Exhibit 10.1





Exhibit 99.1









			
	 	 	 
	FOR IMMEDIATE RELEASE
	 	Nasdaq: NSIT






INSIGHT ENTERPRISES, INC. REPORTS SECOND QUARTER

2009 RESULTS




TEMPE, Ariz. — August 5, 2009 — Insight Enterprises, Inc. (Nasdaq: NSIT) (“Insight” or the
“Company”) today reported results of operations for the quarter ended June 30, 2009.



Second Quarter Highlights





	 	•	 	Net sales for the second quarter of 2009 decreased 26% compared to the second quarter of
2008 to $1.04 billion, an increase of 9% compared to the first quarter of 2009.
	 
	 	•	 	Gross profit for the second quarter also decreased 26% compared to the second quarter of
2008 to $147.8 million.
	 
	 	•	 	Net earnings from continuing operations before one-time items for the second quarter of
$16.0 million.* (Net earnings from continuing operations for the second quarter of $12.9
million including one-time items.)
	 
	 	•	 	Diluted net earnings per share from continuing operations before one-time items for the
second quarter of $0.34.* (Diluted net earnings per share from continuing operations for the
quarter of $0.28 including one-time items.)
	 
	 	•	 	One-time items in the second quarter 2009 results include $2.1 million, $1.5 million net
of tax, for severance and restructuring expenses, and $2.6 million, $1.6 million net of tax,
for professional fees and costs associated with the restatement related to certain aged
trade credits.
	 
	 	•	 	One-time items in the second quarter 2008 results include $313.8 million, $201.1 million
net of tax and adjustments, for a non-cash goodwill impairment charge, which represented the
entire goodwill balance of the North America operating segment, and $3.5 million, $2.3
million net of tax, for severance and restructuring expenses.
	 
	 	•	 	Earnings from a discontinued operation were $4.5 million, $2.8 million net of tax, or
$0.06 per diluted share, bringing consolidated diluted net earnings per share to $0.34 for
the second quarter. The net earnings from a discontinued operation result from the
favorable settlement of an arbitrated claim related to the 2006 sale of a former subsidiary.
	 
	 	•	 	Generated $96.5 million of cash flows from operations, and paid down debt by $51.5
million during the second quarter of 2009, ending the quarter with $119.5 million of
long-term debt outstanding as of June 30, 2009.





	 	 	 
	*	 	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.



“Overall, we are pleased with our first-half operational performance in this challenging new demand
environment,” stated Rich Fennessy, President and Chief Executive Officer. “We believe we are
well positioned going into the second half of the year to compete aggressively,” added Fennessy.



- MORE -




	 	 	 	 	 	 	 	 	 
	Insight Enterprises, Inc.
	 	6820 South Harl Avenue
	 	Tempe, Arizona 85283
	 	480-902-1001
	 	FAX 480-760-8958





 


 









 





			
	Insight Q2 2009 Results, Page 2
	 	August 5, 2009






SEGMENT OVERVIEW




In North America, net sales were $713.5 million for the second quarter of 2009, down 25% from the
second quarter of 2008, but up 8% sequentially. Gross margin on these sales held steady at 14%.
Selling and administrative expenses for North America in the second quarter include $2.6 million of
professional fees and costs associated with the trade credits investigation. Excluding the effect
of this item, selling and administrative expenses were down $22.5 million compared to last year, or
21%, primarily due to the cost reduction initiatives the Company has implemented over the last
several quarters and, to a lesser extent, the effect of lower variable costs on lower sales. As a
result, the North America segment reported earnings from operations of $13.8 million for the second
quarter of 2009. Earnings from operations in North America in the second quarter were $16.3
million excluding the one-time items.



The Company’s EMEA operating segment reported net sales of $281.2 million for the second quarter of
2009, down 26% in U.S. dollars, but up 4% sequentially. Excluding the effects of foreign currency
fluctuations, net sales were down 12% versus last year and down 2% sequentially. Gross profit in
EMEA was down 26% in U.S. dollars, and down 12% excluding the effects of foreign currency
fluctuations, while gross margin stayed steady at 14.9% compared to the same quarter last year.
Selling and administrative expenses in EMEA in the second quarter of 2009 were down $7.6 million
year over year in U.S. dollars, and excluding the effects of foreign currency fluctuations, selling
and administrative expenses in EMEA decreased by approximately $600,000. The EMEA segment reported
earnings from operations of $6.1 million for the second quarter of 2009. Excluding a severance
charge of $1.9 million during the quarter, EMEA reported earnings from operations of $8.0 million.



In the Company’s APAC operating segment, net sales of $42.4 million for the second quarter of 2009
were down 28% from the prior year, and down 15% excluding the effects of foreign currency
fluctuations. Gross profit was $6.3 million and gross margin was 14.9%, down from $9.5 million and
16.2% in the prior year quarter. The APAC segment reported earnings from operations of $2.0
million for the second quarter of 2009. Excluding a severance charge of $230,000 during the
quarter, APAC reported earnings from operations of $2.2 million.



- MORE -




	 	 	 	 	 	 	 	 	 
	Insight Enterprises, Inc.
	 	6820 South Harl Avenue
	 	Tempe, Arizona 85283
	 	480-902-1001
	 	FAX 480-760-8958





 


 









 





			
	Insight Q2 2009 Results, Page 3
	 	August 5, 2009






UPDATED GUIDANCE




The Company continues to believe that, with demand levels where they are today and with the
resource and other actions it has taken over the last several quarters, diluted earnings per share
from continuing operations will be between $0.80 and $0.87 for the full year of 2009. However,
given the typical seasonality of the Company’s software business and anticipation of continued softness in the EMEA market, it now believes that
diluted EPS from continuing operations in the second half of the year may be lower than the first
half of the year. This outlook does not include the effect of any severance and restructuring
expenses, expenses associated with the restatement investigation and administration or related
litigation, or other one-time charges.



CONFERENCE CALL AND WEBCAST




The Company will host a conference call and live web cast today at 5:00 p.m. ET to discuss second
quarter 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 www.insight.com and a replay of the web cast will
be available on the Company’s web site for a limited time following the call. To listen to the
live web cast by telephone, call 1-800-573-4752 if located in the U.S., 617-224-4324 for
International callers, and enter the access code 21930220.



- MORE -




	 	 	 	 	 	 	 	 	 
	Insight Enterprises, Inc.
	 	6820 South Harl Avenue
	 	Tempe, Arizona 85283
	 	480-902-1001
	 	FAX 480-760-8958





 


 









 





			
	Insight Q2 2009 Results, Page 4
	 	August 5, 2009






Financial Summary Table

(in thousands, except per share data and percentages)

(Unaudited)




	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended June 30,	 	 	Six Months Ended June 30,	 
	Insight Enterprises, Inc.	 	2009	 	 	2008	 	 	% change	 	 	2009	 	 	2008	 	 	% change	 
	Net sales
	 	$	1,037,162	 	 	$	1,396,585	 	 	 	(26	%)	 	$	1,988,322	 	 	$	2,500,083	 	 	 	(20	%)
	Gross profit
	 	$	147,844	 	 	$	200,942	 	 	 	(26	%)	 	$	279,616	 	 	$	352,564	 	 	 	(21	%)
	Earnings (loss) from operations — GAAP
	 	$	21,849	 	 	$	(269,220	)	 	 	108	%	 	$	13,931	 	 	$	(254,959	)	 	 	105	%
	Earnings from operations — non-GAAP*
	 	$	26,541	 	 	$	48,064	 	 	 	(45	%)	 	$	34,570	 	 	$	64,225	 	 	 	(46	%)
	Net earnings (loss) from continuing operations — GAAP
	 	$	12,893	 	 	$	(175,075	)	 	 	107	%	 	$	6,096	 	 	$	(166,902	)	 	 	104	%
	Net earnings from continuing operations — non-GAAP*
	 	$	15,971	 	 	$	28,301	 	 	 	(44	%)	 	$	19,807	 	 	$	37,624	 	 	 	(47	%)
	Diluted EPS from continuing operations — GAAP
	 	$	0.28	 	 	$	(3.76	)	 	 	107	%	 	$	0.13	 	 	$	(3.51	)	 	 	104	%
	Diluted EPS from continuing operations — non-GAAP*
	 	$	0.34	 	 	$	0.60	 	 	 	(43	%)	 	$	0.43	 	 	$	0.78	 	 	 	(45	%)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	North America
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net sales
	 	$	713,531	 	 	$	955,808	 	 	 	(25	%)	 	$	1,373,632	 	 	$	1,717,942	 	 	 	(20	%)
	Gross profit
	 	$	99,748	 	 	$	134,780	 	 	 	(26	%)	 	$	192,791	 	 	$	235,988	 	 	 	(18	%)
	Earnings (loss) from operations — GAAP
	 	$	13,768	 	 	$	(286,223	)	 	 	105	%	 	$	5,845	 	 	$	(277,795	)	 	 	102	%
	Earnings from operations — non-GAAP*
	 	$	16,330	 	 	$	28,834	 	 	 	(43	%)	 	$	22,457	 	 	$	38,271	 	 	 	(41	%)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	EMEA
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net sales
	 	$	281,241	 	 	$	382,271	 	 	 	(26	%)	 	$	551,966	 	 	$	700,492	 	 	 	(21	%)
	Gross profit
	 	$	41,773	 	 	$	56,687	 	 	 	(26	%)	 	$	77,677	 	 	$	103,336	 	 	 	(25	%)
	Earnings from operations — GAAP
	 	$	6,059	 	 	$	13,068	 	 	 	(54	%)	 	$	6,640	 	 	$	19,369	 	 	 	(66	%)
	Earnings from operations — non-GAAP*
	 	$	7,959	 	 	$	15,278	 	 	 	(48	%)	 	$	10,320	 	 	$	22,448	 	 	 	(54	%)
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	APAC
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net sales
	 	$	42,390	 	 	$	58,506	 	 	 	(28	%)	 	$	62,724	 	 	$	81,649	 	 	 	(23	%)
	Gross profit
	 	$	6,323	 	 	$	9,475	 	 	 	(33	%)	 	$	9,148	 	 	$	13,240	 	 	 	(31	%)
	Earnings from operations — GAAP
	 	$	2,022	 	 	$	3,935	 	 	 	(49	%)	 	$	1,446	 	 	$	3,467	 	 	 	(58	%)
	Earnings from operations — non-GAAP*
	 	$	2,252	 	 	$	3,952	 	 	 	(43	%)	 	$	1,793	 	 	$	3,506	 	 	 	(49	%)








	 	 	 
	*	 	A tabular reconciliation of financial measures prepared in accordance with GAAP to non-GAAP financial measures is included at the end of this press release.




USE OF NON-GAAP FINANCIAL MEASURES




The non-GAAP financial measures in 2009 and 2008 exclude one-time items and the tax effect of these
items. We exclude these charges when internally evaluating earnings from operations, tax expense,
net earnings from continuing operation and diluted earnings per share from continuing operations
for the Company and earnings from operations for the individual 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 our results to
competitors’ financial results. We believe that these non-GAAP financial measures are useful to
investors because they allow for greater transparency, facilitate comparisons to prior periods and
competitors’ results and assist in forecasting performance for future periods because they exclude
items we believe to be outside of normal operating results. 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.



- MORE -




	 	 	 	 	 	 	 	 	 
	Insight Enterprises, Inc.

	 	6820 South Harl Avenue
	 	Tempe, Arizona 85283
	 	480-902-1001
	 	FAX 480-760-8958





 


 









 





			
	Insight Q2 2009 Results, Page 5
	 	August 5, 2009






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 our estimated diluted earnings per share for 2009, our
perceptions of trends in the demand environment, estimated savings from headcount reductions
(including assumptions about currency fluctuations underlying such statements), and fluctuations in
our borrowing levels in the second half of 2009, 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.
Some of the important factors that could cause our actual results to differ materially from those
projected in any forward-looking statements, include, but are not limited to, the following, which
are discussed in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year
ended December 31, 2008:




	 	•	 	general economic conditions, including concerns regarding a global recession and credit
constraints;
	 
	 	•	 	changes in the information technology industry and/or the economic environment;
	 
	 	•	 	our reliance on partners for product availability, marketing funds, purchasing
incentives and competitive products to sell;
	 
	 	•	 	stockholder litigation related to the restatement of our consolidated financial
statements;
	 
	 	•	 	our ability to collect our accounts receivable;
	 
	 	•	 	increased debt and interest expense and lower availability on our financing facilities
and changes in the overall capital markets that could increase our borrowing costs or
reduce future availability of financing;
	 
	 	•	 	disruptions in our information technology systems and voice and data networks, including
our system upgrade and the migration of acquired businesses to our information technology
systems and voice and data networks;
	 
	 	•	 	actions of our competitors, including manufacturers and publishers of products we sell;
	 
	 	•	 	the integration and operation of acquired businesses, including our ability to achieve
expected benefits of the acquisitions;
	 
	 	•	 	seasonal changes in demand for sales of software licenses;
	 
	 	•	 	the risks associated with international operations;
	 
	 	•	 	exposure to changes in, or interpretations of, tax rules and regulations;
	 
	 	•	 	exposure to currency exchange risks and volatility in the U.S. dollar, Canadian dollar,
the Euro and the British Pound Sterling exchange rates;
	 
	 	•	 	our dependence on key personnel;
	 
	 	•	 	failure to comply with the terms and conditions of our public sector contracts;
	 
	 	•	 	rapid changes in product standards; and
	 
	 	•	 	intellectual property infringement claims and challenges to our registered trademarks
and trade names.





Additionally, there may be other risks that are otherwise described from time to time in the
reports that we file 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. We assume no obligation to update, and do not
intend to update, any forward-looking statements. We do not endorse any projections regarding
future performance made by third parties.



	 	 	 	 	 
	Contacts:

	 	Glynis Bryan
	 	Helen Johnson
	 

	 	Chief Financial Officer
	 	Senior VP, Treasurer 
	 

	 	Tel. 480-333-3390
	 	Tel. 480-333-3234
	 

	 	Email glynis.bryan@insight.com
	 	Email helen.johnson@insight.com






- MORE -




	 	 	 	 	 	 	 	 	 
	Insight Enterprises, Inc.
	 	6820 South Harl Avenue
	 	Tempe, Arizona 85283
	 	480-902-1001
	 	FAX 480-760-8958





 


 









 





			
	Insight Q2 2009 Results, Page 6
	 	August 5, 2009






INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES

Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)




	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended	 	 	Six Months Ended	 
	 	 	June 30,	 	 	June 30,	 
	 	 	2009	 	 	2008	 	 	2009	 	 	2008	 
	Net sales
	 	$	1,037,162	 	 	$	1,396,585	 	 	$	1,988,322	 	 	$	2,500,083	 
	Costs of goods sold
	 	 	889,318	 	 	 	1,195,643	 	 	 	1,708,706	 	 	 	2,147,519	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Gross profit
	 	 	147,844	 	 	 	200,942	 	 	 	279,616	 	 	 	352,564	 
	Operating expenses:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Selling and administrative expenses
	 	 	123,865	 	 	 	152,878	 	 	 	257,208	 	 	 	288,339	 
	Goodwill impairment
	 	 	—	 	 	 	313,776	 	 	 	—	 	 	 	313,776	 
	Severance and restructuring expenses
	 	 	2,130	 	 	 	3,508	 	 	 	8,477	 	 	 	5,408	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Earnings (loss) from operations
	 	 	21,849	 	 	 	(269,220	)	 	 	13,931	 	 	 	(254,959	)
	Non-operating (income) expense:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Interest income
	 	 	(188	)	 	 	(700	)	 	 	(288	)	 	 	(1,301	)
	Interest expense
	 	 	1,988	 	 	 	3,912	 	 	 	4,088	 	 	 	6,578	 
	Net foreign currency exchange (gain) loss
	 	 	(162	)	 	 	1,055	 	 	 	(213	)	 	 	118	 
	Other expense, net
	 	 	202	 	 	 	171	 	 	 	481	 	 	 	490	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Earnings (loss) from continuing operations
before income taxes
	 	 	20,009	 	 	 	(273,658	)	 	 	9,863	 	 	 	(260,844	)
	Income tax expense (benefit)
	 	 	7,116	 	 	 	(98,583	)	 	 	3,767	 	 	 	(93,942	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Net earnings (loss) from continuing operations
	 	 	12,893	 	 	 	(175,075	)	 	 	6,096	 	 	 	(166,902	)
	Net earnings from a discontinued operation
	 	 	2,801	 	 	 	—	 	 	 	2,801	 	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Net earnings (loss)
	 	$	15,694	 	 	$	(175,075	)	 	$	8,897	 	 	$	(166,902	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net earnings (loss) per share — Basic:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net earnings (loss) from continuing operations
	 	$	0.28	 	 	$	(3.76	)	 	$	0.13	 	 	$	(3.51	)
	Net earnings from a discontinued operation
	 	 	0.06	 	 	 	—	 	 	 	0.06	 	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Net earnings (loss) per share
	 	$	0.34	 	 	$	(3.76	)	 	$	0.19	 	 	$	(3.51	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net earnings (loss) per share — Diluted:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net earnings (loss) from continuing operations
	 	$	0.28	 	 	$	(3.76	)	 	$	0.13	 	 	$	(3.51	)
	Net earnings from a discontinued operation
	 	 	0.06	 	 	 	—	 	 	 	0.06	 	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Net earnings (loss) per share
	 	$	0.34	 	 	$	(3.76	)	 	$	0.19	 	 	$	(3.51	)
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Shares used in per share calculations:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Basic
	 	 	45,853	 	 	 	46,594	 	 	 	45,781	 	 	 	47,567	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Diluted
	 	 	46,336	 	 	 	46,594	 	 	 	46,023	 	 	 	47,567	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 






- MORE -




	 	 	 	 	 	 	 	 	 
	Insight Enterprises, Inc.

	 	6820 South Harl Avenue
	 	Tempe, Arizona 85283
	 	480-902-1001
	 	FAX 480-760-8958





 


 









 





			
	Insight Q2 2009 Results, Page 7
	 	August 5, 2009






INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(In thousands)

(Unaudited)




	 	 	 	 	 	 	 	 	 
	 	 	June 30,	 	 	December 31,	 
	 	 	2009	 	 	2008	 
	ASSETS
	 	 	 	 	 	 	 	 
	Current assets:
	 	 	 	 	 	 	 	 
	Cash and cash equivalents
	 	$	119,820	 	 	$	49,175	 
	Accounts receivable, net
	 	 	879,770	 	 	 	990,026	 
	Inventories
	 	 	83,335	 	 	 	103,130	 
	Inventories not available for sale
	 	 	24,446	 	 	 	30,507	 
	Deferred income taxes
	 	 	38,776	 	 	 	40,075	 
	Other current assets
	 	 	45,427	 	 	 	37,495	 
	 
	 	 	 	 	 	 
	Total current assets
	 	 	1,191,574	 	 	 	1,250,408	 
	 
	 	 	 	 	 	 	 	 
	Property and equipment, net
	 	 	155,702	 	 	 	157,334	 
	Goodwill
	 	 	5,764	 	 	 	—	 
	Intangible assets, net
	 	 	88,152	 	 	 	93,400	 
	Deferred income taxes
	 	 	86,251	 	 	 	89,757	 
	Other assets
	 	 	16,552	 	 	 	16,741	 
	 
	 	 	 	 	 	 
	 
	 	$	1,543,995	 	 	$	1,607,640	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	LIABILITIES AND STOCKHOLDERS’ EQUITY
	 	 	 	 	 	 	 	 
	Current liabilities:
	 	 	 	 	 	 	 	 
	Accounts payable
	 	$	732,710	 	 	$	720,833	 
	Accrued expenses and other current liabilities
	 	 	193,620	 	 	 	175,769	 
	Current portion of long-term debt
	 	 	—	 	 	 	—	 
	Deferred revenue
	 	 	34,101	 	 	 	36,339	 
	 
	 	 	 	 	 	 
	Total current liabilities
	 	 	960,431	 	 	 	932,941	 
	 
	 	 	 	 	 	 	 	 
	Long-term debt
	 	 	119,500	 	 	 	228,000	 
	Deferred income taxes
	 	 	1,934	 	 	 	2,291	 
	Other liabilities
	 	 	20,275	 	 	 	22,440	 
	 
	 	 	 	 	 	 
	 
	 	 	1,102,140	 	 	 	1,185,672	 
	 
	 	 	 	 	 	 
	Stockholders’ equity:
	 	 	 	 	 	 	 	 
	Preferred stock
	 	 	—	 	 	 	—	 
	Common stock
	 	 	459	 	 	 	456	 
	Additional paid-in capital
	 	 	374,013	 	 	 	371,664	 
	Retained earnings
	 	 	49,187	 	 	 	40,290	 
	Accumulated other comprehensive income —
foreign currency translation adjustments
	 	 	18,196	 	 	 	9,558	 
	 
	 	 	 	 	 	 
	Total stockholders’ equity
	 	 	441,855	 	 	 	421,968	 
	 
	 	 	 	 	 	 
	 
	 	$	1,543,995	 	 	$	1,607,640	 
	 
	 	 	 	 	 	 






- MORE -




	 	 	 	 	 	 	 	 	 
	Insight Enterprises, Inc.

	 	6820 South Harl Avenue
	 	Tempe, Arizona 85283
	 	480-902-1001
	 	FAX 480-760-8958





 


 









 





			
	Insight Q2 2009 Results, Page 8
	 	August 5, 2009






INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows 

(In thousands)

(Unaudited)




	 	 	 	 	 	 	 	 	 
	 	 	Six Months Ended June 30,	 
	 	 	2009	 	 	2008	 
	Cash flows from operating activities:
	 	 	 	 	 	 	 	 
	Net earnings (loss)
	 	$	8,897	 	 	$	(166,902	)
	Adjustments to reconcile net earnings (loss) to net cash provided by
operating activities:
	 	 	 	 	 	 	 	 
	Goodwill impairment
	 	 	—	 	 	 	313,776	 
	Depreciation and amortization
	 	 	19,277	 	 	 	19,482	 
	Provision for losses on accounts receivable
	 	 	1,328	 	 	 	1,529	 
	Write-downs of inventories
	 	 	3,882	 	 	 	4,275	 
	Non-cash stock-based compensation
	 	 	7,165	 	 	 	5,889	 
	Non-cash gain from arbitrated claim, net of tax
	 	 	(2,801	)	 	 	—	 
	Excess tax benefit from employee gains on stock-based compensation
	 	 	—	 	 	 	(110	)
	Deferred income taxes
	 	 	211	 	 	 	(110,476	)
	Changes in assets and liabilities:
	 	 	 	 	 	 	 	 
	Decrease (increase) in accounts receivable
	 	 	145,031	 	 	 	(85,391	)
	Decrease (increase) in inventories
	 	 	23,315	 	 	 	(19,243	)
	(Increase) decrease in other current assets
	 	 	(6,904	)	 	 	14,505	 
	(Increase) decrease in other assets
	 	 	(1,022	)	 	 	2,406	 
	(Decrease) increase in accounts payable
	 	 	(31,662	)	 	 	122,878	 
	Increase in deferred revenue
	 	 	1,068	 	 	 	8,289	 
	Increase (decrease) in accrued expenses and other liabilities
	 	 	24,840	 	 	 	(8,574	)
	 
	 	 	 	 	 	 
	Net cash provided by operating activities
	 	 	192,625	 	 	 	102,333	 
	 
	 	 	 	 	 	 
	Cash flows from investing activities:
	 	 	 	 	 	 	 	 
	Acquisition of Calence, net of cash acquired
	 	 	(12,834	)	 	 	(124,671	)
	Purchases of property and equipment
	 	 	(8,345	)	 	 	(15,703	)
	Other
	 	 	—	 	 	 	(900	)
	 
	 	 	 	 	 	 
	Net cash used in investing activities
	 	 	(21,179	)	 	 	(141,274	)
	 
	 	 	 	 	 	 
	Cash flows from financing activities:
	 	 	 	 	 	 	 	 
	Borrowings on senior revolving credit facility
	 	 	529,873	 	 	 	372,770	 
	Repayments on senior revolving credit facility
	 	 	(638,373	)	 	 	(176,770	)
	Borrowings on accounts receivable securitization financing facility
	 	 	145,000	 	 	 	181,500	 
	Repayments on accounts receivable securitization financing facility
	 	 	(145,000	)	 	 	(184,500	)
	Repayments on term loan
	 	 	—	 	 	 	(56,250	)
	Net borrowings under inventory financing facility
	 	 	1,210	 	 	 	16,850	 
	Repayments on assumed debt
	 	 	—	 	 	 	(7,083	)
	Payment of deferred financing fees
	 	 	(531	)	 	 	(3,300	)
	Proceeds from sales of common stock under employee stock plans
	 	 	—	 	 	 	3,078	 
	Excess tax benefit from employee gains on stock-based compensation
	 	 	—	 	 	 	110	 
	Payment of payroll taxes on stock-based compensation through
shares withheld
	 	 	(398	)	 	 	(1,983	)
	Repurchases of common stock
	 	 	—	 	 	 	(50,000	)
	Increase (decrease) in book overdrafts
	 	 	6,126	 	 	 	(3,893	)
	 
	 	 	 	 	 	 
	Net cash (used in) provided by financing activities
	 	 	(102,093	)	 	 	90,529	 
	 
	 	 	 	 	 	 
	Foreign currency exchange effect on cash flows
	 	 	1,292	 	 	 	1,257	 
	 
	 	 	 	 	 	 
	Increase in cash and cash equivalents
	 	 	70,645	 	 	 	52,845	 
	Cash and cash equivalents at beginning of period
	 	 	49,175	 	 	 	56,718	 
	 
	 	 	 	 	 	 
	Cash and cash equivalents at end of period
	 	$	119,820	 	 	$	109,563	 
	 
	 	 	 	 	 	 






- MORE -




	 	 	 	 	 	 	 	 	 
	Insight Enterprises, Inc.

	 	6820 South Harl Avenue
	 	Tempe, Arizona 85283
	 	480-902-1001
	 	FAX 480-760-8958





 


 









 





			
	Insight Q2 2009 Results, Page 9
	 	August 5, 2009






INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES

Reconciliation of GAAP to Non-GAAP Financial Measures 

(In thousands, except per share data)

(unaudited)




	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended	 	 	Six Months Ended	 
	 	 	June 30,	 	 	June 30,	 
	 	 	2009	 	 	2008	 	 	2009	 	 	2008	 
	Consolidated Earnings (Loss) from Operations:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GAAP
	 	$	21,849	 	 	$	(269,220	)	 	$	13,931	 	 	$	(254,959	)
	Goodwill impairment
	 	 	—	 	 	 	313,776	 	 	 	—	 	 	 	313,776	 
	Severance and restructuring expense
	 	 	2,130	 	 	 	3,508	 	 	 	8,477	 	 	 	5,408	 
	Termination of equity incentive compensation plan
	 	 	—	 	 	 	—	 	 	 	5,478	 	 	 	—	 
	Professional fees and costs from trade credits
restatement issue
	 	 	2,562	 	 	 	—	 	 	 	6,684	 	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Non-GAAP
	 	$	26,541	 	 	$	48,064	 	 	$	34,570	 	 	$	64,225	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Consolidated Net Earnings (Loss) from Continuing
Operations:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GAAP
	 	$	12,893	 	 	$	(175,075	)	 	$	6,096	 	 	$	(166,902	)
	Goodwill impairment
	 	 	—	 	 	 	201,050	 	 	 	—	 	 	 	201,050	 
	Severance and restructuring expense
	 	 	1,497	 	 	 	2,326	 	 	 	5,462	 	 	 	3,476	 
	Termination of equity incentive compensation plan
	 	 	—	 	 	 	—	 	 	 	3,524	 	 	 	—	 
	Professional fees and costs from trade credits
restatement issue
	 	 	1,581	 	 	 	—	 	 	 	4,125	 	 	 	—	 
	Tax charge for remeasurement of certain deferred
tax assets
	 	 	—	 	 	 	—	 	 	 	600	 	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Non-GAAP
	 	$	15,971	 	 	$	28,301	 	 	$	19,807	 	 	$	37,624	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Consolidated Diluted EPS from Continuing
Operations:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GAAP
	 	$	0.28	 	 	$	(3.76	)	 	$	0.13	 	 	$	(3.51	)
	Goodwill impairment
	 	 	—	 	 	 	4.31	 	 	 	—	 	 	 	4.22	 
	Severance and restructuring expense
	 	 	0.03	 	 	 	0.05	 	 	 	0.12	 	 	 	0.07	 
	Termination of equity incentive compensation plan
	 	 	—	 	 	 	—	 	 	 	0.08	 	 	 	—	 
	Professional fees and costs from trade credits
restatement issue
	 	 	0.03	 	 	 	—	 	 	 	0.09	 	 	 	—	 
	Tax charge for remeasurement of certain deferred
tax assets
	 	 	—	 	 	 	—	 	 	 	0.01	 	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Non-GAAP
	 	$	0.34	 	 	$	0.60	 	 	$	0.43	 	 	$	0.78	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Shares used in per share calculations:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GAAP
	 	 	46,336	 	 	 	46,594	 	 	 	46,023	 	 	 	47,567	 
	Dilutive potential common shares due to
dilutive options and RSUs, net of tax
effect
	 	 	—	 	 	 	272	 	 	 	317	 	 	 	414	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Non-GAAP
	 	 	46,336	 	 	 	46,866	 	 	 	46,340	 	 	 	47,981	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 






- MORE -




	 	 	 	 	 	 	 	 	 
	Insight Enterprises, Inc.

	 	6820 South Harl Avenue
	 	Tempe, Arizona 85283
	 	480-902-1001
	 	FAX 480-760-8958





 


 









 




			
	Insight Q2 2009 Results, Page 10
	 	August 5, 2009






INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES

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

(In thousands, except per share data)

(unaudited)




	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Three Months Ended	 	 	Six Months Ended	 
	 	 	June 30,	 	 	June 30,	 
	 	 	2009	 	 	2008	 	 	2009	 	 	2008	 
	North America Earnings (Loss) from Operations:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GAAP
	 	$	13,768	 	 	$	(286,223	)	 	$	5,845	 	 	$	(277,795	)
	Goodwill impairment
	 	 	—	 	 	 	313,776	 	 	 	—	 	 	 	313,776	 
	Severance and restructuring expense
	 	 	—	 	 	 	1,281	 	 	 	5,859	 	 	 	2,290	 
	Termination of equity incentive compensation plan
	 	 	—	 	 	 	—	 	 	 	4,069	 	 	 	—	 
	Professional fees and costs from trade credits
restatement issue
	 	 	2,562	 	 	 	—	 	 	 	6,684	 	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Non-GAAP
	 	$	16,330	 	 	$	28,834	 	 	$	22,457	 	 	$	38,271	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	EMEA Earnings from Operations:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GAAP
	 	$	6,059	 	 	$	13,068	 	 	$	6,640	 	 	$	19,369	 
	Severance and restructuring expense
	 	 	1,900	 	 	 	2,210	 	 	 	2,317	 	 	 	3,079	 
	Termination of equity incentive compensation plan
	 	 	—	 	 	 	—	 	 	 	1,363	 	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Non-GAAP
	 	$	7,959	 	 	$	15,278	 	 	$	10,320	 	 	$	22,448	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	APAC Earnings from Operations:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GAAP
	 	$	2,022	 	 	$	3,935	 	 	$	1,446	 	 	$	3,467	 
	Severance and restructuring expense
	 	 	230	 	 	 	17	 	 	 	301	 	 	 	39	 
	Termination of equity incentive compensation plan
	 	 	—	 	 	 	—	 	 	 	46	 	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Non-GAAP
	 	$	2,252	 	 	$	3,952	 	 	$	1,793	 	 	$	3,506	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 






- ### -




	 	 	 	 	 	 	 	 	 
	Insight Enterprises, Inc.

	 	1305 West Auto Drive
	 	Tempe, Arizona 85284
	 	480-902-1001
	 	FAX 480-760-8958