10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2023

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission File Number: 0-25092

INSIGHT ENTERPRISES, INC.

(Exact name of registrant as specified in its charter)

Delaware	86-0766246
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

2701 E. Insight Way, Chandler, Arizona 85286

(Address of principal executive offices) (Zip Code)

(480) 333-3000

(Registrant’s telephone number, including area code)

__________________________________________________________________

Not Applicable

_________________________________________________________________

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common stock, par value $0.01	NSIT	The NASDAQ Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	x	Accelerated filer	o
Non-accelerated filer	o	Smaller reporting company	o
		Emerging growth company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No x

The number of shares outstanding of the issuer’s common stock as of April 28, 2023 was 33,262,388.

INSIGHT ENTERPRISES, INC.

QUARTERLY REPORT ON FORM 10-Q

Three Months Ended March 31, 2023

TABLE OF CONTENTS

		Page
PART I -	Financial Information
Item 1 –	Financial Statements:
	Consolidated Balance Sheets (unaudited) – March 31, 2023 and December 31, 2022	1
	Consolidated Statements of Operations (unaudited) – Three Months Ended March 31, 2023 and 2022	2
	Consolidated Statements of Comprehensive Income (unaudited) – Three Months Ended March 31, 2023 and 2022	3
	Consolidated Statements of Stockholders’ Equity (unaudited) – Three Months Ended March 31, 2023 and 2022	4
	Consolidated Statements of Cash Flows (unaudited) – Three Months Ended March 31, 2023 and 2022	5
	Notes to Consolidated Financial Statements (unaudited)	6
Item 2 –	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3 –	Quantitative and Qualitative Disclosures About Market Risk	32
Item 4 –	Controls and Procedures	32
PART II -	Other Information	33
Item 1 –	Legal Proceedings	33
Item 1A –	Risk Factors	33
Item 2 –	Unregistered Sales of Equity Securities and Use of Proceeds	33
Item 3 –	Defaults Upon Senior Securities	33
Item 4 –	Mine Safety Disclosures	34
Item 5 –	Other Information	34
Item 6 –	Exhibits	35
Signatures		36

INSIGHT ENTERPRISES, INC.

FORWARD-LOOKING INFORMATION

References to "the Company," “Insight,” “we,” “us,” “our” and other similar words refer to Insight Enterprises, Inc. and its consolidated subsidiaries, unless the context suggests otherwise. Certain statements in this Quarterly Report on Form 10-Q, including statements in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part I, Item 2 of this report, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include: projections of, and matters that affect, net sales, gross profit, gross margin, operating expenses, earnings from operations, non-operating income and expenses, net earnings or cash flows, cash needs and the payment of accrued expenses and liabilities; our future responses to and the potential impact of coronavirus strain COVID-19 (“COVID-19”) on our Company; our expectations regarding current supply constraints, including that supply constraints and extended lead times for networking and infrastructure products may impact results into the latter part of 2023 and possibly into 2024; the expected effects of seasonality on our business; expectations of further consolidation and trends in the Information Technology (“IT”) industry; our business strategy and our strategic initiatives, including our efforts to grow our core business in the current environment, develop and grow our global cloud business and build scalable solutions; expectations regarding the impact of partner incentives; our expectations about future benefits of our acquisitions and our plans related thereto, including potential expansion into wider regions; the increasing demand for big data solutions; the availability of competitive sources of products for our purchase and resale; our intentions concerning the payment of dividends; our acquisition strategy; our expectations regarding the impact of inflation, including our expectation that higher interest rates and higher interest expense will continue for the remainder of 2023, and our ability to offset the effects of inflation and manage any increase in interest rates; projections of capital expenditures; our plans to continue to evolve our IT systems; our expectation that our gross margins will improve as our mix of services and solutions increase; our liquidity and the sufficiency of our capital resources, the availability of financing and our needs or plans relating thereto; our expectation that holders of our convertible senior notes (the “Notes”) will not convert their Notes in the near term; the effects of new accounting principles and expected dates of adoption; the effect of indemnification obligations; projections about the outcome of ongoing tax audits; our expectations regarding future tax rates; adequate provisions for and our positions and strategies with respect to ongoing and threatened litigation and expected outcomes; our ability to expand our client relationships; our expectations that pricing pressures in the IT industry will continue; our plans to use cash flow from operations for working capital, to pay down debt, repurchase shares of our common stock, to make capital expenditures, and fund acquisitions; our belief that our office facilities are adequate and that we will be able to extend our current leases or locate substitute facilities on satisfactory terms; our belief that we have adequate provisions for losses; our expectation that we will not incur interest payments under our inventory financing facilities; our expectations that future income will be sufficient to fully recover deferred tax assets; our exposure to off-balance sheet arrangements; statements of belief; and statements of assumptions underlying any of the foregoing. Forward-looking statements are identified by such words as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will,” “may” and variations of such words and similar expressions and 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 results described in forward-looking statements will be achieved, and actual results could differ materially from those suggested by the forward-looking statements. Some of the important factors that could cause our 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, 2022 and in "Risk Factors" in Part II, Item 1A of this report:

•actions of our competitors, including manufacturers and publishers of products we sell;

•our reliance on our partners for product availability, competitive products to sell and marketing funds and purchasing incentives, which can change significantly in the amounts made available and in the requirements year over year;

•our ability to keep pace with rapidly evolving technological advances and the evolving competitive marketplace;

•general economic conditions, economic uncertainties and changes in geopolitical conditions, including the possibility of a recession or as a result of the ongoing war between Russia and Ukraine;

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

•our ability to provide high quality services to our clients;

•accounts receivable risks, including increased credit loss experience or extended payment terms with our clients;

•our reliance on independent shipping companies;

•the risks associated with our international operations;

•supply constraints for products;

•the duration and severity of the COVID-19 pandemic and its effects on our business, results of operations and financial condition, as well as the widespread outbreak of any other illnesses or communicable diseases;

INSIGHT ENTERPRISES, INC.

•natural disasters or other adverse occurrences;

•disruptions in our IT systems and voice and data networks;

•cyberattacks or breaches of data privacy and security regulations;

•intellectual property infringement claims and challenges to our registered trademarks and trade names;

•legal proceedings, client audits and failure to comply with laws and regulations;

•failure to comply with the terms and conditions of our commercial and public sector contracts;

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

•our potential to draw down a substantial amount of indebtedness;

•the conditional conversion feature of the Notes, which has been triggered, may adversely affect the Company’s financial condition and operating results;

•the Company is subject to counterparty risk with respect to certain hedge and warrant transactions entered into in connection with the issuance of the notes (the "Call Spread Transactions");

•increased debt and interest expense and the possibility of decreased availability of funds under our financing facilities;

•risks associated with the discontinuation of LIBOR as a benchmark rate;

•possible significant fluctuations in our future operating results as well as seasonality and variability in client demands;

•our dependence on certain key personnel and our ability to attract, train and retain skilled teammates;

•risks associated with the integration and operation of acquired businesses, including achievement of expected synergies and benefits; and

•future sales of the Company’s common stock or equity-linked securities in the public market could lower the market price for our common stock.

Additionally, there may be other risks described from time to time in the reports that we file with the Securities and Exchange Commission (the “SEC”). Any forward-looking statements in this report are made as of the date of this filing and should be considered in light of various important factors, including the risks and uncertainties listed above, as well as others. We assume no obligation to update, and, except as may be required by law, do not intend to update, any forward-looking statements. We do not endorse any projections regarding future performance that may be made by third parties.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

INSIGHT ENTERPRISES, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

(unaudited)

	March 31, 2023		December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	175,726	$	163,637
Accounts receivable, net of allowance for doubtful accounts of $14,336 and $15,161, respectively	3,087,105		3,272,371
Inventories	265,570		265,154
Other current assets	217,415		199,506
Total current assets	3,745,816		3,900,668
Property and equipment, net of accumulated depreciation and amortization of $215,418 and $214,981, respectively	200,969		204,260
Goodwill	493,724		493,033
Intangible assets, net of accumulated amortization of $146,893 and $142,297, respectively	196,879		204,998
Other assets	323,140		309,622
	$	4,960,528	$	5,112,581
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable—trade	$	1,711,878	$	1,785,076
Accounts payable—inventory financing facilities	410,126		301,314
Accrued expenses and other current liabilities	415,519		433,789
Current portion of long-term debt	346,672		346,228
Total current liabilities	2,884,195		2,866,407
Long-term debt	168,875		291,672
Deferred income taxes	28,728		32,844
Other liabilities	305,132		283,590
	3,386,930		3,474,513
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, 3,000 shares authorized; no shares issued	—		—
Common stock, $0.01 par value, 100,000 shares authorized; 33,261 shares at March 31, 2023 and 34,009 shares at December 31, 2022 issued and outstanding	333		340
Additional paid-in capital	317,283		327,872
Retained earnings	1,310,178		1,368,658
Accumulated other comprehensive loss – foreign currency translation adjustments	(54,196)		(58,802)
Total stockholders’ equity	1,573,598		1,638,068
	$	4,960,528	$	5,112,581

See accompanying notes to consolidated financial statements.

1

INSIGHT ENTERPRISES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

	Three Months Ended March 31,
	2023		2022
Net sales:
Products	$	1,967,645	$	2,310,287
Services	356,302		340,563
Total net sales	2,323,947		2,650,850
Costs of goods sold:
Products	1,772,729		2,107,209
Services	159,903		164,780
Total costs of goods sold	1,932,632		2,271,989
Gross profit:
Products	194,916		203,078
Services	196,399		175,783
Gross profit	391,315		378,861
Operating expenses:
Selling and administrative expenses	310,001		297,640
Severance and restructuring expenses	3,802		1,372
Acquisition and integration related expenses	51		—
Earnings from operations	77,461		79,849
Non-operating (income) expense:
Interest expense, net	10,348		8,068
Other expense (income), net	752		(2,843)
Earnings before income taxes	66,361		74,624
Income tax expense	16,389		17,993
Net earnings	$	49,972	$	56,631
Net earnings per share:
Basic	$	1.48	$	1.62
Diluted	$	1.34	$	1.53
Shares used in per share calculations:
Basic	33,706		34,974
Diluted	37,207		36,981

See accompanying notes to consolidated financial statements.

2

INSIGHT ENTERPRISES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)

	Three Months Ended March 31,
	2023		2022
Net earnings	$	49,972	$	56,631
Other comprehensive gain, net of tax:
Foreign currency translation adjustments	4,606		1,865
Total comprehensive income	$	54,578	$	58,496

See accompanying notes to consolidated financial statements.

3

INSIGHT ENTERPRISES, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands)

(unaudited)

	Common Stock			Treasury Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Total Stockholders' Equity
	Shares	Par Value		Shares	Amount
Balances at December 31, 2022	34,009	$	340	—	$	—	$	327,872	$	(58,802)	$	1,368,658	$	1,638,068
Issuance of common stock under employee stock plans, net of shares withheld for payroll taxes	165	2		—	—		(7,922)		—		—		(7,920)
Stock-based compensation expense	—	—		—	—		6,896		—		—		6,896
Repurchase of treasury stock	—	—		(913)	(117,129)		—		—		—		(117,129)
Retirement of treasury stock	(913)	(9)		913	117,129		(8,668)		—		(108,452)		—
Excise tax on stock repurchases	—	—		—	—		(895)		—		—		(895)
Foreign currency translation adjustments, net of tax	—	—		—	—		—		4,606		—		4,606
Net earnings	—	—		—	—		—		—		49,972		49,972
Balances at March 31, 2023	33,261	$	333	—	$	—	$	317,283	$	(54,196)	$	1,310,178	$	1,573,598
Balances at December 31, 2021	34,897	$	349	—	$	—	$	368,282	$	(27,094)	$	1,167,690	$	1,509,227
Cumulative effect of accounting change	—	—		—	—		(44,731)		—		17,789		(26,942)
Issuance of common stock under employee stock plans, net of shares withheld for payroll taxes	175	2		—	—		(6,599)		—		—		(6,597)
Stock-based compensation expense	—	—		—	—		5,007		—		—		5,007
Foreign currency translation adjustments, net of tax	—	—		—	—		—		1,865		—		1,865
Net earnings	—	—		—	—		—		—		56,631		56,631
Balances at March 31, 2022	35,072	$	351	—	$	—	$	321,959	$	(25,229)	$	1,242,110	$	1,539,191

See accompanying notes to consolidated financial statements.

4

INSIGHT ENTERPRISES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

	Three Months Ended March 31,
	2023		2022
Cash flows from operating activities:
Net earnings	$	49,972	$	56,631
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	14,663		13,314
Provision for losses on accounts receivable	1,484		1,031
Non-cash stock-based compensation	6,896		5,007
Deferred income taxes	(4,284)		(1,715)
Amortization of debt issuance costs	1,213		1,623
Other adjustments	2,122		(106)
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	197,918		(103,326)
Increase in inventories	(1,146)		(57,876)
(Increase) decrease in other assets	(22,794)		4,111
Decrease in accounts payable	(76,783)		(137,144)
Decrease in accrued expenses and other liabilities	(9,101)		(65,789)
Net cash provided by (used in) operating activities:	160,160		(284,239)
Cash flows from investing activities:
Purchases of property and equipment	(9,106)		(25,745)
Net cash used in investing activities:	(9,106)		(25,745)
Cash flows from financing activities:
Borrowings on ABL revolving credit facility	1,016,980		1,151,440
Repayments on ABL revolving credit facility	(1,140,774)		(831,440)
Net borrowings under inventory financing facilities	108,257		6,692
Repurchases of common stock	(117,129)		—
Other payments	(7,988)		(6,738)
Net cash (used in) provided by financing activities:	(140,654)		319,954
Foreign currency exchange effect on cash, cash equivalents and restricted cash balances	1,652		969
Increase in cash, cash equivalents and restricted cash	12,052		10,939
Cash, cash equivalents and restricted cash at beginning of period	165,718		105,977
Cash, cash equivalents and restricted cash at end of period	$	177,770	$	116,916

See accompanying notes to consolidated financial statements.

5

INSIGHT ENTERPRISES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1.    Basis of Presentation and Recently Issued Accounting Standards

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:

Operating Segment	Geography
North America	United States and Canada
EMEA	Europe, Middle East and Africa
APAC	Asia-Pacific

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.

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly our financial position as of March 31, 2023 and our results of operations for the three months ended March 31, 2023 and 2022 and cash flows for the three months ended March 31, 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”).

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.

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.

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.

6

INSIGHT ENTERPRISES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Recently Issued Accounting Standards

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.

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.

2.    Receivables, Contract Liabilities and Performance Obligations

The following table provides information about receivables and contract liabilities as of March 31, 2023 and December 31, 2022 (in thousands):

	March 31, 2023		December 31, 2022
Current receivables, which are included in “Accounts receivable, net”	$	3,087,105	$	3,272,371
Non-current receivables, which are included in “Other assets”	181,782		161,837
Contract liabilities, which are included in “Accrued expenses and other current liabilities” and “Other liabilities”	108,186		102,057

Changes in the contract liabilities balances during the three months ended March 31, 2023 are as follows (in thousands):

	Increase (Decrease)
	Contract Liabilities
Balances at December 31, 2022	$	102,057
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied	(26,611)
Cash received in advance and not recognized as revenue	32,740
Balances at March 31, 2023	$	108,186

During the three months ended March 31, 2022, the Company recognized revenue of $31,452,000 related to its contract liabilities.

7

INSIGHT ENTERPRISES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

The following table includes estimated net sales related to performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2023 that are expected to be recognized in the future (in thousands):

	Services
Remainder of 2023	$	88,421
2024	36,634
2025	17,345
2026 and thereafter	8,287
Total remaining performance obligations	$	150,687

With the exception of remaining performance obligations associated with our OneCall Support Services contracts which are included in the table above regardless of original duration, remaining performance obligations that have original expected durations of one year or less are not included in the table above.  Amounts not included in the table above have an average original expected duration of nine months. Additionally, for our time and material services contracts, whereby we have the right to consideration from a client in an amount that corresponds directly with the value to the client of our performance completed to date, we recognized revenue in the amount to which we have a right to invoice as of March 31, 2023 and do not disclose information about related remaining performance obligations in the table above. Our time and material contracts have an average expected duration of 23 months.

The majority of our backlog historically has been and continues to be open cancellable purchase orders. We do not believe that backlog as of any particular date is predictive of future results, therefore we do not include performance obligations under open cancellable purchase orders, which do not qualify for revenue recognition, in the table above.

8

INSIGHT ENTERPRISES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

3.    Net Earnings Per Share

Basic EPS is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted EPS is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding restricted stock units (“RSUs”) and certain shares underlying the Notes and the warrants relating to the Call Spread Transactions. A reconciliation of the denominators of the basic and diluted EPS calculations follows (in thousands, except per share data):

	Three Months Ended March 31,
	2023		2022
Numerator:
Net earnings	$	49,972	$	56,631
Denominator:
Weighted average shares used to compute basic EPS	33,706		34,974
Dilutive potential common shares due to dilutive RSUs, net of tax effect	314		330
Dilutive potential common shares due to the Notes	2,310		1,677
Dilutive potential common shares due to the Warrants	877		—
Weighted average shares used to compute diluted EPS	37,207		36,981
Net earnings per share:
Basic	$	1.48	$	1.62
Diluted	$	1.34	$	1.53

For the three months ended March 31, 2023, 84,137 of our RSUs were excluded from the diluted EPS calculations because their inclusion would have been anti-dilutive. For the three months ended March 31, 2022, 13,000 of our RSUs were excluded from the diluted EPS calculations and certain potential outstanding shares from the warrants related to the Call Spread Transactions were excluded from the diluted EPS calculations because their inclusion would have been anti-dilutive.

4.    Debt, Inventory Financing Facilities, Finance Leases and Other Financing Obligations

Debt

Our long-term debt consists of the following (in thousands):

	March 31, 2023		December 31, 2022
ABL revolving credit facility	$	168,822	$	291,599
Convertible senior notes due 2026	346,647		346,199
Finance leases and other financing obligations	78		102
Total	515,547		637,900
Less: current portion of long-term debt	(346,672)		(346,228)
Long-term debt	$	168,875	$	291,672

9

INSIGHT ENTERPRISES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

On July 22, 2022, we entered into the Third Amendment to the Credit Agreement (as amended, the "credit agreement") to modify our senior secured revolving credit facility (the “ABL facility”), increasing the maximum borrowing amount from $1,200,000,000 to $1,800,000,000, including a maximum borrowing capacity that could be used for borrowing in certain foreign currencies of $350,000,000 and extending the maturity date. From time to time and at our option, we may request to increase the aggregate amount available for borrowing under the ABL facility by up to an aggregate of the U.S. dollar equivalent of $750,000,000, subject to customary conditions, including receipt of commitments from lenders. The ABL facility is guaranteed by certain of our material subsidiaries and is secured by a lien on certain of our assets and certain of each other borrower’s and each guarantor’s assets. The ABL facility now provides for an uncommitted first-in, last-out revolving facility in an aggregate amount of up to $100,000,000. The interest rates applicable to borrowings under the ABL facility are based on the average aggregate excess availability under the ABL facility as set forth on a pricing grid in the credit agreement. The ABL facility now matures on July 22, 2027. As of March 31, 2023, eligible accounts receivable and inventory permitted availability to $1,587,950,000 of the full $1,800,000,000 facility amount, of which $168,822,000 was outstanding.

The ABL facility contains customary affirmative and negative covenants and events of default. If a default occurs (subject to customary grace periods and materiality thresholds) under the credit agreement, certain actions may be taken, including, but not limited to, possible termination of commitments and required payment of all outstanding principal amounts plus accrued interest and fees payable under the credit agreement.

Convertible Senior Notes due 2025

In August 2019, we issued $350,000,000 aggregate principal amount of Notes that mature on February 15, 2025. The Notes bear interest at an annual rate of 0.75% payable semiannually, in arrears, on February 15th and August 15th of each year. The Notes are general unsecured obligations of Insight and are guaranteed on a senior unsecured basis by Insight Direct USA, Inc., a wholly owned subsidiary of Insight.

Holders of the Notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding June 15, 2024, under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2019 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day (the “market price trigger”); (2) during the five business day period after any five days consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; (3) if we call any or all of the Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On or after June 15, 2024 until the close of business on the second scheduled trading day immediately preceding the maturity date, the holders may convert their notes at any time, regardless of the foregoing circumstances.

The Notes exceeded the market price trigger of $88.82 in the first quarter of 2023 and as such, the Notes are convertible at the option of the holders through June 30, 2023. All of the Notes remain outstanding at March 31, 2023. The notes are convertible at the option of the holders at March 31, 2023 and, if converted, we are required to settle the principal amount of the Notes in cash. As such, the Notes balance net of unamortized debt issuance costs are classified as a current liability. If the Notes continue to exceed the market price trigger in future periods, they

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INSIGHT ENTERPRISES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

will remain convertible at the option of the holders, and the principal amount will continue to be classified as current.

Upon conversion, we will pay cash equal to the principal amount of the Notes, plus shares of our common stock for any additional amounts due. The conversion rate will initially be 14.6376 shares of common stock per $1,000 principal amount of the Notes (equivalent to an initial conversion price of approximately $68.32 per share of common stock). The conversion rate is subject to change in certain circumstances and will not be adjusted for any accrued and unpaid interest. In addition, following certain events that occur prior to the maturity date or following our issuance of a notice of redemption, the conversion rate is subject to an increase for a holder who elects to convert their Notes in connection with those events or during the related redemption period in certain circumstances.

If we undergo a fundamental change, the holders may require us to repurchase for cash all or any portion of their notes at a fundamental change repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. As of March 31, 2023, none of the criteria for a fundamental change or a conversion rate adjustment had been met.

The maximum number of shares issuable upon conversion, including the effect of a fundamental change and subject to other conversion rate adjustments, would be 6,788,208.

The Notes are subject to certain customary events of default and acceleration clauses. As of March 31, 2023, no such events have occurred.

The Notes consist of the following balances reported within the consolidated balance sheets (in thousands):

	March 31, 2023		December 31, 2022
Liability:
Principal	$	350,000	$	350,000
Less: debt issuance costs, net of accumulated amortization	(3,353)		(3,801)
Net carrying amount	$	346,647	$	346,199

In January 2022, we filed an irrevocable settlement election notice with the note holders to inform them of our election to settle the principal amount of the Notes in cash. As a result of this election, at period ends where the market price, or other conversion triggers are met, the Notes will be classified in our consolidated balance sheet as current.

The remaining life of the debt issuance cost accretion is approximately 1.87 years. The effective interest rate on the principal of the Notes is 0.75%.

Interest expense resulting from the Notes reported within the consolidated statement of operations for the three months ended March 31, 2023 and 2022 is made up of contractual coupon interest and amortization of debt issuance costs.

Convertible Note Hedge and Warrant Transaction

In connection and concurrent with the issuance of the Notes, we entered into the Call Spread Transactions with respect to the Company’s common stock.

The convertible note hedge consists of an option to purchase up to 5,123,160 common stock shares at a price of $68.32 per share. The hedge expires on February 15, 2025 and can only be concurrently executed upon the conversion of the Notes. We paid approximately $66,325,000 for the convertible note hedge transaction.

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INSIGHT ENTERPRISES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Additionally, we sold warrants to purchase 5,123,160 shares of common stock at a price of $103.12 per share. The warrants expire on May 15, 2025 and can only be exercised at maturity. The Company received aggregate proceeds of approximately $34,440,000 for the sale of the warrants.

The Call Spread Transactions have no effect on the terms of the Notes and reduce potential dilution by effectively increasing the initial conversion price of the Notes to $103.12 per share of the Company’s common stock.

Inventory Financing Facilities

We have an unsecured inventory financing facility with MUFG Bank Ltd (“MUFG”) for $280,000,000. During 2022, we increased our maximum availability under our unsecured inventory financing facility with PNC Bank, N.A. (“PNC”) from $300,000,000 to $375,000,000, including the $25,000,000 facility in Canada (the "Canada facility"). We also increased our unsecured inventory financing facility with Wells Fargo in EMEA (the "EMEA facility") to $50,000,000. The inventory financing facilities will remain in effect until they are terminated by any of the parties. If balances are not paid within stated vendor terms (typically 60 days), they will accrue interest at prime plus 2.00% on the MUFG facility, Canadian Dollar Offered Rate plus 4.50% on the Canada facility and LIBOR, EURIBOR, or SONIA, as applicable, plus 4.50% and 0.25% on the PNC (other than the Canada facility) and EMEA facilities, respectively. The PNC facility allows for an alternative rate to be identified if LIBOR is no longer available. Amounts outstanding under these facilities are classified separately as accounts payable – inventory financing facilities in the accompanying consolidated balance sheets and within cash flows from financing activities in the accompanying consolidated statements of cash flows.

As of March 31, 2023, our combined inventory financing facilities had a total maximum capacity of $705,000,000, of which $410,126,000 was outstanding.

5.    Income Taxes

Our effective tax rate for the three months ended March 31, 2023 and 2022 were 24.7% and 24.1%, respectively. Our effective tax rates were higher than the United States federal statutory rate of 21.0% due primarily to state income taxes and higher taxes on earnings in foreign jurisdictions, partially offset by excess tax benefits on the settlement of employee share-based compensation and tax benefits related to research and development activities.

As of March 31, 2023 and December 31, 2022, we had approximately $15,806,000 and $14,814,000, respectively, of unrecognized tax benefits. Of these amounts, approximately $2,124,000 and $1,642,000, respectively, related to accrued interest. In the future, if recognized, the liability associated with uncertain tax positions would affect our effective tax rate. We do not believe there will be any changes to our unrecognized tax benefits over the next 12 months that would have a material effect on our effective tax rate.

We are currently under audit in various jurisdictions for tax years 2015 through 2020. Although the timing of the resolutions and/or closures of audits is highly uncertain, it is reasonably possible that the examination phase of these audits may be concluded within the next 12 months, which could increase or decrease the balance of our gross unrecognized tax benefits. However, based on the status of the various examinations in multiple jurisdictions, an estimate of the range of reasonably possible outcomes cannot be made at this time, but the estimated effect on our income tax expense and net earnings is not expected to be significant.

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INSIGHT ENTERPRISES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

6.    Share Repurchase Program

On May 6, 2021, we announced that our Board of Directors had authorized the repurchase of up to $125,000,000 of our common stock. On September 19, 2022, we announced that our Board of Directors had authorized the repurchase of up to $300,000,000 of our common stock, including $50,000,000 that remained available from our prior authorization. As of March 31, 2023, approximately $99,958,155 remained available for repurchases under this share repurchase plan. Our share repurchases may be made on the open market, subject to Rule 10b-18 or in privately negotiated transactions, through block trades, through 10b5-1 plans or otherwise, at management’s discretion. The amount of shares purchased and the timing of the purchases will be based on market conditions, working capital requirements, general business conditions and other factors. We intend to retire the repurchased shares.

During the three months ended March 31, 2023, we repurchased 913,445 shares of our common stock on the open market at a total cost of $117,129,000 (an average price of $128.23 per share). During the three months ended March 31, 2022, we did not repurchase any shares of our common stock.

7.    Commitments and Contingencies

Contractual

In the ordinary course of business, we issue performance bonds to secure our performance under certain contracts or state tax requirements. As of March 31, 2023, we had approximately $27,984,413 of performance bonds outstanding. These bonds are issued on our behalf by a surety company on an unsecured basis; however, if the surety company is ever required to pay out under the bonds, we have contractually agreed to reimburse the surety company.

Management believes that payments, if any, related to these performance bonds are not probable at March 31, 2023. Accordingly, we have not accrued any liabilities related to such performance bonds in our consolidated financial statements.

Employment Contracts and Severance Plans

We have employment contracts with, and severance plans covering, certain officers and management teammates under which severance payments would become payable in the event of specified terminations without cause or terminations under certain circumstances after a change in control. In addition, vesting of outstanding nonvested RSUs would accelerate following a change in control. If severance payments under the current employment agreements or plan payments were to become payable, the severance payments would generally range from three to twenty-four months of salary.

Indemnifications

From time to time, in the ordinary course of business, we enter into contractual arrangements under which we agree to indemnify either our clients or third-party service providers from certain losses incurred relating to services performed on our behalf or for losses arising from defined events, which may include litigation or claims relating to past performance. These arrangements include, but are not limited to, the indemnification of our clients for certain claims arising out of our performance under our sales contracts, the indemnification of our landlords for certain claims arising from our use of leased facilities and the indemnification of the lenders that provide our credit facilities for certain claims arising from their extension of credit to us. Such indemnification obligations may not be subject to maximum loss clauses.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Management believes that payments, if any, related to these indemnifications are not probable at March 31, 2023. Accordingly, we have not accrued any liabilities related to such indemnifications in our consolidated financial statements.

We have entered into separate indemnification agreements with certain of our executive officers and with each of our directors. These agreements require us, among other requirements, to indemnify such officers and directors against expenses (including attorneys’ fees), judgments and settlements incurred by such individual in connection with any action arising out of such individual’s status or service as our executive officer or director (subject to exceptions such as where the individual failed to act in good faith or in a manner the individual reasonably believed to be in, or not opposed to, the best interests of the Company) and to advance expenses incurred by such individual with respect to which such individual may be entitled to indemnification by us. There are no pending legal proceedings that involve the indemnification of any of the Company’s directors or officers.

Contingencies Related to Third-Party Review

From time to time, we are subject to potential claims and assessments from third parties. We are also subject to various governmental, client and partner audits. We continually assess whether or not such claims have merit and warrant accrual. Where appropriate, we accrue estimates of anticipated liabilities in the consolidated financial statements. Such estimates are subject to change and may affect our results of operations and our cash flows.

Legal Proceedings

From time to time, we are party to various legal proceedings incidental to the business, including preference payment claims asserted in client bankruptcy proceedings, indemnification claims, claims of alleged infringement of patents, trademarks, copyrights and other intellectual property rights, employment claims, claims of alleged non-compliance with contract provisions and claims related to alleged violations of laws and regulations. We regularly evaluate the status of the legal proceedings in which we are involved to assess whether a loss is probable or there is a reasonable possibility that a loss, or an additional loss, may have been incurred and determine if accruals are required. If accruals are not required, we further evaluate each legal proceeding to assess whether an estimate of possible loss or range of possible loss can be made. Although litigation is inherently unpredictable, we believe that we have adequate provisions for any probable and estimable losses. It is possible, nevertheless, that our consolidated financial position, results of operations or liquidity could be materially and adversely affected in any particular period by the work required pursuant to any legal proceedings or the resolution of any legal proceedings during such period. Legal expenses related to defense of any legal proceeding or the negotiations, settlements, rulings and advice of outside legal counsel in connection with any legal proceedings are expensed as incurred.

In connection with the acquisition of PCM, the Company has effectively assumed responsibility for PCM litigation matters, including various disputes related to PCM’s acquisition of certain assets of En Pointe Technologies in 2015. The seller of En Pointe Technologies and related entities providing various post-closing support functions to PCM have asserted claims regarding the sufficiency of earnout payments paid by PCM under the asset purchase agreement and the unwinding of the support functions post-closing. PCM has rejected and vigorously responded to those claims and is pursuing various counterclaims. The disputes are being heard by multiple courts and arbitrators in several different jurisdictions including California, Delaware and Pakistan. The Company cannot determine with certainty the costs or outcome of these matters. However, the Company is not involved in any pending or threatened legal proceedings, including the PCM litigation matters, that it believes would reasonably be expected to have a material adverse effect on its business, financial condition or results of operations.

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INSIGHT ENTERPRISES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

8.    Segment Information

We operate in three reportable geographic operating segments: North America; EMEA; and APAC. Our offerings in North America and certain countries in EMEA and APAC include IT 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.

In the following table, revenue is disaggregated by our reportable operating segments, which are primarily defined by their related geographies, as well as by major product offering, by major client group and by recognition on either a gross basis as a principal in the arrangement, or on a net basis as an agent, for the three months ended March 31, 2023 and 2022 (in thousands):

	Three Months Ended March 31, 2023
	North America		EMEA		APAC		Consolidated
Major Offerings
Hardware	$	1,155,639	$	162,890	$	10,316	$	1,328,845
Software	394,797		214,561		29,442		638,800
Services	283,528		49,553		23,221		356,302
	$	1,833,964	$	427,004	$	62,979	$	2,323,947
Major Client Groups
Large Enterprise / Corporate	$	1,293,533	$	309,063	$	21,402	$	1,623,998
Commercial	372,025		4,790		17,025		393,840
Public Sector	168,406		113,151		24,552		306,109
	$	1,833,964	$	427,004	$	62,979	$	2,323,947
Revenue Recognition based on acting as Principal or Agent in the Transaction
Gross revenue recognition (Principal)	$	1,725,177	$	401,343	$	53,884	$	2,180,404
Net revenue recognition (Agent)	108,787		25,661		9,095		143,543
	$	1,833,964	$	427,004	$	62,979	$	2,323,947

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INSIGHT ENTERPRISES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

	Three Months Ended March 31, 2022
	North America		EMEA		APAC		Consolidated
Major Offerings
Hardware	$	1,451,319	$	210,623	$	11,646	$	1,673,588
Software	341,547		272,402		22,750		636,699
Services	271,639		48,408		20,516		340,563
	$	2,064,505	$	531,433	$	54,912	$	2,650,850
Major Client Groups
Large Enterprise / Corporate	$	1,438,729	$	353,904	$	21,429	$	1,814,062
Commercial	441,159		18,421		14,659		474,239
Public Sector	184,617		159,108		18,824		362,549
	$	2,064,505	$	531,433	$	54,912	$	2,650,850
Revenue Recognition based on acting as Principal or Agent in the Transaction
Gross revenue recognition (Principal)	$	1,970,921	$	506,862	$	47,018	$	2,524,801
Net revenue recognition (Agent)	93,584		24,571		7,894		126,049
	$	2,064,505	$	531,433	$	54,912	$	2,650,850

All significant intercompany transactions are eliminated upon consolidation, and there are no differences between the accounting policies used to measure profit and loss for our segments or on a consolidated basis. Net sales are defined as net sales to external clients. None of our clients exceeded ten percent of consolidated net sales for the three months ended March 31, 2023 or 2022.

A portion of our operating segments’ selling and administrative expenses arise from shared services and infrastructure that we have historically provided to them in order to realize economies of scale and to use resources efficiently. These expenses, collectively identified as corporate charges, include senior management expenses, internal audit, legal, tax, insurance services, treasury and other corporate infrastructure expenses. Charges are allocated to our operating segments, and the allocations have been determined on a basis that we consider to be a reasonable reflection of the utilization of services provided to or benefits received by the operating segments.

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INSIGHT ENTERPRISES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

The following tables present our results of operations by reportable operating segment for the periods indicated (in thousands):

	Three Months Ended March 31, 2023
	North America		EMEA		APAC		Consolidated
Net sales:
Products	$	1,550,436	$	377,451	$	39,758	$	1,967,645
Services	283,528		49,553		23,221		356,302
Total net sales	1,833,964		427,004		62,979		2,323,947
Costs of goods sold:
Products	1,387,962		347,633		37,134		1,772,729
Services	130,858		18,483		10,562		159,903
Total costs of goods sold	1,518,820		366,116		47,696		1,932,632
Gross profit	315,144		60,888		15,283		391,315
Operating expenses:
Selling and administrative expenses	248,820		49,905		11,276		310,001
Severance and restructuring expenses	3,087		702		13		3,802
Acquisition and integration related expenses	51		—		—		51
Earnings from operations	$	63,186	$	10,281	$	3,994	$	77,461

	Three Months Ended March 31, 2022
	North America		EMEA		APAC		Consolidated
Net sales:
Products	$	1,792,866	$	483,025	$	34,396	$	2,310,287
Services	271,639		48,408		20,516		340,563
Total net sales	2,064,505		531,433		54,912		2,650,850
Costs of goods sold:
Products	1,625,775		449,632		31,802		2,107,209
Services	138,646		17,031		9,103		164,780
Total costs of goods sold	1,764,421		466,663		40,905		2,271,989
Gross profit	300,084		64,770		14,007		378,861
Operating expenses:
Selling and administrative expenses	235,220		52,326		10,094		297,640
Severance and restructuring expenses	304		1,068		—		1,372
Earnings from operations	$	64,560	$	11,376	$	3,913	$	79,849

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

The following is a summary of our total assets by reportable operating segment (in thousands):

	March 31, 2023		December 31, 2022
North America	$	5,285,303	$	5,219,480
EMEA	898,680		939,327
APAC	171,296		153,232
Corporate assets and intercompany eliminations, net	(1,394,751)		(1,199,458)
Total assets	$	4,960,528	$	5,112,581

We recorded the following pre-tax amounts, by reportable operating segment, for depreciation and amortization in the accompanying consolidated financial statements (in thousands):

	Three Months Ended March 31,
	2023		2022
Depreciation and amortization of property and equipment:
North America	$	5,648	$	4,420
EMEA	596		807
APAC	109		162
	6,353		5,389
Amortization of intangible assets:
North America	7,785		7,348
EMEA	412		457
APAC	113		120
	8,310		7,925
Total	$	14,663	$	13,314

9.    Acquisition

Effective June 1, 2022, we acquired 100 percent of the issued and outstanding shares of Hanu Software Solutions, Inc. and Hanu Software Solutions (India) Private Ltd. (collectively, “Hanu”) for a cash purchase price, net of cash and cash equivalents acquired, of approximately $83,555,000, including $15,307,000 attributed to an earn out agreement, but excluding hold backs for representations and warranties of approximately $8,501,000 to be paid in future periods. We finalized the earn out and paid $10,748,000 in April 2023 and expect to pay the remaining amount due in May 2023. Hanu, a global leading cloud technology services and solutions provider, provides cloud solutions in the areas of applications and infrastructure, data and artificial intelligence, and cloud security to clients. Hanu is recognized as one of Microsoft’s top public cloud service partners globally. We believe this acquisition strengthens our service capabilities as a cloud solutions provider and is also a strategic investment in expanding our presence in India.

The preliminary fair value of net assets acquired was approximately $22,326,000, including $24,750,000 of identifiable intangible assets, consisting primarily of customer relationships that will be amortized using the straight line method over the estimated economic life of ten years. The preliminary purchase price was allocated using the information currently available. Goodwill acquired approximated $69,923,000 which was recorded in our North America operating segment.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

We have not finalized the purchase price allocation in relation to this acquisition as work on certain liabilities, including tax related balances, is not yet complete. We do not believe that the completion of this work will materially modify the preliminary purchase price allocation. We expect to complete our purchase price allocation prior to June 1, 2023.

We consolidated the results of operations for Hanu within our North America operating segment beginning on June 1, 2022, the effective date of the acquisition. Our historical results would not have been materially affected by the acquisition of Hanu and, accordingly, we have not presented pro forma information as if the acquisition had been completed at the beginning of each period presented in our consolidated statement of operations.

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INSIGHT ENTERPRISES, INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion should be read in conjunction with the consolidated financial statements and the related notes that appear elsewhere in this Quarterly Report on Form 10-Q. We refer to our customers as “clients,” our suppliers as “partners” and our employees as “teammates.”

Quarterly Overview

Today, every business needs to be a technology business. We help our clients accelerate their digital journal 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 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 consist largely of software and certain software-related services and cloud solutions.

On a consolidated basis, for the three months ended March 31, 2023:

•Net sales of $2.3 billion decreased 12% compared to the three months ended March 31, 2022. The decrease in net sales reflects a decrease in hardware net sales, partially offset by an increase in services net sales. We believe hardware sales have declined throughout the industry. Excluding the effects of fluctuating foreign currency exchange rates, net sales decreased 11% compared to the first quarter of 2022.

•Gross profit of $391.3 million increased 3% compared to the three months ended March 31, 2022. Excluding the effects of fluctuating foreign currency exchange rates, gross profit increased 5% compared to the first quarter of 2022.

•Compared to the three months ended March 31, 2022, gross margin expanded approximately 250 basis points to 16.8% of net sales in the three months ended March 31, 2023. This expansion primarily reflects an increase in higher margin services net sales, particularly cloud net sales, compared to the same period in the prior year.

•Earnings from operations decreased 3%, year to year, to $77.5 million in the first quarter of 2023 compared to $79.8 million in the first quarter of 2022. The decrease was primarily due to increases in selling and administrative expenses and severance and restructuring expenses, partially offset by increased gross profit in the current quarter. Excluding the effects of fluctuating foreign currency exchange rates, earnings from operations decreased 1% year to year.

•Net earnings and diluted earnings per share were $50.0 million and $1.34, respectively, for the first quarter of 2023. This compares to net earnings of $56.6 million and diluted earnings per share of $1.53 for the first quarter of 2022. Excluding the effects of fluctuating foreign currency exchange rates, diluted earnings per share decreased 11% year to year.

Throughout the “Quarterly Overview” and “Results of Operations” sections of this “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” we refer to changes in net sales, gross profit, selling and administrative expenses and earnings from

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INSIGHT ENTERPRISES, INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS (continued)

operations on a consolidated basis and in North America, EMEA and APAC excluding the effects of fluctuating foreign currency exchange rates. In computing the changes in amounts and percentages, we compare the current period amount as translated into U.S. dollars under the applicable accounting standards to the prior period amount in local currency translated into U.S. dollars utilizing the weighted average translation rate for the current period.

Details about segment results of operations can be found in Note 8 to the Consolidated Financial Statements in Part I, Item 1 of this report.

Our discussion and analysis of financial condition and results of operations is intended to assist in the understanding of our consolidated financial statements, including the changes in certain key items in those consolidated financial statements from period to period and the primary factors that contributed to those changes, as well as how certain critical accounting estimates affect our consolidated financial statements.

COVID-19, Supply Chain Constraints and Inflation Update

The COVID-19 pandemic has negatively impacted the global economy, disrupted global supply chains and reduced workforce participation. We saw minimal negative impact of COVID-19 on our first quarter 2023 financial results; however, supply constraints for certain products have persisted. We anticipate that continued supply constraints and extended lead times for networking and infrastructure products may now impact results into the latter part of 2023 and possibly into 2024. In addition, inflation has resulted in higher interest rates on all of our variable rate facilities compared to the first quarter of 2022 and we expect these higher rates and higher interest expense will continue for the remainder of 2023.

Since the initial outbreak, new variants of COVID-19 that are significantly more contagious than previous strains have emerged. The spread of these new strains initially caused many government authorities and businesses to reimplement prior restrictions in an effort to lessen the spread of COVID-19 and its variants; however, while many of these restrictions have been lifted, uncertainty remains as to whether additional restrictions may be initiated or again reimplemented in responses to surges in COVID-19 cases. The ultimate extent of the impact of the COVID-19 pandemic on our business operations, financial performance, and results of operations, including our ability to execute our business strategies and initiatives in the expected time frame, is currently unknown and will depend on future developments, which are highly uncertain, continuously evolving and cannot be predicted. This includes, but is not limited to, the duration and spread of the COVID-19 pandemic and its severity; the emergence and severity of its variants; the availability and efficacy of vaccines (particularly with respect to emerging strains of the virus) and potential hesitancy to utilize them; the reduction in travel and increase in teammates working from remote locations and other protective actions taken to contain the virus or treat its impact; general economic factors, such as increased inflation; supply chain constraints; labor supply issues; and how quickly and to what extent normal economic and operating conditions can resume.

We will continue to actively monitor the situation and anticipate taking further actions as may be required by government authorities or that we determine are in the best interests of our teammates, clients and partners. It is not clear what the potential effects of any such alterations or modifications may have on our business, including the effects on our clients, teammates, and prospects, or on our financial results in 2023 and beyond. Accordingly, our current results and financial condition discussed herein may not be indicative of future operating results and trends.

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INSIGHT ENTERPRISES, INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS (continued)

Critical Accounting Estimates

Our consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). For a summary of significant accounting policies, see Note 1 to the Consolidated Financial Statements in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2022. The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, net sales and expenses. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results, however, may differ from estimates we have made. Members of our senior management have discussed the critical accounting estimates and related disclosures with the Audit Committee of our Board of Directors.

There have been no changes to the items disclosed as critical accounting estimates in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2022.

Results of Operations

The following table sets forth certain financial data as a percentage of net sales for the three months ended March 31, 2023 and 2022:

	Three Months Ended March 31,
	2023		2022
Net sales	100.0	%	100.0	%
Costs of goods sold	83.2		85.7
Gross profit	16.8		14.3
Selling and administrative expenses	13.3		11.2
Severance and restructuring expenses and acquisition and integration related expenses	0.2		0.1
Earnings from operations	3.3		3.0
Non-operating expense, net	0.4		0.2
Earnings before income taxes	2.9		2.8
Income tax expense	0.7		0.7
Net earnings	2.2	%	2.1	%

We generally experience some seasonal trends in our sales of IT hardware, software and services. Software sales are typically seasonally higher in our second and fourth quarter, particularly the second quarter. Business clients, particularly larger enterprise businesses in the United States, tend to spend more in our fourth quarter and less in our first quarter. Sales to the federal government in the United States are often stronger in our third quarter, while sales in the state and local government and education markets are also stronger in our second quarter. Sales to public sector clients in the United Kingdom are often stronger in our first quarter. These trends create overall seasonality in our consolidated results such that net sales and profitability are expected to be higher in the second and fourth quarters of the year.

Our gross profit across the business and related to product versus services sales are, and will continue to be, impacted by partner incentives, which can change significantly in the amounts made available and in the related product or services sales being incentivized by the partner. Incentives from our largest partners are significant and changes in the incentive requirements, which occur regularly, could impact our results of operations to the extent we are

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INSIGHT ENTERPRISES, INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS (continued)

unable to shift our focus and respond to them. For a discussion of risks associated with our reliance on partners, see “Risk Factors – Risks related to Our Business, Operations and Industry – We rely on our partners for product availability, competitive products to sell and marketing funds and purchasing incentives, which can change significantly in the amounts made available and the requirements year over year,” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2022.

Net Sales. Net sales for the three months ended March 31, 2023 decreased 12%, year to year, to $2.3 billion compared to the three months ended March 31, 2022, reflecting decreases in our North America and EMEA segments. Our net sales by operating segment were as follows for the three months ended March 31, 2023 and 2022 (dollars in thousands):

	Three Months Ended March 31,				% Change
	2023		2022
North America	$	1,833,964	$	2,064,505	(11)	%
EMEA	427,004		531,433		(20)	%
APAC	62,979		54,912		15	%
Consolidated	$	2,323,947	$	2,650,850	(12)	%

Our net sales by offering category for North America for the three months ended March 31, 2023 and 2022 were as follows (dollars in thousands):

	Three Months Ended March 31,				% Change
Sales Mix	2023		2022
Hardware	$	1,155,639	$	1,451,319	(20)	%
Software	394,797		341,547		16	%
Services	283,528		271,639		4	%
	$	1,833,964	$	2,064,505	(11)	%

Net sales in North America decreased 11%, or $230.5 million, for the three months ended March 31, 2023 compared to the three months ended March 31, 2022, primarily driven by a decrease in hardware net sales. Hardware net sales decreased by 20%, year to year. This decrease was partially offset by software and services net sales increases of 16% and 4%, respectively, year over year. The net changes for the three months ended March 31, 2023 were the result of the following:

•The decrease in hardware net sales was due to lower volume of sales to large enterprise and corporate clients. This decline was primarily attributable to devices and was consistent with our expectations as well as with declines observed throughout the industry.

•The increase in software net sales was primarily due to higher volume of software licensing, partially offset by the continued migration of on-premise software to cloud solutions, reported net in services net sales.

•The increase in services net sales was primarily due to an increase in fees for cloud solutions.

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS (continued)

Our net sales by offering category for EMEA for the three months ended March 31, 2023 and 2022 were as follows (dollars in thousands):

	Three Months Ended March 31,				% Change
Sales Mix	2023		2022
Hardware	$	162,890	$	210,623	(23)	%
Software	214,561		272,402		(21)	%
Services	49,553		48,408		2	%
	$	427,004	$	531,433	(20)	%

Net sales in EMEA decreased 20%, or $104.4 million, for the three months ended March 31, 2023 compared to the three months ended March 31, 2022. Excluding the effects of fluctuating foreign currency exchange rates, net sales in EMEA decreased 13%, year to year. Net sales of hardware and software decreased by 23% and 21%, respectively, year to year, partially offset by an increase in services net sales of 2%, year over year. The net changes for the three months ended March 31, 2023 were the result of the following:

•The decrease in software net sales was primarily due to continued migration of on-premise software to cloud solutions, reported net in services net sales.

•The decrease in hardware net sales was primarily due to lower volume of sales to public sector clients and decline in sales of devices.

•The increase in services net sales year over year was primarily due to an increase in fees for cloud solutions.

Our net sales by offering category for APAC for the three months ended March 31, 2023 and 2022 were as follows (dollars in thousands):

	Three Months Ended March 31,				% Change
Sales Mix	2023		2022
Hardware	$	10,316	$	11,646	(11)	%
Software	29,442		22,750		29	%
Services	23,221		20,516		13	%
	$	62,979	$	54,912	15	%

Net sales in APAC increased 15%, or $8.1 million, for the three months ended March 31, 2023 compared to the three months ended March 31, 2022. Excluding the effects of fluctuating foreign currency exchange rates, net sales in APAC increased 21%, year over year. Net sales of software and services increased by 29% and 13%, respectively, year over year.

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS (continued)

These increases were partially offset by a decrease in hardware net sales of 11%, year to year. The net changes for the three months ended March 31, 2023 were the result of the following:

•The increase in software net sales was due to higher volume of sales to public sector clients partially offset by continued migration of on-premise software to cloud solutions, reported net in services net sales.

•The increase in services net sales was primarily due to higher volume sales of Insight Delivered services and an increase in fees for cloud solutions.

•The decrease in hardware net sales was primarily the result of lower volume of sales to enterprise clients.

The percentage of net sales by category for North America, EMEA and APAC were as follows for the three months ended March 31, 2023 and 2022:

	North America				EMEA					APAC
	Three Months Ended March 31,				Three Months Ended March 31,					Three Months Ended March 31,
Sales Mix	2023		2022		2023		2022			2023		2022
Hardware	63	%	70	%	38	%	40	%		16	%	21	%
Software	22	%	17	%	50	%	51	%		47	%	42	%
Services	15	%	13	%	12	%	9	%		37	%	37	%
	100	%	100	%	100	%	100	%	`	100	%	100	%

Gross Profit. Gross profit increased 3%, or $12.5 million, for the three months ended March 31, 2023 compared to the three months ended March 31, 2022, with gross margin expanding approximately 250 basis points to 16.8% for the three months ended March 31, 2023 compared to 14.3% for the three months ended March 31, 2022.

Our gross profit and gross profit as a percentage of net sales by operating segment were as follows for the three months ended March 31, 2023 and 2022 (dollars in thousands):

	Three Months Ended March 31,
	2023		% of Net Sales		2022		% of Net Sales
North America	$	315,144	17.2	%	$	300,084	14.5	%
EMEA	60,888		14.3	%	64,770		12.2	%
APAC	15,283		24.3	%	14,007		25.5	%
Consolidated	$	391,315	16.8	%	$	378,861	14.3	%

North America's gross profit for the three months ended March 31, 2023 increased 5%, or $15.1 million, compared to the three months ended March 31, 2022. As a percentage of net sales, gross margin expanded approximately 270 basis points to 17.2% for the first quarter of 2023. The year over year net increase in gross margin was primarily attributable to the following:

•A net increase in product margin of 77 basis points, year over year, and an increase in services margin of 188 basis points compared to the same period in the prior year.

•The increase in services margin during the current quarter reflects an increase in fees for cloud solutions and an increase in margin contribution from Insight Core services (consisting of Insight Delivered and managed services).

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS (continued)

•The increase in product margin is due in part to a shift away from devices towards higher margin infrastructure sales and also sales of software at higher margins partially due to changes in product and client mix.

EMEA's gross profit for the three months ended March 31, 2023 decreased 6%, or $3.9 million, year to year (increasing 1% when excluding the effects of fluctuating foreign currency exchange rates), compared to the three months ended March 31, 2022. As a percentage of net sales, gross margin expanded 210 basis points, year over year. The year over year net expansion in gross margin was attributable to the following:

•A net increase in product margin of 70 basis points and an increase in margin from services net sales of 137 basis points.

•The increase in product margin is primarily the result of sales of software at higher margins than in the same period in the prior year.

•The increase in services margin is primarily the result of higher fees from cloud solutions and an increase in net sales of software maintenance.

APAC's gross profit for the three months ended March 31, 2023 increased 9%, or $1.3 million, year over year (increasing 14% when excluding the effects of fluctuating foreign currency exchange rates), compared to the three months ended March 31, 2022. As a percentage of net sales, gross margin contracted 120 basis points, year to year. The year to year net decline in gross margin was primarily attributable to the following:

•A decrease in product margin of 56 basis points and a decline in services margin of 68 basis points.

•The decline in product margin was due to higher volume of software net sales with public sector clients at lower margins than in the prior year period.

•The contracted services margin was driven by lower margins on Insight Core services and lower net sales of software maintenance partially offset by higher volume of cloud solutions recognized on a net basis.

Operating Expenses.

Selling and Administrative Expenses. Selling and administrative expenses increased $12.4 million, or 4% (increasing 6% when excluding fluctuating foreign currency exchange rates), for the three months ended March 31, 2023 compared to the three months ended March 31, 2022.

Selling and administrative expenses increased approximately 210 basis points as a percentage of net sales in the three months ended March 31, 2023 compared to the three months ended March 31, 2022. The overall net increase in selling and administrative expenses reflects an increase in other expenses of $9.1 million and an $8.4 million increase in personnel costs, including teammate benefits, year over year. The increase in other expenses was driven by an increase in service agreement fees and third party transformation costs incurred in the current quarter to support our strategic plan. The increase in personnel costs reflects an increase in overall teammate headcount in the current year period. These increases were partially offset by a $7.1 million decrease in professional fees, year to year.

Severance and Restructuring Expenses, Net. During the three months ended March 31, 2023, we recorded severance and restructuring expense, net of adjustments, of approximately $3.8 million. Comparatively, during the three months ended March 31, 2022, we recorded severance and restructuring expense, net of adjustments, of approximately $1.4 million. The charges primarily related to a realignment of certain roles and responsibilities.

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INSIGHT ENTERPRISES, INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS (continued)

Earnings from Operations. Earnings from operations decreased 3%, or $2.4 million, for the three months ended March 31, 2023 compared to the three months ended March 31, 2022. Our earnings from operations and earnings from operations as a percentage of net sales by operating segment were as follows for the three months ended March 31, 2023 and 2022 (dollars in thousands):

	Three Months Ended March 31,
	2023		% of Net Sales		2022		% of Net Sales
North America	$	63,186	3.4	%	$	64,560	3.1	%
EMEA	10,281		2.4	%	11,376		2.1	%
APAC	3,994		6.3	%	3,913		7.1	%
Consolidated	$	77,461	3.3	%	$	79,849	3.0	%

North America's earnings from operations for the three months ended March 31, 2023 decreased $1.4 million, or 2%, compared to the three months ended March 31, 2022. As a percentage of net sales, earnings from operations increased by approximately 30 basis points to 3.4%. The decrease in earnings from operations was primarily driven by increases in selling and administrative expenses and severance and restructuring expenses, partially offset by an increase in gross profit when compared to the three months ended March 31, 2022.

EMEA's earnings from operations for the three months ended March 31, 2023 decreased $1.1 million, or 10% (decreasing 4% when excluding the effects of fluctuating foreign currency exchange rates), compared to the three months ended March 31, 2022. As a percentage of net sales, earnings from operations increased by approximately 30 basis points to 2.4%. The decrease in earnings from operations was driven by the decrease in gross profit, partially offset by a decrease in selling and administrative expenses compared to the three months ended March 31, 2022.

APAC's earnings from operations for the three months ended March 31, 2023 increased $0.1 million, or 2% (increasing 5% when excluding the effects of fluctuating foreign currency exchange rates), compared to the three months ended March 31, 2022. As a percentage of net sales, earnings from operations decreased by approximately 80 basis points to 6.3%. The increase in earnings from operations was driven by an increase in gross profit, partially offset by an increase in selling and administrative expenses compared to the three months ended March 31, 2022.

Non-Operating (Income) Expense.

Interest Expense, Net. Interest expense, net primarily relates to borrowings under our financing facilities and the Notes and imputed interest under our inventory financing facilities, partially offset by interest income generated from interest earned on cash and cash equivalent bank balances. Interest expense, net for the three months ended March 31, 2023 increased 28%, or $2.3 million, compared to the three months ended March 31, 2022. The increase was primarily due to higher interest rates under our ABL facility.

Imputed interest under our inventory financing facilities was $4.0 million for the three months ended March 31, 2023 compared to $4.3 million for the three months ended March 31, 2022.

Other Expense (Income), Net. Other expense (income), net changed $3.6 million, from other income, net of $2.8 million in the three months ended March 31, 2022, compared to other expense, net of $0.8 million in the three months ended March 31, 2023. The change primarily related to foreign currency exchange losses resulting from foreign currency transactions, including foreign currency derivative contracts and intercompany balances that are

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not considered long-term in nature. See Note 12 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 for additional information.

Income Tax Expense. Our effective tax rate of 24.7% for the three months ended March 31, 2023 was higher than our effective tax rate of 24.1% for the three months ended March 31, 2022. The increase in our effective tax rate was primarily due to a reduction in research and development and other tax credits, partially offset by higher excess tax benefits on the settlement of employee share-based compensation in the current year period.

Liquidity and Capital Resources

The following table sets forth certain consolidated cash flow information for the three months ended March 31, 2023 and 2022 (in thousands):

	Three Months Ended March 31,
	2023		2022
Net cash provided by (used in) operating activities	$	160,160	$	(284,239)
Net cash used in investing activities	(9,106)		(25,745)
Net cash (used in) provided by financing activities	(140,654)		319,954
Foreign currency exchange effect on cash, cash equivalent and restricted cash balances	1,652		969
Increase in cash, cash equivalents and restricted cash	12,052		10,939
Cash, cash equivalents and restricted cash at beginning of period	165,718		105,977
Cash, cash equivalents and restricted cash at end of period	$	177,770	$	116,916

Cash and Cash Flow

•Our primary uses of cash during the three months ended March 31, 2023 were to fund repurchases of our common stock and pay down the ABL facility.

•Operating activities provided $160.2 million in cash during the three months ended March 31, 2023, compared to cash used in operating activities of $284.2 million during the three months ended March 31, 2022.

•Capital expenditures were $9.1 million and $25.7 million, for the three months ended March 31, 2023 and 2022, respectively.

•During the three months ended March 31, 2023, we repurchased $117.1 million of our common stock compared to no repurchases during the three months ended March 31, 2022.

•Net repayments under our ABL facility during the three months ended March 31, 2023 were $123.8 million compared to net borrowings of $320.0 million during the three months ended March 31, 2022.

•We had net borrowings under our inventory financing facilities of $108.3 million during the three months ended March 31, 2023 compared to net borrowings of $6.7 million during the three months ended March 31, 2022.

We anticipate that cash flows from operations, together with the funds available under our financing facilities, will be adequate to support our expected cash and working capital requirements for operations as well as other strategic investments over the next 12 months and beyond. We expect existing cash and cash flows from operations to continue to be sufficient to fund our operating cash activities and cash commitments for investing and financing activities, such as capital expenditures, strategic acquisitions, repurchases of our common stock, debt repayments and repayment of our inventory financing facilities for the next 12 months. We

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INSIGHT ENTERPRISES, INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS (continued)

currently expect to fund known cash commitments beyond the next 12 months through operating cash activities or other available financing resources.

Net cash provided by (used in) operating activities

•Our cash conversion cycle is inverted, meaning on average we pay our partners on terms shorter than we receive payments from our clients. This means we generate more cash in our operations in periods of sequential decline in sales and particularly in hardware net sales.

•Cash flow provided by operating activities in the first three months of 2023 was $160.2 million compared to cash used in operating activities of $284.2 million in the first three months of 2022.

•The increase in cash flow from operating activities was primarily driven by the decline in hardware net sales in the current year period and changes in partner mix.

Our consolidated cash flow operating metrics were as follows:

	Three Months Ended March 31,
	2023	2022
Days sales outstanding in ending accounts receivable (“DSOs”) (a)	120	103
Days inventory outstanding (“DIOs”) (b)	12	15
Days purchases outstanding in ending accounts payable (“DPOs”) (c)	(99)	(77)
Cash conversion cycle (days) (d)	33	41

(a)Calculated as the balance of current accounts receivable, net at the end of the quarter divided by daily net sales. Daily net sales is calculated as net sales for the quarter divided by 90 days.

(b)Calculated as the balance of inventories at the end of the quarter divided by daily costs of goods sold. Daily costs of goods sold is calculated as costs of goods sold for the quarter divided by 90 days.

(c)Calculated as the sum of the balances of accounts payable – trade and accounts payable – inventory financing facilities at the end of the quarter divided by daily costs of goods sold. Daily costs of goods sold is calculated as costs of goods sold for the quarter divided by 90 days.

(d)Calculated as DSOs plus DIOs, less DPOs.

•Our cash conversion cycle was 33 days in the first quarter of 2023, down 8 days from the first quarter of 2022.

•The net changes were a result of a 22 day increase in DPOs and a 3 day decrease in DIOs, partially offset by a 17 day increase in DSOs. The increase in DPOs is primarily due to the impacts of netting on certain transaction streams (agent net revenue) that flow through accounts payable on a gross basis while flowing through our income statement on a net basis. The increase is also due to changes in partner mix, including an increase in the balances on our inventory financing facilities which have longer payment terms than discount vendors. The increase in DSOs is primarily due to the impacts of netting on certain revenue streams (agent net revenue) that flow through accounts receivable on a gross basis while flowing through our income statement on a net basis. The decrease in DIOs is due to a return to normalized inventory levels.

•Our cash conversion cycle is impacted by netted costs that we apply to our services net sales to appropriately record net sales that we earn as an agent. These netted costs, while excluded from both net sales and cost of goods sold, are processed

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS (continued)

and applied to accounts receivable and accounts payable in each reporting period. As a result, our DSO and DPO calculated on the basis of unadjusted net sales and unadjusted cost of goods sold are inherently inflated. Netted costs were $1.7 billion and $1.3 billion in the first quarter of 2023 and 2022, respectively. Adjusting our cash conversion cycle calculation by adding netted costs to both daily net sales and daily cost of goods sold results in a reduction to our cash conversion cycle from 33 days down to 23 days in the first quarter of 2023 and from 41 days down to 30 days in the first quarter of 2022.

•We expect that cash flow from operations will be used, at least partially, to fund working capital as we typically pay our partners on average terms that are shorter than the average terms we grant to our clients to take advantage of supplier discounts.

•We intend to use cash generated in the remainder of 2023 in excess of working capital needs to pay down our ABL facility and inventory financing facilities, to fund repurchases of our common stock and for strategic acquisitions.

Net cash used in investing activities

•Capital expenditures were $9.1 million and $25.7 million for the three months ended March 31, 2023 and 2022, respectively. The majority of the capital expenditures in the first three months of 2022 were used for our global corporate headquarters with no comparable activity in the first three months of 2023.

•We expect capital expenditures for the full year 2023 to be in a range of $55.0 to $60.0 million.

Net cash (used in) provided by financing activities

•During the three months ended March 31, 2023, we had net repayments under our ABL facility that decreased our outstanding long-term debt balance by $123.8 million.

•During the three months ended March 31, 2022, we had net borrowings under our ABL facility that increased our outstanding long-term debt balance by $320.0 million.

•We had net borrowings under our inventory financing facilities of $108.3 million during the three months ended March 31, 2023 compared to net borrowings of $6.7 million during the three months ended March 31, 2022.

•During the three months ended March 31, 2023, we repurchased $117.1 million of our common stock.

•During the three months ended March 31, 2022, we did not repurchase any of our common stock.

Financing Facilities

Our debt balance as of March 31, 2023 was $515.5 million, including our finance lease obligations for certain IT equipment and other financing obligations.

•We expanded the maximum borrowing capacity under our ABL facility in July 2022 from $1.2 billion to $1.8 billion.

•Our objective is to pay our debt balances down while retaining adequate cash balances to meet overall business objectives.

•The Notes are subject to certain events of default and certain acceleration clauses. As of March 31, 2023, no such events have occurred.

•Our ABL facility contains various covenants customary for transactions of this type, including complying with a minimum receivable and inventory requirement and meeting monthly, quarterly and annual reporting requirements. The credit agreement contains customary affirmative and negative covenants and events of default. At March 31, 2023, we were in compliance with all such covenants.

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AND RESULTS OF OPERATIONS (continued)

We also have agreements with financial intermediaries to facilitate the purchase of inventory from various suppliers under certain terms and conditions.

•These amounts are classified separately as accounts payable – inventory financing facilities in our consolidated balance sheets.

•Our inventory financing facilities have an aggregate availability for vendor purchases of $705.0 million, of which $410.1 million was outstanding at March 31, 2023.

Undistributed Foreign Earnings

Cash and cash equivalents held by foreign subsidiaries are generally subject to U.S. income taxation upon repatriation to the United States. As of March 31, 2023, we had approximately $142.3 million in cash and cash equivalents in certain of our foreign subsidiaries, primarily residing in Canada and the Netherlands. Certain of these cash balances will be remitted to the United States by paying down intercompany payables generated in the ordinary course of business or through actual dividend distributions.

Off-Balance Sheet Arrangements

We have entered into off-balance sheet arrangements, which include indemnifications. The indemnifications are discussed in Note 7 to the Consolidated Financial Statements in Part I, Item 1 of this report and such discussion is incorporated by reference herein. We believe that none of our off-balance sheet arrangements have, or are reasonably likely to have, a material current or future effect on our business, financial condition or results of operations.

Recently Issued Accounting Standards

The information contained in Note 1 to the Consolidated Financial Statements in Part I, Item 1 of this report concerning a description of recently issued accounting standards which affect or may affect our financial statements, including our expected dates of adoption and the estimated effects on our results of operations and financial condition, is incorporated by reference herein.

Contractual Obligations

There have been no material changes in our reported contractual obligations, as described under “Cash Requirements From Contractual Obligations” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2022.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Except as described below, there have been no material changes in our reported market risks, as described in “Quantitative and Qualitative Disclosures About Market Risk” in Part II, Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2022.

Although our Notes are based on a fixed rate, changes in interest rates could impact the fair market value of such Notes. As of March 31, 2023, the fair market value of our Notes was $732 million. For additional information about our Notes, see Note 4 to our Consolidated Financial Statements in Part I, Item 1 of this report.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Our Chief Executive Officer and Chief Financial Officer, as of the end of the period covered by this report, evaluated the effectiveness of our disclosure controls and procedures (as such term is defined under Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) and determined that as of March 31, 2023 our disclosure controls and procedures were effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Change in Internal Control over Financial Reporting

There was no change in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) in the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

Inherent Limitations of Internal Control Over Financial Reporting

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

32

INSIGHT ENTERPRISES, INC.

Part II – OTHER INFORMATION

Item 1. Legal Proceedings.

For a discussion of legal proceedings, see “– Legal Proceedings” in Note 7 to the Consolidated Financial Statements in Part I, Item 1 of this report, which section is incorporated by reference herein.

Item 1A. Risk Factors.

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, Item 1A, “Risk Factors”, in our Annual Report on Form 10-K for the year ended December 31, 2022 (the “Annual Report”), which could materially affect our business, financial condition or future results. The risks described in our Annual Report are not the only risks facing the Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially adversely affect our business, financial condition or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

There were no unregistered sales of equity securities during the three months ended March 31, 2023.

We have never paid a cash dividend on our common stock, and we currently do not intend to pay any cash dividends in the foreseeable future. Our ABL facility contains certain covenants that, if not met, restrict the payment of cash dividends.

Issuer Purchases of Equity Securities

Period	(a) Total Number of Shares Purchased	(b) Average Price Paid per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	(d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
January 1, 2023 through January 31 2023	201,747	$	104.08	201,747	$	196,088,653
February 1, 2023 through February 28, 2023	119,677	130.32		119,677	180,492,491
March 1, 2023 through March 31, 2023	592,021	136.03		592,021	99,958,155
Total	913,445			913,445

On May 6, 2021, we announced that our Board of Directors had authorized the repurchase of up to $125,000,000 of our common stock. On September 19, 2022, we announced that our Board of Directors had authorized the repurchase of up to $300,000,000 of our common stock, including the $50,000,000 that remained available from the prior authorization. As of March 31, 2023, approximately $99,958,155 remained available for repurchases under this share repurchase plan.

In accordance with the share repurchase plan, share repurchases may be made on the open market, subject to Rule 10b-18 or in privately negotiated transactions, through block trades, through 10b5-1 plans or otherwise, at management’s discretion. The number of shares purchased, and the timing of the purchases will be based on market conditions, working capital requirements, general business conditions and other factors. We intend to retire the repurchased shares.

Item 3. Defaults Upon Senior Securities.

Not applicable.

33

INSIGHT ENTERPRISES, INC.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Not applicable.

34

INSIGHT ENTERPRISES, INC.

Item 6. Exhibits.

		Incorporated by Reference
Exhibit Number	Exhibit Description	Form	File No.	Exhibit Number	Filing Date	Filed/Furnished Herewith
3.1	Amended and Restated Certificate of Incorporation of Insight Enterprises, Inc.	10-K	000-25092	3.1	February 17, 2006
3.2	Certificate of Amendment of Amended and Restated Certificate of Incorporation of Insight Enterprises, Inc.	8-K	000-25092	3.1	May 21, 2015
3.3	Amended and Restated Bylaws of Insight Enterprises, Inc.	8-K	000-25092	3.2	May 21, 2015
4.1	Specimen Common Stock Certificate (P)	S-1	33-86142	4.1	January 20, 1995
10.1	Employment Agreement between Insight Enterprises, Inc. and Sumana Nallapti dated as of March 20, 2022					X
10.2	Employment Agreement between Insight Enterprises, Inc. and Adrian Gregory dated as of October 05, 2022					X
31.1	Certification of Chief Executive Officer Pursuant to Securities Exchange Act Rule 13a-14					X
31.2	Certification of Chief Financial Officer Pursuant to Securities Exchange Act Rule 13a-14					X
32.1	Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002					X
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document					X
101.SCH	Inline XBRL Taxonomy Extension Schema Document					X
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document					X
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document					X
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document					X
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document					X
104	Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101)					X

(p)Paper exhibit.

35

INSIGHT ENTERPRISES, INC.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date:	May 2, 2023	INSIGHT ENTERPRISES, INC.
		By:	/s/ Joyce A. Mullen
			Joyce A. Mullen
			President and Chief Executive Officer
			(Duly Authorized Officer)
		By:	/s/ Glynis A. Bryan
			Glynis A. Bryan
			Chief Financial Officer
			(Principal Financial Officer)
		By:	/s/ Rachael A. Crump
			Rachael A. Crump
			Global Corporate Controller
			(Principal Accounting Officer)

36

EX-10.1

1 EXECUTIVE EMPLOYMENT AGREEMENT This Executive Employment Agreement (this “Agreement”) is entered into as of March 20, 2022 by and between Sumana Nallapti (“Executive”), an individual, and Insight Enterprises, Inc., (the “Company”) (together, the “Parties”). WHEREAS, the Company desires to employ Executive on a full-time basis and the Executive desires to be so employed, subject to the terms and conditions set forth in this Agreement; NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and Executive agree as follows: 1. Position and Title. The Company will employ Executive as its Chief Information Officer, reporting to the Company’s Chief Executive Officer, and Executive accepts employment to serve in such capacity, all upon the terms and conditions set forth in this Agreement. 2. Employment Commencement Date. Executive will commence her employment as Chief Information Officer of the Company under the terms of this Agreement starting on April 4, 2022 (the “Commencement Date”). 3. Duties and Responsibilities. Executive shall have such duties and responsibilities as are consistent with Executive’s position as Chief Information Officer, as determined by the Chief Executive Officer of the Company. Executive shall perform her duties faithfully and to the best of her ability and shall devote the whole of her professional time, attention and energies to the performance of her work responsibilities. Executive shall not serve on the Boards of Directors of any other public, private or non-profit company or entity without the consent of the Chief Executive Officer. 4. Location. The location of Executive’s principal place of employment shall be in the Company’s principle executive officers in Chandler, Arizona; provided, however, that Executive shall travel and perform services outside of this area as reasonably required for the proper performance of Executive’s duties under this Agreement. 5. Term. Subject to the provisions for earlier termination set forth in Section 7, the term of Executive’s employment hereunder shall commence on the Commencement Date and continue for the period of one (1) year following the Commencement Date (the “Initial Term”). The Initial Term will automatically renew for additional, successive one (1)-year periods (each a “Renewal Term”) unless either party provides written notice of such party’s intent not to continue this Agreement (the Initial Term and any Renewal Terms shall be referred to herein as the “Term”). If the Company gives notice of non-renewal, the Agreement shall cease ten (10) days after providing notice, and such termination shall be treated as a termination without cause with Executive receiving the post-termination compensation and benefits outlined in Section 8(c). If the Executive resigns or terminates her employment without good reason, Executive shall only be entitled to the compensation in Section 8(a).

2 6. Compensation. (a) Base Salary. During the Term, the Company shall pay to Executive an annualized base salary, payable in accordance with the Company’s payroll practices in effect from time to time, at the rate of $415,000 per year (the “Base Salary”). (b) Digital Transformation Executive Education. The Company shall cover the cost for Executive to attend a digital transformation course up to $30,000 (“Education Cost”). The Company shall either pay the Education Cost directly or reimburse Executive for the costs following the completion of the course. If Executive resigns from the Company prior to completing two years of employment, Executive will be required to reimburse the Company for the full amount of the Education Cost. (c) Incentive Compensation. Executive will participate in the Company’s Annual Cash Incentive Plan (the “Incentive Plan”) and the bonus target will be at 65% of your base salary, at 100% attainment of objectives and payable on the date that the Company pays annual Incentive Plan payments to other employees. The Company reserves the right to change the terms and conditions of the Incentive Plan. (d) Equity Participation. For 2022, Executive will participate in annual service-based and performance-based restricted stock unit (“RSU”) incentive plans valued at $350,000 in the same percentages as other senior executives of the Company. The design and awards under any such future plans are at the discretion of the Insight Board of Directors Compensation Committee. The RSU grants will be subject to the terms and conditions of the Insight Enterprises, Inc. 2020 Omnibus Plan, as amended (the “Equity Plan”), and the applicable agreements evidencing the grant. (e) Employee Benefits. During the Term, Executive shall be eligible to participate in all health benefits, insurance programs, retirement plans and other employee benefit plans and programs generally available to other executive employees of the Company. (f) Business Expenses. During the Term, Executive shall be entitled to reimbursement for reasonable business expenses incurred in the performance of her duties hereunder and in accordance with the Company’s expense reimbursement policies as they exist from time to time or as otherwise approved by the Chief Executive Officer. (g) Vacation. Executive shall be entitled participate in the Company’s Flexible Vacation Program in accordance with the Company’s policies and procedures applicable to other executive employees of the Company. 7. Termination of Employment. Prior to the expiration of the Term, Executive’s employment under this Agreement shall terminate: (a) Immediately upon the death of Executive; (b) After ten (10) days’ written notice by the Company to Executive on account of Executive’s Disability. “Disability” means that Executive with or without any accommodation required by law is, by reason of any medically determinable physical or mental impairment that

3 can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Company. The effective date of Executive’s Disability is the last day of the third month for which Executive receives the income replacement benefits; (c) After ten (10) days’ written notice by the Company to Executive stating that Executive’s employment is being terminated without “Cause” (as defined below) or due to non- renewal of the Agreement. (d) After ten (10) days’ written notice by the Executive to the Company stating that Executive is resigning from her employment with the Company for any reason other than “Good Reason” (as defined herein). (e) Immediately upon written notice by the Company to Executive for Cause. For purposes of this Agreement, “Cause” shall be defined as: (i) the misappropriation (or attempted misappropriation) of any of the Company’s funds or property; (ii) the conviction of, or the entering of a guilty plea or a plea of no contest with respect to a felony; (iii) repeated willful and significant neglect of duties; (iv) acts of material dishonesty toward the Company; (v) repeated material violation of any material written policy with respect to the Company’s business or operations; (vi) repeated significant deficiencies with respect to performance objectives assigned by the Chief Executive Officer of the Company; or (vii) Executive’s material breach of this Agreement (after notice and an opportunity to cure). (f) As provided in this Section 7(f), upon written notice by Executive to the Company stating that Executive is resigning from her employment with the Company for “Good Reason.” For purposes of this Agreement, “Good Reason” shall be defined as: (i) a material diminution in Executive’s authority, duties or responsibilities without her consent; (ii) a material reduction in Executive’s Base Salary, other than as part of a Company salary reduction program that includes senior executives of the Company; (iii) any material act or acts of dishonesty by the Company directed toward or affecting Executive;

4 (iv) any illegal act or instruction directly affecting Executive by Company, which is not withdrawn after the Company is notified of the illegality by Executive; or (v) the Company’s material breach of this Agreement; provided, however, that Executive must resign within 180 days of the initial occurrence of any of the foregoing circumstances and must provide written notice to the Chief Executive Officer of the facts and circumstances she alleges constitute Good Reason within ninety (90) days of the first occurrence of such fact or circumstance or Executive shall be deemed to have waived Executive’s right to terminate for Good Reason with respect to any such facts or circumstances; provided, further, that none of the actions set forth in (i)-(v) above shall constitute Good Reason if the action is cured or otherwise remedied by the Company within thirty (30) business days after receiving written notice from the Executive. 8. Compensation in the Event of Termination. (a) Cause or Resignation. If Executive’s employment terminates under Paragraph 7(d) or (e), Executive shall receive (i) payment of any earned but unpaid Base Salary earned up to and including the date of termination, and (ii) reimbursement of any unreimbursed business expenses (together, the “Accrued Obligations”). (b) Death or Disability. If Executive’s employment terminates under Paragraph 7(a) or (b), Executive, or Executive’s estate, if applicable, shall receive the Accrued Obligations and any vested benefits Executive, or Executive’s estate, may be entitled to receive under any Company disability or insurance plan or other applicable employee benefit plan. Executive or Executive’s estate, as the case may be, also shall be entitled to receive the following: (i) A single lump sum payment equal to ninety (90) days of Executive’s Base Salary as in effect on the date of Executive’s death or Disability; (ii) With respect to any Incentive Plan with annual objectives, a single lump sum cash payment in an amount equal to a prorated portion (based on the number of calendar days that have elapsed during the year) of the payment to which Executive would be entitled under the Incentive Plan (had Executive’s death or Disability not occurred) for the calendar year in which Executive died or became Disabled. The payment to which Executive or Executive’s estate is entitled pursuant to paragraph (i) will be paid within thirty (30) days of Executive’s death or the effective date of Executive’s Disability, as the case may be. The payments to which Executive is entitled pursuant to paragraphs (ii) shall be made within the time period described in the applicable Incentive Plan. In no event will the payments due pursuant to paragraphs (i) or (iii) be made later than March 15 of the year following the year in which Executive dies or the effective date of Executive’s Disability occurs. (c) Without Cause or by Executive for Good Reason. If Executive’s employment terminates prior to the expiration of the Term under Paragraph 7(c) or (f), Executive shall receive the Accrued Obligations. Executive also shall be entitled to receive the following:

5 (i) severance pay in an amount equal to 100% of Executive’s Base Salary in effect on the date Executive’s employment is terminated (the “Severance Payment”); and (ii) with respect to any Incentive Plan with annual objectives, a prorated portion (based on the number of calendar days that have elapsed during the year) of the payment to which Executive would be entitled under the Incentive Plan (had Executive’s employment not been terminated) for the calendar year in which Executive’s employment is terminated. (iii) continue to receive life, disability, accident and group health and dental insurance benefits, at substantially the levels Executive was receiving immediately prior to Executive’s termination of employment, for a period of time expiring upon the earlier of: (1) the end of the period of twelve (12) months following Executive’s Separation from Service, or (2) the day on which Executive becomes eligible to receive any substantially similar benefits under any plan or program of any other employer or source without being required to pay any premium with respect thereto. Company will satisfy the obligation to provide the health and dental insurance benefits pursuant to this Section 8(c)(iii) by either paying for or reimbursing Executive for the actual cost of COBRA coverage (and Executive shall cooperate with Company in all respects in securing and maintaining such benefits, including exercising all appropriate COBRA elections and complying with all terms and conditions of such coverage in a manner to minimize the cost). Similarly, Company will reimburse Executive for the cost of comparable coverage for all other insurance benefits that are not subject to the COBRA continuation rules. It will be Executive’s responsibility to procure such benefits and Company will promptly reimburse Executive for the premiums for such benefits in the specified amount upon Executive’s submission of an invoice or other acceptable proof of payment. Company’s obligation under this paragraph will cease with respect to a particular type of coverage when and if Executive becomes eligible to receive substantially similar coverage with a successor employer. Subject to Section 15 herein, the Severance Payment will be paid in equal installments over a period of twelve (12) months in accordance with the Company’s regular paydays and commencing on the Company’s first regular payday that falls at least sixty (60) days following Executive’s termination of employment; provided that (i) Executive has timely executed (and not revoked) a general release and waiver of all claims in a form acceptable to the Company (“General Release”) and (ii) any period of revocation applicable to such General Release has passed; provided, further, that the General Release shall be made available to Executive no later than five (5) days following the date of Executive’s termination of employment under Sections 7(c) or (f) herein. As shall be further described in the General Release, Executive shall have either twenty- one (21) or forty-five (45) days following receipt of the General Release to consider its execution and seven (7) days following the execution of the General Release to revoke it. If Executive fails to execute the General Release in a timely manner, or revokes the General Release, the benefits provided pursuant to this Section 8(c) (other than the Accrued Obligations) will not be due. 9. Change in Control of Company. (a) Eligibility to Receive Benefits. If a Change in Control (as defined in Section 9(c)) occurs, Executive shall be entitled to the benefits provided in Section 9(b) if, prior to the expiration of twelve (12) months after the Change in Control (i) Executive terminates employment with the Company for Good Reason in accordance with the requirements of Section

6 7(f) or (ii) the Company terminates Executive’s employment without Cause pursuant to Section 7(c). (b) Receipt of Benefits. If Executive is entitled to receive benefits pursuant to Section 9(a) hereof: (i) Executive shall receive (1) the Accrued Obligations; (2) severance pay in an amount equal to: (a) 100% of the Executive’s highest annualized Base Salary in effect on any date during the Initial Term or any Renewal Term, plus (b) with respect to any Incentive Plan with annual objectives, a prorated portion (based on the number of calendar days that have elapsed during the year) of the payment to which Executive would be entitled under the Incentive Plan (had Executive’s employment not been terminated) for the calendar year in which Executive’s employment is terminated. (ii) Executive shall be entitled to continue to receive life, disability, accident and group health and dental insurance benefits, at substantially the levels Executive was receiving immediately prior to Executive’s termination of employment, for a period of time expiring upon the earlier of: (1) the end of the period of twelve (12) months following Executive’s Separation from Service, or (2) the day on which Executive becomes eligible to receive any substantially similar benefits under any plan or program of any other employer or source without being required to pay any premium with respect thereto. Company will satisfy the obligation to provide the health and dental insurance benefits pursuant to this Section 9(b)(ii) by either paying for or reimbursing Executive for the actual cost of COBRA coverage (and Executive shall cooperate with Company in all respects in securing and maintaining such benefits, including exercising all appropriate COBRA elections and complying with all terms and conditions of such coverage in a manner to minimize the cost). Similarly, Company will reimburse Executive for the cost of comparable coverage for all other insurance benefits that are not subject to the COBRA continuation rules. It will be Executive’s responsibility to procure such benefits and Company will promptly reimburse Executive for the premiums for such benefits in the specified amount upon Executive’s submission of an invoice or other acceptable proof of payment. Company’s obligation under this paragraph will cease with respect to a particular type of coverage when and if Executive becomes eligible to receive substantially similar coverage with a successor employer (iii) Executive shall be vested in any and all equity-based plans and agreements of Company in which Executive had an interest, vested or contingent. If applicable law prohibits such vesting, then Company shall pay to Executive in a single lump sum cash payment in an amount equal to the value of benefits and rights that would have, but for such prohibition, been vested in Executive. (iv) Subject to Section 15 herein, the benefits provided pursuant to this Section 9(b) (other than the Accrued Obligations) will be paid in a single lump sum on the Company’s first regular payday that falls at least sixty (60) days following Executive’s termination of employment; provided that (1) Executive has timely executed (and not revoked) a general release and waiver of all claims in a form acceptable to the Company (“General Release”) and (2) any period of revocation applicable to such General Release has passed; provided, further, that the General Release shall be made available to Executive no later than five (5) days following the date of Executive’s termination of employment under Sections 7(c) or (f) herein. As shall be

7 further described in the General Release, Executive shall have either twenty-one (21) or forty-five (45) days following receipt of the General Release to consider its execution and seven (7) days following the execution of the General Release to revoke it. If Executive fails to execute the General Release in a timely manner, or revokes the General Release, the benefits provided by this Section 9(b) (other than the Accrued Obligations) will not be due. The Incentive Plan payments to which Executive is entitled for the year or quarter of the Executive’s termination shall be made within the time period described in the applicable Incentive Plan, provided Executive has timely executed and not revoked a General Release as described above. In no event will the Incentive Plan payments be made later than March 15 of the year following the year in which Executive’s employment is terminated. (c) Change in Control Defined. For purposes of this Agreement, “Change in Control” shall have the meaning set forth in the Equity Plan. (d) Cap on Payments. (i) General Rules. The Internal Revenue Code (the “Code”) imposes significant tax consequences on Executive and Company if the total payments made to Executive due, or deemed due, to a “change in control” (as such term is defined in Section 280G(b)(2)(A)(i) of the Code and the regulations adopted thereunder) exceed prescribed limits. For example, if Executive’s “Base Period Income” is $100,000 and Executive’s “Total Payments” exceed 299% of such Base Period Income (the “Cap”), Executive will be subject to an excise tax under Section 4999 of the Code of 20% of all amounts paid to Executive in excess of $100,000. In other words, if Executive’s Cap is $299,999, Executive will not be subject to an excise tax if Executive receives exactly $299,999. If Executive receives $300,000, Executive will be subject to an excise tax of $40,000 (20% of $200,000). (ii) Reduction of Payments. Subject to the exception described in Section 9(d)(iii), in order to avoid the excise tax imposed by Section 4999 of the Code, one or more of the payments or benefits to which Executive is entitled that is not subject to Section 409A of the Code shall be reduced until the Total Payments equal the Cap. For purposes of this limitation: (1) No portion of the Total Payments shall be taken into account which, in the opinion of the Consultant retained pursuant to Section 9(d)(iv), does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code; (2) A payment shall be reduced only to the extent necessary so that the Total Payments constitute reasonable compensation for services actually rendered within the meaning of Section 280G(b)(4) of the Code or are otherwise not subject to disallowance as deductions, in the opinion of the Consultant; and (3) The value of any non-cash benefit or any deferred payment of benefit included in the Total Payments shall be determined in accordance with Section 280G of the Code and the regulations issued thereunder. (4) If after the reductions called for by the preceding provisions of this Section 9(d)(ii), the Total Payments continue to exceed the Cap, the payments or benefits

8 to which, Executive is entitled and which are subject to Section 409A shall be reduced proportionally until the Total Payments equal the Cap. (iii) Exception. The payment limitation called for by Section 9(d)(ii) shall not apply if Executive’ s “Uncapped Benefit” exceeds Executive’ s “Capped Benefit” by more than 25%. The Consultant selected pursuant to Section 9(d)(iv) will calculate Executive’s Uncapped Benefit and Executive’ s Capped Benefit. For this purpose, the “Uncapped Benefit” is equal to the Total Payments to which Executive is entitled prior to the application of Section 9(d)(ii). Executive’s “Capped Benefit” is the amount to which Executive will be entitled after application of the limitations of Section 9(d)(ii). (iv) Consultant. Company will retain a “Consultant” to advise Company with respect to the applicability of any Section 4999 excise tax with respect to Executive’s Total Payments. The Consultant shall be a law firm, a certified public accounting firm, and/or a firm nationally recognized as providing executive compensation consulting services. All determinations concerning Executive’s Capped Benefit and Executive’s Uncapped Benefit (as well as any assumptions to be used in making such determinations) shall be made by the Consultant selected pursuant to this Section 9(d)(iv). The Consultant shall provide Executive and Company with a written explanation of its conclusions. All fees and expenses of the Consultant shall be borne by Company . The Consultant’s determination shall be binding on Executive and Company. (v) Special Definitions. For purposes of this Section 9(d), the following specialized terms will have the following meanings: (1) “Base Period Income.” “Base Period Income” is an amount equal to Executive’ s “annualized includable compensation” for the “base period’’ as defined in Sections 280G(d)( l) and (2) of the Code and the regulations adopted thereunder. Generally, Executive ‘s “annualized includable compensation” is the average of Executive’s annual taxable income from Company for the “base period,” which is the five (5) calendar years prior to the year in which the change in control occurs. (2) “Cap” or “280G Cap.” “Cap” or “280G Cap” shall mean an amount equal to 2.99 times Executive’ s Base Period Income. This is the maximum amount which Executive may receive without becoming subject to the excise tax imposed by Section 4999 of the Code or which Company may pay without loss of deduction under Section 280G of the Code. (3) “Total Payments.” The “Total Payments” include any “payments in the nature of compensation” (as defined in Section 280G of the Code and the regulations adopted thereunder), made pursuant to this Agreement or otherwise, to or for Executive’s benefit, the receipt of which is contingent or deemed contingent on a change in control and to which Section 280G of the Code applies. (vi) Effect of Repeal. In the event that the provisions of Sections 280G and 4999 of the Code are repealed without succession, Section 9(d) shall be of no further force or effect.

9 (vii) Employment by Successor. For purposes of this Agreement, employment by a successor of Company or a successor of any subsidiary of Company that has assumed this Agreement shall be considered to be employment by Company or one of its subsidiaries. As a result, if Executive is employed by such a successor following a Change in Control, Executive will not be entitled to receive the benefits provided by Section 9 unless Executive’s employment with the successor is subsequently terminated without Cause or for Good Reason within twelve (12) months following the Change in Control. 10. Confidentiality, Intellectual Property, Non-Solicitation, and Non-Competition Agreement. As a condition of employment, Executive also must sign the Confidentiality, Intellectual Property, Non-Solicitation and Non-Competition Agreement, which is attached as Exhibit A to this Agreement. 11. Applicable Law. This Agreement and any disputes or claims arising hereunder shall be construed in accordance with, governed by and enforced under the laws of the State of Arizona without regard for any rules of conflicts of law. 12. Company Policies. (a) General Company Policies. Except where inconsistent with the terms of this Agreement, Executive agrees that she will be subject to, and comply with, the employment policies and procedures established by the Company from time to time. (b) Company Stock Ownership Guidelines. Executive agrees that she will be subject to the Company’s stock ownership guidelines. (c) Clawback. To the extent required by law or Company policy, the Company may require Executive to repay to the Company any bonus or other incentive-based or equity- based compensation paid to Executive. 13. Section 16 of the Securities Exchange Act. If, at the time Executive’s employment is terminated for any reason, Executive is a person designated to file pursuant to Section 16 of the Securities Exchange Act of 1934 (the “1934 Act”), Executive will provide to the Company a written representation in a form acceptable to the Company that all reportable pre- termination securities transactions relating to Executive have been reported. 14. Withholding. The Company may effect withholdings from the payments due to Executive under this Agreement for the payment of taxes and other lawful withholdings or required employee contributions, in accordance with applicable law. 15. Section 409A. (a) It is the intention of the Company and Executive that this Agreement not result in unfavorable tax consequences to Executive under Section 409A of the Code (“Section 409A”). To the extent applicable, it is intended that the Agreement comply with the provisions of Section 409A, but the Company does not warrant or guarantee that the Agreement is either excepted from the requirements of Section 409A or that the Agreement complies with Section 409A. The Agreement will be administered and interpreted in a manner consistent with this intent,

10 and any provision that would cause the Agreement to fail to satisfy Section 409A will have no force and effect until amended to comply therewith (which amendment may be retroactive to the extent permitted by Section 409A). The Company and Executive agree to work together in good faith in an effort to comply with Section 409A including, if necessary, amending this Agreement based on further guidance issued by the Internal Revenue Service from time to time, provided that the Company shall not be required to assume any increased economic burden. Executive remains solely responsible for any adverse tax consequences imposed upon him by Section 409A. (b) Notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A, Executive shall not be considered to have terminated employment with the Company for purposes of the Agreement and no payments shall be due to him under the Agreement which are payable upon her termination of employment until she would be considered to have incurred a “separation from service” from the Company within the meaning of Section 409A. (c) To the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the Agreement during the six-month period immediately following Executive’s termination of employment shall instead be paid within thirty (30) days following the first business day after the date that is six months following her termination of employment (or upon her death, if earlier). If it is determined that all or a portion of the payments due pursuant to this Agreement are subject to Section 409A of the Code, and if the General Release consideration period and revocation period spans two calendar years, the payments provided pursuant to this Agreement that are subject to Section 409A shall not begin until the second calendar year. Executive may not elect the taxable year of the distribution. In addition, for purposes of this Agreement, each amount to be paid or benefit to be provided to the Executive pursuant to this Agreement shall be construed as a separate identified payment for purposes of Section 409A. 16. Dispute Resolution. The Parties agree that any controversy, dispute or claim arising out of or relating to the Agreement or breach thereof, including without limitation Executive’s employment with or separation of employment from Company, and all claims, to the extent allowable by law, that Company or any of its representatives engaged in conduct prohibited on any basis under any federal, state, or local statute, including federal or state discrimination statutes or public policy, shall be resolved by final, binding and conclusive arbitration in Maricopa County, Arizona, with a sole arbitrator to be mutually agreed upon by the Parties. The Parties shall bear equally the cost of the arbitrator. The arbitration shall occur within thirty (30) days of selection of the arbitrator and shall be administered by the American Arbitration Association under its Employment Arbitration Rules and judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. Any arbitration award may, in the discretion of the arbitrator, include reasonable attorneys’ fees and costs of the prevailing party. “Attorneys’ fees and costs” mean all reasonable pre-award expenses, administrative fees, travel expenses, out- of-pocket expenses such as copying and telephone costs, witness fees and attorneys’ fees. Any award of attorney’s fees and costs to which Executive may be entitled shall be paid by Company, on or before December 31 of the calendar year following the year of the conclusion of the arbitration. Either party may apply to the arbitrator to seek injunctive relief until the arbitration award is rendered or the matter is otherwise resolved. Either party also may, without waiving any

11 remedy under the Agreement, seek from any court having jurisdiction any interim or provisional relief, including a temporary restraining order, an injunction both preliminary and final, and any other appropriate equitable relief, that is necessary to protect the rights or property of that party, pending the retention of the arbitrator. 17. No Conflict. Executive hereby represents and warrants that she is under no conflicting duty or contractual or other legal obligation that would prevent him from executing this Agreement or performing the duties of Senior Vice President of Finance for the Company. 18. No Waivers. The failure of either party to enforce any provision of this Agreement shall not be construed as a waiver of any such provision, nor prevent such party thereafter from enforcing such provision or any other provision of this Agreement. Rights granted the parties hereto herein are cumulative and the election of one shall not constitute a waiver of such party’s right to assert all other legal remedies available under the circumstances. 19. Notices. All notices or other communications hereunder shall be in writing and shall be deemed to have been duly given (i) when delivered personally or by local courier, (ii) upon confirmation of receipt when such notice or other communication is sent by facsimile, or (iii) one day after timely delivery to an overnight delivery courier. The addresses for such notices shall be as follows: TO THE COMPANY: Insight Enterprises, Inc. Attn: Chief Executive Officer 6820 South Harl Avenue Tempe, Arizona 85283 TO EXECUTIVE: At the most recent address on file in the records of the Company. 20. Severability. The provisions of this Agreement are severable and if any provision of this Agreement shall be held to be invalid or otherwise unenforceable, in whole or in part, the remainder of the provisions, or enforceable parts thereof, shall not be affected thereby unless as a result of such severing the remaining provisions or enforceable parts do not substantially reflect the intention of the parties in entering into this Agreement. 21. Successors and Assigns. This is an agreement for personal services and may not be assigned by Executive. The rights and obligations of the parties under this Agreement shall inure to the benefit of and be binding upon their successors, heirs and assigns, including the survivor upon any merger, consolidation or combination of the Company with any other entity. 22. Entire Agreement and Amendments. This Agreement sets forth the entire agreement of the parties hereto and supersedes all prior agreements, negotiations, understandings and covenants (except as otherwise provided herein) with respect to the subject matter hereof, including any offer letter provided to Executive. This Agreement may be amended, modified or canceled only by mutual agreement of the parties and only in writing.

12 23. Counterparts. This Agreement may be executed in two (2) counterparts, each of which shall be deemed an original and all of which together shall constitute but one and the same instrument. IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. INSIGHT ENTERPRISES, INC. SUMANA NALLAPATI /s/ Joyce A. Mullen /s/ Sumana Nallapati By: Joyce A. Mullen Its: Chief Executive Officer

This Employment, Confidentiality, Restrictive Covenant, and Arbitration Agreement (“Agreement”), is made and entered into as of April 4, 2022 by and between Insight Enterprises, Inc., or, if applicable, one of its subsidiaries such as Insight Direct USA, Inc. or Insight Public Sector, Inc. (collectively or individually, as applicable, “Insight”) and Sumana Nallapti (“Employee”). RECITALS A. Insight and Employee agree to enter into this integrated Agreement to streamline and unify their obligations and commitments into a single agreement. B. Employee understands and agrees that: • this Agreement and its four Attachments contain defined terms – indicated with initial capitalized letters – and the Attachments are an integral part of and incorporated into this Agreement; • Insight and Employee are sometimes referred to individually as a Party and collectively as the Parties; and • for this Agreement to become effective, Employee must sign the Agreement via electronic signature thereby acknowledging the four Attachments. AGREEMENT THEREFORE, in consideration of the mutual agreements of Insight and Employee and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed as follows: 1. Consideration. Employee’s employment or continuing employment with Insight, the right to participate in the 2021 incentive compensation program and/or merit program and the mutual promises in this Agreement are consideration for this Agreement. As additional consideration for this Agreement, Insight will provide Employee with the opportunity to participate in Insight’s current and future compensation and benefit programs; access to Client relationships that enhance Employee’s opportunities with Insight; specialized training in information technology and sales programs; and access to Insight’s Trade Secrets, Confidentiality and Proprietary information, and Third-Party Information. 2. Employment At-Will. Employee understands and agrees that Employee’s employment with Insight is at-will and may be terminated by either Party at any time with or without cause, and with or without notice. Nothing in this Agreement, nor any subsequent modification, shall confer upon Employee any right to continued employment with Insight or shall interfere with or restrain in any way the right of either Party to terminate the employment relationship at any time, with or without cause, and with or without notice. Only the President of Insight has the authority to alter this at-will provision, which can only be done through a written agreement, signed by the President of Insight. 3. Arbitration. Except as otherwise provided in Attachment A, the Parties agree that:

• any Claims that Employee has or may have against Insight or that Insight has or may have against Employee shall be submitted to and determined exclusively by binding arbitration under the Federal Arbitration Act; • the obligation to arbitrate is a waiver of any right to a trial by jury; • the obligation to arbitrate includes a class and collective action waiver, meaning the Claims must proceed on an individual basis; and • the agreement to arbitrate is set forth more fully in Attachment A, and Employee has read, understands, and agrees to Attachment A. 4. Invention Assignment and Proprietary Rights. Employee covenants and agrees the Parties’ rights and obligations with respect to Creations, Invention Assignment, and Proprietary Rights are set forth in Attachment B, and Employee has read, understands, and agrees to Attachment B. 5. Employee Acknowledgments. Employee understands and agrees: • that the agreements and restrictive covenants contained in this Agreement are justified by legitimate and protectable business interests, including protecting Insight’s: i) investments in, and relationships with Insight employees, Clients, and Potential Clients; ii) goodwill; iii) Trade Secrets and Confidential and Proprietary Information, and Third-Party Information; and iv) specialized training for employees; • that the covenants contained in this Agreement are reasonably necessary to protect Insight’s legitimate business interests; • Insight’s Trade Secrets and Confidential and Proprietary Information are special and unique assets, to which Employee has or will have access, and need to be protected from improper disclosure and unauthorized use to prevent damage to Insight; • Insight’s business is not geographically restricted, is often unrelated to the physical location of the facilities or locations of Insight, its Clients, or Competing Businesses, and the sale of Insight’s products and services is facilitated by the extensive use of the Internet, telephones, electronic mail, facsimile transmissions, and other means of electronic information, service delivery, and product distribution; • if employment is terminated for any reason, Employee will be able to earn a livelihood without violating the post-employment restrictive covenants in this Agreement; and • Employee’s ability to earn a livelihood without violating the restrictions is a material condition to Insight’s entering this Agreement and employing Employee. 6. Trade Secrets and Confidential and Proprietary Information. Employee covenants and agrees: • to protect and preserve the confidentiality of Insight’s Trade Secrets, Insight’s Confidential and Proprietary Information, and Third-Party Information; and

• the Parties’ rights and obligations with respect to this subject matter are set forth more fully in Attachment C, and Employee has read, understands, and agrees to Attachment C. 7. Restrictive Covenants. Employee covenants and agrees that, without the prior written consent of Insight, Employee will not, directly or indirectly: 7.1 Engage in a Competing Business while employed by Insight; 7.2 Engage in a Competing Business in the Restricted Territory for the Specified Duration after Employee’s employment with Insight terminates; 7.3 Solicit or accept business from any Client or Potential Client for any transaction other than for the benefit of Insight while Insight employs Employee or for the Specified Period; and 7.4 Solicit an Insight employee to end or terminate employment with Insight or hire any such individual while Insight employs Employee or for the Specified Period. Employee further covenants and agrees: i) the foregoing obligations are set forth more fully in Attachment D, which defines the applicable scope, geographic, and temporal limitations of these covenants; and ii) Employee has read, understands, and agrees to Attachment D. If the Employee is employed by Insight in California, the terms and conditions set forth in Section 7.2, 7.3, and 7.4 above do not apply to Employee. Section 7.2 does not apply to Employee if, at the time of termination of employment: • Employee is employed by Insight in the state of Washington and either: i) is projected to make less than $100,000 per year on an annualized basis; or ii) Employee’s employment is terminated as a result of a layoff and the sum of the severance, if any, Employee receives for the Specified Duration and Employee’s compensation, if any, for subsequent employment for the Specified Duration is less than Employee’s base salary at the time of termination; • Employee is employed in Illinois and makes less than the greater of: i) the hourly rate equal to the minimum wage required by the applicable federal, state, or local minimum wage law; or ii) $13 per hour; and • Employee is employed in a position below the Director-level and has not been employed in the year preceding the termination of employment in a position where Employee interacts, communicates, or has contact, with Clients. Employee acknowledges and agrees that the restriction set forth in Section 7.3 of the Agreement prohibits Employee from doing business with a Client or Potential Client for the Specified Period even if the Client or Potential Client approaches Employee first and attempts to initiate business with Employee. 8. Third-Party Beneficiary. Employee and Insight agree that each Insight subsidiary and corporate affiliate is expressly intended to be a third-party beneficiary of this Agreement with full

rights to enforce the obligations, rights, undertakings, and commitments under this Agreement and its Attachments. 9. Entire Agreement. This Agreement, including its Attachments, is the entire agreement of the Parties on these subject matters. Except as may exist in any Insight equity plan or compensation plan to which Employee is a participant, there are no other promises or conditions concerning this subject matter in any other agreement whether oral or written, and this Agreement supersedes any prior written or oral agreements between the Parties concerning these subject matters. 10. Amendment. This Agreement may only be amended by a writing signed by both Parties. 11. Severability. If any provision of this Agreement or its Attachments is held by a court of competent jurisdiction or arbitrator to be invalid or unenforceable, the remaining provisions of the Agreement and the Attachments shall continue to be valid and enforceable. If a court of competent jurisdiction or arbitrator finds that any provision of this Agreement or its Attachments is invalid or unenforceable, but that by limiting, editing, or revising such language, it would become valid or enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited, edited, or revised. 12. Attorneys’ Fees. In any action seeking, in whole or in part, enforcement of the Agreement, challenging the enforceability of any provision of this Agreement, or for a breach or threatened breach of this Agreement, the prevailing Party will be entitled to recover its attorneys’ fees and costs. 13. Waiver of Rights. If, on one or more occasions, either Party fails to insist that the other Party perform any of the terms of this Agreement, such failure shall not be construed as a waiver by such Party of any past, present, or future right granted under this Agreement, and the obligations of the Parties shall continue in full force and effect. Further, Insight’s failure to seek to enforce a similar agreement with any other Insight employee shall not constitute a waiver of Insight’s rights under this Agreements. 14. Governing Law. Section 3 of this Agreement and Attachment A shall be governed by and interpreted pursuant to the Federal Arbitration Act. Otherwise, the governing law for this Agreement and its Attachments shall be either: i) the state in which Employee works if Employee works for Insight in Arizona, California, Florida, Illinois, Ohio, Texas, or Washington, without regard to such state’s conflicts of law principles; or ii) Delaware, without regard to its conflicts of law principles, if Employee works in any state other than those listed in the preceding clause. The Parties agree that, in the event of a dispute, Insight’s records indicating the state of employment for Employee shall be used to determine the governing law. 15. Enforcement of Restrictive Covenants. Employee understands and agrees that the breach by Employee of the restrictive covenants contained in Section 4, 6, or 7 of this Agreement, as more fully defined in Attachments B, C, and D, could not reasonably or adequately be fully compensated in damages in an action at law. Therefore, Insight shall be entitled, without the necessity of showing any actual damages or that money damages would not afford an adequate remedy to injunctive relief. The injunctive relief may include, but is not limited to, restraining Employee from rendering any service or making any disclosure that would breach any restrictive

covenant in this Agreement. If Insight is successful in obtaining such injunctive relief, the duration of the restrictive covenant shall be tolled and computed from the date such relief is granted, reduced by the time period between termination of Employee’s employment and the date of the first breach by Employee. No remedy conferred by this Agreement (including this Section) is intended to be exclusive of any other remedy. Each and every remedy shall be cumulative and shall be in addition to every other remedy given hereunder, or now or hereafter existing in law or in equity, by statute or otherwise. The election of any one or more remedies by Insight shall not constitute a waiver of the right to pursue other available remedies. To the extent that any of restrictive covenants contained in this Agreement conflict with any of Employee’s obligations in Insight’s compensation or equity plan agreements or plans or contained in any separate agreements that Employee signed with Insight regarding the treatment of confidential or proprietary information or containing any restrictive covenants, including, but not limited to, not to compete or not to solicit clients, customers, or employees, Employee acknowledges and agrees that Insight may seek to enforce all such covenants. But in the event of an irreconcilable conflict, Insight may choose, in its sole discretion, which covenant(s) it seeks to enforce. If any of the restrictive covenants contained in Section 4, 6, or 7 of this Agreement are deemed by a court of competent jurisdiction or arbitrator to be unenforceable under applicable law and incapable of being limited, edited, or revised to become valid and enforceable, then the restrictive covenants previously agreed to by Employee and Insight shall remain enforceable. 16. Successors and Assigns – Binding Effect. This Agreement shall not be assignable by Employee. The rights and obligations of the Parties under this Agreement shall be binding upon and shall inure to the benefit of Insight and Insight’s successors and assigns. This Agreement may be enforced by Insight’s assignee or successor. 17. Survival. Employee understands and agrees that the obligations, commitments, undertakings, and covenants set forth in this Agreement, including but not limited to those set forth in Sections 3, 4, 5, 6, and 7 shall survive the termination of Employee’s employment with Insight. 18. Voluntary Agreement; Legal Review; Counterparts. Employee agrees that Employee: i) has read and understands this Agreement and its Attachments in their entirety; ii) may before signing this Agreement, if Employee desires, obtain advice from legal counsel of Employee’s choice to advise him or her on this Agreement; iii) has freely and voluntarily entered into this Agreement; and iv) understands this Agreement may be signed separately by each Party, electronically or physically, and may be transmitted via PDF, facsimile, or otherwise, and each signature page when combined with a copy of the preceding pages of this Agreement shall constitute the full agreement. [Signatures Contained on the Following Page]

EMPLOYEE: INSIGHT: /s/ Sumana Nallapati By: /s/ Joyce A. Mullen Employee Signature Sumana Nallapati Title: Chief Executive Officer Print Name Date: March 20, 2022 Date: March 20, 2022

ATTACHMENT A MUTUAL BINDING ARBITRATION AGREEMENT 1. Claims. Except as provided in Paragraph 2 below, Employee and Insight agree: • to use binding arbitration to resolve any claim, dispute, or controversy that arises out of, relates to, or has any connection with the Agreement or Employee’s employment, application for employment, termination of employment, or other association with Insight (“Claims”); and • this arbitration agreement applies to Claims: i) based on or arising under federal, state, or local laws including but not limited to Claims under or pursuant to constitutions, statutes, regulations, ordinances, executive orders, or the common law; ii) based on or arising under contracts and covenants (express or implied), torts, or restitution; iii) that Employee asserts against Insight’s subsidiaries, and corporate affiliates, their predecessors, successors, or assigns, as well as their respective owners, officers, directors, employees, and agents; and iv) that Insight, its subsidiaries, corporate affiliates, their predecessors, successors, or assigns assert against Employee. 2. Excluded Claims. This arbitration agreement does not apply to or prevent: • claims for worker’s compensation benefits, state disability insurance, or unemployment insurance benefits; however, Claims asserting retaliation related to such benefits are covered Claims under Paragraph 1; • claims for benefits under any employee benefit plan covered by the Employee Retirement Income Security Act; • claims that applicable law expressly prohibits from being covered by an arbitration agreement; • Employee from making a report to, filing a charge, or participating in an investigation with a federal, state, or local government agency, but after exhaustion of any such administrative procedures, any Claim asserted by Employee shall be resolved exclusively pursuant to the terms of this arbitration agreement; or • either Party from seeking from a court of competent jurisdiction provisional or preliminary injunctive relief regarding Claims arising under or related to Section 4, 6, or 7 of this Agreement or Attachments B, C ,and D; provided, however, regardless of whether such temporary relief is granted, the underlying merits of the Claims must still be resolved through the arbitration procedures contained in this Attachment. 3. Class Action Waiver. The Parties agree to pursue all Claims in arbitration on an individual basis only and not as part of a class or collective action. Insight and Employee waive any right for a Claim to be brought, heard, or decided as a class or collective action, and the arbitrator has no power or authority, without the express written consent of both Parties, to consolidate the Claims

of other current or former employees or to otherwise preside over or hear a class, collective, or representative action. 4. Arbitration Procedures. 4.1 Timeliness. The Party asserting a claim must make an arbitration demand in writing upon the other Party within the legally applicable limitations period for filing the same claim in court. If the timely exhaustion of administrative remedies is a condition to filing a lawsuit in court, then it is also a condition to pursuing such a claim in arbitration. The arbitrator will decide all issues of timeliness. 4.2 Arbitration Forum; Arbitrator Selection. The arbitration shall be conducted before a single, neutral arbitrator pursuant to the Employment Arbitration Rules of the AAA or similar procedures for JAMS if Employee works or worked for Insight in California. The current AAA rules may be found at www.adr.org/employment and the current JAMS employment arbitration rules may be found at www.jamsadr.com/rules-employment or either can be provided upon request to the Human Resources Department. Employee and Insight shall participate equally in the selection of the arbitrator. If agreement cannot be reached between the Parties, AAA or JAMS will be contacted for the purpose of securing an arbitrator. The arbitrator selected shall be a retired judge or an attorney with experience in the subject matter of the dispute. The arbitration will be held in the state where the Employee works or worked for Insight or as otherwise mutually agreed by the Parties. 4.3 Costs. Insight will initially be responsible for the administrative costs of the arbitration, including the arbitrator’s fees, subject to: i) if Employee is asserting a Claim, a one-time payment by Employee toward those costs not to exceed the then-applicable filing fee in a court of competent jurisdiction where the arbitration is held; and ii) any subsequent award of costs by the arbitrator in accordance with applicable law. Each Party will be responsible for its own attorneys’ fees and costs incurred in connection with the arbitration, if any, subject to any subsequent award by the arbitrator in accordance with applicable law. 4.4 Discovery; Motions; and Determination. The arbitrator shall have the authority to order such reasonable discovery to permit a full and fair exploration of the issues in dispute, consistent with the expedited and efficient nature of arbitration. The arbitrator may also allow for the hearing of any motions, including dispositive motions. Resolution of the dispute shall be based solely upon the law governing the Claims and defenses pleaded, and the arbitrator may not invoke any basis other than such controlling law. The arbitrator may award any relief that would be legally available in a court of law. Awards shall include the arbitrator’s written reasoned opinion. The decision of the arbitrator shall be final and binding, subject to review only under the circumstances set forth in the Federal Arbitration Act. A court of competent jurisdiction may enter judgment upon the decision of the arbitrator. 5. Waiver of Right to Trial by Jury. THE PARTIES UNDERSTAND THAT, BY ENTERING INTO THE AGREEMENT, BOTH THE EMPLOYEE AND INSIGHT GIVE UP THEIR RIGHTS TO BRING CLAIMS COVERED BY THIS ARBITRATION AGREEMENT IN COURT AND TO HAVE A TRIAL BY JURY OF THOSE CLAIMS.

ATTACHMENT B INVENTION ASSIGNMENT AND PROPRIETARY RIGHTS AGREEMENT 1. Assignment of Creations. Employee covenants and agrees to hold in trust for the sole right and benefit of, and assigns to, Insight all right, title, and interest in and to any and all Creations that Employee creates or otherwise develops, alone, or in conjunction with others. Employee further covenants and agrees to assign to any third party, including the United States government, all his or her right, title, and interest in and to any and all Creations whenever such assignment is required by a contract between Insight and such third party. Creation means any invention, discovery, idea, concept, design, process, work of authorship, client list, development or improvement (whether subject to copyright, trademark, or patent protection or reduced to practice by Employee), patent, copyright, or trademark: i) relating to any past, present, or reasonably anticipated business of Insight, and which is or was created or otherwise developed during Employee’s employment with Insight; ii) which is or was created or otherwise developed while performing work for Insight; or iii) which is or was created or otherwise developed at any time using Insight’s equipment, supplies, facilities, information, or proprietary rights, or other property. 2. Inventions Retained. Employee represents and warrants that all matters that Employee has created or otherwise developed prior to employment with Insight that Employee wishes to exclude as obligations to Insight under this Agreement have been provided to the Company previously during the onboarding process. 3. Publicity. Employee consents to any and all uses and displays, by Insight and Insight agents, employees, representatives, and licensees, of Employee's name, voice, likeness, image, appearance in, on, or in connection with any pictures, photographs, audio and video recordings, digital images, websites, television programs and advertising, other advertising, sales and marketing brochures, books, magazines, other publications, CDs, DVDs, tapes, and all other printed and electronic forms and media throughout the world created in connection with Employee’s employment with Insight (“Images”), at any time during or after the period of Employee’s employment by Insight. Employee acknowledges that Insight has an unconditional, non-exclusive, royalty-free right to use, reproduce, edit, market, store, distribute, communicate, transmit, and promote these Images, or any portion thereof, in connection with Insight or any of its products or services. 4. Maintenance of Records. Employee covenants and agrees to keep and maintain adequate and current written records of all Creations made by Employee. These shall be kept in the form of notes, sketches, drawings, and other notations which may be specified by Insight. These records shall be available to and remain the sole property of Insight at all times. 5. Disclosure of Creations and Filings. Employee covenants and agrees to disclose promptly to Insight in writing: • all Creations created or otherwise developed by Employee alone or in conjunction with others, as well as any and all patent applications or copyright registrations filed by Employee during and within one (1) year after Employee’s termination of employment with Insight; and

• any idea that Employee does not believe to be a Creation, but which is conceived, developed, or reduced to practice by Employee (alone or with others) while he or she is employed by Insight or during the one-year period following termination of Employee’s employment. Employee will disclose the idea, along with all information and records pertaining to the idea, and Insight will examine the disclosure in confidence to determine if it is a Creation subject to this invention assignment agreement. 6. Post-Termination Presumption. Employee covenants and agrees that any invention, discovery, idea, writing, concept, design, process, work of authorship, client list, patent, copyright, trademark, or similar item or improvement shall be presumed to be a Creation if it is conceived, developed, used, sold, exploited, or reduced to practice by him or her or with his or her aid within one (1) year after termination of Employee’s employment. Employee can rebut this presumption if he or she proves that such work is not a Creation covered by this Agreement. 7. Assistance. During and after termination of employment, Employee covenants and agrees that: • Employee will give Insight all the assistance reasonably required (at Insight’s expense) to file for, maintain, protect, and enforce Insight’s patents, copyrights, trademarks, trade secrets, and other rights in Creations, in any and all countries; and • Employee will sign documents and do other acts that Insight determines necessary or desirable including, without limitation, giving evidence and testimony in support of Insight’s rights under this Agreement. 8. Intellectual Property Rights in Works of Authorship. Employee acknowledges and agrees that any intellectual property rights in Creations that are works of authorship belong to Insight and are “works made for hire” within the definition of section 101 of the United States Copyright Acts of 1976, Title 17, United States Code. Insight, or any Insight direct or indirect licensees, shall not be obligated to: i) distribute any works made for hire; or ii) designate Employee as the author of any design, software, firmware, related documentation, or any other work of authorship when distributed publicly or otherwise. 9. Third Parties’ Rights. Employee covenants and agrees not to use or disclose to Insight or induce or cause Insight to use any intellectual property belonging to a third party (i.e., other than Employee or Insight) without the prior written consent of the third party. Employee agrees to indemnify, defend, and hold harmless Insight against any claims or losses caused by Employee’s use or disclosure of a third party’s intellectual property. 10. Use of Other Matters. Employee covenants and agrees that if Employee uses his or her own invention, discovery, idea, concept, design, process, work of authorship, client list, development, improvement (whether subject to copyright, trademark, or patent protection or reduced to practice by Employee), patent, copyright, or trademark, in the performance of Employee’s job with Insight, by doing so Employee automatically confers an unrestricted and irrevocable license to Insight to use freely all such matter(s) for Insight’s benefit.

11. Exclusion. This invention assignment agreement does not apply to an invention for which no equipment, supplies, facilities, property, Trade Secret, or Confidential and Proprietary Information of Insight was used and which was developed entirely on the Employee's own time, unless: i) the invention relates, at the time of conception or reduction to practice, to the business of Insight, or to Insight’s actual or demonstrably anticipated research or development; or ii) the invention results from any work performed by Employee for Insight.

ATTACHMENT C TRADE SECRET AND CONFIDENTIALITY AGREEMENT 1. Definitions. 1.1 Trade Secrets. Trade Secrets means information that: i) derives actual or potential economic value because it is not being generally known to persons who can obtain economic value from its disclosure or use; ii) Insight makes reasonable efforts to keep secret; and iii) is not generally known or available to the public or the industry. Examples of Trade Secrets include, but are not limited to: • the identity, phone number, email address, and other similar contact information of key contact persons for Insight clients, customers, and prospective clients and customers; • non-public lists of Insight clients, customers, and prospective clients and customers, and the key information regarding those entities and persons such as purchasing preferences, needs, and habits, nature and number of products, licenses, and services purchased, the expiration dates and terms of software licenses and hardware leases, contract information and negotiated terms, and the technology products and services such persons or entities use or favor; • lists of key distributors, suppliers, vendors, and partners of Insight and the key information regarding those business relationships, such as key contact person(s) and contact information, special programs, and negotiated prices, terms and contracts, that are not otherwise disclosed; • special pricing programs available to Insight and Insight’s pricing, costs, discounts, margins, and profits for Insight products and services less than three years old; • all information of any kind related to the business of an Insight client, customer, or prospective client or customer obtained by an Insight employee in the last three years and that has not been publicly disclosed by such person or entity; • software developed by Insight; • Insight’s non-public strategic business and marketing initiatives, significant corporate events, projects, processes, or unique know-how; • Insight’s sales, business and marketing plans and forecasts less than three years old; • Insight’s sales data and results before being reported and disclosed publicly; • technical designs, drawings, schematics, and matters created or developed by Insight or a contracted vendor or partner; • Insight’s non-public planned product and services offerings; and • Insight’s non-public financial and accounting information less than three years old. 1.2 Confidential and Proprietary Information. Confidential and Proprietary Information means information that is a valuable, special, and unique asset of Insight. Confidential and Proprietary Information may include Trade Secrets, but it is not necessarily limited to Trade Secrets. Examples of Confidential and Proprietary Information include, but are not limited to:

• Trade Secrets or items that would meet the definition of Trade Secrets other than the duration tied to the example above has passed, e.g., Insight pricing information or marketing plans that are more than three years old; • Insight’s policy and systems manuals that are less than five years old, but not including readily available information provided to current or former employees such as employee handbooks, policies, and benefit plans; • Insight’s non-public benefits and compensation plans and strategies for supervisory employees that are less than three years old; • Insight’s employee recruiting plans and strategies less than three years old; • legal files of or related to Insight; • Insight’s non-public funding, credit, investment, and lending policies, arrangements, or sources that are open or, if not open, less than three years old; • Insight’s advertising and promotional ideas and strategies less than three years old; • Insight’s market surveys and/or analyses that are less than three years old; and • other confidential information and records owned by or related to Insight. 1.3 Third-Party Information. Third-Party Information means trade secrets and confidential and proprietary information of or concerning Insight’s clients, customers, and prospective clients and customers, business partners, vendors, distributors, and suppliers including, but not limited to, product and services information, sales figures, marketing strategies, plans, financial information, and other confidential information concerning those entities or businesses, whether protected by a nondisclosure agreement or not. 2. Protection of Trade Secrets, Confidential and Proprietary Information, and Third- Party Information. During and after employment with Insight, Employee covenants and agrees to protect and preserve the confidentiality of all Trade Secrets, Confidential and Proprietary Information, and Third-Party Information. Other than for the purpose for which such information was provided to Employee to perform services for the benefit of Insight, Employee further covenants and agrees that Employee will not, directly or indirectly, disclose, transfer, use, sell, publish, make available, exploit, or otherwise facilitate or permit the sale, transfer, use, publication, or exploitation of any Trade Secrets, Confidential and Proprietary Information, or Third-Party Information, other than to: • an employee, officer, or director of Insight who, in the reasonable exercise of Employee’s judgment, needs to know such Trade Secrets, Confidential and Proprietary Information, or Third-Party Information to perform his or her duties; or • a vendor, supplier, or strategic partner of Insight as long as Employee: i) receives approval from Employee’s immediate supervisor before each disclosure; ii) ensures that each vendor, supplier, or strategic partner is bound by a non-disclosure agreement with Insight; and iii) ensures that there is no agreement between Insight and the affected Client that would prohibit the sharing of that particular information with the vendor, supplier, or strategic partner. If Employee learns of a subpoena or effort to obtain a court or arbitrator order affecting such information, Employee covenants and agrees to provide immediate written notice of such effort or

planned disclosure to the General Counsel of Insight Enterprises, Inc. to allow Insight to contest disclosure. Employee further covenants and agrees not to disclose such information until Insight’s objection to disclosure, if any, is ruled upon and otherwise takes reasonable and lawful actions to avoid and/or minimize the extent of such disclosure. If a court of competent jurisdiction or arbitrator rules that a Trade Secret is not a trade secret under applicable law but such information still qualifies as Confidential and Proprietary Information, the prohibitions against disclosing or using such Trade Secret in this Agreement shall expire five (5) years after Employee’s termination from employment, or if the period of five (5) years is determined by a court of competent jurisdiction or arbitrator to be unreasonably broad, then three (3) years after Employee’s termination from employment. 3. Limitations. 3.1 The obligations set forth in Paragraph 2 shall cease for any particular Trade Secret, Confidential and Proprietary Information, or Third-Party Information when such information becomes generally known or available to the public or the industry other than by a disclosure in violation of this Agreement. 3.2 Employee understands and acknowledges that Employee is not prohibited from making disclosures of Trade Secrets that: i) are made: a) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and b) solely for the purpose of reporting or investigating a suspected violation of law; or ii) is made in a complaint or other document filed in a court, administrative, or arbitral proceeding, if such filing is made under seal. If Employee files a lawsuit alleging retaliation by Insight for reporting a suspected violation of law, Employee may disclose Trade Secrets related to the suspected violation of law or alleged retaliation to Employee’s attorney and use those Trade Secrets in the proceeding if Employee or Employee’s attorney: i) files any document containing Trade Secrets under seal; and ii) does not disclose the Trade Secrets, except pursuant to court order. Insight provides this notice in compliance with the Defend Trade Secrets Act of 2016 and to avail itself of the full remedies in that act. 4. Return of Property. Employee covenants and agrees that, upon termination of Employee’s employment or at any time upon request by Insight, Employee shall promptly return to Insight all Trade Secrets, Confidential and Proprietary Information, Third-Party Information, and other Insight property including, but not limited to: credit and charge cards; all files; keys; records; computers; smart phones; tablet devices; peripherals; hard, thumb, zip, or jump drives; computer programs, disks, and files; documents; drawings; models; specifications; lists; equipment; data; manuals; supplies; promotional materials; plans; blueprints; site maps; and other similar items relating to, constituting, or containing information relating to Insight’s business including any copies and electronic copies, whether prepared by Employee or otherwise coming into Employee’s possession, custody, or control, regardless of how it is stored. If, after termination of Employee’s employment, Employee becomes aware of any such property or information that is in Employee’s possession, custody, or control, Employee covenants and agrees to immediately return such property, information, and any such copies without retaining any copies.

ATTACHMENT D RESTRICTIVE COVENANTS The Parties agree the following definitions and other terms apply to Section 7 and other portions of this Agreement where the phrases are used: 1. Competing Business. Competing Business means any information technology reseller, provider, or seller of information technology services, or any entity or person that is engaged in or is preparing to engage in any business which involves the sale, lease, license, or provision of computer hardware, software, peripheral, or other information technology products or services that Insight markets, sells, leases, licenses, or makes available to companies, businesses, non-profit organizations, governmental agencies or entities, educational institutions, or school districts. 2. Engage in a Competing Business. Engage in a Competing Business means to: i) provide to, or perform for, a Competing Business the same or similar services that Employee has provided or performed for Insight in the last two (2) years of employment; or ii) serve, be employed, or otherwise perform duties, directly or indirectly, as a principal, agent, officer, director, proprietor, employee, consultant, independent contractor, employer, investor, lender, partner, member, or shareholder (other than as an owner of 2% or less of the stock of a publicly traded company) in a Competing Business. 3. Client. Client means a company, business, non-profit organization, governmental agency or entity, educational institution, school district, person, or entity that: i) purchased goods or services from Insight within the last two (2) years of Employee’s employment with Insight; and ii) with which or whom Employee had contact or communicated about Insight’s products or services, on whose account Employee worked, or about which or whom Employee has knowledge of Trade Secrets, Confidential and Proprietary Information, or Third-Party Information. 4. Potential Client. Potential Client means a company, business, non-profit organization, governmental entity, educational institution, school district, person, or entity with which or whom Employee, within the last six (6) months of Employee’s employment with Insight, has knowledge of: i) of Insight’s efforts or communications to offer or to attempt to sell, lease, license, or provide the individual or entity products or services through Insight; or ii) Trade Secrets, Confidential and Proprietary Information, or Third-Party Information pertinent to or related to the Potential Client. 5. Restricted Territory. Restricted Territory means each and every location in which Employee could Engage in a Competing Business in the United States and includes each state where Insight has Clients or employees, including, but not limited to, the states in which Insight’s Clients are located and in which Employee provided services, sold or leased goods or services, or otherwise performed work during the 12-month period preceding the termination of Employee’s employment at Insight. If, but only if, this Restricted Territory is held by a court of competent jurisdiction or arbitrator to be invalid on the grounds that it is unreasonably broad, then the Restricted Territory shall be the state or states in which Employee worked for Insight, as well as Arizona, Florida, Illinois, Massachusetts, Minnesota, Ohio, Texas, and Washington. 6. Solicit. Solicit means any effort or attempt by Employee, directly or indirectly, to encourage, induce, solicit, recruit, or offer:

• a Client or Potential Client with the purpose, effect, or potential of: i) selling (or assisting another person’s selling) or providing such products or services that are the same, similar, or related to products or services provided by Insight; or ii) in any way reducing the amount of business such Client or Potential Clients transacts or would transact with Insight; or • an Insight employee with whom Employee, in the preceding twelve (12) months, worked or who worked out of the same Insight physical location as Employee with the purpose, effect, or potential of: i) hiring (or assist another person’s hiring) that individual for employment with a Competing Business -- whether as an employee or independent contractor; ii) having that individual terminate employment with Insight to join a Competing Business; or iii) otherwise interfering with the individual’s employment relationship with Insight. 7. Specified Duration. For the non-competition covenant in the Section 7.2 of the Agreement, Specified Duration means the period of time listed below that corresponds to or most closely approximates the job title (as identified in Insight’s records) or job description held by Employee at the time of the breach of the restrictive covenant described in this Agreement or the time of the termination of Employee’s employment with Insight, whichever provides the longer duration. • Senior Vice President. The Specified Duration is a period of fifteen (15) months following the termination of Employee’s employment, or, if the period of fifteen months (15) is determined by a court of competent jurisdiction or arbitrator to be unreasonably broad, then a period of twelve (12) months following the termination of Employee’s employment. 8. Specified Period. For the non-solicitations covenants in Sections 7.3 and 7.4 of the Agreement, Specified Period means the period of time listed below that corresponds to or most closely approximates the job title (as identified in Insight’s records) or job description held by Employee at the time of the breach of the restrictive covenant described in the Agreement or the time of the termination of Employee’s employment with Insight, whichever provides the longer duration. • Senior Vice President. The Specified Period is a period of eighteen (18) months following the termination of Employee’s employment with Insight, or if the period of eighteen (18) months is determined by a court of competent jurisdiction or arbitrator to be unreasonably broad, then a period of fifteen (15) months following the termination of Employee’s employment.

EX-10.2

.. .:. Insight: •· October 4, 2022 Adrian Gregory Farleigh The Clears Reigate Surrey RH2 9JL UK Dear Adrian: On behalf of Insight, it is my pleasure to extend an offer to you for the position of President of EMEA (a Section 16 Officer at Insight), reporting to me, with a target effective start date on or about January 2, 2023, subject to agreement on an official leave date with your current employer. WHO WEARE Insight is a Fortune 500 solutions integrator dedicated to helping organizations accelerate their digital journey to modern business and maximize the value of technology. Humbly founded by brothers Tim and Eric Crown in 1988 through a cash advance from a credit card, Insight has grown from traditional hardware and so~ware reseller into a $9.4 billion provider of holistic transformation solutions. From IT strategy and design to implementation and day-to-day management, we enable our clients to leverage modern technology to reach their most ambitious business goals. Our Brand We are passionate about our brand, purpose statement and values that guide the way we conduct business and how we interact with clients, partners and teammates every single day. Our Purpose We build meaningful connections to help businesses run smarter. We connect clients to solutions, partners to clients, and teammates to opportunities. In doing so, we understand and solve clients' real business problems through technology and provide the expertise that enhances business performance. Our Values 2701 E. Insight Way • Chandler, AZ 85286 • BOO.INSIGHT • Insight.com

.,.:. Insight: •· Hunger W• an ch.me• apnts. unh.ed In our pa11lon to Im prow ewrv day and.d.Unr outstandlna r•ulu for our cUeota, partner, md bu Jc ht. Q Heart Wt aN tNmmata. Wa t1ka car. of each other. our dlants and ow comm unit lilt. Harmony We arw a tNID of d!nr• lndtwtchw.s wbo value loclwfvlty and erNte m ... lnsful coaoec:tiom. 10 w. can wtn topthff. Our Leadership Commitments We expect all our leaders to commit to continual improvement (and excellence) in the following Leadership Commitments. To this end, we offer many opportunities for our managers to grow as leaders. Create Clarity • Define a clear vision for your team and own our culture. • Simplify the complex I and ambiguous. • Engage In frequent, two-way communication. • Lead with the recommendation; support with data. " -r -~ Inspire People I • Empo~~r through I energizing 1 leadership. 1 , Recruit, hire, and ' develop diverse talent and future I leaders. • Show care and compassion for others. Demonstrate Thought LeadershiP- , • Actively propose new ideas and innovative solutions. • Intentionally challenge the status j , quo. I • Test and learn. I :1 Deliver Results 1 • 6e client-obsessed. 1 • Have a bias toward action and a hunger for results. • Stand through adversity. • Reach across teams to foster a high- performing organization. BASE coMpENSAJION Your annual base salary will be £450,000. Your wages will be payable monthly in arrears on or about the 25th of each month directly into your bank or building society account. You will be eligible for merit increases each January 1 (beginning in 2024). SIGNING BONUS Insight will provide you with a one-time signing bonus of £800,000. Half of the bonus will be paid out in the month of your start date with Insight, and will be taxable income. The second half of the bonus will be paid out during month six of your start date with Insight, and will be taxable Income. Should you resign from Insight prior to completing two years of service, you are required to reimburse Insight for the full amount paid to you under this clause. VARIABLE IN CEN TIVE You will participate in the annual Incentive compensation plan and your bonus target will be 100% of base salary, at 100% attainment of objectives (the "Incentive Plan"). Insight reserves the right to change the terms and conditions of the Incentive Plan. Your 2023 objectives (metrics) will be finalized in Ql 2023 (along with their associated grids) and will be similar to all other Section 16 Officers of the company ("Officers"), but your metrics will 2701 E. Insight Way • Chandler, AZ 85286 • 800.INSIGHT • insight.com

-1.:. Insight: •· be EM EA-specific. Your 2023 cash incentive will also be prorated for the portion of the calendar year you are employed if you do not start at the beginning of January 2023. STOCK PLANS One-Time Welcome Grant Insight intends to award you a grant of service-based restricted stock units (RSUs) on the 15th day of the month following the month In which you commence employment with Insight. The value of the proposed award will be $1,300,000. The final number of shares granted will be calculated based on the closing stock price of NSIT on the date of grant. The RSUs will vest annually over two years from the date of grant and are subject to the terms and conditions of the 2020 Omnibus Plan, as amended. Annual Stock Incentive Plan You will also participate in stock incentive plans approved by the Compensation Committee beginning in 2023, although the design and awards under any such future plan are at the discretion of the Compensation Committee. In 2022, the standard annual grant for this position consisted of 40% service-based RSUs and 60% performance-based RSUs. The service-based RSUs vest in equal annual installments over three years from the date of grant. The performance-based RSUs were allocated equally between two performance metrics. The first performance metric for 2022 was Return on Invested capital C'ROIC"). These performance-based RSUs are adjusted up or down based on Insight's achievement of ROIC compared to a grid approved by the Compensation Committee with a range of 0 - 200%. The actual number of shares granted are subject to attainment upon completion of the performance- period and the final shares vest in equal annual installments over three years. The second performance metric for 2022 was Relative Total Shareholder Return ("rTSR"). These performance-based RSUs are adjusted up or down based on Insight's achievement of rTSR compared to a peer group and a performance grid determined by the Compensation Committee with a range of 0 - 200%. The performance period runs from January 1, 2022 through December 31, 2024. The number of shares granted are subject to attainment upon completion of the performance-period and will vest in full upon certification of the rTSR performance by the Compensation Committee. All RSUs granted are subject to the terms and conditions of the 2020 Omnibus Plan, as amended. Insight's next annual grant will occur in February 2023. The value of your proposed award will be $600,000 and will be prorated based on your hire date if you have not started employment prior to the annual grant date. The final number of shares granted will be calculated based on the closing stock price of NSIT on the date of grant and are subject to the terms and conditions of the 2020 Omnibus Plan, as amended. BENEFUS 2701 E. Insight Way • Chandler, AZ 85286 • BOO.INSIGHT • Insight.com

.,.:. Insight: •· As a new teammate, you'll be eligible to participate in our private family medical Insurance scheme. More details to arrive closer to your start date. Your pension match will be 6% of your base salary. More details to arrive closer to your start date. Your annual car allowance will be £7,200. YACAJION You will receive 25 vacation days annually, and will follow Insight's EMEA vacation policy whereby you will receive additional vacation days based on additional years of service. FUN STUFF WE WAN T you JO KN OWI We are proud of the wealth of programs we bring to our diverse global teammate population, to name a few: Leadership Development Opportunities We offer several leadership development opportunities, ranging from aspiring leaders to newly promoted leaders to experienced leaders, designed to help you (and those around you!} grow leadership skills. Professional Development We prefer to promote from within. We set a goal each year - 50% of our promotional opportunities be filled internally. We hope you'll grow in your career with us! Performance Management We have done away with backward looking, annual performance appraisals with performance ratings! We proudly support a new Connection process. Wellness Your health and well-being are super important to us! That's why we will continually run various wellness programs, and other fun optional programs - wellness challenges, health coaching, an accessible Health Clinic in our US HQ office, and several more. We want you to Own Your Health, but we'll help you with tools and techniques to get it right! Teammate Pulse Survey Because we care about what's on your mind, we'll ask for your candid feedback - and act on your feedback and suggestions! CON TIN GEN CIES By signing and returning this letter, you are representing to us that you have not entered into any agreement with any other company that prohibits you from working for Insight or limits your ability to carry out the duties of the position we are offering you at Insight. In the event you are a party to such an agreement, you acknowledge that your obligations under such agreement are personal to you and are not the responsibility of Insight. In addition, Insight may make its offer of employment contingent upon successful resolution of any restrictions arising out of your work for a previous employer. 2701 E. Insight Way • Chandler, AZ 85286 • BOO.INSIGHT • insight.com

-1-=- l nsig h t:1· You also agree that you have not taken and are not in possession of any Information from any other company that is marked as confidential and/or proprietary or which you have reason to believe Is confidential and/or proprietary ("Prior Employer Proprietary Information"). Insight prohibits the use of Prior Employer Proprietary Information unless the owner of such Prior Employer Proprietary Information expressly authorizes Insight to use It, or it is otherwise proper for Insight to use such Information. We require that you do not use Prior Employer Proprietary Information in carrying out your duties at Insight and do not disclose Prior Employer Proprietary Information to Insight. By signing and returning this letter, you are agreeing to abide by these restrictions. This offer is contingent upon you signing an employment agreement, which will be provided to you shortly, and other policies and agreements included in the onboarding process. This offer is also contingent upon you passing a pre- employment drug screen and criminal background check to the extent applicable. To the extent that the terms of this letter conflict with the terms of the employment agreement, the terms of the employment agreement will control. EMPLQYMENJ RELATIONSHIP During your employment, you will be required to adhere to the company's policies and procedures located on the Policy Center of the company's Intranet. These policies may be modified periodically at the discretion of company management. This letter is not an express or implied contract for employment for any period. Congratulations! We know you will find your new responsibilities both challenging and rewarding. If you have any questions, please feel free to contact me (512.632.3425) or Jen Vasin (602.741.9027) . Sincerely, (fr)fl-- Joyce Mullen Chief Executive Officer 2701 E. Insight Way • Chandler, AZ 85286 • 800.INSIGHT • insight.com

.,.:. Insight: •· ACKNOWLEDGEMENT This letter confirms an offer of employment. Your signature below Indicates your acceptance of your employment pursuant to the terms and conditions set forth in this letter and Insight's policies. Adiftf.~ Please return the offer letter to Jen Vasin at Jen.vasln@insight.com. h W Chandler AZ 85286 • BOO.INSIGHT • insight.com 2701 E. Inslg t ay • '

EX-31.1

INSIGHT ENTERPRISES, INC.

Exhibit 31.1

CERTIFICATION

I, Joyce A. Mullen, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Insight Enterprises, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 2, 2023
By:	/s/ Joyce A. Mullen
	Joyce A. Mullen
	Chief Executive Officer

EX-31.2

INSIGHT ENTERPRISES, INC.

Exhibit 31.2

CERTIFICATION

I, Glynis A. Bryan, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Insight Enterprises, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 2, 2023
By:	/s/ Glynis A. Bryan
	Glynis A. Bryan
	Chief Financial Officer

EX-32.1

INSIGHT ENTERPRISES, INC.

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Insight Enterprises, Inc. (the “Company”) for the quarter ended March 31, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, Joyce A. Mullen, Chief Executive Officer of the Company, and Glynis A. Bryan, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to the best of our knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By:	/s/ Joyce A. Mullen
	Joyce A. Mullen
	Chief Executive Officer
	May 2, 2023
By:	/s/ Glynis A. Bryan
	Glynis A. Bryan
	Chief Financial Officer
	May 2, 2023

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Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	0-25092
Entity Registrant Name	INSIGHT ENTERPRISES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-0766246
Entity Address, Address Line One	2701 E. Insight Way
Entity Address, City or Town	Chandler
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85286
City Area Code	480
Local Phone Number	333-3000
Title of 12(b) Security	Common stock, par value $0.01
Trading Symbol	NSIT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		33,262,388
Entity Central Index Key	0000932696
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

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Consolidated Balance Sheets (unaudited) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 175,726	$ 163,637
Accounts receivable, net of allowance for doubtful accounts of $14,336 and $15,161, respectively	3,087,105	3,272,371
Inventories	265,570	265,154
Other current assets	217,415	199,506
Total current assets	3,745,816	3,900,668
Property and equipment, net of accumulated depreciation and amortization of $215,418 and $214,981, respectively	200,969	204,260
Goodwill	493,724	493,033
Intangible assets, net of accumulated amortization of $146,893 and $142,297, respectively	196,879	204,998
Other assets	323,140	309,622
Total assets	4,960,528	5,112,581
Current liabilities:
Accounts payable—trade	1,711,878	1,785,076
Accounts payable—inventory financing facilities	410,126	301,314
Accrued expenses and other current liabilities	415,519	433,789
Current portion of long-term debt	346,672	346,228
Total current liabilities	2,884,195	2,866,407
Long-term debt	168,875	291,672
Deferred income taxes	28,728	32,844
Other liabilities	305,132	283,590
Total liabilities	3,386,930	3,474,513
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, 3,000 shares authorized; no shares issued	0	0
Common stock, $0.01 par value, 100,000 shares authorized; 33,261 shares at March 31, 2023 and 34,009 shares at December 31, 2022 issued and outstanding	333	340
Additional paid-in capital	317,283	327,872
Retained earnings	1,310,178	1,368,658
Accumulated other comprehensive loss – foreign currency translation adjustments	(54,196)	(58,802)
Total stockholders’ equity	1,573,598	1,638,068
Total liabilities and stockholders' equity	$ 4,960,528	$ 5,112,581
Common stock, shares issued (in shares)	33,261	34,009
Common stock, shares outstanding (in shares)	33,261	34,009

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Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 14,336	$ 15,161
Accumulated depreciation and amortization of property and equipment	215,418	214,981
Accumulated amortization of intangible assets	$ 146,893	$ 142,297
Preferred stock, par value ( in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	3,000,000	3,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	33,261,000	34,009,000
Common stock, shares outstanding (in shares)	33,261,000	34,009,000

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Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net sales:
Total net sales	$ 2,323,947	$ 2,650,850
Costs of goods sold:
Total costs of goods sold	1,932,632	2,271,989
Gross profit	391,315	378,861
Operating expenses:
Selling and administrative expenses	310,001	297,640
Severance and restructuring expenses	3,802	1,372
Acquisition and integration related expenses	51	0
Earnings from operations	77,461	79,849
Non-operating (income) expense:
Interest expense, net	10,348	8,068
Other expense (income), net	752	(2,843)
Earnings before income taxes	66,361	74,624
Income tax expense	16,389	17,993
Net earnings	$ 49,972	$ 56,631
Net earnings per share:
Basic (in usd per share)	$ 1.48	$ 1.62
Diluted (in usd per share)	$ 1.34	$ 1.53
Shares used in per share calculations:
Basic (in shares)	33,706	34,974
Diluted (in shares)	37,207	36,981
Products
Net sales:
Total net sales	$ 1,967,645	$ 2,310,287
Costs of goods sold:
Total costs of goods sold	1,772,729	2,107,209
Gross profit	194,916	203,078
Services
Net sales:
Total net sales	356,302	340,563
Costs of goods sold:
Total costs of goods sold	159,903	164,780
Gross profit	$ 196,399	$ 175,783

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Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 49,972	$ 56,631
Other comprehensive gain, net of tax:
Foreign currency translation adjustments	4,606	1,865
Total comprehensive income	$ 54,578	$ 58,496

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Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Treasury Stock	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment
Common stock, beginning balance (in shares) at Dec. 31, 2021			34,897
Treasury stock, beginning balance (in shares) at Dec. 31, 2021				0
Beginning balance at Dec. 31, 2021	$ 1,509,227	$ (26,942)	$ 349	$ 0	$ 368,282	$ (44,731)	$ (27,094)	$ 1,167,690	$ 17,789
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock plans, net of shares withheld for payroll taxes (in shares)			175
Issuance of common stock under employee stock plans, net of shares withheld for payroll taxes	(6,597)		$ 2		(6,599)
Stock-based compensation expense	5,007				5,007
Foreign currency translation adjustments, net of tax	1,865						1,865
Net earnings	56,631							56,631
Common stock, ending balance (in shares) at Mar. 31, 2022			35,072
Treasury stock, ending balance (in shares) at Mar. 31, 2022				0
Ending balance at Mar. 31, 2022	$ 1,539,191		$ 351	$ 0	321,959		(25,229)	1,242,110
Common stock, beginning balance (in shares) at Dec. 31, 2022	34,009		34,009
Treasury stock, beginning balance (in shares) at Dec. 31, 2022				0
Beginning balance at Dec. 31, 2022	$ 1,638,068		$ 340	$ 0	327,872		(58,802)	1,368,658
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock plans, net of shares withheld for payroll taxes (in shares)			165
Issuance of common stock under employee stock plans, net of shares withheld for payroll taxes	(7,920)		$ 2		(7,922)
Stock-based compensation expense	6,896				6,896
Repurchase of treasury stock (in shares)				(913)
Repurchase of treasury stock	(117,129)			$ (117,129)
Retirement of treasury stock (in shares)			913	913
Retirement of treasury stock	0		$ (9)	$ 117,129	(8,668)			(108,452)
Excise tax on stock repurchases	(895)				(895)
Foreign currency translation adjustments, net of tax	4,606						4,606
Net earnings	$ 49,972							49,972
Common stock, ending balance (in shares) at Mar. 31, 2023	33,261		33,261
Treasury stock, ending balance (in shares) at Mar. 31, 2023				0
Ending balance at Mar. 31, 2023	$ 1,573,598		$ 333	$ 0	$ 317,283		$ (54,196)	$ 1,310,178

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Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net earnings	$ 49,972	$ 56,631
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	14,663	13,314
Provision for losses on accounts receivable	1,484	1,031
Non-cash stock-based compensation	6,896	5,007
Deferred income taxes	(4,284)	(1,715)
Amortization of debt issuance costs	1,213	1,623
Other adjustments	2,122	(106)
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	197,918	(103,326)
Increase in inventories	(1,146)	(57,876)
(Increase) decrease in other assets	(22,794)	4,111
Decrease in accounts payable	(76,783)	(137,144)
Decrease in accrued expenses and other liabilities	(9,101)	(65,789)
Net cash provided by (used in) operating activities:	160,160	(284,239)
Cash flows from investing activities:
Purchases of property and equipment	(9,106)	(25,745)
Net cash used in investing activities:	(9,106)	(25,745)
Cash flows from financing activities:
Net borrowings under inventory financing facilities	108,257	6,692
Repurchases of common stock	(117,129)	0
Other payments	(7,988)	(6,738)
Net cash (used in) provided by financing activities:	(140,654)	319,954
Foreign currency exchange effect on cash, cash equivalents and restricted cash balances	1,652	969
Increase in cash, cash equivalents and restricted cash	12,052	10,939
Cash, cash equivalents and restricted cash at beginning of period	165,718	105,977
Cash, cash equivalents and restricted cash at end of period	177,770	116,916
ABL Facility
Cash flows from financing activities:
Borrowings on ABL revolving credit facility	1,016,980	1,151,440
Repayments on ABL revolving credit facility	$ (1,140,774)	$ (831,440)

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Basis of Presentation and Recently Issued Accounting Standards

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Recently Issued Accounting Standards

Basis of Presentation and Recently Issued Accounting Standards

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:

Operating Segment	Geography
North America	United States and Canada
EMEA	Europe, Middle East and Africa
APAC	Asia-Pacific

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.

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly our financial position as of March 31, 2023 and our results of operations for the three months ended March 31, 2023 and 2022 and cash flows for the three months ended March 31, 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”).

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.

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.

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.

Recently Issued Accounting Standards

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.

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.

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Receivables, Contract Liabilities and Performance Obligations

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Receivables, Contract Liabilities and Performance Obligations

Receivables, Contract Liabilities and Performance Obligations

The following table provides information about receivables and contract liabilities as of March 31, 2023 and December 31, 2022 (in thousands):

	March 31, 2023		December 31, 2022
Current receivables, which are included in “Accounts receivable, net”	$	3,087,105	$	3,272,371
Non-current receivables, which are included in “Other assets”	181,782		161,837
Contract liabilities, which are included in “Accrued expenses and other current liabilities” and “Other liabilities”	108,186		102,057

Changes in the contract liabilities balances during the three months ended March 31, 2023 are as follows (in thousands):

	Increase (Decrease)
	Contract Liabilities
Balances at December 31, 2022	$	102,057
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied	(26,611)
Cash received in advance and not recognized as revenue	32,740
Balances at March 31, 2023	$	108,186

During the three months ended March 31, 2022, the Company recognized revenue of $31,452,000 related to its contract liabilities.

The following table includes estimated net sales related to performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2023 that are expected to be recognized in the future (in thousands):

	Services
Remainder of 2023	$	88,421
2024	36,634
2025	17,345
2026 and thereafter	8,287
Total remaining performance obligations	$	150,687

With the exception of remaining performance obligations associated with our OneCall Support Services contracts which are included in the table above regardless of original duration, remaining performance obligations that have original expected durations of one year or less are not included in the table above.  Amounts not included in the table above have an average original expected duration of nine months. Additionally, for our time and material services contracts, whereby we have the right to consideration from a client in an amount that corresponds directly with the value to the client of our performance completed to date, we recognized revenue in the amount to which we have a right to invoice as of March 31, 2023 and do not disclose information about related remaining performance obligations in the table above. Our time and material contracts have an average expected duration of 23 months.

The majority of our backlog historically has been and continues to be open cancellable purchase orders. We do not believe that backlog as of any particular date is predictive of future results, therefore we do not include performance obligations under open cancellable purchase orders, which do not qualify for revenue recognition, in the table above.

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Net Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Earnings Per Share

Net Earnings Per Share

Basic EPS is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted EPS is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding restricted stock units (“RSUs”) and certain shares underlying the Notes and the warrants relating to the Call Spread Transactions. A reconciliation of the denominators of the basic and diluted EPS calculations follows (in thousands, except per share data):

	Three Months Ended March 31,
	2023		2022
Numerator:
Net earnings	$	49,972	$	56,631
Denominator:
Weighted average shares used to compute basic EPS	33,706		34,974
Dilutive potential common shares due to dilutive RSUs, net of tax effect	314		330
Dilutive potential common shares due to the Notes	2,310		1,677
Dilutive potential common shares due to the Warrants	877		—
Weighted average shares used to compute diluted EPS	37,207		36,981
Net earnings per share:
Basic	$	1.48	$	1.62
Diluted	$	1.34	$	1.53

For the three months ended March 31, 2023, 84,137 of our RSUs were excluded from the diluted EPS calculations because their inclusion would have been anti-dilutive. For the three months ended March 31, 2022, 13,000 of our RSUs were excluded from the diluted EPS calculations and certain potential outstanding shares from the warrants related to the Call Spread Transactions were excluded from the diluted EPS calculations because their inclusion would have been anti-dilutive.

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Debt, Inventory Financing Facilities, Finance Leases and Other Financing Obligations

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt, Inventory Financing Facilities, Finance Leases and Other Financing Obligations

Debt, Inventory Financing Facilities, Finance Leases and Other Financing Obligations

Debt

Our long-term debt consists of the following (in thousands):

	March 31, 2023		December 31, 2022
ABL revolving credit facility	$	168,822	$	291,599
Convertible senior notes due 2026	346,647		346,199
Finance leases and other financing obligations	78		102
Total	515,547		637,900
Less: current portion of long-term debt	(346,672)		(346,228)
Long-term debt	$	168,875	$	291,672

On July 22, 2022, we entered into the Third Amendment to the Credit Agreement (as amended, the "credit agreement") to modify our senior secured revolving credit facility (the “ABL facility”), increasing the maximum borrowing amount from $1,200,000,000 to $1,800,000,000, including a maximum borrowing capacity that could be used for borrowing in certain foreign currencies of $350,000,000 and extending the maturity date. From time to time and at our option, we may request to increase the aggregate amount available for borrowing under the ABL facility by up to an aggregate of the U.S. dollar equivalent of $750,000,000, subject to customary conditions, including receipt of commitments from lenders. The ABL facility is guaranteed by certain of our material subsidiaries and is secured by a lien on certain of our assets and certain of each other borrower’s and each guarantor’s assets. The ABL facility now provides for an uncommitted first-in, last-out revolving facility in an aggregate amount of up to $100,000,000. The interest rates applicable to borrowings under the ABL facility are based on the average aggregate excess availability under the ABL facility as set forth on a pricing grid in the credit agreement. The ABL facility now matures on July 22, 2027. As of March 31, 2023, eligible accounts receivable and inventory permitted availability to $1,587,950,000 of the full $1,800,000,000 facility amount, of which $168,822,000 was outstanding.

The ABL facility contains customary affirmative and negative covenants and events of default. If a default occurs (subject to customary grace periods and materiality thresholds) under the credit agreement, certain actions may be taken, including, but not limited to, possible termination of commitments and required payment of all outstanding principal amounts plus accrued interest and fees payable under the credit agreement.

Convertible Senior Notes due 2025

In August 2019, we issued $350,000,000 aggregate principal amount of Notes that mature on February 15, 2025. The Notes bear interest at an annual rate of 0.75% payable semiannually, in arrears, on February 15th and August 15th of each year. The Notes are general unsecured obligations of Insight and are guaranteed on a senior unsecured basis by Insight Direct USA, Inc., a wholly owned subsidiary of Insight.

Holders of the Notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding June 15, 2024, under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2019 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day (the “market price trigger”); (2) during the five business day period after any five days consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; (3) if we call any or all of the Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On or after June 15, 2024 until the close of business on the second scheduled trading day immediately preceding the maturity date, the holders may convert their notes at any time, regardless of the foregoing circumstances.

The Notes exceeded the market price trigger of $88.82 in the first quarter of 2023 and as such, the Notes are convertible at the option of the holders through June 30, 2023. All of the Notes remain outstanding at March 31, 2023. The notes are convertible at the option of the holders at March 31, 2023 and, if converted, we are required to settle the principal amount of the Notes in cash. As such, the Notes balance net of unamortized debt issuance costs are classified as a current liability. If the Notes continue to exceed the market price trigger in future periods, they

will remain convertible at the option of the holders, and the principal amount will continue to be classified as current.

Upon conversion, we will pay cash equal to the principal amount of the Notes, plus shares of our common stock for any additional amounts due. The conversion rate will initially be 14.6376 shares of common stock per $1,000 principal amount of the Notes (equivalent to an initial conversion price of approximately $68.32 per share of common stock). The conversion rate is subject to change in certain circumstances and will not be adjusted for any accrued and unpaid interest. In addition, following certain events that occur prior to the maturity date or following our issuance of a notice of redemption, the conversion rate is subject to an increase for a holder who elects to convert their Notes in connection with those events or during the related redemption period in certain circumstances.

If we undergo a fundamental change, the holders may require us to repurchase for cash all or any portion of their notes at a fundamental change repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. As of March 31, 2023, none of the criteria for a fundamental change or a conversion rate adjustment had been met.

The maximum number of shares issuable upon conversion, including the effect of a fundamental change and subject to other conversion rate adjustments, would be 6,788,208.

The Notes are subject to certain customary events of default and acceleration clauses. As of March 31, 2023, no such events have occurred.

The Notes consist of the following balances reported within the consolidated balance sheets (in thousands):

	March 31, 2023		December 31, 2022
Liability:
Principal	$	350,000	$	350,000
Less: debt issuance costs, net of accumulated amortization	(3,353)		(3,801)
Net carrying amount	$	346,647	$	346,199

In January 2022, we filed an irrevocable settlement election notice with the note holders to inform them of our election to settle the principal amount of the Notes in cash. As a result of this election, at period ends where the market price, or other conversion triggers are met, the Notes will be classified in our consolidated balance sheet as current.

The remaining life of the debt issuance cost accretion is approximately 1.87 years. The effective interest rate on the principal of the Notes is 0.75%.

Interest expense resulting from the Notes reported within the consolidated statement of operations for the three months ended March 31, 2023 and 2022 is made up of contractual coupon interest and amortization of debt issuance costs.

Convertible Note Hedge and Warrant Transaction

In connection and concurrent with the issuance of the Notes, we entered into the Call Spread Transactions with respect to the Company’s common stock.

The convertible note hedge consists of an option to purchase up to 5,123,160 common stock shares at a price of $68.32 per share. The hedge expires on February 15, 2025 and can only be concurrently executed upon the conversion of the Notes. We paid approximately $66,325,000 for the convertible note hedge transaction.

Additionally, we sold warrants to purchase 5,123,160 shares of common stock at a price of $103.12 per share. The warrants expire on May 15, 2025 and can only be exercised at maturity. The Company received aggregate proceeds of approximately $34,440,000 for the sale of the warrants.

The Call Spread Transactions have no effect on the terms of the Notes and reduce potential dilution by effectively increasing the initial conversion price of the Notes to $103.12 per share of the Company’s common stock.

Inventory Financing Facilities

We have an unsecured inventory financing facility with MUFG Bank Ltd (“MUFG”) for $280,000,000. During 2022, we increased our maximum availability under our unsecured inventory financing facility with PNC Bank, N.A. (“PNC”) from $300,000,000 to $375,000,000, including the $25,000,000 facility in Canada (the "Canada facility"). We also increased our unsecured inventory financing facility with Wells Fargo in EMEA (the "EMEA facility") to $50,000,000. The inventory financing facilities will remain in effect until they are terminated by any of the parties. If balances are not paid within stated vendor terms (typically 60 days), they will accrue interest at prime plus 2.00% on the MUFG facility, Canadian Dollar Offered Rate plus 4.50% on the Canada facility and LIBOR, EURIBOR, or SONIA, as applicable, plus 4.50% and 0.25% on the PNC (other than the Canada facility) and EMEA facilities, respectively. The PNC facility allows for an alternative rate to be identified if LIBOR is no longer available. Amounts outstanding under these facilities are classified separately as accounts payable – inventory financing facilities in the accompanying consolidated balance sheets and within cash flows from financing activities in the accompanying consolidated statements of cash flows.

As of March 31, 2023, our combined inventory financing facilities had a total maximum capacity of $705,000,000, of which $410,126,000 was outstanding.

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Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

Our effective tax rate for the three months ended March 31, 2023 and 2022 were 24.7% and 24.1%, respectively. Our effective tax rates were higher than the United States federal statutory rate of 21.0% due primarily to state income taxes and higher taxes on earnings in foreign jurisdictions, partially offset by excess tax benefits on the settlement of employee share-based compensation and tax benefits related to research and development activities.

As of March 31, 2023 and December 31, 2022, we had approximately $15,806,000 and $14,814,000, respectively, of unrecognized tax benefits. Of these amounts, approximately $2,124,000 and $1,642,000, respectively, related to accrued interest. In the future, if recognized, the liability associated with uncertain tax positions would affect our effective tax rate. We do not believe there will be any changes to our unrecognized tax benefits over the next 12 months that would have a material effect on our effective tax rate.

We are currently under audit in various jurisdictions for tax years 2015 through 2020. Although the timing of the resolutions and/or closures of audits is highly uncertain, it is reasonably possible that the examination phase of these audits may be concluded within the next 12 months, which could increase or decrease the balance of our gross unrecognized tax benefits. However, based on the status of the various examinations in multiple jurisdictions, an estimate of the range of reasonably possible outcomes cannot be made at this time, but the estimated effect on our income tax expense and net earnings is not expected to be significant.

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Share Repurchase Program	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Share Repurchase Program	Share Repurchase ProgramOn May 6, 2021, we announced that our Board of Directors had authorized the repurchase of up to $125,000,000 of our common stock. On September 19, 2022, we announced that our Board of Directors had authorized the repurchase of up to $300,000,000 of our common stock, including $50,000,000 that remained available from our prior authorization. As of March 31, 2023, approximately $99,958,155 remained available for repurchases under this share repurchase plan. Our share repurchases may be made on the open market, subject to Rule 10b-18 or in privately negotiated transactions, through block trades, through 10b5-1 plans or otherwise, at management’s discretion. The amount of shares purchased and the timing of the purchases will be based on market conditions, working capital requirements, general business conditions and other factors. We intend to retire the repurchased shares.During the three months ended March 31, 2023, we repurchased 913,445 shares of our common stock on the open market at a total cost of $117,129,000 (an average price of $128.23 per share). During the three months ended March 31, 2022, we did not repurchase any shares of our common stock.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Contractual

In the ordinary course of business, we issue performance bonds to secure our performance under certain contracts or state tax requirements. As of March 31, 2023, we had approximately $27,984,413 of performance bonds outstanding. These bonds are issued on our behalf by a surety company on an unsecured basis; however, if the surety company is ever required to pay out under the bonds, we have contractually agreed to reimburse the surety company.

Management believes that payments, if any, related to these performance bonds are not probable at March 31, 2023. Accordingly, we have not accrued any liabilities related to such performance bonds in our consolidated financial statements.

Employment Contracts and Severance Plans

We have employment contracts with, and severance plans covering, certain officers and management teammates under which severance payments would become payable in the event of specified terminations without cause or terminations under certain circumstances after a change in control. In addition, vesting of outstanding nonvested RSUs would accelerate following a change in control. If severance payments under the current employment agreements or plan payments were to become payable, the severance payments would generally range from three to twenty-four months of salary.

Indemnifications

From time to time, in the ordinary course of business, we enter into contractual arrangements under which we agree to indemnify either our clients or third-party service providers from certain losses incurred relating to services performed on our behalf or for losses arising from defined events, which may include litigation or claims relating to past performance. These arrangements include, but are not limited to, the indemnification of our clients for certain claims arising out of our performance under our sales contracts, the indemnification of our landlords for certain claims arising from our use of leased facilities and the indemnification of the lenders that provide our credit facilities for certain claims arising from their extension of credit to us. Such indemnification obligations may not be subject to maximum loss clauses.

Management believes that payments, if any, related to these indemnifications are not probable at March 31, 2023. Accordingly, we have not accrued any liabilities related to such indemnifications in our consolidated financial statements.

We have entered into separate indemnification agreements with certain of our executive officers and with each of our directors. These agreements require us, among other requirements, to indemnify such officers and directors against expenses (including attorneys’ fees), judgments and settlements incurred by such individual in connection with any action arising out of such individual’s status or service as our executive officer or director (subject to exceptions such as where the individual failed to act in good faith or in a manner the individual reasonably believed to be in, or not opposed to, the best interests of the Company) and to advance expenses incurred by such individual with respect to which such individual may be entitled to indemnification by us. There are no pending legal proceedings that involve the indemnification of any of the Company’s directors or officers.

Contingencies Related to Third-Party Review

From time to time, we are subject to potential claims and assessments from third parties. We are also subject to various governmental, client and partner audits. We continually assess whether or not such claims have merit and warrant accrual. Where appropriate, we accrue estimates of anticipated liabilities in the consolidated financial statements. Such estimates are subject to change and may affect our results of operations and our cash flows.

Legal Proceedings

From time to time, we are party to various legal proceedings incidental to the business, including preference payment claims asserted in client bankruptcy proceedings, indemnification claims, claims of alleged infringement of patents, trademarks, copyrights and other intellectual property rights, employment claims, claims of alleged non-compliance with contract provisions and claims related to alleged violations of laws and regulations. We regularly evaluate the status of the legal proceedings in which we are involved to assess whether a loss is probable or there is a reasonable possibility that a loss, or an additional loss, may have been incurred and determine if accruals are required. If accruals are not required, we further evaluate each legal proceeding to assess whether an estimate of possible loss or range of possible loss can be made. Although litigation is inherently unpredictable, we believe that we have adequate provisions for any probable and estimable losses. It is possible, nevertheless, that our consolidated financial position, results of operations or liquidity could be materially and adversely affected in any particular period by the work required pursuant to any legal proceedings or the resolution of any legal proceedings during such period. Legal expenses related to defense of any legal proceeding or the negotiations, settlements, rulings and advice of outside legal counsel in connection with any legal proceedings are expensed as incurred.

In connection with the acquisition of PCM, the Company has effectively assumed responsibility for PCM litigation matters, including various disputes related to PCM’s acquisition of certain assets of En Pointe Technologies in 2015. The seller of En Pointe Technologies and related entities providing various post-closing support functions to PCM have asserted claims regarding the sufficiency of earnout payments paid by PCM under the asset purchase agreement and the unwinding of the support functions post-closing. PCM has rejected and vigorously responded to those claims and is pursuing various counterclaims. The disputes are being heard by multiple courts and arbitrators in several different jurisdictions including California, Delaware and Pakistan. The Company cannot determine with certainty the costs or outcome of these matters. However, the Company is not involved in any pending or threatened legal proceedings, including the PCM litigation matters, that it believes would reasonably be expected to have a material adverse effect on its business, financial condition or results of operations.

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Segment Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Information

Segment Information

We operate in three reportable geographic operating segments: North America; EMEA; and APAC. Our offerings in North America and certain countries in EMEA and APAC include IT 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.

In the following table, revenue is disaggregated by our reportable operating segments, which are primarily defined by their related geographies, as well as by major product offering, by major client group and by recognition on either a gross basis as a principal in the arrangement, or on a net basis as an agent, for the three months ended March 31, 2023 and 2022 (in thousands):

	Three Months Ended March 31, 2023
	North America		EMEA		APAC		Consolidated
Major Offerings
Hardware	$	1,155,639	$	162,890	$	10,316	$	1,328,845
Software	394,797		214,561		29,442		638,800
Services	283,528		49,553		23,221		356,302
	$	1,833,964	$	427,004	$	62,979	$	2,323,947
Major Client Groups
Large Enterprise / Corporate	$	1,293,533	$	309,063	$	21,402	$	1,623,998
Commercial	372,025		4,790		17,025		393,840
Public Sector	168,406		113,151		24,552		306,109
	$	1,833,964	$	427,004	$	62,979	$	2,323,947
Revenue Recognition based on acting as Principal or Agent in the Transaction
Gross revenue recognition (Principal)	$	1,725,177	$	401,343	$	53,884	$	2,180,404
Net revenue recognition (Agent)	108,787		25,661		9,095		143,543
	$	1,833,964	$	427,004	$	62,979	$	2,323,947

	Three Months Ended March 31, 2022
	North America		EMEA		APAC		Consolidated
Major Offerings
Hardware	$	1,451,319	$	210,623	$	11,646	$	1,673,588
Software	341,547		272,402		22,750		636,699
Services	271,639		48,408		20,516		340,563
	$	2,064,505	$	531,433	$	54,912	$	2,650,850
Major Client Groups
Large Enterprise / Corporate	$	1,438,729	$	353,904	$	21,429	$	1,814,062
Commercial	441,159		18,421		14,659		474,239
Public Sector	184,617		159,108		18,824		362,549
	$	2,064,505	$	531,433	$	54,912	$	2,650,850
Revenue Recognition based on acting as Principal or Agent in the Transaction
Gross revenue recognition (Principal)	$	1,970,921	$	506,862	$	47,018	$	2,524,801
Net revenue recognition (Agent)	93,584		24,571		7,894		126,049
	$	2,064,505	$	531,433	$	54,912	$	2,650,850

All significant intercompany transactions are eliminated upon consolidation, and there are no differences between the accounting policies used to measure profit and loss for our segments or on a consolidated basis. Net sales are defined as net sales to external clients. None of our clients exceeded ten percent of consolidated net sales for the three months ended March 31, 2023 or 2022.

A portion of our operating segments’ selling and administrative expenses arise from shared services and infrastructure that we have historically provided to them in order to realize economies of scale and to use resources efficiently. These expenses, collectively identified as corporate charges, include senior management expenses, internal audit, legal, tax, insurance services, treasury and other corporate infrastructure expenses. Charges are allocated to our operating segments, and the allocations have been determined on a basis that we consider to be a reasonable reflection of the utilization of services provided to or benefits received by the operating segments.

The following tables present our results of operations by reportable operating segment for the periods indicated (in thousands):

	Three Months Ended March 31, 2023
	North America		EMEA		APAC		Consolidated
Net sales:
Products	$	1,550,436	$	377,451	$	39,758	$	1,967,645
Services	283,528		49,553		23,221		356,302
Total net sales	1,833,964		427,004		62,979		2,323,947
Costs of goods sold:
Products	1,387,962		347,633		37,134		1,772,729
Services	130,858		18,483		10,562		159,903
Total costs of goods sold	1,518,820		366,116		47,696		1,932,632
Gross profit	315,144		60,888		15,283		391,315
Operating expenses:
Selling and administrative expenses	248,820		49,905		11,276		310,001
Severance and restructuring expenses	3,087		702		13		3,802
Acquisition and integration related expenses	51		—		—		51
Earnings from operations	$	63,186	$	10,281	$	3,994	$	77,461

	Three Months Ended March 31, 2022
	North America		EMEA		APAC		Consolidated
Net sales:
Products	$	1,792,866	$	483,025	$	34,396	$	2,310,287
Services	271,639		48,408		20,516		340,563
Total net sales	2,064,505		531,433		54,912		2,650,850
Costs of goods sold:
Products	1,625,775		449,632		31,802		2,107,209
Services	138,646		17,031		9,103		164,780
Total costs of goods sold	1,764,421		466,663		40,905		2,271,989
Gross profit	300,084		64,770		14,007		378,861
Operating expenses:
Selling and administrative expenses	235,220		52,326		10,094		297,640
Severance and restructuring expenses	304		1,068		—		1,372
Earnings from operations	$	64,560	$	11,376	$	3,913	$	79,849

The following is a summary of our total assets by reportable operating segment (in thousands):

	March 31, 2023		December 31, 2022
North America	$	5,285,303	$	5,219,480
EMEA	898,680		939,327
APAC	171,296		153,232
Corporate assets and intercompany eliminations, net	(1,394,751)		(1,199,458)
Total assets	$	4,960,528	$	5,112,581

We recorded the following pre-tax amounts, by reportable operating segment, for depreciation and amortization in the accompanying consolidated financial statements (in thousands):

	Three Months Ended March 31,
	2023		2022
Depreciation and amortization of property and equipment:
North America	$	5,648	$	4,420
EMEA	596		807
APAC	109		162
	6,353		5,389
Amortization of intangible assets:
North America	7,785		7,348
EMEA	412		457
APAC	113		120
	8,310		7,925
Total	$	14,663	$	13,314

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Acquisition

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisition

Acquisition

Effective June 1, 2022, we acquired 100 percent of the issued and outstanding shares of Hanu Software Solutions, Inc. and Hanu Software Solutions (India) Private Ltd. (collectively, “Hanu”) for a cash purchase price, net of cash and cash equivalents acquired, of approximately $83,555,000, including $15,307,000 attributed to an earn out agreement, but excluding hold backs for representations and warranties of approximately $8,501,000 to be paid in future periods. We finalized the earn out and paid $10,748,000 in April 2023 and expect to pay the remaining amount due in May 2023. Hanu, a global leading cloud technology services and solutions provider, provides cloud solutions in the areas of applications and infrastructure, data and artificial intelligence, and cloud security to clients. Hanu is recognized as one of Microsoft’s top public cloud service partners globally. We believe this acquisition strengthens our service capabilities as a cloud solutions provider and is also a strategic investment in expanding our presence in India.

The preliminary fair value of net assets acquired was approximately $22,326,000, including $24,750,000 of identifiable intangible assets, consisting primarily of customer relationships that will be amortized using the straight line method over the estimated economic life of ten years. The preliminary purchase price was allocated using the information currently available. Goodwill acquired approximated $69,923,000 which was recorded in our North America operating segment.

We have not finalized the purchase price allocation in relation to this acquisition as work on certain liabilities, including tax related balances, is not yet complete. We do not believe that the completion of this work will materially modify the preliminary purchase price allocation. We expect to complete our purchase price allocation prior to June 1, 2023.We consolidated the results of operations for Hanu within our North America operating segment beginning on June 1, 2022, the effective date of the acquisition. Our historical results would not have been materially affected by the acquisition of Hanu and, accordingly, we have not presented pro forma information as if the acquisition had been completed at the beginning of each period presented in our consolidated statement of operations.

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Basis of Presentation and Recently Issued Accounting Standards (Policies)

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Recently Issued Accounting Standards

Recently Issued Accounting Standards

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.

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.

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Receivables, Contract Liabilities and Performance Obligations (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Summary of Information about Receivables and Contract Liabilities

The following table provides information about receivables and contract liabilities as of March 31, 2023 and December 31, 2022 (in thousands):

	March 31, 2023		December 31, 2022
Current receivables, which are included in “Accounts receivable, net”	$	3,087,105	$	3,272,371
Non-current receivables, which are included in “Other assets”	181,782		161,837
Contract liabilities, which are included in “Accrued expenses and other current liabilities” and “Other liabilities”	108,186		102,057

Summary of Changes in Contract Liabilities from Contract with Customers

Changes in the contract liabilities balances during the three months ended March 31, 2023 are as follows (in thousands):

	Increase (Decrease)
	Contract Liabilities
Balances at December 31, 2022	$	102,057
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied	(26,611)
Cash received in advance and not recognized as revenue	32,740
Balances at March 31, 2023	$	108,186

Summary of Estimated Net Sales Related to Performance Obligation

The following table includes estimated net sales related to performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2023 that are expected to be recognized in the future (in thousands):

	Services
Remainder of 2023	$	88,421
2024	36,634
2025	17,345
2026 and thereafter	8,287
Total remaining performance obligations	$	150,687

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Net Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Reconciliation of Denominators of Basic and Diluted EPS Calculations

A reconciliation of the denominators of the basic and diluted EPS calculations follows (in thousands, except per share data):

	Three Months Ended March 31,
	2023		2022
Numerator:
Net earnings	$	49,972	$	56,631
Denominator:
Weighted average shares used to compute basic EPS	33,706		34,974
Dilutive potential common shares due to dilutive RSUs, net of tax effect	314		330
Dilutive potential common shares due to the Notes	2,310		1,677
Dilutive potential common shares due to the Warrants	877		—
Weighted average shares used to compute diluted EPS	37,207		36,981
Net earnings per share:
Basic	$	1.48	$	1.62
Diluted	$	1.34	$	1.53

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Debt, Inventory Financing Facilities, Finance Leases and Other Financing Obligations (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt

Our long-term debt consists of the following (in thousands):

	March 31, 2023		December 31, 2022
ABL revolving credit facility	$	168,822	$	291,599
Convertible senior notes due 2026	346,647		346,199
Finance leases and other financing obligations	78		102
Total	515,547		637,900
Less: current portion of long-term debt	(346,672)		(346,228)
Long-term debt	$	168,875	$	291,672

Schedule of Convertible Senior Notes Balances

The Notes consist of the following balances reported within the consolidated balance sheets (in thousands):

	March 31, 2023		December 31, 2022
Liability:
Principal	$	350,000	$	350,000
Less: debt issuance costs, net of accumulated amortization	(3,353)		(3,801)
Net carrying amount	$	346,647	$	346,199

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Summary of Revenue Disaggregated by Reportable Operating Segments

In the following table, revenue is disaggregated by our reportable operating segments, which are primarily defined by their related geographies, as well as by major product offering, by major client group and by recognition on either a gross basis as a principal in the arrangement, or on a net basis as an agent, for the three months ended March 31, 2023 and 2022 (in thousands):

	Three Months Ended March 31, 2023
	North America		EMEA		APAC		Consolidated
Major Offerings
Hardware	$	1,155,639	$	162,890	$	10,316	$	1,328,845
Software	394,797		214,561		29,442		638,800
Services	283,528		49,553		23,221		356,302
	$	1,833,964	$	427,004	$	62,979	$	2,323,947
Major Client Groups
Large Enterprise / Corporate	$	1,293,533	$	309,063	$	21,402	$	1,623,998
Commercial	372,025		4,790		17,025		393,840
Public Sector	168,406		113,151		24,552		306,109
	$	1,833,964	$	427,004	$	62,979	$	2,323,947
Revenue Recognition based on acting as Principal or Agent in the Transaction
Gross revenue recognition (Principal)	$	1,725,177	$	401,343	$	53,884	$	2,180,404
Net revenue recognition (Agent)	108,787		25,661		9,095		143,543
	$	1,833,964	$	427,004	$	62,979	$	2,323,947

	Three Months Ended March 31, 2022
	North America		EMEA		APAC		Consolidated
Major Offerings
Hardware	$	1,451,319	$	210,623	$	11,646	$	1,673,588
Software	341,547		272,402		22,750		636,699
Services	271,639		48,408		20,516		340,563
	$	2,064,505	$	531,433	$	54,912	$	2,650,850
Major Client Groups
Large Enterprise / Corporate	$	1,438,729	$	353,904	$	21,429	$	1,814,062
Commercial	441,159		18,421		14,659		474,239
Public Sector	184,617		159,108		18,824		362,549
	$	2,064,505	$	531,433	$	54,912	$	2,650,850
Revenue Recognition based on acting as Principal or Agent in the Transaction
Gross revenue recognition (Principal)	$	1,970,921	$	506,862	$	47,018	$	2,524,801
Net revenue recognition (Agent)	93,584		24,571		7,894		126,049
	$	2,064,505	$	531,433	$	54,912	$	2,650,850

Financial Information about Reportable Operating Segments

The following tables present our results of operations by reportable operating segment for the periods indicated (in thousands):

	Three Months Ended March 31, 2023
	North America		EMEA		APAC		Consolidated
Net sales:
Products	$	1,550,436	$	377,451	$	39,758	$	1,967,645
Services	283,528		49,553		23,221		356,302
Total net sales	1,833,964		427,004		62,979		2,323,947
Costs of goods sold:
Products	1,387,962		347,633		37,134		1,772,729
Services	130,858		18,483		10,562		159,903
Total costs of goods sold	1,518,820		366,116		47,696		1,932,632
Gross profit	315,144		60,888		15,283		391,315
Operating expenses:
Selling and administrative expenses	248,820		49,905		11,276		310,001
Severance and restructuring expenses	3,087		702		13		3,802
Acquisition and integration related expenses	51		—		—		51
Earnings from operations	$	63,186	$	10,281	$	3,994	$	77,461

	Three Months Ended March 31, 2022
	North America		EMEA		APAC		Consolidated
Net sales:
Products	$	1,792,866	$	483,025	$	34,396	$	2,310,287
Services	271,639		48,408		20,516		340,563
Total net sales	2,064,505		531,433		54,912		2,650,850
Costs of goods sold:
Products	1,625,775		449,632		31,802		2,107,209
Services	138,646		17,031		9,103		164,780
Total costs of goods sold	1,764,421		466,663		40,905		2,271,989
Gross profit	300,084		64,770		14,007		378,861
Operating expenses:
Selling and administrative expenses	235,220		52,326		10,094		297,640
Severance and restructuring expenses	304		1,068		—		1,372
Earnings from operations	$	64,560	$	11,376	$	3,913	$	79,849

Summary of Total Assets by Reportable Operating Segment

The following is a summary of our total assets by reportable operating segment (in thousands):

	March 31, 2023		December 31, 2022
North America	$	5,285,303	$	5,219,480
EMEA	898,680		939,327
APAC	171,296		153,232
Corporate assets and intercompany eliminations, net	(1,394,751)		(1,199,458)
Total assets	$	4,960,528	$	5,112,581

Pre-Tax Depreciation and Amortization by Operating Segment

We recorded the following pre-tax amounts, by reportable operating segment, for depreciation and amortization in the accompanying consolidated financial statements (in thousands):

	Three Months Ended March 31,
	2023		2022
Depreciation and amortization of property and equipment:
North America	$	5,648	$	4,420
EMEA	596		807
APAC	109		162
	6,353		5,389
Amortization of intangible assets:
North America	7,785		7,348
EMEA	412		457
APAC	113		120
	8,310		7,925
Total	$	14,663	$	13,314

XML

Basis of Presentation and Recently Issued Accounting Standards - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3

XML

Receivables, Contract Liabilities and Performance Obligations - Summary of Information about Receivables and Contract Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Current receivables, which are included in “Accounts receivable, net”	$ 3,087,105	$ 3,272,371
Contract liabilities, which are included in “Accrued expenses and other current liabilities” and “Other liabilities”	108,186	102,057
Accounts Receivable, Net
Disaggregation of Revenue [Line Items]
Current receivables, which are included in “Accounts receivable, net”	3,087,105	3,272,371
Other Assets
Disaggregation of Revenue [Line Items]
Non-current receivables, which are included in “Other assets”	181,782	161,837
Accrued Expenses and Other Current Liabilities and Other Liabilities
Disaggregation of Revenue [Line Items]
Contract liabilities, which are included in “Accrued expenses and other current liabilities” and “Other liabilities”	$ 108,186	$ 102,057

XML

Receivables, Contract Liabilities and Performance Obligations - Summary of Changes in Contract Liabilities from Contract with Customers (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Contract with Customer, Contract Asset, Contract Liability, and Receivable Increase (Decrease) [Roll Forward]
Beginning balance	$ 102,057
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied	(26,611)
Cash received in advance and not recognized as revenue	32,740
Ending balance	$ 108,186

XML

Receivables, Contract Liabilities and Performance Obligations - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract with customer, liability, revenue recognized		$ 31,452
Time and material contracts expected duration	23 months

XML

Receivables, Contract Liabilities and Performance Obligations - Summary of Estimated Net Sales Related to Performance Obligation (Detail) - Services $ in Thousands	Mar. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total remaining performance obligations	$ 150,687
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total remaining performance obligations	$ 88,421
Remaining performance obligation, expected timing of satisfaction period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total remaining performance obligations	$ 36,634
Remaining performance obligation, expected timing of satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total remaining performance obligations	$ 17,345
Remaining performance obligation, expected timing of satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total remaining performance obligations	$ 8,287
Remaining performance obligation, expected timing of satisfaction period	1 year

XML

Net Earnings Per Share - Reconciliation of Denominators of Basic and Diluted EPS Calculations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net earnings	$ 49,972	$ 56,631
Denominator:
Weighted average shares used to compute basic EPS (in shares)	33,706	34,974
Dilutive potential common shares due to dilutive RSUs, net of tax effect (in shares)	314	330
Dilutive potential common shares due to the Warrants (in shares)	877	0
Weighted average shares used to compute diluted EPS (in shares)	37,207	36,981
Net earnings per share:
Basic (in usd per share)	$ 1.48	$ 1.62
Diluted (in usd per share)	$ 1.34	$ 1.53
Notes
Denominator:
Dilutive potential common shares due to the Notes (in shares)	2,310	1,677

XML

Net Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
RSUs excluded from the diluted EPS calculations (in shares)	84,137	13,000

XML

Debt, Inventory Financing Facilities, Finance Leases and Other Financing Obligations - Long-Term Debt (Detail) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Finance leases and other financing obligations	$ 78,000	$ 102,000
Total	515,547,000	637,900,000
Less: current portion of long-term debt	(346,672,000)	(346,228,000)
Long-term debt	168,875,000	291,672,000
Convertible Senior Notes
Debt Instrument [Line Items]
Convertible senior notes due 2026	346,647,000	346,199,000
ABL Facility
Debt Instrument [Line Items]
ABL revolving credit facility	$ 168,822,000	$ 291,599,000

XML

Debt, Inventory Financing Facilities, Finance Leases and Other Financing Obligations - Additional Information (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) d shares $ / shares	Dec. 31, 2022 USD ($)	Jul. 22, 2022 USD ($)	Jul. 21, 2022 USD ($)	Dec. 31, 2021 USD ($)	Aug. 31, 2019 USD ($)
Debt Instrument [Line Items]
Accounts payable-inventory financing facility	$ 410,126,000	$ 301,314,000
ABL Facility
Debt Instrument [Line Items]
Amount of facility available by qualified receivables	1,587,950,000
Amount of facility permitted by qualified receivables	1,800,000,000
Line of credit outstanding amount	168,822,000	291,599,000
Inventory Financing Facility
Debt Instrument [Line Items]
Inventory financing facility maximum borrowing capacity	705,000,000
Accounts payable-inventory financing facility	410,126,000
Third Amendment to Credit Agreement | ABL Facility
Debt Instrument [Line Items]
Credit facility, borrowing capacity			$ 1,800,000,000	$ 1,200,000,000
Foreign Currency Borrowings | ABL Facility
Debt Instrument [Line Items]
Credit facility, borrowing capacity			$ 350,000,000
First-In, Last-Out Revolving Facility | ABL Facility
Debt Instrument [Line Items]
Credit facility, borrowing capacity	100,000,000
Convertible Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount of notes, issued amount	350,000,000	$ 350,000,000				$ 350,000,000
Notes, interest rate						0.75%
Principal amount per note used in conversion rate	$ 1,000
Conversion price per share (in usd per share) | $ / shares	$ 88.82
Debt conversion, initial conversion rate (in shares) | shares	14.6376
Conversion price per share (in usd per share) | $ / shares	$ 68.32
Repurchase price as percentage of principal amount	100.00%
Shares issuable upon conversion of debt (in shares) | shares	6,788,208
Notes, remaining accretion period of debt discount and issuance cost	1 year 10 months 13 days
Notes, effective interest rate	0.75%
Conversion price per share (in usd per share) | $ / shares	$ 68.32
Payments to convertible note hedge transaction	$ 66,325,000
Warrants sold to purchase of additional common stock (in shares) | shares	5,123,160
Warrant price per share to purchase additional common stock (in usd per share) | $ / shares	$ 103.12
Proceeds from sale of warrants	$ 34,440,000
Convertible Senior Notes | Scenario One
Debt Instrument [Line Items]
Number of trading days | d	20
Number of consecutive trading days | d	30
Percentage of last reported sale price to conversion price on each applicable trading day	130.00%
Convertible Senior Notes | Scenario Two
Debt Instrument [Line Items]
Percentage of last reported sale price to conversion price on each applicable trading day	98.00%
Measurement period	5 days
MUFG Bank Ltd | Unsecured Inventory Financing Facility
Debt Instrument [Line Items]
Inventory financing facility maximum borrowing capacity	$ 280,000,000,000
Inventory financing facility rate if vendor terms not met equal prime plus		2.00%
PNC Facility | Unsecured Inventory Financing Facility
Debt Instrument [Line Items]
Inventory financing facility maximum borrowing capacity		$ 375,000,000			$ 300,000,000
PNC Facility | Inventory Financing Facility
Debt Instrument [Line Items]
Inventory financing facility rate if vendor terms not met equal LIBOR plus		4.50%
Canada Facility | Unsecured Inventory Financing Facility
Debt Instrument [Line Items]
Inventory financing facility maximum borrowing capacity		$ 25,000,000
EMEA Facilities | Unsecured Inventory Financing Facility
Debt Instrument [Line Items]
Inventory financing facility maximum borrowing capacity		$ 50,000,000
Inventory financing facility rate if vendor terms not met equal LIBOR plus		0.25%
Maximum | ABL Facility
Debt Instrument [Line Items]
Credit facility, increase in amount available for borrowing	$ 750,000,000
Maximum | Convertible Senior Notes
Debt Instrument [Line Items]
Option to purchase common stock (in shares) | shares	5,123,160

XML

Debt, Inventory Financing Facilities, Finance Leases and Other Financing Obligations - Schedule of Convertible Senior Notes Balances (Detail) - Convertible Senior Notes - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Aug. 31, 2019
Liability:
Principal	$ 350,000,000	$ 350,000,000	$ 350,000,000
Less: debt issuance costs, net of accumulated amortization	(3,353,000)	(3,801,000)
Net carrying amount	$ 346,647,000	$ 346,199,000

XML

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	24.70%	24.10%
United States federal statutory income tax rate	21.00%
Unrecognized tax benefits	$ 15,806		$ 14,814
Unrecognized tax benefits, interest on income taxes accrued	$ 2,124		$ 1,642

XML

Share Repurchase Program - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2023	Sep. 19, 2022	May 06, 2021
Equity, Class of Treasury Stock [Line Items]
Common stock repurchase program, number of shares repurchased (in shares)	913,445
Repurchase program, approximate dollar value of shares purchased	$ 117,129,000
Repurchase program, average price paid per share (in usd per share)	$ 128.23
May 6, 2021 Stock Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Common stock repurchase program, authorized amount			$ 125,000,000
Common stock repurchase program, authorized remaining amount		$ 50,000,000
September 14, 2022 Stock Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Common stock repurchase program, authorized amount		$ 300,000,000
Common stock repurchase program, authorized remaining amount	$ 99,958,155

XML

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023 USD ($)
Surety Bond
Commitments And Contingencies [Line Items]
Performance bonds outstanding	$ 27,984,413
Minimum
Commitments And Contingencies [Line Items]
Number of months of salary paid as severance	3 months
Maximum
Commitments And Contingencies [Line Items]
Number of months of salary paid as severance	24 months

XML

Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	3

XML

Segment Information - Summary of Revenue Disaggregated by Reportable Operating Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Disaggregation of revenue	$ 2,323,947	$ 2,650,850
Gross revenue recognition (Principal)
Segment Reporting Information [Line Items]
Disaggregation of revenue	2,180,404	2,524,801
Net revenue recognition (Agent)
Segment Reporting Information [Line Items]
Disaggregation of revenue	143,543	126,049
North America
Segment Reporting Information [Line Items]
Disaggregation of revenue	1,833,964	2,064,505
North America | Gross revenue recognition (Principal)
Segment Reporting Information [Line Items]
Disaggregation of revenue	1,725,177	1,970,921
North America | Net revenue recognition (Agent)
Segment Reporting Information [Line Items]
Disaggregation of revenue	108,787	93,584
EMEA
Segment Reporting Information [Line Items]
Disaggregation of revenue	427,004	531,433
EMEA | Gross revenue recognition (Principal)
Segment Reporting Information [Line Items]
Disaggregation of revenue	401,343	506,862
EMEA | Net revenue recognition (Agent)
Segment Reporting Information [Line Items]
Disaggregation of revenue	25,661	24,571
APAC
Segment Reporting Information [Line Items]
Disaggregation of revenue	62,979	54,912
APAC | Gross revenue recognition (Principal)
Segment Reporting Information [Line Items]
Disaggregation of revenue	53,884	47,018
APAC | Net revenue recognition (Agent)
Segment Reporting Information [Line Items]
Disaggregation of revenue	9,095	7,894
Large Enterprise / Corporate
Segment Reporting Information [Line Items]
Disaggregation of revenue	1,623,998	1,814,062
Large Enterprise / Corporate | North America
Segment Reporting Information [Line Items]
Disaggregation of revenue	1,293,533	1,438,729
Large Enterprise / Corporate | EMEA
Segment Reporting Information [Line Items]
Disaggregation of revenue	309,063	353,904
Large Enterprise / Corporate | APAC
Segment Reporting Information [Line Items]
Disaggregation of revenue	21,402	21,429
Commercial
Segment Reporting Information [Line Items]
Disaggregation of revenue	393,840	474,239
Commercial | North America
Segment Reporting Information [Line Items]
Disaggregation of revenue	372,025	441,159
Commercial | EMEA
Segment Reporting Information [Line Items]
Disaggregation of revenue	4,790	18,421
Commercial | APAC
Segment Reporting Information [Line Items]
Disaggregation of revenue	17,025	14,659
Public Sector
Segment Reporting Information [Line Items]
Disaggregation of revenue	306,109	362,549
Public Sector | North America
Segment Reporting Information [Line Items]
Disaggregation of revenue	168,406	184,617
Public Sector | EMEA
Segment Reporting Information [Line Items]
Disaggregation of revenue	113,151	159,108
Public Sector | APAC
Segment Reporting Information [Line Items]
Disaggregation of revenue	24,552	18,824
Hardware
Segment Reporting Information [Line Items]
Disaggregation of revenue	1,328,845	1,673,588
Hardware | North America
Segment Reporting Information [Line Items]
Disaggregation of revenue	1,155,639	1,451,319
Hardware | EMEA
Segment Reporting Information [Line Items]
Disaggregation of revenue	162,890	210,623
Hardware | APAC
Segment Reporting Information [Line Items]
Disaggregation of revenue	10,316	11,646
Software
Segment Reporting Information [Line Items]
Disaggregation of revenue	638,800	636,699
Software | North America
Segment Reporting Information [Line Items]
Disaggregation of revenue	394,797	341,547
Software | EMEA
Segment Reporting Information [Line Items]
Disaggregation of revenue	214,561	272,402
Software | APAC
Segment Reporting Information [Line Items]
Disaggregation of revenue	29,442	22,750
Services
Segment Reporting Information [Line Items]
Disaggregation of revenue	356,302	340,563
Services | North America
Segment Reporting Information [Line Items]
Disaggregation of revenue	283,528	271,639
Services | EMEA
Segment Reporting Information [Line Items]
Disaggregation of revenue	49,553	48,408
Services | APAC
Segment Reporting Information [Line Items]
Disaggregation of revenue	$ 23,221	$ 20,516

XML

Segment Information - Financial Information about Reportable Operating Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total net sales	$ 2,323,947	$ 2,650,850
Total costs of goods sold	1,932,632	2,271,989
Gross profit	391,315	378,861
Operating expenses:
Selling and administrative expenses	310,001	297,640
Severance and restructuring expenses	3,802	1,372
Acquisition and integration related expenses	51	0
Earnings from operations	77,461	79,849
Products
Segment Reporting Information [Line Items]
Total net sales	1,967,645	2,310,287
Total costs of goods sold	1,772,729	2,107,209
Gross profit	194,916	203,078
Services
Segment Reporting Information [Line Items]
Total net sales	356,302	340,563
Total costs of goods sold	159,903	164,780
Gross profit	196,399	175,783
North America
Segment Reporting Information [Line Items]
Total net sales	1,833,964	2,064,505
Total costs of goods sold	1,518,820	1,764,421
Gross profit	315,144	300,084
Operating expenses:
Selling and administrative expenses	248,820	235,220
Severance and restructuring expenses	3,087	304
Acquisition and integration related expenses	51
Earnings from operations	63,186	64,560
North America | Products
Segment Reporting Information [Line Items]
Total net sales	1,550,436	1,792,866
Total costs of goods sold	1,387,962	1,625,775
North America | Services
Segment Reporting Information [Line Items]
Total net sales	283,528	271,639
Total costs of goods sold	130,858	138,646
EMEA
Segment Reporting Information [Line Items]
Total net sales	427,004	531,433
Total costs of goods sold	366,116	466,663
Gross profit	60,888	64,770
Operating expenses:
Selling and administrative expenses	49,905	52,326
Severance and restructuring expenses	702	1,068
Acquisition and integration related expenses	0
Earnings from operations	10,281	11,376
EMEA | Products
Segment Reporting Information [Line Items]
Total net sales	377,451	483,025
Total costs of goods sold	347,633	449,632
EMEA | Services
Segment Reporting Information [Line Items]
Total net sales	49,553	48,408
Total costs of goods sold	18,483	17,031
APAC
Segment Reporting Information [Line Items]
Total net sales	62,979	54,912
Total costs of goods sold	47,696	40,905
Gross profit	15,283	14,007
Operating expenses:
Selling and administrative expenses	11,276	10,094
Severance and restructuring expenses	13	0
Acquisition and integration related expenses	0
Earnings from operations	3,994	3,913
APAC | Products
Segment Reporting Information [Line Items]
Total net sales	39,758	34,396
Total costs of goods sold	37,134	31,802
APAC | Services
Segment Reporting Information [Line Items]
Total net sales	23,221	20,516
Total costs of goods sold	$ 10,562	$ 9,103

XML

Segment Information - Summary of Total Assets by Reportable Operating Segment (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 4,960,528	$ 5,112,581
Operating Segments | North America
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	5,285,303	5,219,480
Operating Segments | EMEA
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	898,680	939,327
Operating Segments | APAC
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	171,296	153,232
Intersegment Eliminations
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ (1,394,751)	$ (1,199,458)

XML

Segment Information - Pre-Tax Depreciation and Amortization by Operating Segment (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Depreciation and amortization of property and equipment	$ 6,353	$ 5,389
Amortization of intangible assets	8,310	7,925
Depreciation and amortization, total	14,663	13,314
North America
Segment Reporting Information [Line Items]
Depreciation and amortization of property and equipment	5,648	4,420
Amortization of intangible assets	7,785	7,348
EMEA
Segment Reporting Information [Line Items]
Depreciation and amortization of property and equipment	596	807
Amortization of intangible assets	412	457
APAC
Segment Reporting Information [Line Items]
Depreciation and amortization of property and equipment	109	162
Amortization of intangible assets	$ 113	$ 120

XML

Acquisition (Details) - USD ($) $ in Thousands		1 Months Ended
	Jun. 01, 2022	Apr. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill			$ 493,724	$ 493,033
Hanu
Business Acquisition [Line Items]
Business combination acquired percentage	100.00%
Cash paid to acquire business	$ 83,555
Holdbacks for representations and warranties	8,501
Net assets acquired	22,326
Intangible assets acquired	24,750
Goodwill	$ 69,923
Hanu | Subsequent Event
Business Acquisition [Line Items]
Payment for earnout		$ 10,748
Hanu | Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life	10 years
Hanu | Maximum
Business Acquisition [Line Items]
Maximum earnout	$ 15,307

XML

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]