$NSIT
INSIGHT ENTERPRISES INC

2016 Q3 Form 10-Q Financial Statement

#000119312516753584 Filed on October 31, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $1.393B $1.342B
YoY Change 3.76% 8.45%
Cost Of Revenue $1.211B $1.160B
YoY Change 4.39% 8.83%
Gross Profit $181.8M $182.3M
YoY Change -0.24% 6.07%
Gross Profit Margin 13.05% 13.58%
Selling, General & Admin $143.9M $148.8M
YoY Change -3.31% 3.96%
% of Gross Profit 79.13% 81.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.635M $9.425M
YoY Change 2.23% -4.48%
% of Gross Profit 5.3% 5.17%
Operating Expenses $143.9M $148.8M
YoY Change -3.31% 3.96%
Operating Profit $36.41M $32.64M
YoY Change 11.55% 15.01%
Interest Expense $2.517M $2.062M
YoY Change 22.07% 29.36%
% of Operating Profit 6.91% 6.32%
Other Income/Expense, Net -$352.0K -$357.0K
YoY Change -1.4% -3.25%
Pretax Income $33.28M $32.05M
YoY Change 3.84% 21.35%
Income Tax $11.64M $11.22M
% Of Pretax Income 34.99% 35.01%
Net Earnings $21.64M $20.83M
YoY Change 3.89% 19.67%
Net Earnings / Revenue 1.55% 1.55%
Basic Earnings Per Share $0.61 $0.56
Diluted Earnings Per Share $0.60 $0.56
COMMON SHARES
Basic Shares Outstanding 35.47M shares 37.10M shares
Diluted Shares Outstanding 35.79M shares 37.35M shares

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $175.7M $148.1M
YoY Change 18.64% 16.52%
Cash & Equivalents $175.7M $148.1M
Short-Term Investments
Other Short-Term Assets $101.2M $58.36M
YoY Change 73.47% -14.15%
Inventory $175.2M $177.6M
Prepaid Expenses
Receivables $1.162B $1.106B
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.667B $1.502B
YoY Change 10.94% 6.04%
LONG-TERM ASSETS
Property, Plant & Equipment $76.61M $92.86M
YoY Change -17.5% -16.31%
Goodwill $62.94M $26.26M
YoY Change 139.69% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $28.84M $22.76M
YoY Change 26.69% 40.35%
Total Long-Term Assets $250.0M $214.1M
YoY Change 16.75% -10.32%
TOTAL ASSETS
Total Short-Term Assets $1.667B $1.502B
Total Long-Term Assets $250.0M $214.1M
Total Assets $1.917B $1.717B
YoY Change 11.66% 3.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $753.5M $763.6M
YoY Change -1.32% 13.37%
Accrued Expenses $140.7M $122.0M
YoY Change 15.28% 5.87%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $500.0K $1.500M
YoY Change -66.67% 66.67%
Total Short-Term Liabilities $937.5M $933.8M
YoY Change 0.41% 10.89%
LONG-TERM LIABILITIES
Long-Term Debt $243.4M $85.10M
YoY Change 186.02% 58.77%
Other Long-Term Liabilities $30.82M $27.91M
YoY Change 10.45% 21.95%
Total Long-Term Liabilities $30.82M $27.91M
YoY Change 10.45% 21.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $937.5M $933.8M
Total Long-Term Liabilities $30.82M $27.91M
Total Liabilities $1.213B $1.047B
YoY Change 15.8% 13.9%
SHAREHOLDERS EQUITY
Retained Earnings $438.4M $390.1M
YoY Change 12.38% -0.21%
Common Stock $307.3M $314.9M
YoY Change -2.42% -8.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $704.0M $669.3M
YoY Change
Total Liabilities & Shareholders Equity $1.917B $1.717B
YoY Change 11.66% 3.68%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $21.64M $20.83M
YoY Change 3.89% 19.67%
Depreciation, Depletion And Amortization $9.635M $9.425M
YoY Change 2.23% -4.48%
Cash From Operating Activities -$120.0M -$71.70M
YoY Change 67.36% 28.26%
INVESTING ACTIVITIES
Capital Expenditures -$4.700M -$4.200M
YoY Change 11.9% 55.56%
Acquisitions
YoY Change
Other Investing Activities -$10.80M
YoY Change
Cash From Investing Activities -$15.50M -$4.200M
YoY Change 269.05% 55.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 134.4M 53.60M
YoY Change 150.75% 22.37%
NET CHANGE
Cash From Operating Activities -120.0M -71.70M
Cash From Investing Activities -15.50M -4.200M
Cash From Financing Activities 134.4M 53.60M
Net Change In Cash -1.100M -22.30M
YoY Change -95.07% 50.68%
FREE CASH FLOW
Cash From Operating Activities -$120.0M -$71.70M
Capital Expenditures -$4.700M -$4.200M
Free Cash Flow -$115.3M -$67.50M
YoY Change 70.81% 26.88%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <b>1. Basis of Presentation and Recently Issued Accounting Standards</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> We are a Fortune 500-ranked global provider of IT hardware, software, Cloud and service solutions to business, government, healthcare and educational clients. Our company is organized in the following three operating segments, which are primarily defined by their related geographies:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="51%"></td> <td valign="bottom" width="2%"></td> <td width="47%"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: &quot;Times New Roman&quot;"> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: &quot;Times New Roman&quot;; WIDTH: 66.35pt; BORDER-BOTTOM: rgb(0,0,0) 1pt solid; MARGIN-TOP: 0pt"> <b>Operating Segment</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" align="center"> <p style="MARGIN-BOTTOM: 1pt; FONT-SIZE: 8pt; FONT-FAMILY: &quot;Times New Roman&quot;; MARGIN-TOP: 0pt" align="center"><b>Geography</b></p> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;"> <td valign="top">North America</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="top">United States and Canada</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;"> <td valign="top">EMEA</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="top">Europe, Middle East and Africa</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;"> <td valign="top">APAC</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="top">Asia-Pacific</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> Our offerings in North America and select countries in EMEA and APAC include hardware, software and services. Our offerings in the remainder of our EMEA and APAC segments are largely software and select software-related services.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly our financial position as of September&#xA0;30, 2016, our results of operations for the three and nine months ended September&#xA0;30, 2016 and 2015 and our cash flows for the nine months ended September&#xA0;30, 2016 and 2015. The consolidated balance sheet as of December&#xA0;31, 2015 was derived from the audited consolidated balance sheet at such date. The accompanying unaudited consolidated financial statements and notes have been prepared in accordance with the rules and regulations promulgated by the Securities and Exchange Commission and consequently do not include all of the disclosures normally required by United States generally accepted accounting principles (&#x201C;GAAP&#x201D;).</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> The results of operations for interim periods are not necessarily indicative of results for the full year, due in part to the seasonal nature of our business. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements, including the related notes thereto, in our Annual Report on Form 10-K for the year ended December&#xA0;31, 2015. Our results of operations include the results of BlueMetal Architects, Inc. (&#x201C;BlueMetal&#x201D;) from its acquisition date of October&#xA0;1, 2015. See Note 12 for a discussion of our acquisition of Ignia Pty Ltd (&#x201C;Ignia&#x201D;) effective September&#xA0;1, 2016.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> The consolidated financial statements include the accounts of Insight Enterprises, Inc. and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Additionally, these estimates and assumptions affect the reported amounts of net sales and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, we evaluate our estimates, including those related to sales recognition, anticipated achievement levels under partner funding programs, assumptions related to stock-based compensation valuation, allowances for doubtful accounts, valuation of inventories, litigation-related obligations, valuation allowances for deferred tax assets and impairment of long-lived assets, including purchased intangibles and goodwill, if indicators of potential impairment exist.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <i>Recently Issued Accounting Standards</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> In February 2016, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued Accounting Standard Update (&#x201C;ASU&#x201D;) 2016-02, &#x201C;Leases&#x201D; (Topic 842), which supersedes the lease recognition requirements in Accounting Standards Codification Topic 840, &#x201C;Leases.&#x201D; The core principal of the guidance is that an entity should recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. The standard will be effective for fiscal years beginning after December&#xA0;15, 2018, including interim periods within such fiscal years. Early adoption is permitted. The guidance is to be applied using a modified retrospective transition method with the option to elect a number of practical expedients. We expect to adopt the standard in the first quarter of 2019 and are in the process of determining the effect that the adoption of ASU 2016-02 will have on our consolidated financial statements and disclosures. We have not yet selected our planned transition approach.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> In March 2016, FASB issued ASU No.&#xA0;2016-09,&#xA0;&#x201C;Improvements to Employee Share-Based Payment Accounting&#x201D; (Topic 718). This ASU simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This ASU requires that excess tax benefits and deficiencies be recognized as income tax benefit or expense in the income statement, and, therefore, we anticipate increased income tax expense volatility after adoption of this ASU. The standard will be effective for fiscal years beginning after December&#xA0;15, 2016, including interim periods within such fiscal years. Early adoption is permitted. We expect to adopt the standard in the first quarter of 2017 and are currently evaluating the effect of this guidance on our consolidated financial statements and disclosures.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> There have been no other material changes or additions to the recently issued accounting standards as previously reported in Note 1 to our Consolidated Financial Statements in Part II, Item&#xA0;8 of our Annual Report on Form&#xA0;10-K for the year ended December&#xA0;31, 2015 that affect or may affect our financial statements.</p> </div>
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