What changed in this filing

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Item 1. Business

2024-02-22 compared with 2023-02-16 · 143 added, 189 removed, 158 unchanged (68% of the section changed)

Today, every business needs to be a technology business.

We help our clients accelerate their digital journey to modernize their business and maximize the value of technology.

Today, every business is a technology business.

We help our clients accelerate their digital journey to modernize their businesses and maximize the value of technology.

We serve these clients in North America;

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As a Fortune 500-ranked solutions integrator, we enable secure, end-to-end digital transformation and meet the needs of our clients through a comprehensive portfolio of solutions, far-reaching partnerships and 35 years of broad IT expertise.

We amplify our solutions and services with global scale, local expertise and our e-commerce experience, enabling our clients to realize their digital ambitions at every opportunity.

We amplify our solutions and services with global scale, local expertise and our e-commerce experience, enabling our clients to realize their digital ambitions in multiple ways.

The Company is organized in the following three operating segments, which are primarily defined by their related geographies:

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(2006), Calence, LLC (2008), MINX Limited (2008), Ensynch, Inc.

(2011), Inmac GmbH (2012) and Micro Warehouse BV (2012), BlueMetal Architects, Inc.

(2015) and Ignia, Pty Ltd (2016).

(2011), Inmac GmbH (2012), Micro Warehouse BV (2012), BlueMetal Architects, Inc.

(2015), Ignia, Pty Ltd (2016), Datalink Corporation (2017), and Caase Group B.V.

Our acquisitions from 2018 through today included:

• 2017 – Acquired Datalink Corporation (“Datalink”) and strengthened our position as a leading IT solutions provider with deep technical expertise delivering data center transformation solutions to clients on premise or in the cloud.

Additionally, we acquired Caase Group B.V.

and strengthened our ability to deliver cloud solutions to our clients in EMEA;

• 2018 – Acquired Cardinal Solutions Group, Inc.

(“Cardinal”), a digital solutions provider and strengthened our digital innovation capabilities;

• 2019 – Acquired PCM, Inc.

• 2018 – Cardinal Solutions Group, Inc.

(“Cardinal”), a digital solutions provider that strengthened our digital innovation capabilities;

• 2019 – PCM, Inc.

(“PCM”), a provider of multi-vendor technology offerings, including hardware, software and services which complemented our supply chain expertise, adding scale and clients in the commercial space primarily in North America;

• 2020 – Acquired vNext SAS (“vNext”), a French digital consulting services and managed services provider, increasing our capacity to deliver consulting and implementation services to support clients’ digital transformation initiatives to our clients in EMEA;

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• 2022 - Acquired Hanu Software Solutions, Inc.

• 2020 – vNext SAS (“vNext”), a French digital consulting services and managed services provider, increasing our capacity to deliver consulting and implementation services to support clients’ digital transformation initiatives to our clients in EMEA;

• 2022 - Hanu Software Solutions, Inc.

and Hanu Software Solutions (India) Private Ltd.

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Hanu also has a recruiting and development academy which expanded our technical expertise in India;

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• 2023 - Amdaris Group Limited ("Amdaris"), a service provider with core expertise in providing software application and development services for clients, which adds to Insight’s global application and Data & AI practices.

Amdaris also specializes in customized solutions for cloud, mobile, data analytics and web helping clients digitally transform faster;

• 2023 - SADA Systems, LLC ("SADA"), a Google cloud service provider with engineering capabilities across the entire Google Cloud stack specializing in Google Cloud priority workloads.

The SADA acquisition positions Insight to further benefit from the growing trend of multicloud adoption and GenAI, accelerating Insight’s progress toward its strategic objective of growing cloud services and solutions.

Our Purpose and Values

We accelerate digital transformation by unlocking the power of people and technology.

We live by our core values of hunger, heart and harmony, which guide how we act as an organization and as a team, capturing who we are as a culture and reminding us of what we’ve promised to live up to every day.

We live by our core values of hunger, heart and harmony, which guide how we act as an organization and as a team, capturing the essence of our culture, and reminding us of what we’ve promised to live up to every day.

Our core values are:

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We believe our addressable market represents approximately $730 billion in annual sales and for the year ended December 31, 2023, our net sales of $9.2 billion represented approximately 1% of that highly diverse market.

Based on our peer analysis of market data, we believe the top 10 most comparable global solution providers represent less than 20% of the market.

Based on our peer analysis of market data, we believe the top ten most comparable global solution providers represent less than 20% of the market.

We believe that we are well positioned in this highly fragmented global market with sales locations in 19 countries and our deep experience delivering IT solutions across the globe.

Our ambition is clear — we aspire to be the leading solutions integrator, setting the pace and defining a new category in our industry.

Building upon the strong foundation of our traditional technology business, we bring innovative and scalable solutions — a combination of hardware, software and services — that accelerate transformation and produce meaningful results for our clients.

To achieve our ambition, teammates are focused on our strategic objectives — to captivate clients, sell solutions, deliver differentiation, and champion our culture.

Captivate clients

Our primary goal is to captivate our clients, so they are our number-one priority.

We aim to become the partner our clients cannot live without, by delivering exceptional value for their digital transformation needs.

Building upon the strong foundation of our traditional technology business, we bring innovative and scalable solutions — a combination of services and product — that accelerate transformation and produce meaningful outcomes for our clients.

To achieve our ambition, teammates are focused on our strategic objectives — put clients first, deliver differentiation, champion our culture, and drive profitable growth.

Put Clients first

Our primary goal is to put our clients first, becoming the partner they cannot live without, by delivering essential value for their transformation needs.

We help our clients make the complex simple and look beyond the problems they are facing today to drive outcomes that energize future success.

We help them modernize their business by offering them solutions that maximize the value of technology and enable secure, end-to-end transformation solutions and services.

We help them modernize their business by offering solutions that maximize the value of technology and enable secure, end-to-end transformation solutions and services.

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Sell solutions

We are transforming our sales capabilities and aligning our incentives to focus on our solutions portfolio.

We will continue to streamline our account coverage to match skills with client needs and propensity to buy services.

We believe the key to our success is focusing on doing a finite number of things and doing them really well.

Deliver differentiation

We deliver differentiation through our unique solutions capabilities, exceptional technical talent and a compelling portfolio built on over 34 years of broad IT experience.

Combined with thoughtful strategic acquisitions, differentiated expertise and deep partner relationships, we deliver an excellent client experience driving faster outcomes.

We deliver differentiation through our innovative and scalable solutions, exceptional technical talent and a compelling portfolio built on over 35 years of IT experience.

Combined with thoughtful strategic acquisitions, differentiated expertise and deep partner relationships, we deliver a compelling client experience driving faster outcomes.

Our simple and strong portfolio of offerings and our robust roster of technical experts and industry leaders help us deliver client value efficiently and with the accountability our clients expect.

Champion culture

Champion our culture

We see our strong culture as a driver for growth.

We are purpose-driven and values-led and are focused on delivering an exceptional client experience.

We are purpose-driven and values-led and are focused on championing our teammates to deliver exceptional client experience.

We are building on this foundation, developing a culture of high performance, and continuing to push forward our culture of diversity and inclusion.

Solutions Expertise

We differentiate through comprehensive areas of solutions expertise to meet market demand and deliver meaningful client outcomes at scale.

We tend to quickly adapt to new technology trends in innovation, investing internally as well as through mergers and acquisitions, to advance our technical capabilities.

These areas of expertise, when combined and enhanced with our services, are how we drive digital transformation for our clients and are pivotal to our strategy of becoming the leading solutions integrator.

Of our six areas of solutions expertise, our clients are currently prioritizing business outcomes that combine one or more of the following areas to drive their transformation:

Drive profitable growth

We relentlessly pursue high performance, operational excellence and profitable growth.

We are transforming our sales capabilities and aligning our incentives to focus on our solutions portfolio.

We will continue to streamline our account coverage to match skills with client needs and propensity to buy services.

We believe the key to our success is focusing on doing a finite number of things and doing them really well.

This leads to successful outcomes with our clients and will drive profitable growth for our shareholders .

Our Solutions Expertise

We are differentiated in our ability to combine the power of our technology expertise with our technical services capabilities to create solutions to deliver meaningful client outcomes at scale.

We adapt quickly to new innovative technology trends such as Generative Artificial Intelligence ("GenAI").

We invest internally as well as through acquisitions to advance our technical capabilities.

We have strong solutions expertise in six high growth areas of the IT market that allows us to drive digital transformation and business outcomes for our clients.

The solutions areas are pivotal to our strategy of becoming the leading solutions integrator.

Our most recent acquisitions of Amdaris and SADA, enhance these areas of expertise and enhance the services that are most meaningful to our clients.

We believe our six key areas of solutions expertise are critical to our clients' success and to our identity as a solutions integrator:

• Modern platforms/infrastructure

Adopting & building modern platforms from cloud (multicloud and hybrid) to data center to edge

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• Cybersecurity

Automating and connecting those platforms securely (network, security, automation)

• Data & Artificial Intelligence ("AI")

Innovating on top of platforms with strategic solutions delivered through reference architectures, and enhanced through our intellectual property

Insight drives significant impact across these foundational areas — which are part of our broader set of solutions expertise, that we believe are critical to our clients’ success and to our identity as a solutions integrator.

Modern Infrastructure – Architect and modernize multicloud and networking solutions to drive business transformation .

We architect and deliver modern infrastructure solutions, management, and support spanning cloud and data center platforms, modern networks, and edge technologies, to enable our clients’ businesses’ digital transformation.

Outcomes for our clients:

• A scalable infrastructure foundation for innovation.

• Increase workload agility, resiliency and flexibility.

• Improve visibility and control of data assets.

• Deliver better user and customer experiences.

• Enable purposeful digital transformation.

• Modern Workplace

• Modern Apps

• Intelligent Edge

Each of the six key areas of solutions expertise are described below:

Modern Platforms/Infrastructure – Architect and modernize multicloud and networking solutions.

Our modern platforms solutions expertise is about adopting and building modern platforms from cloud (multicloud and hybrid) to data center to edge.

We architect and deliver modern infrastructure solutions, provide management and support spanning cloud and data center platforms, modern networks, and edge technologies, to enable our clients' businesses digital transformation.

Typical outcomes for our clients include scaling their infrastructure foundation for innovation, increasing workload agility, resiliency and flexibility, improving visibility and control of

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data assets, delivering better user and customer experiences, and enabling purposeful digital transformation.

Cybersecurity – Mitigate risks and secure business assets.

Our cybersecurity solutions expertise relates to automating and connecting modern platforms securely (network, security and automation).

We prioritize security in our architecture design and deployment to cloud services and IT transformation.

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We also help clients manage security initiatives that are required to protect their business.

Outcomes for our clients:

• Improve threat detection, containment and neutralization.

• Enhance visibility and context with fewer manual inputs.

• Minimize large scale security teams through simplified security management.

• Implement governance and maintain compliance.

• Better manage and mitigate organizational risk.

Typical outcomes for our clients include improving threat detection, containment and neutralization, minimizing large scale security teams through simplified security management, implementing governance and maintaining compliance, better management and mitigation of organizational risk and effective and thorough responses to security incidents.

Data and AI – Leverage analytics and AI to transform business operations and user experiences.

Our data and AI solutions expertise pertains to innovating on top of modern platforms with strategic and secure solutions delivered through reference architectures, leveraging GenAI, and enhanced through our intellectual property.

We modernize data platforms and architectures and build data analytics and AI solutions that transform our clients’ business operations and user experiences.

Outcomes for our clients:

• Enable scalability at high speed.

• Increase visibility and data-driven decision-making.

• Optimize resources and costs via new operational efficiencies.

• Grow revenue and delight customers with new offerings.

• Improve competitive stance.

Typical outcomes for our clients include enabling scalability at high speed, preparing data estates and access to support the adoption of GenAI, increasing visibility and data-driven decision making, optimizing resources and costs via new operational efficiencies and providing opportunities to grow revenue with new offerings.

Modern Workplace – Create a productive, flexible and secure workplace.

Workplaces are changing — along with people’s need for seamless work experiences.

Great companies know their people are the key factor — improving attraction and retention, providing great collaborative experiences through technology, leading through change and more.

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Outcomes for our clients:

• Elevate employee and user experiences.

• Increase return on workplace technology investments.

• Better protect users and business data to reduce risk.

• Boost productivity and mobile capabilities.

• Simplify IT lifecycle management.

• Enable and secure "work anywhere" operations in the hybrid work environment.

Our modern workplace solutions expertise deals with helping clients navigate workplace changes along with employee needs for seamless work experiences.

Great companies know their people are the key factor — improving attraction and retention, providing great collaborative experiences through technology, leading through change.

Typical outcomes for our clients include elevating employee and user experiences, increasing return on workplace technology investments, enhancing protection for users and business data to reduce risk, boosting productivity and mobile capabilities, simplifying IT lifecycle management and enabling and securing “work anywhere” operations in the hybrid work environment.

Modern Apps – Create new product experiences and transform legacy applications to drive increased business value.

Our modern apps solutions expertise is about helping clients migrate and modernize strategically.

The number of applications in use is growing exponentially — and using them to differentiate business identities, unlock new revenue streams and create great user experiences is critical.

Clients need an experienced partner to help them migrate and modernize strategically.

Outcomes for our clients:

• Future-proof critical business applications.

• Increase innovation and organizational agility.

• Accelerate business growth and product sales.

• Optimize operations and increase productivity.

• Deliver differentiated customer experiences.

Intelligent Edge – Gather and utilize data in the most efficient way possible to enable real-time decision-making and affect pivotal outcomes .

Intelligent edge is where all of our capabilities come together.

It is the combination of industry-based business outcomes, our intellectual property, our technology provider legacy, the ability to deploy tens of thousands of devices and build secure platforms.

Typical outcomes for our clients include future-proofing critical business applications, increasing innovation and organizational agility, accelerating business growth and product sales, and leveraging GenAI to optimize operations, increase productivity and deliver differentiated client experiences.

Intelligent Edge – Gather and utilize data in the most efficient way to enable real-time decision-making and affect pivotal outcomes.

Our Intelligent edge solutions expertise is where all our capabilities come together.

It is the combination of industry-based business outcomes, our intellectual property, our technology provider legacy, and the ability to deploy tens of thousands of devices and build secure platforms.

Our capabilities and portfolio allow for large-scale intelligent edge solutions.

Outcomes for our clients:

• Improve decision-making and business intelligence.

• Increase responsiveness to customer and market demands.

• Optimize operational processes and gain predictive capabilities.

• Create new revenue streams and drive differentiation.

• Scale and expand business operations to new areas.

Managed services - Managed Services integrates with a client’s operations and provides services ranging from reactive technical support to comprehensive 24/7 monitoring, management, and reporting as well as services designed to cover infrastructure security.

We partner with clients to provide managed services that can increase service levels and IT efficiency, while simultaneously reducing costs.

Examples of our managed services include managed storage, backup and recovery, managed cloud, network and compute, managed security, managed support and Insight Cloud Care.

Consulting services - Our consulting services help clients navigate the complexities of their IT ecosystems with confidence.

Our technical experts and technology specialists are equipped with partner certifications, industry knowledge and deep expertise to guide clients along the way.

Examples of our consulting services include providing guidance on data center transformation, cloud and workload alignment, security and disaster recovery, and IT optimization, automation and orchestration.

Hardware, Software and Lifecycle services – Our supply chain optimization tools and services are a differentiator for Insight.

Clients face growing pressure on their IT budgets and increasing trends in outsourcing of non-core functions are changing the way clients approach procurement and management of core IT investments.

We provide end-to-end

Typical outcomes for our clients include, improving decision making and business intelligence, increasing responsiveness to customer and market demands, optimizing operational processes and gaining predictive capabilities, creating new revenue streams, driving differentiation, and scaling and expanding business operations to new areas.

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global lifecycle services around hardware and software that help our clients optimize their IT return on investments.

• Hardware Life Cycle:

We s ource, procure, stage, configure, integrate, test, deploy, refurbish and redeploy IT products spanning endpoints to infrastructure, regionally, or across the globe via the Insight footprint and our extensive engaged network of suppliers.

• Software Life Cycle:

We offer software portfolio management, compliance, integration and adoption, on-premise or in the cloud, regionally or across the globe.

• Hardware Warranty and Software Maintenance:

We offer warranty and maintenance services covering an array of products that can be purchased as a point solution or as a managed service delivered by Insight.

Our Offerings

Our offerings in North America and certain countries in EMEA and APAC include hardware, software and services, including cloud solutions.

Our offerings in the remainder of our EMEA and APAC segments consist largely of software and certain software-related services and cloud solutions.

We deliver our solutions expertise to our clients through consulting, managed and life-cycle services.

Our Solutions Mix

Our solutions generally include hardware, software and services, including cloud solutions.

On a consolidated basis, product (hardware and software) and services represented approximately 83% and 17%, respectively, of our consolidated net sales in 2023.

This compares to 86% and 14%, respectively, of our consolidated net sales in 2021 and 86% and 14%, respectively, of our consolidated net sales in 2020.

This compares to 86% and 14%, respectively, of our consolidated net sales in both 2022 and 2021.

On a consolidated basis, product (hardware and software) and services represented approximately 46% and 54%, respectively, of our gross profit in 2023.

This compares to 51% and 49%, respectively, of our gross profit in 2021 and 52% and 48%, respectively, of our gross profit, in 2020.

This compares to 51% and 49%, respectively, of our gross profit in 2022 and 2021.

Additional detailed sales mix information by operating segment can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 and in Note 19 to the Consolidated Financial Statements in Part II, Item 8 of this report.

Our Information Technology Systems

We have committed significant resources to the IT systems that we own and use to manage our business and believe that our success is dependent upon our ability to provide prompt and efficient service to our clients based on the accuracy, quality and utilization of the information generated by our IT systems.

Because these systems affect our ability to manage our sales, client service, partner relationships, distribution, inventories, accounting systems and internal networks, we have significantly improved our system security through investment in a highly skilled and tenured cybersecurity team as well as implementation of some of the most up to date tools and processes available in the market to help harden and improve our cybersecurity defenses.

We are focused on driving improvements in sales productivity through increased innovation and enhancements to our e-commerce and IT systems with the goals of improved client satisfaction and attracting new clients, while increasing overall business efficiency.

In North America, EMEA and APAC we now use a common set of core IT applications to run our business.

In 2021, we began consolidating EMEA onto the same core systems beginning with the United Kingdom.

After the successful migration of our UK operations onto the global platform in 2021, the full migration of the remaining countries in Europe was completed in January 2022.

For a discussion of risks associated with our IT systems, see “Risk Factors – Risks related to Our Technology, Data and Intellectual Property – Disruptions in our IT systems and voice and data networks could affect our ability to service our clients and cause us to incur additional expenses,” in Part I, Item 1A of this report.

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Our Competition

The IT industry is very fragmented and highly competitive.

Our competition includes:

Our competition primarily includes:

• Systems integrators and digital consultants such as ePlus, Presidio, World Wide Technology, EPAM, Perficient, Accenture, Atos and Capgemini;

• Solution providers, value-added resellers and direct marketers such as CDW, Zones, Connection, SHI, Softchoice, Computacenter, Bechtle, SoftwareONE and Crayon;

• Product manufacturers, such as Dell, HP Inc., IBM, Lenovo and HPE;

• Software and Cloud publishers and specialists, such as Red Hat, VMware, Crayon, Microsoft and Symantec;

• National and global service providers, such as IBM Global Services and HPE Services;

• Specialty retailers, aggregators, distributors and e-tailers, such as Amazon Web Services, Best Buy for Business, Newegg and Ebuyer (United Kingdom).

The competitive landscape in the industry is continually changing as various competitors expand their product and services offerings.

In addition, emerging models such as cloud computing and X as-a-service are creating new competitors and opportunities in the shift to digital business such as:

data analytics, edge computing, hybrid infrastructure, modern workplace, cybersecurity, and other service offerings.

As with other areas, we compete with solutions providers, systems integrators, value-added resellers, hyperscale vendors and directly with publishers, and manufacturer partners for many of these offerings.

Many of our manufacturer and publisher partners are also our competitors, as many sell directly to business customers, particularly large enterprise and corporate customers.

• Solution providers, value-added resellers and direct marketers such as CDW, Cognizant, Zones, Connection, SHI, Softchoice, Computacenter, Bechtle, SoftwareONE and Crayon.

The competitive landscape in the industry is continually changing as various companies expand their product and services offerings.

In addition, the shift to digital business such as data analytics, edge computing, hybrid infrastructure, modern workplace, cybersecurity, and other similar service offerings, has led to the emergence of new competitive players and opportunities through emerging models like AI and X as-a-service.

As with other areas, we compete with solutions providers, systems integrators, value-added resellers, and hyperscale vendors.

We sometimes compete directly with publishers and manufacturer partners for many of these offerings, including Microsoft, Cisco Systems, Dell, HP Inc.

and Adobe Systems.

They sell products and services directly to business customers, particularly large enterprise and corporate customers.

For a discussion of risks associated with the actions of our competitors, see “Risk Factors – Risks related to Our Business, Operations and Industry – The IT hardware, software and services industry is intensely competitive, and actions of our competitors, including manufacturers and publishers of products we sell, can negatively affect our business,” in Part I, Item 1A of this report.

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During 2023, we purchased and resold products and software from over 8,000 partners.

Approximately 55% (based on dollar volume) of these purchases were directly from manufacturers or software publishers, with the balance purchased through distributors.

Purchases from Microsoft and Techdata (a distributor)accounted for approximately 22% and 10%, respectively, of our aggregate purchases in 2022.

Approximately 69% (based on dollar volume) of these purchases were directly from manufacturers or software publishers, with the remaining balance purchased through distributors.

Purchases from Microsoft and TD Synnex accounted for approximately 27% and 12%, respectively, of our aggregate purchases in 2023.

No other partner accounted for more than 10% of purchases in 2023.

Our top five partners as a group for 2022 were Microsoft, Techdata (a distributor), Ingram Micro (a distributor), Dell, and Cisco Systems, and approximately 55% of our total purchases during 2022 came from this group of partners.

Our top five partners as a group for 2023 were Microsoft, TD Synnex (a distributor), Cisco Systems, Ingram Micro (a distributor), and Dell, and approximately 60% of our total purchases during 2023 came from this group of partners.

Although brand names and individual products are important to our business, we believe that competitive sources of supply are available in substantially all of our product categories such that, with the exception of Microsoft, we are not dependent on any single partner for sourcing products.

During 2022, sales of Microsoft and Dell products accounted for approximately 14% and 11%, respectively of our consolidated net sales.

No other manufacturer’s or publisher’s products accounted for more than 10% of our consolidated net sales in 2022.

Sales of product from our top five manufacturers/publishers as a group (Microsoft, Dell, Lenovo, Cisco Systems, and HP Inc.) accounted for approximately 50% of our consolidated net sales during 2022.

During 2023, sales of Microsoft and Cisco Systems products accounted for approximately 17% and 10% of our consolidated net sales, respectively.

No other manufacturer’s or publisher’s

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products represented 10% or more of our consolidated net sales in 2023.

Sales of product from our top five manufacturers/publishers as a group (Microsoft, Cisco Systems, Dell, Lenovo, and HP Inc.) accounted for approximately 51% of our consolidated net sales during 2023.

We obtain incentives from certain product manufacturers, software publishers and distribution partners based typically upon our volume of sales or purchases of their products and services.

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Manufacturers and publishers may also provide mailing lists, contacts or leads to us.

We believe that these incentives (or partner funding) and other marketing

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assistance allow us to increase our marketing reach and strengthen our relationships with leading manufacturers and publishers.

We believe that these incentives (or partner funding) and other marketing assistance allow us to increase our marketing reach and strengthen our relationships with leading manufacturers and publishers.

We are focused on understanding our partners’ objectives and developing plans and programs to grow our mutual businesses.

We have invested in our digital marketing capabilities over the past five years.

We have invested in our digital marketing capabilities over the past few years and plan to continue investing in such capabilities moving forward.

We believe these digital marketing investments increase the effectiveness of our marketing campaigns and client interactions.

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Successful execution of our business strategy and strategic initiatives involves attracting, developing and retaining teammates who share our core values of hunger, heart and harmony.

The experience, knowledge and dedication of our teammates help drive our operating results.

Management regularly evaluates and enhances leadership training and development, teammate policies, procedures and benefits in order to maintain engaged teammates and drive client satisfaction.

We are shaping the future of work at Insight with a focus on (1) enhancing teammate engagement and culture, (2) attracting and developing top technical and strategic talent globally, (3) developing a high-performance culture, and (4) driving diversity programs that enhance inclusion and belonging globally.

Various ways that we attract, develop and retain qualified and motivated teammates include:

• Insight has continued to receive recognition as an employer of choice including as Forbes World’s Best Employers list (2022) - Insight ranked #95 overall, #12 for IT companies worldwide, #59 for Diversity (2022) and #62 for Veterans (2020);

#22 for Europe Best Workplaces (2022);

#3 for UK Best Workplaces (2021);

#15 for Australia’s Best Places to Work (2021);

#2 on Phoenix Best Places to Work – Phoenix Business Journal (2022);

the Company achieved a perfect score on the Human Rights Campaign Foundation’s Corporate Equality Index;

“Elite 8” on Achiever’s 50 Most Engaged Workplaces (2021);

and #7 in the information technology services industry on the list of the Fortune World’s Most Admired Companies list (2021).

• Insight offers robust leadership training for teammate managers and aspiring leaders.

Our training is centered around our Leadership Commitments where we enhance our leaders' skills:

Our training is centered around our Leadership Commitments where we enhance our leaders' skills in the following areas:

(1) Creating clarity;

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and (4) Delivering results.

• An important part of the Company’s culture is its commitment to diversity and inclusion, which we’ve been recognized for.

Insight supports seven teammate resource groups, which represent various diverse groups of teammates and boast 1,450+ active members.

• An important part of the Company’s culture is its commitment to diversity and inclusion.

Insight supports eleven teammate resource groups, which represent various diverse groups of teammates and boast 1,900+ active members.

• Our leaders carefully review and monitor our Teammate Pulse Survey results year over year and create action plans to increase teammate engagement.

• To support teammates and their families, a charitable foundation funded by the Company, its teammates and its partners provides financial support in crisis situations.

• Insight offers all teammates paid days off to either volunteer their time to charitable organizations in the communities where they live and work or to use for mental health days.

• A charitable foundation funded by the Company, its teammates and its partners provides financial support in crisis situations to support teammates and their families.

• Insight offers teammates paid days off to either volunteer their time to charitable organizations in the communities where they live and work or to use for mental health.

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Insight continues to receive recognitions that we believe demonstrate the success of our strategy to attract, develop, and retain qualified and motivated teammates.

• Fortune #20 best places to work (2023);

• Insight was recognized as an employer of choice in Forbes Best Workplaces and World’s Best Employers lists (2023);

• We maintained our achievement of earning a perfect score on the Human Rights Campaign Foundation’s Corporate Equality Index;

• Fortune World’s Most Admired Companies list (2021).

As of December 31, 2023, we employed 14,437 teammates.

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North America 10,957

Certain of our teammates provide services to clients and/or provide back-office support in offshore locations such as Armenia, India, Moldova, the Philippines, and Romania.

These teammates are included in the above table on the basis of the primary operating segment they provide direct services or back office support to.

Our teammates in the United States are not represented by a labor union.

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We experience some seasonal trends in our net sales.

• software sales are typically higher in our second and fourth quarters, particularly the second quarter;

• software and certain cloud sales are typically higher in our second and fourth quarters;

• business clients, particularly larger enterprise businesses in the United States, tend to spend more in our fourth quarter and less in the first quarter;

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• sales to public sector clients in the United Kingdom are often stronger in our first quarter.

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These trends create overall seasonality in our consolidated results such that sales and profitability are expected to be higher in the second and fourth quarters of the year.

Historically we have experienced higher net sales in our second quarter, however, with the addition of SADA, we now anticipate our fourth quarter will be our highest quarter for net sales.

The majority of our backlog historically has been and continues to be open cancelable purchase orders;

however, we have not experienced significant cancellations historically.

Our backlog has fluctuated significantly in the past year, primarily due to the mix of products available and our client's responses to supply chain constraints.

Continuing supply chain constraints were not fully alleviated in 2022 and we expect our elevated backlog in certain categories, particularly data center and infrastructure, exiting the fourth quarter of 2022 may benefit the Company's financial results in the first half of 2023.

Our backlog has fluctuated significantly in the past few years, primarily due to the mix of products available and our client's responses to supply chain constraints.

The supply chain constraints that existed in the previous two years have now been almost fully alleviated and our previously elevated backlog has largely normalized across all product categories.

We do not believe that backlog as of any particular date is predictive of future results.

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Our Intellectual Property

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For a discussion of risks associated with our intellectual property, see “Risk Factors – We may not be able to protect our intellectual property adequately, and we may be subject to intellectual property infringement claims,” in Part I, Item 1A of this report.

Our Information Technology Systems

We use a common set of core IT applications to run our business, across all of our operating segments, having migrated EMEA onto the same core systems as North America and APAC in early 2022.

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Information about our Executive Officers

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Prior to joining Insight, Ms.

Bryan served as Executive Vice President and Chief Financial Officer at Swift Transportation Co., Inc.

from April 2005 to May 2007.

Prior to joining Swift, Ms.

Bryan served as Chief Financial Officer at APL Logistics in Oakland, California and in various finance roles at Ryder System, Inc., including Chief Financial Officer of Ryder’s largest business unit, Ryder Transportation Services.

Bryan is a member of the board of directors and the audit committee of Pentair, Ltd., a diversified industrial manufacturing company and of Pinnacle West Capital Corporation, a public utility holding company.

Bryan served as Executive Vice President and Chief Financial Officer at Swift Transportation Co., Inc., a provider of truckload transportation and logistics services, as Chief Financial Officer at APL Logistics in Oakland, California and in various finance roles at Ryder System, Inc., including Chief Financial Officer of Ryder’s largest business unit, Ryder Transportation Services.

Bryan is a member of the board of directors and the audit committee of WESCO International, Inc., a leading provider of business-to-business distribution, logistics services and supply chain solutions, and of Pinnacle West Capital Corporation, a public utility holding company.

In January 2018, she was appointed to the Economic Advisory Council for the Federal Reserve Bank of San Francisco.

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Prior to joining Insight, Mr.

Cowley served as General Counsel and Vice President, Business Development of Prestige Brands Holdings, Inc., a company that markets and distributes over-the-counter healthcare products, from February 2012 to June 2016.

He previously served as Executive Vice President, Business Development and General Counsel of Matrixx Initiatives, Inc.

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Executive Vice President and General Counsel of Swift Transportation Co., Inc.

and Executive Vice President and General Counsel of Swift Transportation Co., Inc.

Prior to that, he practiced law in the business and finance groups with the law firms of Snell & Wilmer and Reid & Priest.

Crump , Principal Accounting Officer and Global Corporate Controller, Age 47

Crump joined Insight in December 2016 as Vice President of Finance, Controller – North America and was appointed Principal Accounting Officer and Global Corporate Controller in September 2018.

Crump , Chief Accounting Officer, Age 49

Crump joined Insight in December 2016 as Vice President of Finance, Controller – North America.

She was appointed Principal Accounting Officer and Global Corporate Controller in September 2018, with her title being consolidated to Chief Accounting Officer in September 2023.

Crump is a Certified Public Accountant.

She began her career in public accounting in 1997 with Ernst & Young LLP.

Crump has held controller positions with several multinational companies in the software, medical services and semiconductor industries.

Crump has held controller positions with several public multinational companies in the software, medical services and semiconductor industries.

Prior to joining Insight, Ms.

Crump served as the Senior Director Controller, Global Accounting at Amkor Technology, Inc., a semiconductor product packaging and test services provider, from 2006 to 2016.

Crump served as the Senior Director Controller, Global Accounting at Amkor Technology, Inc.

a semiconductor product packaging and test services provider, from 2006 to 2016.

Rob Green, Chief Digital Officer, Age 56

Green was appointed Chief Digital Officer of Insight in December 2023.

Green joined Insight in August 2021 as Senior Vice President, eCommerce and was appointed Senior Vice President, Digital Transformation in July 2023.

Green had previously spent eight years in various roles with Amazon, an online retailer and web services provider, including as General

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Manager, Amazon Business Public Sector from December 2019 to June 2021 and General Manager, Amazon Business Marketplace from January 2016 to December 2019.

Prior to joining Amazon, Mr.

Green held various executive level roles within the Oracle Corporation.

Adrian Gregory, President – Insight EMEA, Age 50

Gregory joined Insight in January 2023 as EMEA President.

Prior to joining the Company, he served as CEO for North Europe and APAC at Atos, an IT services and consulting company from February 2022.

Gregory spent ten years in Executive positions at Atos, including serving as Senior Executive Vice President, Global Head of Financial Services & Insurance, where he led the integration of Atos Syntel in India and served as CEO of Atos UK and Ireland.

Prior to Atos, he held roles at HP and Fujitsu.

Prior to joining the Company, he served as Chief Executive Officer for North Europe and APAC at Atos, an IT services and consulting company.

Prior to being named Chief Executive Officer in February of 2022, Mr.

Gregory spent 10 years in various other executive positions at Atos, including serving as Senior Executive Vice President, Global Head of Financial Services & Insurance, where he led the integration of Atos Syntel in India and served as Chief Executive Officer of Atos UK and Ireland.

Prior to Atos, he held roles at Hewlett-Packard Development Company, L.P., Fujitsu ICL, and Petroleum Shipping Ltd.

Morgado, Senior Vice President of Finance, Age 51

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Prior to Synopsys, Mr.

Morgado worked for Juniper Networks, Inc.

in positions of escalating responsibility within Finance.

Morgado worked for Juniper Networks, Inc., Cisco Systems, Inc., The Stephenz Group, Inc., Aramark Uniform Services, and Citigate Cunningham, Inc.

in various positions within Finance.

Mullen, President and Chief Executive Officer, Age 61

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Mullen spent 21 years at Dell Technologies, a technology company, in a variety of sales, service delivery, and IT solutions roles.

Mullen also serves on the Board of The Toro Company (NYSE:

Sumana Nallapati , Chief Information Officer, Age 48

Nallapati joined Insight in April 2022 as Chief Information Officer.

Prior to joining Insight, from January 2019 to May 2021 Ms.

Nallapati served as chief digital officer at Dish Network, a satellite television company, and from June 2021 to April 2022 as Senior Vice President and chief digital officer at Everbridge, a software company.

Nallapati was secretary of technology and chief information officer for the State of Colorado from 2014 to 2018.

Mullen also serves on the board of directors as well as the nominating and governance and compensation & human resources committees of The Toro Company.

Jennifer Vasin, Chief Human Resources Officer, Age 49

Vasin joined Insight in March 2002.

She was named Chief Human Resources Officer in February 2022.

Prior to that, Ms.

Vasin was Senior Vice President, Human Resources from 2019 to 2022.

Before joining Insight, Ms.

Vasin led the HR team at Calence, a professional services

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consulting firm.

She also worked in the airline industry in a variety of roles, including human resources leadership positions.

Vasin was appointed Chief Human Resources Officer of Insight in February 2022.

Vasin joined Insight as a Director of Human Resources in April 2008 when Insight acquired Calence LLC, a professional services consulting firm where Ms.

Vasin had served as a Leader of Human Resources since March 2002.

Vasin was named a Vice President of Human Resources in February 2012 and Senior Vice President of Human Resources in January 2019.

Prior to Calence, Ms.

Vasin worked in the airline industry in a variety of roles, including human resources leadership positions.

Available Information

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The SEC also maintains an internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at www.sec.gov.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business