Financial Data and Key Metrics Changes - The company reported a net revenue of $2.3 billion, a decrease of 14% year-over-year in U.S. dollar terms and constant currency, primarily driven by a significant decline in devices [94] - Gross profit declined by 1%, reflecting the hardware performance, partially offset by higher growth in cloud and Insight core services [12] - Adjusted diluted earnings per share was $2.56, down 8% in U.S. dollar terms year-over-year [13] - Adjusted return on invested capital (ROIC) for the trailing 12 months ended June 30, 2023, was 15.6% [15] - The company expects adjusted diluted earnings per share for the full year of 2023 to be between $9.40 and $9.60, reflecting a 4% increase at the midpoint compared to 2022 [16] Business Line Data and Key Metrics Changes - Cloud gross profit reached a record $115 million, an increase of 12%, driven by higher growth in SaaS and infrastructure as a service [13] - Insight core services gross profit grew by 7% year-over-year, reflecting growth in applications, data, digital enablement, and networking [77] - Hardware net sales declined by 24% year-over-year, significantly impacting overall results [11] Market Data and Key Metrics Changes - The company noted a further slowdown in client decision-making and an extension of the current economic environment, which is expected to continue throughout the year [24] - The public sector saw growth, but it only represents 14% of the company's business [45] Company Strategy and Development Direction - The company is focused on becoming the leading solutions integrator, emphasizing exceptional value delivery to clients and a deep understanding of technology [6][7] - The strategy includes four key pillars: captivating clients, selling solutions, delivering differentiation, and championing culture [6][54][71] - The company is implementing cost reductions to improve operational efficiency and preserve capital for key investments, including M&A [5][78] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a resurgence of buyer confidence and demand in the midterm, despite current challenges [70] - The company anticipates that the second half of the year will be better than the first half, with expectations of improved performance in Q4 [28][104] - Management acknowledged that the device market is near the bottom, expecting a lower rate of decline in the second half of 2023 [76] Other Important Information - The company repurchased approximately 720,000 shares for a total cost of $100 million in Q2, with over 1.6 million shares repurchased for $217 million in the first half of 2023 [14][79] - The company achieved a record gross margin of 18.4%, an increase of 240 basis points, reflecting a higher mix of cloud and Insight core services [95] Q&A Session Summary Question: What are the expectations for the second half of the year? - Management expects the second half to be better than the first half, with improved bookings and results so far in Q3 [28] Question: Can you provide details on cost reduction actions? - Cost reduction actions include headcount reductions and optimizing external vendor spend, with the goal of ensuring SG&A growth at a slower pace than gross profit growth [31][39] Question: What is the outlook for generative AI opportunities? - While significant interest exists, management believes that generative AI will not be a major revenue driver in the back half of the year but will set up opportunities for 2024 [112]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number: 0-25092 INSIGHT ENTERPRISES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdicti ...

[PART I - Financial Information](index=6&type=section&id=PART%20I%20-%20Financial%20Information) [Item 1 – Financial Statements](index=6&type=section&id=Item%201%20%E2%80%93%20Financial%20Statements) This section presents the unaudited consolidated financial statements for Q1 2023, including balance sheets, statements of operations, cash flows, and accompanying notes [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) The Consolidated Balance Sheet as of March 31, 2023, shows a decrease in total assets to $4.96 billion from $5.11 billion at year-end 2022, primarily driven by a decrease in accounts receivable Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total current assets** | $3,745,816 | $3,900,668 | | **Total assets** | **$4,960,528** | **$5,112,581** | | **Total current liabilities** | $2,884,195 | $2,866,407 | | **Total liabilities** | **$3,386,930** | **$3,474,513** | | **Total stockholders' equity** | **$1,573,598** | **$1,638,068** | [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) For Q1 2023, total net sales decreased by 12% year-over-year to $2.32 billion, while gross profit increased by 3% to $391.3 million, but net earnings fell to $50.0 million Q1 2023 vs Q1 2022 Statement of Operations (in thousands, except per share data) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Total net sales | $2,323,947 | $2,650,850 | | Gross profit | $391,315 | $378,861 | | Earnings from operations | $77,461 | $79,849 | | Net earnings | $49,972 | $56,631 | | Diluted EPS | $1.34 | $1.53 | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2023, the company generated $160.2 million in cash from operating activities, a significant improvement from the prior year, resulting in a net increase in cash of $12.1 million Cash Flow Summary (in thousands) | Activity | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $160,160 | $(284,239) | | Net cash used in investing activities | $(9,106) | $(25,745) | | Net cash (used in) provided by financing activities | $(140,654) | $319,954 | | **Increase in cash, cash equivalents and restricted cash** | **$12,052** | **$10,939** | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes support the financial statements, covering segment information, debt facilities, share repurchases, and income taxes - The company operates in three geographic segments: North America, EMEA, and APAC, offering hardware, software, and services, including cloud solutions[28](index=28&type=chunk) - The company's 0.75% Convertible Senior Notes due 2025 became convertible at the option of the holders during Q1 2023 because the market price trigger was met, classifying the principal amount as a current liability[44](index=44&type=chunk) - During Q1 2023, the company repurchased **913,445 shares** of its common stock for a total cost of **$117.1 million**, with no shares repurchased in Q1 2022[60](index=60&type=chunk) Net Sales by Segment (in thousands) | Segment | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | North America | $1,833,964 | $2,064,505 | | EMEA | $427,004 | $531,433 | | APAC | $62,979 | $54,912 | | **Consolidated** | **$2,323,947** | **$2,650,850** | [Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202%20%E2%80%93%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes Q1 2023 financial performance, highlighting decreased net sales, improved gross profit from service mix, and liquidity [Quarterly Overview](index=25&type=section&id=Quarterly%20Overview) In Q1 2023, net sales decreased 12% to $2.3 billion, while gross profit grew 3% to $391.3 million, and diluted EPS was $1.34 Q1 2023 Financial Highlights vs. Q1 2022 | Metric | Q1 2023 | Change vs. Q1 2022 | | :--- | :--- | :--- | | Net Sales | $2.3 billion | -12% | | Gross Profit | $391.3 million | +3% | | Gross Margin | 16.8% | +250 bps | | Earnings from Operations | $77.5 million | -3% | | Diluted EPS | $1.34 | -12% | [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Consolidated net sales decreased 12% due to lower hardware sales, offset by service growth, leading to gross margin expansion to 16.8% Net Sales by Segment (in thousands) | Segment | Q1 2023 | Q1 2022 | % Change | | :--- | :--- | :--- | :--- | | North America | $1,833,964 | $2,064,505 | (11)% | | EMEA | $427,004 | $531,433 | (20)% | | APAC | $62,979 | $54,912 | 15% | | **Consolidated** | **$2,323,947** | **$2,650,850** | **(12)%** | - The decrease in hardware net sales in North America was due to lower volume of sales to large enterprise and corporate clients, primarily in devices, consistent with industry-wide declines[100](index=100&type=chunk) - Consolidated gross margin expanded by approximately **250 basis points to 16.8%**, primarily due to a mix shift towards higher-margin services and cloud solutions[103](index=103&type=chunk) - Selling and administrative expenses increased by **$12.4 million (4%)**, driven by higher personnel costs from increased headcount and increased service agreement fees[108](index=108&type=chunk)[109](index=109&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity improved with $160.2 million cash from operations in Q1 2023, a decrease of 8 days in the cash conversion cycle, and sufficient financing for future needs Cash Conversion Cycle (in days) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | DSOs | 120 | 103 | | DIOs | 12 | 15 | | DPOs | (99) | (77) | | **Cash conversion cycle** | **33** | **41** | - The improvement in cash flow from operations was primarily driven by the decline in hardware net sales in the current year period and changes in partner mix[126](index=126&type=chunk) - Primary uses of cash in Q1 2023 included **$117.1 million** for common stock repurchases and net repayments of **$123.8 million** on the ABL facility[122](index=122&type=chunk) - The company increased its ABL facility borrowing capacity from **$1.2 billion to $1.8 billion** in July 2022[131](index=131&type=chunk) [Item 3 – Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203%20%E2%80%93%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in market risks were reported since the 2022 Annual Report, except for the impact of interest rate changes on the fair market value of Convertible Senior Notes - The fair market value of the company's fixed-rate Convertible Senior Notes was **$732 million** as of March 31, 2023, which could be impacted by changes in interest rates[140](index=140&type=chunk) [Item 4 – Controls and Procedures](index=37&type=section&id=Item%204%20%E2%80%93%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were **effective** as of March 31, 2023[141](index=141&type=chunk) - No changes occurred in the company's internal control over financial reporting during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, internal controls[142](index=142&type=chunk) [PART II - Other Information](index=38&type=section&id=PART%20II%20-%20Other%20Information) [Item 1 – Legal Proceedings](index=38&type=section&id=Item%201%20%E2%80%93%20Legal%20Proceedings) The company is involved in various legal proceedings but management does not anticipate any material adverse effects on its business or financial condition - The company is not involved in any pending or threatened legal proceedings that it believes would reasonably be expected to have a material adverse effect on its business, financial condition, or results of operations[69](index=69&type=chunk)[144](index=144&type=chunk) [Item 1A – Risk Factors](index=38&type=section&id=Item%201A%20%E2%80%93%20Risk%20Factors) This section refers to the risk factors detailed in the company's 2022 Annual Report on Form 10-K, with no new or materially changed risks disclosed in this quarterly report - The report directs investors to review the risk factors detailed in the company's Annual Report on Form 10-K for the year ended December 31, 2022[145](index=145&type=chunk) [Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=Item%202%20%E2%80%93%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 913,445 shares during Q1 2023, with approximately $99.96 million remaining available for future repurchases under its authorized plan Issuer Purchases of Equity Securities (Q1 2023) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | January 2023 | 201,747 | $104.08 | | February 2023 | 119,677 | $130.32 | | March 2023 | 592,021 | $136.03 | | **Total** | **913,445** | **N/A** | - As of March 31, 2023, approximately **$99,958,155** remained available for repurchases under the company's share repurchase plan[147](index=147&type=chunk) [Item 6 – Exhibits](index=40&type=section&id=Item%206%20%E2%80%93%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including employment agreements, CEO and CFO certifications, and Inline XBRL documents

Insight Enterprises, Inc. (NASDAQ:NSIT) Q1 2023 Earnings Conference Call May 2, 2023 9:00 AM ET Company Participants James Morgado - Senior Vice President of Finance Joyce Mullen - President and Chief Executive Officer Glynis Bryan - Chief Financial Officer Conference Call Participants Matthew Sheerin - Stifel, Nicolaus & Company, Inc. Joseph Cardoso - JPMorgan Chase & Co. Adam Tindle - Raymond James & Associates, Inc. Vincent Colicchio - Barrington Research Associates, Inc. Operator Hello, and a warm welco ...

This presentation will reference certain non-GAAP financial information as 'Adjusted'. A reconciliation of non-GAAP financial measures presented in this document to our actual GAAP results is attached to the back of this presentation and included in the press release issued today, which you may find on the Investor Relations section of our website at investor.insight.com. These non-GAAP measures are used by the Company and its management to evaluate financial performance against budgeted amounts, to calcula ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2022 o Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from __________ to ___________. Commission File Number: 0-25092 INSIGHT ENTERPRISES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdicti ...

Insight Enterprises, Inc. (NASDAQ:NSIT) Q4 2022 Earnings Conference Call February 9, 2023 9:00 AM ET Company Participants James Morgado - SVP, Finance Joyce Mullen - President, CEO & Director Glynis Bryan - CFO Conference Call Participants Matthew Sheerin - Stifel, Nicolaus & Company Adam Tindle - Raymond James & Associates Anthony Lebiedzinski - Sidoti & Company Joseph Cardoso - JPMorgan Chase & Co. Vincent Colicchio - Barrington Research Associates Operator Ladies and gentlemen, welcome to the Insight Ent ...

Financial Performance - Full Year 2022 - Net sales reached $10.4 billion, an increase of 11% year-over-year[8, 62] - Gross profit was $1.6 billion, up 13% compared to the previous year[15, 70] - Adjusted earnings from operations (EFO) increased by 29% to $467 million[9, 70, 128] - Adjusted diluted earnings per share (EPS) rose by 28% to $9.11[9, 70, 140] Q4 2022 Performance - Net sales decreased by 2% to $2.5 billion[8, 79, 181] - Gross profit increased by 9% to $421 million[15, 50, 168] - Adjusted earnings from operations (EFO) increased 25% to $128 million[41, 42] - Adjusted diluted earnings per share (EPS) increased 25% to $2.53[9, 22, 136] Segment Performance - Q4 2022 - North America net sales decreased by 1% to $2.1 billion, but gross profit increased by 12% to $345 million[8, 91] - EMEA net sales were flat year-over-year at $375 million, with gross profit increasing by 9% to $61 million[8, 91] - APAC net sales increased by 12% to $55 million, and gross profit increased by 11% to $14 million[8, 91] Services Performance - Services net sales increased by 9% year-over-year to $384 million in Q4[51] - Services gross profit increased by 15% year-over-year to $213 million in Q4[25, 74] - Insight Core services gross profit increased by 11% year-over-year to $65 million in Q4[32, 74] - Services gross profit for the full year 2022 was $800 million, an increase of 13% year-over-year[25, 74] - Insight Core services gross profit for the full year 2022 was $253 million, an increase of 14% year-over-year[34, 74] Gross Margin - Gross margin for Q4 2022 was 16.8%, up 180 bps[8, 182] - Gross margin for FY 2022 was 15.7%, up 40 bps[8, 182]

Insight Enterprises, Inc. (NASDAQ:NSIT) Q3 2022 Results Conference Call November 3, 2022 9:00 AM ET Company Participants James Morgado - SVP Finance, CFO of North America Joyce Mullen - President and Chief Executive Officer Glynis Bryan - Chief Financial Officer Conference Call Participants Joseph Cardoso - JPMorgan Chase Matt Sheerin - Stifel Anthony Lebiedzinski - Sidoti & Company Vincent Colicchio - Barrington Research Operator Ladies and gentlemen, welcome to the Insight Enterprises Third Quarter 2022 O ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number: 0-25092 INSIGHT ENTERPRISES, INC. (Exact name of registrant as specified in its charter) (State or other juris ...