2017 Q3 Form 10-Q Financial Statement
#000119312517336119 Filed on November 08, 2017
Income Statement
| Concept | 2017 Q3 | 2016 Q3 |
|---|---|---|
| Revenue | $1.758B | $1.393B |
| YoY Change | 26.23% | 3.76% |
| Cost Of Revenue | $1.532B | $1.211B |
| YoY Change | 26.51% | 4.39% |
| Gross Profit | $226.1M | $181.8M |
| YoY Change | 24.35% | -0.24% |
| Gross Profit Margin | 12.86% | 13.05% |
| Selling, General & Admin | $180.4M | $143.9M |
| YoY Change | 25.38% | -3.31% |
| % of Gross Profit | 79.79% | 79.13% |
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | $10.91M | $9.635M |
| YoY Change | 13.24% | 2.23% |
| % of Gross Profit | 4.83% | 5.3% |
| Operating Expenses | $180.4M | $143.9M |
| YoY Change | 25.38% | -3.31% |
| Operating Profit | $41.45M | $36.41M |
| YoY Change | 13.84% | 11.55% |
| Interest Expense | $5.555M | $2.517M |
| YoY Change | 120.7% | 22.07% |
| % of Operating Profit | 13.4% | 6.91% |
| Other Income/Expense, Net | -$339.0K | -$352.0K |
| YoY Change | -3.69% | -1.4% |
| Pretax Income | $35.44M | $33.28M |
| YoY Change | 6.49% | 3.84% |
| Income Tax | $13.03M | $11.64M |
| % Of Pretax Income | 36.76% | 34.99% |
| Net Earnings | $22.41M | $21.64M |
| YoY Change | 3.59% | 3.89% |
| Net Earnings / Revenue | 1.27% | 1.55% |
| Basic Earnings Per Share | $0.63 | $0.61 |
| Diluted Earnings Per Share | $0.62 | $0.60 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 35.79M | 35.47M shares |
| Diluted Shares Outstanding | 36.20M | 35.79M shares |
Balance Sheet
| Concept | 2017 Q3 | 2016 Q3 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $236.4M | $175.7M |
| YoY Change | 34.55% | 18.64% |
| Cash & Equivalents | $236.4M | $175.7M |
| Short-Term Investments | ||
| Other Short-Term Assets | $151.0M | $101.2M |
| YoY Change | 49.19% | 73.47% |
| Inventory | $235.3M | $175.2M |
| Prepaid Expenses | ||
| Receivables | $1.483B | $1.162B |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $2.162B | $1.667B |
| YoY Change | 29.72% | 10.94% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $77.53M | $76.61M |
| YoY Change | 1.2% | -17.5% |
| Goodwill | $131.6M | $62.94M |
| YoY Change | 109.03% | 139.69% |
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $62.58M | $28.84M |
| YoY Change | 117.0% | 26.69% |
| Total Long-Term Assets | $417.0M | $250.0M |
| YoY Change | 66.82% | 16.75% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $2.162B | $1.667B |
| Total Long-Term Assets | $417.0M | $250.0M |
| Total Assets | $2.579B | $1.917B |
| YoY Change | 34.56% | 11.66% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $907.0M | $753.5M |
| YoY Change | 20.37% | -1.32% |
| Accrued Expenses | $151.2M | $140.7M |
| YoY Change | 7.47% | 15.28% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | $15.30M | $500.0K |
| YoY Change | 2960.0% | -66.67% |
| Total Short-Term Liabilities | $1.173B | $937.5M |
| YoY Change | 25.1% | 0.41% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $534.4M | $243.4M |
| YoY Change | 119.56% | 186.02% |
| Other Long-Term Liabilities | $44.34M | $30.82M |
| YoY Change | 43.85% | 10.45% |
| Total Long-Term Liabilities | $44.34M | $30.82M |
| YoY Change | 43.85% | 10.45% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $1.173B | $937.5M |
| Total Long-Term Liabilities | $44.34M | $30.82M |
| Total Liabilities | $1.753B | $1.213B |
| YoY Change | 44.51% | 15.8% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | $536.1M | $438.4M |
| YoY Change | 22.26% | 12.38% |
| Common Stock | $315.4M | $307.3M |
| YoY Change | 2.65% | -2.42% |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $826.8M | $704.0M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $2.579B | $1.917B |
| YoY Change | 34.56% | 11.66% |
Cashflow Statement
| Concept | 2017 Q3 | 2016 Q3 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $22.41M | $21.64M |
| YoY Change | 3.59% | 3.89% |
| Depreciation, Depletion And Amortization | $10.91M | $9.635M |
| YoY Change | 13.24% | 2.23% |
| Cash From Operating Activities | -$224.3M | -$120.0M |
| YoY Change | 86.92% | 67.36% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | -$5.600M | -$4.700M |
| YoY Change | 19.15% | 11.9% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | -$4.500M | -$10.80M |
| YoY Change | -58.33% | |
| Cash From Investing Activities | -$10.10M | -$15.50M |
| YoY Change | -34.84% | 269.05% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | 268.3M | 134.4M |
| YoY Change | 99.63% | 150.75% |
| NET CHANGE | ||
| Cash From Operating Activities | -224.3M | -120.0M |
| Cash From Investing Activities | -10.10M | -15.50M |
| Cash From Financing Activities | 268.3M | 134.4M |
| Net Change In Cash | 33.90M | -1.100M |
| YoY Change | -3181.82% | -95.07% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$224.3M | -$120.0M |
| Capital Expenditures | -$5.600M | -$4.700M |
| Free Cash Flow | -$218.7M | -$115.3M |
| YoY Change | 89.68% | 70.81% |
Facts In Submission
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|---|---|---|---|---|
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <b>1. Basis of Presentation and Recently Issued Accounting Standards</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> We are a Fortune 500 global IT provider helping businesses of all sizes – from small and medium sized firms to worldwide enterprises, governments, schools and health care organizations – define, architect, implement and manage Intelligent Technology Solutions<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">TM</sup>. We empower our clients to manage their IT environments so they can drive meaningful business outcomes today and transform their operations for tomorrow. 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; MARGIN-TOP: 0pt">  </p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" 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: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; WIDTH: 66.35pt; BORDER-BOTTOM: #000000 1pt solid; MARGIN-TOP: 0pt"> <b>Operating Segment</b></p> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" align="center"> <p style="MARGIN-BOTTOM: 1pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>Geography</b></p> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top">North America</td> <td valign="bottom">  </td> <td valign="bottom">United States and Canada</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top">EMEA</td> <td valign="bottom">  </td> <td valign="bottom">Europe, Middle East and Africa</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top">APAC</td> <td valign="bottom">  </td> <td valign="bottom">Asia-Pacific</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly our financial position as of September 30, 2017, our results of operations for the three and nine months ended September 30, 2017 and 2016 and our cash flows for the nine months ended September 30, 2017 and 2016. The consolidated balance sheet as of December 31, 2016 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 (“GAAP”).</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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 <font style="WHITE-SPACE: nowrap">10-K</font> for the year ended December 31, 2016. Our results of operations include the results of Caase Group B.V. (doing business as, and referred to herein as, “Caase.com”) from its acquisition date of September 26, 2017, Datalink Corporation (“Datalink”) from its acquisition date of January 6, 2017 and Ignia, Pty Ltd (“Ignia”) from its acquisition date of September 1, 2016. See Note 10 for further discussion of our acquisitions of Caase.com and Datalink.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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: 0px; FONT-SIZE: 1px; MARGIN-TOP: 18px">  </p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <i>Recently Issued Accounting Standards</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) <font style="WHITE-SPACE: nowrap">No. 2016-09,</font> “Improvements to Employee Share-Based Payment Accounting.” This new standard simplifies the accounting for share-based payment transactions, including the income tax consequences, the calculation of diluted earnings per share, the treatment of forfeitures, the classification of awards as either equity or liabilities and the classification on the statement of cash flows. This new standard increases volatility in the statement of operations by requiring all excess tax benefits and deficiencies to be recognized as income tax benefit or expense in the statement of operations and treated as discrete items in the period in which they occur. We adopted the new standard as of January 1, 2017, and prospectively applied the provisions in this guidance requiring recognition of excess tax benefits and deficits in the statement of operations, which resulted in an income tax benefit of $69,000 and $2,258,000 for the three and nine months ended September 30, 2017, respectively. The corresponding increase in net earnings had no effect on diluted earnings per share during the three months ended September 30, 2017 and equated to $0.06 per diluted share during the nine months ended September 30, 2017. Also, as a result of the adoption of the new standard, we made an accounting policy election to recognize forfeitures as they occur and no longer estimate expected forfeitures. The provisions in this guidance requiring the use of a modified retrospective transition method would have required us to record a cumulative effect adjustment in retained earnings as of January 1, 2017. We elected not to adjust retained earnings and to record such cumulative effect adjustment as stock-based compensation in the first quarter of 2017 on the basis of immateriality. Lastly, we applied the provisions of this guidance relating to classification on the statement of cash flows retrospectively. As a result, excess tax benefits from employee gains on stock-based compensation of $293,000 were reclassified from cash flows from financing activities to cash flows from operating activities for the nine months ended September 30, 2016 to conform to the current period presentation.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In July 2015, the FASB issued ASU <font style="WHITE-SPACE: nowrap">No. 2015-11,</font> “Simplifying the Measurement of Inventory.” This standard changes the measurement from lower of cost or market to lower of cost and net realizable value. We adopted the standard in the first quarter of 2017 and applied the provisions prospectively. The standard did not have a material effect on our consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> On May 28, 2014, the FASB issued ASU <font style="WHITE-SPACE: nowrap">No. 2014-09,</font> “Revenue from Contracts with Customers,” which amends the existing accounting standards for revenue recognition. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard, as amended, will be effective for the Company beginning in the first quarter of 2018. The standard permits two methods of adoption: retrospectively to each prior reporting period presented (the full retrospective transition method) or retrospectively with the cumulative effect adjustment of initially applying the new standard recognized at the date of initial application (the modified retrospective transition method).</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> We will adopt the standard on January 1, 2018, and expect to utilize the modified retrospective transition method. While we are still finalizing our accounting policies under the new standard and are in the process of quantifying the cumulative effect adjustment from prior periods that will be recognized in our consolidated balance sheet as of the date of adoption as an adjustment to retained earnings, to date we have concluded:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">  </p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td width="1%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">The accounting for inventories not available for sale related to certain product net sales transactions in which we are warehousing the product and will be deploying the product to our clients’ designated locations subsequent to <font style="WHITE-SPACE: nowrap">period-end</font> will change such that a portion of revenue under the contracts is generally expected to be recognized at an earlier point in time than we are recognizing under current accounting standards. The effect of the change on our financial results will be dependent on the amount of such transactions existing at the end of a given quarter.</p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">  </p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td width="1%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">The accounting for renewals of certain software term licenses will change to delay revenue recognition until the beginning of the renewal period.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">  </p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td width="1%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">In sales transactions for certain security software products that are sold with accompanying third-party delivered software maintenance, we believe the updates provided by the publisher are not separately identifiable from the software. We will change to record both the software license and the accompanying software maintenance on a net basis, as the agent in the arrangement. Under current guidance, we bifurcate the sale of the software license from the sale of the maintenance contract, record the sale of the software product on a gross basis, as the principal in the arrangement, and record the sale of the software maintenance on a net basis, as an agent in the arrangement.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">  </p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td width="1%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Sales commissions on contracts with performance periods that exceed one year will be recorded as an asset and amortized to expense over the related contract performance period as opposed to being expensed in the period the transaction is generated.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> Our analysis and evaluation of the new standard will continue through its effective date in the first quarter of 2018. A substantial amount of work has been completed, and findings and progress to date have been reported to management and the Audit Committee. Although we do not currently expect the changes resulting from the adoption of the new standard to materially affect our results of operations, our conclusions are still being finalized.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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 8 of our Annual Report on <font style="WHITE-SPACE: nowrap">Form 10-K</font> for the year ended December 31, 2016 that affect or may affect our financial statements.</p> </div> | ||
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
33529000 | ||
| us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
107876000 | ||
| us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
4233861000 | ||
| dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | ||
| us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
-209000 | ||
| us-gaap |
Depreciation
Depreciation
|
19430000 | ||
| us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
32073000 | ||
| us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.356 | pure | |
| us-gaap |
Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
|
2258000 | ||
| dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q3 | ||
| dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2017 | ||
| dei |
Document Type
DocumentType
|
10-Q | ||
| us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
2.11 | ||
| us-gaap |
Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
|
186932000 | ||
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
15906000 | ||
| us-gaap |
Proceeds From Repayments Of Other Debt
ProceedsFromRepaymentsOfOtherDebt
|
45641000 | ||
| us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.350 | pure | |
| dei |
Document Period End Date
DocumentPeriodEndDate
|
2017-09-30 | ||
| us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
2.14 | ||
| us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
|
19447000 | ||
| dei |
Entity Registrant Name
EntityRegistrantName
|
INSIGHT ENTERPRISES INC | ||
| dei |
Entity Central Index Key
EntityCentralIndexKey
|
0000932696 | ||
| dei |
Entity Filer Category
EntityFilerCategory
|
Large Accelerated Filer | ||
| us-gaap |
Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
|
-972000 | ||
| us-gaap |
Gross Profit
GrossProfit
|
685687000 | ||
| us-gaap |
Gain Loss On Sale Of Stock In Subsidiary Or Equity Method Investee
GainLossOnSaleOfStockInSubsidiaryOrEquityMethodInvestee
|
-3646000 | ||
| us-gaap |
Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
|
378000 | ||
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
118824000 | ||
| us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-13871000 | ||
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-108284000 | ||
| us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-30736000 | ||
| us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
73186000 | ||
| us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
-320000 | ||
| us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
468000 | shares | |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
42309000 | ||
| us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-442328000 | ||
| us-gaap |
Interest Expense
InterestExpense
|
13814000 | ||
| us-gaap |
Inventory Write Down
InventoryWriteDown
|
1991000 | ||
| us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
863000 | ||
| us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-201321000 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-323560000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
538963000 | ||
| us-gaap |
Net Income Loss
NetIncomeLoss
|
76515000 | ||
| us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
3 | Segment | |
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
133727000 | ||
| us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
31361000 | ||
| us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-980000 | ||
| us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
1123000 | ||
| us-gaap |
Payments For Restructuring
PaymentsForRestructuring
|
5082000 | ||
| us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
4703000 | ||
| us-gaap |
Proceeds From Accounts Receivable Securitization
ProceedsFromAccountsReceivableSecuritization
|
2844389000 | ||
| us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
175000000 | ||
| us-gaap |
Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
|
923216000 | ||
| us-gaap |
Proceeds From Sales Of Business Affiliate And Productive Assets
ProceedsFromSalesOfBusinessAffiliateAndProductiveAssets
|
1517000 | ||
| us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
3429000 | ||
| us-gaap |
Repayments Of Accounts Receivable Securitization
RepaymentsOfAccountsReceivableSecuritization
|
2723889000 | ||
| us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
6562000 | ||
| us-gaap |
Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
|
707216000 | ||
| us-gaap |
Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
|
614000 | ||
| us-gaap |
Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
|
5176000 | ||
| us-gaap |
Restructuring Charges
RestructuringCharges
|
6211000 | ||
| us-gaap |
Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
|
-449000 | ||
| us-gaap |
Sales Revenue Net
SalesRevenueNet
|
4919548000 | ||
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
10134000 | ||
| us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
538774000 | ||
| us-gaap |
Segment Reporting Disclosure Of Major Customers
SegmentReportingDisclosureOfMajorCustomers
|
None of our clients exceeded ten percent of consolidated net sales for the three or nine months ended September 30, 2017 or 2016. | ||
| us-gaap |
Severance Costs1
SeveranceCosts1
|
6211000 | ||
| us-gaap |
Significant Change In Unrecognized Tax Benefits Nature Of Event
SignificantChangeInUnrecognizedTaxBenefitsNatureOfEvent
|
Although the timing of the resolutions and/or closures of audits is highly uncertain, it is reasonably possible that the examination phase of these audits may be concluded within the next 12 months, which could significantly increase or decrease the balance of our gross unrecognized tax benefits. | ||
| us-gaap |
Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
|
0 | shares | |
| dei |
Trading Symbol
TradingSymbol
|
NSIT | ||
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
36186000 | shares | |
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
35718000 | shares | |
| nsit |
Number Of Capital Leases
NumberOfCapitalLeases
|
2 | pure | |
| nsit |
Number Of Months Of Salary Paid As Severance On Change Of Control
NumberOfMonthsOfSalaryPaidAsSeveranceOnChangeOfControl
|
From three to twenty-four months | ||
| us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
9312000 | ||
| us-gaap |
Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
|
741000 | ||
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-12283000 | ||
| us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
61921000 | ||
| us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
3465799000 | ||
| us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
3424000 | ||
| us-gaap |
Depreciation
Depreciation
|
20785000 | ||
| us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
30097000 | ||
| us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.368 | pure | |
| us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
1.74 | ||
| us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.350 | pure | |
| us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
1.75 | ||
| us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
|
5342000 | ||
| us-gaap |
Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
|
-1042000 | ||
| us-gaap |
Gross Profit
GrossProfit
|
552133000 | ||
| us-gaap |
Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
|
338000 | ||
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
100568000 | ||
| us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-6645000 | ||
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-133289000 | ||
| us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
244000 | ||
| us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
59707000 | ||
| us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
22713000 | ||
| us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
286000 | shares | |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
36978000 | ||
| us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-278097000 | ||
| us-gaap |
Interest Expense
InterestExpense
|
6357000 | ||
| us-gaap |
Inventory Write Down
InventoryWriteDown
|
2297000 | ||
| us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
784000 | ||
| us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-18633000 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-124850000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
125858000 | ||
| us-gaap |
Net Income Loss
NetIncomeLoss
|
63590000 | ||
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
108162000 | ||
| us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
-1669000 | ||
| us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-979000 | ||
| us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
3360000 | ||
| us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
2159000 | ||
| us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
50000000 | ||
| us-gaap |
Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
|
10297000 | ||
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
9714000 | ||
| us-gaap |
Proceeds From Repayments Of Other Debt
ProceedsFromRepaymentsOfOtherDebt
|
29456000 | ||
| us-gaap |
Proceeds From Accounts Receivable Securitization
ProceedsFromAccountsReceivableSecuritization
|
1947000000 | ||
| us-gaap |
Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
|
534920000 | ||
| us-gaap |
Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
|
1378000 | ||
| us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
1401000 | ||
| us-gaap |
Repayments Of Accounts Receivable Securitization
RepaymentsOfAccountsReceivableSecuritization
|
1822000000 | ||
| us-gaap |
Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
|
506420000 | ||
| us-gaap |
Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
|
270000 | ||
| us-gaap |
Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
|
1309000 | ||
| us-gaap |
Restructuring Charges
RestructuringCharges
|
3053000 | ||
| us-gaap |
Sales Revenue Net
SalesRevenueNet
|
4017932000 | ||
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
8308000 | ||
| CY2016Q3 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
21804000 | |
| CY2016Q3 | us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
1210908000 | |
| CY2016Q3 | us-gaap |
Depreciation
Depreciation
|
6822000 | |
| CY2016Q3 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
9635000 | |
| CY2016Q3 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.350 | pure |
| us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
440177000 | ||
| us-gaap |
Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
|
50000000 | ||
| us-gaap |
Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
|
1891564 | shares | |
| us-gaap |
Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
|
26.43 | ||
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
36596000 | shares | |
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
36310000 | shares | |
| CY2017Q2 | us-gaap |
Description Of Lessee Leasing Arrangements Capital Leases
DescriptionOfLesseeLeasingArrangementsCapitalLeases
|
36-month terms | |
| CY2017Q3 | us-gaap |
Description Of Lessee Leasing Arrangements Capital Leases
DescriptionOfLesseeLeasingArrangementsCapitalLeases
|
12-month | |
| CY2016Q3 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
2813000 | |
| CY2016Q3 | us-gaap |
Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
|
741000 | |
| CY2016Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.60 | |
| CY2016Q3 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.350 | pure |
| CY2016Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.61 | |
| CY2016Q3 | us-gaap |
Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
|
-579000 | |
| CY2016Q3 | us-gaap |
Gross Profit
GrossProfit
|
181808000 | |
| CY2016Q3 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
33277000 | |
| CY2016Q3 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
316000 | shares |
| CY2016Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
11642000 | |
| CY2016Q3 | us-gaap |
Interest Expense
InterestExpense
|
2517000 | |
| CY2016Q3 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
318000 | |
| CY2016Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
21635000 | |
| CY2016Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
36407000 | |
| CY2016Q3 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
169000 | |
| CY2016Q3 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-352000 | |
| CY2016Q3 | us-gaap |
Restructuring Charges
RestructuringCharges
|
788000 | |
| CY2016Q3 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
1392716000 | |
| CY2016Q3 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
143872000 | |
| CY2016Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
35790000 | shares |
| CY2016Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
35474000 | shares |
| CY2017Q3 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
4210000 | |
| CY2017Q3 | us-gaap |
Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
|
106000 | |
| CY2017Q3 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
37518000 | |
| CY2017Q3 | us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
1531892000 | |
| CY2017Q3 | us-gaap |
Depreciation
Depreciation
|
6701000 | |
| CY2017Q3 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
10911000 | |
| CY2017Q3 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.368 | pure |
| CY2017Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.62 | |
| CY2017Q3 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.350 | pure |
| CY2017Q3 | us-gaap |
Restructuring Charges
RestructuringCharges
|
494000 | |
| CY2017Q3 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
1757973000 | |
| CY2017Q3 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
180390000 | |
| CY2017Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
36203000 | shares |
| CY2017Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.63 | |
| CY2017Q3 | us-gaap |
Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
|
-341000 | |
| CY2017Q3 | us-gaap |
Gross Profit
GrossProfit
|
226081000 | |
| CY2017Q3 | us-gaap |
Gain Loss On Sale Of Stock In Subsidiary Or Equity Method Investee
GainLossOnSaleOfStockInSubsidiaryOrEquityMethodInvestee
|
-3646000 | |
| CY2017Q3 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
35437000 | |
| CY2017Q3 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
416000 | shares |
| CY2017Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
13025000 | |
| CY2017Q3 | us-gaap |
Interest Expense
InterestExpense
|
5555000 | |
| CY2017Q3 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
227000 | |
| CY2017Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
22412000 | |
| CY2017Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
41445000 | |
| CY2017Q3 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
15106000 | |
| CY2017Q3 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-339000 | |
| CY2017Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
35787000 | shares |
