n\n \n\n \n\n \n \n\n \n\n \n\n \n11%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n691,487\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n654,668\n\n \n\n \n\n \n \n\n \n\n \n\n \n6%\n\n \n\n \n\n \n \n \nSeverance and restructuring expenses, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,405\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,868\n\n \n\n \n\n \n \n\n \n\n \n\n \n(30%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n10,431\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7,095\n\n \n\n \n\n \n \n\n \n\n \n\n \n47%\n\n \n\n \n\n \n \n \nAcquisition and integration related expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n76\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n190\n\n \n\n \n\n \n \n\n \n\n \n\n \n(60%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n251\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,471\n\n \n\n \n\n \n \n\n \n\n \n\n \n(83%)\n\n \n\n \n\n \n \n \nEarnings from operations\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n86,532\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n131,073\n\n \n\n \n\n \n \n\n \n\n \n\n \n(34%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n146,635\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n231,059\n\n \n\n \n\n \n \n\n \n\n \n\n \n(37%)\n\n \n\n \n\n \n \n \nNet earnings\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n46,932\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n87,444\n\n \n\n \n\n \n \n\n \n\n \n\n \n(46%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n54,446\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n154,471\n\n \n\n \n\n \n \n\n \n\n \n\n \n(65%)\n\n \n\n \n\n \n \n \nDiluted earnings per share\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.46\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2.27\n\n \n\n \n\n \n \n\n \n\n \n\n \n(36%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.63\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4.01\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 \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \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 \n57%\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 \n2%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n56%\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 \n1%\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 \n23%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n26%\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 \n25%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n30%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(25%)\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 \n20%\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 \n19%\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(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 \n\n \n100%\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(3%)\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 \n100%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(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 \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 \n1,374,612\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,402,732\n\n \n\n \n\n \n \n\n \n\n \n\n \n(2%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,777,639\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,989,038\n\n \n\n \n\n \n \n\n \n\n \n\n \n(7%)\n\n \n\n \n\n \n \n \nServices\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n309,692\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n329,625\n\n \n\n \n\n \n \n\n \n\n \n\n \n(6%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n607,308\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n648,141\n\n \n\n \n\n \n \n\n \n\n \n\n \n(6%)\n\n \n\n \n\n \n \n \nTotal net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,684,304\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,732,357\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,384,947\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,637,179\n\n \n\n \n\n \n \n\n \n\n \n\n \n(7%)\n\n \n\n \n\n \n \n \nGross profit\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n341,692\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n354,107\n\n \n\n \n\n \n \n\n \n\n \n\n \n(4%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n661,144\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n703,950\n\n \n\n \n\n \n \n\n \n\n \n\n \n(6%)\n\n \n\n \n\n \n \n \nGross margin\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n20.3%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n20.4%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(10) bps\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19.5%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19.4%\n\n \n\n \n\n \n \n\n \n\n \n\n \n10 bps\n\n \n\n \n\n \n \n \nSelling and administrative expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n270,340\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n248,192\n\n \n\n \n\n \n \n\n \n\n \n\n \n9%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n535,721\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n511,112\n\n \n\n \n\n \n \n\n \n\n \n\n \n5%\n\n \n\n \n\n \n \n \nSeverance and restructuring expenses, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,554\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,922\n\n \n\n \n\n \n \n\n \n\n \n\n \n(35%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n5,665\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n5,541\n\n \n\n \n\n \n \n\n \n\n \n\n \n2%\n\n \n\n \n\n \n \n \nAcquisition and integration related expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n76\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n180\n\n \n\n \n\n \n \n\n \n\n \n\n \n(58%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n246\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,461\n\n \n\n \n\n \n \n\n \n\n \n\n \n(83%)\n\n \n\n \n\n \n \n \nEarnings from operations\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n68,722\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n101,813\n\n \n\n \n\n \n \n\n \n\n \n\n \n(33%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n119,512\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n185,836\n\n \n\n \n\n \n \n\n \n\n \n\n \n(36%)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \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 \n64%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n60%\n\n \n\n \n\n \n \n\n \n\n \n\n \n4%\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 \n56%\n\n \n\n \n\n \n \n\n \n\n \n\n \n3%\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 \n18%\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(18%)\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 \n26%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(27%)\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 \n18%\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(6%)\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 \n18%\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 \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 \n100%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3%)\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 \n100%\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 \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \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 \n260,330\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n292,256\n\n \n\n \n\n \n \n\n \n\n \n\n \n(11%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n527,490\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n631,822\n\n \n\n \n\n \n \n\n \n\n \n\n \n(17%)\n\n \n\n \n\n \n \n \nServices\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n88,284\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n76,617\n\n \n\n \n\n \n \n\n \n\n \n\n \n15%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n163,952\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n149,892\n\n \n\n \n\n \n \n\n \n\n \n\n \n9%\n\n \n\n \n\n \n \n \nTotal net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n348,614\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n368,873\n\n \n\n \n\n \n \n\n \n\n \n\n \n(5%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n691,442\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n781,714\n\n \n\n \n\n \n \n\n \n\n \n\n \n(12%)\n\n \n\n \n\n \n \n \nGross profit\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n82,434\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n79,142\n\n \n\n \n\n \n \n\n \n\n \n\n \n4%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n154,361\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n154,175\n\n \n\n \n\n \n \n\n \n\n \n\n \n—%\n\n \n\n \n\n \n \n \nGross margin\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23.6%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n21.5%\n\n \n\n \n\n \n \n\n \n\n \n\n \n210 bps\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22.3%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19.7%\n\n \n\n \n\n \n \n\n \n\n \n\n \n260 bps\n\n \n\n \n\n \n \n \nSelling and administrative expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n70,475\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n57,264\n\n \n\n \n\n \n \n\n \n\n \n\n \n23%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n133,538\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n120,569\n\n \n\n \n\n \n \n\n \n\n \n\n \n11%\n\n \n\n \n\n \n \n \nSeverance and restructuring expenses, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n803\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n861\n\n \n\n \n\n \n \n\n \n\n \n\n \n(7%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,656\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,399\n\n \n\n \n\n \n \n\n \n\n \n\n \n> 100%\n\n \n\n \n\n \n \n \nAcquisition and integration related expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n10\n\n \n\n \n\n \n \n\n \n\n \n\n \n*\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n10\n\n \n\n \n\n \n \n\n \n\n \n\n \n*\n\n \n\n \n\n \n \n \nEarnings from operations\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n11,156\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n21,007\n\n \n\n \n\n \n \n\n \n\n \n\n \n(47%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n16,167\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n32,197\n\n \n\n \n\n \n \n\n \n\n \n\n \n(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 \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \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 \n31%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n34%\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 \n34%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n34%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(9%)\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 \n44%\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(9%)\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 \n47%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(22%)\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 \n25%\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 \n15%\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 \n19%\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 \n100%\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 \n100%\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 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 \n30,348\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n31,447\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n67,961\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n69,530\n\n \n\n \n\n \n \n\n \n\n \n\n \n(2%)\n\n \n\n \n\n \n \n \nServices\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n28,216\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n28,985\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3)%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n50,688\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n52,724\n\n \n\n \n\n \n \n\n \n\n \n\n \n(4%)\n\n \n\n \n\n \n \n \nTotal net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n58,564\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n60,432\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n118,649\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n122,254\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3%)\n\n \n\n \n\n \n \n \nGross profit\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n18,201\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n20,116\n\n \n\n \n\n \n \n\n \n\n \n\n \n(10%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n33,299\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n36,168\n\n \n\n \n\n \n \n\n \n\n \n\n \n(8%)\n\n \n\n \n\n \n \n \nGross margin\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n31.1 %\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n33.3 %\n\n \n\n \n\n \n \n\n \n\n \n\n \n(220) bps\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28.1 %\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n29.6 %\n\n \n\n \n\n \n \n\n \n\n \n\n \n(150) bps\n\n \n\n \n\n \n \n \nSelling and administrative expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n11,499\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n11,778\n\n \n\n \n\n \n \n\n \n\n \n\n \n(2)%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n22,228\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n22,987\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3)%\n\n \n\n \n\n \n \n \nSeverance and restructuring expenses, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n48\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n85\n\n \n\n \n\n \n \n\n \n\n \n\n \n(44%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n110\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n155\n\n \n\n \n\n \n \n\n \n\n \n\n \n(29%)\n\n \n\n \n\n \n \n \nAcquisition and integration related expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n*\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n5\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n*\n\n \n\n \n\n \n \n \nEarnings from operations\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,654\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n8,253\n\n \n\n \n\n \n \n\n \n\n \n\n \n(19%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n10,956\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n13,026\n\n \n\n \n\n \n \n\n \n\n \n\n \n(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 \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \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 \n17%\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 \n13%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(14)%\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 \n37%\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 \n1%\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 \n43%\n\n \n\n \n\n \n \n\n \n\n \n\n \n2%\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 \n48%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n48%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3%)\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 \n43%\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 \n100%\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(3%)\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 \n100%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3%)\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 \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 expectations regarding supply constraints, future trends in the IT market, the effects of tariffs and trade policies, and the Company’s business strategy and strategic initiatives, all of which are inherently subject to risks and uncertainties, and 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 report on Form 10-K 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 including generative artificial intelligence 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;\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 \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 or collection matters 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 INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES \n\n \n\n \n\n \n \n \n CONSOLIDATED STATEMENTS OF OPERATIONS \n\n \n\n \n\n \n \n \n (IN THOUSANDS, EXCEPT PER SHARE DATA) \n\n \n\n \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 \n\n \n\n \n\n \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 June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n Six Months Ended\n June 30 , \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \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 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \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 \nProducts\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n1,665,290\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,726,435\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,373,090\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n3,690,390\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nServices\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n426,192\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n435,227\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n821,948\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n850,757\n\n \n\n \n\n \n \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 \n2,091,482\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,161,662\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,195,038\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 \n4,541,147\n\n \n\n \n\n \n \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 \n \nProducts\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n1,480,777\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 \n1,536,270\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,012,603\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,307,854\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nServices\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n168,378\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n172,027\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 \n333,631\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n339,000\n\n \n\n \n\n \n \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\n \n1,649,155\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,708,297\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,346,234\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 \n3,646,854\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGross profit\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n442,327\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n453,365\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 \n848,804\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n894,293\n\n \n\n \n\n \n \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 \n \nSelling and administrative expenses\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n352,314\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n317,234\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 \n691,487\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 \n654,668\n\n \n\n \n\n \n \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 \n3,405\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,868\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10,431\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,095\n\n \n\n \n\n \n \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 \n76\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n190\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n251\n\n \n\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\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 \n86,532\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n131,073\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n146,635\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 \n231,059\n\n \n\n \n\n \n \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 \n \nInterest expense, net\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n22,352\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,190\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n37,977\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 \n26,747\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther expense (income), net\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 \n \n\n \n\n \n\n \n(469\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n25,482\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,232\n\n \n\n \n\n \n)\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\n \n64,167\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n117,352\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n83,176\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n205,544\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 \n17,235\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n29,908\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28,730\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n51,073\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\n \n46,932\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n87,444\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n54,446\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n154,471\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet earnings per share:\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBasic\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n1.48\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2.69\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.71\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4.74\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDiluted\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n1.46\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2.27\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.63\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4.01\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nShares used in per share calculations:\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBasic\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n31,780\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n32,565\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n31,809\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n32,580\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDiluted\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n32,121\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n38,567\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n33,402\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n38,501\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES \n\n \n\n \n\n \n \n \n CONSOLIDATED BALANCE SHEETS \n\n \n\n \n\n \n \n \n (In THOUSANDS) \n\n \n\n \n\n \n \n \n (UNAUDITED) \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n June 30 ,\n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2024 \n\n \n\n \n\n \n \n \n ASSETS \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCurrent assets:\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash and cash equivalents\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n309,135\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n259,234\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\n \n5,479,172\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,172,104\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\n \n147,489\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n122,581\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\n \n63,909\n\n \n\n \n\n \n \n\n \n\n \n\n \n \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 \nOther current assets\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n300,309\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 \n208,723\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\n \n6,300,014\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,844,622\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\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\n \n64,872\n\n \n\n \n\n \n \n\n \n\n \n\n \n \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 \nProperty and equipment, net\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n191,165\n\n \n\n \n\n \n \n\n \n\n \n\n \n \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 Goodwill \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n905,218\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 \n893,516\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\n \n393,781\n\n \n\n \n\n \n \n\n \n\n \n\n \n \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 \nLong-term accounts receivable\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n748,105\n\n \n\n \n\n \n \n\n \n\n \n\n \n \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 \nOther assets\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n125,611\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 \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\n \n\n \n8,728,766\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7,448,578\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n LIABILITIES AND STOCKHOLDERS’ EQUITY \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCurrent liabilities:\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccounts payable – trade\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n4,167,396\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 \n3,059,667\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\n \n220,791\n\n \n\n \n\n \n \n\n \n\n \n\n \n \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 \nAccrued expenses and other current liabilities\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n507,204\n\n \n\n \n\n \n \n\n \n\n \n\n \n \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 \nCurrent portion of long-term debt\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 \n \n\n \n\n \n\n \n332,879\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\n \n4,895,404\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,122,202\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\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\n \n1,324,992\n\n \n\n \n\n \n \n\n \n\n \n\n \n \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 \nDeferred income taxes\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n51,058\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 \n64,459\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\n \n701,149\n\n \n\n \n\n \n \n\n \n\n \n\n \n \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 \nOther liabilities\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n150,680\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n160,527\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\n \n\n \n7,123,283\n\n \n\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 \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 \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 \n \nCommon stock\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n314\n\n \n\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\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\n \n150,621\n\n \n\n \n\n \n \n\n \n\n \n\n \n \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 \nRetained earnings\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n1,489,617\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,508,558\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 \n(35,069\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \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 \nTotal stockholders’ equity\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n1,605,483\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 \n1,770,611\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\n \n\n \n8,728,766\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7,448,578\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES \n\n \n\n \n\n \n \n \n CONSOLIDATED STATEMENTS OF CASH FLOWS \n\n \n\n \n\n \n \n \n (IN THOUSANDS) \n\n \n\n \n\n \n \n \n (UNAUDITED) \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Six Months Ended\n June 30 , \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n \nCash flows from operating activities:\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet earnings\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n54,446\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 \n154,471\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjustments to reconcile net earnings to net cash (used in) 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 \n \nDepreciation and amortization\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n51,711\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 \n46,451\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\n \n2,269\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,158\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProvision for losses on contract assets\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n3,926\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,038\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\n \n17,909\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16,900\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 \n15,364\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(24,207\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\n \n(13,689\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,535\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nNet loss on revaluation of warrant settlement liabilities\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n25,069\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nImpairment loss on long lived real estate asset\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n12,588\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\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\n \n2,344\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,590\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\n \n(843\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,749\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 \n \nIncrease in accounts receivable\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(1,128,707\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(598,219\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n(Increase) decrease in inventories\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(23,243\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n34,366\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDecrease in contract assets\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n36,227\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n42,911\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDecrease (increase) in long-term accounts receivable\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n103,073\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(235,690\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nIncrease in other assets\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(61,411\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(52,087\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\n \n950,439\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 \n734,222\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n(Decrease) increase in long-term accounts payable\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(103,511\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n237,652\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 \n(42,962\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(70,806\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nNet cash (used in) provided by operating activities:\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(99,001\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n292,964\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 \n \nProceeds from sale of 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 \n3,970\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 \n(11,978\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(18,644\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 \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(264,374\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 \n(11,978\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(279,048\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 \n \nBorrowings on ABL revolving credit facility\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n3,103,360\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,451,966\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 \n(2,322,961\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,872,410\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nWarrants settlement\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(221,968\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\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 \n(333,091\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(16,895\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nNet borrowings (repayments) under inventory financing facilities\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n2,077\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(12,987\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\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \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 \nPayment of debt issuance costs\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7,854\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 \n(76,118\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 \n(35,000\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 \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(18,296\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 \n(12,181\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 \n(9,147\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nNet cash provided by (used in) financing activities:\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n139,118\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 \n(20,623\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 \n21,959\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(5,728\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nIncrease (decrease) in cash, cash equivalents and restricted cash\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n50,098\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(12,435\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\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 \nCash, cash equivalents and restricted cash at end of period\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n311,565\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n258,350\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES \n\n \n\n \n\n \n \n \n RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES \n\n \n\n \n\n \n \n \n (IN THOUSANDS, EXCEPT PER SHARE DATA) \n\n \n\n \n\n \n \n \n (UNAUDITED) \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Three Months Ended\n June 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n Six Months Ended\n June 30 , \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n \n Adjusted Consolidated Earnings from Operations: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGAAP consolidated EFO\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n86,532\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n131,073\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n146,635\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n231,059\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAmortization of intangible assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n18,668\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n17,357\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n37,216\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n32,282\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nChange in fair value of earnout liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n164\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(25,148\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,364\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(24,207\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nOther*\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23,599\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,810\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n32,100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13,708\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted non-GAAP consolidated EFO\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n128,963\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n131,092\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n231,315\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n252,842\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGAAP EFO as a percentage of net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nAdjusted non-GAAP EFO as a percentage of net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Adjusted Consolidated Net Earnings: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGAAP consolidated net earnings\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n46,932\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n87,444\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n54,446\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n154,471\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAmortization of intangible assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n18,668\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n17,357\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n37,216\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n32,282\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nChange in fair value of earnout liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n164\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(25,148\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,364\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(24,207\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nNet loss on revaluation of warrant settlement liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n25,069\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther*\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23,599\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,810\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n32,100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13,708\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIncome taxes on non-GAAP adjustments\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(10,780\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(734\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(17,787\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(6,173\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nAdjusted non-GAAP consolidated net earnings\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n78,583\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n86,729\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n146,408\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n170,081\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGAAP net earnings as a percentage of net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nAdjusted non-GAAP net earnings as a percentage of net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Adjusted Diluted Earnings Per Share: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGAAP diluted EPS\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.46\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2.27\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1.63\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 \n4.01\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 \n0.58\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.45\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.11\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 \n0.84\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 \n0.01\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.65\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.46\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.63\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nNet loss on revaluation of warrant settlement 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 \n0.75\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\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 \n0.73\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 \n0.20\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.96\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.36\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(0.33\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.02\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.53\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.16\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—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.21\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 \n0.12\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 \n0.41\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 \n2.45\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2.46\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4.50\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4.83\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nShares used in diluted EPS calculation\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n32,121\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n38,567\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n33,402\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n38,501\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nImpact of benefit from note hedge\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,322\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(865\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,275\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nShares used in Adjusted non-GAAP diluted EPS calculation\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n32,121\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n35,245\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n32,537\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n35,226\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Adjusted North America Earnings from Operations: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGAAP EFO from North America segment\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n68,722\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n101,813\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n119,512\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n185,836\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAmortization of intangible assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16,817\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,588\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n33,621\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28,734\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nChange in fair value of earnout liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,299\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(20,684\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11,901\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(20,219\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nOther**\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n20,671\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,712\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n24,842\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11,862\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted non-GAAP EFO from North America segment\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n102,911\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n103,429\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n189,876\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n206,213\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGAAP EFO as a percentage of net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5.9\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nAdjusted non-GAAP EFO as a percentage of net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Adjusted EMEA Earnings from Operations: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGAAP EFO from EMEA segment\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n11,156\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n21,007\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n16,167\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n32,197\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAmortization of intangible assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,851\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,660\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,595\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,330\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nChange in fair value of earnout liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,463\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(4,464\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,463\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,988\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nOther\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,880\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,013\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,143\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,691\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted non-GAAP EFO from EMEA segment\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n19,350\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n19,216\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n30,368\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n33,230\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGAAP EFO as a percentage of net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nAdjusted non-GAAP EFO as a percentage of net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Adjusted APAC Earnings from Operations: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGAAP EFO from APAC segment\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,654\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n8,253\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n10,956\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n13,026\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAmortization of intangible assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n109\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n218\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n48\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n85\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n115\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n155\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted non-GAAP EFO from APAC segment\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,702\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n8,447\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n11,071\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n13,399\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGAAP EFO as a percentage of net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nAdjusted non-GAAP EFO as a percentage of net sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Adjusted EBITDA: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGAAP consolidated net earnings\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n46,932\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n87,444\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n54,446\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 \n154,471\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 \n24,293\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16,859\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n42,032\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n32,128\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 \n17,235\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n29,908\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28,730\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n51,073\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 \n7,264\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,208\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,495\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,169\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 \n18,668\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n17,357\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n37,216\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n32,282\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 \n164\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(25,148\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 \n15,364\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(24,207\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nNet loss on revaluation of warrant settlement 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 \n25,069\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\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 \n23,599\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,810\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n32,100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13,708\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 \n138,155\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n141,438\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n249,452\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n273,624\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\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 \n2.2\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 \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 \n1.3\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 \n3.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nAdjusted non-GAAP EBITDA 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 \n6.6\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 \n6.5\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 \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 \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 \nIncludes transformation costs of $7.0 million and $5.6 million for the three months ended June 30, 2025 and 2024, respectively, and $8.3 million and $7.9 million for the six months ended June 30, 2025 and 2024, respectively. Includes severance and restructuring expenses, net of $3.4 million and $4.9 million for the three months ended June 30, 2025 and 2024, respectively and $10.4 million and $7.1 million for the six months ended June 30, 2025 and 2024, respectively. Includes an impairment loss on a long lived real estate asset now held for sale of $12.6 million for both the three and six months ended June 30, 2025 . Includes certain third-party data center service outage related expenses of $0.5 million for both the three and six months ended June 30, 2025 , and net recoveries of $3.4 million for both the three and six months ended June 30, 2024 .\n\n \n\n \n\n \n \n \n \n \n \n \n \n**\n\n \n\n \n\n \n \nIncludes transformation costs of $4.9 million and $5.6 million for the three months ended June 30, 2025 and 2024, respectively, and $5.8 million and $7.9 million for the six months ended June 30, 2025 and 2024, respectively. Includes severance and restructuring expenses, net of $2.6 million and $3.9 million for the three months ended June 30, 2025 and 2024, respectively, and $5.7 million and $5.5 million for the six months ended June 30, 2025 and 2024, respectively. Includes an impairment loss on a long lived real estate asset now held for sale of $12.6 million for both the three and six months ended June 30, 2025 . Includes certain third-party data center service outage related expenses of $0.5 million for both the three and six months ended June 30, 2025 , and net recoveries of $3.4 million for both the three and six months ended June 30, 2024 .\n\n \n\n \n\n \n \n \n \n \n \n \n \n \n INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES \n\n \n\n \n\n \n \n \n RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (CONTINUED) \n\n \n\n \n\n \n \n \n (IN THOUSANDS, EXCEPT PER SHARE DATA) \n\n \n\n \n\n \n \n \n (UNAUDITED) \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Twelve Months Ended\n June 30 , \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n \n Adjusted return on invested capital: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGAAP consolidated EFO\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n304,160\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n454,782\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAmortization of intangible assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n74,515\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n51,918\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nChange in fair value of earnout liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n31,722\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(24,207\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nOther5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n70,448\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n38,811\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted non-GAAP consolidated EFO\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n480,845\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n521,304\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIncome tax expense1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n125,020\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n135,539\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted non-GAAP consolidated EFO, net of tax\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n355,825\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n385,765\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAverage stockholders’ equity2\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,716,177\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,706,754\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAverage debt2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,046,438\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n835,041\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAverage cash2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(292,795\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(268,885\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n Invested Capital \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,469,820\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 \n2,272,910\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted non-GAAP ROIC (from GAAP consolidated EFO)3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.11\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 \n14.81\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nAdjusted non-GAAP ROIC (from non-GAAP consolidated EFO)4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14.41\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16.97\n\n \n\n \...

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