Press Release

Insight Enterprises, Inc. Reports Fourth Quarter and Full Year 2015 Results

February 10, 2016 11:14 PM EST

Insight Enterprises, Inc. (Nasdaq:NSIT) (the "Company") today reported results of operations for the quarter and year ended December 31, 2015.

Results for the Quarter:

  • Consolidated net sales of $1.4 billion for the fourth quarter of 2015 decreased 4% compared to the fourth quarter of 2014, down 1% year to year excluding the effects of foreign currency movements.
    • Net sales in North America of $999.7 million were flat year over year, but up 1% excluding the effects of foreign currency movements;
    • Net sales in EMEA of $342.0 million decreased 13%, down 4% excluding the effects of foreign currency movements; and
    • Net sales in APAC of $45.4 million decreased 15%, down 4% excluding the effects of foreign currency movements.
  • Consolidated gross profit of $180.9 million decreased 1% compared to the fourth quarter of 2014, but increased 3% year over year excluding the effects of foreign currency movements. Consolidated gross margin increased approximately 40 basis points to 13.0% of net sales.
    • Gross profit in North America of $125.8 million (12.6% gross margin) increased 1% year over year, up 2% year over year excluding the effects of foreign currency movements;
    • Gross profit in EMEA of $47.7 million (13.9% gross margin) was down 4% year to year, but increased 5% year over year excluding the effects of foreign currency movements; and
    • Gross profit in APAC of $7.3 million (16.1% gross margin) was down 7% year to year, but increased 5% year over year excluding the effects of foreign currency movements.
  • Consolidated earnings from operations decreased 13% compared to the fourth quarter of 2014 to $30.6 million, or 2.2% of net sales. Excluding the effects of foreign currency movements, the decrease in consolidated earnings from operations was 12% year to year.
    • Earnings from operations in North America decreased 17% year to year to $24.2 million, or 2.4% of net sales;
    • Earnings from operations in EMEA increased 10% year over year to $4.3 million, or 1.3% of net sales, up 11% excluding the effects of foreign currency movements; and
    • Earnings from operations in APAC decreased 2% year to year to $2.0 million, or 4.4% of net sales, but increased 5% year over year excluding the effects of foreign currency movements.
  • Non-GAAP consolidated earnings from operations, which excludes severance and restructuring expenses in both periods, decreased 13% year to year to $33.5 million, or 2.4% of net sales for the fourth quarter of 2015.*
  • Consolidated net earnings and diluted earnings per share for the fourth quarter of 2015 were $18.6 million and $0.50, respectively, at an effective tax rate of 34.0%.
  • Non-GAAP consolidated net earnings and diluted earnings per share, which exclude severance and restructuring expenses and the tax effect of these charges in both periods, were $21.4 million and $0.57, respectively, for the fourth quarter of 2015.*

Results for the Year:

  • Consolidated net sales of $5.4 billion for 2015 increased 1% compared to 2014, up 6% year over year excluding the effects of foreign currency movements.
    • Net sales in North America of $3.8 billion increased 7%, up 8% excluding the effects of foreign currency movements;
    • Net sales in EMEA of $1.4 billion decreased 11%, but increased 2% excluding the effects of foreign currency movements; and
    • Net sales in APAC of $178.4 million decreased 16%, down 5% excluding the effects of foreign currency movements.
  • Consolidated gross profit of $716.3 million increased 1% compared to 2014, up 5% year over year excluding the effects of foreign currency movements. Consolidated gross margin decreased approximately 10 basis points to 13.3% of net sales.
    • Gross profit in North America of $501.6 million (13.1% gross margin) increased 5% year over year, up 6% year over year excluding the effects of foreign currency movements;
    • Gross profit in EMEA of $186.3 million (13.6% gross margin) was down 7% year to year, but increased 6% year over year excluding the effects of foreign currency movements; and
    • Gross profit in APAC of $28.5 million (16.0% gross margin) was down 19% year to year, down 7% excluding the effects of foreign currency movements.
  • Consolidated earnings from operations decreased 3% compared to 2014 to $126.5 million, or 2.4% of net sales. Excluding the effects of foreign currency movements, consolidated earnings from operations were flat year over year.
    • Earnings from operations in North America were flat year over year at $103.8 million, or 2.7% of net sales;
    • Earnings from operations in EMEA decreased 6% year to year to $16.6 million, or 1.2% of net sales, but increased 6% year over year excluding the effects of foreign currency movements; and
    • Earnings from operations in APAC decreased 38% year to year to $6.1 million, or 3.4% of net sales. Excluding the effects of foreign currency movements, the decrease in APAC's earnings from operations was 29% year to year.
  • Non-GAAP consolidated earnings from operations, which excludes severance and restructuring expenses and non-cash real estate charges in both periods, decreased 6% year to year to $132.2 million, or 2.5% of net sales, for 2015.*
  • Consolidated net earnings and diluted earnings per share for 2015 were $75.9 million and $1.98, respectively, at an effective tax rate of 36.4%.
  • Non-GAAP consolidated net earnings and diluted earnings per share, which exclude severance and restructuring expenses and non-cash real estate charges and the tax effect of these charges in both periods, were $80.7 million and $2.11, respectively, for 2015.*
  • During 2015, the Company repurchased approximately 3.3 million shares of its common stock at a total cost of $91.8 million, which represented all amounts authorized under previously approved repurchase programs (not including amounts authorized under the February 2016 repurchase program discussed below).

"As we look back at 2015, we have quite a few things to be excited about. Our North America business delivered solid growth for the year and gained market share across core categories, all while expanding its sales force and adding capabilities to our portfolio of services offerings, including the acquisition of BlueMetal," stated Ken Lamneck, President and Chief Executive Officer. "Additionally, our EMEA business continued its journey to expand Cloud and services capabilities across the footprint, growing services sales more than 20% in constant currency, and overall, drove gross profit growth faster than sales, which led to high single digit non-GAAP earnings from operations growth for the year in constant currency," stated Lamneck. "Despite somewhat softer market conditions in the fourth quarter of 2015, we believe that the investments we made over the past two years, combined with our global scale and expertise in the areas of data center, software and services, will serve us well as we compete in the market in 2016," added Lamneck.

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

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

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

STOCK REPURCHASE PROGRAM

On February 10, 2016, the Company's Board of Directors authorized the repurchase of up to $50 million of the Company's common stock. The Company's share repurchases will 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. The Company intends to retire the repurchased shares.

GUIDANCE

For the full year 2016, the Company expects its business to deliver top line growth in the low- to mid-single digit range in U.S. dollar terms. The Company also expects diluted earnings per share for the full year 2016 to be between $2.25 and $2.35.

This outlook reflects:

  • The adverse effect on gross profit of previously announced partner program changes in the software category, which the Company expects to be between $5 and $10 million;
  • an effective tax rate of approximately 37%;
  • the completion of the Company's recently authorized share repurchase program of up to $50 million, leading to an average share count of approximately 36 million shares for the year; and
  • capital expenditures of $10 to $15 million.

This outlook excludes severance and restructuring expenses.

CONFERENCE CALL AND WEBCAST

The Company will host a conference call and live web cast today at 5:00 p.m. ET to discuss fourth quarter and full year 2015 results of operations. A live web cast of the conference call (in listen-only mode) will be available on the Company's web site at http://nsit.client.shareholder.com/events.cfm, and a replay of the web cast will be available on the Company's web site for a limited time following the call. To listen to the live web cast by telephone, call 1-877-402-8904 if located in the U.S., 678-809-1029 for international callers, and enter the access code 37664236. NSIT-F

USE OF NON-GAAP FINANCIAL MEASURES

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

                                                 
FINANCIAL SUMMARY TABLE
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
                                                   
    Three Months Ended December 31,       Years Ended December 31,

Insight Enterprises, Inc.

    2015       2014     change       2015       2014     change
Net sales   $ 1,387,185     $ 1,446,134       (4 %)     $ 5,373,090     $ 5,316,229       1 %
Gross profit   $ 180,853     $ 182,239       (1 %)     $ 716,332     $ 712,403       1 %
Gross margin     13.0 %     12.6 %     40 bps       13.3 %     13.4 %     (10 bps)
Selling and administrative expenses   $ 147,310     $ 143,594       3 %     $ 584,906     $ 576,967       1 %
Severance and restructuring expenses   $ 2,995     $ 3,478       (14 %)     $ 4,907     $ 4,433       11 %
Earnings from operations   $ 30,548     $ 35,167       (13 %)     $ 126,519     $ 131,003       (3 %)
Net earnings   $ 18,576     $ 19,483       (5 %)     $ 75,851     $ 75,684       -  
Diluted earnings per share   $ 0.50     $ 0.48       4 %     $ 1.98     $ 1.83       8 %
                                                   

North America

                                                 
Net sales   $ 999,737     $ 1,001,447       -       $ 3,823,528     $ 3,562,726       7 %
Gross profit   $ 125,833     $ 124,782       1 %     $ 501,563     $ 477,447       5 %
Gross margin     12.6 %     12.5 %     10 bps       13.1 %     13.4 %     (30 bps)
Selling and administrative expenses   $ 101,375     $ 94,815       7 %     $ 396,603     $ 372,936       6 %
Severance and restructuring expenses   $ 253     $ 806       (69 %)     $ 1,126     $ 971       16 %
Earnings from operations   $ 24,205     $ 29,161       (17 %)     $ 103,834     $ 103,540       -  
                                                   

EMEA

                                                 
Net sales   $ 342,034     $ 391,524       (13 %)     $ 1,371,137     $ 1,539,968       (11 %)
Gross profit   $ 47,712     $ 49,614       (4 %)     $ 186,287     $ 199,916       (7 %)
Gross margin     13.9 %     12.7 %     120 bps       13.6 %     13.0 %     60 bps
Selling and administrative expenses   $ 40,647     $ 42,997       (5 %)     $ 165,879     $ 178,816       (7 %)
Severance and restructuring expenses   $ 2,742     $ 2,672       3 %     $ 3,781     $ 3,356       13 %
Earnings from operations   $ 4,323     $ 3,945       10 %     $ 16,627     $ 17,744       (6 %)
                                                   

APAC

                                                 
Net sales   $ 45,414     $ 53,163       (15 %)     $ 178,425     $ 213,535       (16 %)
Gross profit   $ 7,308     $ 7,843       (7 %)     $ 28,482     $ 35,040       (19 %)
Gross margin     16.1 %     14.8 %     130 bps       16.0 %     16.4 %     (40 bps)
Selling and administrative expenses   $ 5,288     $ 5,782       (9 %)     $ 22,424     $ 25,215       (11 %)
Severance and restructuring expenses   $ -     $ -       -       $ -     $ 106       *  
Earnings from operations   $ 2,020     $ 2,061       (2 %)     $ 6,058     $ 9,719       (38 %)
                                                   

* Percentage change not considered meaningful.

      North America   EMEA   APAC
      Three Months Ended   Three Months Ended   Three Months Ended
      December 31,   December 31,   December 31,
                                                       

Sales Mix

    2015     2014    

% change*

  2015       2014      

% change*

  2015     2014     % change*
                     

 

                 

 

                     
Hardware     60 %     60 %       1 %   38 %     36 %       (8 %)   12 %     7 %     43 %
Software     34 %     34 %       (3 %)   59 %     62 %       (17 %)   85 %     90 %     (19 %)
Services     6 %     6 %       4 %   3 %     2 %       18 %   3 %     3 %     (9 %)
      100 %     100 %       -     100 %     100 %       (13 %)   100 %     100 %     (15 %)
                                                                         

 

   

North America

   

EMEA

   

APAC

     

Years Ended

   

Years Ended

   

Years Ended

      December 31,    

December 31,

    December 31,
                                           

Sales Mix

    2015     2014    

% change*

    2015     2014    

% change*

    2015     2014    

% change*

             

 

           

 

           

 

Hardware     61 %   61 %   7 %     39 %   37 %   (7 %)     8 %   6 %   15 %
Software     32 %   33 %   5 %     58 %   61 %   (14 %)     89 %   91 %   (18 %)
Services     7 %   6 %   20 %     3 %   2 %   9 %     3 %   3 %   (20 %)
      100 %   100 %   7 %     100 %   100 %   (11 %)     100 %   100 %   (16 %
                                                             

* Represents growth/decline in category net sales on a U.S. dollar basis and does not exclude the effects of foreign currency movements.

FORWARD-LOOKING INFORMATION

Certain statements in this release and the related conference call and web cast are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including the Company's expected 2016 financial results, including top line growth rates and diluted earnings per share, and the assumptions relating thereto, including foreign currency exchange rates, the effect on gross margin of partner program changes, the Company's effective tax rate, capital expenditures, plans concerning the completion of the Company's recently authorized share repurchase program and its effect on the expected average outstanding share count for 2016 and the health of the IT industry and trends and opportunities relating thereto, are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. There can be no assurances that the results discussed by the forward-looking statements will be achieved, and actual results may differ materially from those set forth in the forward-looking statements. Some of the important factors that could cause the Company's actual results to differ materially from those projected in any forward-looking statements, include, but are not limited to, the following, which are discussed in "Risk Factors" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2014:

  • the Company's reliance on partners for product availability and competitive products to sell as well as the Company's competition with its partners;
  • the Company's reliance on partners for marketing funds and purchasing incentives;
  • changes in the IT industry and/or rapid changes in technology;
  • actions of the Company's competitors, including manufacturers and publishers of products the Company sells;
  • failure to comply with the terms and conditions of the Company's commercial and public sector contracts;
  • disruptions in the Company's IT systems and voice and data networks;
  • the security of the Company's electronic and other confidential information;
  • general economic conditions;
  • the Company's reliance on commercial delivery services;
  • the Company's dependence on certain personnel;
  • the variability of the Company's net sales and gross profit;
  • the risks associated with the Company's international operations;
  • exposure to changes in, interpretations of, or enforcement trends related to tax rules and regulations; and
  • intellectual property infringement claims and challenges to the Company's registered trademarks and trade names.

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

                 

INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(IN THOUSANDS, EXCEPT PER SHARE DATA)

(UNAUDITED)

                 

 

 

Three Months Ended

 

Years Ended

   

December 31,

 

December 31,

                                 
      2015       2014       2015       2014  
                 
Net sales   $ 1,387,185     $ 1,446,134     $ 5,373,090     $ 5,316,229  
                                 
Costs of goods sold     1,206,332       1,263,895       4,656,758       4,603,826  
Gross profit     180,853       182,239       716,332       712,403  
Operating expenses:                
Selling and administrative expenses     147,310       143,594       584,906       576,967  
Severance and restructuring expenses     2,995       3,478       4,907       4,433  
                                 
Earnings from operations     30,548       35,167       126,519       131,003  
Non-operating (income) expense:                
Interest income     (172 )     (251 )     (783 )     (1,062 )
Interest expense     1,706       1,466       7,224       6,019  
Net foreign currency exchange loss (gain)     535       (868 )     (393 )     327  
Other expense, net     326       286       1,295       1,347  
Earnings before income taxes     28,153       34,534       119,176       124,372  
Income tax expense     9,577       15,051       43,325       48,688  
Net earnings   $ 18,576     $ 19,483     $ 75,851     $ 75,684  
                 
                 
Net earnings per share:                
Basic   $ 0.50     $ 0.48     $ 2.00     $ 1.84  
Diluted   $ 0.50     $ 0.48     $ 1.98     $ 1.83  
                 
                 
Shares used in per share calculations:                
Basic     37,099       40,692       37,984       41,062  
Diluted     37,429       41,015       38,275       41,358  
                 
             

INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS)

(UNAUDITED)

             

 

   

December 31,

        2015       2014  
             
ASSETS            
Current assets:            
Cash and cash equivalents     $ 187,978     $ 164,524  
                 
Accounts receivable, net       1,315,094       1,309,209  
Inventories       119,820       122,573  
Inventories not available for sale       51,756       45,261  
Other current assets       77,011       62,920  
                 
Total current assets       1,751,659       1,704,487  
             
Property and equipment, net       88,281       104,181  
Goodwill       56,195       26,257  
Intangible assets, net       26,983       23,567  
Deferred income taxes       62,986       71,720  
Other assets       27,913       17,626  
                 
      $ 2,014,017     $ 1,947,838  
             
             
LIABILITIES AND STOCKHOLDERS' EQUITY            
Current liabilities:            
Accounts payable - trade     $ 905,464     $ 819,916  
Accounts payable - inventory financing facility       106,327       122,781  
Accrued expenses and other current liabilities       144,633       144,561  
Current portion of long-term debt       1,535       766  
Deferred revenue       50,166       50,904  
                 
Total current liabilities       1,208,125       1,138,928  
             
Long-term debt       89,000       62,535  
Deferred income taxes       239       655  
Other liabilities       30,911       24,489  
                 
        1,328,275       1,226,607  
             
Stockholders' equity:            
Preferred stock       -       -  
Common stock       371       401  
Additional paid-in capital       316,686       337,167  
Retained earnings       408,721       396,992  
               

Accumulated other comprehensive loss - foreign currency translation adjustments

      (40,036

)

   

(13,329

)

Total stockholders' equity       685,742       721,231  
                   
      $ 2,014,017     $ 1,947,838  
                   
             

INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN THOUSANDS)

(UNAUDITED)

             

 

   

Years Ended December 31,

        2015         2014  
             
Cash flows from operating activities:            
Net earnings     $ 75,851       $ 75,684  
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization       37,957         40,570  
Non-cash real estate impairment       800         4,558  
Provision for losses on accounts receivable       6,761         4,409  
Write-downs of inventories       3,997         2,630  
Write-off of property and equipment       535         741  
Non-cash stock-based compensation       8,922         7,750  
Excess tax benefit from employee gains on stock-based compensation       (592 )       (568 )
Deferred income taxes       5,174         3,794  
Gain on related party sale of property and equipment       -         (895 )
Changes in assets and liabilities:            
Increase in accounts receivable       (47,206 )       (107,969 )
Increase in inventories       (9,214 )       (35,714 )
Increase in other assets       (26,714 )       (3,578 )
Increase in accounts payable       113,594         121,506  
Increase in deferred revenue       2,927         8,303  
Increase (decrease) in accrued expenses and other liabilities       7,718         (10,902 )
Net cash provided by operating activities       180,510         110,319  
             
Cash flows from investing activities:            
Acquisition of BlueMetal, net of cash acquired       (44,221 )       -  
Purchases of property and equipment       (13,416 )       (9,983 )
Proceeds from related party sale of property and equipment       -         2,472  
Net cash used in investing activities       (57,637 )       (7,511 )
             
Cash flows from financing activities:            
Borrowings on senior revolving credit facility       686,410         484,992  
Repayments on senior revolving credit facility       (686,410 )       (501,492 )
                     
Borrowings on accounts receivable securitization financing facility       1,897,100         1,050,070  
                     
Repayments on accounts receivable securitization financing facility       (1,869,100 )       (1,039,070 )
Borrowings under other financing agreements       -         2,002  
Repayments under other financing agreements       (543 )       (150 )
Payments on capital lease obligation       (223 )       (217 )
Net (repayments) borrowings under inventory financing facility       (16,454 )       7,529  
Payment of deferred financing fees       -         (351 )
Excess tax benefit from employee gains on stock-based compensation       592         568  
             

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

      (2,265

)

      (2,028

)

Repurchases of common stock       (91,843 )       (50,383 )
Net cash used in financing activities       (82,736 )       (48,530 )
Foreign currency exchange effect on cash and cash equivalent balances       (16,683 )       (16,571 )
Increase in cash and cash equivalents       23,454         37,707  
Cash and cash equivalents at beginning of year       164,524         126,817  
Cash and cash equivalents at end of year     $ 187,978       $ 164,524  
                     
                     

INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(IN THOUSANDS, EXCEPT PER SHARE DATA)

(UNAUDITED)

                     

 

   

Three Months Ended

    Years Ended

 

   

December 31,

    December 31,
        2015     2014       2015     2014
                     

Consolidated Earnings from Operations:

                   
GAAP     $ 30,548   $ 35,167     $ 126,519   $ 131,003
Non-cash real estate impairment and accelerated depreciation       -     -       800     5,178
Severance and restructuring expenses       2,995     3,478       4,907     4,433
Non-GAAP     $ 33,543   $ 38,645     $ 132,226   $ 140,614
                     
                     

Consolidated Net Earnings:

                   
GAAP     $ 18,576   $ 19,483     $ 75,851   $ 75,684
Non-cash real estate impairment and accelerated depreciation, net of tax       -     -       499     3,174
Severance and restructuring expenses, net of tax       2,818     3,088       4,341     3,686
Non-GAAP     $ 21,394   $ 22,571     $ 80,691   $ 82,544
                     
                     

Consolidated Diluted EPS:

                   
GAAP     $ 0.50   $ 0.48     $ 1.98   $ 1.83
Non-cash real estate impairment and accelerated depreciation, net of tax       -     -       0.01     0.08
Severance and restructuring expenses, net of tax       0.07     0.07       0.12     0.09
Non-GAAP     $ 0.57   $ 0.55     $ 2.11   $ 2.00
                     
                     

North America Earnings from Operations:

                   
GAAP     $ 24,205   $ 29,161     $ 103,834   $ 103,540
Non-cash real estate impairment and accelerated depreciation       -           800     5,178
Severance and restructuring expenses       253     806       1,126     971
Non-GAAP     $ 24,458   $ 29,967     $ 105,760   $ 109,689
                     
                     

EMEA Earnings from Operations:

                   
GAAP     $ 4,323   $ 3,945     $ 16,627   $ 17,744
Severance and restructuring expenses       2,742     2,672       3,781     3,356
Non-GAAP     $ 7,065   $ 6,617     $ 20,408   $ 21,100
                     
                     

APAC Earnings from Operations:

                   
GAAP     $ 2,020   $ 2,061     $ 6,058   $ 9,719
Severance and restructuring expenses       -     -       -     106
Non-GAAP     $ 2,020   $ 2,061     $ 6,058   $ 9,825
                             

 

Contacts

Glynis Bryan
Chief Financial Officer
480.333.3390
glynis.bryan@insight.com

Helen Johnson
Senior VP, Finance
480.333.3234
helen.johnson@insight.com