$NSIT
INSIGHT ENTERPRISES INC

2023 Q3 Form 10-Q Financial Statement

#000162828023027052 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $2.266B $2.350B
YoY Change -10.58% -14.35%
Cost Of Revenue $1.857B $1.916B
YoY Change -13.01% -16.88%
Gross Profit $408.9M $433.2M
YoY Change 2.41% -1.07%
Gross Profit Margin 18.04% 18.44%
Selling, General & Admin $309.8M $318.2M
YoY Change 0.5% 4.0%
% of Gross Profit 75.77% 73.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.55M $14.49M
YoY Change 0.75% 7.66%
% of Gross Profit 3.8% 3.34%
Operating Expenses $309.8M $318.2M
YoY Change 0.5% 4.0%
Operating Profit $91.86M $114.9M
YoY Change 1.75% -11.28%
Interest Expense $12.01M -$9.405M
YoY Change 2.56% -200.23%
% of Operating Profit 13.08% -8.18%
Other Income/Expense, Net $203.0K $60.00K
YoY Change -111.34% -119.23%
Pretax Income $80.05M $109.3M
YoY Change 4.27% -8.84%
Income Tax $19.81M $28.78M
% Of Pretax Income 24.74% 26.34%
Net Earnings $60.25M $80.48M
YoY Change 5.11% -9.76%
Net Earnings / Revenue 2.66% 3.43%
Basic Earnings Per Share $1.85 $2.43
Diluted Earnings Per Share $1.62 $2.17
COMMON SHARES
Basic Shares Outstanding 35.57M shares 33.26M shares
Diluted Shares Outstanding 37.20M shares 37.04M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $244.3M $196.0M
YoY Change 78.77% 42.48%
Cash & Equivalents $244.3M $196.0M
Short-Term Investments
Other Short-Term Assets $209.6M $229.6M
YoY Change -9.78% -16.82%
Inventory $184.2M $248.2M
Prepaid Expenses
Receivables $3.072B $3.666B
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.710B $4.340B
YoY Change -1.97% -1.39%
LONG-TERM ASSETS
Property, Plant & Equipment $205.5M $201.6M
YoY Change 2.11% 1.02%
Goodwill $559.4M $495.0M
YoY Change 13.32% -0.1%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $383.1M $153.0M
YoY Change 25.06% -46.0%
Total Long-Term Assets $1.368B $1.203B
YoY Change 12.77% -0.06%
TOTAL ASSETS
Total Short-Term Assets $3.710B $4.340B
Total Long-Term Assets $1.368B $1.203B
Total Assets $5.078B $5.542B
YoY Change 1.61% -1.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.991B $2.557B
YoY Change 7.2% 16.59%
Accrued Expenses $394.9M $295.6M
YoY Change -4.81% -31.16%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $349.1M $347.1M
YoY Change 58671.04% 0.34%
Total Short-Term Liabilities $2.735B $3.313B
YoY Change 20.34% 11.6%
LONG-TERM LIABILITIES
Long-Term Debt $323.9M $338.0M
YoY Change -58.67% -52.98%
Other Long-Term Liabilities $359.5M $290.0M
YoY Change 26.83% 9.8%
Total Long-Term Liabilities $359.5M $627.9M
YoY Change 26.83% 137.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.735B $3.313B
Total Long-Term Liabilities $359.5M $627.9M
Total Liabilities $3.452B $3.973B
YoY Change 2.23% -0.45%
SHAREHOLDERS EQUITY
Retained Earnings $1.358B $1.298B
YoY Change -0.61% -2.53%
Common Stock $327.6M $318.4M
YoY Change -1.06% -2.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.626B $1.569B
YoY Change
Total Liabilities & Shareholders Equity $5.078B $5.542B
YoY Change 1.61% -1.11%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $60.25M $80.48M
YoY Change 5.11% -9.76%
Depreciation, Depletion And Amortization $15.55M $14.49M
YoY Change 0.75% 7.66%
Cash From Operating Activities $225.7M $27.80M
YoY Change -4.41% -117.62%
INVESTING ACTIVITIES
Capital Expenditures $15.90M $4.096M
YoY Change -232.35% -119.04%
Acquisitions
YoY Change
Other Investing Activities -$82.90M $15.52M
YoY Change 258962.5% -123.19%
Cash From Investing Activities -$98.70M $11.42M
YoY Change 719.36% -112.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -74.50M -20.41M
YoY Change -66.28% -107.33%
NET CHANGE
Cash From Operating Activities 225.7M 27.80M
Cash From Investing Activities -98.70M 11.42M
Cash From Financing Activities -74.50M -20.41M
Net Change In Cash 52.50M 18.81M
YoY Change 1565.08% -41.75%
FREE CASH FLOW
Cash From Operating Activities $225.7M $27.80M
Capital Expenditures $15.90M $4.096M
Free Cash Flow $209.8M $23.70M
YoY Change -15.45% -117.4%

Facts In Submission

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us-gaap Basis Of Accounting
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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 help our clients accelerate their digital journey to modernize their business and maximize the value of technology. We serve these clients in North America; Europe, the Middle East and Africa (“EMEA”); and Asia-Pacific (“APAC”). As a Fortune 500-ranked solutions integrator, we enable secure, end-to-end digital transformation and meet the needs of our clients through a comprehensive portfolio of solutions, far-reaching partnerships and 35 years of broad IT expertise. We amplify our solutions and services with global scale, local expertise and our e-commerce experience, enabling our clients to realize their digital ambitions at every opportunity. 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><td style="width:48.596%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.598%"></td><td style="width:0.1%"></td></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><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><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><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><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, 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, 2023 and our results of operations for the three and six months ended June 30, 2023 and 2022 and cash flows for the six months ended June 30, 2023 and 2022. The consolidated balance sheet as of December 31, 2022 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, 2022. </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 September 2022, the Financial Accounting Standards Board ("FASB") issued ASU No. 2022-04, “Liabilities - Supplier Finance Programs (Subtopic 405-50)”. This standard is intended to address requests from stakeholders for information about an entity’s use of supplier finance programs and their effect on the entity’s working capital, liquidity, and cash flows. The guidance was effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on roll-forward information requirement, which is effective for fiscal years beginning after December 15, 2023. The Company adopted this standard effective January 1, 2023, with the exception of the roll-forward information requirement. The adoption did not have a material effect on the Company's disclosures.</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, 2022 that affect or may affect our current financial statements.</span></div>
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IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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IncrementalCommonSharesAttributableToCallOptionsAndWarrants
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