8-K - NSIT - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 5, 2021

INSIGHT ENTERPRISES, INC.

(Exact name of registrant as specified in its charter)

Delaware	0-25092	86-0766246
(State or other jurisdiction<br><br><br>of incorporation)	(Commission<br><br><br>File Number)	(I.R.S. Employer<br><br><br>Identification No.)
6820 South Harl Avenue, Tempe, Arizona		85283
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code:

(480) 333-3000

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

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. ☐

Item 2.02.	Results of Operations and Financial Condition.

On August 5, 2021, Insight Enterprises, Inc. announced by press release its results of operations for the second quarter ended June 30, 2021. A copy of the press release and accompanying investor presentation are attached hereto as Exhibits 99.1 and 99.2, respectively, and incorporated by reference herein. The information disclosed under this Item 2.02, including Exhibits 99.1 and 99.2 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01.Financial Statements and Exhibits.

(d) Exhibits.

Exhibit<br><br><br>Number	Description
99.1	Press release dated August 5, 2021.
99.2	Investor presentation of Insight Enterprises, Inc. dated August 5, 2021.
104	Cover Page Interactive Data File (formatted as Inline XBRL).

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 hereunto duly authorized.

	Insight Enterprises, Inc.
Date: August 5, 2021	By:	/s/ Glynis A. Bryan
		Glynis A. Bryan
		Chief Financial Officer

nsit-ex991_7.htm

Exhibit 99.1

FOR IMMEDIATE RELEASE	Nasdaq: NSIT

Insight Enterprises, Inc. Reports SECOND QUARTER

2021 results

TEMPE, AZ – August 5, 2021 – Insight Enterprises, Inc. (Nasdaq: NSIT) (the “Company”) today reported financial results for the quarter ended June 30, 2021. Highlights include:

•	Net sales increased 13% year over year to $2.23 billion
•	Gross profit increased 13% year over year to $366.7 million
---	---
•	Earnings from operations increased 19% to $88.5 million and was 4.0% of net sales
---	---
•	Adjusted earnings from operations increased 6% to $97.7 million and was 4.4% of net sales
---	---
•	Diluted earnings per share of $1.58 increased 20% year over year
---	---
•	Adjusted diluted earnings per share of $1.91 increased 9% year over year
---	---
•	Increased full year 2021 guidance for Adjusted diluted earnings per share
---	---

In the second quarter of 2021, net sales increased 13%, year over year. Gross profit also increased 13% while gross margin contracted 10 basis points compared to the second quarter of 2020. Earnings from operations of $88.5 million increased 19% compared to $74.2 million in the second quarter of 2020. Adjusted earnings from operations of $97.7 million increased 6% compared to $91.8 million in the second quarter of 2020. Diluted earnings per share for the quarter were $1.58, up 20%, year over year, and adjusted diluted earnings per share were $1.91, up 9% year over year.

“I’m pleased to report that our business saw double digit top line growth across all major categories of net sales. Gross margin was 16.4%, strong performance given compression on margins due to increased hardware net sales,” stated Ken Lamneck, President and Chief Executive Officer. “Given the ongoing supply chain constraints and longer lead times required for hardware orders, we are working to ensure our clients are well positioned in the queue for fulfillment. We are pleased to see the pipeline for future sales build to healthy levels for the second half of the year and into 2022,” stated Lamneck.

KEY HIGHLIGHTS

•	Consolidated net sales for the second quarter of 2021 of $2.23 billion increased 13%, year over year, when compared to the second quarter of 2020.
•	Net sales in North America increased 14%, year over year, to $1.76 billion;
---	---
•	Net sales in EMEA increased 6%, year over year, to $417.4 million; and
---	---
•	Net sales in APAC increased 40%, year over year, to $52.5 million.
---	---
•	Excluding the effects of fluctuating foreign currency exchange rates, consolidated net sales were up 10%, year over year, with growth in net sales in North America and APAC of 13% and 24%, respectively, year over year, partially offset by a decline in EMEA of 4%, year to year.
---	---
•	Consolidated gross profit increased to $366.7 million, an increase of 13% compared to the second quarter of 2020, with consolidated gross margin contracting 10 basis points to 16.4% of net sales.
---	---
•	Gross profit in North America increased 14%, year over year, to $278.9 million (15.8% gross margin);
---	---
•	Gross profit in EMEA increased 8%, year over year, to $73.5 million (17.6% gross margin); and
---	---
•	Gross profit in APAC increased 26%, year over year, to $14.3 million (27.2% gross margin).
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Insight Enterprises, Inc.	6820 South Harl Avenue	Tempe, Arizona 85283	800.467.4448	FAX 480.760.8958
•	Excluding the effects of fluctuating foreign currency exchange rates, consolidated gross profit was up 9%, year over year, with gross profit growth in North America and APAC of 11% each, year over year, partially offset by a decline in EMEA of 3%, year to year.
---	---
•	Consolidated earnings from operations increased 19% compared to the second quarter of 2020 to $88.5 million, or 4.0% of net sales.
---	---
•	Earnings from operations in North America increased 23%, year over year, to $64.1 million, or 3.6% of net sales;
---	---
•	Earnings from operations in EMEA increased 8%, year over year, to $19.3 million, or 4.6% of net sales; and
---	---
•	Earnings from operations in APAC increased 19%, year over year, to $5.0 million, or 9.6% of net sales.
---	---
•	Excluding the effects of fluctuating foreign currency exchange rates, consolidated earnings from operations were up 15%, year over year, with increased earnings from operations in North America and APAC of 21% and 6%, respectively, year over year, partially offset by a decline in EMEA of 1%, year to year.
---	---
•	Adjusted earnings from operations increased 6% compared to the second quarter of 2020 to $97.7 million, or 4.4% of net sales.
---	---
•	Adjusted earnings from operations in North America increased 8%, year over year, to $72.4 million, or 4.1% of net sales;
---	---
•	Adjusted earnings from operations in EMEA decreased 2%, year to year, to $20.1 million, or 4.8% of net sales; and
---	---
•	Adjusted earnings from operations in APAC increased 16%, year over year, to $5.2 million, or 9.8% of net sales.
---	---
•	Consolidated net earnings and diluted earnings per share for the second quarter of 2021 were $58.6 million and $1.58, respectively, at an effective tax rate of 25.4%.
---	---
•	Adjusted consolidated net earnings and Adjusted diluted earnings per share for the second quarter of 2021 were $67.7 million and $1.91, respectively.
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In discussing financial results for the three and six months ended June 30, 2021 and 2020 in this press release, the Company refers to certain financial measures that are adjusted from the financial results prepared in accordance with United States generally accepted accounting principles (“GAAP”). When referring to non-GAAP measures, the Company refers to such measures as “Adjusted.” See “Use of Non-GAAP Financial Measures” for additional information. A tabular reconciliation of financial measures prepared in accordance with GAAP to the non-GAAP financial measures is included at the end of this press release.

In some instances, the Company refers to changes in net sales, gross profit and earnings from operations on a consolidated basis and in North America, EMEA and APAC excluding the effects of fluctuating foreign currency exchange rates. In computing these changes and percentages, the Company compares the current year amount as translated into U.S. dollars under the applicable accounting standards to the prior year amount in local currency translated into U.S. dollars utilizing the weighted average translation rate for the current period.

The tax effect of Adjusted amounts referenced herein were computed using the statutory tax rate for the taxing jurisdictions in the operating segment in which the related expenses were recorded, adjusted for the effects of valuation allowances on net operating losses in certain jurisdictions.

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

guidance

For the full year 2021, the Company now expects to deliver net sales growth at the high-end of the previously stated guidance, which was between 4% and 8% over the prior year, and Adjusted diluted earnings per share is now expected to be between $6.75 and $6.90.

This outlook assumes

•	interest expense between $25 million and $28 million;
•	an effective tax rate of 25% to 26% for the full year 2021;
---	---
•	capital expenditures of $65 to $75 million, including the build out of our new corporate headquarters; and
---	---
•	an average share count for the full year of 35.5 million shares.
---	---

This outlook excludes acquisition-related intangibles amortization expense of approximately $32 million and the non-cash convertible debt discount and issuance costs, reported as part of interest expense, of approximately $12 million and assumes no acquisition-related or severance and restructuring expenses. Due to the inherent difficulty of forecasting some of these types of expenses, which impact net earnings and diluted earnings per share, the Company is unable to reasonably estimate the impact of such expenses, if any, to net earnings and diluted earnings per share. Accordingly, the Company is unable to provide a reconciliation of GAAP to non-GAAP diluted earnings per share for the full year 2021 forecast.

Conference Call and Webcast

The Company will host a conference call and live web cast today at 9:00 a.m. ET to discuss second quarter 2021 results of operations. A live web cast of the conference call (in listen-only mode) will be available on the Company’s web site at http://investor.insight.com/, and a replay of the web cast will be available on the Company’s web site for a limited time following the call. To access the live conference call, please register in advance using this event link. Upon registering, participants will receive dial-in information via email, as well as a unique registrant ID, event passcode, and detailed instructions regarding how to join the call.

Use of NON-GAAP Financial Measures

The non-GAAP financial measures are referred to as “Adjusted”. Adjusted consolidated earnings from operations, Adjusted consolidated net earnings and Adjusted diluted earnings per share exclude (i) severance and restructuring expenses, (ii) certain acquisition and integration related expenses, (iii) amortization of intangible assets, and (iv) the tax effects of each of these items, as applicable. Adjusted consolidated net earnings and Adjusted diluted earnings per share also exclude amortization of debt discount and issuance costs associated with the issuance of the Company’s convertible senior notes due 2025. The Company excludes these items when internally evaluating earnings from operations, tax expense, net earnings and diluted earnings per share for the Company and earnings from operations for each of the Company’s operating segments. Adjusted diluted earnings per share also includes the impact of the benefit from the note hedge where the Company’s average stock price for the second quarter of 2021 was in excess of $68.32, which is the initial conversion price of the convertible senior notes. Adjusted EBITDA adds back (i) interest expense, (ii) income tax expense, (iii) depreciation and amortization of property and equipment, (iv) amortization of intangibles, (v) non-cash stock based compensation (vi) severance and restructuring expenses and (vii) certain acquisition and integration related expenses. Adjusted return on invested capital (“ROIC”) excludes (i) severance and restructuring expenses, (ii) certain acquisition and integration related expenses, (iii) impairment of construction in progress, (iv) loss on sale of property, (v) litigation settlement proceeds, and (vi) the tax effects of each of these items, as applicable.

These non-GAAP measures are used by the Company and its management to evaluate financial performance against budgeted amounts, to calculate incentive compensation, to assist in forecasting future performance and to compare the Company’s results to those of the Company’s competitors. The Company believes that these non-GAAP financial measures are useful to investors because they allow for greater transparency, facilitate comparisons to prior periods and the Company’s competitors’ results and assist in forecasting performance for future periods. These non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures presented by other companies. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.

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

Financial Summary Table

(dollars in thousands, except per share data)

(Unaudited)

	Three Months Ended June 30,							Six Months Ended June 30,
	2021			2020			change	2021			2020			change
Insight Enterprises, Inc.
Net sales:
Products	$	1,889,178		$	1,672,933		13%	$	3,782,198		$	3,521,249		7%
Services	$	340,323		$	295,802		15%	$	640,371		$	591,537		8%
Total net sales	$	2,229,501		$	1,968,735		13%	$	4,422,569		$	4,112,786		8%
Gross profit	$	366,683		$	324,389		13%	$	698,157		$	649,725		7%
Gross margin		16.4	%		16.5	%	(10 bps)		15.8	%		15.8	%		—
Selling and administrative expenses	$	277,087		$	242,580		14%	$	548,277		$	511,443		7%
Severance and restructuring expenses	$	1,127		$	7,010		(84%)	$	(5,613	)	$	9,154		(> 100%)
Acquisition and integration related expenses	$	—		$	611		*	$	—		$	2,077		*
Earnings from operations	$	88,469		$	74,188		19%	$	155,493		$	127,051		22%
Net earnings	$	58,561		$	46,385		26%	$	101,729		$	80,346		27%
Diluted earnings per share	$	1.58		$	1.32		20%	$	2.76		$	2.27		22%
North America
Net sales:
Products	$	1,500,579		$	1,310,172		15%	$	2,918,806		$	2,743,821		6%
Services	$	259,050		$	228,975		13%	$	495,604		$	469,707		6%
Total net sales	$	1,759,629		$	1,539,147		14%	$	3,414,410		$	3,213,528		6%
Gross profit	$	278,897		$	244,896		14%	$	532,386		$	501,824		6%
Gross margin		15.8	%		15.9	%	(10 bps)		15.6	%		15.6	%		—
Selling and administrative expenses	$	213,900		$	187,313		14%	$	420,706		$	398,516		6%
Severance and restructuring expenses	$	878		$	4,904		(82%)	$	(6,360	)	$	7,026		(> 100%)
Acquisition and integration related expenses	$	—		$	611		*	$	—		$	1,873		*
Earnings from operations	$	64,119		$	52,068		23%	$	118,040		$	94,409		25%
Sales Mix							**							**
Hardware		66	%		66	%	14%		67	%		67	%	6%
Software		19	%		19	%	16%		19	%		18	%	8%
Services		15	%		15	%	13%		14	%		15	%	6%
		100	%		100	%	14%		100	%		100	%	6%
EMEA
Net sales:
Products	$	355,392		$	340,036		5%	$	785,786		$	716,087		10%
Services	$	61,982		$	51,981		19%	$	110,424		$	94,816		16%
Total net sales	$	417,374		$	392,017		6%	$	896,210		$	810,903		11%
Gross profit	$	73,529		$	68,180		8%	$	139,564		$	126,954		10%
Gross margin		17.6	%		17.4	%	20 bps		15.6	%		15.7	%	(10 bps)
Selling and administrative expenses	$	53,957		$	48,177		12%	$	109,404		$	98,421		11%
Severance and restructuring expenses	$	240		$	2,093		(89%)	$	738		$	2,099		(65%)
Acquisition and integration related expenses	$	—		$	—		*	$	—		$	204		*
Earnings from operations	$	19,332		$	17,910		8%	$	29,422		$	26,230		12%
Sales Mix							**							**
Hardware		41	%		39	%	11%		41	%		40	%	12%
Software		44	%		48	%	(1%)		47	%		48	%	8%
Services		15	%		13	%	19%		12	%		12	%	16%
		100	%		100	%	6%		100	%		100	%	11%
*	Percentage change not considered meaningful.
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**	Change in sales mix represents growth/decline in category net sales on a U.S. dollar basis and does not exclude the effects of fluctuating foreign currency exchange rates.
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Insight Enterprises, Inc.	6820 South Harl Avenue	Tempe, Arizona 85283	800.467.4448	FAX 480.760.8958

Financial Summary Table (continued)

(dollars in thousands, except per share data)

(Unaudited)

	Three Months Ended June 30,							Six Months Ended June 30,
	2021			2020			change	2021			2020			change
APAC
Net sales:
Products	$	33,207		$	22,725		46%	$	77,606		$	61,341		27%
Services	$	19,291		$	14,846		30%	$	34,343		$	27,014		27%
Total net sales	$	52,498		$	37,571		40%	$	111,949		$	88,355		27%
Gross profit	$	14,257		$	11,313		26%	$	26,207		$	20,947		25%
Gross margin		27.2	%		30.1	%	(290 bps)		23.4	%		23.7	%	(30 bps)
Selling and administrative expenses	$	9,230		$	7,090		30%	$	18,167		$	14,506		25%
Severance and restructuring expenses	$	9		$	13		(31%)	$	9		$	29		(69%)
Earnings from operations	$	5,018		$	4,210		19%	$	8,031		$	6,412		25%
Sales Mix							**							**
Hardware		22	%		18	%	72%		19	%		16	%	46%
Software		41	%		42	%	35%		50	%		53	%	20%
Services		37	%		40	%	30%		31	%		31	%	27%
		100	%		100	%	40%		100	%		100	%	27%
*	Percentage change not considered meaningful.
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**	Change in sales mix represents growth/decline in category net sales on a U.S. dollar basis and does not exclude the effects of fluctuating foreign currency exchange rates.
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Insight Enterprises, Inc.	6820 South Harl Avenue	Tempe, Arizona 85283	800.467.4448	FAX 480.760.8958

Forward-Looking Information

Certain statements in this release and the related conference call, web cast and presentation are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including those related to our future responses to and the potential impact of coronavirus strain COVID-19 (“COVID-19”) on our Company, the Company’s future financial performance and results of operations, including Adjusted selling and administrative expenses*, the Company’s anticipated effective tax rate, capital expenditures, expected average share count, the Company’s expectations regarding cash flow, the Company’s expectations regarding current supply constraints, future trends in the IT market, including due to COVID-19, our business strategy and our strategic initiatives, are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. There can be no assurances that the results discussed by the forward-looking statements will be achieved, and actual results may differ materially from those set forth in the forward-looking statements. Some of the important factors that could cause the Company’s actual results to differ materially from those projected in any forward-looking statements, include, but are not limited to, the following, which are discussed in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including in “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020:

•	actions of the Company’s competitors, including manufacturers and publishers of products the Company sells;
•	the Company’s reliance on partners for product availability, competitive products to sell and marketing funds and purchasing incentives, which can change significantly in the amounts made available and in the requirements year over year;
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•	the duration and severity of the COVID-19 pandemic and its effects on the Company’s business, results of operations and financial condition, as well as the widespread outbreak of any other illnesses or communicable diseases;
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•	general economic conditions, economic uncertainties and changes in geopolitical conditions;
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•	changes in the IT industry and/or rapid changes in technology;
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•	supply constraints for hardware including devices;
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•	accounts receivable risks, including increased credit loss experience or extended payment terms with the Company’s clients;
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•	the Company’s reliance on independent shipping companies;
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•	the risks associated with the Company’s international operations;
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•	natural disasters or other adverse occurrences;
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•	disruptions in the Company’s IT systems and voice and data networks;
---	---
•	cyberattacks or breaches of data privacy and security regulations;
---	---
•	intellectual property infringement claims and challenges to the Company’s registered trademarks and trade names;
---	---
•	legal proceedings, including PCM related litigation, client audits and failure to comply with laws and regulations;
---	---
•	failure to comply with the terms and conditions of the Company’s commercial and public sector contracts;
---	---
•	exposure to changes in, interpretations of, or enforcement trends related to tax rules and regulations;
---	---
•	the Company’s potential to draw down a substantial amount of indebtedness;
---	---
•	the conditional conversion feature of the convertible notes, which has been triggered, may adversely affect the Company’s financial condition and operating results;
---	---
•	the accounting method for convertible debt securities that may be settled in cash, such as the convertible notes, could have a material effect on the Company’s reported financial results;
---	---
•	the Company is subject to counterparty risk with respect to the convertible note hedge transactions;
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•	risks associated with the discontinuation of LIBOR as a benchmark rate;
---	---
•	increased debt and interest expense and availability of funds under the Company’s financing facilities;
---	---
•	possible significant fluctuations in the Company’s future operating results as well as seasonality and variability in customer demands;
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•	the Company’s dependence on certain key personnel;
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•	risks associated with the integration and operation of acquired businesses, including the achievement of expected synergies and benefits; and
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•	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.
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Insight Enterprises, Inc.	6820 South Harl Avenue	Tempe, Arizona 85283	800.467.4448	FAX 480.760.8958

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

* Due to the inherent difficulty of forecasting these types of expenses, the Company is unable to provide a reconciliation of GAAP to non-GAAP selling and administrative expenses for the full year 2021 forecast.

Contact:	Glynis Bryan
	Chief Financial Officer
	Tel. 480.333.3390
	Email glynis.bryan@insight.com

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

INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES

Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

	Three Months Ended<br><br><br>June 30,				Six Months Ended<br><br><br>June 30,
	2021		2020		2021			2020
Net sales:
Products		1,889,178	$	1,672,933	$	3,782,198		$	3,521,249
Services		340,323		295,802		640,371			591,537
Total net sales		2,229,501		1,968,735		4,422,569			4,112,786
Costs of goods sold:
Products		1,715,729		1,517,947		3,436,987			3,188,185
Services		147,089		126,399		287,425			274,876
Total costs of goods sold		1,862,818		1,644,346		3,724,412			3,463,061
Gross profit		366,683		324,389		698,157			649,725
Operating expenses:
Selling and administrative expenses		277,087		242,580		548,277			511,443
Severance and restructuring expenses, net		1,127		7,010		(5,613	)		9,154
Acquisition and integration related expenses		—		611		—			2,077
Earnings from operations		88,469		74,188		155,493			127,051
Non-operating (income) expense:
Interest expense, net		9,583		10,219		19,552			22,045
Other expense (income), net		346		1,098		734			(465	)
Earnings before income taxes		78,540		62,871		135,207			105,471
Income tax expense		19,979		16,486		33,478			25,125
Net earnings	$	58,561	$	46,385	$	101,729		$	80,346
Net earnings per share:
Basic	$	1.67	$	1.32	$	2.89		$	2.29
Diluted	$	1.58	$	1.32	$	2.76		$	2.27
Shares used in per share calculations:
Basic		35,097		35,060		35,148			35,147
Diluted		37,135		35,260		36,917			35,453

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

INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(In thousands)

(Unaudited)

	June 30,<br><br><br>2021			December 31,<br><br><br>2020
ASSETS
Current assets:
Cash and cash equivalents	$	107,813		$	128,313
Accounts receivable, net		3,045,324			2,685,448
Inventories		214,385			185,650
Other current assets		187,707			177,039
Total current assets		3,555,229			3,176,450
Property and equipment, net		149,979			146,016
Goodwill		430,846			429,368
Intangible assets, net		232,487			246,915
Other assets		298,506			311,983
	$	4,667,047		$	4,310,732
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable – trade	$	1,782,131		$	1,461,312
Accounts payable – inventory financing facilities		309,316			356,930
Accrued expenses and other current liabilities		391,557			408,117
Current portion of long-term debt		650			1,105
Total current liabilities		2,483,654			2,227,464
Long-term debt		483,252			437,581
Deferred income taxes		35,268			33,209
Other liabilities		263,046			270,049
		3,265,220			2,968,303
Stockholders’ equity:
Preferred stock		—			—
Common stock		348			351
Additional paid-in capital		361,412			364,288
Retained earnings		1,050,074			993,245
Accumulated other comprehensive loss – foreign currency<br><br><br>translation adjustments		(10,007	)		(15,455	)
Total stockholders’ equity		1,401,827			1,342,429
	$	4,667,047		$	4,310,732

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

INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Six Months Ended<br><br><br>June 30,
	2021			2020
Cash flows from operating activities:
Net earnings	$	101,729		$	80,346
Adjustments to reconcile net earnings to net cash provided by<br><br><br>operating activities:
Depreciation and amortization		28,498			34,623
Provision for losses on accounts receivable		3,838			6,570
Non-cash stock-based compensation		9,375			7,241
Deferred income taxes		1,815			(1,464	)
Amortization of debt discount and issuance costs		8,375			8,002
Other adjustments		(5,308	)		2,829
Changes in assets and liabilities:
Increase in accounts receivable		(362,109	)		(182,511	)
Increase in inventories		(31,072	)		(26,647	)
(Increase) decrease in other assets		(8,282	)		46,088
Increase in accounts payable		294,860			529,742
Decrease in accrued expenses and other liabilities		(36,532	)		(7,290	)
Net cash provided by operating activities		5,187			497,529
Cash flows from investing activities:
Proceeds from sale of assets held for sale		27,211			14,218
Purchases of property and equipment		(16,837	)		(14,494	)
Acquisitions, net of cash and cash equivalents acquired		—			(6,406	)
Net cash provided by (used in) investing activities		10,374			(6,682	)
Cash flows from financing activities:
Borrowings on ABL revolving credit facility		1,838,680			1,381,179
Repayments on ABL revolving credit facility		(1,798,680	)		(1,807,421	)
Net (repayments) borrowings under inventory financing facilities		(17,538	)		7,457
Repurchases of treasury stock		(50,000	)		(25,000	)
Other payments		(7,944	)		(6,791	)
Net cash used in financing activities		(35,482	)		(450,576	)
Foreign currency exchange effect on cash, cash equivalents and<br><br><br>restricted cash balances		(594	)		(814	)
(Decrease) increase in cash, cash equivalents and restricted cash		(20,515	)		39,457
Cash, cash equivalents and restricted cash at beginning of period		130,582			116,297
Cash, cash equivalents and restricted cash at end of period	$	110,067		$	155,754

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

INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES

Reconciliation of GAAP to non-GAAP Financial Measures

(In thousands, except per share data)

(unaudited)

	Three Months Ended<br><br><br>June 30,						Six Months Ended<br><br><br>June 30,
	2021			2020			2021			2020
Adjusted Consolidated Earnings from Operations:
GAAP consolidated EFO	$	88,469		$	74,188		$	155,493		$	127,051
Amortization of intangible assets		8,068			10,014			16,109			20,122
Other		1,127			7,621			(5,613	)		11,231
Adjusted non-GAAP consolidated EFO	$	97,664		$	91,823		$	165,989		$	158,404
GAAP EFO as a percentage of net sales		4.0	%		3.8	%		3.5	%		3.1	%
Adjusted non-GAAP EFO as a percentage of net sales		4.4	%		4.7	%		3.8	%		3.9	%
Adjusted Consolidated Net Earnings:
GAAP consolidated net earnings	$	58,561		$	46,385		$	101,729		$	80,346
Amortization of intangible assets		8,068			10,014			16,109			20,122
Amortization of debt discount and issuance costs		3,013			2,886			5,996			5,717
Other		1,127			7,621			(5,613	)		11,231
Income taxes on non-GAAP adjustments		(3,042	)		(5,067	)		(3,961	)		(9,227	)
Adjusted non-GAAP consolidated net earnings	$	67,727		$	61,839		$	114,260		$	108,189
Adjusted Diluted Earnings Per Share:
GAAP diluted EPS	$	1.58		$	1.32		$	2.76		$	2.27
Amortization of intangible assets		0.21			0.28			0.43			0.56
Amortization of debt discount and issuance costs		0.08			0.08			0.16			0.16
Other		0.03			0.22			(0.15	)		0.32
Income taxes on non-GAAP adjustments		(0.08	)		(0.15	)		(0.11	)		(0.26	)
Impact of benefit from note hedge		0.09			—			0.12			—
Adjusted non-GAAP diluted EPS	$	1.91		$	1.75		$	3.21		$	3.05
Shares used in diluted EPS calculation		37,135			35,260			36,917			35,453
Impact of benefit from note hedge		(1,660	)		—			(1,375	)		—
Shares used in Adjusted non-GAAP diluted EPS calculation		35,475			35,260			35,542			35,453

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

INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES

Reconciliation of GAAP to NON-GAAP Financial Measures (Continued)

(In thousands, except per share data)

(unaudited)

	Three Months Ended<br><br><br>June 30,						Six Months Ended<br><br><br>June 30,
	2021			2020			2021			2020
Adjusted North America Earnings from Operations:
GAAP EFO from North America segment	$	64,119		$	52,068		$	118,040		$	94,409
Amortization of intangible assets		7,440			9,371			14,857			18,864
Other		878			5,515			(6,360	)		8,899
Adjusted non-GAAP EFO from North America segment	$	72,437		$	66,954		$	126,537		$	122,172
GAAP EFO as a percentage of net sales		3.6	%		3.4	%		3.5	%		2.9	%
Adjusted non-GAAP EFO as a percentage of net sales		4.1	%		4.4	%		3.7	%		3.8	%
Adjusted EMEA Earnings from Operations:
GAAP EFO from EMEA segment	$	19,332		$	17,910		$	29,422		$	26,230
Amortization of intangible assets		501			534			997			1,040
Other		240			2,093			738			2,303
Adjusted non-GAAP EFO from EMEA segment	$	20,073		$	20,537		$	31,157		$	29,573
GAAP EFO as a percentage of net sales		4.6	%		4.6	%		3.3	%		3.2	%
Adjusted non-GAAP EFO as a percentage of net sales		4.8	%		5.2	%		3.5	%		3.6	%
Adjusted APAC Earnings from Operations:
GAAP EFO from APAC segment	$	5,018		$	4,210		$	8,031		$	6,412
Amortization of intangible assets		127			109			255			218
Other		9			13			9			29
Adjusted non-GAAP EFO from APAC segment	$	5,154		$	4,332		$	8,295		$	6,659
GAAP EFO as a percentage of net sales		9.6	%		11.2	%		7.2	%		7.3	%
Adjusted non-GAAP EFO as a percentage of net sales		9.8	%		11.5	%		7.4	%		7.5	%

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

INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES

Reconciliation of GAAP to NON-GAAP Financial Measures (Continued)

(In thousands, except per share data)

(unaudited)

	Three Months Ended<br><br><br>June 30,						Six Months Ended<br><br><br>June 30,
	2021			2020			2021			2020
Adjusted EBITDA:
GAAP consolidated net earnings	$	58,561		$	46,385		$	101,729		$	80,346
Interest expense		9,676			10,262			19,762			22,180
Income tax expense		19,979			16,486			33,478			25,125
Depreciation and amortization of property and equipment		6,208			7,212			12,389			14,501
Amortization of intangible assets		8,068			10,014			16,109			20,122
Non-cash stock-based compensation		4,659			2,832			9,375			7,241
Other		1,127			7,621			(5,613	)		11,231
Adjusted non-GAAP EBITDA	$	108,278		$	100,812		$	187,229		$	180,746
GAAP consolidated net earnings as a percentage of net sales		2.6	%		2.4	%		2.3	%		2.0	%
Adjusted non-GAAP EBITDA as a percentage of net sales		4.9	%		5.1	%		4.2	%		4.4	%
	Twelve Months Ended<br><br><br>June 30,
---	---	---	---	---	---	---
	2021			2020
Adjusted return on invested capital:
GAAP consolidated EFO	$	300,017		$	238,489
Other		(3,566	)		25,286
Adjusted non-GAAP consolidated EFO*		296,451			263,775
Income tax expense**		77,077			68,582
Adjusted non-GAAP consolidated EFO, net of tax	$	219,374		$	195,193
Average stockholders’ equity***	$	1,319,534		$	1,140,093
Average debt***		414,685			586,456
Average cash***		(120,796	)		(116,764	)
Invested Capital	$	1,613,423		$	1,609,785
Adjusted non-GAAP ROIC (from GAAP consolidated EFO) ****		13.76	%		10.96	%
Adjusted non-GAAP ROIC (from non-GAAP consolidated<br><br><br>EFO) *****		13.60	%		12.13	%
*	The adjusted non-GAAP consolidated EFO amount used for the Adjusted non-GAAP ROIC calculation does not exclude amortization of intangible assets. This calculation remains consistent with the metric utilized in management’s compensation plan.
---	---
**	Assumed tax rate of 26.0%.
---	---
***	Average of previous five quarters.
---	---
****	Computed as GAAP consolidated EFO, net of tax of $78,004 and $62,007 for the twelve months ended June 30, 2021 and 2020, respectively, divided by invested capital.
---	---
*****	Computed as Adjusted non-GAAP consolidated EFO, net of tax, divided by invested capital.
---	---

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

Insight Enterprises, Inc. Second Quarter 2021 Earnings Conference Call and Webcast Exhibit 99.2

Agenda Disclosures

CEO Commentary Second Quarter 2021 Highlights Emerging Technology: Artificial Intelligence and Computer Vision Diverse Solutions Offerings Business and Leadership Recognitions

CFO Commentary Second Quarter 2021 Financial Highlights by Region Cashflow and Debt Covenants 2021 Outlook

Closing Comments

Disclosures Safe harbor statementThis presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 related to Insight’s plans and expectations. Statements that are not historical facts, including those related to coronavirus strain COVID-19 (“COVID-19”), our future responses to and the impact of COVID-19 on our Company, our expectations about future financial results, our expectations regarding current supply constraints, our expectations regarding backlog shipments, future expected trends in the IT market and our opportunities for growth, are forward-looking statements. These forward-looking statements are subject to assumptions, risks and uncertainties which could cause actual results or future events to differ materially from such statements. The Company undertakes no obligation to update publicly or revise any of the forward-looking statements, except as otherwise required by law. More detailed information about risk factors is included in today’s press release and discussed in the Company’s most recently filed periodic reports and subsequent filings with the Securities and Exchange Commission.

Non-GAAP measures This presentation will reference certain non-GAAP financial information as ‘Adjusted’. A reconciliation of non-GAAP financial measures presented in this document to our actual GAAP results is attached to the back of this presentation and included in the press release issued today, which you may find on the Investor Relations section of our website at investor.insight.com.

Constant currency In some instances the Company refers to changes in net sales, gross profit and earnings from operations on a consolidated basis and in North America, EMEA and APAC excluding the effects of fluctuating foreign currency exchange rates. In computing these changes and percentages, the Company compares the current year amount as translated into U.S. dollars under the applicable accounting standards to the prior year amount in local currency translated into U.S. dollars utilizing the weighted average translation rate for the current period.

Second Quarter 2021 Highlights and Expectations Double digit top line growth across all major categories of net sales Gross margin 16.4% GAAP EFO up 19% from last year Adjusted EFO* up 6% from last year Adjusted return on invested capital* 13.6%, up from 12.1% last year Hardware booking trends strong throughout the quarter Elevated hardware backlog at the end of the quarter and pipeline for future sales at healthy levels Expect about 50% of backlog to ship out during Q3 Clients continued to leverage cloud solutions 22%** - Cloud as a percent of total gross profit up more than 300 bps year over year * See Appendix for reconciliation of non-GAAP measures ** For the period twelve months ended June 30, 2021

Artificial Intelligence Building Smarter, Safer Workplaces When organizations leverage artificial intelligence (AI) and machine learning, they gain access to new insights — and the ability to act upon them more quickly and strategically. Computer vision, a type of AI, expands visibility, so organizations can improve operations. Computer Vision (CV) refers to the use of advanced analytics to analyze, understand and/or respond to digital images.

Computer Vision at Work Image processing Image acquisition Image understanding An image is captured as a matrix of pixels — each with a numerical value. The image is adjusted to a size and format that can be interpreted by the CV algorithm. The image is analyzed for predetermined patterns which can then trigger action.

Computer Vision Delivers Value Employee safety Detect people and/or equipment entering danger zones. Anomaly/defect detection Detect conditions impacting product quality and equipment maintenance. Security Detect people entering unauthorized areas. Correlate products with POS systems to prevent theft. Process optimization Use Optical Character Recognition (OCR) to scan documents, file or trigger follow-up Customer experience Identify long checkout lines or overcrowded areas to direct staff response. Inspection & compliance Automate routine asset evaluation especially in remote locations while reducing human error.

Diverse Solutions Offerings Multi-phased solutions create meaningful experiences that help businesses run smarter.

Insight Business Recognitions #360 on the Fortune 500 rankings for 2021 – improved 49 spots One of 11 providers globally to be recognized in the Gartner Magic Quadrant for Software Asset Management Managed Services Earned four of Microsoft’s most prestigious awards after a record-setting year: Worldwide Migration to Azure Partner of the Year for demonstrating excellence in innovation and implementation of customer solutions Worldwide Solution Assessments Partner of the Year for our use of deep data and analytics capability to help clients achieve a cohesive, single source for data Worldwide Microsoft 365 & Surface Solution Selling Partner of the Year recognizing our efforts to sell complete modern workplace solutions US Application Innovation Partner of the Year for leadership in customer impact, solution innovation, deployment and exceptional use of advanced features in Microsoft technologies

Insight Leadership Recognitions Insight’s values of Hunger, Heart, and Harmony are core to how our teammates treat one another, engage with those we work with every day, and improve the communities where we work and live. CFO Named to The Top 100 Women Leaders in Technology of 2021 by Women We Admire Honored as one of Phoenix Business Journal’s Most Admired Leaders CIO named Global CIO of the Year by Arizona CIO 16 Insight women recognized with CRN Women in the Channel Awards Four named to CRN’s Power 60 Solutions Providers, elite subset of female executives at solution provider organizations whose insight and influence drive channel success

CFO Commentary Second Quarter 2021 Financial Highlights by Region Cashflow and Debt Covenants 2021 Outlook

Second Quarter 2021 Highlights Net Sales of $2.2 billion Gross margin 16.4% SG&A up 10.5% year over year in constant currency, up 14.2% in US dollars 12.4% - GAAP SG&A as a percent of net sales 12.1% - Adjusted SG&A as a percent of net sales* GAAP EFO of $88 million Adjusted EFO* of $98 million GAAP Diluted Earnings Per share $1.58 Adjusted Diluted Earnings Per Share* of $1.91 * See Appendix for reconciliation of non-GAAP measures

Q2 2021 Year over Year Results GAAP Earnings from operations $88M GAAP Diluted EPS $1.58 * See Appendix for reconciliation of non-GAAP measures ** Reference “Constant currency” section on slide 3 of this presentation (in constant $**)

Net Sales Gross Profit Gross Margin +14% YoY +14% YoY -10 bps YoY SG&A % of Net Sales Adj EFO* Sales Mix 0 bps YoY +8% YoY 66% 19% 15% Hardware Software Services $1.76B 2020 2021 $279M 2020 2021 15.8% 2020 2021 $72M 2020 2021 12.2% 2020 2021 * See Appendix for reconciliation of non-GAAP measures Q2 2021 North America | Financial Results GAAP Earnings from operations $64M Adjusted SG&A % of Net Sales +10 bps YoY 11.7% 2020 2021

* See Appendix for reconciliation of non-GAAP measures ** Reference “Constant currency” section on slide 3 of this presentation Q2 2021 EMEA | Financial Results GAAP Earnings from Operations $19M (in constant $**) (in constant $**) (in constant $**)

* See Appendix for reconciliation of non-GAAP measures ** Reference “Constant currency” section on slide 3 of this presentation Q2 2021 APAC | Financial Results (in constant $**) (in constant $**) GAAP Earnings from Operations $5M (in constant $**)

Q2 2021 | Cash Flows and Cash Cycle

Liquidity and Debt Covenants ** Tax Expense plus Interest Expense less non-cash imputed interest under the Inventory Financing Facility and the Company’s Convertible Notes as discussed in Management’s Discussion and Analysis – Interest Expense, Net * “Other” includes (i) severance and restructuring expenses, net, (ii) acquisition and integration related expenses, and (iii) impairment of property and equipment, as applicable.

Full Year 2021 Outlook 2021 net sales expected to grow between 4% and 8%, with a bias toward the high-end Adjusted diluted earnings per share* is expected to be between $6.75 and $6.90 per share for the full year 2021 Includes expected $0.06 impact from share repurchases made in second quarter Assumptions: Interest expense between $25 and $28 million Effective tax rate of 25% to 26% for the full year 2021 Capital expenditures of $65 to $75 million, including the build out of our new corporate headquarters Average share count for the full year of 35.5 million shares Exclusions: acquisition related intangibles amortization expense of approximately $32 million (posted on website) amortization of convertible debt discount and issuance costs reported in interest expense of approximately $12 million (posted on website) acquisition-related or severance and restructuring expenses. Adjusted diluted earnings per share excludes severance and restructuring expense and other unique items as well as Amortization expense related to acquired intangibles and non-cash imputed interest on convertible notes. Due to the inherent difficulty of forecasting some of these types of expenses, which impact net earnings and diluted earnings per share, the Company is unable to reasonably estimate the impact of such expenses, if any, to net earnings and diluted earnings per share. Accordingly, the Company is unable to provide a reconciliation of GAAP to non-GAAP diluted earnings per share for the full year 2021 forecast.

Appendix

US Dollar in $000s, except per share data 2021 2020 2021 2020 Adjusted Consolidated Earnings from Operations: GAAP consolidated EFO 88,469 $ 74,188 $ 155,493 $ 127,051 $ Amortization of intangible assets 8,068 10,014 16,109 20,122 Other 1,127 7,621 (5,613) 11,231 Adjusted non-GAAP consolidated EFO 97,664 $ 91,823 $ 165,989 $ 158,404 $ Adjusted Consolidated Net Earnings: GAAP consolidated net earnings 58,561 $ 46,385 $ 101,729 $ 80,346 $ Amortization of intangible assets 8,068 10,014 16,109 20,122 Amortization of debt discount and issuance costs 3,013 2,886 5,996 5,717 Other 1,127 7,621 (5,613) 11,231 Income taxes on non-GAAP adjustments (3,042) (5,067) (3,961) (9,227) Adjusted non-GAAP consolidated net earnings 67,727 $ 61,839 $ 114,260 $ 108,189 $ Adjusted Diluted EPS: GAAP diluted EPS 1.58 $ 1.32 $ 2.76 $ 2.27 $ Amortization of intangible assets 0.21 0.28 0.43 0.56 Amortization of debt discount and issuance costs 0.08 0.08 0.16 Appendix – Reconciliation of GAAP to Non-GAAP Financial Measures* * Adjusted consolidated earnings from operations, Adjusted consolidated net earnings and Adjusted diluted earnings per share exclude (i) severance and restructuring expenses, (ii) certain acquisition and integration related expenses, (iii) amortization of intangible assets, and (iv) the tax effects of each of these items, as applicable. Adjusted consolidated net earnings and Adjusted diluted earnings per share also exclude amortization of debt discount and issuance costs associated with the issuance of the Company’s convertible senior notes due 2025.

Appendix – Reconciliation of GAAP to Non-GAAP Financial Measures* (continued) * Adjusted consolidated earnings from operations, Adjusted consolidated net earnings and Adjusted diluted earnings per share exclude (i) severance and restructuring expenses, (ii) certain acquisition and integration related expenses, (iii) amortization of intangible assets, and (iv) the tax effects of each of these items, as applicable.

Appendix – Reconciliation of GAAP to Non-GAAP Financial Measures (continued) * The adjusted non-GAAP consolidated EFO amount used for the Adjusted non-GAAP ROIC calculation does not exclude amortization of intangible assets. This calculation remains consistent with the metric utilized in management’s compensation plan. ** Assumed tax rate of 26.0%. *** Average of previous five quarters. **** Computed as GAAP consolidated EFO, net of tax of $78,004 and $62,007 for the twelve months ended June 30, 2021, and 2020, respectively, divided by invested capital. ***** Computed as Adjusted non-GAAP consolidated EFO, net of tax, divided by invested capital.

Appendix – Reconciliation of GAAP to Non-GAAP Financial Measures (continued)

Appendix - Convertible Senior Notes * NSIT assumed stock price for 20 out of last 30 trading days in the period ** The Balance Sheet impacts only apply post adoption of ASU 2020-06 on January 1, 2022. Diluted Earnings Per Share (DEPS) incremental number of shares* for various NSIT stock price examples: Insight’s policy elected for settlement of the convertible notes is principal/par value in cash with the excess being settled in shares resulting in dilution in GAAP reported Diluted Earnings Per Share (“DEPS”). The DEPS incremental shares for GAAP reporting purposes are not issued at the time of reporting and are a non-GAAP exclusion for the Company (up to the strike price of the warrants of $103.12). The bond hedge effectively raises the potential dilution point of the convertible note and call spread from $68.32 up to $103.12, as illustrated below: Balance sheet classification impacts of Sales price conversion trigger being met**:

Appendix - Convertible Senior Notes * No automatic redemption trigger, expect convertible notes will remain outstanding for foreseeable future. GAAP diluted earnings per share (DEPS) are for reporting purposes only, no incremental shares were actually issued. ** Principal amount would be settled in cash and only premium above $103.12 would result in actual shares being issues Insight Convertible Senior Notes - $350 Million Relevant NSIT stock prices: Price at issuance - $51.56 Conversion ratio price equivalent - $68.32 Sales price conversion trigger - $88.82 Bond hedge strike price - $68.32 Warrants strike price - $103.12 Potential dilution to existing shareholders** Assumed accreted value - $308.5 Million Triggered potential additional shares in GAAP DEPS*