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0000932696false00009326962025-05-012025-05-01

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):  May 1, 2025
Image_0.jpg
INSIGHT ENTERPRISES, INC.
(Exact name of registrant as specified in its charter)
_____________________________
Delaware 0-25092 86-0766246
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
2701 East Insight Way,
Chandler, Arizona 85286
(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 May 1, 2025, Insight Enterprises, Inc. announced by press release its results of operations for the first quarter ended March 31, 2025. 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
Number
 Description
99.1
99.2
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: May 1, 2025 By: /s/ Rachael A. Crump
Rachael A. Crump
Chief Accounting Officer

EX-99.1 2 nsit-20250501xerx8kex991.htm EX-99.1 Document
EXHIBIT 99.1
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FOR IMMEDIATE RELEASE NASDAQ: NSIT
INSIGHT ENTERPRISES, INC. REPORTS
FIRST QUARTER RESULTS
CHANDLER, AZ – May 1, 2025 – Insight Enterprises, Inc. (NASDAQ: NSIT) (the “Company”) today reported financial results for the quarter ended March 31, 2025. Results include:

•Gross profit decreased 8% year to year to $406.5 million while gross margin expanded 80 basis points to 19.3%
•Cloud gross profit decreased 3% year to year
•Insight Core services gross profit decreased 4% year to year
•Consolidated net earnings decreased 89% year to year to $7.5 million
•Adjusted earnings before interest, tax, depreciation and amortization (“EBITDA”) decreased 16% to $111.3 million year to year
•Diluted earnings per share of $0.22 decreased 87% year to year
•Adjusted diluted earnings per share of $2.06 decreased 13% year to year
•Cash flows provided by operating activities were $78.1 million
In the first quarter of 2025, net sales decreased 12%, year to year, to $2.1 billion, and gross profit decreased 8%, year to year, to $406.5 million. Gross margin expanded 80 basis points compared to the first quarter of 2024 to 19.3%. Earnings from operations of $60.1 million decreased 40% compared to $100.0 million in the first quarter of 2024. Adjusted earnings from operations of $102.4 million decreased 16%, year to year compared to $121.8 million in the first quarter of 2024. Consolidated net earnings were $7.5 million, or 0.4% of net sales, in the first quarter of 2025, down compared to the first quarter of 2024, and attributable in part to a $15.2 million loss on revaluation of earnout liability and a net loss of $25.1 million recorded to reflect the revaluation of warrant settlement liabilities. Adjusted consolidated net earnings were $67.8 million, or 3.2% of net sales. Diluted earnings per share for the quarter was $0.22, down 87%, year to year, and Adjusted diluted earnings per share was $2.06, down 13%, year to year.

"In the first quarter, we delivered Adjusted earnings from operations and Adjusted diluted earnings per share in line with our expectations. We were pleased with the continued hardware momentum, led by commercial and corporate demand, and our gross margin expansion,” stated Joyce Mullen, President and Chief Executive Officer. “While gross profit was slightly below our expectations, primarily due to product-related services performance, effective expense management allowed us to achieve our profitability target." Mullen stated.
KEY HIGHLIGHTS

Results for the Quarter:
•Consolidated net sales for the first quarter of 2025 of $2.1 billion decreased 12%, year to year, when compared to the first quarter of 2024. Product net sales decreased 13%, year to year, and services net sales decreased 5%, year to year. Software product net sales decreased 32%, year to year, while hardware product net sales increased 1%, year over year.
•Net sales in North America decreased 11%, year to year, to $1.7 billion;
◦Product net sales decreased 12%, year to year, to $1.4 billion;
◦Services net sales decreased 7%, year to year, to $297.6 million;
•Net sales in EMEA decreased 17%, year to year, to $342.8 million; and
•Net sales in APAC decreased 3%, year to year, to $60.1 million.
•Excluding the effects of fluctuating foreign currency exchange rates, consolidated net sales decreased 11%, year to year, with decreases in net sales in North America and EMEA of 10% and 15%, year to year, respectively, partially offset by an increase in APAC of 1%, year over year.
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Insight Enterprises, Inc. 2701 E. Insight Way Chandler, Arizona 85286 800.467.4448 FAX 480.760.8958

•Consolidated gross profit decreased 8% compared to the first quarter of 2024 to $406.5 million, with consolidated gross margin expanding 80 basis points to 19.3% of net sales. Product gross profit decreased 9%, year to year, and services gross profit decreased 7%, year to year. Cloud gross profit decreased 3%, year to year, and Insight Core services gross profit decreased 4%, year to year. By segment, gross profit:
•decreased 9% in North America, year to year, to $319.5 million (18.8% gross margin);
•decreased 4% in EMEA, year to year, to $71.9 million (21.0% gross margin); and
•decreased 6% in APAC, year to year, to $15.1 million (25.1% gross margin).
•Excluding the effects of fluctuating foreign currency exchange rates, consolidated gross profit was down 7%, year to year, with decreases in gross profit in North America, EMEA and APAC of 8%, 2% and 2%, respectively, year to year.
•Consolidated earnings from operations decreased 40% compared to the first quarter of 2024 to $60.1 million, or 2.9% of net sales. By segment, earnings from operations:
•decreased 40% in North America, year to year, to $50.8 million, or 3.0% of net sales;
•decreased 55% in EMEA, year to year, to $5.0 million, or 1.5% of net sales; and
•decreased 10% in APAC, year to year, to $4.3 million, or 7.2% of net sales.
•Excluding the effects of fluctuating foreign currency exchange rates, consolidated earnings from operations was down 39%, year to year, with decreases in earnings from operations in North America, EMEA and APAC of 39%, 54% and 7%, respectively, year to year.
•Adjusted earnings from operations decreased 16% compared to the first quarter of 2024 to $102.4 million, or 4.9% of net sales. By segment, Adjusted earnings from operations:
•decreased 15% in North America, year to year, to $87.0 million, or 5.1% of net sales;
•decreased 21% in EMEA, year to year, to $11.0 million, or 3.2% of net sales; and
•decreased 12% in APAC, year to year, to $4.4 million, or 7.3% of net sales.
•Excluding the effects of fluctuating foreign currency exchange rates, Adjusted consolidated earnings from operations decreased 15%, with decreases in Adjusted earnings from operations in North America, EMEA and APAC of 15%, 20% and 9%, respectively, year to year.
•Consolidated net earnings and diluted earnings per share for the first quarter of 2025 were $7.5 million and $0.22, respectively, at an effective tax rate of 60.5%.
•Adjusted consolidated net earnings and Adjusted diluted earnings per share for the first quarter of 2025 were $67.8 million and $2.06, respectively. Excluding the effects of fluctuating foreign currency exchange rates, Adjusted diluted earnings per share decreased 12%, year to year.
In discussing financial results for the three months ended March 31, 2025 and 2024 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 them 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, earnings from operations and Adjusted earnings from operations on a consolidated basis and in North America, EMEA and APAC excluding the effects of fluctuating foreign currency exchange rates. In addition, the Company refers to changes in Adjusted diluted earnings per share on a consolidated basis excluding the effects of fluctuating foreign currency exchange rates. These are also considered to be non-GAAP measures. The Company believes providing this information excluding the effects of fluctuating foreign currency exchange rates provides valuable supplemental information to investors regarding its underlying business and results of operations, consistent with how the Company and its management evaluate the Company’s performance. 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 performance measures excluding the effects of fluctuating foreign currency exchange rates should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.
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. 2701 E. Insight Way Chandler, Arizona 85286 800.467.4448 FAX 480.760.8958

GUIDANCE
For the full year 2025, we expect Adjusted diluted earnings per share to be between $9.70 and $10.10. We expect to deliver gross profit growth in the low single-digits and expect that our gross margin will continue to be approximately 20%.
This outlook assumes:
•interest expense of $70 to $75 million;
•an effective tax rate of approximately 25% to 26% for the full year;
•capital expenditures of $35 to $40 million; and
•an average share count for the full year of 32.9 million shares, reflecting the settlement of the remaining warrants associated with our convertible senior notes (the “Convertible Notes”) in 2025.
This outlook excludes acquisition-related intangibles amortization expense of approximately $74.3 million, and assumes no acquisition or integration related expenses, transformation or severance and restructuring expenses, net, no significant change in our debt instruments, and no significant change in the macroeconomic environment, whether due to tariffs or otherwise. Due to the inherent difficulty of forecasting some of these types of expenses, which impact net earnings, diluted earnings per share and selling and administrative expenses, the Company is unable to reasonably estimate the impact of such expenses, if any, to net earnings, diluted earnings per share and selling and administrative expenses. Accordingly, the Company is unable to provide a reconciliation of GAAP to non-GAAP diluted earnings per share for the full year 2025 forecast.
CONFERENCE CALL AND WEBCAST
The Company will host a conference call and live webcast today at 9:00 a.m. ET to discuss first quarter 2025 results of operations. A live webcast 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 webcast 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 the event link on the Company's web site. 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 earnings from operations, Adjusted net earnings and Adjusted diluted earnings per share exclude (i) severance and restructuring expenses, net, (ii) certain executive recruitment and hiring related expenses, (iii) amortization of intangible assets, (iv) transformation costs, (v) certain acquisition and integration related expenses, (vi) gains and losses from revaluation of acquisition related earnout liabilities, and (vii) the tax effects of each of these items, as applicable. Transformation costs represent costs we are incurring to transform our business to help us achieve our strategic objectives including becoming a leading solutions integrator. 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 net earnings and Adjusted diluted earnings per share also exclude a net loss on revaluation of warrant settlement liabilities. 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 first quarter of 2025 was in excess of $68.32, which was the initial conversion price of the Convertible Notes, which matured in February 2025. Adjusted EBITDA excludes (i) interest expense, (ii) income tax expense, (iii) depreciation and amortization of property and equipment, (iv) amortization of intangible assets, (v) severance and restructuring expenses, net, (vi) certain executive recruitment and hiring related expenses, (vii) transformation costs (viii) certain acquisition and integration related expenses, (ix) gains and losses from revaluation of acquisition related earnout liabilities, and (x) gains and losses from the revaluation of warrant settlement liabilities. Adjusted return on invested capital (“ROIC”) excludes (i) severance and restructuring expenses, net, (ii) certain executive recruitment and hiring related expenses, (iii) amortization of intangible assets, (iv) transformation costs, (v) certain acquisition and integration related expenses, (vi) certain third-party data center service outage related expenses and recoveries, (vii) gains and losses from revaluation of acquisition related earnout liabilities, and (viii) 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. 2701 E. Insight Way Chandler, Arizona 85286 800.467.4448 FAX 480.760.8958
FINANCIAL SUMMARY TABLE
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
Three Months Ended
March 31,
2025 2024 change
Insight Enterprises, Inc.
Net sales:
Products $ 1,707,800 $ 1,963,955 (13%)
Services $ 395,756 $ 415,530 (5%)
Total net sales $ 2,103,556 $ 2,379,485 (12%)
Gross profit $ 406,477 $ 440,928 (8%)
Gross margin 19.3% 18.5% 80 bps
Selling and administrative expenses $ 339,173 $ 337,434 1%
Severance and restructuring expenses, net $ 7,026 $ 2,227 > 100%
Acquisition and integration related expenses $ 175 $ 1,281 (86%)
Earnings from operations $ 60,103 $ 99,986 (40%)
Net earnings $ 7,514 $ 67,027 (89%)
Diluted earnings per share $ 0.22 $ 1.74 (87%)
Sales Mix **
Hardware 54  % 48  % 1%
Software 27  % 35  % (32%)
Services 19  % 17  % (5%)
100  % 100  % (12%)
North America
Net sales:
Products $ 1,403,027 $ 1,586,306 (12%)
Services $ 297,616 $ 318,516 (7%)
Total net sales $ 1,700,643 $ 1,904,822 (11%)
Gross profit $ 319,452 $ 349,843 (9%)
Gross margin 18.8% 18.4% 40 bps
Selling and administrative expenses $ 265,381 $ 262,920 1%
Severance and restructuring expenses, net $ 3,111 $ 1,619 92%
Acquisition and integration related expenses $ 170 $ 1,281 (87%)
Earnings from operations $ 50,790 $ 84,023 (40%)
Sales Mix **
Hardware 59  % 52  % 2%
Software 23  % 31  % (33%)
Services 18  % 17  % (7%)
100  % 100  % (11%)
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Insight Enterprises, Inc. 2701 E. Insight Way Chandler, Arizona 85286 800.467.4448 FAX 480.760.8958
FINANCIAL SUMMARY TABLE (CONTINUED)
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
Three Months Ended
March 31,
2025 2024 change
EMEA
Net sales:
Products $ 267,160 $ 339,566 (21%)
Services $ 75,668 $ 73,275 3%
Total net sales $ 342,828 $ 412,841 (17%)
Gross profit $ 71,927 $ 75,033 (4%)
Gross margin 21.0% 18.2% 280 bps
Selling and administrative expenses $ 63,063 $ 63,305 *
Severance and restructuring expenses, net $ 3,853 $ 538 > 100%
Earnings from operations $ 5,011 $ 11,190 (55%)
Sales Mix **
Hardware 38  % 33  % (5%)
Software 40  % 49  % (32%)
Services 22  % 18  % 3%
100  % 100  % (17%)
APAC
Net sales:
Products $ 37,613 $ 38,083 (1%)
Services $ 22,472 $ 23,739 (5)%
Total net sales $ 60,085 $ 61,822 (3%)
Gross profit $ 15,098 $ 16,052 (6)%
Gross margin 25.1% 26.0% (90) bps
Selling and administrative expenses $ 10,729 $ 11,209 (4)%
Severance and restructuring expenses, net $ 62 $ 70 (11%)
Acquisition and integration related expenses $ 5 $ — *
Earnings from operations $ 4,302 $ 4,773 (10%)
Sales Mix **
Hardware 11  % 12  % (13%)
Software 52  % 50  % 2%
Services 37  % 38  % (5)%
100  % 100  % (3%)
*    Percentage change not considered meaningful
**    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. 2701 E. Insight Way Chandler, Arizona 85286 800.467.4448 FAX 480.760.8958

FORWARD-LOOKING INFORMATION

Certain statements in this release and the related conference call, webcast 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 the impact of inflation and higher interest rates, the Company’s future financial performance and results of operations, including gross profit growth, Adjusted diluted earnings per share, gross margin, and Adjusted selling and administrative expenses, as well as the Company’s other key performance indicators, the Company’s anticipated effective tax rate, capital expenditures, and expected average share count, the Company’s expectations regarding cash flow, the Company’s intentions regarding the settlement of the remaining warrants related to the Convertible Notes, the Company’s expectations regarding supply constraints, future trends in the IT market, the effects of tariffs and trade policies, and the Company’s business strategy and strategic initiatives, all of which are inherently subject to risks and uncertainties, and 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 the “Risk Factors” sections of the Company’s most recently filed periodic report on Form 10-K and subsequent filings with the SEC:
•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 and do 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 a decline in market activity;
•changes in the IT industry and/or rapid changes in technology;
•our ability to provide high quality services to our clients;
•our reliance on independent shipping companies;
•the risks associated with our international operations;
•supply constraints for products;
•natural disasters or other adverse occurrences, including public health issues such as pandemics or epidemics;
•disruptions in our IT systems and voice and data networks;
•cyberattacks, outages, or third-party breaches of data privacy as well as related breaches of government regulations;
•intellectual property infringement claims and challenges to our copyrights, patents, trademarks and trade names;
•potential liability and competitive risk based on the development, adoption, and use of Generative Artificial Intelligence;
•legal proceedings, client audits and failure to comply with laws and regulations;
•risks of termination, delays in payment, audits and investigations related to our 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;
•increased debt and interest expense and the possibility of decreased availability of funds under our financing facilities;
•possible significant fluctuations in our future operating results as well as seasonality and variability in client demands;
•potential contractual disputes with our clients and third-party suppliers;
•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 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
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Insight Enterprises, Inc. 2701 E. Insight Way Chandler, Arizona 85286 800.467.4448 FAX 480.760.8958

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.
CONTACT: JAMES MORGADO
CHIEF FINANCIAL OFFICER
TEL.  480.333.3251
EMAIL james.morgado@insight.com
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Insight Enterprises, Inc. 2701 E. Insight Way Chandler, Arizona 85286 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
March 31,
2025 2024
Net sales:
Products $ 1,707,800  $ 1,963,955 
Services 395,756  415,530 
Total net sales 2,103,556  2,379,485 
Costs of goods sold:
Products 1,531,826  1,771,584 
Services 165,253  166,973 
Total costs of goods sold 1,697,079  1,938,557 
Gross profit 406,477  440,928 
Operating expenses:
Selling and administrative expenses 339,173  337,434 
Severance and restructuring expenses, net 7,026  2,227 
Acquisition and integration related expenses 175  1,281 
Earnings from operations 60,103  99,986 
Non-operating expense (income):
Interest expense, net 15,625  12,557 
Other expense (income), net 25,469  (763)
Earnings before income taxes 19,009  88,192 
Income tax expense 11,495  21,165 
Net earnings $ 7,514  $ 67,027 
Net earnings per share:
Basic $ 0.24  $ 2.06 
Diluted $ 0.22  $ 1.74 
Shares used in per share calculations:
Basic 31,839  32,596 
Diluted 34,683  38,435 
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Insight Enterprises, Inc. 2701 E. Insight Way Chandler, Arizona 85286 800.467.4448 FAX 480.760.8958
INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In THOUSANDS)
(UNAUDITED)
March 31,
2025		 December 31,
2024
ASSETS
Current assets:
Cash and cash equivalents $ 321,850  $ 259,234 
Accounts receivable, net 4,608,997  4,172,104 
Inventories 149,194  122,581 
Contract assets, net 64,488  81,980 
Other current assets 245,607  208,723 
Total current assets 5,390,136  4,844,622 
Long-term contract assets, net 69,055  86,953 
Property and equipment, net 215,151  215,678 
Goodwill 896,644  893,516 
Intangible assets, net 409,345  426,493 
Long-term accounts receivable 816,939  845,943 
Other assets 125,303  135,373 
$ 7,922,573  $ 7,448,578 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable – trade $ 3,518,856  $ 3,059,667 
Accounts payable – inventory financing facilities 260,719  217,604 
Accrued expenses and other current liabilities 606,210  512,052 
Current portion of long-term debt 15  332,879 
Total current liabilities 4,385,800  4,122,202 
Long-term debt 961,172  531,233 
Deferred income taxes 56,900  64,459 
Long-term accounts payable 769,987  799,546 
Other liabilities 157,770  160,527 
6,331,629  5,677,967 
Stockholders’ equity:
Preferred stock —  — 
Common stock 319  318 
Additional paid-in capital 144,941  342,893 
Retained earnings 1,516,072  1,508,558 
Accumulated other comprehensive loss – foreign currency translation adjustments
 (70,388) (81,158)
Total stockholders’ equity 1,590,944  1,770,611 
$ 7,922,573  $ 7,448,578 
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Insight Enterprises, Inc. 2701 E. Insight Way Chandler, Arizona 85286 800.467.4448 FAX 480.760.8958
INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
Three Months Ended
March 31,
2025 2024
Cash flows from operating activities:
Net earnings $ 7,514  $ 67,027 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 25,779  21,886 
Provision for losses on accounts receivable 3,666  1,608 
Non-cash stock-based compensation 8,847  8,043 
Net change on revaluation of earnout liabilities 15,200  941 
Deferred income taxes (7,772) (4,423)
Net loss on revaluation of warrant settlement liabilities 25,069  — 
Amortization of debt issuance costs 1,281  1,224 
Other adjustments (22) 3,168 
Changes in assets and liabilities:
Increase in accounts receivable (391,354) (25,294)
(Increase) decrease in inventories (26,033) 12,115 
Decrease in contract assets 35,526  32,142 
Decrease (increase) in long-term accounts receivable 30,816  (206,154)
Increase in other assets (21,961) (26,821)
Increase in accounts payable 416,952  184,511 
(Decrease) increase in long-term accounts payable (31,160) 212,577 
Decrease in accrued expenses and other liabilities (14,298) (35,371)
Net cash provided by operating activities: 78,050  247,179 
Cash flows from investing activities:
Purchases of property and equipment (7,130) (6,482)
Net cash used in investing activities: (7,130) (6,482)
Cash flows from financing activities:
Borrowings on ABL revolving credit facility 1,389,224  1,144,826 
Repayments on ABL revolving credit facility (965,452) (1,186,997)
Warrants settlement (138,892) — 
Repayment of principal on the Convertible Notes (333,091) (16,895)
Net borrowings (repayments) under inventory financing facilities 42,701  (4,545)
Repurchases of common stock —  (35,000)
Earnout and acquisition related payments —  (18,296)
Other payments (9,963) (8,360)
Net cash used in financing activities: (15,473) (125,267)
Foreign currency exchange effect on cash, cash equivalents and restricted cash balances 7,177  (5,074)
Increase in cash, cash equivalents and restricted cash 62,624  110,356 
Cash, cash equivalents and restricted cash at beginning of period 261,467  270,785 
Cash, cash equivalents and restricted cash at end of period $ 324,091  $ 381,141 
 - MORE -
Insight Enterprises, Inc. 2701 E. Insight Way Chandler, Arizona 85286 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
March 31,
2025 2024
Adjusted Consolidated Earnings from Operations:
GAAP consolidated EFO $ 60,103 $ 99,986
Amortization of intangible assets 18,548 14,925
Change in fair value of earnout liabilities 15,200 941
Other* 8,501 5,898
Adjusted non-GAAP consolidated EFO $ 102,352 $ 121,750
GAAP EFO as a percentage of net sales 2.9% 4.2%
Adjusted non-GAAP EFO as a percentage of net sales 4.9% 5.1%
Adjusted Consolidated Net Earnings:
GAAP consolidated net earnings $ 7,514 $ 67,027
Amortization of intangible assets 18,548 14,925
Change in fair value of earnout liabilities 15,200 941
Net loss on revaluation of warrant settlement liabilities 25,069 —
Other* 8,501 5,898
Income taxes on non-GAAP adjustments (7,007) (5,439)
Adjusted non-GAAP consolidated net earnings $ 67,825 $ 83,352
GAAP net earnings as a percentage of net sales 0.4% 2.8%
Adjusted non-GAAP net earnings as a percentage of net sales 3.2% 3.5%
Adjusted Diluted Earnings Per Share:
GAAP diluted EPS $ 0.22  $ 1.74 
Amortization of intangible assets 0.53  0.39 
Change in fair value of earnout liabilities 0.44  0.02 
Net loss on revaluation of warrant settlement liabilities 0.72  — 
Other 0.25  0.16 
Income taxes on non-GAAP adjustments (0.20) (0.14)
Impact of benefit from note hedge 0.10  0.20 
Adjusted non-GAAP diluted EPS $ 2.06  $ 2.37 
Shares used in diluted EPS calculation 34,683 38,435
Impact of benefit from note hedge (1,731) (3,228)
Shares used in Adjusted non-GAAP diluted EPS calculation 32,952 35,207
 - MORE -
Insight Enterprises, Inc. 2701 E. Insight Way Chandler, Arizona 85286 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
March 31,
2025 2024
Adjusted North America Earnings from Operations:
GAAP EFO from North America segment $ 50,790  $ 84,023 
Amortization of intangible assets 16,804  13,146 
Change in fair value of earnout liabilities 15,200  465 
Other** 4,171  5,150 
Adjusted non-GAAP EFO from North America segment $ 86,965  $ 102,784 
GAAP EFO as a percentage of net sales 3.0  % 4.4  %
Adjusted non-GAAP EFO as a percentage of net sales 5.1  % 5.4  %
Adjusted EMEA Earnings from Operations:
GAAP EFO from EMEA segment $ 5,011  $ 11,190 
Amortization of intangible assets 1,744  1,670 
Change in fair value of earnout liabilities —  476 
Other 4,263  678 
Adjusted non-GAAP EFO from EMEA segment $ 11,018  $ 14,014 
GAAP EFO as a percentage of net sales 1.5  % 2.7  %
Adjusted non-GAAP EFO as a percentage of net sales 3.2  % 3.4  %
Adjusted APAC Earnings from Operations:
GAAP EFO from APAC segment $ 4,302  $ 4,773 
Amortization of intangible assets —  109 
Other 67  70 
Adjusted non-GAAP EFO from APAC segment $ 4,369  $ 4,952 
GAAP EFO as a percentage of net sales 7.2  % 7.7  %
Adjusted non-GAAP EFO as a percentage of net sales 7.3  % 8.0  %
Adjusted EBITDA:
GAAP consolidated net earnings $ 7,514 $ 67,027
Interest expense 17,739 15,269
Income tax expense 11,495 21,165
Depreciation and amortization of property and equipment 7,231 6,961
Amortization of intangible assets 18,548 14,925
Change in fair value of earnout liabilities 15,200 941
Net loss on revaluation of warrant settlement liabilities 25,069 —
Other* 8,501 5,898
Adjusted non-GAAP EBITDA $ 111,297 $ 132,186
GAAP consolidated net earnings as a percentage of net sales 0.4% 2.8%
Adjusted non-GAAP EBITDA as a percentage of net sales 5.3% 5.6%
 - MORE -
Insight Enterprises, Inc. 2701 E. Insight Way Chandler, Arizona 85286 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)
*    Includes transformation costs of $1.3 million and $2.3 million for the three months ended March 31, 2025 and 2024, respectively. Includes severance and restructuring expenses, net of $7.0 million and $2.2 million for the three months ended March 31, 2025 and 2024, respectively.
**    Includes transformation costs of $0.9 million and $2.3 million for the three months ended March 31, 2025 and 2024, respectively. Includes severance and restructuring expenses, net of $3.1 million and $1.6 million for the three months ended March 31, 2025 and 2024, respectively.
Twelve Months Ended
March 31,
2025 2024
Adjusted return on invested capital:
GAAP consolidated EFO $ 348,701  $ 442,320 
Amortization of intangible assets 73,204  42,846 
Change in fair value of earnout liabilities 6,410  941 
Other5
 54,659  33,813 
Adjusted non-GAAP consolidated EFO 482,974  519,920 
Income tax expense1
 125,573  135,179 
Adjusted non-GAAP consolidated EFO, net of tax $ 357,401  $ 384,741 
Average stockholders’ equity2
 $ 1,746,178  $ 1,651,965 
Average debt2
 957,752  739,136 
Average cash2
 (306,790) (252,769)
Invested Capital $ 2,397,140  $ 2,138,332 
Adjusted non-GAAP ROIC (from GAAP consolidated EFO)3
 10.76  % 15.31  %
Adjusted non-GAAP ROIC (from non-GAAP consolidated EFO)4
 14.91  % 17.99  %
1 Assumed tax rate of 26.0%.
2 Average of previous five quarters.
3 Computed as GAAP consolidated EFO, net of tax of $90,662 and $115,003 for the twelve months ended March 31, 2025 and 2024, respectively, divided by invested capital.
4 Computed as Adjusted non-GAAP consolidated EFO, net of tax, divided by invested capital.
5 Includes transformation costs of $17.4 million and $14.8 million for the twelve months ended March 31, 2025 and 2024, respectively. Includes certain third-party data center service outage related recoveries in excess of expenses of $2.1 million for the twelve months ended March 31, 2025. Includes certain third-party data center service outage related expenses, net of recoveries of $5.0 million for the twelve months ended March 31, 2024. Includes severance and restructuring expenses, net of $36.4 million and $4.5 million for the twelve months ended March 31, 2025 and 2024, respectively.
###
EX-99.2 3 ex992.htm EX-99.2 ex992
© 2025 Insight. All Rights Reserved. 1 Insight Enterprises, Inc. First Quarter 2025 Earnings Conference Call and Webcast

 
© 2025 Insight. All Rights Reserved. 2 Disclosures ◦ Safe harbor statement This 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 our expectations about future financial results and the assumptions related thereto, our expectations regarding 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. Insight Enterprises, Inc. (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 forward-looking statements and 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. 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. ◦ Constant currency In some instances, the Company refers to changes in net sales, gross profit, earnings from operations and Adjusted earnings from operations on a consolidated basis and in North America, EMEA and APAC excluding the effects of fluctuating foreign currency exchange rates. In addition, the Company refers to changes in Adjusted diluted earnings per share on a consolidated basis excluding the effects of fluctuating foreign currency exchange rates. These are also considered to be non-GAAP measures. The Company believes providing this information excluding the effects of fluctuating foreign currency exchange rates provides valuable supplemental information to investors regarding its underlying business and results of operations, consistent with how the Company and its management evaluate the Company’s performance. 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.

 
© 2025 Insight. All Rights Reserved. 3 Table of Contents ◦ Solutions Integrator Strategy ◦ Solutions at Work ◦ Awards, Recognitions and Impact ◦ First Quarter 2025 Highlights and Performance ◦ 2027 KPIs for Success ◦ 2025 Outlook ◦ Appendix

 
© 2025 Insight. All Rights Reserved. 4 Put clients first We put our clients first, delivering essential value that contributes to their success and making us the partner they can't live without. Deliver differentiation Our combination of innovative and scalable solutions, exceptional talent and unique portfolio strategy gives us a differentiated advantage. Champion culture Our teammates and our culture are our biggest assets. We champion them to deliver the best. Put Clients First Deliver Differentiation Champion Our Culture Drive Profitable Growth Solutions Integrator ≠ Systems Integrator S Reseller S Distributor Our strategy is to become THE leading SOLUTIONS INTEGRATOR X The pillars of our strategy are:

 
© 2025 Insight. All Rights Reserved. 5 DRIVE PROFITABLE GROWTH We relentlessly pursue high performance, operational excellence and profitable growth. Put clients first We put our clients first, delivering essential value that contributes to their success and making us the partner they can't live without. Deliver differentiation Our combination of innovative and scalable solutions, exceptional technical talent and compelling portfolio strategy gives us a differentiated advantage. Champion our culture Our teammates and our culture are our biggest assets. We champion them to deliver the best. Our strategy is to become THE leading SOLUTIONS INTEGRATOR

 
© 2025 Insight. All Rights Reserved. 6 The challenge: The results: • The Sherlock Company faced the challenge of efficiently extracting compelling, on-brand stills and clips from extensive video content to enable hyper-personalized marketing • Traditionally, this process was labor-intensive, time-consuming, and making it costly to create diverse and personalized content variations The solution: 10x Faster Content Creation • Insight partnered with The Sherlock Company to design and implement a multistage AI pipeline using Vertex AI and Gemini • This solution automates the selection of high- quality stills and clips based on user-defined prompts, significantly reducing processing time and enabling scalable content generation • Reduced thumbnail selection time from days to 10 minutes • Established scalable content generation with unlimited variations at minimal added cost

 
© 2025 Insight. All Rights Reserved. 7 The challenge: The results: • Boyne Resorts faced data silos due to managing multiple disconnected systems, which fragmented customer insights and made it difficult to have a complete understanding of guest interactions • They required a partner to integrate their disparate platforms and guide a transition towards a more flexible and modern IT architecture to enhance customer focus The solution: Using Data for Competitive Edge • Insight's Microsoft architects are helping implement "Customer 360," an integration project that unified customer data from multiple platforms including e-commerce, warehouse management solutions and product management and data intelligence software into a single record, providing a comprehensive view of each guest • The new system architecture was intentionally designed for scalability and flexibility, enabling easier future updates or replacements of individual components without major disruption • The unified Customer 360 view will allow Boyne Resorts to track guest activity across all touchpoints, enabling smarter operations and more personalized customer experiences • Leveraging the new integrations, Boyne is developing the "MyAccount" application, providing guests with a seamless digital experience and a consolidated view of their interactions and orders

 
© 2025 Insight. All Rights Reserved. 8 Awards, Recognitions and Impact Awards and Recognitions X • 2025 Google Partner of the Year for Google Workspace • Intel US Data Center Partner of the Year • ESET Canada Enterprise Partner of the Year • Attained top-tier status as an Elite consulting partner with Databricks, a leader in data, analytics and AI • Achieved five Google Public Sector Partner Expertise Specializations in AI and ML, data analytics, maps and geospatial, security and work transformation • Newsweek America’s Greatest Workplaces for Diversity for 2025 • Best Workplace for Large Companies in the Philippines in 2025 • Maintained perfect score of 100 out of 100 on the Human Rights Campaign Foundation’s 2025 Corporate Equality Index Read our 2025 Insight Corporate Citizenship Report to learn how we use tech for good: www.insight.com/corporatecitizenship Corporate Citizenship Report

 
Insight Proprietary & Confidential. Do Not Copy or Distribute. © 2022 Insight Direct USA, Inc. All Rights Reserved. 9 © 2025 Insight Q1 2025 Performance (Changes against prior year period) * See Appendix for reconciliation of non-GAAP measures NET SALES $2.1B -12% YoY GROSS PROFIT $406M -8% YoY MARGINS GROSS MARGIN 19.3% +80 bps EFO MARGIN 2.9% -130 bps ADJUSTED EFO* MARGIN 4.9% -20 bps EARNINGS CLOUD GROSS PROFIT XD $103M -3% YoY INSIGHT CORE SERVICES GROSS PROFIT $73M -4% YoY EARNINGS FROM OPERATIONS EARNINGS FROM OPERATIONS X $60M -40% YoY DILUTED EARNINGS PER SHARE X $0.22 -87% YoY NET EARNINGS NET EARNINGS $8M -89% YoY ADJUSTED EARNINGS FROM OPERATIONS* $102M -16% YoY ADJUSTED DILUTED EARNINGS PER SHARE* $2.06 -13% YoY ADJUSTED EBITDA* $111M -16% YoY OPERATING CASH FLOWS NET CASH FROM OPERATIONS X $78M SERVICE DELIVERY SCALE HEADCOUNT Skilled, certified consulting and service delivery professionals 6,400+

 
© 2025 Insight. All Rights Reserved. 10 US Dollars in millions Description Net payments InfoCenter (May 2024) $265 NWT* (July 2024) $5 Total payments for acquisitions** $270 Total share repurchases $165 Total warrant settlement payments*** $139 Total $574 YoY increase in total debt $80 • Total debt balance at March 31, 2025 - $961.2 million • Total debt balance at March 31, 2024 - $881.6 million • YoY increase in total debt of $79.6 million • Acquisitions, share repurchases and warrant settlement - $574 million * Acquired entity in our EMEA segment ** Cash paid, net of cash and cash equivalents acquired (from Statement of Cash Flows) *** Amount represents the warrant settlement payments that occurred in Q1. At the start of Q2, we paid an incremental $83M to settle additional warrants for a total of 3.6 million warrants for $222 million Debt

 
© 2025 Insight. All Rights Reserved. 11 KPIs TTM Q1 2025** 2027 Cloud GP Growth 14% 16% - 20% 5-year CAGR*** Core services GP Growth 8% 16% - 20% 5-year CAGR*** Adjusted EBITDA Margin* 6.2% 6.5% - 7.0% Adjusted DEPS* Growth (9)% 19% - 22% 5-year CAGR*** Adjusted ROIC* 14.9% >25% Adjusted free cash flow as % of Adjusted net earnings* 129% >90% * Adjusted non-GAAP basis excludes (i) severance and restructuring expenses, net, (ii) certain executive recruitment and hiring-related expenses, (iii) amortization of intangible assets, (iv) transformation costs, (v) certain acquisition and integration-related expenses, (vi) certain third-party data center service outage related expenses and recoveries, (vii) gains and losses from revaluation of acquisition related earnout liabilities, and (viii) the tax effects of each of these items, as applicable. Due to the inherent difficulty of forecasting these adjustments, which impact net earnings, net earnings margin, diluted earnings per share, earnings from operations and net cash provided by operating activities as a percentage of net earnings, the Company is unable to reasonably estimate the impact of these adjustments, if any, to such GAAP measures. Accordingly, the Company is unable to provide a reconciliation for the 2027 forecast of GAAP to non-GAAP net earnings, diluted earnings per share, adjusted free cash flow as a percentage of adjusted net earnings, ROIC and EBITDA margin. See Appendix and elsewhere in this presentation for reconciliation of historical non-GAAP measures ** Growth baseline period is TTM Q1 2024 *** CAGR baseline year is 2022 Note 1: Insight Core services is defined as services Insight delivers and manages Note 2: Adjusted free cash flow is defined as cash flow from operations minus capital expenditures 2027 KPIs for Success

 
© 2025 Insight. All Rights Reserved. 12 Assumptions: As of May 1, 2025 Gross profit growth low single-digits Gross margin approximately 20% Adjusted diluted EPS* $9.70 - $10.10 Interest expense $70 - $75 million Effective tax rate 25% - 26% Capital expenditures $35 - $40 million Average share count 32.9 million Other Exclusions and Assumptions: • Average share count for the full year of 32.9 million shares reflects the settlement of the remaining warrants associated with our convertible senior notes in 2025 • Excludes acquisition-related intangibles amortization expense of approximately $74.3 million (posted on website) • Assumes no acquisition or integration-related, transformation or severance and restructuring expenses, net • Assumes no significant change in our debt instruments or the macroeconomic environment, whether due to tariffs or otherwise * Adjusted diluted earnings per share excludes severance and restructuring expense, net and other unique items as well as amortization expense related to acquired intangibles. Due to the inherent difficulty of forecasting some of these types of expenses, which impact net earnings, diluted earnings per share and selling and administrative expenses, the Company is unable to reasonably estimate the impact of such expenses, if any, to net earnings, diluted earnings per share and selling and administrative expenses. Accordingly, the Company is unable to provide a reconciliation of GAAP to non-GAAP diluted earnings per share for the full year 2025 forecast Full Year 2025 Outlook

 
© 2025 Insight. All Rights Reserved. 13 Appendix

 
Insight Proprietary & Confidential. Do Not Copy or Distribute. © 2022 Insight Direct USA, Inc. All Rights Reserved. 14 © 2025 Insight NET SALES GROSS PROFIT * For the twelve months ended March 31, 2025 Trailing twelve months Trailing twelve months $2.1B -12% YoY $2.4B $2.2B $2.1B $2.1B $2.1B Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 $9.2B $9.2B $9.0B $8.9B $8.7B $8.4B 2023 Q1-24 Q2-24 Q3-24 2024 Q1-25 $8.4B* -9% YoY $406M -8% YoY 18.5% 21.0% 20.7% 21.2% 19.3% $441M $453M $432M $440M $406M Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 $1.7B* +1% YoY 18.2% 18.6% 19.2% 19.9% 20.3% 20.6% $1.7B $1.7B $1.7B $1.8B $1.8B $1.7B 2023 Q1-24 Q2-24 Q3-24 2024 Q1-25 Gross Margin

 
Insight Proprietary & Confidential. Do Not Copy or Distribute. © 2022 Insight Direct USA, Inc. All Rights Reserved. 15 © 2025 Insight Gross Margin SERVICES NET SALES SERVICES GROSS PROFIT * For the twelve months ended March 31, 2025 Trailing twelve months Trailing twelve months $396M -5% YoY $416M $435M $414M $421M $396M Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 $1,544M $1,604M $1,635M $1,673M $1,686M $1,666M 2023 Q1-24 Q2-24 Q3-24 2024 Q1-25 $1.7B* +4% YoY $249M $263M $245M $254M $231M Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 60% 60% 59% 60% 58% $231M -7% YoY $897M $949M $976M $1,004M $1,010M $992M 2023 Q1-24 Q2-24 Q3-24 2024 Q1-25 $1.0B* +4% YoY 58% 59% 60% 60% 60% 60%

 
Insight Proprietary & Confidential. Do Not Copy or Distribute. © 2022 Insight Direct USA, Inc. All Rights Reserved. 16 © 2025 Insight INSIGHT CORE SERVICES GROSS PROFIT CLOUD GROSS PROFIT * For the twelve months ended March 31, 2025 Note: Insight Core services is defined as services Insight delivers and manages Trailing twelve months Trailing twelve months $76M $81M $81M $78M $73M Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 31% 32% 32% 32% 31% $73M -4% YoY Gross Margin $273M $288M $297M $307M $315M $312M 2023 Q1-24 Q2-24 Q3-24 2024 Q1-25 30% 31% 31% 31% 32% 32% $312M* +8% YoY $107M $130M $122M $125M $103M Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 $400M $423M $447M $481M $484M $480M 2023 Q1-24 Q2-24 Q3-24 2024 Q1-25 $103M -3% YoY $480M* +14% YoY

 
Insight Proprietary & Confidential. Do Not Copy or Distribute. © 2022 Insight Direct USA, Inc. All Rights Reserved. 17 © 2025 Insight EARNINGS FROM OPERATIONS ADJUSTED EARNINGS FROM OPERATIONS** * For the twelve months ended March 31, 2025 ** See Appendix for reconciliation of non-GAAP measures Trailing twelve months Trailing twelve months $100M $131M $93M $65M $60M Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 $420M $442M $455M $456M $389M $349M 2023 Q1-24 Q2-24 Q3-24 2024 Q1-25 $60M -40% YoY $349M* -21% YoY $122M $131M $120M $129M $102M Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 $102M -16% YoY $492M $520M $521M $522M $502M $483M 2023 Q1-24 Q2-24 Q3-24 2024 Q1-25 $483M* -7% YoY

 
Insight Proprietary & Confidential. Do Not Copy or Distribute. © 2022 Insight Direct USA, Inc. All Rights Reserved. 18 © 2025 Insight DILUTED EARNINGS PER SHARE ADJUSTED DILUTED EARNINGS PER SHARE** * For the twelve months ended March 31, 2025 ** See Appendix for reconciliation of non-GAAP measures Trailing twelve months Trailing twelve months $1.74 $2.27 $1.52 $0.99 $0.22 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 $7.55 $7.95 $8.05 $7.94 $6.55 $5.11 2023 Q1-24 Q2-24 Q3-24 2024 Q1-25 $2.37 $2.46 $2.19 $2.66 $2.06 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 $9.69 $10.28 $10.17 $9.99 $9.68 $9.39 2023 Q1-24 Q2-24 Q3-24 2024 Q1-25 $0.22 -87% YoY $5.11* -36% YoY $2.06 -13% YoY $9.39* -9% YoY

 
© 2025 Insight. All Rights Reserved. 19 Three Months Ended March 31, US Dollars in $000s, except for per share data 2025 2024 Change Consolidated IEI Net sales $2,103,556 $2,379,485 (12) % Net sales, constant currency* (11) % Product net sales $1,707,800 $1,963,955 (13) % Services net sales $395,756 $415,530 (5) % Gross profit $406,477 $440,928 (8) % Gross margin 19.3 % 18.5 % 80 bps Gross profit, constant currency* (7) % Product gross profit $175,974 $192,371 (9) % Services gross profit $230,503 $248,557 (7) % GAAP earnings from operations $60,103 $99,986 (40) % Adjusted earnings from operations** $102,352 $121,750 (16) % GAAP diluted earnings per share $0.22 $1.74 (87) % Adjusted diluted earnings per share** $2.06 $2.37 (13) % * Reference “Constant currency” section on slide 2 of this presentation ** See Appendix for reconciliation of non-GAAP measures Q1 2025 YTD | Financial Performance

 
© 2025 Insight. All Rights Reserved. 20 * See Appendix for reconciliation of non-GAAP measures Three Months Ended Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Net Sales YoY 2 % (8) % (8) % (7) % (12) % Gross Margin 18.5 % 21.0 % 20.7 % 21.2 % 19.3 % GAAP EFO $100.0M $131.1M $92.9M $64.7M $60.1M GAAP EFO YoY 29 % 11 % 1 % (51) % (40) % GAAP EFO Margin 4.2 % 6.1 % 4.4 % 3.1 % 2.9 % Adjusted EFO* $121.8M $131.1M $120.1M $129.4M $102.4M Adjusted EFO* YoY 30 % 1 % — % (13) % (16) % Adjusted EFO* Margin 5.1 % 6.1 % 5.8 % 6.2 % 4.9 % GAAP Diluted EPS $1.74 $2.27 $1.52 $0.99 $0.22 GAAP Diluted EPS YoY 30 % 5 % (6) % (59) % (87) % Adjusted Diluted EPS* $2.37 $2.46 $2.19 $2.66 $2.06 Adjusted Diluted EPS* YoY 33 % (4) % (8) % (11) % (13) % Twelve Months Ended 2023 Q1-24 Q2-24 Q3-24 2024 Q1-25 Net Sales YoY (12) % (9) % (7) % (6) % (5) % (9) % Gross Margin 18.2 % 18.6 % 19.2 % 19.9 % 20.3 % 20.6 % GAAP EFO $419.8M $442.3M $454.8M $455.8M $388.6M $348.7M GAAP EFO YoY 1 % 8 % 14 % 13 % (7) % (21) % GAAP EFO Margin 4.6 % 4.8 % 5.0 % 5.1 % 4.5 % 4.1 % Adjusted EFO* $492.1M $519.9M $521.3M $521.6M $502.4M $483.0M Adjusted EFO* YoY 5 % 10 % 14 % 11 % 2 % (7) % Adjusted EFO* Margin 5.4 % 5.6 % 5.8 % 5.9 % 5.8 % 5.7 % GAAP Diluted EPS $7.55 $7.95 $8.05 $7.94 $6.55 $5.11 GAAP Diluted EPS YoY (1) % 6 % 11 % 9 % (13) % (36) % Adjusted Diluted EPS* $9.69 $10.28 $10.17 $9.99 $9.68 $9.39 Adjusted Diluted EPS* YoY 6 % 13 % 15 % 8 % — % (9) % Consolidated IEI Financial Metrics

 
© 2025 Insight. All Rights Reserved. 21 Three Months Ended Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Services Revenue $416M $435M $414M $421M $396M Services Revenue YoY 17% 8% 10% 3% (5%) Services Gross Profit $249M $263M $245M $254M $231M Insight Core Services Gross Profit $76M $81M $81M $78M $73M Agent Services* Gross Profit $173M $182M $164M $176M $158M Services Gross Profit YoY 27% 11% 13% 3% (7%) Insight Core Services Gross Profit YoY 24% 12% 14% 12% (4%) Agent Services* Gross Profit YoY 28% 11% 13% (1%) (9%) Services Gross Margin 60% 60% 59% 60% 58% Insight Core Services Gross Margin 31% 32% 32% 32% 31% Agent Services* Gross Margin 100% 100% 100% 100% 100% Twelve Months Ended 2023 Q1-24 Q2-24 Q3-24 2024 Q1-25 Services Revenue $1,544M $1,604M $1,635M $1,673M $1,686M $1,666M Services Revenue YoY 4% 7% 8% 10% 9% 4% Services Gross Profit $897M $949M $976M $1,004M $1,010M $992M Insight Core Services Gross Profit $273M $288M $297M $307M $315M $312M Agent Services* Gross Profit $624M $662M $679M $697M $695M $680M Services Gross Profit YoY 12% 16% 17% 16% 13% 4% Insight Core Services Gross Profit YoY 8% 14% 15% 14% 15% 8% Agent Services* Gross Profit YoY 14% 16% 18% 17% 11% 3% Services Gross Margin 58% 59% 60% 60% 60% 60% Insight Core Services Gross Margin 30% 31% 31% 31% 32% 32% Agent Services* Gross Margin 100% 100% 100% 100% 100% 100% * Represents agent services other than those included in Insight Core services Note 1: Insight Core services is defined as services Insight delivers and manages Note 2: Numbers may not foot due to immaterial rounding Services Financial Metrics

 
© 2025 Insight. All Rights Reserved. 22 * See Appendix for reconciliation of non-GAAP measures ** In constant currency for EMEA and APAC. Reference “Constant currency” section on slide 2 of this presentation Three Months Ended March 31, 2025 North America EMEA APAC Net Sales $1.7B $342.8M $60.1M Net Sales YoY** (11%) (15%) 1% Gross Profit $319.5M $71.9M $15.1M Gross Profit YoY** (9%) (2%) (2%) Gross Margin 18.8% 21.0% 25.1% Gross Margin YoY 40 bps 280 bps (90) bps GAAP EFO $50.8M $5.0M $4.3M GAAP EFO YoY** (40%) (54%) (7%) Adjusted EFO* $87.0M $11.0M $4.4M Adjusted EFO* YoY** (15%) (20%) (9%) GEO Financial Metrics

 
© 2025 Insight. All Rights Reserved. 23 Adjusted EBITDA and Debt Covenants Twelve Months Ended March 31, US Dollars in $000s 2025 2024 Adjusted Consolidated EBITDA: Net earnings $ 190,178 $ 298,364 Interest expense 70,742 52,157 Taxes 73,552 101,321 Depreciation and amortization of property and equipment 28,826 26,853 Amortization of intangible assets 73,204 42,846 Change in fair value of earnout liabilities 6,410 941 Net loss on revaluation of warrant settlement liabilities 25,069 — Other* 54,659 33,813 Adjusted consolidated EBITDA $ 522,640 $ 556,295 Net earnings as a % of net sales 2.3 % 3.2 % Adjusted consolidated EBITDA margin 6.2 % 6.0 % Add: Non-cash stock-based compensation 34,775 30,098 Adjusted consolidated EBITDAS 557,415 586,393 Less: Capital expenditures (47,430) (36,628) Adjusted consolidated EBITDAS for FCCR Ratio $ 509,985 $ 549,765 Taxes and interest** $ 134,754 $ 139,906 Fixed Charge Coverage Ratio 3.8 3.9 Fixed Charge Coverage $509,985 $134,754 EBITDA-Dividends-CAPEX Fixed Charges $— $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 $500,000 $550,000 Total Leverage Ratio $961,187 $557,415 Consolidated Funded Indebtedness Adjusted Consolidated EBITDAS $— $300,000 $600,000 $900,000 $1,200,000 * “Other” includes (i) severance and restructuring expenses, net, (ii) certain executive recruitment and hiring related expenses, (iii) transformation costs, (iv) certain acquisition and integration related expenses, and (v) certain third-party data center service outage related expenses and recoveries, as applicable ** Tax expense plus interest expense less non-cash imputed interest under the Company’s inventory financing facilities 3.78x 1.72x

 
© 2025 Insight. All Rights Reserved. 24 Three Months Ended March 31, US Dollars in $000s 2025 2024 2023 Adjusted Consolidated Earnings from Operations: GAAP consolidated EFO $ 60,103 $ 99,986 $ 77,461 Amortization of intangible assets 18,548 14,925 8,310 Change in fair value of earnout liabilities 15,200 941 — Other** 8,501 5,898 8,186 Adjusted non-GAAP consolidated EFO $ 102,352 $ 121,750 $ 93,957 GAAP EFO as a percentage of net sales 2.9 % 4.2 % 3.3 % Adjusted non-GAAP EFO as a percentage of net sales 4.9 % 5.1 % 4.0 % * The non-GAAP financial measures are referred to as “Adjusted”. Adjusted earnings from operations, Adjusted net earnings and Adjusted diluted earnings per share exclude (i) severance and restructuring expenses, net, (ii) certain executive recruitment and hiring-related expenses, (iii) amortization of intangible assets, (iv) transformation costs, (v) certain acquisition and integration-related expenses, (vi) gains and losses from revaluation of acquisition related earnout liabilities, (vii) certain third-party data center service outage related expenses and recoveries, (viii) gains and losses from the revaluation of warrant settlement liabilities, and (ix) the tax effects of each of these items, as applicable ** Includes transformation costs of $1.3 million, $2.3 million and $4.0 million for the three months ended March 31, 2025, 2024 and 2023, respectively. Includes severance and restructuring expenses, net of $7.0 million, $2.2 million and $3.8 million for the three months ended March 31, 2025, 2024 and 2023, respectively Reconciliation of GAAP to Non-GAAP Financial Measures*

 
© 2025 Insight. All Rights Reserved. 25 Three Months Ended March 31, US Dollars in $000s, except per share data 2025 2024 2023 Adjusted Consolidated Net Earnings: GAAP consolidated net earnings $ 7,514 $ 67,027 $ 49,972 Amortization of intangible assets 18,548 14,925 8,310 Change in fair value of earnout liabilities 15,200 941 — Net loss on revaluation of warrant settlement liabilities 25,069 — — Other** 8,501 5,898 8,186 Income taxes on non-GAAP adjustments (7,007) (5,439) (4,201) Adjusted non-GAAP consolidated net earnings $ 67,825 $ 83,352 $ 62,267 Adjusted Diluted Earnings Per Share: GAAP diluted EPS $ 0.22 $ 1.74 $ 1.34 Amortization of intangible assets 0.53 0.39 0.22 Change in fair value of earnout liabilities 0.44 0.02 — Net loss on revaluation of warrant settlement liabilities 0.72 — — Other 0.25 0.16 0.22 Income taxes on non-GAAP adjustments (0.20) (0.14) (0.11) Impact of benefit from note hedge 0.10 0.20 0.11 Adjusted non-GAAP diluted EPS $ 2.06 $ 2.37 $ 1.78 Shares used in diluted EPS calculation 34,683 38,435 37,207 Impact of benefit from note hedge (1,731) (3,228) (2,310) Shares used in Adjusted non-GAAP diluted EPS calculation 32,952 35,207 34,897 * The non-GAAP financial measures are referred to as “Adjusted”. Adjusted earnings from operations, Adjusted net earnings and Adjusted diluted earnings per share exclude (i) severance and restructuring expenses, net, (ii) certain executive recruitment and hiring-related expenses, (iii) amortization of intangible assets, (iv) transformation costs, (v) certain acquisition and integration-related expenses, (vi) gains and losses from revaluation of acquisition related earnout liabilities, (vii) certain third-party data center service outage related expenses and recoveries, (viii) gains and losses from the revaluation of warrant settlement liabilities, and (ix) the tax effects of each of these items, as applicable ** Includes transformation costs of $1.3 million, $2.3 million and $4.0 million for the three months ended March 31, 2025, 2024 and 2023, respectively. Includes severance and restructuring expenses, net of $7.0 million, $2.2 million and $3.8 million for the three months ended March 31, 2025, 2024 and 2023, respectively Reconciliation of GAAP to Non-GAAP Financial Measures* (continued)

 
© 2025 Insight. All Rights Reserved. 26 Three Months Ended March 31, US Dollars in $000s 2025 2024 Adjusted North America Earnings from Operations: GAAP EFO from North America segment $ 50,790 $ 84,023 Amortization of intangible assets 16,804 13,146 Change in fair value of earnout liabilities 15,200 465 Other** 4,171 5,150 Adjusted non-GAAP EFO from North America segment $ 86,965 $ 102,784 Adjusted EMEA Earnings from Operations: GAAP EFO from EMEA segment $ 5,011 $ 11,190 Amortization of intangible assets 1,744 1,670 Change in fair value of earnout liabilities — 476 Other 4,263 678 Adjusted non-GAAP EFO from EMEA segment $ 11,018 $ 14,014 Adjusted APAC Earnings from Operations: GAAP EFO from APAC segment $ 4,302 $ 4,773 Amortization of intangible assets — 109 Other 67 70 Adjusted non-GAAP EFO from APAC segment $ 4,369 $ 4,952 * The non-GAAP financial measures are referred to as “Adjusted”. Adjusted earnings from operations, Adjusted net earnings and Adjusted diluted earnings per share exclude (i) severance and restructuring expenses, net, (ii) certain executive recruitment and hiring-related expenses, (iii) amortization of intangible assets, (iv) transformation costs, (v) certain acquisition and integration-related expenses, (vi) gains and losses from revaluation of acquisition related earnout liabilities, (vii) certain third-party data center service outage related expenses and recoveries, (viii) gains and losses from the revaluation of warrant settlement liabilities, and (ix) the tax effects of each of these items, as applicable ** Includes transformation costs of $0.9 million and $2.3 million for the three months ended March 31, 2025 and 2024, respectively. Includes severance and restructuring expenses, net of $3.1 million and $1.6 million for the three months ended March 31, 2025 and 2024 Reconciliation of GAAP to Non-GAAP Financial Measures* (continued)

 
© 2025 Insight. All Rights Reserved. 27 Three Months Ended March 31, US Dollars in $000s 2025 2024 Adjusted Consolidated EBITDA: GAAP consolidated net earnings $ 7,514 $ 67,027 Interest expense 17,739 15,269 Income tax expense 11,495 21,165 Depreciation and amortization of property and equipment 7,231 6,961 Amortization of intangible assets 18,548 14,925 Change in fair value of earnout liabilities 15,200 941 Net loss on revaluation of warrant settlement liabilities 25,069 — Other* 8,501 5,898 Adjusted non-GAAP EBITDA $ 111,297 $ 132,186 Net earnings as a % of net sales 0.4 % 2.8 % Adjusted non-GAAP EBITDA margin 5.3 % 5.6 % * Includes transformation costs of $1.3 million and $2.3 million for the three months ended March 31, 2025 and 2024, respectively. Includes severance and restructuring expenses, net of $7.0 million and $2.2 million for the three months ended March 31, 2025 and 2024 Reconciliation of GAAP to Non-GAAP Financial Measures (continued)

 
© 2025 Insight. All Rights Reserved. 28 1 Assumed tax rate of 26.0% 2 Average of previous five quarters 3 Computed as GAAP consolidated EFO, net of tax of $90,662 and $115,003 for the twelve months ended March 31, 2025 and 2024, respectively, divided by invested capital 4 Computed as Adjusted non-GAAP consolidated EFO, net of tax, divided by invested capital 5 Includes transformation costs of $17.4 million and $14.8 million for the twelve months ended March 31, 2025 and 2024, respectively. Includes certain third-party data center service outage related recoveries in excess of expenses of $2.1 million for the twelve months ended March 31, 2025. Includes certain third-party data center service outage related expenses, net of recoveries of $5.0 million for the twelve months ended March 31, 2024. Includes severance and restructuring expenses, net of $36.4 million and $4.5 million for the twelve months ended March 31, 2025 and 2024, respectively Twelve Months Ended March 31, US Dollars in $000s 2025 2024 Adjusted Return on Invested Capital: GAAP consolidated EFO $ 348,701 $ 442,320 Amortization of intangible assets 73,204 42,846 Change in fair value of earnout liabilities 6,410 941 Other5 54,659 33,813 Adjusted non-GAAP consolidated EFO $ 482,974 $ 519,920 Income tax expense1 125,573 135,179 Adjusted non-GAAP consolidated EFO, net of tax $ 357,401 $ 384,741 Average stockholders’ equity2 $ 1,746,178 $ 1,651,965 Average debt2 957,752 739,136 Average cash2 (306,790) (252,769) Invested Capital $ 2,397,140 $ 2,138,332 Adjusted non-GAAP ROIC (from GAAP consolidated EFO)3 10.8 % 15.3 % Adjusted non-GAAP ROIC (from non-GAAP consolidated EFO)4 14.9 % 18.0 % Reconciliation of GAAP to Non-GAAP Financial Measures (continued)

 
© 2025 Insight. All Rights Reserved. 29 Three Months Ended March 31, US Dollars in $000s 2025 2024 Adjusted Consolidated Selling and Administrative Expenses: GAAP selling and administrative expenses $ 339,173 $ 337,434 Less: Change in fair value of earnout liabilities 15,200 941 Less: Other* 19,848 17,315 Adjusted non-GAAP selling and administrative expenses $ 304,125 $ 319,178 GAAP selling and administrative expenses** 16.1 % 14.2 % Adjusted non-GAAP selling and administrative expenses** 14.5 % 13.4 % * “Other” includes (i) amortization of intangible assets, (ii) certain executive recruitment and hiring-related expenses, and (iii) transformation costs ** As a percentage of IEI net sales Reconciliation of GAAP to Non-GAAP Financial Measures (continued)

 
© 2025 Insight. All Rights Reserved. 30 Twelve Months Ended March 31, US Dollars in $000s 2025 Adjusted Free Cash Flow: Net cash provided by operating activities $ 463,716 Less: Purchases of property and equipment 47,430 Adjusted non-GAAP free cash flow $ 416,286 Net cash used in investing activities $ (303,926) Net cash used in financing activities $ (211,477) Adjusted Consolidated Net Earnings: GAAP consolidated net earnings $ 190,178 Amortization of intangible assets 73,204 Change in fair value of earnout liabilities 6,410 Net loss on revaluation of warrant settlement liabilities 25,069 Other** 54,659 Income taxes on non-GAAP adjustments (26,866) Adjusted non-GAAP consolidated net earnings $ 322,654 Net cash provided by operating activities as % net earnings 244 % Adjusted free cash flow as % of adjusted net earnings 129 % * The non-GAAP financial measures are referred to as “Adjusted”. Adjusted earnings from operations, Adjusted net earnings and Adjusted diluted earnings per share exclude (i) severance and restructuring expenses, net, (ii) certain executive recruitment and hiring-related expenses, (iii) amortization of intangible assets, (iv) transformation costs, (v) certain acquisition and integration-related expenses, (vi) gains and losses from revaluation of acquisition related earnout liabilities, (vii) certain third-party data center service outage related expenses and recoveries, (viii) gains and losses from the revaluation of warrant settlement liabilities, and (ix) the tax effects of each of these items, as applicable ** Includes transformation costs of $17.4 million, certain third-party data center service outage related recoveries in excess of expenses of $2.1 million, and severance and restructuring expenses, net of $36.4 million for the twelve months ended March 31, 2025 Reconciliation of GAAP to Non-GAAP Financial Measures* (continued)

 
© 2025 Insight. All Rights Reserved. 31 Three Months Ended Three Months Ended Three Months Ended June 30, September 30, December 31, US Dollars in $000s 2024 2023 2024 2023 2024 2023 Adjusted Consolidated Earnings from Operations: GAAP consolidated EFO $ 131,073 $ 118,611 $ 92,851 $ 91,862 $ 64,674 $ 131,861 Amortization of intangible assets 17,357 8,285 18,702 8,648 18,597 10,988 Change in fair value of earnout liabilities (25,148) — (6,442) — 22,800 — Other 7,810 2,812 15,006 19,280 23,342 5,823 Adjusted non-GAAP consolidated EFO $ 131,092 $ 129,708 $ 120,117 $ 119,790 $ 129,413 $ 148,672 GAAP EFO as a percentage of net sales 6.1 % 5.0 % 4.4 % 4.1 % 3.1% 5.9% Adjusted non-GAAP EFO as a percentage of net sales 6.1 % 5.5 % 5.8 % 5.3 % 6.2% 6.6% * The non-GAAP financial measures are referred to as “Adjusted”. Adjusted earnings from operations, Adjusted net earnings and Adjusted diluted earnings per share exclude (i) severance and restructuring expenses, net, (ii) certain executive recruitment and hiring-related expenses, (iii) amortization of intangible assets, (iv) transformation costs, (v) certain acquisition and integration-related expenses, (vi) gains and losses from revaluation of acquisition related earnout liabilities, (vii) certain third-party data center service outage related expenses and recoveries, (viii) gains and losses from the revaluation of warrant settlement liabilities, and (ix) the tax effects of each of these items, as applicable Reconciliation of GAAP to Non-GAAP Financial Measures* (continued)

 
© 2025 Insight. All Rights Reserved. 32 Three Months Ended Three Months Ended Three Months Ended June 30, September 30, December 31, US Dollars in $000s, except per share data 2024 2023 2024 2023 2024 2023 Adjusted Consolidated Net Earnings: GAAP consolidated net earnings $ 87,444 $ 80,482 $ 58,208 $ 60,247 $ 37,012 $ 90,608 Amortization of intangible assets 17,357 8,285 18,702 8,648 18,597 10,988 Change in fair value of earnout liabilities (25,148) — (6,442) — 22,800 — Other 7,810 2,812 15,006 19,280 23,342 5,823 Income taxes on non-GAAP adjustments (734) (3,032) (8,505) (6,496) (10,620) (4,287) Adjusted non-GAAP consolidated net earnings $ 86,729 $ 88,547 $ 76,969 $ 81,679 $ 91,131 $ 103,132 Adjusted Diluted Earnings Per Share: GAAP diluted EPS $ 2.27 $ 2.17 $ 1.52 $ 1.62 $ 0.99 $ 2.42 Amortization of intangible assets 0.45 0.22 0.49 0.23 0.50 0.29 Change in fair value of earnout liabilities (0.65) — (0.17) — 0.61 — Other 0.20 0.08 0.39 0.52 0.63 0.16 Income taxes on non-GAAP adjustments (0.02) (0.08) (0.22) (0.17) (0.29) (0.11) Impact of benefit from note hedge 0.21 0.17 0.18 0.17 0.22 0.22 Adjusted non-GAAP diluted EPS $ 2.46 $ 2.56 $ 2.19 $ 2.37 $ 2.66 $ 2.98 Shares used in diluted EPS calculation 38,567 37,039 38,331 37,203 37,212 37,513 Impact of benefit from note hedge (3,322) (2,516) (3,258) (2,774) (3,011) (2,874) Shares used in Adjusted non-GAAP diluted EPS calculation 35,245 34,523 35,073 34,429 34,201 34,639 * The non-GAAP financial measures are referred to as “Adjusted”. Adjusted earnings from operations, Adjusted net earnings and Adjusted diluted earnings per share exclude (i) severance and restructuring expenses, net, (ii) certain executive recruitment and hiring-related expenses, (iii) amortization of intangible assets, (iv) transformation costs, (v) certain acquisition and integration-related expenses, (vi) gains and losses from revaluation of acquisition related earnout liabilities, (vii) certain third-party data center service outage related expenses and recoveries, (viii) gains and losses from the revaluation of warrant settlement liabilities, and (ix) the tax effects of each of these items, as applicable Reconciliation of GAAP to Non-GAAP Financial Measures* (continued)

 
© 2025 Insight. All Rights Reserved. 33 * The non-GAAP financial measures are referred to as “Adjusted”. Adjusted earnings from operations, Adjusted net earnings and Adjusted diluted earnings per share exclude (i) severance and restructuring expenses, net, (ii) certain executive recruitment and hiring-related expenses, (iii) amortization of intangible assets, (iv) transformation costs, (v) certain acquisition and integration-related expenses, (vi) gains and losses from revaluation of acquisition related earnout liabilities, (vii) certain third-party data center service outage related expenses and recoveries, (viii) gains and losses from the revaluation of warrant settlement liabilities, and (ix) the tax effects of each of these items, as applicable US Dollars in $000s 2022 TTM Q1-23 TTM Q2-23 TTM Q3-23 2023 TTM Q1-24 TTM Q2-24 TTM Q3-24 2024 TTM Q1-25 Adjusted Consolidated Earnings from Operations: GAAP consolidated EFO $ 413,700 $ 411,312 $ 400,367 $ 401,950 $ 419,795 $ 442,320 $ 454,782 $ 455,771 $ 388,584 $ 348,701 Amortization of intangible assets 32,892 33,277 33,658 33,320 36,231 42,846 51,918 61,972 69,581 73,204 Change in fair value of earnout liabilities — — — — — 941 (24,207) (30,649) (7,849) 6,410 Other 20,018 26,421 24,999 36,450 36,101 33,813 38,811 34,537 52,056 54,659 Adjusted non-GAAP consolidated EFO $ 466,610 $ 471,010 $ 459,024 $ 471,720 $ 492,127 $ 519,920 $ 521,304 $ 521,631 $ 502,372 $ 482,974 GAAP EFO as a percentage of net sales 4.0 % 4.1 % 4.1 % 4.3 % 4.6 % 4.8 % 5.0 % 5.1 % 4.5 % 4.1 % Adjusted non-GAAP EFO as a percentage of net sales 4.5 % 4.7 % 4.7 % 5.0 % 5.4 % 5.6 % 5.8 % 5.9 % 5.8 % 5.7 % Reconciliation of GAAP to Non-GAAP Financial Measures* (continued)

 
© 2025 Insight. All Rights Reserved. 34 * The non-GAAP financial measures are referred to as “Adjusted”. Adjusted earnings from operations, Adjusted net earnings and Adjusted diluted earnings per share exclude (i) severance and restructuring expenses, net, (ii) certain executive recruitment and hiring-related expenses, (iii) amortization of intangible assets, (iv) transformation costs, (v) certain acquisition and integration-related expenses, (vi) gains and losses from revaluation of acquisition related earnout liabilities, (vii) certain third-party data center service outage related expenses and recoveries, (viii) gains and losses from the revaluation of warrant settlement liabilities, and (ix) the tax effects of each of these items, as applicable US Dollars in $000s, except per share data 2022 TTM Q1-23 TTM Q2-23 TTM Q3-23 2023 TTM Q1-24 TTM Q2-24 TTM Q3-24 2024 TTM Q1-25 Adjusted Consolidated Net Earnings: GAAP consolidated net earnings $ 280,608 $ 273,949 $ 265,247 $ 268,178 $ 281,309 $ 298,364 $ 305,326 $ 303,287 $ 249,691 $ 190,178 Amortization of intangible assets 32,892 33,277 33,658 33,320 36,231 42,846 51,918 61,972 69,581 73,204 Change in fair value of earnout liabilities — — — — — 941 (24,207) (30,649) (7,849) 6,410 Net loss on revaluation of warrant settlement liabilities — — — — — — — — — 25,069 Other 20,018 26,421 24,999 36,450 36,101 33,813 38,811 34,537 52,056 54,659 Income taxes on non-GAAP adjustments (13,306) (15,107) (15,061) (17,262) (18,016) (19,254) (16,956) (18,965) (25,298) (26,866) Adjusted non-GAAP consolidated net earnings $ 320,212 $ 318,540 $ 308,843 $ 320,686 $ 335,625 $ 356,710 $ 354,892 $ 350,182 $ 338,181 $ 322,654 Adjusted Diluted Earnings Per Share: GAAP diluted EPS $ 7.66 $ 7.47 $ 7.22 $ 7.26 $ 7.55 $ 7.95 $ 8.05 $ 7.94 $ 6.55 $ 5.11 Amortization of intangible assets 0.90 0.91 0.92 0.90 0.97 1.14 1.37 1.62 1.82 1.97 Change in fair value of earnout liabilities — — — — — 0.03 (0.64) (0.80) (0.21) 0.17 Net loss on revaluation of warrant settlement liabilities — — — — — — — — — 0.67 Other 0.55 0.72 0.68 0.99 0.97 0.90 1.02 0.90 1.37 1.47 Income taxes on non-GAAP adjustments (0.36) (0.41) (0.41) (0.47) (0.48) (0.51) (0.45) (0.50) (0.66) (0.72) Impact of benefit from note hedge 0.36 0.40 0.45 0.57 0.68 0.77 0.82 0.83 0.81 0.72 Adjusted non-GAAP diluted EPS $ 9.11 $ 9.09 $ 8.86 $ 9.25 $ 9.69 $ 10.28 $ 10.17 $ 9.99 $ 9.68 $ 9.39 Shares used in diluted EPS calculation 36,620 36,676 36,731 36,946 37,241 37,548 37,930 38,212 38,136 37,198 Impact of benefit from note hedge (1,466) (1,624) (1,868) (2,264) (2,619) (2,848) (3,050) (3,171) (3,205) (2,830) Shares used in Adjusted non-GAAP diluted EPS calculation 35,154 35,052 34,863 34,682 34,622 34,700 34,880 35,041 34,931 34,368 Reconciliation of GAAP to Non-GAAP Financial Measures* (continued)

 
© 2025 Insight. All Rights Reserved. 35 Financial Results by Offering Category US Dollars in $000s Q1-23 Q2-23 Q3-23 Q4-23 FY 2023 Q1-24 Q2-24 Q3-24 Q4-24 FY 2024 Q1-25 Consolidated IEI by Offering Category: Hardware $ 1,328,845 $ 1,310,273 $ 1,301,155 $ 1,148,664 $ 5,088,937 $ 1,134,727 $ 1,172,641 $ 1,137,518 $ 1,130,014 $ 4,574,900 $ 1,141,516 Software 638,800 635,336 588,999 679,316 2,542,451 829,228 553,794 536,261 521,457 2,440,740 566,284 Total Products 1,967,645 1,945,609 1,890,154 1,827,980 7,631,388 1,963,955 1,726,435 1,673,779 1,651,471 7,015,640 1,707,800 Agent Services 143,543 178,948 154,168 188,305 664,964 183,634 197,798 175,605 188,475 745,512 169,907 Insight Delivered Services 212,759 225,039 221,964 219,726 879,488 231,896 237,429 238,502 232,719 940,546 225,849 Total Services 356,302 403,987 376,132 408,031 1,544,452 415,530 435,227 414,107 421,194 1,686,058 395,756 Total Net Sales $ 2,323,947 $ 2,349,596 $ 2,266,286 $ 2,236,011 $ 9,175,840 $ 2,379,485 $ 2,161,662 $ 2,087,886 $ 2,072,665 $ 8,701,698 $ 2,103,556 Hardware Cost $ 1,169,795 $ 1,152,211 $ 1,142,298 $ 1,002,407 $ 4,466,711 $ 986,909 $ 1,021,148 $ 982,489 $ 978,207 $ 3,968,753 $ 994,519 Software Cost 602,934 597,237 555,245 637,051 2,392,467 784,675 515,122 503,782 487,483 2,291,062 537,307 Total Product Cost 1,772,729 1,749,448 1,697,543 1,639,458 6,859,178 1,771,584 1,536,270 1,486,271 1,465,690 6,259,815 1,531,826 Services Cost 159,903 166,958 159,873 160,403 647,137 166,973 172,027 169,530 167,337 675,867 165,253 Total Cost of Goods Sold $ 1,932,632 $ 1,916,406 $ 1,857,416 $ 1,799,861 $ 7,506,315 $ 1,938,557 $ 1,708,297 $ 1,655,801 $ 1,633,027 $ 6,935,682 $ 1,697,079 Product Gross Profit $ 194,916 $ 196,161 $ 192,611 $ 188,522 $ 772,210 $ 192,371 $ 190,165 $ 187,508 $ 185,781 $ 755,825 $ 175,974 Services Gross Profit 196,399 237,029 216,259 247,628 897,315 248,557 263,200 244,577 253,857 1,010,191 230,503 Total Gross Profit $ 391,315 $ 433,190 $ 408,870 $ 436,150 $ 1,669,525 $ 440,928 $ 453,365 $ 432,085 $ 439,638 $ 1,766,016 $ 406,477 % of Total Net Sales: Hardware 57 % 56 % 57 % 51 % 55 % 48 % 54 % 54 % 55 % 53 % 54 % Software 27 % 27 % 26 % 30 % 28 % 35 % 26 % 26 % 25 % 28 % 27 % Total Products 85 % 83 % 83 % 82 % 83 % 83 % 80 % 80 % 80 % 81 % 81 % Agent Services 6 % 8 % 7 % 8 % 7 % 8 % 9 % 8 % 9 % 9 % 8 % Insight Delivered Services 9 % 10 % 10 % 10 % 10 % 10 % 11 % 11 % 11 % 11 % 11 % Total Services 15 % 17 % 17 % 18 % 17 % 17 % 20 % 20 % 20 % 19 % 19 % % of Total Services Net Sales: Agent Services 40 % 44 % 41 % 46 % 43 % 44 % 45 % 42 % 45 % 44 % 43 % Insight Delivered Services 60 % 56 % 59 % 54 % 57 % 56 % 55 % 58 % 55 % 56 % 57 % Note: Numbers may not foot or cross foot due to immaterial rounding

 
© 2025 Insight. All Rights Reserved. 36 • Insight settled 3,586,212 of the total originally outstanding 5,123,160 warrants in cash in Q1 and Q2 2025 • The remaining 1,536,948 warrants will mature on May 15, 2025 and settle towards the end of 2025 • DEPS will continue to be impacted by the net shares owed on the warrants until they are settled and/or issued • DEPS incremental shares for GAAP reporting purposes are not issued at the time of reporting NSIT stock price Relevance of stock price Net shares owed on Warrants* $ 51.56 Price at issuance of Notes — $ 103.12 Warrants strike price — $ 140.00 Example average quarterly stock price 404,876 $ 160.00 Example average quarterly stock price 546,385 Example calculation - net shares owed on Warrants Warrants issued [a] Excess ave. share price [b] Value of excess [c = a x b] Dilutive shares [d = c / $140] $140 average share price for quarter 1,536,948 $36.88 $56,682,642 404,876 *Additional shares to be included in our weighted average shares outstanding calculation for each quarter Warrants (Illustrative example)