Insight Enterprises, Inc. Reports First Quarter 2016 Results
April 28 2016 - 04:00PM
Insight Enterprises, Inc. (Nasdaq:NSIT) (the
“Company”) today reported results of operations for the quarter
ended March 31, 2016.
In the first quarter of 2016, consolidated net
sales were $1.17 billion, down 4% year over year, as an increase in
net sales in the Company’s North America segment was offset by
lower sales reported in EMEA and APAC. Gross profit of $161.1
million in the first quarter of 2016 was flat year to year in U.S.
dollars despite the top-line decline due to improved gross margin
performance in EMEA and APAC. Consolidated selling and
administrative expenses increased 4% to $146.1 million in the first
quarter of 2016, reflecting investments across the business, most
notably in the Company’s North America operating segment. As
a result, earnings from operations decreased year to year to $15.0
million and diluted earnings per share decreased to $0.21 compared
to $0.29 reported in the first quarter of 2015, excluding severance
and restructuring expenses. The Company recorded $1.4 million
in severance and restructuring expenses in the first quarter of
2016, primarily in its North America business, compared to $723,000
last year. On a GAAP basis, earnings from operations
decreased to $13.6 million and diluted earnings per share was $0.18
in the first quarter of 2016 compared to $0.27 reported last
year.
“Overall for the quarter, our EMEA and Asia Pacific
businesses delivered strong earnings growth year over year,” stated
Ken Lamneck, President and Chief Executive Officer. “Our
North America business has not met our profitability expectations
in recent quarters. This has been related to a combination of
a higher percentage of large and public sector clients as well as a
shift in product mix resulting in lower data center sales.
This could be somewhat cyclical, but market data suggests softer
demand for data center solutions, and we are cautious about
recovery in our product mix over the balance of this year,” added
Lamneck.
“We continue to be excited about our potential in
North America but believed that we needed to take action to support
our long-term profitable growth,” stated Lamneck. “To that
end, we recently concluded several cost reduction initiatives
across our U.S. business that will allow us to better align our
cost structure with current gross profit performance.
Annualized savings from these actions are expected to be
approximately $20 million beginning in May of 2016,” Lamneck
concluded.
- Consolidated net sales of $1.17 billion for the first quarter
of 2016 decreased 4% compared to the first quarter of 2015, down 3%
year to year excluding the effects of foreign currency movements.
- Net sales in North America of $826.9 million were up 1% year
over year;
- Net sales in EMEA of $303.4 million decreased 15% year to year,
down 11% excluding the effects of foreign currency movements;
and
- Net sales in APAC of $38.7 million decreased 8% year to year,
down 3% excluding the effects of foreign currency
movements.
- Consolidated gross profit of $161.1 million was relatively flat
compared to the first quarter of 2015, but increased 1% year over
year excluding the effects of foreign currency movements.
Consolidated gross margin increased approximately 50 basis points
to 13.8% of net sales.
- Gross profit in North America of $111.7 million (13.5% gross
margin) was flat year over year, and increased 1% excluding the
effects of foreign currency movements;
- Gross profit in EMEA of $43.4 million (14.3% gross margin)
decreased 3% year to year, but was up 1% year over year excluding
the effects of foreign currency movements; and
- Gross profit in APAC of $5.9 million (15.3% gross margin)
increased 8% year over year, up 14% year over year excluding the
effects of foreign currency movements.
- Consolidated earnings from operations decreased 33% compared to
the first quarter of 2015 to $13.6 million, or 1.2% of net
sales. Excluding the effects of foreign currency movements,
the decrease in consolidated earnings from operations was 32% year
to year.
- Earnings from operations in North America decreased 44% year to
year to $10.5 million, or 1.3% of net sales;
- Earnings from operations in EMEA increased 57% year over year
to $2.7 million, or 0.9% of net sales, up 54% excluding the effects
of foreign currency movements; and
- Earnings from operations in APAC increased to $425,000, or 1.1%
of net sales.
- Non-GAAP consolidated earnings from operations, which excludes
severance and restructuring expenses in both periods, decreased 29%
year to year to $15.0 million, or 1.3% of net sales for the first
quarter of 2016.*
- Consolidated net earnings and diluted earnings per share for
the first quarter of 2016 were $6.9 million and $0.18,
respectively, at an effective tax rate of 38.2%.
- Non-GAAP consolidated net earnings and diluted earnings per
share, which exclude severance and restructuring expenses and the
tax effect of these charges in both periods, were $7.7 million and
$0.21, respectively, for the first quarter of 2016.*
- The Company repurchased approximately 505,000 shares of its
common stock at a total cost of approximately $13.5 million during
the first quarter of 2016.
* 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.
The Company refers to changes in net sales, gross
profit and earnings from operations on a consolidated basis and in
North America, 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 weighted average translation rate
for the current period.
Net of tax amounts referenced herein were computed
using the statutory tax rate for the taxing jurisdictions in the
operating segment in which the related expenses were recorded,
adjusted for the effects of valuation allowances on net operating
losses in certain jurisdictions.
GUIDANCE
For the full year 2016, the Company continues to
expect its business to deliver top-line growth in the low-to-mid
single digit range in U.S. dollar terms. The Company also
continues to expect diluted earnings per share for the full year
2016 to be between $2.25 and $2.35.
This outlook reflects:
- The adverse effect on gross profit of previously announced
partner program changes in the software category, which the Company
expects to be between $5 and $10 million;
- The positive effect on selling and administrative expenses of
recent cost reduction initiatives in North America, which the
Company expects to be approximately $13 to $15 million over the
balance of 2016;
- an effective tax rate of approximately 37% - 38%;
- the completion of the balance of the Company’s share repurchase
program of $37 million, leading to an average share count of
approximately 37 million shares for the year; and
- capital expenditures of $10 to $15 million.
This outlook excludes severance and restructuring
expenses incurred during the year.
CONFERENCE CALL AND WEBCAST
The Company will host a conference call and live
webcast today at 5:00 p.m. ET to discuss first quarter 2016 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 87781634.
USE OF NON-GAAP FINANCIAL
MEASURES
The non-GAAP financial measures exclude severance
and restructuring expenses 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.
FINANCIAL
SUMMARY TABLE |
(DOLLARS IN
THOUSANDS, EXCEPT PER SHARE DATA) |
(UNAUDITED) |
|
|
Three Months Ended March 31, |
Insight
Enterprises, Inc. |
|
2016 |
|
|
2015 |
|
|
change |
|
Net sales |
$ |
1,168,982 |
|
$ |
1,219,679 |
|
|
|
(4 |
%) |
|
Gross profit |
$ |
161,108 |
|
$ |
161,813 |
|
|
|
- |
|
|
Gross margin |
|
13.8 |
% |
|
13.3 |
% |
|
50 bps |
|
Selling and administrative
expenses |
$ |
146,119 |
|
$ |
140,796 |
|
|
|
4 |
% |
|
Severance and
restructuring expenses |
$ |
1,356 |
|
$ |
723 |
|
|
|
88 |
% |
|
Earnings from
operations |
$ |
13,633 |
|
$ |
20,294 |
|
|
|
(33 |
%) |
|
Net earnings |
$ |
6,888 |
|
$ |
10,951 |
|
|
|
(37 |
%) |
|
Diluted earnings per
share |
$ |
0.18 |
|
$ |
0.27 |
|
|
|
(33 |
%) |
|
|
|
|
|
North
America |
|
|
|
Net sales |
$ |
826,888 |
|
$ |
822,709 |
|
|
|
1 |
% |
|
Gross profit |
$ |
111,743 |
|
$ |
111,516 |
|
|
|
- |
|
|
Gross margin |
|
13.5 |
% |
|
13.6 |
% |
|
(10 bps) |
|
Selling and administrative
expenses |
$ |
100,041 |
|
$ |
92,402 |
|
|
|
8 |
% |
|
Severance and
restructuring expenses |
$ |
1,217 |
|
$ |
405 |
|
|
|
200 |
% |
|
Earnings from
operations |
$ |
10,485 |
|
$ |
18,709 |
|
|
|
(44 |
%) |
|
|
|
|
|
EMEA |
|
|
|
Net sales |
$ |
303,360 |
|
$ |
354,842 |
|
|
|
(15 |
%) |
|
Gross profit |
$ |
43,426 |
|
$ |
44,811 |
|
|
|
(3 |
%) |
|
Gross margin |
|
14.3 |
% |
|
12.6 |
% |
|
170 bps |
|
Selling and administrative
expenses |
$ |
40,679 |
|
$ |
42,757 |
|
|
|
(5 |
%) |
|
Severance and
restructuring expenses |
$ |
24 |
|
$ |
318 |
|
|
|
(92 |
%) |
|
Earnings from
operations |
$ |
2,723 |
|
$ |
1,736 |
|
|
|
57 |
% |
|
|
|
|
|
APAC |
|
|
|
Net sales |
$ |
38,734 |
|
$ |
42,128 |
|
|
|
(8 |
%) |
|
Gross profit |
$ |
5,939 |
|
$ |
5,486 |
|
|
|
8 |
% |
|
Gross margin |
|
15.3 |
% |
|
13.0 |
% |
|
|
230 bps |
|
Selling and administrative
expenses |
$ |
5,399 |
|
$ |
5,637 |
|
|
|
(4 |
%) |
|
Severance and
restructuring expenses |
$ |
115 |
|
$ |
- |
|
|
|
** |
|
|
Earnings (loss) from
operations |
$ |
425 |
|
$ |
(151 |
) |
|
|
381 |
% |
|
|
North America |
|
EMEA |
|
APAC |
|
|
|
Three Months Ended March
31, |
|
Three Months Ended March
31, |
|
Three Months Ended March
31, |
|
Sales Mix |
|
|
2016 |
|
2015 |
|
% change* |
|
|
2016 |
|
2015 |
|
% change* |
|
|
2016 |
|
2015 |
|
% change* |
|
Hardware |
|
|
63 |
% |
|
61 |
% |
|
|
3 |
% |
|
|
40 |
% |
|
41 |
% |
|
|
(18 |
%) |
|
|
9 |
% |
|
5 |
% |
|
|
90 |
% |
|
Software |
|
|
29 |
% |
|
32 |
% |
|
|
(6 |
%) |
|
|
57 |
% |
|
56 |
% |
|
|
(12 |
%) |
|
|
87 |
% |
|
92 |
% |
|
|
(14 |
%) |
|
Services |
|
|
8 |
% |
|
7 |
% |
|
|
11 |
% |
|
|
3 |
% |
|
3 |
% |
|
|
(11 |
%) |
|
|
4 |
% |
|
3 |
% |
|
|
12 |
%) |
|
|
|
|
100 |
% |
|
100 |
% |
|
|
1 |
% |
|
|
100 |
% |
|
100 |
% |
|
|
(15 |
%) |
|
|
100 |
% |
|
100 |
% |
|
|
(8 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Represents growth/decline in
category net sales on a U.S. dollar basis and does not exclude the
effects of foreign currency movements. |
** Percentage change not considered
meaningful. |
FORWARD-LOOKING INFORMATION
Certain statements in this release and the related
conference call and webcast are “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements, including the Company’s
expected 2016 financial results, including top-line growth rates
and diluted earnings per share, and the assumptions relating
thereto, including foreign currency exchange rates, the effect on
gross margin of partner program changes, the effect on selling and
administrative expenses of recent cost reduction initiatives in
North America, the Company’s effective tax rate, capital
expenditures, plans concerning the completion of the Company’s
recently authorized share repurchase program and its effect on the
expected average outstanding share count for 2016 and the health of
the IT industry and trends and opportunities relating thereto, 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, 2015:
- actions of the Company’s competitors, including manufacturers
and publishers of products the Company sells;
- the Company’s reliance on partners for product availability,
competitive products to sell and related marketing funds and
purchasing incentives;
- changes in the IT industry and/or rapid changes in
technology;
- possible significant fluctuations in the Company’s future
operating results;
- general economic conditions;
- the risks associated with the Company’s international
operations;
- the security of the Company’s electronic and other confidential
information;
- disruptions in the Company’s IT systems and voice and data
networks;
- failure to comply with the terms and conditions of the
Company’s commercial and public sector contracts;
- the Company’s reliance on commercial delivery services;
- the Company’s dependence on certain personnel;
- 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.
NSIT-F
INSIGHT ENTERPRISES, INC. AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF OPERATIONS |
(IN THOUSANDS, EXCEPT PER SHARE DATA) |
(UNAUDITED) |
|
|
|
Three Months Ended March
31, |
|
|
|
2016 |
|
|
2015 |
|
Net sales |
$ |
1,168,982 |
|
$ |
1,219,679 |
|
Costs of goods sold |
|
1,007,874 |
|
|
1,057,866 |
|
Gross profit |
|
161,108 |
|
|
161,813 |
|
Operating expenses: |
|
|
Selling and administrative
expenses |
|
146,119 |
|
|
140,796 |
|
Severance and restructuring
expenses |
|
1,356 |
|
|
723 |
|
Earnings from operations |
|
13,633 |
|
|
20,294 |
|
Non-operating (income)
expense: |
|
|
Interest income |
|
(250 |
) |
|
(154 |
) |
Interest expense |
|
1,848 |
|
|
1,738 |
|
Net foreign currency exchange
loss |
|
616 |
|
|
613 |
|
Other expense, net |
|
268 |
|
|
331 |
|
Earnings before income taxes |
|
11,151 |
|
|
17,766 |
|
Income tax expense |
|
4,263 |
|
|
6,815 |
|
Net earnings |
$ |
6,888 |
|
$ |
10,951 |
|
|
|
|
|
|
|
|
|
|
|
Net earnings per
share: |
|
|
Basic |
$ |
0.19 |
|
$ |
0.28 |
|
Diluted |
$ |
0.18 |
|
$ |
0.27 |
|
|
|
|
|
|
|
|
|
|
|
Shares used in per share
calculations: |
|
|
Basic |
|
37,075 |
|
|
39,673 |
|
Diluted |
|
37,386 |
|
|
39,994 |
|
INSIGHT ENTERPRISES, INC. AND
SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
(IN THOUSANDS) |
(UNAUDITED) |
|
|
March 31, |
|
December 31, |
|
|
2016 |
|
2015 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ |
173,910 |
|
$ |
187,978 |
|
Accounts receivable, net |
|
1,050,866 |
|
|
1,315,094 |
|
Inventories |
|
129,452 |
|
|
119,820 |
|
Inventories not available for
sale |
|
52,453 |
|
|
51,756 |
|
Other current assets |
|
85,147 |
|
|
77,011 |
|
Total current assets |
|
1,491,828 |
|
|
1,751,659 |
|
|
|
|
Property and equipment,
net |
|
85,975 |
|
|
88,281 |
|
Goodwill |
|
56,195 |
|
|
56,195 |
|
Intangible assets,
net |
|
23,790 |
|
|
26,983 |
|
Deferred income taxes |
|
62,927 |
|
|
62,986 |
|
Other assets |
|
28,452 |
|
|
27,913 |
|
|
$ |
1,749,167 |
|
$ |
2,014,017 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
Current liabilities: |
|
|
Accounts payable – trade |
$ |
609,882 |
|
$ |
905,464 |
|
Accounts payable – inventory
financing facility |
|
102,064 |
|
|
106,327 |
|
Accrued expenses and other current
liabilities |
|
122,315 |
|
|
144,633 |
|
Current portion of long-term
debt |
|
1,206 |
|
|
1,535 |
|
Deferred revenue |
|
53,627 |
|
|
50,166 |
|
Total current liabilities |
|
889,094 |
|
|
1,208,125 |
|
|
|
|
Long-term debt |
|
141,171 |
|
|
89,000 |
|
Deferred income taxes |
|
197 |
|
|
239 |
|
Other liabilities |
|
31,222 |
|
|
30,911 |
|
|
|
1,061,684 |
|
|
1,328,275 |
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Preferred stock |
|
- |
|
|
- |
|
Common stock |
|
368 |
|
|
371 |
|
Additional paid-in capital |
|
313,273 |
|
|
316,686 |
|
Retained earnings |
|
406,459 |
|
|
408,721 |
|
Accumulated other comprehensive
loss – foreign currency translation adjustments |
|
(32,617 |
) |
|
(40,036 |
) |
Total stockholders’ equity |
|
687,483 |
|
|
685,742 |
|
|
$ |
1,749,167 |
|
$ |
2,014,017 |
|
INSIGHT ENTERPRISES, INC. AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(IN THOUSANDS) |
(UNAUDITED) |
|
|
Three Months Ended March 31, |
|
2016 |
|
2015 |
|
Cash flows from operating
activities: |
|
|
|
|
|
|
Net earnings |
$ |
6,888 |
|
$ |
10,951 |
|
Adjustments to reconcile net
earnings to net cash (used in) provided by operating
activities: |
|
|
Depreciation and amortization |
|
10,180 |
|
|
9,542 |
|
Provision for losses on accounts
receivable |
|
608 |
|
|
1,083 |
|
Write-downs of inventories |
|
967 |
|
|
826 |
|
Non-cash stock-based
compensation |
|
2,799 |
|
|
2,323 |
|
Excess tax benefit from employee
gains on stock-based compensation |
|
(258 |
) |
|
(345 |
) |
Deferred income taxes |
|
(1 |
) |
|
31 |
|
Changes in assets and
liabilities: |
|
|
Decrease in accounts
receivable |
|
265,222 |
|
|
239,253 |
|
Increase in inventories |
|
(11,334 |
) |
|
(18,079 |
) |
Increase in other assets |
|
(8,259 |
) |
|
(11,456 |
) |
Decrease in accounts payable |
|
(297,714 |
) |
|
(198,530 |
) |
Increase in deferred revenue |
|
3,370 |
|
|
7,384 |
|
Decrease in accrued expenses and
other liabilities |
|
(19,655 |
) |
|
(22,165 |
) |
Net cash (used in) provided by
operating activities |
|
(47,187 |
) |
|
20,818 |
|
Cash flows from investing
activities: |
|
|
|
|
|
|
Purchases of property and
equipment |
|
(2,896 |
) |
|
(3,194 |
) |
Net cash used in investing
activities |
|
(2,896 |
) |
|
(3,194 |
) |
Cash flows from financing
activities: |
|
|
|
|
|
|
Borrowings on senior revolving
credit facility |
|
214,920 |
|
|
158,410 |
|
Repayments on senior revolving
credit facility |
|
(214,920 |
) |
|
(138,910 |
) |
Borrowings on accounts receivable
securitization financing facility |
|
516,000 |
|
|
409,100 |
|
Repayments on accounts receivable
securitization financing facility |
|
(465,000 |
) |
|
(395,100 |
) |
Repayments under other financing
agreements |
|
(632 |
) |
|
- |
|
Payments on capital lease
obligations |
|
(56 |
) |
|
(55 |
) |
Net (repayments) borrowings under
inventory financing facility |
|
(4,263 |
) |
|
22,505 |
|
Excess tax benefit from employee
gains on stock-based compensation |
|
258 |
|
|
345 |
|
Payment of payroll taxes on
stock-based compensation through shares withheld |
|
(2,098 |
) |
|
(1,826 |
) |
Repurchases of common stock |
|
(13,461 |
) |
|
(38,559 |
) |
Net cash provided by financing
activities |
|
30,748 |
|
|
15,910 |
|
Foreign currency exchange
effect on cash and cash equivalent balances |
|
5,267 |
|
|
(11,932 |
) |
(Decrease) increase in
cash and cash equivalents |
|
(14,068 |
) |
|
21,602 |
|
Cash and cash equivalents
at beginning of period |
|
187,978 |
|
|
164,524 |
|
Cash and cash equivalents
at end of period |
$ |
173,910 |
|
$ |
186,126 |
|
INSIGHT ENTERPRISES, INC. AND
SUBSIDIARIES |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES |
(IN THOUSANDS, EXCEPT PER SHARE DATA) |
(UNAUDITED) |
|
|
Three Months Ended March
31, |
|
|
2016 |
|
2015 |
|
Consolidated Earnings from
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
$ |
13,633 |
|
$ |
20,294 |
|
Severance and
restructuring expenses |
|
1,356 |
|
|
723 |
|
Non-GAAP |
$ |
14,989 |
|
$ |
21,017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Net
Earnings: |
|
|
GAAP |
$ |
6,888 |
|
$ |
10,951 |
|
Severance and
restructuring expenses, net of tax |
|
854 |
|
|
556 |
|
Non-GAAP |
$ |
7,742 |
|
$ |
11,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Diluted
EPS: |
|
|
GAAP |
$ |
0.18 |
|
$ |
0.27 |
|
Severance and
restructuring expenses, net of tax |
|
0.03 |
|
|
0.02 |
|
Non-GAAP |
$ |
0.21 |
|
$ |
0.29 |
|
|
|
|
|
|
|
|
North America Earnings from
Operations: |
|
|
|
|
|
|
GAAP |
$ |
10,485 |
|
$ |
18,709 |
|
Severance and
restructuring expenses |
|
1,217 |
|
|
405 |
|
Non-GAAP |
$ |
11,702 |
|
$ |
19,114 |
|
|
|
|
|
|
|
|
|
|
|
EMEA Earnings from
Operations: |
|
|
|
|
|
|
|
|
|
|
|
GAAP |
$ |
2,723 |
|
$ |
1,736 |
|
Severance and
restructuring expenses |
|
24 |
|
|
318 |
|
Non-GAAP |
$ |
2,747 |
|
$ |
2,054 |
|
|
|
|
|
|
|
|
|
|
|
APAC Earnings (Loss) from
Operations: |
|
|
|
|
|
|
GAAP |
$ |
425 |
|
$ |
(151 |
) |
Severance and
restructuring expenses |
|
115 |
|
|
- |
|
Non-GAAP |
$ |
540 |
|
$ |
(151 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contacts:
Glynis Bryan
Chief Financial Officer
Tel. 480.333.3390
Email glynis.bryan@insight.com
Helen Johnson
Senior VP, Finance
Tel. 480.333.3234
Email helen.johnson@insight.com
Insight Enterprises (NASDAQ:NSIT)
Historical Stock Chart
From Feb 2024 to Mar 2024
Insight Enterprises (NASDAQ:NSIT)
Historical Stock Chart
From Mar 2023 to Mar 2024