$NSIT
INSIGHT ENTERPRISES INC

2022 Q4 Form 10-Q Financial Statement

#000162828022028025 Filed on November 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $2.503B $2.534B
YoY Change -2.47% 3.55%
Cost Of Revenue $2.082B $2.135B
YoY Change -4.54% 2.5%
Gross Profit $420.6M $399.3M
YoY Change 9.28% 9.52%
Gross Profit Margin 16.8% 15.75%
Selling, General & Admin $304.8M $308.3M
YoY Change 5.14% 10.49%
% of Gross Profit 72.47% 77.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $14.41M $15.44M
YoY Change 8.59% 13.05%
% of Gross Profit 3.43% 3.87%
Operating Expenses $304.8M $308.3M
YoY Change 5.14% 10.49%
Operating Profit $115.8M $90.28M
YoY Change 21.89% 8.57%
Interest Expense -$10.33M $11.71M
YoY Change -2.81% -213.37%
% of Operating Profit -8.92% 12.97%
Other Income/Expense, Net -$511.0K -$1.790M
YoY Change -425.48% -212.65%
Pretax Income $103.2M $76.78M
YoY Change 24.39% 3.18%
Income Tax $25.70M $19.46M
% Of Pretax Income 24.91% 25.35%
Net Earnings $77.48M $57.32M
YoY Change 24.7% 3.3%
Net Earnings / Revenue 3.1% 2.26%
Basic Earnings Per Share $2.24 $1.64
Diluted Earnings Per Share $2.13 $1.58
COMMON SHARES
Basic Shares Outstanding 34.83M shares 35.09M shares
Diluted Shares Outstanding 36.34M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $163.6M $136.7M
YoY Change 57.59% 27.3%
Cash & Equivalents $163.6M $136.7M
Short-Term Investments
Other Short-Term Assets $199.5M $232.4M
YoY Change -0.07% 21.01%
Inventory $265.2M $367.9M
Prepaid Expenses
Receivables $3.272B $3.048B
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.901B $3.785B
YoY Change 9.31% 13.89%
LONG-TERM ASSETS
Property, Plant & Equipment $204.3M $201.3M
YoY Change 15.88% 32.35%
Goodwill $493.0M $493.6M
YoY Change 15.1%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $309.6M $306.4M
YoY Change 2.74% 98.38%
Total Long-Term Assets $1.212B $1.213B
YoY Change 8.13% 9.05%
TOTAL ASSETS
Total Short-Term Assets $3.901B $3.785B
Total Long-Term Assets $1.212B $1.213B
Total Assets $5.113B $4.998B
YoY Change 9.03% 12.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.086B $1.858B
YoY Change -0.26% 5.16%
Accrued Expenses $433.8M $414.8M
YoY Change 2.43% 53.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $346.2M $594.0K
YoY Change 961644.44% 1463.16%
Total Short-Term Liabilities $2.866B $2.273B
YoY Change 13.96% 5.93%
LONG-TERM LIABILITIES
Long-Term Debt $291.7M $783.7M
YoY Change -19.33% 48.57%
Other Long-Term Liabilities $283.6M $283.4M
YoY Change 10.8% 2.67%
Total Long-Term Liabilities $283.6M $283.4M
YoY Change 10.8% -64.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.866B $2.273B
Total Long-Term Liabilities $283.6M $283.4M
Total Liabilities $3.475B $3.377B
YoY Change 9.27% 13.07%
SHAREHOLDERS EQUITY
Retained Earnings $1.369B $1.366B
YoY Change 17.21%
Common Stock $328.2M $331.1M
YoY Change -10.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.638B $1.621B
YoY Change
Total Liabilities & Shareholders Equity $5.113B $4.998B
YoY Change 9.03% 12.68%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $77.48M $57.32M
YoY Change 24.7% 3.3%
Depreciation, Depletion And Amortization $14.41M $15.44M
YoY Change 8.59% 13.05%
Cash From Operating Activities $304.0M $236.1M
YoY Change 7.99% -292.0%
INVESTING ACTIVITIES
Capital Expenditures $11.67M -$12.01M
YoY Change -148.48% 7.52%
Acquisitions
YoY Change
Other Investing Activities $28.00K -$32.00K
YoY Change -98.43% -101.59%
Cash From Investing Activities -$11.64M -$12.05M
YoY Change -47.76% 31.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -263.5M -220.9M
YoY Change 1.16% -264.16%
NET CHANGE
Cash From Operating Activities 304.0M 236.1M
Cash From Investing Activities -11.64M -12.05M
Cash From Financing Activities -263.5M -220.9M
Net Change In Cash 28.85M 3.153M
YoY Change -2386.21% 29.49%
FREE CASH FLOW
Cash From Operating Activities $304.0M $236.1M
Capital Expenditures $11.67M -$12.01M
Free Cash Flow $292.3M $248.1M
YoY Change -4.33% -321.94%

Facts In Submission

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INSIGHT ENTERPRISES, INC.
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CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4575000 usd
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OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
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CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
55483000 usd
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
1448922000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
16524000 usd
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
25008000 usd
us-gaap Treasury Stock Retired Cost Method Amount
TreasuryStockRetiredCostMethodAmount
0 usd
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-49313000 usd
us-gaap Net Income Loss
NetIncomeLoss
203131000 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
1620791000 usd
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
1342429000 usd
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-8441000 usd
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
13950000 usd
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
50000000 usd
us-gaap Treasury Stock Retired Cost Method Amount
TreasuryStockRetiredCostMethodAmount
0 usd
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-6228000 usd
us-gaap Net Income Loss
NetIncomeLoss
157212000 usd
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
1448922000 usd
us-gaap Profit Loss
ProfitLoss
203131000 usd
us-gaap Profit Loss
ProfitLoss
157212000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
42204000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
42151000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
4295000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
5781000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
16524000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
13950000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-5554000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
3374000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
4894000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
12615000 usd
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OtherAdjustments
933000 usd
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OtherAdjustments
-4753000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
230049000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
85853000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
51526000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
88119000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
14926000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
20844000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-171257000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-119525000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-4554000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-33777000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-205885000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-117788000 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1318000 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
29221000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
59270000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
28011000 usd
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
68248000 usd
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-126200000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
1210000 usd
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ProceedsFromRepaymentsOfInventoryFinancingFacilities
23017000 usd
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ProceedsFromRepaymentsOfInventoryFinancingFacilities
76422000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
25008000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
50000000 usd
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-12798000 usd
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-9330000 usd
nsit Number Of Properties
NumberOfProperties
3 property
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
377505000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
99092000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-12710000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-3601000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
32710000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-21087000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
105977000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
130582000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
138687000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
109495000 usd
us-gaap Basis Of Accounting
BasisOfAccounting
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></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 September 30, 2022 and our results of operations for the three and nine months ended September 30, 2022 and 2021 and cash flows for the nine months ended September 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 Financial Accounting Standards Board 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 removed 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 expanded disclosure requirements for convertible instruments and simplified 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 could have been 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 nine months ended September 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:id3VybDovL2RvY3MudjEvZG9jOmVhZDg4Mjk3YjI1OTRjMjhiNGNlMWVhMDYyNWFiZGI0L3NlYzplYWQ4ODI5N2IyNTk0YzI4YjRjZTFlYTA2MjVhYmRiNF8zNC9mcmFnOjg3ZThhNmVmNzdkOTRlNzE4MGY1ZDU4NmM4MTBkNTJhL3RleHRyZWdpb246ODdlOGE2ZWY3N2Q5NGU3MTgwZjVkNTg2YzgxMGQ1MmFfNTYxMA_7200985f-f17b-42e3-823f-a148cf91fcd1">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 prior method of accounting for the three months ended September 30, 2022, both reported basic and diluted net earnings per share ("EPS") would decrease by $0.06, from $1.64 and $1.58, respectively, to $1.58 and $1.52, respectively. For the nine months ended September 30, 2022, both reported basic and diluted EPS would decrease by $0.17, from $5.80 and $5.53, respectively, to $5.63 and $5.36, 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>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 segment
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.64
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.58
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.80
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
5.53
CY2022Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
110906000 usd
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
116067000 usd
us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
ContractWithCustomerLiabilityChangeInTimeframePerformanceObligationSatisfiedRevenueRecognized
-67984000 usd
nsit Contract With Customer Liability Cash Received In Advance And Not Recognized As Revenue
ContractWithCustomerLiabilityCashReceivedInAdvanceAndNotRecognizedAsRevenue
62823000 usd
CY2022Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
110906000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
67166000 usd
nsit Time And Material Contracts Average Expected Duration
TimeAndMaterialContractsAverageExpectedDuration
P19M
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
57316000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
55483000 usd
us-gaap Net Income Loss
NetIncomeLoss
203131000 usd
us-gaap Net Income Loss
NetIncomeLoss
157212000 usd
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34952000 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34855000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35003000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35050000 shares
CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
201000 shares
CY2021Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
381000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
243000 shares
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.254
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
407000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36340000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36745000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36714000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36860000 shares
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.64
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.59
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.80
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.49
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.58
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.51
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
5.53
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.27
CY2022Q3 us-gaap Contractual Obligation
ContractualObligation
680000 usd
CY2021Q4 us-gaap Contractual Obligation
ContractualObligation
63000 usd
CY2022Q3 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
784317000 usd
CY2021Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
361606000 usd
CY2022Q3 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
594000 usd
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
36000 usd
CY2022Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
783723000 usd
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
361570000 usd
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.253
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.251
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.250
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
14520000 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
12664000 usd
CY2022Q3 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
1588000 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
1250000 usd
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
270080 shares
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
25008025 usd
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
92.59
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
497243 shares
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
49999979 usd
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
100.55
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 segment
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2534354000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2534354000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2534354000 usd
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2447521000 usd
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2447521000 usd
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2447521000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7928581000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7928581000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7928581000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6870090000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6870090000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6870090000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2534354000 usd
CY2022Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
2135096000 usd
CY2022Q3 us-gaap Gross Profit
GrossProfit
399258000 usd
CY2022Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
308253000 usd
CY2022Q3 us-gaap Restructuring Charges
RestructuringCharges
720000 usd
CY2022Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
6000 usd
CY2022Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
90279000 usd
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2447521000 usd
CY2021Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
2082976000 usd
CY2021Q3 us-gaap Gross Profit
GrossProfit
364545000 usd
CY2021Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
278998000 usd
CY2021Q3 us-gaap Restructuring Charges
RestructuringCharges
2396000 usd
CY2021Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
83151000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7928581000 usd
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
6712573000 usd
us-gaap Gross Profit
GrossProfit
1216008000 usd
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
911894000 usd
us-gaap Restructuring Charges
RestructuringCharges
2784000 usd
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1646000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
299684000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6870090000 usd
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
5807388000 usd
us-gaap Gross Profit
GrossProfit
1062702000 usd
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
827275000 usd
us-gaap Restructuring Charges
RestructuringCharges
-3217000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
238644000 usd
CY2022Q3 us-gaap Assets
Assets
4997714000 usd
CY2021Q4 us-gaap Assets
Assets
4689080000 usd
CY2022Q3 us-gaap Depreciation
Depreciation
6449000 usd
CY2021Q3 us-gaap Depreciation
Depreciation
5665000 usd
us-gaap Depreciation
Depreciation
17389000 usd
us-gaap Depreciation
Depreciation
18054000 usd
CY2022Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8986000 usd
CY2021Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
7988000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
24815000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
24097000 usd
CY2022Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
15435000 usd
CY2021Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
13653000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
42204000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
42151000 usd

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