$NSIT
INSIGHT ENTERPRISES INC

2018 Q2 Form 10-Q Financial Statement

#000119312518247147 Filed on August 13, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $1.841B $1.684B
YoY Change 9.31% 15.64%
Cost Of Revenue $1.576B $1.433B
YoY Change 10.04% 14.89%
Gross Profit $264.4M $251.4M
YoY Change 5.17% 20.15%
Gross Profit Margin 14.36% 14.93%
Selling, General & Admin $189.5M $180.8M
YoY Change 4.82% 20.35%
% of Gross Profit 71.66% 71.9%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.882M $10.11M
YoY Change -12.14% -1.68%
% of Gross Profit 3.36% 4.02%
Operating Expenses $189.5M $180.8M
YoY Change 4.82% 20.35%
Operating Profit $74.44M $69.33M
YoY Change 7.37% 19.28%
Interest Expense $4.932M $4.326M
YoY Change 14.01% 117.17%
% of Operating Profit 6.63% 6.24%
Other Income/Expense, Net -$4.981M -$326.0K
YoY Change 1427.91% -9.19%
Pretax Income $69.46M $64.63M
YoY Change 7.47% 15.12%
Income Tax $17.98M $24.38M
% Of Pretax Income 25.88% 37.72%
Net Earnings $51.48M $40.26M
YoY Change 27.88% 14.79%
Net Earnings / Revenue 2.8% 2.39%
Basic Earnings Per Share $1.45 $1.13
Diluted Earnings Per Share $1.44 $1.11
COMMON SHARES
Basic Shares Outstanding 35.48M 35.77M
Diluted Shares Outstanding 35.82M 36.17M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $248.1M $194.8M
YoY Change 27.36% 11.25%
Cash & Equivalents $248.1M $194.8M
Short-Term Investments
Other Short-Term Assets $122.4M $212.2M
YoY Change -42.33% 137.6%
Inventory $174.1M $210.5M
Prepaid Expenses
Receivables $2.161B $1.822B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.710B $2.501B
YoY Change 8.36% 29.04%
LONG-TERM ASSETS
Property, Plant & Equipment $74.69M $77.49M
YoY Change -3.6% -4.03%
Goodwill $130.8M $127.2M
YoY Change 2.84% 128.46%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $68.74M $65.26M
YoY Change 5.33% 116.08%
Total Long-Term Assets $382.5M $417.4M
YoY Change -8.36% 68.08%
TOTAL ASSETS
Total Short-Term Assets $2.710B $2.501B
Total Long-Term Assets $382.5M $417.4M
Total Assets $3.093B $2.918B
YoY Change 5.97% 33.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.700B $1.493B
YoY Change 13.86% 25.8%
Accrued Expenses $199.1M $174.4M
YoY Change 14.16% 17.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $16.90M $14.60M
YoY Change 15.75% 1023.08%
Total Short-Term Liabilities $1.982B $1.797B
YoY Change 10.26% 29.62%
LONG-TERM LIABILITIES
Long-Term Debt $144.9M $286.2M
YoY Change -49.37% 232.79%
Other Long-Term Liabilities $58.96M $48.09M
YoY Change 22.59% 46.17%
Total Long-Term Liabilities $58.96M $48.09M
YoY Change 22.59% 46.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.982B $1.797B
Total Long-Term Liabilities $58.96M $48.09M
Total Liabilities $2.186B $2.132B
YoY Change 2.52% 41.62%
SHAREHOLDERS EQUITY
Retained Earnings $625.2M $513.6M
YoY Change 21.72% 22.94%
Common Stock $316.0M $312.2M
YoY Change 1.21% 2.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $906.7M $786.0M
YoY Change
Total Liabilities & Shareholders Equity $3.093B $2.918B
YoY Change 5.97% 33.47%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $51.48M $40.26M
YoY Change 27.88% 14.79%
Depreciation, Depletion And Amortization $8.882M $10.11M
YoY Change -12.14% -1.68%
Cash From Operating Activities $200.3M $52.80M
YoY Change 279.36% 24.82%
INVESTING ACTIVITIES
Capital Expenditures -$5.600M -$200.0K
YoY Change 2700.0% -90.48%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$5.600M -$300.0K
YoY Change 1766.67% 50.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -39.30M -47.40M
YoY Change -17.09% 20.92%
NET CHANGE
Cash From Operating Activities 200.3M 52.80M
Cash From Investing Activities -5.600M -300.0K
Cash From Financing Activities -39.30M -47.40M
Net Change In Cash 155.4M 5.100M
YoY Change 2947.06% 75.86%
FREE CASH FLOW
Cash From Operating Activities $200.3M $52.80M
Capital Expenditures -$5.600M -$200.0K
Free Cash Flow $205.9M $53.00M
YoY Change 288.49% 19.37%

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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: 8%"> Today, every business is a technology business. We empower organizations of all sizes with Insight Intelligent Technology Solutions<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">TM</sup> and services to maximize the business value of IT. As a Fortune <font style="WHITE-SPACE: nowrap">500-ranked</font> global provider of digital innovation, cloud/data center transformation, connected workforce, and supply chain optimization solutions and services, we help clients innovate and optimize their operations to run smarter. 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"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="17%"></td> <td valign="bottom" width="4%"></td> <td width="79%"></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; BORDER-BOTTOM: #000000 1pt solid; MARGIN-TOP: 0pt; DISPLAY: table-cell"> <b>Operating&#xA0;Segment</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</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" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> North&#xA0;America</p> </td> <td valign="bottom">&#xA0;&#xA0;</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"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> EMEA</p> </td> <td valign="bottom">&#xA0;&#xA0;</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" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> APAC</p> </td> <td valign="bottom">&#xA0;&#xA0;</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: 8%"> Our offerings in North America and certain countries in EMEA and APAC include hardware, software and services. Our offerings in the remainder of our EMEA and APAC segments consist of largely software and certain software-related services.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%"> In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly our financial position as of June&#xA0;30, 2018 and our results of operations for the three and six months ended June&#xA0;30, 2018 and 2017 and cash flows for the six months ended June&#xA0;30, 2018 and 2017. The consolidated balance sheet as of December&#xA0;31, 2017 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: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%"> 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&#xA0;31, 2017. Our results of operations include the results of Datalink Corporation (&#x201C;Datalink&#x201D;) from its acquisition date of January&#xA0;6, 2017 and Caase Group B.V. (referred to herein as, &#x201C;Caase.com&#x201D;) from its acquisition date of September&#xA0;26, 2017.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%"> 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: 8%"> 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: 6px"> &#xA0;</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: 8%"> Effective January&#xA0;1, 2018, we adopted the Financial Accounting Standards Board&#x2019;s (&#x201C;FASB&#x201D;) Accounting Standard Update (&#x201C;ASU&#x201D;) <font style="WHITE-SPACE: nowrap">No.&#xA0;2016-18,</font> &#x201C;Restricted Cash,&#x201D; ASU <font style="WHITE-SPACE: nowrap">No.&#xA0;2016-15,</font> &#x201C;Classification of Certain Cash Receipts and Cash Payments,&#x201D; and ASU <font style="WHITE-SPACE: nowrap">No.&#xA0;2016-01,</font> &#x201C;Financial Instruments Overview: Recognition and Measurement of Financial Assets and Financial Liabilities.&#x201D; The adoption of these new standards did not have a material effect on our consolidated financial statements. Additionally, we adopted ASU <font style="WHITE-SPACE: nowrap">No.&#xA0;2014-09,</font> &#x201C;Revenue from Contracts with Customers,&#x201D; effective January&#xA0;1, 2018, as discussed in Note 2.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%"> As a result of the adoption of ASU <font style="WHITE-SPACE: nowrap">No.&#xA0;2016-18,</font> we began including amounts generally described as restricted cash or restricted cash equivalents with cash and cash equivalents when reconciling the <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">beginning-of-period</font></font> and <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">end-of-period</font></font> total amounts shown in the statement of cash flows for the six months ended June&#xA0;30, 2018. Amounts shown in the consolidated statement of cash flows for the six months ended June&#xA0;30, 2017 were reclassified to conform to the current period presentation. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets that sum to the total of the same such amounts shown in the statements of cash flows for the six months ended June&#xA0;30, 2018 and 2017 (in thousands):</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="74%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>June&#xA0;30,<br /> 2018</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>December&#xA0;31,</b><br /> <b>2017</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Cash and cash equivalents</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">248,122</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">105,831</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Restricted cash included in other current assets</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">9</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">46</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Restricted cash included in other <font style="WHITE-SPACE: nowrap">non-current</font> assets</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,576</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,568</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Total cash, cash equivalents and restricted cash shown in the statement of cash flows</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">249,707</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">107,445</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="74%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>June&#xA0;30,<br /> 2017</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>December&#xA0;31,</b><br /> <b>2016</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Cash and cash equivalents</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">194,783</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">202,882</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Restricted cash included in other current assets</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">78</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">51</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Restricted cash included in other <font style="WHITE-SPACE: nowrap">non-current</font> assets</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3,102</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3,013</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Total cash, cash equivalents and restricted cash shown in the statement of cash flows</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">197,963</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">205,946</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%"> Amounts included in restricted cash represent those required to be set aside by a contractual agreement with a lessor related to certain leased office space in foreign jurisdictions. Restricted cash shown in the statement of cash flows for the six months ended June&#xA0;30, 2017 also includes funds deposited with a financial institution in Australia to provide a guarantee on our behalf as security for any funds we might draw under our revolving loan facility in China. The deposited funds were restricted in that we could not withdraw them as long as the related loan facility was in place. These amounts were reported in other <font style="WHITE-SPACE: nowrap">non-current</font> assets.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%"> In February 2016, the FASB issued ASU <font style="WHITE-SPACE: nowrap">No.&#xA0;2016-02,</font> &#x201C;Leases,&#x201D; (Topic 842) which supersedes the existing lease recognition requirements in the current accounting standard for leases. The core principal of the new standard is that an entity should recognize <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">right-of-use</font></font> (&#x201C;ROU&#x201D;) assets and lease liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. The new standard will be effective for fiscal years beginning after December&#xA0;15, 2018, including interim periods within such fiscal years. The new standard is to be applied using a modified retrospective transition method with the option to elect a number of practical expedients. We will adopt the new standard as of January&#xA0;1, 2019 and expect to elect certain available practical expedients. We have established a cross-functional implementation team and are in the process of determining the scope of arrangements that will be subject to this standard as well as assessing the impact to our systems, processes, and internal controls over financial reporting. While we are still evaluating the impact of adopting ASU <font style="WHITE-SPACE: nowrap">No.&#xA0;2016-02,</font> we anticipate this standard will have a material impact on our property and equipment balance. The primary impact will be to record ROU assets and lease liabilities for current operating leases on our consolidated balance sheets. We do not expect the adoption to have a material impact on our consolidated statements of operations or our consolidated statements of cash flows. Our analysis and evaluation of the new standard will continue through its effective date in the first quarter of 2019, including continuing to monitor any potential changes in the standard that have been proposed by the FASB.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%"> There have been no other material changes in 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&#xA0;10-K</font> for the year ended December&#xA0;31, 2017 that affect or may affect our current financial statements.</p> </div>
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ContractWithCustomerAssetCumulativeCatchUpAdjustmentToRevenueChangeInEstimateOfTransactionPrice
0
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
142262000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
73793000
us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Change In Estimate Of Transaction Price
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInEstimateOfTransactionPrice
-475000
us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
590000
us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
ContractWithCustomerLiabilityChangeInTimeframePerformanceObligationSatisfiedRevenueRecognized
-44644000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
3095441000
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
2020000
us-gaap Depreciation
Depreciation
10712000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
17926000
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
dei Document Type
DocumentType
10-Q
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.259 pure
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.34
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
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EntityCentralIndexKey
0000932696
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-5541000
dei Entity Registrant Name
EntityRegistrantName
INSIGHT ENTERPRISES INC
dei Document Period End Date
DocumentPeriodEndDate
2018-06-30
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.36
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EntityFilerCategory
Large Accelerated Filer
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520000
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309000
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113718000
us-gaap Income Tax Expense Benefit
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29494000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
450471000
us-gaap Increase Decrease In Customer Advances
IncreaseDecreaseInCustomerAdvances
-43865000
us-gaap Gross Profit
GrossProfit
504382000
us-gaap Increase Decrease In Deferred Revenue
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13733000
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IncreaseDecreaseInAccountsReceivable
283930000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
24428000
us-gaap Interest Expense
InterestExpense
11117000
us-gaap Inventory Write Down
InventoryWriteDown
1396000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-18281000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-13714000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
341000 shares
us-gaap Investment Income Interest
InvestmentIncomeInterest
323000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-10900000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-10644000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-192508000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
350955000
us-gaap Net Income Loss
NetIncomeLoss
84224000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-626000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-10431000
us-gaap Open Tax Year
OpenTaxYear
2012 2013 2014 2015
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 Segment
us-gaap Operating Income Loss
OperatingIncomeLoss
124618000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
270000
us-gaap Payments For Restructuring
PaymentsForRestructuring
4192000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2925000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
22069000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
10644000
us-gaap Proceeds From Repayments Of Other Debt
ProceedsFromRepaymentsOfOtherDebt
-15766000
us-gaap Proceeds From Accounts Receivable Securitization
ProceedsFromAccountsReceivableSecuritization
1696500000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
280184000
us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
46000
us-gaap Profit Loss
ProfitLoss
84224000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
580000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1336000
us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionExplanation
Topic 606 allows for certain practical expedients which we have elected to apply. As a result, we do not disclose information about remaining performance obligations that have original expected durations of one year or less in the table above. Amounts not included in the table above have an average original expected duration of eight months.
us-gaap Repayments Of Accounts Receivable Securitization
RepaymentsOfAccountsReceivableSecuritization
1721500000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
6563000
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
397684000
us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
1835000
us-gaap Restructuring Charges
RestructuringCharges
2026000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3599823000
us-gaap Share Based Compensation
ShareBasedCompensation
7047000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
377644000
us-gaap Segment Reporting Disclosure Of Major Customers
SegmentReportingDisclosureOfMajorCustomers
None of our clients exceeded ten percent of consolidated net sales in 2017, 2016 or 2015.
us-gaap Severance Costs1
SeveranceCosts1
2026000
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 Value
StockRepurchasedAndRetiredDuringPeriodValue
22069000
dei Trading Symbol
TradingSymbol
NSIT
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
641211 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36039000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35698000 shares
nsit Contracts Performance Period
ContractsPerformancePeriod
P1Y
nsit Number Of Months Of Salary Paid As Severance On Change Of Control
NumberOfMonthsOfSalaryPaidAsSeveranceOnChangeOfControl
From three to twenty-four months
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
34.42
nsit Terms Of Contracts Performance Period
TermsOfContractsPerformancePeriod
The majority of our contracts are completed within a one-year performance period, and for contracts with a specified term of one year or less
nsit Time And Material Contracts Average Expected Duration
TimeAndMaterialContractsAverageExpectedDuration
P13M
nsit Contract With Customer Assets Recognized Net Of Reclassification To Receivables
ContractWithCustomerAssetsRecognizedNetOfReclassificationToReceivables
-954000
CY2017Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4210000
CY2017Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
276000
CY2017Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
49230000
CY2017Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
1432653000
CY2017Q2 us-gaap Depreciation
Depreciation
5899000
CY2017Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
10109000
CY2017Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.377 pure
CY2017Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.11
CY2017Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350 pure
CY2017Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.13
CY2017Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-251000
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
64631000
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
24376000
CY2017Q2 us-gaap Gross Profit
GrossProfit
251379000
CY2017Q2 us-gaap Interest Expense
InterestExpense
4326000
CY2017Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
404000 shares
CY2017Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
205000
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
40255000
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-326000
CY2017Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
8975000
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
180752000
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36169000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35765000 shares
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
69329000
CY2017Q2 us-gaap Restructuring Charges
RestructuringCharges
1022000
CY2017Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1684032000
CY2018Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3603000
CY2018Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
94000
CY2018Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
36457000
CY2018Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
1572543000
CY2018Q2 us-gaap Depreciation
Depreciation
5279000
CY2018Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
8882000
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.259 pure
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.44
CY2018Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.45
CY2018Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
275000
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
69456000
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
17977000
CY2018Q2 us-gaap Gross Profit
GrossProfit
264377000
CY2018Q2 us-gaap Interest Expense
InterestExpense
5102000
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
332000 shares
CY2018Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
170000
CY2018Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-4981000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
51479000
CY2018Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-324000
CY2018Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-15022000
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
74437000
CY2018Q2 us-gaap Restructuring Charges
RestructuringCharges
382000
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1836920000
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
189464000
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35815000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35483000 shares

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