EX-99.1 2 d765068dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

 

FOR IMMEDIATE RELEASE    NASDAQ: NSIT

INSIGHT ENTERPRISES, INC. REPORTS SECOND QUARTER 2014 RESULTS

TEMPE, AZ – July 31, 2014 – Insight Enterprises, Inc. (NASDAQ: NSIT) (the “Company”) today reported results of operations for the quarter ended June 30, 2014.

 

    Net sales were flat compared to the second quarter of 2013 at $1.4 billion.

 

    Gross profit increased 2% compared to the second quarter of 2013 to $194.6 million, with gross margin increasing approximately 20 basis points to 13.7% of net sales.

 

    Earnings from operations increased 4% compared to the second quarter of 2013 to $46.5 million, or 3.3% of net sales.

 

    Net earnings and diluted earnings per share for the second quarter of 2014 were $27.2 million and $0.66, respectively.

 

    Excluding severance and restructuring expenses and non-cash impairment and accelerated depreciation charges related to the Company’s Illinois real estate assets and the tax effect of these charges, non-GAAP net earnings and diluted earnings per share for the second quarter of 2014 were $30.6 million and $0.74, respectively.*

 

    In the six months ended June 30, 2014, the Company generated $103.7 million of cash from operations, compared to $87.8 million during the first six months of 2013.

 

    During the six months ended June 30, 2014, the Company paid down debt by $41.5 million, ending the quarter with $25.0 million of long-term debt outstanding and $149.9 million in cash and cash equivalents.

“In the second quarter, our businesses delivered another quarter of solid earnings growth year over year. We are pleased with the second quarter sales trends in our EMEA and APAC businesses, the strong gross margin performance in our North America business and the operating leverage we saw globally,” stated Ken Lamneck, President and Chief Executive Officer. “As we move into the back half of 2014, we will continue to focus on driving profitable top line growth in strategic product categories while continuing to selectively invest in sales and solutions capabilities in our core markets,” added Lamneck.

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Insight Enterprises, Inc.     6820 South Harl Avenue        Tempe, Arizona 85283      800.467.4448     FAX 480.760.8958   


Insight Q2 2014 Results, Page 2    July 31, 2014

 

SEGMENT OVERVIEW

In North America, net sales were $889.3 million for the second quarter of 2014, a decrease of 4% compared to net sales of $923.1 million for the second quarter of 2013. Net sales of hardware, software and services decreased 1%, 8% and 7%, respectively, year to year. Gross profit of $125.0 million was flat year over year; however, gross margin increased to 14.1% for the second quarter of 2014 from 13.5% in the second quarter of 2013. Selling and administrative expenses in North America in the second quarter of 2014 were up 5%, or $4.3 million, compared to the second quarter of 2013. Selling and administrative expenses during the three months ended June 30, 2014 include non-cash charges of approximately $5.2 million, consisting of an impairment loss of approximately $4.6 million and accelerated depreciation of approximately $620,000, related to our Illinois real estate assets, which are held for sale. These non-cash charges were approximately $3.2 million net of tax. During the second quarter of 2014, severance and restructuring expenses recorded in North America were immaterial, compared to $967,000, $638,000 net of tax, during the second quarter of 2013. As a result, earnings from operations in North America decreased 9% year to year to $30.5 million, or 3.4% of net sales, in the second quarter of 2014, compared to $33.4 million, or 3.6% of net sales, in the second quarter of 2013. Excluding the non-cash impairment and accelerated depreciation charges recorded in the second quarter of 2014 and severance and restructuring expenses in both periods, earnings from operations in North America on a non-GAAP basis increased 4% year over year to $35.7 million, or 4.0% of net sales, in the second quarter of 2014 compared to $34.4 million, or 3.7% of net sales, in the second quarter of 2013.*

The Company’s EMEA operating segment reported net sales of $446.9 million for the second quarter of 2014, an increase of 6% compared to the second quarter of 2013. Excluding the effects of foreign currency movements, net sales increased 1% year over year. Net sales of hardware and services increased 28% and 6%, respectively, year over year, while net sales of software declined 2% year to year, all in U.S. dollars. Excluding the effects of foreign currency movements, hardware net sales increased 18% year over year, services net sales were flat and software net sales declined 6% compared to the second quarter of 2013. Gross profit of $56.1 million was up 3%, with gross margin decreasing to 12.6% for the second quarter of 2014 from 12.9% in the second quarter of 2013. Excluding the effects of foreign currency movements, gross profit declined 3% year to year. Selling and administrative expenses in EMEA in the second quarter of 2014 were down 1%, or $279,000, compared to the second quarter of 2013. Excluding the effects of foreign currency movements, selling and administrative expenses declined 7% year to year. During the second quarter of 2014, severance and restructuring expenses, net of adjustments, recorded in EMEA were $215,000, compared to $2.2 million, $1.9 million net of tax, of severance and restructuring expenses reported for the second quarter of 2013. As a result, earnings from operations in EMEA increased 72% year over year to $9.8 million, or 2.2% of net sales, in the second quarter of 2014 compared to $5.7 million, or 1.4% of net sales, in the second quarter of 2013. Excluding severance and restructuring expenses in both periods, earnings from operations in EMEA on a non-GAAP basis increased 27% year over year to $10.1 million, or 2.3% of net sales, in the second quarter of 2014 compared to $7.9 million, or 1.9% of net sales, in the second quarter of 2013.*

The Company’s APAC operating segment reported net sales of $81.8 million for the second quarter of 2014, an increase of 13% compared to the second quarter of 2013 in U.S. dollars. Excluding the effects of foreign currency movements, net sales increased 16% year over year. Gross profit of $13.5 million was up 12%, with gross margin decreasing to 16.5% for the second quarter of 2014 from 16.6% in the second quarter of 2013. Excluding the effects of foreign currency movements, gross profit increased 15% year over year. Selling and administrative expenses in APAC increased $668,000, or 10%, year over year in U.S. dollars, an increase of 15% year over year excluding the effects of foreign currency movements. During the second quarter of 2014, severance and restructuring expenses recorded in APAC were $109,000, and no severance and restructuring expenses were recorded in the second quarter of 2013. As a result, earnings from operations in APAC increased 12% year over year to $6.1 million, or 7.5% of net sales, in the second quarter of 2014 compared to $5.5 million, or 7.6% of net sales, in the second quarter of 2013.

 

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Insight Enterprises, Inc.     6820 South Harl Avenue        Tempe, Arizona 85283      800.467.4448     FAX 480.760.8958   


Insight Q2 2014 Results, Page 3    July 31, 2014

 

Throughout this “Segment Overview” section, the Company refers to changes in net sales, gross profit and selling and administrative expenses in EMEA and APAC excluding the effects of foreign currency movements. In computing these changes and percentages, the Company compares the current year amount as translated into U.S. dollars under the applicable accounting standards to the prior year amount in local currency translated into U.S. dollars utilizing the average translation rate for the current period.

Net of tax amounts referenced above were computed using the statutory tax rate for the taxing jurisdictions in the operating segment in which the related expenses were recorded.

 

* A tabular reconciliation of financial measures prepared in accordance with United States generally accepted accounting principles (“GAAP”) to non-GAAP financial measures is included at the end of this press release.

UPDATED GUIDANCE

For the full year of 2014, the Company expects net sales to increase in the low-single digit range and diluted earnings per share to be between $2.02 and $2.10.

This outlook reflects:

 

    The adverse effect on gross profit of previously announced partner program changes in the software category, which the Company now expects to be between $10 and $15 million, with the majority of the effect to be realized in the back half of the year; and

 

    an effective tax rate of approximately 38% to 39%.

This outlook does not reflect severance and restructuring expenses incurred during the year or the non-cash charge related to the Company’s Illinois real estate recorded in the second quarter.

CONFERENCE CALL AND WEBCAST

The Company will host a conference call and live web cast today at 5:00 p.m. ET to discuss second quarter 2014 results of operations. A live web cast of the conference call (in listen-only mode) will be available on the Company’s web site at http://nsit.client.shareholder.com/events.cfm, and a replay of the web cast will be available on the Company’s web site for a limited time following the call. To listen to the live web cast by telephone, call 1-877-402-8904 if located in the U.S., 678-809-1029 for international callers, and enter the access code 51086200.

 

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Insight Enterprises, Inc.     6820 South Harl Avenue        Tempe, Arizona 85283      800.467.4448     FAX 480.760.8958   


Insight Q2 2014 Results, Page 4    July 31, 2014

 

USE OF NON-GAAP FINANCIAL MEASURES

The non-GAAP financial measures exclude severance and restructuring expenses in 2014 and 2013, non-cash impairment and accelerated depreciation charges related to our Illinois real estate assets in the second quarter of 2014 and the tax effect of these charges. The Company excludes these charges when internally evaluating earnings from operations, tax expense, net earnings and diluted earnings per share for the Company and earnings from operations for each of the Company’s operating segments. These non-GAAP measures are used to evaluate financial performance against budgeted amounts, to calculate incentive compensation, to assist in forecasting future performance and to compare the Company’s results to those of the Company’s competitors. The Company believes that these non-GAAP financial measures are useful to investors because they allow for greater transparency, facilitate comparisons to prior periods and the Company’s competitors’ results and assist in forecasting performance for future periods. These non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures presented by other companies. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.

 

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Insight Enterprises, Inc.     6820 South Harl Avenue        Tempe, Arizona 85283      800.467.4448     FAX 480.760.8958   


Insight Q2 2014 Results, Page 5    July 31, 2014

 

FINANCIAL SUMMARY TABLE

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)

(UNAUDITED)

 

     Three Months Ended June 30,     Six Months Ended June 30,  
     2014      2013      % change     2014      2013      % change  

Insight Enterprises, Inc.

                

Net sales

   $ 1,417,897       $ 1,416,547         —        $ 2,632,427       $ 2,598,169         1

Gross profit

   $ 194,599       $ 190,927         2   $ 358,344       $ 349,064         3

Earnings from operations

   $ 46,479       $ 44,598         4   $ 67,458       $ 59,015         14

Net earnings

   $ 27,249       $ 26,513         3   $ 38,799       $ 35,589         9

Diluted earnings per share

   $ 0.66       $ 0.62         6   $ 0.93       $ 0.81         15

North America

                

Net sales

   $ 889,252       $ 923,063         (4 %)    $ 1,669,934       $ 1,670,067         —     

Gross profit

   $ 125,038       $ 124,664         —        $ 232,451       $ 227,191         2

Earnings from operations

   $ 30,494       $ 33,402         (9 %)    $ 48,649       $ 45,676         7

EMEA

                

Net sales

   $ 446,857       $ 421,116         6   $ 834,800       $ 808,027         3

Gross profit

   $ 56,086       $ 54,238         3   $ 105,407       $ 102,848         2

Earnings from operations

   $ 9,841       $ 5,725         72   $ 11,797       $ 6,904         71

APAC

                

Net sales

   $ 81,788       $ 72,368         13   $ 127,693       $ 120,075         6

Gross profit

   $ 13,475       $ 12,025         12   $ 20,486       $ 19,025         8

Earnings from operations

   $ 6,144       $ 5,471         12   $ 7,012       $ 6,435         9

 

     North America     EMEA     APAC  
     Three Months Ended
June 30,
    Three Months Ended
June 30,
    Three Months Ended
June 30,
 

Sales Mix

   2014     2013     % change*     2014     2013     % change*     2014     2013     % change*  

Hardware

     59     58     (1 %)      31     26     28     5     3     103

Software

     35     36     (8 %)      67     72     (2 %)      92     95     9

Services

     6     6     (7 %)      2     2     6     3     2     50
  

 

 

   

 

 

     

 

 

   

 

 

     

 

 

   

 

 

   
     100     100     (4 %)      100     100     6     100     100     13
  

 

 

   

 

 

     

 

 

   

 

 

     

 

 

   

 

 

   

 

* Represents growth/decline in category net sales on a U.S. dollar basis.

 

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Insight Enterprises, Inc.     6820 South Harl Avenue        Tempe, Arizona 85283      800.467.4448     FAX 480.760.8958   


Insight Q2 2014 Results, Page 6    July 31, 2014

 

FORWARD-LOOKING INFORMATION

Certain statements in this release and the related conference call and web cast are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including the Company’s expectations relative to its expected full year 2014 financial results, including projected sales and diluted earnings per share, and the assumptions relating thereto, including the effective tax rate and the effect on gross profit of partner program changes, are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. There can be no assurances that the results discussed by the forward-looking statements will be achieved, and actual results may differ materially from those set forth in the forward-looking statements. Some of the important factors that could cause the Company’s actual results to differ materially from those projected in any forward-looking statements, include, but are not limited to, the following, which are discussed in “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2013:

 

    the Company’s reliance on partners for product availability and competitive products to sell as well as the Company’s competition with its partners;

 

    the Company’s reliance on partners for marketing funds and purchasing incentives;

 

    changes in the IT industry and/or rapid changes in technology;

 

    disruptions in the Company’s IT systems and voice and data networks, including risks and costs associated with the integration and upgrade of the Company’s IT systems;

 

    actions of the Company’s competitors, including manufacturers and publishers of products the Company sells;

 

    failure to comply with the terms and conditions of the Company’s commercial and public sector contracts;

 

    the security of the Company’s electronic and other confidential information;

 

    general economic conditions;

 

    the Company’s dependence on certain personnel;

 

    the variability of the Company’s net sales and gross profit;

 

    the integration and operation of acquired businesses, including the Company’s ability to achieve expected benefits of the acquisitions;

 

    the risks associated with the Company’s international operations;

 

    exposure to changes in, interpretations of, or enforcement trends related to tax rules and regulations; and

 

    intellectual property infringement claims and challenges to the Company’s registered trademarks and trade names.

Additionally, there may be other risks that are otherwise described from time to time in the reports that the Company files with the Securities and Exchange Commission. Any forward-looking statements in this release should be considered in light of various important factors, including the risks and uncertainties listed above, as well as others. The Company assumes no obligation to update, and, except as may be required by law, does not intend to update, any forward-looking statements. The Company does not endorse any projections regarding future performance that may be made by third parties.

 

CONTACTS:    GLYNIS BRYAN    HELEN JOHNSON
   CHIEF FINANCIAL OFFICER    SENIOR VP, TREASURER
   TEL. 480.333.3390    TEL. 480.333.3234
   EMAIL glynis.bryan@insight.com    EMAIL helen.johnson@insight.com
     

 

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Insight Enterprises, Inc.     6820 South Harl Avenue        Tempe, Arizona 85283      800.467.4448     FAX 480.760.8958   


Insight Q2 2014 Results, Page 7    July 31, 2014

 

INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(IN THOUSANDS, EXCEPT PER SHARE DATA)

(UNAUDITED)

 

     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2014     2013     2014     2013  

Net sales

   $ 1,417,897      $ 1,416,547      $ 2,632,427      $ 2,598,169   

Costs of goods sold

     1,223,298        1,225,620        2,274,083        2,249,105   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     194,599        190,927        358,344        349,064   

Operating expenses:

        

Selling and administrative expenses

     147,810        143,158        290,239        284,146   

Severance and restructuring expenses

     310        3,171        647        5,903   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings from operations

     46,479        44,598        67,458        59,015   

Non-operating (income) expense:

        

Interest income

     (333     (337     (582     (649

Interest expense

     1,501        1,556        2,959        3,174   

Net foreign currency exchange loss (gain)

     461        (886     957        (725

Other expense, net

     443        342        692        716   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings before income taxes

     44,407        43,923        63,432        56,499   

Income tax expense

     17,158        17,410        24,633        20,910   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net earnings

   $ 27,249      $ 26,513      $ 38,799      $ 35,589   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net earnings per share:

        

Basic

   $ 0.67      $ 0.62      $ 0.94      $ 0.81   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ 0.66      $ 0.62      $ 0.93      $ 0.81   
  

 

 

   

 

 

   

 

 

   

 

 

 

Shares used in per share calculations:

        

Basic

     40,951        42,862        41,292        43,766   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     41,228        43,024        41,573        44,044   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

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Insight Enterprises, Inc.     6820 South Harl Avenue        Tempe, Arizona 85283      800.467.4448     FAX 480.760.8958   


Insight Q2 2014 Results, Page 8    July 31, 2014

 

INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS)

(UNAUDITED)

 

     June 30,      December 31,  
     2014      2013  

ASSETS

     

Current assets:

     

Cash and cash equivalents

   $ 149,927       $ 126,817   

Accounts receivable, net

     1,325,866         1,257,910   

Inventories

     126,703         97,268   

Inventories not available for sale

     43,683         38,705   

Deferred income taxes

     16,945         16,436   

Other current assets

     68,119         57,528   
  

 

 

    

 

 

 

Total current assets

     1,731,243         1,594,664   

Property and equipment, net

     117,386         132,820   

Goodwill

     26,257         26,257   

Intangible assets, net

     30,123         35,765   

Deferred income taxes

     58,880         58,651   

Other assets

     12,686         19,561   
  

 

 

    

 

 

 
   $ 1,976,575       $ 1,867,718   
  

 

 

    

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

     

Current liabilities:

     

Accounts payable

   $ 984,939       $ 850,951   

Accrued expenses and other current liabilities

     151,181         156,491   

Current portion of long-term debt

     369         217   

Deferred revenue

     55,390         44,146   
  

 

 

    

 

 

 

Total current liabilities

     1,191,879         1,051,805   

Long-term debt

     27,191         66,949   

Deferred income taxes

     726         443   

Other liabilities

     23,765         31,603   
  

 

 

    

 

 

 
     1,243,561         1,150,800   
  

 

 

    

 

 

 

Stockholders’ equity:

     

Preferred stock

     —           —     

Common stock

     410         420   

Additional paid-in capital

     340,618         348,703   

Retained earnings

     373,568         353,854   

Accumulated other comprehensive income – foreign currency translation adjustments

     18,418         13,941   
  

 

 

    

 

 

 

Total stockholders’ equity

     733,014         716,918   
  

 

 

    

 

 

 
   $ 1,976,575       $ 1,867,718   
  

 

 

    

 

 

 

 

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Insight Enterprises, Inc.     6820 South Harl Avenue        Tempe, Arizona 85283      800.467.4448     FAX 480.760.8958   


Insight Q2 2014 Results, Page 9    July 31, 2014

 

INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN THOUSANDS)

(UNAUDITED)

 

     Six Months Ended
June 30,
 
     2014     2013  

Cash flows from operating activities:

    

Net earnings

   $ 38,799      $ 35,589   

Adjustments to reconcile net earnings to net cash provided by operating activities:

    

Depreciation and amortization

     20,781        20,870   

Non-cash real estate impairment

     4,558        —     

Provision for losses on accounts receivable

     2,344        2,489   

Write-downs of inventories

     845        2,502   

Write-off of property and equipment

     487        51   

Non-cash stock-based compensation

     3,684        3,595   

Excess tax benefit from employee gains on stock-based compensation

     (423     (757

Deferred income taxes

     (422     2,995   

Changes in assets and liabilities:

    

(Increase) decrease in accounts receivable

     (61,142     25,499   

Increase in inventories

     (34,696     (22,913

Increase in other current assets

     (7,884     (21,607

Decrease (increase) in other assets

     6,987        (4,469

Increase in accounts payable

     133,294        52,458   

Increase (decrease) in deferred revenue

     9,883        (8,387

Decrease in accrued expenses and other liabilities

     (13,380     (165
  

 

 

   

 

 

 

Net cash provided by operating activities

     103,715        87,750   
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Purchases of property and equipment

     (5,342     (10,529
  

 

 

   

 

 

 

Net cash used in investing activities

     (5,342     (10,529
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Borrowings on senior revolving credit facility

     218,492        541,035   

Repayments on senior revolving credit facility

     (234,992     (571,035

Borrowings on accounts receivable securitization financing facility

     392,000        434,000   

Repayments on accounts receivable securitization financing facility

     (417,000     (431,000

Borrowings under other financing agreements

     2,002        —     

Payments on capital lease obligation

     (108     (516

Net (repayments) borrowings under inventory financing facility

     (6,557     362   

Payment of deferred financing fees

     (200     —     

Excess tax benefit from employee gains on stock-based compensation

     423        757   

Payment of payroll taxes on stock-based compensation through shares withheld

     (1,624     (2,729

Repurchases of common stock

     (29,652     (50,000
  

 

 

   

 

 

 

Net cash used in financing activities

     (77,216     (79,126
  

 

 

   

 

 

 

Foreign currency exchange effect on cash balances

     1,953        (8,049
  

 

 

   

 

 

 

Increase (decrease) in cash and cash equivalents

     23,110        (9,954

Cash and cash equivalents at beginning of period

     126,817        152,119   
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 149,927      $ 142,165   
  

 

 

   

 

 

 

 

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Insight Enterprises, Inc.     6820 South Harl Avenue        Tempe, Arizona 85283      800.467.4448     FAX 480.760.8958   


Insight Q2 2014 Results, Page 10    July 31, 2014

 

INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(IN THOUSANDS, EXCEPT PER SHARE DATA)

(UNAUDITED)

 

     Three Months Ended
June 30,
     Six Months Ended
June 30,
 
     2014     2013      2014      2013  

Consolidated Earnings from Operations:

          

GAAP

   $ 46,479      $ 44,598       $ 67,458       $ 59,015   

Non-cash real estate impairment and accelerated depreciation

     5,178        —           5,178         —     

Severance and restructuring expenses

     310        3,171         647         5,903   
  

 

 

   

 

 

    

 

 

    

 

 

 

Non-GAAP

   $ 51,967      $ 47,769       $ 73,283       $ 64,918   
  

 

 

   

 

 

    

 

 

    

 

 

 

Consolidated Net Earnings:

          

GAAP

   $ 27,249      $ 26,513       $ 38,799       $ 35,589   

Non-cash real estate impairment and accelerated depreciation, net of tax

     3,174        —           3,174         —     

Severance and restructuring expenses, net of tax

     179        2,558         403         4,426   
  

 

 

   

 

 

    

 

 

    

 

 

 

Non-GAAP

   $ 30,602      $ 29,071       $ 42,376       $ 40,015   
  

 

 

   

 

 

    

 

 

    

 

 

 

Consolidated Diluted EPS:

          

GAAP

   $ 0.66      $ 0.62       $ 0.93       $ 0.81   

Non-cash real estate impairment and accelerated depreciation, net of tax

     0.08        —           0.08         —     

Severance and restructuring expenses, net of tax

     —          0.06         0.01         0.10   
  

 

 

   

 

 

    

 

 

    

 

 

 

Non-GAAP

   $ 0.74      $ 0.68       $ 1.02       $ 0.91   
  

 

 

   

 

 

    

 

 

    

 

 

 

North America Earnings from Operations:

          

GAAP

   $ 30,494      $ 33,402       $ 48,649       $ 45,676   

Non-cash real estate impairment and accelerated depreciation

     5,178        —           5,178         —     

Severance and restructuring (income) expenses

     (14     967         63         2,024   
  

 

 

   

 

 

    

 

 

    

 

 

 

Non-GAAP

   $ 35,658      $ 34,369       $ 53,890       $ 47,700   
  

 

 

   

 

 

    

 

 

    

 

 

 

EMEA Earnings from Operations:

          

GAAP

   $ 9,841      $ 5,725       $ 11,797       $ 6,904   

Severance and restructuring expenses

     215        2,204         475         3,879   
  

 

 

   

 

 

    

 

 

    

 

 

 

Non-GAAP

   $ 10,056      $ 7,929       $ 12,272       $ 10,783   
  

 

 

   

 

 

    

 

 

    

 

 

 

APAC Earnings from Operations:

          

GAAP

   $ 6,144      $ 5,471       $ 7,012       $ 6,435   

Severance and restructuring expenses

     109        —           109         —     
  

 

 

   

 

 

    

 

 

    

 

 

 

Non-GAAP

   $ 6,253      $ 5,471       $ 7,121       $ 6,435   
  

 

 

   

 

 

    

 

 

    

 

 

 

 

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Insight Enterprises, Inc.     6820 South Harl Avenue        Tempe, Arizona 85283      800.467.4448     FAX 480.760.8958