$NSIT
INSIGHT ENTERPRISES INC

2022 Q3 Form 10-Q Financial Statement

#000162828022020913 Filed on August 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $2.534B $2.743B $2.651B
YoY Change 3.55% 23.05% 20.87%
Cost Of Revenue $2.135B $2.305B $2.272B
YoY Change 2.5% 23.76% 22.05%
Gross Profit $399.3M $437.9M $378.9M
YoY Change 9.52% 19.42% 14.3%
Gross Profit Margin 15.75% 15.96% 14.29%
Selling, General & Admin $308.3M $306.0M $297.6M
YoY Change 10.49% 10.43% 9.75%
% of Gross Profit 77.21% 69.88% 78.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.44M $13.46M $13.31M
YoY Change 13.05% -5.75% -6.38%
% of Gross Profit 3.87% 3.07% 3.51%
Operating Expenses $308.3M $306.0M $297.6M
YoY Change 10.49% 10.43% 9.75%
Operating Profit $90.28M $129.6M $79.85M
YoY Change 8.57% 46.44% 19.13%
Interest Expense $11.71M $9.383M $8.068M
YoY Change -213.37% -2.09% -19.07%
% of Operating Profit 12.97% 7.24% 10.1%
Other Income/Expense, Net -$1.790M -$312.0K $2.843M
YoY Change -212.65% -9.83% -832.73%
Pretax Income $76.78M $119.9M $74.62M
YoY Change 3.18% 52.61% 31.69%
Income Tax $19.46M $30.68M $17.99M
% Of Pretax Income 25.35% 25.59% 24.11%
Net Earnings $57.32M $89.18M $56.63M
YoY Change 3.3% 52.29% 31.19%
Net Earnings / Revenue 2.26% 3.25% 2.14%
Basic Earnings Per Share $1.64 $2.54 $1.62
Diluted Earnings Per Share $1.58 $2.42 $1.53
COMMON SHARES
Basic Shares Outstanding 35.09M shares 35.08M shares 34.97M shares
Diluted Shares Outstanding 36.34M shares 36.82M shares 36.98M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $136.7M $137.5M $114.8M
YoY Change 27.3% 27.56% -17.32%
Cash & Equivalents $136.7M $137.5M $114.8M
Short-Term Investments
Other Short-Term Assets $232.4M $276.0M $244.4M
YoY Change 21.01% 47.02% 37.37%
Inventory $367.9M $377.1M $383.4M
Prepaid Expenses
Receivables $3.048B $3.610B $3.026B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.785B $4.401B $3.768B
YoY Change 13.89% 23.79% 19.49%
LONG-TERM ASSETS
Property, Plant & Equipment $201.3M $199.6M $189.7M
YoY Change 32.35% 33.1% 27.76%
Goodwill $493.6M $495.5M $429.2M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $306.4M $283.3M $255.5M
YoY Change 98.38% 86.05% 61.6%
Total Long-Term Assets $1.213B $1.203B $1.082B
YoY Change 9.05% 8.23% -1.76%
TOTAL ASSETS
Total Short-Term Assets $3.785B $4.401B $3.768B
Total Long-Term Assets $1.213B $1.203B $1.082B
Total Assets $4.998B $5.604B $4.850B
YoY Change 12.68% 20.08% 13.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.858B $2.194B $1.942B
YoY Change 5.16% 4.88% 9.77%
Accrued Expenses $414.8M $429.4M $390.7M
YoY Change 53.69% 50.12% 29.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $594.0K $345.9M $344.9M
YoY Change 1463.16% 53122.31% 43012.88%
Total Short-Term Liabilities $2.273B $2.969B $2.678B
YoY Change 5.93% 19.54% 23.11%
LONG-TERM LIABILITIES
Long-Term Debt $783.7M $718.7M $373.0M
YoY Change 48.57% 48.72% -10.42%
Other Long-Term Liabilities $283.4M $264.1M $223.3M
YoY Change 2.67% 0.41% -9.24%
Total Long-Term Liabilities $283.4M $264.1M $223.3M
YoY Change -64.73% -64.61% -66.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.273B $2.969B $2.678B
Total Long-Term Liabilities $283.4M $264.1M $223.3M
Total Liabilities $3.377B $3.991B $3.311B
YoY Change 13.07% 22.23% 15.3%
SHAREHOLDERS EQUITY
Retained Earnings $1.366B $1.331B $1.242B
YoY Change
Common Stock $331.1M $327.6M $322.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.621B $1.613B $1.539B
YoY Change
Total Liabilities & Shareholders Equity $4.998B $5.604B $4.850B
YoY Change 12.68% 20.08% 13.99%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $57.32M $89.18M $56.63M
YoY Change 3.3% 52.29% 31.19%
Depreciation, Depletion And Amortization $15.44M $13.46M $13.31M
YoY Change 13.05% -5.75% -6.38%
Cash From Operating Activities $236.1M -$157.8M -$284.2M
YoY Change -292.0% 320.54% -765.57%
INVESTING ACTIVITIES
Capital Expenditures -$12.01M -$21.51M $25.75M
YoY Change 7.52% 138.03% 228.09%
Acquisitions
YoY Change
Other Investing Activities -$32.00K -$66.90M $0.00
YoY Change -101.59% -608263.64% -100.0%
Cash From Investing Activities -$12.05M -$88.41M -$25.75M
YoY Change 31.45% 879.49% -232.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -220.9M 278.5M $320.0M
YoY Change -264.16% 1915.23% -749.43%
NET CHANGE
Cash From Operating Activities 236.1M -157.8M -$284.2M
Cash From Investing Activities -12.05M -88.41M -$25.75M
Cash From Financing Activities -220.9M 278.5M $320.0M
Net Change In Cash 3.153M 32.30M $10.94M
YoY Change 29.49% -198.7% 5.61%
FREE CASH FLOW
Cash From Operating Activities $236.1M -$157.8M -$284.2M
Capital Expenditures -$12.01M -$21.51M $25.75M
Free Cash Flow $248.1M -$136.2M -$310.0M
YoY Change -321.94% 378.46% -989.25%

Facts In Submission

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INSIGHT ENTERPRISES, INC.
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dei Entity Incorporation State Country Code
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Basis of Presentation and Recently Issued Accounting Standards<div style="margin-top:10pt;text-indent:54pt"><span style="color:#000000;font-family:'Verdana',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We empower organizations with </span><span style="background-color:#ffffff;color:#000000;font-family:'Verdana',sans-serif;font-size:10pt;font-weight:400;line-height:120%">technology, solutions</span><span style="color:#000000;font-family:'Verdana',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and services to help our clients maximize the value of Information Technology (“IT”) today and drive (digital) transformation for tomorrow in North America; Europe, the Middle East and Africa (“EMEA”); and Asia-Pacific (“APAC”). As a Fortune 500-ranked global technology provider of end-to-end secure digital transformation 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:</span><span style="color:#000000;font-family:'Verdana',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:10pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:48.596%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.406%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:48.598%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Verdana',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Operating Segment</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Verdana',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Geography</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Verdana',sans-serif;font-size:10pt;font-weight:400;line-height:100%">North America</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Verdana',sans-serif;font-size:10pt;font-weight:400;line-height:100%">United States and Canada</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Verdana',sans-serif;font-size:10pt;font-weight:400;line-height:100%">EMEA</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Verdana',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Europe, Middle East and Africa</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Verdana',sans-serif;font-size:10pt;font-weight:400;line-height:100%">APAC</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Verdana',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Asia-Pacific</span></td></tr></table></div><div style="margin-top:10pt;text-indent:54pt"><span style="color:#000000;font-family:'Verdana',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our offerings in North America and certain countries in EMEA and APAC include hardware, software and services, including cloud solutions. Our offerings in the remainder of our EMEA and APAC segments are largely software and certain software-related services and cloud solutions. </span></div><div style="margin-top:10pt;text-indent:54pt"><span style="color:#000000;font-family:'Verdana',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly our financial position as of June 30, 2022 and our results of operations for the three and six months ended June 30, 2022 and 2021 and cash flows for the six months ended June 30, 2022 and 2021. The consolidated balance sheet as of December 31, 2021 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 SEC and consequently do not include all of the disclosures normally required by United States generally accepted accounting principles (“GAAP”). </span></div><div style="margin-top:10pt;text-indent:54pt"><span style="color:#000000;font-family:'Verdana',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 31, 2021. </span></div><div style="margin-top:10pt;text-indent:54pt"><span style="color:#000000;font-family:'Verdana',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="margin-top:10pt;text-indent:54pt"><span style="color:#000000;font-family:'Verdana',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Verdana',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Recently Issued Accounting Standards</span></div><div style="margin-top:10pt;text-indent:54pt"><span style="color:#000000;font-family:'Verdana',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In August 2020, the FASB issued ASU No. 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”. The new guidance is intended to simplify the accounting for certain convertible instruments with characteristics of both liability and equity. The guidance removes certain accounting models which separate the embedded conversion features from the host contract for convertible instruments. As a result, after the adoption of this guidance, an entity’s convertible debt instrument will be wholly accounted for as debt. The guidance also expands disclosure requirements for convertible instruments and simplifies areas of the guidance for diluted earnings-per-share calculations by requiring the use of the if-converted method. The guidance was effective for fiscal years beginning after December 15, 2021, and can be adopted on either a fully retrospective or modified retrospective basis. </span></div><div style="margin-top:10pt;text-indent:54pt"><span style="color:#000000;font-family:'Verdana',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company adopted this standard effective January 1, 2022, using the modified retrospective approach. Therefore, financial statements for the three and six months ended June 30, 2022 are presented under the new standard, while the comparative period is not adjusted and is reported in accordance with the Company's old method of accounting. The adoption of <span style="-sec-ix-hidden:id3VybDovL2RvY3MudjEvZG9jOmM2N2Y3M2UwYzNlOTRiZWNiNzEzZjhlYzI3YjgwNzJiL3NlYzpjNjdmNzNlMGMzZTk0YmVjYjcxM2Y4ZWMyN2I4MDcyYl8zNC9mcmFnOjBhMzFkNDg3YjdkMTRlZTVhNzVmN2QxYTE3ODZlY2I3L3RleHRyZWdpb246MGEzMWQ0ODdiN2QxNGVlNWE3NWY3ZDFhMTc4NmVjYjdfNTQ5Nw_1eadf1d9-15c9-47f8-b874-94b1ff90ae03">ASU 2020-06</span> significantly impacts our consolidated statements of operations and consolidated balance sheets as we no longer report accreted interest on the Notes and the full par value of the Notes is reflected as debt. The cumulative effect adjustment from prior periods that we recognized in our consolidated balance sheet as adjustments to reduce additional paid in capital and increase retained earnings were $44,731,000 and $17,789,000, respectively. Had we followed the old method of accounting for the three months ended June 30, 2022, reported basic and diluted net earnings per share "EPS" would decrease by $0.06 and $0.05, respectively, from $2.54 and $2.42, respectively, to $2.48 and $2.37, respectively. For the six months ended June 30, 2022, both reported basic and diluted EPS would decrease by $0.11, respectively, from $4.16 and $3.95, respectively, to $4.05 and $3.84, respectively. </span></div><div style="margin-top:10pt;text-indent:54pt"><span style="color:#000000;font-family:'Verdana',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 Form 10-K for the year ended December 31, 2021 that affect or may affect our current financial statements.</span></div>
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Earnings Per Share Basic
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TreasuryStockAcquiredAverageCostPerShare
100.55
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 segment
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2743377000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2743377000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2743377000 usd
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2229501000 usd
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2229501000 usd
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2229501000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5394227000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5394227000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5394227000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4422569000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4422569000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4422569000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2743377000 usd
CY2022Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
2305488000 usd
CY2022Q2 us-gaap Gross Profit
GrossProfit
437889000 usd
CY2022Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
306001000 usd
CY2022Q2 us-gaap Restructuring Charges
RestructuringCharges
692000 usd
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
3724412000 usd
us-gaap Gross Profit
GrossProfit
698157000 usd
CY2022Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1640000 usd
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
129556000 usd
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2229501000 usd
CY2021Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
1862818000 usd
CY2021Q2 us-gaap Gross Profit
GrossProfit
366683000 usd
CY2021Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
277087000 usd
CY2021Q2 us-gaap Restructuring Charges
RestructuringCharges
1127000 usd
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
88469000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5394227000 usd
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
4577477000 usd
us-gaap Gross Profit
GrossProfit
816750000 usd
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
603641000 usd
us-gaap Restructuring Charges
RestructuringCharges
2064000 usd
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1640000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
209405000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4422569000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
16109000 usd
CY2022Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
13455000 usd
CY2022Q2 us-gaap Assets
Assets
5604323000 usd
CY2021Q4 us-gaap Assets
Assets
4689080000 usd
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
548277000 usd
us-gaap Restructuring Charges
RestructuringCharges
-5613000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
155493000 usd
CY2022Q2 us-gaap Depreciation
Depreciation
5551000 usd
CY2021Q2 us-gaap Depreciation
Depreciation
6208000 usd
us-gaap Depreciation
Depreciation
10940000 usd
us-gaap Depreciation
Depreciation
12389000 usd
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
7904000 usd
CY2021Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8068000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
15829000 usd
CY2021Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
14276000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
26769000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
28498000 usd

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