Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Our common stock trades under the symbol “NSIT” on The Nasdaq Global Select Market. As of February 10, 2023, we had 33,807,565 shares of common stock outstanding held by 43 stockholders of record. This figure does not include an estimate of the number of beneficial holders whose shares are held of record by brokerage firms and clearing agencies.
We have never paid a cash dividend on our common stock, and we currently do not intend to pay any cash dividends in the foreseeable future. Our senior secured revolving credit facility contains certain covenants that, if not met, restrict the payment of cash dividends.
Issuer Purchases of Equity Securities
Period (a)
Total
Number
of Shares
Purchased (b)
Average
Price
Paid per
Share (c)
Total Number
of Shares
Purchased
as Part of
Publicly
Announced
Plans or
Programs (d)
Approximate
Dollar Value
of Shares
that May
Yet Be
Purchased
Under
the Plans or
Programs
October 1, 2022 through October 31, 2022 — $ — — $ 300,000,000
November 1, 2022 through November 30, 2022 334,108 99.30 334,108 266,823,076
December 1, 2022 through December 31, 2022 504,423 98.60 504,423 217,086,968
838,531 838,531
On May 6, 2021, we announced that our Board of Directors had authorized the repurchase of up to $125,000,000 of our common stock. On September 19, 2022, we announced that our Board of Directors had authorized the repurchase of up to $300,000,000 of our common stock, including the $50,000,000 that remained available from the prior authorization. As of December 31, 2022, approximately $217.1 million remained available for repurchases under this share repurchase plan.
In accordance with the share repurchase plan, share repurchases may be made on the open market, subject to Rule 10b-18 or in privately negotiated transactions, through block trades, through 10b5-1 plans or otherwise, at management’s discretion. The number of shares purchased, and the timing of the purchases will be based on market conditions, working capital requirements, general business conditions and other factors. We intend to retire the repurchased shares.
See further information on our share repurchase programs in Note 15 to the Consolidated Financial Statements in Part II, Item 8 of this report.
30
INSIGHT ENTERPRISES, INC.
Stock Price Performance Graph
Set forth below is a graph comparing the percentage change in the cumulative total stockholder return on our common stock with the cumulative total return of the Nasdaq US Benchmark TR Index (Market Index) and the Nasdaq US Benchmark Computer Hardware TR Index (Industry Index). The graph assumes that $100 was invested on December 31, 2017 in our common stock and in each of the two Nasdaq indices, and that, as to such indices, dividends were reinvested. We have not, since our inception, paid any cash dividends on our common stock. Historical stock price performance shown on the graph is not necessarily indicative of future price performance.
Dec. 31,
2017 Dec. 31,
2018 Dec. 31,
2019 Dec. 31,
2020 Dec. 31,
2021 Dec. 31,
2022
Insight Enterprises, Inc. Common Stock (NSIT) $ 100.00 $ 106.00 $ 184.00 $ 199.00 $ 278.00 $ 262.00
Nasdaq US Benchmark TR Index (Market Index) 100.00 95.00 124.00 150.00 189.00 152.00
Nasdaq US Benchmark Computer Hardware TR Index (Industry Index) 100.00 94.00 172.00 305.00 412.00 303.00
Item 6. [Reserved]
31
INSIGHT ENTERPRISES, INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS